Jabil Inc: F3Q26 Review: Robust AI Guide Implies Acceleration in Revenue Growth into FY27; Reit OW

研报英文原文证据摘录

Jabil Inc: F3Q26 Review: Robust AI Guide Implies Acceleration in Revenue Growth into FY27; Reit OW

J P M O R G A N North America Equity Research

17 June 2026

Jabil Inc Overweight

JBL, JBL US

F3Q26 Review: Robust AI Guide Implies Acceleration in Price (17 Jun 26):$374.98

Revenue Growth into FY27; Reit OW ▲Price Target (Dec-27):$450.00 Prior (Dec-26):$395.00

Jabil delivered a robust F3Q beat, along with an upward revision to its FY26

revenue outlook, driven by continued strength in AI infrastructure demand with AI IT Hardware/ Telecom & Networking

Equipmentrevenues now expected to track to $13.6 bn (vs. $13.1 bn prior) and better-than-

expected performance in previously pressured end markets. Additionally, Samik Chatterjee, CFA AC

management surprised investors by already guiding to FY27 AI revenues, with y/y (1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

growth to be in-line with FY26 or ~50% y/y, which in our view supports FY27 AI

revenues to be $20 bn+ and an FY27 total company revenue growth of 20%+, and Manmohanpreet Singh

(1-212) 622-4527

implies an acceleration relative to ~17% revenue growth guided for FY26 as per manmohanpreet.singh@jpmchase.com

the latest guide. Stepping aside from the top-line trajectory, the print once again

Joseph Cardoso

featured Jabil’s continued execution muscle as the company won its third (1-212) 622-9036

hyperscaler customer during the quarter, with the company now serving three of joseph.cardoso@jpmchase.com

the top four U.S. hyperscalers, which meaningfully increases Jabil's exposure to Marc Vitenzon

the aggregate hyperscaler data center capex, which in itself continues to expand at (1-212) 622-3342

a robust pace (JPMe of +80% y/y increase in 2026 and +50% y/y increase in 2027). marc.vitenzon@jpmchase.com