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Jabil got FY26 off to a strong start. The stock initially traded higher but has pulled back from its highs. The EMS provider delivered its fifth consecutive double-digit EPS beat. Revenue rose a healthy 18.7% yr/yr to $8.31 bln, topping analyst expectations and coming in slightly above the high end of prior guidance ($7.70--8.30 bln). Q1 performance exceeded internal expectations across revenue, core operating margin, and core EPS. This was Jabil's fifth straight double-digit EPS beat.

• Outlook: Mid-points of Q2 (Feb) EPS and revenue guidance came in above analyst estimates. FY26 guidance: EPS and revenue guidance raised on broad-based Q1 strength and improved visibility.
• Intelligent Infrastructure (II): 46% of Q1 revenue; +46% yr/yr growth, roughly in line with prior guidance. Demand is accelerating across cloud, data center infrastructure, networking, and capital equipment, reinforcing II as Jabil's primary growth engine.
• Regulated Industries (RI): 37% of Q1 revenue; +4% yr/yr, modestly better than prior +3% guidance, with the segment described as stabilizing and strengthening.
• Connected Living & Digital Commerce (CL & DC): 17% of Q1 revenue; +10% yr/yr, a major upside surprise versus prior guidance for a -16% decline.
• Strategic focus: Jabil continues to lean into Intelligent Infrastructure. The planned acquisition of Hanley Energy for $725 mln (not yet closed) will expand Jabil's power management capabilities for data center infrastructure. Hanley generates approximately $350--400 mln in annual revenue and should meaningfully bolster this growth area once integrated.

Briefing.com Analyst Insight:

Jabil delivered another standout quarter, pairing a sizable earnings beat with better-than-expected revenue and a confident outlook, even against a backdrop of tariffs and geopolitical uncertainty. Strength in Intelligent Infrastructure, driven by AI-related data center and cloud spending, is clearly offsetting softer pockets elsewhere, while lagging segments are showing signs of stabilization. The upside surprise in Connected Living & Digital Commerce underscores improving execution and portfolio discipline. With raised FY26 guidance and growing exposure to attractive secular trends like AI infrastructure and industrial automation, Jabil's results reinforce its status as a compelling EMS growth story, despite lingering macro and trade-related risks.