中文版正在生成中，先为你展示英文版分析。
AI核心结论
JBL delivered a strong Q2 FY2026 with revenue surging 23.1% YoY to $8.28B and net income nearly doubling to $223M, driven by robust top-line growth and meaningful margin expansion.
营业收入
$8.28B
同比 ++23.10%
每股收益（基本）
$2.10
同比 ++96.26%
毛利率
9.0%
同比 ++0.45%
营业利润
$374M
同比 ++52.65%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Jabil (JBL) Q2 FY2026 营收 $8.28B，同比增长 23.1%。 净利润 $223M，同比增长 90.6%，稀释每股收益 $2.08。 毛利率 9.0%。
Revenue grew 23.1% YoY to $8.28B in Q2 FY2026, up from $6.73B in the prior-year period, reflecting broad-based demand strength and continued business momentum.
来源: Source: 10-Q Income Statement
Operating income surged 52.7% YoY to $374M, with operating margin expanding approximately 90 basis points to 4.5%, demonstrating that revenue growth is translating into disproportionately higher profitability.
来源: Source: 10-Q Income Statement
Net income rose 90.6% YoY to $223M, and diluted EPS jumped 96.2% to $2.08 from $1.06, indicating strong bottom-line leverage and the positive impact of share repurchases reducing the share count.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow reached $734M, up 13.6% from $646M in the same prior-year period, supporting the company's ability to fund operations, capital expenditures, and shareholder returns.
来源: Source: 10-Q Cash Flow Statement
Investing cash outflows increased sharply to -$963M YTD (vs. -$503M prior year), while long-term debt rose 34.4% YoY to $3.88B, suggesting significant capital investment activity and increased leverage to fund growth or acquisitions.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
JBL's debt-to-equity ratio stands at an elevated 14.3x, and long-term debt increased 34.4% YoY to $3.88B. This high leverage amplifies financial risk, particularly in a rising interest rate environment, and limits financial flexibility.
来源: Source: 10-Q Balance Sheet
Gross margin is only ~9.0% and net margin is approximately 2.7%, which is typical for electronics manufacturing services but leaves little room for error. Any cost inflation, supply chain disruption, or customer pricing pressure could quickly erode profitability.
来源: Source: 10-Q Income Statement
Stockholders' equity of $1.34B supports $20.6B in total assets, implying the balance sheet is predominantly debt-financed. A decline in asset values or unexpected losses could rapidly impair the equity base.
来源: Source: 10-Q Balance Sheet
The current ratio of 1.01x means current assets barely cover current liabilities of $14.8B, leaving virtually no liquidity cushion. Any disruption to receivables collection or sudden increase in short-term obligations could create a liquidity strain.
来源: Source: 10-Q Balance Sheet
YTD investing cash outflows nearly doubled to -$963M from -$503M in the prior year, indicating a significant step-up in capital spending. If these investments do not generate expected returns, free cash flow generation could be pressured.
来源: Source: 10-Q Cash Flow Statement
Q2 FY2026 实际 EPS $2.69，分析师一致预期 $2.53，超预期 +6.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $8.28B | $6.73B | +23.10% |
营业成本 | $7.54B | $6.15B | +22.50% |
毛利润 | $746M | $576M | +29.51% |
营业利润 | $374M | $245M | +52.65% |
净利润 | $223M | $117M | +90.60% |
每股收益（基本） | $2.10 | $1.07 | +96.26% |
每股收益（稀释） | $2.08 | $1.06 | +96.23% |
研发费用 | $7M | $7M | 0.00% |
销售及管理费用 | $329M | $256M | +28.52% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $20.63B | $17.4B | +18.58% |
流动资产 | $15.01B | $12.61B | +18.99% |
总负债 | $19.28B | $16.04B | +20.21% |
流动负债 | $14.81B | $12.31B | +20.27% |
股东权益 | $1.34B | $1.36B | -1.03% |
现金及等价物 | $1.83B | $1.59B | +14.95% |
长期债务 | $3.88B | $2.88B | +34.44% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $734M | $646M | +13.62% |
投资活动现金流YTD | $-963M | $-503M | -91.45% |
筹资活动现金流YTD | $120M | $-746M | +116.09% |
股息支出YTD | $18M | $19M | -5.26% |
股票回购YTD | $600M | $636M | -5.66% |
折旧及摊销YTD | $449M | $373M | +20.38% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 9.0% | 8.6% | +0.45% |
营业利润率 | 4.5% | 3.6% | +0.87% |
净利率 | 2.7% | — | — |
净资产收益率 | 16.6% | — | — |
总资产收益率 | 1.1% | — | — |
流动比率 | $1.013 | — | — |
资产负债率 | $14.344 | — | — |
JBL delivered strong Q3 FY2026 results with revenue rising 11.8% YoY to $8.75B and net income surging 23.9% to $275M, driven by gross margin expansion to 9.5%, though leverage remains elevated with a debt-to-equity ratio of 17.0x.
JBL delivered strong Q1 FY2026 results with revenue surging 18.7% YoY to $8.3B and net income jumping 46% to $146M, driven by robust top-line growth and improved operating leverage, though the balance sheet shows elevated leverage and a current ratio below 1.
Electronic Manufacturing Services 行业其他公司
JBL delivered a strong Q2 FY2026, with revenue rising 23.1% YoY to $8.28B and net income nearly doubling to $223M. Diluted EPS jumped 96.2% to $2.08, and operating margin expanded to 4.5% from 3.6% in the prior year.
JBL's revenue grew 23.1% YoY to $8.28B in Q2 FY2026, reflecting strong demand for its electronics manufacturing services. While specific segment details were not available in the provided data, the broad-based growth is evident from the significant increase in both revenue and gross profit.
Key risks include JBL's very high financial leverage, with a debt-to-equity ratio of 14.3x and long-term debt rising 34.4% YoY to $3.88B. Additionally, the company operates with thin margins (net margin ~2.7%) and a tight current ratio of 1.01x, leaving limited buffer against operational or financial disruptions.
Yes, JBL generated $734M in YTD operating cash flow through Q2 FY2026, up 13.6% from $646M in the same prior-year period. However, YTD investing outflows of -$963M exceeded operating cash flow, suggesting significant capital investment activity that may be pressuring near-term free cash flow.
JBL's balance sheet shows total assets of $20.6B supported by only $1.34B in stockholders' equity, reflecting very high leverage with a debt-to-equity ratio of 14.3x. Cash and equivalents stood at $1.83B, while long-term debt increased to $3.88B, up 34.4% YoY, indicating increased borrowing to fund growth initiatives.