Tech Hardware
Tech Hardware EMS
Two S&P 500 assemblers, two fiscal calendars
Jabil closed FY2025 at $29.8B. Flex closed its March year at $25.8B. Flex sold less and printed a record adjusted operating margin. Jabil sold more and still earns a mid-single-digit GAAP margin.
Flex's demand is already tilting toward cloud programs
Communications, Enterprise and Cloud was $8.7B of FY2025 sales. That is EMS work for data-center customers, not optical interconnect. Ciena, Corning, Amphenol, and NetApp stay on Data Centers.
Jabil's FY2025 book after the segment recast
Intelligent Infrastructure ($12.3B) and Regulated Industries ($11.9B) are now the two large books. Connected Living is the remainder. Five customers were about 36 percent of sales.
