Tech Hardware
Tech Hardware EMS
Two contract manufacturers, two fiscal calendars
Jabil closed FY2025 at $29.8B. Flex closed its March year at $25.8B. Flex sold less and posted a record adjusted operating margin. Jabil sold more and still earns a mid-single-digit operating margin under standard accounting.
Operating profit: Flex rose, Jabil's one-time Mobility gain rolled off
Flex operating income rose to $1.17B. Jabil printed $1.18B after a $2.01B FY2024 that included a $942 million gain from selling its Mobility business. The years are not calendar-aligned.
Flex's demand is already tilting toward cloud programs
Communications, Enterprise and Cloud was $8.7B of FY2025 sales. That is contract manufacturing for data-center customers, not optical networking gear. Ciena, Corning, Amphenol, and NetApp stay on Data Centers.
Flex's consumer and cloud work is larger than industrial, auto, and health
Agility (cloud, lifestyle, and consumer devices) was $14.1B in FY2025. Reliability (industrial, automotive, and health) was $11.7B. The two groups sum to the $25.8B year.
Flex's top ten customers now take 44 percent
The ten-largest share was 37 percent in FY2023 and FY2024 and 44 percent in FY2025. No single customer was more than 10 percent of sales in any of those years.
Flex still builds most of it in Mexico and China. US plants grew.
Mexico was $6.85B in FY2025. China fell to $4.32B. The United States rose to $4.16B. This is where the factories sit, not where the customers are headquartered.
Jabil's FY2025 sales after it recast its segments
Intelligent Infrastructure ($12.3B) and Regulated Industries ($11.9B) are now the two large groups. Connected Living is the rest. Five customers were about 36 percent of sales.
Jabil's mix shifted into Intelligent Infrastructure
The recast series shows Intelligent Infrastructure rising to $12.3B in FY2025 from $9.2B. Connected Living fell after the Mobility sale. Regulated Industries was roughly stable.