Jabil forecasts strong FY27 AI-driven revenue surge, positioning its manufacturing and supply-chain services as critical to AI infrastructure scaling.

Jabil Inc. ended fiscal 2026 with a fourth-quarter beat and an outlook that positions artificial intelligence infrastructure at the center of its next growth phase, with management expecting another sharp increase in AI-related business during fiscal 2027. The key issue is how that growth reshapes Jabil's revenue mix, margins and operating demands as the company adds capacity to support larger infrastructure programs.

Fiscal fourth-quarter core earnings rose 33.7% year over year to $4.40 per share, beating the Zacks Consensus Estimate of $4.06 by 8.4%. Revenues climbed 28.6% to $10.62 billion and topped the consensus mark of $9.62 billion.

Intelligent Infrastructure drove the gains. Segment revenues increased 56% year over year and represented 55% of quarterly sales, with core operating margin reaching 6.5%, giving Jabil a stronger base entering fiscal 2027.

AI-related revenues reached approximately $14.4 billion in fiscal 2026, up more than 50%. Management expects the figure to increase 54% to approximately $22.1 billion in fiscal 2027, making AI infrastructure an even larger contributor to growth. Cloud and data center infrastructure revenues are projected to rise 52% to $17.5 billion. Capital equipment revenues are expected to grow 40% to $4.2 billion, while networking revenues are projected to increase 15%.

For fiscal 2027 overall, Jabil expects revenues of $44.5 billion, up 24% year over year, while core earnings are projected to rise 34% to $17.55 per share. Intelligent Infrastructure revenues are expected to reach $25.6 billion, up 43%. The mix shift is expected to support profitability, with core operating margin projected to improve another 30 basis points to 6.1% in fiscal 2027, from 5.8% in fiscal 2026.

Jabil is expanding capacity in North Carolina, Memphis, India and other locations to support new customer programs while maintaining an asset-light model as infrastructure production scales. Faster growth also raises execution risk. Six Intelligent Infrastructure customers are expected to generate more than $1 billion in revenues each in fiscal 2027. Semiconductor supply conditions, equipment availability, customer sourcing decisions and lower utilization of new capacity could affect production schedules or margin gains.

Fiscal 2027 could mark a meaningful shift in Jabil's growth mix if the projected AI revenue surge materializes. Faster infrastructure growth, higher expected earnings and margin expansion provide support, but larger programs increase the importance of execution and customer retention.