JABIL INC stock research
FY2026 Q1
JABIL (JBL) Gross Margin — Quarter Ended Nov 30, 2025
Revenue remained stable sequentially, but cost of revenue increased, causing gross profit to decline and gross margin to weaken. Compared with the same quarter one year earlier, revenue and gross profit both grew, with gross margin improving slightly.
Gross margin takeaway
Quarter ended Nov 30, 2025 · FY2026 Q1
Revenue remained stable sequentially, but cost of revenue increased, causing gross profit to decline and gross margin to weaken. Compared with the same quarter one year earlier, revenue and gross profit both grew, with gross margin improving slightly.
- The strongest observable driver this quarter is the change in cost of revenue relative to revenue. Sequentially, cost of revenue rose while revenue was flat, directly reducing gross profit and margin.
- Sequentially, gross margin weakened as cost of revenue increased faster than revenue. Year-over-year, gross margin improved modestly, as revenue growth outpaced cost growth.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
8.9%
Gross profit
$742.0M
Revenue
$8.3B
Cost of revenue
$7.6B
Quarter-over-quarter change
-0.6 pts
Year-over-year change
+0.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Feb 28, 2025 | $6.7B | $576.0M | $6.2B | 8.6% |
| May 31, 2025 | $7.8B | $681.0M | $7.1B | 8.7% |
| Aug 31, 2025 | $8.3B | $783.0M | $7.5B | 9.5% |
| Nov 30, 2025 | $8.3B | $742.0M | $7.6B | 8.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Aug 31, 2025
-0.6 pts
Year-over-year change
Nov 30, 2024
+0.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver this quarter is the change in cost of revenue relative to revenue. Sequentially, cost of revenue rose while revenue was flat, directly reducing gross profit and margin.
Sequentially, gross margin weakened as cost of revenue increased faster than revenue. Year-over-year, gross margin improved modestly, as revenue growth outpaced cost growth.
Monitor the trajectory of cost of revenue relative to revenue in the coming quarters.