Jabil delivered solid operating performance in Q2 FY2025, underscored by a diversified, resilient portfolio and strong cash generation. Reported revenue of $6.728 billion supported a GAAP operating income of $245 million and net income of $117 million, while core (non-GAAP) operating income reached $334 million, signaling a 5% core margin profile even as GAAP margins remained lower at ~3.6%. Excluding the divested Mobility segment (~$250 million in the prior year), year-over-year revenue grew about 3%, reflecting stabilization and modest growth as key end markets evolved. Management highlighted meaningful progress across the Intelligent Infrastructure/AI-centric growth engines, with AI-related revenue now guided to about $7.5 billion for FY2025—a ~40% year-on-year rise—driven by data-center infrastructure demand, GPU-based workloads, and silicon photonics capabilities acquired via strategic collaboration with Intel. The company reaffirmed its multi-year growth cadence, including a firmer view of FCF generation (> $1.2 billion for FY2025), a robust US manufacturing footprint (30 sites), and ongoing deleveraging (net debt ~ $1.7 billion; debt/EBITDA ~1.4x). Management also signaled prudent guidance for Q3 and FY2025 amid ongoing tariff discussions and mixed end-market trajectories (notably 5G, EVs, and renewables). Overall, JBL is positioned to benefit from AI/data-center buildouts and digital automation, while remaining vigilant on near-term cyclicality and margin progression.