Concentration of Risk and Segment Data

12 Months Ended

Aug. 31, 2025

Segment Reporting [Abstract]

Concentration of Risk and Segment Data

Concentration of Risk and Segment Data

Concentration of Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and trade receivables. The Company maintains cash and cash equivalents with various domestic and foreign financial institutions. Deposits held with the financial institutions may exceed the amount of insurance provided on such deposits but may generally be redeemed upon demand. The Company performs periodic evaluations of the relative credit standing of the financial institutions and attempts to limit exposure with any one institution. For trade receivables, the Company

performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains an allowance for expected credit losses on trade receivables.

Sales of the Company’s products are concentrated among specific customers. For fiscal year 2025, the Company’s five largest customers accounted for approximately 36% of its net revenue and 87 customers accounted for approximately 90% of its net revenue. As the Company is a provider of manufacturing services and solutions and products are built based on customer specifications, it is impracticable to provide revenues from external customers for each product and service. Sales to the following customers that accounted for 10% or more of the Company’s net revenues, expressed as a percentage of consolidated net revenue, and the percentage of accounts receivable for the customers, were as follows:

	Percentage of Net Revenue Fiscal Year Ended August 31,						Percentage of Accounts Receivable as of August 31,
	2025		2024		2023		2025		2024
Customer A (1)	16	%	*		*		24	%	17	%
Customer B (2)	*		11	%	17	%	*		*

*    Amount was less than 10% of total.

(1)Sales to this customer were reported primarily in the Intelligent Infrastructure segment.

(2)Sales to this customer were reported in the Connected Living and Digital Commerce segment.

The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.

Segment Data

Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker (“CODM”), our Chief Executive Officer. The CODM regularly reviews net revenue by segment, segment income, and segment income margin, including prior period comparison and forecasted segment results, to assess the performance of the individual segments and make decisions about resources to be allocated to the segments.

The Company derives its revenue from providing comprehensive electronics design, production and product management services. Prior to the first quarter of fiscal year ended August 31, 2025, the Company’s operating segments consisted of two segments – Electronics Manufacturing Services (“EMS”) and Diversified Manufacturing Services (“DMS”). Beginning September 1, 2024, the Company reorganized its internal structure to focus on speed, precision, and solutions and, as a result of the organizational realignment, the Company’s operating segments now consist of three segments – Regulated Industries, Intelligent Infrastructure, and Connected Living and Digital Commerce, which are also the Company’s reportable segments. All prior period disclosures presented have been recast to reflect this change.

The Regulated Industries segment is focused on regulated markets and includes revenues from customers primarily in the automotive and transportation, healthcare and packaging, and renewable energy infrastructure industries. The Intelligent Infrastructure segment is focused on the modern digital ecosystem including artificial intelligence (“AI”) infrastructure and includes revenues from customers primarily in the capital equipment, cloud and data center infrastructure, and networking and communications industries. The Connected Living and Digital Commerce segment is focused on digitalization and automation, including warehouse automation and robotics, and includes revenues from customers primarily in the connected living and digital commerce industries. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital, and risk profiles.

Net revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment’s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less segment expenses, which includes cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring, severance and related charges, distressed customer charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, (gain) loss from the divestiture of businesses, acquisition and divestiture related charges, loss on debt extinguishment, (gain) loss on securities, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense (excluding certain components of net periodic benefit cost), interest expense,

net, income tax expense, or adjustment for net income (loss) attributable to noncontrolling interests. Segment income margin is defined as segment income divided by net revenue.

Total segment assets are defined as accounts receivable, contract assets, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization, and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.

The following tables set forth operating segment information (in millions):

	Fiscal Year Ended August 31,
	August 31, 2025												August 31, 2024												August 31, 2023
	Regulated Industries			Intelligent infrastructure			Connected Living and Digital Commerce			Total			Regulated Industries			Intelligent infrastructure			Connected Living and Digital Commerce			Total			Regulated Industries			Intelligent infrastructure			Connected Living and Digital Commerce			Total
Point in time	$	477		$	6,299		$	1,727		$	8,503		$	553		$	4,464		$	3,393		$	8,410		$	419		$	5,005		$	6,123		$	11,547
Over time	11,402			6,018			3,879			21,299			11,708			4,733			4,032			20,473			12,620			6,067			4,468			23,155
Net revenue	$	11,879		$	12,317		$	5,606		$	29,802		$	12,261		$	9,197		$	7,425		$	28,883		$	13,039		$	11,072		$	10,591		$	34,702
Segment expenses	$	11,236		$	11,653		$	5,293		$	28,182		$	11,606		$	8,728		$	6,961		$	27,295		$	12,392		$	10,520		$	10,057		$	32,969
Segment income	$	643		$	664		$	313		$	1,620		$	655		$	469		$	464		$	1,588		$	647		$	552		$	534		$	1,733
Segment income margin	5.4		%	5.4		%	5.6		%	5.4		%	5.3		%	5.1		%	6.2		%	5.5		%	5.0		%	5.0		%	5.0		%	5.0		%

	Fiscal Year Ended August 31,
	2025		2024		2023
Segment income	$	1,620	$	1,588	$	1,733
Reconciling items:
Amortization of intangibles	(62)		(40)		(33)
Stock-based compensation expense and related charges	(107)		(89)		(95)
Restructuring, severance and related charges(1)	(181)		(296)		(57)
Business interruption and impairment charges, net(2)	(8)		(16)		—
(Loss) gain from the divestiture of businesses(3)	(53)		942		—
Acquisition and divestiture related charges	(20)		(70)		—
Loss on securities(4)	(46)		—		—
Other expense (net of periodic benefit cost)	(104)		(95)		(80)
Interest expense, net	(147)		(173)		(206)
Income before income tax	$	892	$	1,751	$	1,262

(1)Charges recorded during the fiscal year ended August 31, 2025 and 2024, primarily related to the 2025 Restructuring Plan and 2024 Restructuring Plan, respectively. Charges recorded during the fiscal year ended August 31, 2023, related to headcount reduction to further optimize the Company’s business activities.

(2)Charges recorded during the fiscal year ended August 31, 2025, relate primarily to costs associated with damage from Hurricanes Helene and Milton, which impacted our operations in St. Petersburg, Florida, and Asheville and Hendersonville, North Carolina. Charges recorded during the fiscal year ended August 31, 2024, related to costs associated with product quality liabilities. Charges recorded during the fiscal years ended August 31, 2025, and 2024, are classified as a component of cost of revenue and selling, general and administrative expenses in the Consolidated Statements of Operations.

(3)Charges recorded during the fiscal year ended August 31, 2025, relate primarily to a pre-tax loss of $97 million recognized for the divestiture of the Company’s operations in Italy. The Company completed the divestiture of the

Mobility Business and recorded a pre-tax gain of $942 million during the fiscal year ended August 31, 2024. Certain post-closing adjustments were realized in March 2025, which resulted in the recognition of a $54 million pre-tax gain during the fiscal year ended August 31, 2025.

(4)Charges recorded during the fiscal year ended August 31, 2025, relate to an impairment of an investment in Preferred Stock.

	August 31, 2025		August 31, 2024
Total assets:
Regulated Industries	$	6,262	$	5,855
Intelligent Infrastructure	3,739		2,624
Connected Living and Digital Commerce	2,199		2,297
Other non-allocated assets	6,343		6,575
Total	$	18,543	$	17,351

The Company operates in approximately 30 countries worldwide. For geographical reporting, sales to unaffiliated customers are attributed to the Company location that maintains the customer relationship and transacts the external sale. Long-lived assets consist of property, plant and equipment, net and right-of-use assets and are attributed to the Company location in which they are located. The following tables set forth net revenue and long-lived asset information where individual countries accounted for 10% or more of the total, for the periods indicated (in millions):

	At and For the Fiscal Year Ended August 31,
	2025				2024				2023
	Net Revenue		Long-Lived Assets		Net Revenue		Long-Lived Assets		Net Revenue		Long-Lived Assets
Mexico	$	5,689	$	514	$	5,872	$	647	$	6,083	$	670
China	4,196		635		4,810		736		5,868		865
Malaysia	3,644		358		*		352		*		*
Singapore(1)	*		*		4,486		*		7,385		*
Other	8,829		1,170		8,668		1,074		10,431		1,338
Total Foreign	22,358		2,677		23,836		2,809		29,767		2,873
U.S.(2)	7,444		632		5,047		575		4,935		631
Total	$	29,802	$	3,309	$	28,883	$	3,384	$	34,702	$	3,504

*    Amount was less than 10% of total.

(1)Decrease in net revenue from prior periods is primarily driven by the divestiture of the Mobility Business during the fiscal year ended August 31, 2024.

(2)Increase in net revenue from prior periods is primarily driven by domestic revenue growth in our Intelligent Infrastructure segment during the fiscal year ended August 31, 2025.