FabrinetFN

Fabrinet Segments Disclosure

10-KFiled Aug 19, 20252 min read
Business segments and geographic information
The Company manages its business activities on a consolidated basis and operates as a single operating segment. The Company’s chief operating decision maker (“CODM”) is Fabrinet’s Chief Executive Officer.
The CODM utilizes GAAP and non-GAAP measures of profit and loss to evaluate the Company’s financial performance, allocate resources, make key operating decisions, and compare actual results to forecasts. Further, the CODM reviews and utilizes functional expenses (cost of revenue, and selling, general and administrative expenses) at the consolidated level to manage the Company’s operations. Other items included in GAAP and non-GAAP net income are interest income, other income (expense), net and income tax expense, which are reflected in the consolidated statements of operations and comprehensive income. The measure of segment assets is reported on the consolidated balance sheets as total assets, although the CODM does not evaluate asset information for purposes of allocating resources or evaluating performance.
The following table provides information about the Company's revenue, significant segment expenses and other segment expenses:
Years Ended
(in thousands of U.S. dollars, except per share data)June 27, 2025June 28, 2024June 30, 2023
Revenues$3,419,327 $2,882,967 $2,645,237 
Cost of revenues(3,005,978)(2,526,849)(2,308,964)
Gross profit413,349 356,118 336,273 
Selling, general and administrative expenses(87,466)(78,481)(77,673)
Restructuring and other related costs(1,436)(32)(6,896)
Operating income324,447 277,605 251,704 
Interest income40,162 33,204 11,234 
Interest expense— (124)(1,472)
Foreign exchange gain (loss), net(9,251)382 (1,211)
Other income (expense), net(178)287 (159)
Income before income taxes355,180 311,354 260,096 
Income tax expense(22,653)(15,173)(12,183)
Net income332,527 296,181 247,913 

For the Company’s revenues by geographic region, see “Revenue by Geographic Area and End Market” in Note 3.
The following table presents long-lived assets by the country in which they are based:
Years Ended
(in thousands)June 27,
2025		June 28,
2024		June 30,
2023
Long-Lived Assets:
Thailand$338,127 $261,378 $264,452 
U.S.30,374 31,383 25,914 
China14,378 16,618 17,646 
Israel2,727 2,269 3,254 
Others802 928 718 
Total386,408 312,576 311,984 
Significant customers
Total revenues, by percentage, from individual customers representing 10% or more of total revenues in the respective periods were as follows:
Years Ended
June 27,
2025		June 28,
2024		June 30,
2023
NVIDIA Corporation27.6 %35.1 %12.5 %
Cisco Systems, Inc.18.2 %13.4 %15.6 %
Lumentum Operations LLC**15.4 %
Infinera Corporation**12.4 %
*    Represents less than 10% of total revenues.
Accounts receivable from individual customers representing 10% or more of accounts receivable as of June 27, 2025 and June 28, 2024, respectively, were as follows:
As of June 27,
2025		As of June 28,
2024
NVIDIA Corporation25.5 %22.7 %
Cisco Systems, Inc.13.7 %12.4 %
Nokia Corporation (1)
12.0 %19.3 %
*    Represents less than 10% of total accounts receivable.
(1)    Includes Infinera Corporation as of June 27, 2025.

Historical Timeline

Fiscal YearFiled
2025Aug 19, 2025Showing above
2024Aug 20, 2024
2023Aug 22, 2023
2022Aug 16, 2022
2021Aug 17, 2021
2020Aug 18, 2020
2019Aug 20, 2019
2018Aug 22, 2018
2017Aug 23, 2017
2016Aug 17, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValuePP&EGoodwill & IntangiblesLeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance