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Fabrinet handles outsourced production for equipment makers, taking products from manufacturing-process engineering and materials sourcing through assembly and testing. Customers pay it to deliver finished products made to their specifications, with manufacturing principally in Thailand. For many of these products, Fabrinet is the customer’s only outsourced manufacturer.
Data-center products are its largest revenue source, followed by communications infrastructure; together they account for most sales. These include optical components and devices that connect data centers and communications networks. Fabrinet also makes industrial lasers and automotive and medical sensors, but these markets contribute a smaller share of revenue.
Cisco, NVIDIA, Nokia and Amazon together supply most of Fabrinet’s revenue. The business depends on their production orders: supply agreements set no minimum purchases, and customers can revise or cancel individual orders. Production also depends on critical materials available from only one supplier, where replacing a source can require lengthy customer approval. Export controls restrict certain technology shipments to China and can limit the products Fabrinet may manufacture or the customers it may serve.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Fabrinet also competes in optical manufacturing with InnoLight and Eoptolink, neither of which appears on this list.
Fabrinet depends most heavily on Cisco among its disclosed fiscal 2026 customers: Cisco paid for manufacturing services and contributed 19.9% of revenue. Cisco sells networking hardware and software, making demand for its switching and routing products worth watching.
NVIDIA pays Fabrinet to assemble, test and package final products, accounting for 16.3% of Fabrinet’s fiscal 2026 revenue. NVIDIA sells computing and networking platforms; demand for its data-center platforms is a useful signal for Fabrinet’s manufacturing business.
Nokia’s manufacturing purchases contributed 10.7% of Fabrinet’s fiscal 2026 revenue, up from less than 10% in each of the prior two fiscal years. Nokia sells network infrastructure to telecom providers, enterprises, and AI and cloud customers; its optical-network business is the part to watch for Fabrinet.
Amazon’s purchases contributed 10.5% of Fabrinet’s fiscal 2026 revenue, versus less than 10% in each of the prior two fiscal years. Amazon sells goods and devices to consumers and also operates AWS, but the supplied disclosure does not identify what it buys from Fabrinet.
Lumentum and Fabrinet both draw business from demand for optical links in data centers and telecom networks: Lumentum sells components and complete systems, while Fabrinet manufactures optical products for equipment makers. Watch Lumentum’s optical modules and optical circuit switches for clues to that demand.
Coherent shares Fabrinet’s exposure to data-center optics, telecom optics and industrial lasers, and its Photop subsidiary competes directly in customized optics and glass. Coherent sells transceivers and lasers to these markets, so its Datacenter & Communications business offers a view of demand beyond Fabrinet’s manufacturing orders.
Celestica competes with Fabrinet for optical manufacturing work while both depend on cloud and data-center hardware investment. Celestica designs and builds hardware for cloud providers and equipment makers; its Connectivity and Cloud Solutions business is the useful comparison for networking, servers and storage demand.
Ciena’s optical-platform sales and Fabrinet’s optical manufacturing orders depend on the same spending to expand network capacity. Ciena sells hardware, software and services to network operators; its optical networking sales are a useful check on demand for network upgrades and data-center interconnects.
Jabil competes with Fabrinet for equipment makers’ optical manufacturing and integrated electronics production work. Customers pay Jabil for design, assembly, testing and delivery, giving them an alternative to Fabrinet for outsourced production.
Sanmina competes with Fabrinet for equipment makers’ optical manufacturing programs, offering engineering, assembly and testing. Its customers can also buy logistics and after-sales support from the same provider, so the breadth of its manufacturing service competes with Fabrinet’s offering.
Benchmark Electronics competes with Fabrinet for complex outsourced manufacturing, and both manufacture Ouster’s sensors. Equipment makers pay Benchmark for design, testing and production; their shared work for Ouster makes sensor production a concrete point of overlap.
Corning and Fabrinet both benefit when customers invest in fiber-connected networks: Corning sells optical communications products, while Fabrinet manufactures optical devices for equipment makers. Corning’s Optical Communications business, which represented 38% of total segment net sales in 2025, is the relevant demand gauge.
MACOM Technology Solutions Holdings, Inc and Fabrinet both depend on upgrades to faster data-center and telecom optical links. MACOM sells radio-frequency and optical semiconductor components that customers build into larger systems; demand for its data-center link components offers a comparison with Fabrinet’s optical manufacturing business.
Vertiv and Fabrinet serve different parts of data-center expansion: Vertiv sells power and cooling infrastructure, while equipment makers pay Fabrinet to manufacture optical interconnect products. Demand for Vertiv’s data-center power and cooling equipment offers another view of the capacity investment behind Fabrinet’s data-center business.
Nokia Corporation earningsNOK
Nokia’s report will show how demand for its optical-network business is changing; Nokia contributed 10.7% of Fabrinet’s fiscal 2026 revenue.
Focus on sales in Nokia’s optical-network business, not just its company-wide revenue. Growth there would signal stronger demand for the products linked to Fabrinet’s work for this important customer; weakness would suggest that this part of demand may be softening even if Nokia’s other businesses grow. Nokia’s report cannot show how many orders it placed with Fabrinet, so the conclusion is whether the demand backdrop for this customer relationship looks stronger or weaker.
Celestica, Inc. earningsCLS
Celestica’s report will show demand trends in its Connectivity and Cloud Solutions business, where it competes with Fabrinet for equipment makers’ optical manufacturing work.
Watch sales in Celestica’s Connectivity and Cloud Solutions business, which covers networking, servers and storage hardware. Growth would indicate stronger customer purchases of this equipment and could support the manufacturing market Fabrinet serves; weakness would point to pressure on that demand. Celestica’s sales alone do not show that it won or lost a program to Fabrinet. The conclusion is whether demand in their shared market is strengthening or weakening, not which company is taking share.
Fabrinet earningsThis company
Fabrinet’s report will show whether orders for data-center and communications infrastructure products can keep lifting sales without squeezing the manufacturing margin.
Read sales in data-center and communications infrastructure products alongside operating margin; they made up 47.9% and 33.3% of Fabrinet’s fiscal 2026 revenue. Growth in both with a steady or rising margin would show that volume and product mix are still converting into profit; weaker sales or a falling margin would point to slowing growth engines or higher costs absorbing more of the gains. The conclusion is whether Fabrinet can turn demand for its main products into profitable growth.
Ciena Corporation earningsCIEN
Ciena’s report will show demand for optical-networking equipment from network operators, offering a market signal for Fabrinet’s communications infrastructure manufacturing.
Watch whether Ciena’s optical-networking sales grow, along with what it says about demand for network capacity and data-center interconnects. Growth would show that network operators are still buying related equipment, a supportive market signal for Fabrinet’s communications infrastructure products; weakness or slower upgrade demand would suggest that market may be cooling. Ciena’s sales are not Fabrinet’s orders, so the conclusion is the direction of network-investment demand, not how much work Fabrinet actually wins.
