10-K 年报仅提供 GAAP 数据 ·
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 营收 Revenue | $63,887M | $51,574M | +24% | $35,819M |
| 毛利率 Gross Margin | 67.8% | 63.0% | +4.8 ppt | 68.9% |
| 研发费用 R&D | $10,977M | $9,310M | +18% | $5,253M |
| 销售及管理 SG&A | $4,211M | $4,959M | -15% | $1,592M |
| 折旧摊销 D&A | $8,775M | $10,010M | -12% | $3,835M |
| 股权激励 SBC | $7,568M | $5,670M | +33% | $2,171M |
| 营业利润 Operating Income | $25,484M | $13,463M | +89% | $16,207M |
| 利息费用 Interest Expense | $3,210M | $3,953M | -19% | $1,622M |
| 净利润 Net Income | $23,126M | $5,895M | +292% | $14,082M |
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 每股收益 EPS | $4.77 | $1.23 | +288% | $3.30 |
| 稀释股数 Diluted Shares | 4,853M | 4,778M | +2% | 4,272M |
| 实际税率 Effective Tax Rate | -1.7% | 37.8% | -39.5 ppt | 6.7% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Semiconductor Solutions | $36,858M | 57.7% | — | +22% |
| Infrastructure Software | $27,029M | 42.3% | — | +26% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Americas | $18,939M | 29.6% | — | — |
| Asia Pacific | $35,896M | 56.2% | — | — |
| Europe, the Middle East and Africa | $9,052M | 14.2% | — | — |
| 项目 | 占比 |
|---|---|
| Top 5 End Customers | 40.0% |
| Largest Distributor | 32.0% |
| 债务类型 | 金额 | 利率 | 到期日 |
|---|---|---|---|
| Senior Notes | $900M | 3.150% fixed | Sep 2025 |
| Senior Notes (VMware) | $1,500M | 1.400% fixed | Aug 2026 |
| Senior Notes | $752M | 3.459% fixed | Sep 2026 |
| Senior Notes | $777M | 3.500% fixed | Jan 2027 |
| Senior Notes | $1,250M | 5.050% fixed | Jul 2027 |
| Senior Notes (VMware) | $1,250M | 3.900% fixed | Aug 2027 |
| Senior Notes | $750M | 1.950% fixed | Feb 2028 |
| Senior Notes | $875M | 4.150% fixed | Feb 2028 |
| Senior Notes | $1,100M | 4.800% fixed | Apr 2028 |
| Senior Notes (VMware) | $750M | 1.800% fixed | Aug 2028 |
| Senior Notes | $1,118M | 4.110% fixed | Sep 2028 |
| Fixed-Rate Term Loan | $1,750M | 4.49%-4.54% fixed | May 2028 |
| Senior Notes | $1,655M | 4.750% fixed | Apr 2029 |
| Senior Notes | $750M | 4.000% fixed | Apr 2029 |
| Senior Notes | $2,250M | 5.050% fixed | Jul 2029 |
| Senior Notes | $1,500M | 4.350% fixed | Feb 2030 |
| Senior Notes | $606M | 5.000% fixed | Apr 2030 |
| Senior Notes | $800M | 5.050% fixed | Apr 2030 |
| Senior Notes | $1,000M | 4.200% fixed | Oct 2030 |
| Senior Notes (VMware) | $750M | 4.700% fixed | May 2030 |
| Senior Notes | $1,750M | 4.600% fixed | Jul 2030 |
| Senior Notes | $1,856M | 4.150% fixed | Nov 2030 |
| Senior Notes | $2,750M | 2.450% fixed | Feb 2031 |
| Senior Notes (VMware) | $1,500M | 2.200% fixed | Aug 2031 |
| Senior Notes | $1,500M | 5.150% fixed | Nov 2031 |
| Senior Notes | $875M | 4.550% fixed | Feb 2032 |
| Senior Notes | $1,200M | 4.150% fixed | Apr 2032 |
| Senior Notes | $1,100M | 5.200% fixed | Apr 2032 |
| Senior Notes | $1,750M | 4.900% fixed | Jul 2032 |
| Senior Notes | $2,000M | 4.300% fixed | Nov 2032 |
| Senior Notes | $1,750M | 2.600% fixed | Feb 2033 |
| Senior Notes | $2,250M | 3.419% fixed | Apr 2033 |
| Senior Notes | $3,250M | 3.469% fixed | Apr 2034 |
| Senior Notes | $1,750M | 4.800% fixed | Oct 2034 |
| Senior Notes | $3,250M | 3.137% fixed | Nov 2035 |
| Senior Notes | $2,500M | 5.200% fixed | Jul 2035 |
| Senior Notes | $2,250M | 4.800% fixed | Feb 2036 |
| Senior Notes | $2,750M | 3.187% fixed | Nov 2036 |
| Senior Notes | $2,500M | 4.926% fixed | May 2037 |
| Senior Notes | $1,750M | 4.900% fixed | Feb 2038 |
| Senior Notes | $3,000M | 3.500% fixed | Feb 2041 |
| Senior Notes | $1,750M | 3.750% fixed | Feb 2051 |
本年度数据
| 指标 | FY2025 | FY2024 | 变化 |
|---|---|---|---|
| 暂无动态指标配置 | |||
以下观点摘自 10-K MD&A 管理层讨论章节（非 CEO 引言，10-K 不含新闻稿）
"半导体解决方案部门营收增长主要受益于网络解决方案的强劲需求，特别是定制 AI 加速器和 AI 网络产品。"
"基础设施软件部门营收增长主要源于 VCF 产品的强劲需求，包括客户无终止权合同的许可证收入确认以及向订阅许可模式的转型。"
"毛利率从 FY2024 的 63% 提升至 FY2025 的 68%，主要受益于更高收入对利润率的正向影响，以及基础设施软件毛利率提升（许可收入增加和 VMware 整合后人工成本下降）。"
"FY2025 录得 $397M 所得税收益，主要来自诉讼时效到期和审计和解带来的不确定税务利益确认，以及股权激励超额税收收益，部分被运营利润和 CAMT 信用减值准备所抵消。"
| 指标 | 数值 | 备注 |
|---|---|---|
| contract_liabilities | $13.0B | 合同负债（递延收入）$13,016M，其中约 67% 与客户有终止权的合同相关。FY2025 期间确认了上年末合同负债余额中的 $9,205M 收入。 |
| unrecognized_sbc | $23.8B | 截至 FY2025 末，未摊销股权激励成本 $23,833M，加权平均剩余摊销期 3.4 年。FY2026 预计摊销 $8,301M。 |
| net_revenue_us | $16,506M | 美国本土营收 $16,506M，占总营收 25.8%，同比增长 28%（FY2024: $12,887M）。 |
| net_revenue_china | $11,155M | 中国（含香港）营收 $11,155M，占总营收 17.5%（FY2024: 20.3%）。公司强调最终终端客户实际所在地与出货目的地不同，认为实际依赖中国终端需求的比例远低于此。 |
| vmware_integration_savings | SGA 降低 15% | SGA 同比减少 $748M（-15%），主要受益于 VMware 整合后裁员降低人工成本和减少收购相关费用。 |
| upfront_license_revenue | $7,800M | FY2025 一次性许可证收入 $7,800M（来自客户无终止权的合同），计入产品收入。此为 VMware 订阅模式转型的关键推动力。 |