10-K 年报仅提供 GAAP 数据 ·
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 营收 Revenue | $95,567M | $88,425M | +8% | $102,301M |
| 毛利率 Gross Margin | 22.2% | 23.6% | -1.4 ppt | 22.2% |
| 研发费用 R&D | $3,061M | $2,801M | +9% | $2,779M |
| 销售及管理 SG&A | $11,952M | $12,857M | -7% | $14,136M |
| 折旧摊销 D&A | $3,123M | $3,303M | -5% | $3,156M |
| 股权激励 SBC | $785M | $878M | -11% | $931M |
| 营业利润 Operating Income | $6,237M | $5,211M | +20% | $5,771M |
| 利息费用 Interest Expense | $1,394M | $1,501M | -7% | $1,222M |
| 净利润 Net Income | $4,576M | $3,195M | +43% | $2,422M |
| 指标 | FY2025 | FY2024 | Y/Y | FY2023 |
|---|---|---|---|---|
| 每股收益 EPS | $6.38 | $4.36 | +46% | $3.24 |
| 稀释股数 Diluted Shares | 720M | 736M | -2% | 753M |
| 实际税率 Effective Tax Rate | 9.4% | 17.8% | -8.4 ppt | 24.9% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| ISG - Servers & Networking | $27,136M | 28.4% | — | +54% |
| ISG - Storage | $16,457M | 17.2% | — | +1% |
| CSG - Commercial | $40,844M | 42.7% | — | +3% |
| CSG - Consumer | $7,549M | 7.9% | — | -17% |
| Other Businesses | $3,581M | 3.7% | — | -36% |
ISG 含服务器/网络和存储业务；CSG 含商用和消费 PC 业务。Other Businesses 主要为 VMware Resale（已终止分销）和 Secureworks（待出售）。ISG 净营收 $43,593M 同比增长 29%，受 AI 优化服务器强劲需求驱动；CSG 净营收 $48,393M 同比微降 1%。
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| United States | $51,014M | 53.4% | — | +16% |
| Foreign Countries | $44,553M | 46.6% | — | +0% |
10-K 仅披露美国 vs 海外两分类。美国营收 $51,014M 同比增长 16%，占比从 49.7% 提升至 53.4%。无单一海外国家超过合并营收 10%。
| 债务类型 | 金额 | 利率 | 到期日 |
|---|---|---|---|
| Senior Notes | $2,466M | 6.02% fixed | Jun 2026 |
| Senior Notes | $1,750M | 4.90% fixed | Oct 2026 |
| Senior Notes | $500M | 6.10% fixed | Jul 2027 |
| Senior Notes | $1,000M | 5.25% fixed | Feb 2028 |
| Senior Notes | $1,750M | 5.30% fixed | Oct 2029 |
| Senior Notes | $700M | 4.35% fixed | Feb 2030 |
| Senior Notes | $750M | 6.20% fixed | Jul 2030 |
| Senior Notes | $1,000M | 5.75% fixed | Feb 2033 |
| Senior Notes | $1,000M | 5.40% fixed | Apr 2034 |
| Senior Notes | $800M | 4.85% fixed | Feb 2035 |
| Senior Notes | $1,000M | 8.10% fixed | Jul 2036 |
| Senior Notes | $962M | 3.38% fixed | Dec 2041 |
| Senior Notes | $650M | 8.35% fixed | Jul 2046 |
| Senior Notes | $745M | 3.45% fixed | Dec 2051 |
| Legacy Notes | $300M | 7.10% fixed | Apr 2028 |
| Legacy Notes | $388M | 6.50% fixed | Apr 2038 |
| Legacy Notes | $264M | 5.40% fixed | Sep 2040 |
| DFS Debt | $8,711M | Variable | Various |
| Other | $52M | Various | Various |
| Revolving Credit Facility | $0M | SOFR + margin | Nov 2027 |
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）
"FY2025 净营收增长 8%，受 ISG 净营收增长驱动，部分被 Corporate and Other 和 CSG 净营收下降所抵消。"
"FY2025 服务器和网络营收增长 54%，受 AI 优化服务器产品增长和传统服务器/网络产品增长驱动。"
"FY2025 GAAP 毛利率和非 GAAP 毛利率分别下降 160bp 至 22.2% 和 170bp 至 22.8%，主要受产品组合向 AI 优化服务器转移和 CSG 竞争性定价环境驱动。"
"由于 AI 优化服务器的持续强劲需求，此类产品的积压订单在财年结束时仍处于高位。"
"我们预计服务器和网络产品及存储产品需求将继续增长，FY2026 ISG 营收将实现增长。我们预计 CSG 全年营收将实现温和增长，部分受 FY2026 下半年预期 PC 换机潮驱动。"
| 指标 | 数值 | 备注 |
|---|---|---|
| core_debt | $13.0B | 核心债务 = Senior Notes $15,073M + Legacy Notes $952M - DFS 分配债务 $3,028M = $12,997M（同比减少 $1,922M）。DFS 相关债务 = DFS 借款 $8,711M + DFS 分配债务 $3,028M = $11,739M。 |
| material_weakness | 存在 | FY2025 审计发现重大缺陷：公司未能就来自部分供应商的非经常性信用额度设计并维持有效的内部控制，影响成本确认。该缺陷导致修订此前多期财报（虽单项及合计不重大），管理层已着手实施新的补救控制措施。 |
| severance_expense | $693M | FY2025 裁员及遣散费用 $693M（FY2024 $648M），反映持续的成本管理和组织优化措施。 |