10-Q 季报仅提供 GAAP 数据
| 指标 | Q3 FY2026 | Q2 FY2026 | Q/Q | Q3 FY2025 | Y/Y |
|---|---|---|---|---|---|
| 营收 Revenue | $57,006M | $46,743M | +22% | $35,082M | +62% |
| 毛利率 Gross Margin | 73.4% | 72.4% | +1.0 ppt | 74.6% | -1.2 ppt |
| 研发费用 R&D | $4,705M | $4,291M | +10% | $3,390M | +39% |
| 销售及管理 SG&A | $1,134M | $1,122M | +1% | $897M | +26% |
| 折旧摊销 D&A | $751M | $669M | +12% | $478M | +57% |
| 股权激励 SBC | $1,655M | $1,624M | +2% | $1,252M | +32% |
| 营业利润 Operating Income | $36,010M | $28,440M | +27% | $21,869M | +65% |
| 利息费用 Interest Expense | $61M | $62M | -2% | $61M | +0% |
| 净利润 Net Income | $31,910M | $26,422M | +21% | $19,309M | +65% |
| 指标 | Q3 FY2026 | Q2 FY2026 | Q/Q | Q3 FY2025 | Y/Y |
|---|---|---|---|---|---|
| 每股收益 EPS | $1.30 | $1.08 | +20% | $0.78 | +67% |
| 稀释股数 Diluted Shares | 24,483M | 24,532M | -0% | 24,774M | -1% |
| 实际税率 Effective Tax Rate | 15.9% | 15.3% | +0.6 ppt | 13.5% | +2.4 ppt |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| Data Center | $51,215M | 89.8% | +25% | +66% |
| Gaming | $4,265M | 7.5% | -1% | +30% |
| Professional Visualization | $760M | 1.3% | +26% | +56% |
| Automotive | $592M | 1.0% | +1% | +32% |
| OEM & Other | $174M | 0.3% | +1% | +79% |
| 板块 | 收入 | 占比 | QoQ | YoY |
|---|---|---|---|---|
| United States | $39,177M | 68.7% | +67% | +165% |
| Taiwan | $13,751M | 24.1% | +61% | +167% |
| China (including Hong Kong) | $2,973M | 5.2% | +7% | — |
| Other | $1,105M | 1.9% | -39% | -45% |
Q3起从账单地址改为客户总部所在地统计。 新加坡不再单独披露。 86% 数据中心收入来自台湾总部客户，实际服务美国/欧洲终端客户.
| 项目 | 占比 |
|---|---|
| Customer A | 22% |
| Customer B | 15% |
| Customer C | 13% |
| Customer D | 11% |
四个直接客户均占收入>10%，全部 归属于计算与网络部门. 客户可能与此前季度不同。
本季度数据
| 指标 | Q3 FY2026 | Q2 FY2026 | 变化 |
|---|---|---|---|
| 暂无动态指标配置 | |||
以下观点摘自 10-Q MD&A 管理层讨论章节
"数据中心计算收入同比增长59%，受Blackwell计算平台需求推动。数据中心网络收入同比增长105%，受GB200和GB300系统NVLink计算互联的引入和持续增长、XDR InfiniBand产品增长以及以太网AI方案采用推动。"
"毛利率从去年同期的74.6%降至73.4%，因商业模式从Hopper HGX系统向Blackwell整机数据中心方案转型。"
"2026财年Q3和前9个月库存及超额库存采购义务计提分别为4.1亿和67亿美元，其中包括Q1因H20超额库存和采购义务产生的45亿美元。"
"我们估计一家AI研究与部署公司在2026财年Q3通过从我们的客户购买云服务贡献了相当规模的收入。"
| 指标 | 数值 | 备注 |
|---|---|---|
| inventory_provision_q3 | $410M | Q3 FY2026 inventory + excess inventory purchase obligations provision (net of $366M release); net unfavorable margin impact 0.1% |
| share_repurchase_authorization | $62.2B | Remaining repurchase authorization as of Oct 26, 2025 |
| unearned_sbc | $13.1B | Aggregate unearned stock-based compensation expense, weighted avg recognition 2.1 years |
| publicly_held_equity_securities | $3,869M | Publicly-held equity securities fair value as of Oct 26, 2025 |
| non_marketable_equity_securities | $8,187M | Non-marketable equity securities including Intel $5B commitment (subject to regulatory approval) and Anthropic up to $10B |
| future_lease_obligations | $7.5B | Expected new data center leases to commence between Q4 FY2026 and FY2030, terms 1.5-15 years |
| facility_lease_guarantee | $860M | Partner facility lease guarantee with $470M in escrow mitigating default risk |