01 · 损益表
10-K 年报仅提供 GAAP 数据 ·
年度指标
| 指标 |
FY2025 |
FY2024 |
Y/Y |
FY2023 |
| 营收 Revenue |
$9,097M |
$6,551M |
+39% |
$7,384M |
| 毛利率 Gross Margin |
35.2% |
23.4% |
+11.8 ppt |
18.3% |
| 研发费用 R&D |
$724M |
$654M |
+11% |
$797M |
| 销售及管理 SG&A |
$561M |
$460M |
+22% |
$491M |
| 折旧摊销 D&A |
$251M |
$264M |
-5% |
$513M |
| 股权激励 SBC |
$200M |
$127M |
+57% |
$115M |
| 营业利润 Operating Income |
$1,890M |
$452M |
+318% |
-$342M |
| 利息费用 Interest Expense |
$321M |
$332M |
-3% |
$313M |
| 净利润 Net Income |
$1,469M |
$335M |
+339% |
-$529M |
补充指标
| 指标 |
FY2025 |
FY2024 |
Y/Y |
FY2023 |
| 每股收益 EPS |
$6.77 |
$1.58 |
+328% |
-$2.56 |
| 稀释股数 Diluted Shares |
217M |
212M |
+2% |
207M |
| 实际税率 Effective Tax Rate |
2.9% |
24.7% |
-21.8 ppt |
-6.7% |
end_market
| 板块 |
收入 |
占比 |
QoQ |
YoY |
| Mass Capacity |
$7,369M |
81.0% |
— |
+56% |
| Legacy |
$1,092M |
12.0% |
— |
-7% |
| Other |
$637M |
7.0% |
— |
-3% |
Mass Capacity 包含 nearline、VIA、NAS 和 Lyve；Legacy 包含 consumer、client 和 mission critical；Other 包含 SSD 和其他非 HDD 产品。收入按百分比披露（81%/12%/7%），绝对值为按百分比推算。Mass Capacity EB 出货 552EB（占总 595EB 的 93%）。
geography
| 板块 |
收入 |
占比 |
QoQ |
YoY |
| Singapore |
$3,759M |
41.3% |
— |
+10% |
| United States |
$4,410M |
48.5% |
— |
+91% |
| The Netherlands |
$924M |
10.2% |
— |
+15% |
| Other |
$4M |
0.0% |
— |
-67% |
按 bill from location 归属，非最终客户所在地。美国从 FY2024 的 $2.3B 增至 $4.4B，反映云客户需求激增。
customer
| 项目 |
占比 |
| Largest Customer |
10.0% |
FY2025 有一个客户约占合并营收的 10%。FY2024 无客户超过 10%。