Financial Trends -- 9/10
Revenue accelerating from low-20s% to +47.9% YoY driven by AI semiconductor inflection. Non-GAAP
op margin expanding to 67.3% (+1,020bps off trough). EBITDA margin ~69%. FCF +60% YoY, large and
growing ($10.3B quarterly). Share count effectively flat on split-adjusted basis. No penalty modifiers.
Held from 10 only by optical share-count step-up from VMware stock consideration and GAAP volatility
from purchase accounting.
Weight: 25%
Quarterly Financial Summary
| Fiscal Qtr | Revenue ($M) | YoY | NG GM% | NG OM% | FCF ($M) | FCF YoY | Shares (M) |
|---|---|---|---|---|---|---|---|
| F24Q2 Cal 24Q1 |
$12,487 | — | 76.2% | 57.2% | $4,448 | — | 480 |
| F24Q3 Cal 24Q2 |
$13,072 | — | 77.4% | 60.8% | $4,791 | — | 4,663 |
| F24Q4 Cal 24Q3 |
$14,054 | — | 77.0% | 62.7% | $5,482 | +16.1% | — |
| F25Q1 Cal 24Q4 |
$14,916 | +24.6% | 79.1% | 65.9% | $6,013 | +28.1% | 4,836 |
| F25Q2 Cal 25Q1 |
$15,004 | +20.2% | 79.4% | 65.3% | $6,411 | +44.1% | 4,826 |
| F25Q3 Cal 25Q2 |
$15,952 | +22.0% | 78.4% | 65.5% | $7,024 | +46.6% | 4,860 |
| F25Q4 Cal 25Q3 |
$18,015 | +28.2% | 77.9% | 66.2% | $7,466 | +36.2% | — |
| F26Q1 Cal 25Q4 |
$19,311 | +29.5% | 77.0% | 66.4% | $8,010 | +33.2% | 4,888 |
| F26Q2 Cal 26Q1 |
$22,187 | +47.9% | 77.1% | 67.3% | $10,262 | +60.0% | 4,876 |
Key trends
- Revenue accelerating sharply: +24.6% to +20.2% to +22.0% to +28.2% to +29.5% to +47.9%
- AI semiconductor is the engine: +143% YoY in FQ2'26, now 49% of semi revenue
- Non-GAAP op margin +1,020bps off trough (57.1% to 67.3%), expanding consistently
- FCF accelerating: +28% to +44% to +47% to +36% to +33% to +60% YoY
- Share count flat on split-adjusted basis (~4,800-4,900M post 10:1 split)
Source: Daloopa (company_id 22). All figures linked to source records.
Segment Revenue (FQ2 FY2026)
Source: Daloopa
Annual Financial Summary (FY2021-FY2025, ~Oct YE)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Revenue ($M) | $27,450 | $33,203 | $35,819 | $51,574 | $63,887 |
| Rev YoY | — | +21.0% | +7.9% | +44.0% | +23.9% |
| Non-GAAP Op Margin | 58.0% | 61.1% | 61.8% | 59.6% | 65.7% |
| Adj. EBITDA ($M) | $16,571 | $21,029 | $23,213 | $31,897 | $43,004 |
| FCF ($M) | $13,321 | $16,312 | $17,633 | $19,414 | $26,914 |
| Shares (M) | 429 | 423 | 427 | 4,778 | 4,853 |
FY2021-FY2023 share counts are pre-10:1 split. FY2024 share count step-up reflects VMware stock consideration.
Source: Daloopa
Score rationale
No penalty modifiers apply. Revenue acceleration from low-20s% to +47.9% YoY is extraordinary for a company at this scale. Non-GAAP op margin at 67.3% is a record, up 1,020bps off the VMware-integration trough. FCF is compounding at +60% YoY, generating $10.3B in a single quarter. EBITDA margins near 69% show the business scales with minimal incremental cost.
Held from 10 only by optical share-count step-up from VMware stock consideration (pre-split ~430M to post-split ~4,850M is not a real dilution event, but it distorts per-share metrics) and GAAP volatility from purchase accounting amortization.
Score: 9/10
Data sourced from Daloopa (company_id 22, FYE ~October). All figures linked to source records.