Management remarks
Call period: 2026 Q2 · 2026-08-04
Guidance: Chantelle Breithaupt: Reflecting our strong momentum, we are raising our 2026 fiscal year outlook to 40% revenue growth, equating to approximately $12.6 billion.Demand and orders: Jayshree Ullal: Our renewed enthusiasm in fulfilling demand in the second half of '26 is expected to apply across all our product sectors in a widespread manner, including the back-end AI fabrics, the core data center front end and campus and routing adjacencies.Margins: Chantelle Breithaupt: For gross margin, we are maintaining the range for the fiscal year of 62% to 64%, inclusive of mix and anticipated supply chain cost increases for memory and silicon.Analyst Q&A
Analyst David Vogt asked: Maybe just one question. So Jayshree, you took up the calendar year '26 revenue guidance substantially from last quarter. But if I remember correctly, you got the AI target unchanged and only touch the campus. Can you kind of explain kind of the thought process there? Management Jayshree Ullal answered: No, if you had to ask me whether our AI number or campus number will go up, I think Chantelle, Todd, Ken and I absolutely believe it will. The question is not whether it will go up. The question is what is that number? And that I would like to reserve that $1.1 billion question to, well, it depends on how we ship. If we ship more front-end AI or we ship more WiFi or wired or Etherlink switches or routing. So I'd like to give our customers the priority and Todd's team the flexibility to ship what we can.管理层陈述
电话会期间：2026 Q2 · 2026-08-04
指引：尚特尔·布赖索普特：鉴于我们强劲的增长势头，我们将2026财年展望上调至收入增长40%，约合126亿美元。需求与订单：杰什里·乌拉尔：我们对2026年下半年满足需求的新预期将广泛适用于所有产品领域，包括后端AI架构、核心数据中心前端、园区及路由邻接领域。利润率：尚特尔·布赖索普特：就毛利率而言，我们维持本财年62%至64%的区间，其中包含客户结构变化及内存和芯片预计的供应链成本上涨因素。分析师问答
分析师大卫·沃格特提问：杰什里，你们大幅上调了2026日历年营收指引，但我记得AI目标未变，仅调整了园区业务部分，能否解释背后思路？ 管理层杰什里·乌拉尔回应：我们确信AI和园区业务营收会增长，问题在于具体数值。这个11亿美元的相关数据暂不披露，这取决于出货结构：若出货更多前端AI产品或WiFi、有线、Etherlink交换机、路由器，我们会优先保障客户需求，并给予团队灵活出货空间。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
