Management remarks
Call period: 2026 Q4 · 2026-08-12
Guidance: Mark Patterson: Our guidance for fiscal year 27 is as follows: We expect revenue to be in the range of $72.2 billion to $73.4 billion Non GAAP earnings per share is expected to range from $5.05 to $5.11.Demand and orders: Charles H. Robbins: Overall, our hyperscale business continues to show great momentum with AI infrastructure revenue projected to grow to $7.5 billion in fiscal year 27 supported by demand growth and market share gains.Margins: Mark Patterson: Total non GAAP gross margin came in at 66.3%, down 210 basis points year over year, but up 30 basis points quarter over quarter.Analyst Q&A
Analyst David Vogt asked: I know you do not give backlog numbers, but I guess what I am trying to understand is understand you took the numbers from $6 billion to $7.5 billion for AI revenue. But, again, that just strikes me as very, very conservative. Is there something about the timing of the order deliveries? Management Mark Patterson answered: So, I think on the AI orders, just for clarity, we did about $4 billion in revenue and $9 billion in orders for FY ‘26. So, obviously, you are entering with some good backlog as we go into 2027, but these are, you know, these are nonlinear orders that are mass in scale and are usually placed well ahead of time. So I think the $7.5 billion is a good prudent guide for the year. In terms of the price increases, you know, as you look at the impact on the financials, it was about 5 points in terms of top-line revenue growth that we saw in Q4.管理层陈述
电话会期间：2026 Q4 · 2026-08-12
指引：马克·帕特森：我们对27财年的指引如下：预计营收区间为722亿至734亿美元，非公认会计准则每股收益预期区间为5.05至5.11美元需求与订单：查尔斯·H·罗宾斯：总体而言，我们的超大规模客户业务持续展现强劲增长势头，受益于需求增长和市场份额提升，我们预计27财年人工智能基础设施营收将增至75亿美元利润率：马克·帕特森：总非公认会计准则毛利率为66.3%，同比下降210个基点，但环比上升30个基点分析师问答
分析师大卫·沃格特提问：我知道你们不披露积压订单数据，但我想了解的是，你们将AI收入预期从60亿美元上调至75亿美元，这在我看来非常保守，能否谈谈订单交付的时间安排问题？ 管理层马克·帕特森回应：首先澄清，2026财年我们的AI收入约40亿美元，订单额90亿美元。进入2027财年我们有不错的积压订单基础，但这些是非线性的大规模订单，通常提前很久下单，因此75亿美元是今年审慎的指引。至于提价，第四季度营收增长中有约5个百分点来自提价影响。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。
