Management remarks
Call period: 2026 Q3 · 2026-09-02
Unless otherwise noted, financial metrics and growth rates on this call are non-GAAP.
Guidance: Marie Myers: We expect Q4 revenue to be between $13.9 billion and $14.8 billion, reflecting continued strong demand across both segments.Demand and orders: Marie Myers: Revenue of $12.2 billion increased 34%, exceeding the high end of our guidance range with order growth up 42% on a normalized basis, led by demand in traditional servers, AI systems and networking.Margins: Marie Myers: Operating margin of 16.2% expanded by 290 basis points sequentially, driven by gross margin expansion and operating leverage.Analyst Q&A
Analyst Amit Daryanani asked: Congrats on some fairly impressive numbers over here. Antonio, I wanted to just ask on networking though. The organic growth of 10% looks a little light relative to what I think your peers are seeing right now, I think, relative to what you perhaps expected. But your orders are up 36% is really strong. Maybe just talk about what's driving the gap over here? Management Antonio Neri answered: Sure, Amit. The order momentum is super strong. In fact, as we said in our prepared remarks, our orders are growing 3.5x faster than the revenue. And so what it has limited us is the availability of supply. And we expect that supply to become more aligned to our order bookings as we go forward. Starting Q4, where you can see we're going to grow on the revenue side from 10% in Q3 to 11% to 13% in Q4 and then eventually to 14% to 17% in the full 2027 year.管理层陈述
电话会期间：2026 Q3 · 2026-09-02
除非另有说明，本电话会的财务指标及增长率均为非GAAP口径。
指引：玛丽·迈尔斯：我们预计第四季度营收介于139亿至148亿美元之间，反映了两大业务板块持续强劲的需求。需求与订单：玛丽·迈尔斯：营收122亿美元，同比增长34%，超出指引区间上限；经调整后的订单增长42%，主要得益于传统服务器、AI系统和网络业务的需求拉动。利润率：玛丽·迈尔斯：营业利润率为16.2%，环比扩大290个基点，得益于毛利率扩张与经营杠杆。分析师问答
分析师阿米特·达里亚纳尼提问：恭喜取得亮眼业绩，安东尼奥。我想问问网络业务：有机增长10%，相比同行当前表现及你方此前预期略低，但订单增长36%非常强劲，能否谈谈是什么导致了这一差距？管理层安东尼奥·内里回答：当然，阿米特。订单增长势头极强，正如我们在准备好的发言中提到的，我们的订单增长速度是营收的3.5倍，限制营收增长的是供应可用性。我们预计未来供应将与订单预订更匹配，从第四季度开始，营收将从第三季度的10%增长至第四季度的11%至13%，最终在2027全年达到14%至17%。
