Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Jason Winkler: For the full year, we now expect revenue of approximately $12.975 billion, up from our prior guidance of $12.8 billion, along with non-GAAP earnings per share between $17.62 and $17.72 per share, up from our prior guide of $16.87 to $16.99 per share.Demand and orders: Jason Winkler: Revenue for the quarter grew 13% and was above our guidance with double-digit growth in both segments and in all 3 technologies, primarily driven by strong LMR demand and accelerated quick-turn conversion.Margins: Jason Winkler: Non-GAAP operating earnings were just over $1 billion, up 26% from the year-ago quarter, and non-GAAP operating margin was 32.9%, up 330 basis points. The increase in both GAAP and non-GAAP operating margin was driven by higher sales and improved operating leverage, inclusive of higher direct material costs and a $60 million benefit from the IEEPA refunds recorded during the quarter.Analyst Q&A
Analyst Joseph Cardoso asked: Awesome color, Greg. I really appreciate all of that. And then maybe as my second one here, gross margin stepped up meaningfully in the quarter, even excluding the tariff benefit, but you guys are still guiding stable gross margin outlook for the full year. Maybe can you bridge the 2Q performance against that? Management Jason Winkler answered: Sure. So favorable mix has been a growth driver for us for a number of quarters, and we expect that to continue. Customers are adopting more feature-rich solutions, and that's in part what helps drive our growth. In terms of headwinds, I mentioned on the call that memory, which last year was $50 million, we now expect to be $150 million. That's up from 90 days ago. So that $100 million of increase, a large part of that's going to be faced in the second half because of timing, because of inventory and the positions we had to begin the year.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：杰森·温克勒：我们预计全年营收约为129.75亿美元，高于此前预期的128亿美元；非GAAP每股收益区间为17.62美元至17.72美元，高于此前预期的16.87美元至16.99美元。需求与订单：杰森·温克勒：本季度营收增长13%，超出我们的预期，两大业务板块及所有三项技术均实现两位数增长，主要得益于强劲的LMR需求与加速的快速转换订单。利润率：杰森·温克勒：非GAAP营业收益仅略高于10亿美元，同比季度增长26%，非GAAP营业利润率为32.9%，上升330个基点。GAAP及非GAAP营业利润率提升均得益于销售额增长、运营杠杆改善，包括更高的直接材料成本及本季度记录的6000万美元IEEPA退款收益。分析师问答
分析师约瑟夫·卡多佐提问：即便剔除关税收益，本季度毛利率仍显著提升，但公司仍对全年毛利率给出稳定指引，能否解释二季度业绩与该全年指引之间的差异？管理层杰森·温克勒回应称，有利的产品组合是多个季度的增长驱动力，预计将持续，客户正采用更多功能丰富的解决方案；内存成本去年为5000万美元，今年预计达1.5亿美元，较90天前的预期有所上调，其中1亿美元的增量大部分将因库存和年初备货情况在下半年显现。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。
