0001596532-25-000286
SEC filingQ3 营收增 27.5% 至 $2.31B，AI 网络需求驱动，毛利率升至 64.6%。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $2,308.3M | $1,810.9M | +27.5% |
| Gross Profit | $1,490.2M | $1,161.7M | +28.3% |
| Gross Margin | 64.6% | 64.2% | +40bps |
| Operating Income | $978.2M | $785.3M | +24.6% |
| Operating Margin | 42.4% | 43.4% | -100bps |
| Net Income | $853.0M | $748.0M | +14.0% |
| Diluted EPS | $0.67 | $0.58 | +15.5% |
| Operating Cash Flow | $3,110.0M | $2,677.3M | +16.2% |
| Free Cash Flow | $3,027.5M | $2,657.7M | +13.9% |
Q3 营收 $2,308.3M，同比 +27.5%，主要受 AI 网络需求驱动，Product 营收 +25.5%，Service 营收 +38.1%。毛利率 64.6%，同比 +40bps，受益于产品组合优化。Operating Margin 42.4%，同比 -100bps，主要因 R&D 和 S&M 费用增长（分别 +38.3% 和 +41.6%）。Net Income $853.0M，同比 +14.0%，增速低于营收，因有效税率从 15.3% 升至 20.8%（OBBB Act 一次性递延税影响）。剔除一次性税项后，run-rate 盈利能力更强。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Product | $1,911.7M | +25.5% | — | — | AI 网络需求 |
| Service | $396.6M | +38.1% | — | — | PCS 合同增长 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $10,106.2M | +$1,802.7M |
| Total Debt | — | — |
| Net Debt | — | — |
| Inventory | $2,155.7M | +$321.1M |
| RPO/Deferred revenue | $4,686.2M | +$1,894.8M |
| Operating Cash Flow | $3,110.0M | +$432.7M |
| Capex | $82.5M | +$62.9M |
| Free Cash Flow | $3,027.5M | +$369.8M |
| FCF 转化率 | 118.5% | — |