AI backlog supports the next fiscal year

01 Drivers by business

Fourth-quarter revenue reached $33.379 billion. Management reported more than $64 billion of FY26 AI server orders, more than $25 billion of annual shipments and $43 billion of year-end AI backlog. Orders, shipments and backlog measure inflow, realization and a period-end stock respectively.

02 Margins and earnings quality

The annual filing describes a lower gross-margin rate from the AI server mix, offset at the operating level by scale and cost control. That annual explanation is not automatically a fourth-quarter-only attribution. Quarterly figures are separated from annual totals by subtracting the nine-month cumulative period.

03 Cash conversion and funding

Quarterly OCF was $4.674 billion, cash CapEx $0.721 billion and analytical OCF-minus-CapEx $3.953 billion. Cumulative flows with the same fiscal-year start are subtracted; acquisition payments are excluded from CapEx.

Company FCF was $3.953 billion. It is separate from adjusted FCF, which excludes DFS financing-receivable and operating-lease equipment effects. Consolidated cash flow is not standalone AI-server cash flow.

04 RPO versus order backlog

Filed RPO was $82.000 billion. It includes deferred revenue and unbilled contractual obligations, excluding cancellable contracts without substantive penalties. Its scope differs from AI server backlog; the two should not be added.

05 Guidance at the announcement date

At February 26, FY27 revenue guidance was $138–142 billion, with a $140 billion midpoint implying 23% growth. AI server revenue guidance was approximately $50 billion and next-quarter revenue guidance was $34.7–35.7 billion. Separately, the annual SEC filing cautions that customer data-center readiness and component transitions can make the timing of AI demand and shipments nonlinear. Guidance and backlog are not guaranteed revenue.

06 Investment checkpoints

Quarterly cash generation and the AI backlog both strengthened. Backlog should nevertheless not be converted mechanically into guaranteed sales or profits; shipment, customer acceptance and financing collections are the next checkpoints.

Quarterly results · CY-aligned view

CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.

Definitions and evidence coverage

A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.

Tables use SEC-filed comparative values verified through 2026-10-17. Guidance retains the original announcement date; later outcomes are not backdated into past forecasts. This report does not claim a complete conference-call Q&A review.