EARNINGS REVIEW

A growth quarter requiring separation of preliminary and filed results

FY24 Q4 · 2024-06-30Release date 2024-08-06B$ · USD billions

Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.

Margin compression, cash outflow and reporting controls need to be assessed alongside sales growth. The FY24 10-K was filed on February 25, 2025 and disclosed material weaknesses in internal control. Those weaknesses are not presented as remediated.

Revenue

5.355 B$

Operating income

0.288 B$

FCF · common-basis calculation

−0.662 B$

Assessment · Margin compression, cash outflow and reporting controls need to be assessed alongside sales growth. The FY24 10-K was filed on February 25, 2025 and disclosed material weaknesses in internal control. Those weaknesses are not presented as remediated.

01 Results and comparisons

Filed revenue was $5.355 billion, operating income $0.288 billion, operating margin 5.39% and net income $0.297 billion. Against the preceding quarter, revenue changed by $+1.505 billion (+39.1%), operating income by $-0.090 billion and margin by -4.44 percentage points. Against the same quarter a year earlier, revenue changed by $+3.170 billion (+145.1%), operating income by $+0.062 billion and margin by -4.99 percentage points.

Against the prior quarter, net income changed by -0.105 B$, OCF by +0.866 B$, cash CapEx by -0.079 B$, and analytical FCF by +0.945 B$.

Against the year-earlier quarter, net income changed by +0.104 B$, OCF by -0.638 B$, cash CapEx by +0.006 B$, and analytical FCF by -0.644 B$.

Evidence · 1 ↗ · 2 ↗ · 3 ↗ · 4 ↗ · 5 ↗

02 Business drivers and management commentary

The annual filing attributes server growth to GPU-based rack solutions and higher average selling prices. FY24 server and storage revenue was $14.185 billion, or 94.6% of sales. This annual portfolio disclosure is not a quarterly AI revenue breakout.

Evidence · 1 ↗ · 2 ↗

03 Earnings quality and special items

The August 6 preliminary release reported approximately $5.31 billion of sales and $0.353 billion of net income; subsequent filed results were $5.354589 billion and $0.297244 billion. The company described adjustments including inventory reserves to preliminary figures, not a restatement of previously issued financial statements. This report uses filed results.

Evidence · 1 ↗ · 2 ↗ · 3 ↗

04 Cash flow, investment and financial position

Quarterly OCF was $-0.648 billion, cash PP&E purchases $0.014 billion and analytical FCF $-0.662 billion. Cumulative flows sharing the same fiscal-year start were subtracted, without allocating annual rounding residuals. A separate company-defined FCF was not verified and is left blank.

At period end, cash and cash equivalents were $1.670 billion; liquid financial assets including separately disclosed marketable equities were $1.673 billion. Interest-bearing debt was $2.174 billion, including $0.402 billion of current bank borrowings. Liquid assets less borrowings were $-0.501 billion. Restricted cash, illiquid equity holdings and operating leases are excluded. Total accounting liabilities of $4.409 billion are not substituted for debt. Debt includes $1.698 billion of convertible notes at carrying value without double counting bank debt.

Evidence · 1 ↗ · 2 ↗ · 3 ↗ · 4 ↗

05 RPO and contract scope

Disclosed deferred revenue on contracts longer than one year was $0.4164 billion. The disclosure applies the exemption for contracts with an original duration of one year or less. It is therefore neither total server backlog nor guaranteed next-year sales, and is not added to orders as if they were the same measure.

Evidence · 1 ↗

06 Guidance and assessment at release

At the original release, guidance was $6–7 billion for FY25 Q1 and $26–30 billion for FY25. Later result revisions and forecasts are not backdated into that announcement.

Evidence · 1 ↗ · 2 ↗

Quarterly results · CY-aligned view

Metric · B$	2023 full-year total	1Q FY23 Q3 2023-03-31	2Q FY23 Q4 2023-06-30	3Q FY24 Q1 2023-09-30	4Q FY24 Q2 2023-12-31	2024 total of 2 included quarters	1Q FY24 Q3 2024-03-31	2Q FY24 Q4 2024-06-30	QoQ Δ	YoY Δ
Revenue	9.253	1.283	2.185	2.120	3.665	9.205	3.850	5.355	1.505	3.170
Operating income	0.870	0.099	0.227	0.173	0.371	0.667	0.378	0.288	−0.090	0.062
Operating margin (%)	9.401	7.721	10.378	8.139	10.136	7.244	9.826	5.388	−4.439 pp	−4.991 pp
Net income	0.732	0.086	0.194	0.157	0.296	0.700	0.402	0.297	−0.105	0.104
FCF · company definition	—	—	—	—	—	—	—	—	—	—
Operating cash flow · total	−0.136	0.198	−0.009	0.270	−0.595	−2.161	−1.514	−0.648	0.866	−0.638
Net cash CapEx · common	0.034	0.008	0.008	0.003	0.015	0.107	0.093	0.014	−0.079	0.006
Cash CapEx · Chinese company definition	—	—	—	—	—	—	—	—	—	—
FCF · total calculation	−0.169	0.190	−0.018	0.268	−0.610	−2.268	−1.606	−0.662	0.945	−0.644
Net cash · liquid assets less borrowings	0.354	0.176	0.150	0.401	0.354	−0.501	0.255	−0.501	−0.755	−0.651
Liquid assets · including short-term investments	0.730	0.363	0.440	0.547	0.730	1.673	2.118	1.673	−0.445	1.233
Borrowings · interest-bearing debt	0.376	0.187	0.290	0.146	0.376	2.174	1.863	2.174	0.311	1.884
Cash and cash equivalents	0.726	0.363	0.440	0.543	0.726	1.670	2.115	1.670	−0.446	1.229
Total liabilities · accounting liabilities	2.328	1.424	1.703	1.930	2.328	4.409	3.769	4.409	0.640	2.706

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.

This missing historical report was prepared from official earnings releases and SEC documents. Financial tables follow the latest verified filed comparatives, while guidance retains the announcement date above. Reviewing management remarks in a release is distinct from completing a full conference-call and Q&A review; this report makes no claim of call completion.