Separate operating growth from delayed financial reporting

01 Results and comparisons

Filed revenue was $5.937 billion, operating income $0.509 billion, operating margin 8.58% and net income $0.424 billion. Against the preceding quarter, revenue changed by $+0.583 billion (+10.9%), operating income by $+0.221 billion and margin by +3.19 percentage points. Against the same quarter a year earlier, revenue changed by $+3.818 billion (+180.1%), operating income by $+0.337 billion and margin by +0.44 percentage points.

Against the prior quarter, net income changed by +0.127 B$, OCF by +1.057 B$, cash CapEx by +0.030 B$, and analytical FCF by +1.026 B$.

Against the year-earlier quarter, net income changed by +0.267 B$, OCF by +0.138 B$, cash CapEx by +0.042 B$, and analytical FCF by +0.097 B$.

02 Business drivers and management commentary

The filed 10-Q reports $5.748 billion of server and storage revenue and $0.189 billion of accessories. GPU, HPC and rack demand supported average selling prices. The November 5 release only supplied a preliminary $5.9–6.0 billion sales range; that range is not treated as a precise final value.

03 Earnings quality and special items

Preliminary gross margin was approximately 13.3%, while later filed results show 13.1%. The table follows the 10-Q filed on February 25, 2025. Statements by the special committee, the auditor’s judgment and completed filing are distinct facts.

04 Cash flow, investment and financial position

Quarterly OCF was $0.409 billion, cash PP&E purchases $0.044 billion and analytical FCF $0.365 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 $2.089 billion; liquid financial assets including separately disclosed marketable equities were $2.094 billion. Interest-bearing debt was $2.259 billion, including $0.494 billion of current bank borrowings. Liquid assets less borrowings were $-0.165 billion. Restricted cash, illiquid equity holdings and operating leases are excluded. Total accounting liabilities of $4.974 billion are not substituted for debt. Debt includes $1.699 billion of convertible notes at carrying value without double counting bank debt.

05 RPO and contract scope

Disclosed deferred revenue on contracts longer than one year was $0.5582 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.

06 Guidance and assessment at release

At November 5, next-quarter revenue guidance was $5.5–6.1 billion. The preliminary nature of the financial information at that time is retained, while subsequent filed values provide separate evidence for actual results.

Filed numbers confirm stronger revenue, earnings and cash conversion, but reporting delays and control weaknesses are separate risks. Large AI demand must convert into deliveries and collections while reporting reliability improves.

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.

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.