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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vijay Rakesh | Mizuho Securities | 10 questions · 0% challenging |
| Timm Schulze-Melander | Redburn Atlantic | 10 questions · 10% challenging |
| Joe Quatrochi | Wells Fargo | 9 questions · 0% challenging |
| Andrew Gardiner | Citigroup | 8 questions · 0% challenging |
| Vivek Arya | Bank of America | 8 questions · 63% challenging |
| Lee Simpson | Morgan Stanley | 6 questions · 0% challenging |
| Krish Sankar | TD Cowen | 5 questions · 0% challenging |
| Sebastien Naji | William Blair | 5 questions · 20% challenging |
| Harlan Sur | JPMorgan | 5 questions · 0% challenging |
| Charles Shi | Needham | 4 questions · 25% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mizuho Securities | 1 analyst | 10 questions · 0% challenging |
| Redburn Atlantic | 1 analyst | 10 questions · 10% challenging |
| Wells Fargo | 1 analyst | 9 questions · 0% challenging |
| Citigroup | 1 analyst | 8 questions · 0% challenging |
| Bank of America | 1 analyst | 8 questions · 63% challenging |
| TD Cowen | 2 analysts | 7 questions · 0% challenging |
| Morgan Stanley | 1 analyst | 6 questions · 0% challenging |
| JPMorgan | 1 analyst | 5 questions · 0% challenging |
Arm delivered record revenue in Q3 FY2025 with royalty revenue hitting new highs, driven by CSS adoption creating meaningful royalty uplift across smartphone and data center segments. Revenue grew 19.3% while GAAP EPS surged 189.5%, with operating income confirming genuine leverage at +5.7pp spread. Management raised full-year guidance to approximately $4 billion and guided Q4 to $1.175-1.275 billion, representing 32% growth at midpoint. Data center share gains accelerated with AI infrastructure partnerships expanding across the ecosystem.
Revenue Growth | Cloud & AI | Innovation & R&D | Competitive Dynamics | Demand | Capex Investment | Pricing | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 5 | 1 | 2 | 7 | 2 | 1 | ||
| 2025Q3 | 8 | 5 | 6 | 3 | 1 | |||
| 2025Q4 | 6 | 4 | 4 | 2 | 1 | 1 | 1 | |
| 2026Q1 | 3 | 7 | 4 | 4 | 1 | 2 | 1 | 1 |
| 2026Q2 | 6 | 7 | 2 | 1 | 2 | 1 | ||
| 2026Q3 | 6 | 6 | 5 | 3 | 3 | 3 | 2 | |
| 2026Q4 | 4 | 5 | 2 | 3 | 2 | 1 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 8 | 6 | 3 | 6 | 6 | 4 |
| Cloud & AI | 1 | 5 | 4 | 7 | 7 | 6 | 5 |
| Innovation & R&D | 6 | 4 | 4 | 2 | 5 | 2 | |
| Competitive Dynamics | 2 | 3 | 2 | 4 | 3 | 3 | |
| Demand | 7 | 1 | 1 | 3 | 2 | ||
| Capex Investment | 1 | 2 | 2 | 3 | 1 | ||
| Pricing | 2 | 1 | 1 | 2 | |||
| Geographic Expansion | 1 | 1 | 1 | 1 | 1 |
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Calendar quarter Q4 2024Earnings call Feb 5, 2025
FY2025 Q3 in brief
Arm delivered record revenue in Q3 FY2025 with royalty revenue hitting new highs, driven by CSS adoption creating meaningful royalty uplift across smartphone and data center segments.
Newest quarter FY2027 Q1 is part of Pro · see what Pro adds →
GAAP revenue YoY +19.3% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Arm Holdings (ARM), FY2025 Q3: 10/10. Scores: Arm Holdings’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ARM daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q2 | $844M | +4.7% | $0.10 | +190.9% | 93.6% | 7.6% | 12.7% | $-54M |
| FY2025 Q3Selected | $983M | +19.3% | $0.24 | +189.5% | 94.8% | 17.8% | 25.6% | $360M |
| FY2025 Q4 | $1.24B | +33.7% | $0.20 | -4.8% | 95.8% | 33.0% | 16.9% | $180M |
| FY2026 Q1 | $1.05B | +12.1% | $0.12 | -42.9% | 94.3% | 10.2% | 12.3% | $171M |
| FY2026 Q2 | $1.14B | +34.5% | $0.22 | +120.0% | 97.4% | 14.4% | 21.0% | $429M |
| FY2026 Q3 | $1.24B | +26.3% | $0.21 | -12.5% | 94.2% | 15.4% | 18.0% | $181M |
| FY2026 Q4 | $1.49B | +20.1% | $0.29 | +45.0% | 93.1% | 29.5% | 21.0% | $170M |
| FY2027 Q1 | $1.29B | +22.4% | $0.25 | +108.3% | 97.2% | 7.6% | 20.9% | $694M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ARM and other companies said about each other on FY2025 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“The jury's verdict vindicated Qualcomm's CPU innovations and affirmed that Qualcomm's contract with Arm provides a license for Qualcomm's products containing our proprietary Oryon CPUs in industries such as smartphones, automotive, next generation PCs, IoT, and data center.”
A December 2024 jury verdict favored Qualcomm in its licensing dispute with Arm, confirming Qualcomm's Arm architecture license covers its custom Oryon CPUs across multiple product categories; Arm also withdrew its prior notice of breach.
“This quarter, we strengthened our decades-long partnership with Arm, aligning our road maps to the needs of our mutual customers.”
Synopsys is deepening its long-running partnership with Arm, integrating Arm compute subsystems with its IP and EDA tools under the Arm Total Design program.
“We deepened our partnership with ARM, through a broad expansion of our IP, hardware and AI driven design enablement solutions and in Q4 successfully taped out industry's first ARM CSA standard-based system Chiplet.”
Cadence expanded its partnership with ARM across IP, hardware and AI-driven design tools, and taped out the industry's first ARM CSA-standard system chiplet.
“Well, a few things. Broadly speaking, if you think about the achievements of DeepSeek, both V3, sort of, their generic model, if you will, and R1, their reasoning model, there was obviously a lot of work that was done on top of existing work, aka, a frontier model that was created by someone else, and then DeepSeek doing some very creative work to build a model on top of that, that was very, very efficient in terms of inference.”
Arm's CEO frames DeepSeek's efficient inference models as a positive development for the industry that lowers compute costs and expands overall AI demand, benefiting Arm's power-efficient architecture across constrained-power devices.
“I think the question was about the impact of the Qualcomm lawsuit and on revenue.”
Arm's CFO addresses the ongoing Qualcomm licensing lawsuit, stating Arm had always modeled the litigation outcome into its forecasts and continues to expect royalty payments from Qualcomm at existing rates regardless of the case's resolution.
“And this is a partnership with OpenAI and Oracle and SoftBank, technology partners being those companies in addition to ourselves, Microsoft and NVIDIA.”
Oracle is named as one of the technology partners in the $500 billion Stargate AI infrastructure project, alongside Arm, OpenAI, SoftBank, Microsoft and NVIDIA.
“Along with SoftBank Group and OpenAI, Stargate for AI infrastructure deployment and advanced enterprise AI called, Cristal Intelligence, to develop AI agents for knowledge work.”
SoftBank Group is a co-partner alongside OpenAI in both the Stargate AI infrastructure project and the Cristal Intelligence initiative that Arm cites as central to its AI positioning.
“Along with SoftBank Group and OpenAI, Stargate for AI infrastructure deployment and advanced enterprise AI called, Cristal Intelligence, to develop AI agents for knowledge work.”
Arm highlights its involvement with OpenAI in both the Stargate AI infrastructure project and the Cristal Intelligence agentic-AI initiative as key strategic positioning at the center of the AI ecosystem.
“New flagship smartphones from Oppo and Vivo take advantage of MediaTek's new Dimensity 9400 system-on-chip.”
MediaTek's new flagship Dimensity 9400 chip, built on Arm's CSS for client, is being deployed in Oppo and Vivo flagship smartphones, driving royalty growth.
“NVIDIA also announced Project DIGITS, which combines the ARM-based Grace CPU and the Blackwell GPU into the new GB10 Superchip that powers the world's smallest AI supercomputer.”
NVIDIA's new GB10 Superchip pairs an Arm-based Grace CPU with its Blackwell GPU, extending the Arm/NVIDIA partnership into a compact AI supercomputer product.
“We are gaining share in the data center with AWS Graviton, Microsoft Cobalt, Google Axion and NVIDIA's Grace ARM-based chips.”
Google's custom Axion data-center chip is built on Arm architecture, part of Arm's broader hyperscaler custom-silicon share gains.
“We are gaining share in the data center with AWS Graviton, Microsoft Cobalt, Google Axion and NVIDIA's Grace ARM-based chips.”
Microsoft's custom Cobalt data-center chip is built on Arm architecture, part of Arm's broader hyperscaler custom-silicon share gains.
“AWS recently announced more than 50% of new CPU capacity installed over the past two years was on Graviton. Over 90% of AWS' top 1,000 EC2 customers use Graviton.”
Amazon's AWS continues to expand deployment of its Arm-based Graviton chips across its data centers, with over 90% of its top EC2 customers now using Graviton.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ARM Arm Holdings | 10 | +19.3% | |
| ADI Analog Devices | 3 | -10.1% | |
| ALAB Astera Labs, Inc. Common Stock | 8 | +179.3% | |
| AMAT Applied Materials | 6 | +4.8% | |
| AMD Advanced Micro Devices, Inc. | 9 | +24.2% | |
| ASML ASML Holding | 9 | +28.0% | |
| AVGO Broadcom Inc. | 8 | +51.2% | |
| CRDO Credo Technology Group Holding Ltd | 9 | +63.6% | |
| INTC Intel Corporation | 2 | -7.4% | |
| KLAC KLA Corporation | 9 | +23.7% | |
| LRCX Lam Research | 9 | +16.4% | |
| MCHP Microchip Technology | 1 | -41.9% | |
| MPWR Monolithic Power Systems | 9 | +36.9% | |
| MRVL Marvell Technology | 6 | +6.9% | |
| MU Micron Technology, Inc. | 9 | +84.3% | |
| NVDA NVIDIA Corporation | 9 | +93.6% | |
| NXPI NXP Semiconductors | 3 | -9.1% | |
| ON ON Semiconductor | 2 | -14.7% | |
| Q Qnity Electronics, Inc. | · | n/a | |
| QCOM Qualcomm | 8 | +17.4% | |
| SWKS Skyworks Solutions | 2 | -11.1% | |
| TER Teradyne | 9 | +12.3% | |
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9 | +38.8% | |
| TXN Texas Instruments | 3 | -1.7% |