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Sentiment · FY2027 Q1
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Vijay Rakesh | Mizuho Securities | 10 (0%) |
| Timm Schulze-Melander | Redburn Atlantic | 10 (10%) |
| Joe Quatrochi | Wells Fargo | 9 (0%) |
| Vivek Arya | Bank of America | 7 (57%) |
| Andrew Gardiner | Citigroup | 7 (0%) |
| Sebastien Naji | William Blair | 5 (20%) |
| Lee Simpson | Morgan Stanley | 5 (0%) |
| Krish Sankar | TD Cowen | 4 (0%) |
| Harlan Sur | JPMorgan | 4 (0%) |
| Mark Lipacis | Evercore ISI | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Mizuho Securities | 1 | 10 (0%) |
| Redburn Atlantic | 1 | 10 (10%) |
| Wells Fargo | 1 | 9 (0%) |
| Citigroup | 1 |
| 7 (0%) |
| Bank of America | 1 | 7 (57%) |
| TD Cowen | 2 | 6 (0%) |
| William Blair | 1 | 5 (20%) |
| Morgan Stanley | 1 | 5 (0%) |
Arm closed FY2026 with record quarterly revenue of $1.49 billion, up 20% year-over-year, as AGI CPU demand more than doubled to over $2 billion across FY2027-FY2028. Data center royalty revenue more than doubled and licensing revenue grew 29% with strong annual contract value growth. Operating margins compressed as non-GAAP operating expenses grew 30% year-over-year on R&D investment for next-generation architectures and the AGI CPU family, leaving operating income up about 7% against 20% revenue growth. The $1 billion AGI CPU revenue outlook for FY27-28 was maintained despite the $2 billion in demand, and mobile market weakness was offset by data center strength.
Cloud & AI | Revenue Growth | Innovation & R&D | Competitive Dynamics | Capex Investment | Demand | Geographic Expansion | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 5 | 8 | 6 | 3 | 1 | |||
| 2025Q4 | 4 | 6 | 4 | 2 | 1 | 1 | 1 | |
| 2026Q1 | 7 | 3 | 4 | 4 | 2 | 1 | 1 | 1 |
| 2026Q2 | 7 | 6 | 2 | 2 | 1 | 1 | ||
| 2026Q3 | 6 | 6 | 5 | 3 | 3 | 3 | 2 | |
| 2026Q4 | 5 | 4 | 2 | 3 | 1 | 2 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 5 | 4 | 7 | 7 | 6 | 5 |
| Revenue Growth | 8 | 6 | 3 | 6 | 6 | 4 |
| Innovation & R&D | 6 | 4 | 4 | 2 | 5 | 2 |
| Competitive Dynamics | 3 | 2 | 4 | 3 | 3 | |
| Capex Investment | 1 | 2 | 2 | 3 | 1 | |
| Demand | 1 | 1 | 3 | 2 | ||
| Geographic Expansion | 1 | 1 | 1 | 1 | ||
| Pricing | 1 | 1 | 2 |
| 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 Q3 | $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 |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $2.68B | — | $0.51 | — | 92.9% | 25.3% | 19.6% | $646M |
| FY2024 | $3.23B | +20.7% | $0.28 | -44.8% | 92.7% | 3.6% | 9.5% | $947M |
| FY2025 | $4.01B | +23.9% | $0.75 | +165.1% | 94.7% | 20.7% | 19.8% | $158M |
| FY2026 | $4.92B | +22.8% | $0.84 | +12.0% | 94.6% | 18.3% | 18.4% | $951M |
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 FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“In addition, we are working closely with Intel and Arm on the development of upcoming Xeon 6+ platforms and a new addition to our portfolio, including Arm AGI GPU-based solutions.”
Super Micro is working with Arm on new Arm-based GPU solutions for agentic AI workloads, expanding Arm's presence in Super Micro's portfolio.
“we announced a strategic collaboration with ARM to expand how AI workloads run across IBM infrastructure”
IBM and Arm are collaborating to run the Arm software ecosystem within IBM infrastructure like IBM Z.
“In terms of your second question about Arm, clearly, we know Arm a lot, a lot of respect for them. Rene is a good friend of mine.”
Intel discusses Arm as an architecture competitor with a licensing model that is increasingly building its own silicon; neutral competitive framing.
“The ecosystem are the people who build Arm-based chips like Samsung or TSMC.”
TSMC is named as a foundry partner building Arm-based chips.
“The ecosystem are the people who build Arm-based chips like Samsung or TSMC.”
Samsung is named as a foundry/chip-builder partner in the Arm ecosystem.
“our agreement with SoftBank for technology licensing and design services contributed $200 million, flat with the prior quarter.”
Arm's technology-licensing and design-services agreement with parent SoftBank contributed $200M of license revenue in the quarter.
“Cerebras, OpenAI, Rebellions and Positron are doing the same with the Arm AGI CPU.”
OpenAI is named among customers pairing accelerators with the Arm AGI CPU.
“SAP will move their core database and business application workloads to Arm, starting with AWS Graviton and expanding to the Arm AGI CPU.”
SAP is migrating core database and business-application workloads to Arm, a significant enterprise-software design win.
“buying finished racks from our partners such as Supermicro, Lenovo, ASRock.”
Supermicro is named as an ODM partner selling finished Arm AGI CPU racks, a read-through on Supermicro's role in Arm data-center systems.
“That ecosystem is EDA partners like Synopsys and Cadence.”
Cadence is named as a core EDA partner in the Arm ecosystem supporting its silicon push.
“That ecosystem is EDA partners like Synopsys and Cadence.”
Synopsys is named as a core EDA partner in the Arm ecosystem supporting its silicon push.
“As far as the market share numbers, AMD has 50, Intel has 50 and we have 50.”
Arm names Intel among the x86 incumbents in the data-center CPU share debate as it argues Arm will take the largest share by CPU type by decade-end.
“yesterday when AMD spoke about the CPU market [indiscernible] TAM of $120 billion, slightly more than the $100 billion that you had given before. But then they also suggested that they expect to maintain 50% share.”
An analyst cites AMD's $120B CPU TAM and its expectation to hold 50% share, framing the x86-vs-Arm data-center CPU competitive dynamic.
“while Microsoft is advancing its Arm-based strategy with Cobalt, designed to deliver high-performance and energy-efficient compute for Azure workloads.”
Microsoft is advancing its Arm-based Cobalt custom silicon for Azure, a positive read-through on Microsoft custom-chip investment.
“At Google Cloud Next, Google announced TPU 8t for training and TPU 8i for inference, in both cases, replacing x86 host processors with custom Arm Axion CPUs.”
Google is replacing x86 host processors with custom Arm-based Axion CPUs in its latest TPU systems, an 80% performance improvement; strong read-through on Google's Arm adoption.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ARM Arm Holdings | 7 | +20.1% | |
| ADI Analog Devices | 9 | +30.4% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| AMAT Applied Materials | 5 | -2.1% | |
| AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 9 | +29.5% | |
| INTC Intel Corporation | 6 | +7.2% | |
| KLAC KLA Corporation | 7 | +11.5% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +22.1% | |
| MU Micron Technology, Inc. | 9 | +196.3% | |
| NVDA NVIDIA Corporation | 10 | +73.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| QCOM Qualcomm | 3 | -3.5% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |