Arm FY26Q3财报一览：Royalty数据中心营收继续翻倍，高研发投入压制利润率抬升

Core Insights - Arm reported Q3 FY26 revenue of $1.24 billion, a 26% year-over-year increase, slightly above market expectations of $1.23 billion [4] - Despite a high gross margin of 97.4%, GAAP operating profit was low at $185 million, below the expected $246 million, primarily due to high R&D expenses [3][4] - Management indicated that the growth in data center revenue is expected to surpass mobile revenue in 2-3 years, driven by custom chips for large cloud service providers [10][12] Financial Performance - Revenue: $1.24 billion, up 26% YoY, exceeding the guidance of $1.23 billion [4] - GAAP Gross Margin: 97.4%, a slight increase of 0.4 percentage points YoY, but below the expected 97.7% [4] - GAAP Operating Profit: $185 million, a 6% increase YoY, but below the expected $246 million; GAAP operating margin at 15%, down 3 percentage points YoY [4] - Non-GAAP Net Profit: $457 million, up 10% YoY, exceeding expectations of $438 million; Non-GAAP net margin at 37%, down 5 percentage points YoY [4] Business Segments - License & Other Revenue: $505 million, a 25% YoY increase; 50 Arm Total Access contracts signed, with a 7% annual fee increase [7] - Royalty Revenue: $737 million, a 26% YoY increase, driven by growth in data centers and mobile; data center royalty revenue has doubled YoY [10] Market Outlook - Management expects Q4 revenue of $1.47 billion, an 18% YoY increase, with Non-GAAP net profit projected at $620 million, a 6% increase [12] - Anticipated growth in Royalty revenue in Q4 is expected to be in the low double digits, while License revenue is expected to grow in the high double digits [12] - Management's guidance for FY27 indicates a reasonable expectation of 20% revenue growth [12] Strategic Insights - The demand for server CPUs is being driven by Agentic AI, which aligns with Arm's strengths in energy efficiency [12] - The first generation of CSS royalty fees is significantly higher than previous generations, indicating a potential for increased revenue from new mobile devices [12] - Management expressed concerns about the impact of a potential 20% decrease in mobile shipments on royalty revenue, estimating a 4-6% impact on mobile royalty income [12]