Quarterly guidance

Revenue
$49 billion at the midpoint, up roughly 80% year-on-year.
ISG growth
Roughly 145%, supported by $19 billion in AI server revenue.
CSG revenue growth
Up roughly 15%.
Diluted non-GAAP EPS
$6.50, up over 150% at the midpoint.

Annual guidance

Revenue
$192 billion at the midpoint, up roughly 70%.
Diluted non-GAAP EPS
$25.50, up approximately 150% at the midpoint.
ISG growth
Roughly 120%, driven by AI server revenue up 3x year-over-year to $74 billion.
CSG revenue growth
Mid-teens.

Outlook

Data center modernization
Customers are increasingly viewing IT environments as value drivers for growth and productivity rather than cost centers.
Agentic AI workloads
Emerging agentic workflows are creating incremental demand for both AI servers and traditional CPU compute capacity.
Operating leverage
Multi-year modernization efforts are driving efficiencies, resulting in an operating expense rate of approximately 8% of revenue.
Storage demand
Enterprise storage demand continues to benefit from data growth, security needs, and AI data preparation requirements.