Total Revenue

7.2% " "

The increase from $13,947.91 million in Q2 2024 to $14,946.3 million in Q2 2025 reflects robust performance driven by strong growth in the Endpoint and Advanced Solutions portfolios and favorable currency movements. Similar drivers were noted in earlier periods where portfolio strength and foreign currency impact were key influencers. " " " "

Americas Revenue

5.3% " "

Americas revenue grew from $8,557.57 million to $9,009.2 million, largely owing to resilient performance in core portfolios despite a dampening effect from a higher percentage of net-based sales presentation that had negatively impacted previous comparisons. " " " "

Europe Revenue

10.5% " "

The Europe region saw revenue rise from $4,426.78 million to $4,890.0 million, a recovery driven by improvements in both Advanced and Endpoint Solutions segments and mitigation of previous foreign currency headwinds, echoing positive trends observed in prior periods. " " " "

APJ Revenue

8.7% " "

APJ revenue increased from $963.56 million to $1,047.1 million, with the rise attributed to enhanced performance in key portfolios and beneficial foreign currency adjustments that helped reverse earlier negative net-basis impacts noted in previous periods. " " " "

Gross Billings

Q3 2025

$19.7 billion to $20.7 billion, representing approximately 5% growth at the midpoint "

$21,000,000,000 to $22,000,000,000, representing approximately 6% growth at the midpoint "

raised

Net Revenue

Q3 2025

$13.9 billion to $14.7 billion, with a gross-to-net adjustment of approximately 29% "

$14,700,000,000 to $15,500,000,000, which translates to an anticipated net adjustment of 30% "

raised

Non-GAAP Net Income

Q3 2025

$205 million to $247 million "

$227,000,000 to $268,000,000 "

raised

Diluted EPS

Q3 2025

$2.45 to $2.95 per diluted share, based on weighted average shares outstanding of 83 million "

$2.75 to $3.25 per diluted share, based on weighted average shares outstanding of approximately 81,800,000 "

raised

Tax Rate

Q3 2025

23% "

Approximately 23% "

no change

Interest Expense

Q3 2025

$86 million "

$89,000,000 "

raised

Share Repurchases

Q3 2025

no prior guidance [N/A]

$175,000,000 "

no prior guidance

PC Demand

Multiple periods emphasized the PC refresh cycle with strong growth driven by Windows refresh and an aging PC base – Q1 2025 focused on pandemic refresh and Windows 11 ( " " ), Q4 2024 discussed recovery via Windows 10 refresh and commercial focus ( " ), and Q3 2024 noted lower‐than-expected recovery with emerging AI PCs ( " " ).

Q2 2025 detailed strong PC demand in both B2B segments and overall recovery, while noting pull-forward risks from accelerated sales from previous quarters ( " " " ).

Consistent positive outlook, with ongoing growth driven by refresh cycles but with a cautious note on pull-forward risks and evolving customer segments.

Hive/Hyve Business

Across Q1 2025 ( " " " ), Q4 2024 ( " " ) and Q3 2024 ( " " ), Hive/Hyve was noted for double-digit or high-teen revenue growth but recurring margin challenges due to factors such as shipment delays and investment impacts.

Q2 2025 reported robust high-teen revenue growth driven by server and network rack programs while highlighting margin pressure from unrealized FX losses and program mix, with indications of margin stabilization ( " " " ).

Recurring growth with persistent margin pressures; though growth remains strong, challenges such as FX headwinds continue, with signs of stabilization emerging in the current period.

Strategic Technology Growth

Q1 2025 mentioned double-digit growth in cloud, cybersecurity, AI and data analytics with strong performance from security, cloud and data analytics ( " " " ); Q4 2024 highlighted double-digit growth across these segments with an integrated cloud platform ( " " ); Q3 2024 focused on AI initiatives and hyperscaler investments ( " " ).

Q2 2025 emphasized robust growth in cloud, cybersecurity, and AI infrastructure – with detailed contributions from each segment driving software growth and innovative deployments ( " " " " ).

Steady and accelerating, as the company maintains strong double-digit growth while deepening its AI integration and strategic technology investments.

Geopolitical Uncertainties

In Q1 2025, tariffs were mentioned with an emphasis on the company’s ability to pass through costs ( " " ); Q4 2024 discussed evolving macro complexities and uncertain tariff environments ( " " ); Q3 2024 did not address these issues.

Q2 2025 revisited macro risks and specific geopolitical uncertainties – citing issues including Middle East concerns and uncertain tariff regimes that may affect demand ( " " ).

Persisting cautious tone; while always present, the geopolitical and tariff risks continue to be monitored, with nuanced emphasis depending on the quarter.

Margin and Profitability

Q1 2025 reported margin declines driven by Hyve performance and product mix shifts ( " " ); Q4 2024 outlined headwinds from tough year-over-year comparisons in Hyve and cost management challenges ( " " " " ); Q3 2024 noted product mix and regional/geographic factors reducing margins ( " " ).

Q2 2025 showed a 5% gross margin (with a 21-basis-point year-over-year decline) impacted by FX losses and mix issues (especially in Hive) while expecting some stabilization ( " " " ).

Consistently pressured margins; product mix and FX issues remain a challenge but management anticipates normalization as temporary factors diminish.

Cash Flow Management

Q1 2025 experienced high free cash flow usage due to higher working capital and inventory buildup ( " " ); Q4 2024 demonstrated strong free cash flow generation, improved cash conversion cycle, and significant capital returns ( " " " ); Q3 2024 focused on steady free cash flow and efficient working capital use ( " " ).

Q2 2025 reported solid free cash flow generation (over $543 million) with improvements in working capital, a shorter cash conversion cycle, and active capital returns via share repurchases and dividends ( " " " " ).

Stable and efficient, reflecting consistent focus on working capital optimization and disciplined capital return strategies across periods.

Strategic Expansion

Q1 2025 highlighted leveraging the Hyve business to tap into the hyperscaler market and geographic opportunities in Latin America and APJ ( " " " " ); Q4 2024 detailed marketplace syndication with AWS and Azure, plus targeted expansions in India and Japan ( " " " " ); Q3 2024 emphasized building new partnerships and pipelines ( " " " ).

Q2 2025 described a strong pipeline of hyperscaler engagements with U.S. onshore investments and significant regional growth in Europe and APJ, as well as diversifying into sovereign customers ( " " " ).

Growing and diversifying; strategic expansion through enhanced hyperscaler partnerships and targeted geographic initiatives is intensifying, positioning the company well for future growth.

Operational Execution

Q1 2025 stressed efficient execution with stable operating margins and a strong distribution network ( " " " ); Q4 2024 emphasized operational excellence and efficient cost management with improved cash conversion ( " " ); Q3 2024 stressed disciplined cost management and capacity utilization ( " " " ).

Q2 2025 demonstrated strong operational execution with solid distribution performance, consistent growth in gross billings and maintained margins even amid macro uncertainty ( " " " " " ).

Consistently strong and disciplined; the company continues to execute efficiently, maintaining cost control and distribution efficiency across periods.

AI Product Adoption

Q1 2025 noted a gradual increase in AI product adoption despite enterprise challenges ( " ); Q3 2024 focused on the slow ramp of AI PCs with potential for future acceleration, along with some mention of revenue conversion challenges ( " " ); Q4 2024 highlighted AI-related demand within advanced solutions ( " " ).

Q2 2025 did not mention AI product adoption or delayed revenue realization, signaling a possible temporary de-emphasis of the topic in the current call.

Evolving and less emphasized; while earlier periods showed cautious optimism around AI adoption and highlighted delayed revenue impacts (notably in Hyve), the current period sees less discussion – possibly as focus shifts to other immediate drivers.