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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Arm
Arm (ARM) investor relations material
Arm Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary4 Nov, 2026
Executive summary
Record Q2 FY2027 revenue of $1.443B, up 27% YoY, with license and other revenue up 50% and royalties up 8%.
Growth reflected expanding IP licensing and royalties alongside strong Arm AGI CPU demand converting to purchase orders; confidence rose to up to $2B in chip revenue across FYE27 and FYE28.
Q2 net income was $130M versus $238M a year earlier; H1 revenue rose 25% to $2.732B and H1 net income was $400M versus $368M.
Financial highlights
License and other revenue reached a Q2 record $773M, up 50% YoY; royalty revenue reached a Q2 record $670M, up 8%.
Licensing was ~$100M above expectations as customers accelerated long-term commitments; annualized contract value rose 12% YoY.
GAAP gross profit was $1.401B and operating income $201M; Q2 diluted EPS was $0.12 versus $0.22 a year earlier.
H1 gross profit was $2.654B, operating income $292M and diluted EPS $0.37; H1 operating cash flow was $1.109B versus $899M.
Q2 R&D expense rose 24% YoY to $857M and SG&A rose 36% to $343M, mainly from higher staffing and share-based compensation costs.
Outlook and guidance
Q3 FY2027 revenue guidance is $1.540B ±$50M; licensing is expected to rise a little over 50% YoY.
Q3 non-GAAP operating expenses are expected at ~$825M and non-GAAP diluted EPS at $0.56 ±$0.04.
Q3 royalties are expected to grow low teens sequentially and low single digits YoY; cloud and physical AI strength is expected to offset edge AI pressure and a tough comparison.
FYE28 is expected to be the first year of meaningful AGI CPU revenue; chip revenue is projected to ramp to ~$15B in FYE31, additional to IP/CSS revenue.
FYE26–FYE31 royalty revenue is forecast to grow at a 20% CAGR; FYE31 internal estimates project >$9 non-GAAP EPS, including $10B IP/CSS revenue and $15B chip revenue.
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Latest events from Arm
- Revenue up 22% with record royalties, strong AI demand, and AGI CPU launch driving growth.ARM
Q1 2027 - Record revenue and AI product demand drive 20% growth and strong long-term forecasts.ARMQ4 2026
- Unified AI platform and chip expansion drive $25B revenue and >$9 EPS by FYE31.ARMArm Everywhere: Investor Session
- AGI CPU delivers 2x efficiency over x86, targeting a $100B+ AI data center market.ARMArm Everywhere: Keynote
- Q3 revenue up 26% YoY, driven by Armv9, AI, and data center growth; margins remain strong.ARMQ3 2026
- Revenue up 34%, net income more than doubled, driven by strong licensing and royalty growth.ARMQ2 2026
- Revenue up 39% to $939m, led by Armv9, AI, and licensing, with robust outlook ahead.ARMQ1 2025
- Q2 revenue hit $844M, up 5%, with 23% royalty growth and strong Armv9 adoption.ARMQ2 2025
- Revenue up 19% to $983M, strong royalty growth, and raised FY2025 guidance.ARMQ3 2025
Next Arm earnings date
Q3 20273 Feb, 2027
Arm
Next Arm earnings date
Q3 20273 Feb, 2027
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Frequently asked questions
Advanced Risc Machines
Arm Holdings is a British semiconductor and software design company with global operations. The company specializes in the development of ARM (Advanced RISC Machine) processors and related technologies, which are integral to a wide range of electronic devices, from smartphones to supercomputers. Notably, Arm does not manufacture chips but licenses its intellectual property to other companies, who then incorporate Arm's designs into their products. The company is headquartered in Cambridge, England, and its shares are listed on the Nasdaq.
The Designs
Arm Holdings operates primarily as a semiconductor and software design company, specializing in creating architectures and licenses for ARM (Advanced RISC Machine) processors. Unlike other semiconductor companies, Arm does not manufacture its own chips; instead, it develops and licenses its processor designs and related technologies to other firms. These licensees, ranging from mobile device manufacturers to automotive companies, integrate Arm's designs into their products and rely on them for the functionality of the end product. Additionally, the company offers software tools, systems-on-chips (SoCs), and platforms that are instrumental in sectors like Internet of Things, consumer electronics, and cloud computing.
Where the Products are Used
Processors based on Arms designs are used in just about every modern product needing computational power. This means that the company’s designs can be found in everything from cars, smartwatches, smartphones, personal computers, servers, and everything in between. Arm's processors also play a crucial role in infrastructure and networking equipment and are increasingly utilized in cloud computing and data centers.
Arm’s IPO
Arm’s IPO in 2023 was one of the most talked about IPO’s in 2023. The company has been owned by SoftBank since 2016, and in 2020 Nvidia attempted to purchase the company. This was rebutted due to national security concerns from the UK government, as well as several competitional concerns from large American tech companies.
Arm was initially founded with backing from Apple, the company’s first products, the massive challenges faced during the early days, as well as setting the stage for their IPO in 2023.