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v3.25.2

Revenue | 6 Months Ended
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Aug. 02, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The majority of the Company’s revenue is generated from sales of the Company’s products. The following table summarizes net revenue disaggregated by end market (in millions, except percentages):
|  | Three Months Ended |  | Six Months Ended
|  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total |  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total
Net revenue by end market: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Data center |  | $ | 1,490.5 |  |  | 74 | % |  | $ | 880.9 |  |  | 69 | % |  | $ | 2,931.1 |  |  | 75 | % |  | $ | 1,697.3 |  |  | 70 | %
Enterprise networking |  | 193.6 |  |  | 10 | % |  | 151.0 |  |  | 12 | % |  | 371.1 |  |  | 10 | % |  | 304.1 |  |  | 13 | %
Carrier infrastructure |  | 130.1 |  |  | 6 | % |  | 75.9 |  |  | 6 | % |  | 268.5 |  |  | 7 | % |  | 147.7 |  |  | 6 | %
Consumer |  | 115.9 |  |  | 6 | % |  | 88.9 |  |  | 7 | % |  | 179.0 |  |  | 5 | % |  | 130.9 |  |  | 5 | %
Automotive/industrial |  | 76.0 |  |  | 4 | % |  | 76.2 |  |  | 6 | % |  | 151.7 |  |  | 3 | % |  | 153.8 |  |  | 6 | %
|  | $ | 2,006.1 |  |  |  |  | $ | 1,272.9 |  |  |  |  | $ | 3,901.4 |  |  |  |  | $ | 2,433.8 |  |  |
The following table summarizes net revenue disaggregated by primary geographical market based on destination of shipment (in millions, except percentages):
|  | Three Months Ended |  | Six Months Ended |  |
|  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total |  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total |  |  |  |
Net revenue based on destination of shipment: |  |  |  |
China |  | $ | 583.4 |  |  | 29 | % |  | $ | 586.8 |  |  | 46 | % |  | $ | 1,292.3 |  |  | 33 | % |  | $ | 1,116.4 |  | 46 | % |  |  |  |
Taiwan |  | 541.2 |  |  | 27 | % |  | 38.5 |  |  | 3 | % |  | 868.5 |  |  | 22 | % |  | 81.1 |  | 3 | % |  |  |  |
United States |  | 310.8 |  |  | 15 | % |  | 202.9 |  |  | 16 | % |  | 616.0 |  |  | 16 | % |  | 419.4 |  | 17 | % |  |  |  |
Singapore |  | 141.5 |  |  | 7 | % |  | 142.2 |  |  | 11 | % |  | 304.6 |  |  | 8 | % |  | 253.5 |  | 10 | % |  |  |  |
Netherlands |  | 55.7 |  |  | 3 | % |  | 7.7 |  |  | 1 | % |  | 147.0 |  |  | 4 | % |  | 14.5 |  | 1 | % |  |  |  |
Malaysia |  | 76.9 |  |  | 4 | % |  | 29.4 |  |  | 2 | % |  | 111.8 |  |  | 3 | % |  | 82.4 |  | 3 | % |  |  |  |
Japan |  | 53.3 |  |  | 3 | % |  | 33.2 |  |  | 3 | % |  | 100.2 |  |  | 3 | % |  | 50.5 |  | 2 | % |  |  |  |
Finland |  | 51.0 |  |  | 3 | % |  | 19.6 |  |  | 2 | % |  | 87.1 |  |  | 2 | % |  | 42.0 |  | 2 | % |  |  |  |
Thailand |  | 33.6 |  |  | 2 | % |  | 95.0 |  |  | 7 | % |  | 75.8 |  |  | 2 | % |  | 160.0 |  | 7 | % |  |  |  |
Other |  | 158.7 |  |  | 7 | % |  | 117.6 |  |  | 9 | % |  | 298.1 |  |  | 7 | % |  | 214.0 |  | 9 | % |  |  |  |
|  | $ | 2,006.1 |  |  |  |  | $ | 1,272.9 |  |  |  |  | $ | 3,901.4 |  |  |  |  | $ | 2,433.8 |  |  |  |  |  |
These destinations of shipment are not necessarily indicative of the geographic location of the Company’s end customers or the country in which the Company’s end customers sell devices containing the Company’s products. For example, a substantial majority of the shipments made to China relate to sales to non-China based customers that have factories or contract manufacturing operations located within China. The following table summarizes net revenue disaggregated by customer type (in millions, except percentages):
|  | Three Months Ended |  | Six Months Ended |  |
|  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total |  | August 2, 2025 |  | % of Total |  | August 3, 2024 |  | % of Total |  |  |  |
Net revenue by customer type: |  |  |  |
Direct customers |  | $ | 1,191.4 |  |  | 59 | % |  | $ | 725.7 |  |  | 57 | % |  | $ | 2,260.7 |  |  | 58 | % |  | $ | 1,333.8 |  |  | 55 | % |  |  |  |
Distributors |  | 814.7 |  |  | 41 | % |  | 547.2 |  |  | 43 | % |  | 1,640.7 |  |  | 42 | % |  | 1,100.0 |  |  | 45 | % |  |  |  |
|  | $ | 2,006.1 |  |  |  |  | $ | 1,272.9 |  |  |  |  | $ | 3,901.4 |  |  |  |  | $ | 2,433.8 |  |  |  |  |  |  |
Contract Liabilities Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration or the amount is due from the customer. Contract liability balances are comprised of deferred revenue. The amount of revenue recognized during the six months ended August 2, 2025 that was included in the deferred revenue balance at February 1, 2025 was not material. As of the end of a reporting period, some of the performance obligations associated with contracts will have been unsatisfied or only partially satisfied. The Company has elected the practical expedient and does not disclose the value of unsatisfied performance obligations for contracts with an original expected duration of one year or less. Customer Warrant During fiscal 2025, the Company issued a warrant to a customer for the purchase of up to 4.2 million shares (“Warrant Shares”) of the Company’s common stock at an exercise price of $87.77 per share. The warrant has an exercise term of seven years and a vesting term of five years. The Warrant Shares vest primarily based on the customer’s achievement of qualifying product revenue milestones and are recognized as a reduction to revenue as qualifying revenues are recognized during the five year vesting term. The grant date fair value of the Warrant was determined to be $54.44 per share and a total fair value of $227.6 million using the Black-Scholes option pricing model. A total of 0.4 million Warrant Shares were vested as of August 2, 2025.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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