| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q3'26 | September 2, 2026 | 6/12 | 2 medium, 3 low flags | 1 | 0 | Call sheet → |
| Q2'26 | June 3, 2026 | 9/12 | 4 medium, 2 low flags | 6 | 0 | Call sheet → |
| Q1'26 | March 4, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 6 | 0 | Call sheet → |
| Q4'25 | December 11, 2025 | 10/12 | 4 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q3'25 | 2025-09-04 | 11/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q3'26 | Pending | Q2 stated AI networking would be “almost 40% of AI revenue.” Q3 disclosed AI networking up >2.5× YoY and now 73% of AI revenue, but no explicit target; still evolving. |
| Q3'26 | Exceeded | Q2 promised AI semiconductor revenue of $10.8 bn (record) Q3 delivered $16.7 bn, well above the prior quarter’s figure. |
| Q2'26 | Pending | Line of sight to achieve AI revenue in excess of $100 billion in 2027 Reiterated commitment, no change to guidance |
| Q2'26 | Delivered | Infrastructure Software revenue approximately $7.2 billion up 9% YoY Delivered exactly $7.2B and 9% growth |
| Q2'26 | Exceeded | Non-AI semiconductor revenue approximately $4.1 billion up 4% YoY Delivered $4.2B and 6% growth vs 4% guided |
| Q2'26 | Delivered | AI networking to grow to 40% of total AI revenue in Q2 Achieved exactly 40% as predicted |
| Q2'26 | Exceeded | Q2 adjusted EBITDA approximately 68% of revenue Achieved 69% vs 68% guidance |
| Q2'26 | Exceeded | Q2 consolidated revenue of approximately $22 billion Delivered $22.2B vs $22B guidance |
| Q2'26 | Exceeded | Q2 AI semiconductor revenue of $10.7 billion, up 140% year-on-year Delivered $10.8B vs $10.7B guidance |
| Q1'26 | Exceeded | $73 billion of AI backlog to be delivered over the next eighteen months Now have line of sight to $100B+ just for 2027, backlog growing faster than expected |
| Q1'26 | Delivered | Non-AI semiconductor revenue to be approximately $4.1 billion, flat from a year ago Exactly $4.1B and flat YoY as guided |
| Q1'26 | Pending | For fiscal 2026, Infrastructure Software revenue to grow low double-digit percentage Q1 was only 1% growth, needs significant acceleration to hit low double-digits for year |
| Q1'26 | Exceeded | Q1 adjusted EBITDA to be approximately 67% of revenue Delivered 68% margin, 100 bps beat |
| Q1'26 | Delivered | Infrastructure software revenue of approximately $6.8 billion Exactly $6.8B as guided, but only 1% YoY growth vs prior 19% |
| Q1'26 | Exceeded | Q1 AI semiconductor revenue of $8.2 billion, up approximately 100% year on year Delivered $8.4B, beat by $200M with 106% YoY growth |
| Q1'26 | Exceeded | Q1 2026 consolidated revenue of approximately $19.1 billion, up 28% year on year Delivered $19.3B, beat by $200M |
| Q4'25 | Exceeded | Q3: Bookings acceleration continuing Record $162B total backlog vs $110B prior quarter |
| Q4'25 | Delivered | Q3: Non-AI semiconductor 'slow to recover' through 2025 Continued weakness confirmed, no V-shaped recovery |
| Q4'25 | Pending | Q3: Infrastructure software low double-digit growth for fiscal 2026 Reiterated guidance, Q1 shows only 2% growth but seasonal |
| Q4'25 | Delivered | Q3: VMware Cloud Foundation 9.0 release after two years development Released on schedule with 5,000 developers |
| Q4'25 | Delivered | Q3: Fourth customer $10B orders shipping in Q3 fiscal 2026 Confirmed fourth customer orders shipping as promised |
| Q4'25 | Exceeded | Q3: AI revenue to accelerate significantly in fiscal 2026 Q1 guidance shows 100% YoY growth vs prior 60-70% expectation |
| Q3'25 | Delivered | Non-AI semiconductor revenue to stay around $4 billion in Q3 Delivered exactly $4.0B flat sequential as guided |
| Q3'25 | Delivered | Networking should be less than 30% of AI revenue going into 2026 XPUs now 65% of AI mix, putting networking at 35%, trending toward sub-30% |
| Q3'25 | Exceeded | Q3 adjusted EBITDA to be at least 66% Delivered 67% vs 66% minimum guide |
| Q3'25 | Exceeded | Q3 consolidated revenue to be approximately $15.8 billion Delivered $16.0B vs $15.8B guide, $200M beat |
| Q3'25 | Exceeded | Q3 infrastructure software revenue to be approximately $6.7 billion Delivered $6.8B vs $6.7B guide, beat by $100M |
| Q3'25 | Exceeded | Q3 AI semiconductor revenue to be $5.1 billion, up 60% year-on-year Delivered $5.2B (+63% YoY), beat by $100M |
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