ASUS (2357) Q4 2025 earnings summary

Executive summary

• Achieved record consolidated revenue of TWD 688.9 billion (NT$688,936 million) in 2025, up 26% year-over-year, with net profit of TWD 445.6 billion (NT$44,558 million), up 42% year-over-year, and EPS rising to 60.0.

• Q4 2025 revenue reached TWD 189.8 billion, up 34% year-over-year, with net profit surging 596% year-over-year to NT$11,405 million and EPS at 15.4.

• Strong performance driven by high-value product mix, robust growth in AI servers, enterprise (+85%), gaming (+17%), and commercial PCs.

• Maintained leadership in gaming, motherboards, graphics cards, and expanded AI and infrastructure solutions.

• Consolidated financial statements for 2025 received an unmodified audit opinion, confirming fair presentation under IFRS.

Financial highlights

• 2025 operating profit was TWD 33.9 billion, up 24% year-over-year, with a four-year average operating margin of 4.9%.

• Q4 2025 operating profit reached NT$8,070 million, up 713% year-over-year, with a margin of 4.3%.

• Q4 non-operating income totaled TWD 3.59 billion, including interest, investment, and FX gains.

• Cash and cash equivalents at year-end were TWD 75.1 billion (NT$75,151 million), inventory turnover was 104 days.

• EPS for 2025 was $60; Q4 EPS was $15.4.

Outlook and guidance

• Q1 2026 PC and component revenue expected to decline 10%-15% sequentially, but PC revenue to grow 10%-15% year-over-year; server revenue projected to increase 50%-100% sequentially and 4-5x year-over-year.

• Focus on AI ecosystem expansion, innovation in AI PCs, and leveraging TECHPOINT acquisition for growth in security camera and automotive markets.

• Ongoing capital projects and acquisitions to support expansion and innovation.

• Confident in stable operations and outperforming industry despite memory price headwinds.