Filing Flows

Filing Flows › Technology › Penguin Solutions (PENG)

Penguin Solutions (PENG) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Oct 20, 2026 · Penguin Solutions (PENG) Q4 FY26 earnings results →

Q4 FY26 Revenue up 68% year over year to $567M · 16¢ of every $1 of revenue kept as net profit · operating margin 12.3%

Penguin Solutions made $567M in Q4 FY26 (+68% Y/Y). Operating margin 12.3%, net earnings $93.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Oct 20, 2026.

Revenue$567M
Year over year+68%
Operating margin12.3%
Net earnings$93.2M
Operating cash flow−$163M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $566.7M in Q4 FY26, up 68% year over year and up 18% from the previous quarter.

Gross margin was 27.5%, down 1.1 points from Q4 FY25. Operating profit was $69.5M, a 12.3% margin (up 8.6 points year over year). Of the extra revenue versus Q4 FY25, 25% reached operating profit, above the 4% margin then. Operating expenses grew 3% against revenue growth of 68%. The fastest-growing cost line was Research & development (+11%). Net earnings were $93.2M, up 888% year over year. The tax line was a benefit of $57.6M on pre-tax earnings of $37.4M.

Operating cash flow was −$163.1M. Non-cash charges added back $12.3M of depreciation and amortization and $6.6M of share-based compensation. Working capital and other items used $277.1M. Capital expenditures of $4.3M exceeded it, leaving free cash flow of −$167.4M.

Quarterly history

Penguin Solutions revenue by quarterPenguin Solutions revenue by quarter$366MQ2 FY25$324MQ3 FY25$338MQ4 FY25$343MQ1 FY26$343MQ2 FY26$479MQ3 FY26$567MQ4 FY26
Penguin Solutions net earnings by quarterPenguin Solutions net earnings by quarter$8.1MQ2 FY25$2.7MQ3 FY25$9.4MQ4 FY25$5.3MQ1 FY26$37.5MQ2 FY26$44.7MQ3 FY26$93.2MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KOct 20, 2026$567M+68%12.3%$93.2M−$163M
Q3 FY2610-QJul 7, 2026$479M+48%10.6%$44.7M−$74.8M
Q2 FY2610-QApr 1, 2026$343M-6%7.5%$37.5M$55.0M
Q1 FY2610-QJan 6, 2026$343M+0.6%5.7%$5.3M$31.1M
Q4 FY2510-KOct 21, 2025$338M+9%3.7%$9.4M−$70.4M
Q3 FY2510-QJul 8, 2025$324M+8%3.0%$2.7M$92.8M
Q2 FY2510-QApr 2, 2025$366M+28%5.1%$8.1M$72.9M

Charts

Penguin Solutions: revenue growth, year over year and quarter over quarterPenguin Solutions: revenue growth, year over year and quarter over quarterY/YQ/Q+28%Q2 FY25+8%-11%Q3 FY25+9%+4%Q4 FY25+1%+2%Q1 FY26-6%0%Q2 FY26+48%+40%Q3 FY26+68%+18%Q4 FY26
Latest (Q4 FY26): Y/Y +68%, Q/Q +18%.
Penguin Solutions: where the cash came from (+) and went (−), FY26Penguin Solutions: where the cash came from (+) and went (−), FY26Net borrowing (+) / repaid (−)$321MCash drawn (+) / kept (−)−$193MOperating cash flow−$152MBuybacks−$74.4MOther investing$69.7MOther financing$30.3MCapital spending−$11.6MShares issued$10.4M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Penguin Solutions: profit against cash, quarter by quarterPenguin Solutions: profit against cash, quarter by quarterNet incomeOperating cash flow$6.0M$13.8MQ1 FY25$8.9M$72.9MQ2 FY25$3.5M$92.8MQ3 FY25$10.6M−$70.4MQ4 FY25$6.1M$31.1MQ1 FY26$38.5M$55.0MQ2 FY26$46.2M−$74.8MQ3 FY26$95.0M−$163MQ4 FY26
Latest (Q4 FY26): Net income $95.0M, Operating cash flow −$163M.
Penguin Solutions: diluted shares by fiscal yearPenguin Solutions: diluted shares by fiscal year49MFY2154MFY2251MFY2352MFY2454MFY2559MFY26
+21.1% since FY21: more shares outstanding (issuance, stock pay).
Penguin Solutions: long-term debt falling due (FY26)Penguin Solutions: long-term debt falling due (FY26)$14.5M2029$40.0M2030$750M2031
Cash $647M, short-term investments —, long-term debt $789M at 2026-08-28.
Penguin Solutions in its industry: growth against margin (80 companies, SIC 3674)Penguin Solutions in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRPENG (+68%, 12%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Penguin Solutions

Penguin Solutions is the AI Factory Platform Company. We design, build, deploy, and manage next-generation data centers for enterprises, sovereign AI initiatives, and neocloud providers. With deep design expertise at the intersection of data center AI infrastructure and memory solutions, our Full-Stack AI Factory Platform combines differentiated infrastructure software, advanced memory, compute systems, end-to-end services, and industry-leading partner technologies to help customers accelerate deployment, optimize token economics, and maximize the return on their AI investments.

In its own words, from its 10-K, filed Oct 20, 2026.

Penguin Solutions against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +68% against the peers' median +45%. Operating margin: 12.3% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
PENG Penguin SolutionsQ4 FY26$567M+68%12.3%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Penguin Solutions 10-K on SEC EDGAR · CIK 1616533 · Semiconductors & Related Devices

13F: who owns PENG and who is buying

Largest holders of PENG (13F)Largest holders of PENG (13F)BlackRock$582MFMR LLC$469MInvesco$346MState Street$238MVanguard Portfolio Management LLC$227MDimensional Fund Advisors LP$182MVanguard Capital Management LLC$160MAmerican Century Companies$149MBoston Partners$128MVanguard Group$124M
Funds' net buying of PENG by quarter (13F)Funds' net buying of PENG by quarter (13F)$9K2024-12$02025-03$48.0M2025-06$179M2025-09$12.5M2025-12−$49.7M2026-03$116M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on PENG

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

Compare PENG with

中文版：Penguin Solutions（PENG）财报

Español · Français