Arm Holdings
ARMQ2 2025(ARM Q4 FY2025)Estimated15% AI
AI Revenue %
15%
AI Fair Value
$11.3B
AI Revenue (Q)
$186.3M
Total Revenue (Q)
$1.2B
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
Arm reported $1,241M total revenue (License $634M + Royalty $607M) for Q4 FY2025 (Jan-Mar 2025), derived from FY2025 annual ($4,007M) minus nine-month ($2,766M). Record quarter driven by massive license revenue ($634M) including large multi-year AI-related deals. FY2025 full year revenue $4,007M, up 24% from $3,233M. Over-time license revenue for the year was $467M (vs $121M prior year, 286% growth), reflecting subscription-style AI platform licensing ramp. AI-relevant revenue: (1) data center Neoverse royalties est. ~$73M, (2) AI-specific licensing est. ~$70M (large portion of the license surge from AI chip companies), (3) mobile AI inference est. ~$22M, (4) automotive/edge AI est. ~$8M, (5) Arm Total Access renewals with AI focus est. ~$13M. Total ~$186M / $1,241M = ~15.0%. The license surge to $634M suggests significant AI chip design activity, but conservatively only attributing a portion to AI.
Analyzed by claude-opus-4-6
Quoted Figures
FY2025: License and Other Revenue $1,839M, Royalty Revenue $2,168M, Total $4,007M
20-F filed 2025-03-31, Disaggregation of Revenue table
Includes over-time revenue of $467 million, $121 million, and $100 million for fiscal years ended March 31, 2025, 2024, and 2023
20-F filed 2025-03-31, Revenue Note footnote
Four customers collectively represented 49% of total revenue for FY2025
20-F filed 2025-03-31, Revenue Note
AI Products Identified (Ring 1)
Neoverse V3Arm Total Access (AI-focused)Ethos NPUArmv9 CSSKleidiAI software
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Mobile CPU IPIoT/embeddedAutomotiveDevelopment tools
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix