Arm
The Company is a global leader in the semiconductor industry.
20-F, May 26, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001973239-26-000097 · filed May 26, 2026
Business
How does Arm make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $18 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.9B
- Gross profit: $4.8B
- Operating income: $900M
- Net income: $904M
- Free cash flow: $979M
Where do customers sit?
35.8% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
20-F · 0001973239-26-000097 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“In March 2026, the Company announced it is expanding its compute platform into production silicon products with the Arm AGI CPU.”
“Arm Holdings Limited re-registered as a public limited company under the laws of England and Wales on September 1, 2023 and changed its name to Arm Holdings plc.”
“On December 3, 1990, Widelogic Limited changed its company name to Advanced RISC Machines Limited, and, on May 21, 1998, it changed its company name to Arm Limited (at which time it was a wholly owned subsidiary of Arm Holdings plc with the company number 02548782).”
Item 4 · Information on the Company · 20-F · 0001973239-26-000097 · filed May 26, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +23%
“Total revenue increased $913 million, or 23%, to $4,920 million during the fiscal year ended March 31, 2026, from total revenue of $4,007 million during the fiscal year ended March 31, 2025.”
Item 5 · Operating and Financial Review · 20-F · 0001973239-26-000097 · filed May 26, 2026
Number check (revenue): stated $913M matches the stored change ($913M, ±10%)
Revenue: $4.9B FY2026 · +22.8% vs FY2025 · KPIs
Position (in the company’s words)
“We have maintained market share in the mobile applications processor market of greater than 99% for many years, by virtue of all key mobile operating systems depending on Arm processors.”
Item 4 · Information on the Company · 20-F · 0001973239-26-000097 · filed May 26, 2026
R&D +34%
“Research and development expenses increased by $705 million, or 34%, during the fiscal year ended March 31, 2026, as compared to the fiscal year ended March 31, 2025, primarily due to increases in research and development expenses related to investments in next generation products, such as the Arm AGI CPU.”
Item 5 · Operating and Financial Review · 20-F · 0001973239-26-000097 · filed May 26, 2026
Number check (R&D expense): stated $705M matches the stored change ($705M, ±10%)
R&D expense: $2.8B FY2026 · +34.0% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 20-F and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 23% to $4.9B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Arm files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 76.8%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
18.3% operating margin, down from 20.7%.
97.5% gross margin, up from 97.0%.
Operating income grew 8.3% to $900M.
Net income grew 14% to $904M.
R&D grew 34% to $2.8B.
SG&A grew 13% to $1.1B.
EPS diluted grew 13% to $0.85.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Arm files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $20 of every $100 as free cash.
Operating cash flow grew 284% to $1.5B.
Capex grew 149% to $545M.
Stock-based compensation grew 28% to $1.1B.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Arm files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $2.8B; debt not reported.
Total assets grew 20% to $10.7B.
Equity grew 21% to $8.3B.
Cash grew 32% YoY to $2.8B.
Total assets grew 20% YoY to $10.7B.
Equity grew 21% YoY to $8.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Arm files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One Arm customer: $787M.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Arm annual report)
“For the fiscal year ended March 31, 2026 , the Company had three customers that collectively represented 42% of total revenue, with the single largest customer accounting for 16% of total revenue, the second largest customer accounting for 14% of total revenue, and the third largest customer accounting for 12% of total revenue.”
20-F · 0001973239-26-000097 · filed May 26, 2026 · basis: filing text, verified verbatim
Suppliers named by Arm
No supplier among the covered companies is named in the filings.
Arm holds stakes in
No stake in a covered company found in SEC filings.
Others name Arm
No mentions in covered companies’ filings.
Risks
What could go wrong?
4 of 83 risk factors, one per theme.
Customer concentration
“A significant portion of our total revenue comes from a limited number of customers, which exposes us to greater risks than if our customer base were more diversified.”
Item 3.D · Risk Factors · 20-F · 0001973239-26-000097 · filed May 26, 2026
Supply chain and manufacturing
“Demand for our products and services depends substantially on their acceptance by semiconductor and systems companies and their compatibility with, and the costs of, the design and manufacturing processes of our customers.”
Item 3.D · Risk Factors · 20-F · 0001973239-26-000097 · filed May 26, 2026
Competition
“Demand for our products and services is largely dependent on the semiconductor and electronics industries, which are volatile, intensely competitive and generally characterized by declining average selling prices (“ASPs”) over the life of a generation of chips.”
Item 3.D · Risk Factors · 20-F · 0001973239-26-000097 · filed May 26, 2026
AI and new products
“If we fail to develop new products in response to, or in anticipation of, rapid technological changes in our industry or the industries we serve, our business may be materially and adversely affected.”
Item 3.D · Risk Factors · 20-F · 0001973239-26-000097 · filed May 26, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
Softbank Group Corp. held 89.8%.
Softbank Group Corp.89.8% (then)
13G · as of Sep 13, 2023 · filed Feb 14, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Invesco Ltd.13.0%
12.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main6.6%
6.5M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Capital World Investors4.4%
4.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Arrowstreet Capital, Limited Partnership4.2%
4.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Fmr LLC4.1%
4.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
962 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 41 sales · $72.2M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 28 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | |||||
| D&A | not reported | not reported | not reported | not reported | not reported | |||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Gross profit | not reported | not reported | not reported | not reported | not reported | |||||
| Income taxes | not reported | not reported | not reported | not reported | not reported | |||||
| Net income | not reported | not reported | not reported | not reported | not reported | |||||
| Operating income | not reported | not reported | not reported | not reported | not reported | |||||
| Research and development | not reported | not reported | not reported | not reported | not reported | |||||
| Revenue | not reported | not reported | not reported | not reported | not reported | |||||
| SG&A | not reported | not reported | not reported | not reported | not reported | |||||
Balance sheet 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Current liabilities | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity | not reported | not reported | not reported | not reported | ||||||
| Equity incl. NCI | not reported | not reported | not reported | not reported | ||||||
| Total assets | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities & equity | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Cash flow 5
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | not reported | not reported | not reported | not reported | not reported | |||||
| Free cash flow calc. | not reported | not reported | not reported | not reported | not reported | |||||
| Interest paid | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Operating cash flow | not reported | not reported | not reported | not reported | not reported | |||||
| Stock-based compensation | not reported | not reported | not reported | not reported | not reported | |||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | not reported | |||||
| EPS diluted | not reported | not reported | not reported | not reported | not reported | |||||
| Wtd. shares basic | not reported | not reported | not reported | not reported | not reported | |||||
| Wtd. shares diluted | not reported | not reported | not reported | not reported | not reported | |||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | not reported | not reported | |||||
| Pretax income | not reported | not reported | not reported | not reported | not reported | |||||
| Total liabilities | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values