Lenovo Group Full Year 2025 Earnings: Revenues Beat Expectations, EPS Lags

Lenovo Group (HKG:992) reported its Full Year 2025 results, with revenues of US$69.1 billion, up 22% from FY 2024, exceeding analyst expectations by 2.7%. However, earnings per share (EPS) of US$0.11 fell short of estimates by 10%. The Intelligent Devices Group was the primary revenue driver, contributing US$50.5 billion. Despite a profit margin increase to 2.0%, costs of sales were high at US$58.0 billion. Future revenue growth is forecasted at 6.3% annually over the next three years, below the 11% growth expected for the tech industry in Asia. Shares are down 2.8% from last week.

Lenovo Group (HKG:992) Full Year 2025 Results

Key Financial Results

Revenue: US$69.1b (up 22% from FY 2024).
Net income: US$1.38b (up 37% from FY 2024).
Profit margin: 2.0% (up from 1.8% in FY 2024). The increase in margin was driven by higher revenue.
EPS: US$0.11 (up from US$0.084 in FY 2024).

We've discovered 2 warning signs about Lenovo Group. View them for free.

SEHK:992 Revenue and Expenses Breakdown May 25th 2025

All figures shown in the chart above are for the trailing 12 month (TTM) period

Lenovo Group Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 10%.

The primary driver behind last 12 months revenue was the Intelligent Devices Group (IDG) segment contributing a total revenue of US$50.5b (73% of total revenue). Notably, cost of sales worth US$58.0b amounted to 84% of total revenue thereby underscoring the impact on earnings. The largest operating expense was Sales & Marketing costs, amounting to US$3.58b (37% of total expenses). Explore how 992's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Tech industry in Asia.

Performance of the market in Hong Kong.

The company's shares are down 2.8% from a week ago.

Risk Analysis

Be aware that Lenovo Group is showing 2 warning signs in our investment analysis and 1 of those is concerning...

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