Lenovo Revenues Up 15 Percent to $20.5 Billion

Lenovo reported that it earned a net income of $340 million on record revenues of $20.5 billion in the quarter ending September 30, 2025. Those figures represent a decline of 5 percent and a gain of 15 percent, respectively, year-over-year (YOY).

“Capitalizing on the AI democratization trend, and thanks to our clear strategy, operational excellence, and relentless innovation, Lenovo delivered another quarter of record performance, while making important progress in both Personal AI and Enterprise AI,” Lenovo chairman Yuanqing Yang said. “We will continue to leverage our unique Global/Local model to navigate uncertainties and capture the tremendous Hybrid AI opportunities, and in doing so not only deliver sustainable long-term returns to our shareholders, but also make AI truly personalized for every individual and every enterprise.”

That’s a lot of talk about AI, but the bulk of Lenovo’s earnings still come from PCs, and it’s not even close. The company’s Intelligent Devices Group (IDG) reported revenues of $15.1 billion, up almost 12 percent YOY, with Lenovo growing its market share to a record 25.6 percent in the PC market. Lenovo also claims that its PC business has “industry-leading profitability,” with over 33 percent of its unit sales now AI PCs. Lenovo says it is the number one player in AI PCs, too, with 31.1 percent market share.

Lenovo’s Infrastructure Solutions Group (ISG) added $4.1 billion in revenue in the quarter, up 24 percent YOY, with double-digit growth in AI infrastructure revenues and record Cloud Service Provider revenues. And the Solutions and Services Group (SSG) delivered revenues of $2.6 billion, up 18 percent, with double-digit growth in Support Services revenues.