Corsair Gaming (CRSR) FY2025 results: revenue $1.5 billion, up 11.9% on the year
Corsair Gaming, Inc. (CRSR) reported revenue of $1.5 billion for fiscal 2025, the year ended 31 December 2025, up 11.9% on the year before. Net income was -$16 million, and diluted earnings per share $-0.12. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
Revenue
$1.5 billion
+11.9% on the year
FY2018FY2025
Operating margin
0.1%
-3.8% a year earlier
FY2018FY2025
Net income
-$16 million
FY2018FY2025
Diluted EPS
-$0.12
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 9 new.
Full year revenue and profit grew: Full year 2025 revenue rose 12% to $1,472.5 million; gross profit rose 30% to $425.9 million; adjusted EBITDA rose 84% to $100.6 million, above the high end of guidance.
Components and systems grew on memory: Gaming Components and Systems revenue grew 16% for the full year and over 11% in Q4, led by memory, which grew 24% year-over-year in Q4.
Peripherals grew modestly for year: Gamer and Creator Peripherals revenue grew 4% for the full year, led by sim racing and creator products; Q4 revenue fell 3%, driven by lower North America demand, partly offset by Asia-Pacific.
Full year gross margin reached record: Full year 2025 GAAP gross margin was 28.9%, against 24.9% in 2024, described as a record; Q4 gross margin was 33.1%, against 26.2%.
First buyback program authorized: Board authorized up to $50 million of share repurchases, effective immediately with no expiration date, subject to market conditions and applicable laws; purchases intended to follow Rule 10b-18.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
50.1
35.9
89.2
+39.7%
Capital expenditure
15.4
9.8
12.8
+56.1%
Free cash flow
34.7
26.0
76.4
+33.5%
Free cash flow margin
2.4%
2.0%
5.2%
Cash from investing
-15.4
-52.7
-27.0
Cash from financing
-48.9
-50.7
-37.4
Depreciation and amortisation
54.2
51.9
50.7
+4.4%
Share-based compensation
33.1
30.6
30.9
+8.2%
Diluted shares, weighted
106m
104m
106m
+1.8%
Shares outstanding at period end
107m
103m
101m
+3.3%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
634
604
668
+4.8%
Non-controlling interest
n/a
0.0
10.5
Redeemable equity
12.2
15.1
15.9
-19.5%
Debt
121
174
198
-30.1%
Operating lease liabilities
52.8
47.7
38.6
+10.8%
Other liabilities
434
395
427
+9.8%
Total liabilities and equity
1,254
1,236
1,357
+1.5%
Fixed assets
31.5
29.7
32.2
+6.0%
Goodwill
358
354
355
+1.0%
Intangible assets
125
164
188
-23.8%
Cash and equivalents
98.8
110
179
-9.8%
Receivables
234
219
253
+7.0%
Inventory
303
260
240
+16.7%
Other assets
103
99.3
111
+4.0%
Total assets
1,254
1,236
1,357
+1.5%
10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.