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Cirrus Logic (CRUS) FY2026 results: revenue $2.0 billion, up 5.3% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $2.0 billion for fiscal 2026, the year ended 28 March 2026, up 5.3% on the year before. Net income was $414 million, up 25.0%, and diluted earnings per share $7.85. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2026.

Revenue
$2.0 billion
+5.3% on the year
FY2019FY2026
Operating margin
23.0%
21.6% a year earlier
FY2019FY2026
Net income
$414 million
+25.0% on the year
FY2019FY2026
Diluted EPS
$7.85
+30.8% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 7 new.

  • Record fiscal 2026 revenue and EPS: FY26 revenue was $2.0 billion, up five percent. GAAP diluted EPS was $7.85 against $6.00 a year earlier, and non-GAAP EPS was $9.26 against $7.54.
  • Fourth-quarter revenue down sequentially: Fourth-quarter revenue was $448.5 million, down 23 percent from the December quarter and up six percent from a year earlier.
  • Gross margin near 53 percent: The year-over-year decline in fourth-quarter gross margin was attributed to higher freight expense. GAAP gross margin was 53.0 percent.
  • Smartphone volumes drove sequential decline: Management attributed the sequential revenue decline in the March quarter largely to lower smartphone unit volumes.
  • Inventory rose from December quarter: Inventory at the end of the fourth quarter was $240.9 million, up from $189.5 million at the end of the third quarter.
Read the Q4 FY2026 earnings call summary

From this 10-K

Cirrus Logic designs low-power, high-precision chips for mobile and consumer products, organized in two product lines, Audio and HPMS. It was incorporated in California in 1984, became a public company in 1989 and reincorporated in Delaware in February 1999, and its shares trade on NASDAQ's Global Select Market. Its primary facility is in Austin, Texas, and it has other offices in the United States, United Kingdom, Taiwan, China, South Korea, Japan and Singapore. Its fiscal year ended March 28, 2026.

Cirrus Logic, Inc., the 10-K for 2026

Cirrus Logic designs low-power, high-precision chips for mobile and consumer products, organized in two product lines, Audio and HPMS. It was incorporated in California in 1984, became a public company in 1989 and reincorporated in Delaware in February 1999, and its shares trade on NASDAQ's Global Select Market. Its primary facility is in Austin, Texas, and it has other offices in the United States, United Kingdom, Taiwan, China, South Korea, Japan and Singapore. Its fiscal year ended March 28, 2026.

Products

Its audio products include amplifiers, codecs, which combine analog-to-digital and digital-to-analog converters on a single integrated circuit, smart codecs with built-in processing, and standalone processors the filing calls DSPs. They are used in smartphones, PCs, tablets, AR/VR headsets, wearables, home theater systems, automotive entertainment systems and professional audio systems, and its SoundClear technology is a set of tools, software and algorithms for features such as voice capture and hearing augmentation. Its HPMS products, used mainly in smartphones, include camera controllers for automatic focus and optical image stabilization, haptic and sensing products for tactile feedback, and battery and power chips, along with products for automotive, industrial and imaging applications.

Customers and manufacturing

It sells worldwide through direct sales offices and through external sales representatives and distributors, and the filing states that its major customers are among the world's leading electronics manufacturers. It is a fabless semiconductor company that contracts with third parties for wafer fabrication and for product assembly and test, with wafers supplied mainly by GlobalFoundries and TSMC. It has a capacity reservation agreement with GlobalFoundries that reserves capacity through calendar year 2026. At March 28, 2026 it held approximately 4,340 pending and issued patents worldwide, including approximately 1,620 granted U.S. patents.

Competition

Its primary competitors include AKM Semiconductor, Analog Devices, QUALCOMM, Realtek Semiconductor, Renesas Electronics, Shanghai Awinic Technology, Shenzhen Goodix Technology, Skyworks Solutions, ST Microelectronics, Synaptics and Texas Instruments, and the filing states that no single company competes with it across all its product lines.

People

At March 28, 2026 it had 1,668 employees, 99 percent of them full-time and 71 percent engaged in research and product development. Of its total workforce, 64 percent lived in the U.S., and the majority of its employees are not represented by collective bargaining agreements.

From Cirrus Logic's annual report on Form 10-K for the year ended 28 March 2026. The filing

Written from the 10-K filed 21 May 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue1,9971,8961,789+5.3%
Cost of revenue943900873+4.8%
Gross profit1,054996916+5.8%
Gross margin52.8%52.5%51.2%
Research and development434435426-0.2%
Selling, general and administrative160151144+5.9%
Operating income460410343+12.2%
Operating margin23.0%21.6%19.2%
Interest expense0.90.90.90.0%
Pre-tax income497445364+11.6%
Income tax82.311389.4-27.4%
Effective tax rate16.6%25.5%24.6%
Net income414332275+25.0%
Net margin20.7%17.5%15.3%
Diluted EPS$7.85$6.00$4.90+30.8%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow651444422+46.4%
Capital expenditure14.022.837.6-38.6%
Free cash flow637422384+51.0%
Free cash flow margin31.9%22.2%21.5%
Cash from investing-75.1-124-163
Cash from financing-314-283-202
Depreciation and amortisation52.351.048.3+2.6%
Share-based compensation81.884.189.3-2.8%
Buybacks280261186+7.3%
Diluted shares, weighted53m55m56m-4.4%
Shares outstanding at period end51m52m53m-3.2%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity2,1281,9491,817+9.2%
Debt0.00.00.0
Operating lease liabilities114122135-6.4%
Other liabilities247256280-3.3%
Total liabilities and equity2,4892,3272,232+7.0%
Fixed assets144160170-10.0%
Goodwill4364364360.0%
Intangible assets20.727.529.6-24.5%
Securities held for sale or to maturity353295197+19.5%
Cash and equivalents801540503+48.4%
Receivables220216162+1.9%
Inventory241299227-19.5%
Other assets274354506-22.6%
Total assets2,4892,3272,232+7.0%

10-K for the year ended 28 March 2026, filed 21 May 2026: the filing.