Cirrus Logic (CRUS) Q2 FY2027 earnings: revenue $559 million, down 0.3% on the year

Cirrus Logic, Inc. (CRUS) reported revenue of $559 million for Q2 FY2027, the quarter ended 26 September 2026, down 0.3% on the same quarter a year earlier. Net income was $115 million, down 12.8% on the year, and diluted earnings per share $2.23. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$559 million

-0.3% on the year · +21.7% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

23.7%

25.8% a year earlier

Q3 FY2025Q2 FY2027

Net income

$115 million

-12.8% on the year · +49.3% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$2.23

-10.1% on the year · +51.7% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 lowered, 3 new, 3 kept.

Revenue rose sequentially, flat yearly: Revenue was $559.5 million, up 22 percent from the prior quarter and flat year over year.
Diluted EPS on GAAP and non-GAAP bases: GAAP diluted EPS was $2.23 and non-GAAP EPS was $2.70, compared with $1.47 and $1.84 in the prior quarter.
One customer provided 93 percent: One customer contributed about 93 percent of total revenue. Management said it does not discuss specifics of that business under its policy.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	559	460	561	+21.7%	-0.3%
Cost of revenue	259	218	267	+18.8%	-2.9%
Gross profit	301	242	294	+24.3%	+2.1%
Gross margin	53.7%	52.6%	52.5%
Research and development	123	115	110	+7.2%	+12.1%
Selling, general and administrative	44.8	42.4	39.6	+5.7%	+13.3%
Operating income	132	84.4	145	+56.8%	-8.6%
Operating margin	23.7%	18.4%	25.8%
Interest expense	0.3	0.3	0.2	-20.7%	+5.8%
Pre-tax income	142	94.2	153	+50.8%	-7.4%
Income tax	27.2	17.3	21.8	+57.4%	+25.0%
Effective tax rate	19.2%	18.4%	14.2%
Net income	115	76.9	132	+49.3%	-12.8%
Net margin	20.5%	16.7%	23.5%
Diluted EPS	$2.23	$1.47	$2.48	+51.7%	-10.1%

$ million except per share.

Free 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	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	50.9	64.1	92.2	-20.6%	-44.8%
Capital expenditure	8.4	15.1	3.9	-44.4%	+117.6%
Free cash flow	42.5	49.0	88.3	-13.3%	-51.9%
Free cash flow margin	7.6%	10.7%	15.7%
Cash from investing	-12.4	-19.4	-7.9
Cash from financing	-129	-35.0	-39.7
Depreciation and amortisation	13.6	13.2	12.7	+3.3%	+7.0%
Share-based compensation	18.3	20.6	20.6	-11.2%	-11.3%
Buybacks	128	31.5	40.0	+307.9%	+221.4%
Diluted shares, weighted	51m	52m	53m	-1.7%	-3.0%
Shares outstanding at period end	50m	50m	51m	-0.5%	-2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	2,192	2,189	2,042	+0.1%	+7.3%
Debt	0.0	0.0	0.0
Operating lease liabilities	106	110	121	-3.5%	-12.5%
Other liabilities	291	261	266	+11.4%	+9.4%
Total liabilities and equity	2,589	2,560	2,430	+1.1%	+6.6%
Fixed assets	152	150	151	+1.1%	+0.3%
Goodwill	436	436	436	0.0%	0.0%
Intangible assets	17.5	19.2	24.5	-8.9%	-28.6%
Securities held for sale or to maturity	356	357	303	-0.1%	+17.8%
Cash and equivalents	720	811	593	-11.2%	+21.3%
Receivables	366	254	355	+44.0%	+2.9%
Inventory	271	263	236	+3.2%	+14.7%
Other assets	271	271	330	-0.1%	-17.9%
Total assets	2,589	2,560	2,430	+1.1%	+6.6%

Questions

What was Cirrus Logic's revenue in Q2 FY2027?

Cirrus Logic (CRUS) reported revenue of $559 million for Q2 FY2027, the quarter ended 26 September 2026, down 0.3% on the same quarter a year earlier.

How much did Cirrus Logic earn in Q2 FY2027?

Net income for Q2 FY2027 was $115 million, down 12.8% on the year, and diluted earnings per share $2.23.

When did Cirrus Logic report Q2 FY2027 results?

Cirrus Logic filed its 10-Q for the quarter ended 26 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	548	490	394	541	591	373	317	481	619	372	374	542	556	424	407	561	581	449	460	559
Cost of revenue	259	231	191	269	294	186	158	234	302	179	185	259	258	198	193	267	272	211	218	259
Gross profit	290	259	203	271	297	186	159	247	317	193	189	283	298	227	214	294	308	238	242	301
Gross margin	53%	53%	51%	50%	50%	50%	50%	51%	51%	52%	51%	52%	54%	53%	53%	52%	53%	53%	53%	54%
R&D	107	111	110	115	118	115	106	104	113	103	105	113	113	103	103	110	114	107	115	123
SG&A	38.2	39.5	38.6	39.6	37.3	37.6	35.4	34.3	37.6	36.9	36.8	37.8	39.0	37.4	38.7	39.6	41.6	39.9	42.4	44.8
Operating income	144	108	54.3	116	141	-62.8	17.8	106	168	52.4	46.8	132	146	85.9	72.4	145	153	90.3	84.4	132
Operating margin	26%	22%	14%	21%	24%	-17%	6%	22%	27%	14%	13%	24%	26%	20%	18%	26%	26%	20%	18%	24%
Interest expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
Pre-tax income	144	108	55.1	118	140	-58.6	22.8	109	172	59.7	56.6	140	154	94.6	80.6	153	162	100	94.2	142
Tax rate	11%	11%	28%	26%	26%	n/a	31%	31%	19%	25%	26%	27%	25%	25%	25%	14%	14%	18%	18%	19%
Net income	128	96.4	39.7	87.2	103	-53.7	15.6	75.4	139	44.8	42.1	102	116	71.3	60.7	132	140	81.8	76.9	115
Net margin	23%	20%	10%	16%	18%	-14%	5%	16%	22%	12%	11%	19%	21%	17%	15%	23%	24%	18%	17%	21%
Diluted EPS	$2.16	$1.64	$0.69	$1.52	$1.83	-$0.97	$0.28	$1.34	$2.50	$0.81	$0.76	$1.83	$2.11	$1.31	$1.14	$2.48	$2.66	$1.56	$1.47	$2.23
Operating cash flow	-136	258	74.4	36.0	181	48.3	-39.8	-22.7	314	171	87.2	8.2	219	130	116	92.2	291	151	64.1	50.9
Capital expenditure	3.4	8.0	6.8	10.2	6.8	11.3	12.3	8.5	9.8	7.1	10.0	2.7	6.7	3.4	2.6	3.9	5.1	2.4	15.1	8.4
Free cash flow	-139	250	67.6	25.8	174	36.9	-52.1	-31.2	304	163	77.2	5.6	212	127	113	88.3	286	149	49.0	42.5
Buybacks	40.0	75.0	56.4	50.0	50.0	35.0	38.5	40.6	56.9	50.0	41.0	50.0	70.0	100	100.0	40.0	70.0	70.0	31.5	128
Shares outstanding	57m	57m	56m	55m	55m	55m	55m	54m	54m	53m	53m	53m	53m	52m	51m	51m	51m	51m	50m	50m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 26 September 2026, filed 4 November 2026: the filing.