greeksoup/ stock research

Logitech International (LOGI) FY2026 results: revenue $4.8 billion, up 6.3% on the year

Logitech International S.A. (LOGI) reported revenue of $4.8 billion for fiscal 2026, the year ended 31 March 2026, up 6.3% on the year before. Net income was $711 million, up 12.6%, and diluted earnings per share $4.80. The figures are the company's own, from the 10-K it filed with the SEC on 21 May 2026.

Revenue
$4.8 billion
+6.3% on the year
FY2019FY2026
Operating margin
16.0%
14.4% a year earlier
FY2019FY2026
Net income
$711 million
+12.6% on the year
FY2019FY2026
Diluted EPS
$4.80
+16.2% 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: 4 new.

  • Full-year sales rose 6 percent: FY26 net sales were $4.84 billion, up 6 percent in US dollars and 4 percent in constant currency year over year.
  • Gaming growth accelerated in Q4: Gaming revenue was $292.3 million in Q4, up 12 percent, and $1,414.2 million for the year, up 6 percent. Gaming includes Streamlabs streaming revenue.
  • Full-year margins highest outside pandemic peaks: Management said FY26 non-GAAP gross margin was 43.6 percent and non-GAAP operating margin 18.8 percent, the highest ever outside pandemic peaks. GAAP gross margin was 43.2 percent.
  • Operating environment described as volatile: The CFO said the operating environment remains volatile, while the company sees good momentum going into Q1 fiscal 2027.
  • Americas returned to growth: Management said the Americas returned to growth in Q4. The release gives no regional sales figures.
Read the Q4 FY2026 earnings call summary

From this 10-K

Logitech International designs software-enabled hardware: mice, keyboards, webcams, headsets, gaming gear and video conferencing equipment, almost all of it sold under the Logitech and Logitech G brand names. It was founded in 1981, is headquartered in Lausanne, Switzerland, and is listed on the SIX Swiss Exchange and on Nasdaq. Everything it sells falls into one operating segment, Peripherals, and reaches buyers in the Americas, in Europe, the Middle East and Africa, and in Asia Pacific.

Logitech International S.A., the 10-K for 2026

Logitech International designs software-enabled hardware: mice, keyboards, webcams, headsets, gaming gear and video conferencing equipment, almost all of it sold under the Logitech and Logitech G brand names. It was founded in 1981, is headquartered in Lausanne, Switzerland, and is listed on the SIX Swiss Exchange and on Nasdaq. Everything it sells falls into one operating segment, Peripherals, and reaches buyers in the Americas, in Europe, the Middle East and Africa, and in Asia Pacific.

What it makes

The categories the filing names are Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, Webcams, Tablet Accessories and Headsets. Gaming, under the Logitech G name, covers PC mice, keyboards and headsets, console headsets, steering wheels, microphones and the Streamlabs service, which gives content creators streaming and monetisation tools. The keyboards and combos are corded and cordless keyboards sold alone or paired with a mouse, and the pointing devices are mice and trackballs. Video Collaboration is the conference room equipment: a family of video bars with computing built in, plug-in cameras including MeetUp, the Tap touch-screen controller that works with room systems from Google, Microsoft and Zoom, the Sight tabletop companion camera and a 65-inch board that puts video, audio and the touchscreen in one unit. Two paid service tiers sit on top: Logitech Essentials for remote management, ServiceNow integration and workspace analytics, and Logitech Select, which adds round-the-clock priority support, a dedicated service manager and faster hardware replacement. Webcams and streaming cameras run from the Brio 100 to the MX Brio. Tablet accessories are mostly keyboards, chiefly the Combo Touch range for iPad models, which uses Smart Connector technology to attach to the iPad and so needs neither batteries nor Bluetooth pairing. Headsets complete the list.

How it is sold

Sales and marketing are organised into the same three regions. Products go mainly to distributors, retailers and e-tailers, supported by a direct sales force and third-party distributors in all three, and those distributors resell to retailers, value-added resellers, systems integrators and other distributors the company has no direct relationship with. Buying direct is possible through Logitech.com. Three customers carry a large share: Amazon and its affiliates were 18% of gross sales in fiscal 2026, Ingram Micro 14% and TD Synnex 12%, and no other customer passed 10%. The third fiscal quarter, October to December, is the strongest, on holiday demand and business spending near the calendar year end; cash flow is lower in the first half, because inventory is built ahead of that quarter and the annual dividend is paid after the annual general meeting in September.

Making them

Manufacturing runs across six countries: one in-house plant in Suzhou, China, plus contract manufacturers and original design manufacturers, principally in Asia and Mexico. Suzhou handles about 35% of total production by value and gives the company production capacity it can raise or cut as demand moves. Certain products and key components come from a limited number of sources, and the filing records past shortages and extended lead times on semiconductors such as memory chips, micro-controllers and optical sensors, and on the base metals used in the products.

Design and engineering

Research and development cost $316.2 million in fiscal 2026, 6.5% of net sales, against $309.0 million and 6.8% the year before. The design centres are in Switzerland, Ireland, the United States and Taiwan, with in-house designers working alongside the engineering, product and manufacturing teams. The engineering disciplines the filing names are sensors, acoustics, optics, wireless and power management, extended into software including AI, machine learning, cloud services and mobile apps.

People

Approximately 7,300 people were employed at 31 March 2026, directly or through contingent workforce arrangements, about 2,300 of them in the Suzhou manufacturing operations. None of the company's U.S. direct employees are represented by a labor union or subject to a collective bargaining agreement, and the filing notes that certain other countries, China among them, provide employee rights by law that carry requirements similar to such agreements.

From Logitech's annual report on Form 10-K for the year ended 31 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
Revenue4,8414,5554,298+6.3%
Gross profit2,0911,9631,778+6.6%
Gross margin43.2%43.1%41.4%
Research and development316309287+2.3%
Operating income775655587+18.4%
Operating margin16.0%14.4%13.7%
Pre-tax income827707622+16.9%
Income tax11575.39.5+53.1%
Effective tax rate14.0%10.7%1.5%
Net income711632612+12.6%
Net margin14.7%13.9%14.2%
Diluted EPS$4.80$4.13$3.87+16.2%
$ 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 flow1,0378431,145+23.1%
Capital expenditure61.656.155.9+9.7%
Free cash flow9767861,089+24.1%
Free cash flow margin20.2%17.3%25.3%
Cash from investing-62.4-57.3-70.3
Cash from financing-751-797-690
Depreciation and amortisation77.579.884.7-2.9%
Share-based compensation11289.982.9+25.0%
Buybacks535589504-9.2%
Dividends paid233208182+12.1%
Dividend per share$1.58$1.37$1.19+15.3%
Diluted shares, weighted148m153m158m-3.0%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity2,2112,1272,234+3.9%
Debt0.00.00.0
Operating lease liabilities71.176.661.9-7.2%
Other liabilities1,5661,3341,309+17.4%
Total liabilities and equity3,8493,5393,605+8.8%
Fixed assets116114117+2.3%
Goodwill465463462+0.5%
Intangible assets12.424.644.6-49.7%
Cash and equivalents1,7421,5031,521+15.9%
Receivables506455542+11.3%
Inventory490504423-2.7%
Other assets517475496+8.8%
Total assets3,8493,5393,605+8.8%

10-K for the year ended 31 March 2026, filed 21 May 2026: the filing.