Lattice Semiconductor (LSCC) FY2025 results: revenue $523 million, up 2.7% on the year
Lattice Semiconductor Corp. (LSCC) reported revenue of $523 million for fiscal 2025, the year ended 3 January 2026, up 2.7% on the year before. Net income was $3 million, down 95.0%, and diluted earnings per share $0.02. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 6 new.
- Full-year revenue and GAAP profit: Full-year revenue was $523.3 million, up 2.7% from 2024. GAAP net income was $3.1 million, or 0.6% of revenue, against $61.1 million in 2024.
- Fourth-quarter revenue rose sequentially: Fourth-quarter revenue was $145.8 million, up 9.3% from the third quarter and 24.2% from a year earlier. GAAP net loss was $(7.6) million, or $(0.06) per diluted share.
- Communications and Computing led growth: Communications and Computing revenue was $92.6 million in the fourth quarter, against $74.0 million in the third quarter and $58.0 million a year earlier. The full-year total was $292.7 million.
- New products grew about 70%: Revenue of new products grew approximately 70% compared with 2024. The company also reported a record total number of design wins.
- Gross margin held near 69%: GAAP gross margin was 68.5% in the fourth quarter and 68.2% for the year. Non-GAAP gross margin was 69.4% in the fourth quarter and 69.3% for the year.
From this 10-K
Lattice Semiconductor designs low power field programmable gate arrays (FPGAs), chips made of arrays of logic that customers configure through software, and sells them with design software, IP licenses and services. Its corporate headquarters are in Hillsboro, Oregon, and its stock trades on the NASDAQ Global Select Market.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 523 | 509 | 737 | +2.7% | |
| Cost of revenue | 166 | 169 | 222 | -1.6% | |
| Gross profit | 357 | 340 | 515 | +4.9% | |
| Gross margin | 68.2% | 66.8% | 69.8% | ||
| Research and development | 188 | 159 | 160 | +18.0% | |
| Selling, general and administrative | 154 | 117 | 137 | +31.4% | |
| Operating income | 11.2 | 34.5 | 212 | -67.4% | |
| Operating margin | 2.1% | 6.8% | 28.8% | ||
| Interest expense | 0.3 | 0.3 | 3.0 | -0.8% | |
| Pre-tax income | 13.4 | 36.2 | 215 | -63.1% | |
| Income tax | 10.3 | -24.9 | -44.2 | ||
| Effective tax rate | 76.9% | -68.7% | -20.6% | ||
| Net income | 3.1 | 61.1 | 259 | -95.0% | |
| Net margin | 0.6% | 12.0% | 35.1% | ||
| Diluted EPS | $0.02 | $0.44 | $1.85 | -95.5% |
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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 | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 175 | 141 | 270 | +24.3% | |
| Capital expenditure | 42.5 | 21.0 | 20.1 | +102.7% | |
| Free cash flow | 133 | 120 | 249 | +10.6% | |
| Free cash flow margin | 25.3% | 23.5% | 33.8% | ||
| Cash from investing | -62.3 | -37.7 | -33.2 | ||
| Cash from financing | -116 | -94.5 | -254 | ||
| Depreciation and amortisation | 22.1 | 24.0 | 21.9 | -7.7% | |
| Share-based compensation | 116 | 53.0 | 70.2 | +118.2% | |
| Buybacks | 100 | 67.0 | 80.0 | +49.3% | |
| Diluted shares, weighted | 138m | 138m | 140m | -0.1% | |
| Shares outstanding at period end | 137m | 138m | 137m | -0.7% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 714 | 711 | 692 | +0.4% | |
| Debt | 0.0 | 0.0 | 0.0 | ||
| Operating lease liabilities | 36.1 | 9.4 | 10.7 | +283.0% | |
| Other liabilities | 133 | 124 | 138 | +7.6% | |
| Total liabilities and equity | 883 | 844 | 841 | +4.6% | |
| Fixed assets | 77.0 | 53.0 | 49.5 | +45.4% | |
| Goodwill | 315 | 315 | 315 | 0.0% | |
| Intangible assets | 4.1 | 4.6 | 21.0 | -9.7% | |
| Cash and equivalents | 134 | 136 | 128 | -1.8% | |
| Receivables | 102 | 81.1 | 104 | +26.2% | |
| Inventory | 89.2 | 103 | 98.8 | -13.7% | |
| Other assets | 161 | 150 | 124 | +7.3% | |
| Total assets | 883 | 844 | 841 | +4.6% |
10-K for the year ended 3 January 2026, filed 13 February 2026: the filing.