Cirrus Logic Reports Fourth Quarter Revenue of $448.5 Million and Record Full Fiscal Year 2026 Revenue of $2.0 Billion

AUSTIN, Texas--(BUSINESS WIRE)--Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly shareholder letter that contains the complete financial results for the fourth quarter and full fiscal year 2026, which ended March 28, 2026, as well as the company’s current business outlook.

“Cirrus Logic delivered record revenue and earnings per share in FY26, primarily driven by demand for our components shipping into smartphones, as well as higher PC sales. We are proud of our accomplishments this past year, especially the meaningful progress we made on our strategy to drive application and market diversification,” said John Forsyth, Cirrus Logic president and chief executive officer. “In smartphones, we began developing next-generation camera controllers and a smart power IC, which represents an exciting new application space for the company. We also gained momentum beyond smartphones, delivering strong year-over-year revenue growth in our PC business and expanding our general market product portfolio. With a consistent track record of execution, and an exceptional range of opportunities ahead of us, we believe the business is well positioned for long-term growth.”

Reported Financial Results – Fourth Quarter FY26

• Revenue of $448.5 million;
• GAAP and non-GAAP gross margin of 53.0 percent;
• GAAP operating expenses of $147.3 million and non-GAAP operating expenses of $126.1 million; and
• GAAP earnings per share of $1.56 and non-GAAP earnings per share of $1.95.

Reported Financial Results – Full Fiscal Year 2026

• Revenue of $2.0 billion;
• GAAP and non-GAAP gross margin of 52.8 percent;
• GAAP operating expenses of $593.8 million and non-GAAP operating expenses of $506.4 million; and
• GAAP earnings per share of $7.85 and non-GAAP earnings per share of $9.26.

A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.

Business Outlook – First Quarter FY27

• Revenue is expected to range between $430 million and $490 million;
• GAAP gross margin is forecasted to be between 51 percent and 53 percent; and
• Combined GAAP R&D and SG&A expenses are anticipated to range between $155 million and $161 million, including approximately $21 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $132 million and $138 million.

Cirrus Logic will host a live Q&A session at 5 p.m. ET today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website.

About Cirrus Logic, Inc.

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.

Use of non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP basis, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statement about our ability to capitalize on the exceptional range of opportunities ahead of us and drive long-term growth; and our estimates for the first quarter fiscal year 2027 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the first quarter of fiscal year 2027; customer cancellations of orders; the failure to place orders consistent with forecasts; changes in government trade policies, including the imposition of tariffs or export restrictions; and global economic conditions and uncertainty, along with the risk factors listed in our Form 10-K for the year ended March 29, 2025 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, unless required by law.

Summary Financial Data Follows:

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
	Three Months Ended									Twelve Months Ended
	Mar. 28,			Dec. 27,			Mar. 29,			Mar. 28,			Mar. 29,
		2026			2025			2025			2026			2025
	Q4'26			Q3'26			Q4'25			Q4'26			Q4'25
Audio	$	257,220		$	344,455		$	255,326		$	1,159,933		$	1,137,157
High-Performance Mixed-Signal		191,303			236,169			169,130			837,446			758,920
Net sales		448,523			580,624			424,456			1,997,379			1,896,077
Cost of sales		210,881			272,498			197,720			943,207			900,039
Gross profit		237,642			308,126			226,736			1,054,172			996,038
Gross margin		53.0	%		53.1	%		53.4	%		52.8	%		52.5	%
Research and development		107,487			113,553			103,420			433,953			434,684
Selling, general and administrative		39,860			41,646			37,370			159,839			150,995
Total operating expenses		147,347			155,199			140,790			593,792			585,679
Income from operations		90,295			152,927			85,946			460,380			410,359
Interest income		10,248			9,276			8,604			36,841			33,086
Other income (expense)		(282	)		246			55			(487	)		1,469
Income before income taxes		100,261			162,449			94,605			496,734			444,914
Provision for income taxes		18,456			22,139			23,338			82,326			113,407
Net income	$	81,805		$	140,310		$	71,267		$	414,408		$	331,507
Basic earnings per share	$	1.61		$	2.75		$	1.35		$	8.10		$	6.24
Diluted earnings per share:	$	1.56		$	2.66		$	1.31		$	7.85		$	6.00
Weighted average number of shares:
Basic		50,822			51,037			52,756			51,137			53,135
Diluted		52,369			52,698			54,324			52,822			55,241
Prepared in accordance with Generally Accepted Accounting Principles

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)
Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
	Three Months Ended									Twelve Months Ended
	Mar. 28,			Dec. 27,			Mar. 29,			Mar. 28,			Mar. 29,
		2026			2025			2025			2026			2025
Net Income Reconciliation	Q4'26			Q3'26			Q4'25			Q4'26			Q4'25
GAAP Net Income	$	81,805		$	140,310		$	71,267		$	414,408		$	331,507
Amortization of acquisition intangibles		1,647			1,648			1,647			6,590			7,130
Stock-based compensation expense		19,847			20,558			19,491			81,811			84,146
Lease impairment		—			—			—			—			1,680
Adjustment to income taxes		(1,020	)		(5,818	)		(1,772	)		(13,538	)		(7,866	)
Non-GAAP Net Income	$	102,279		$	156,698		$	90,633		$	489,271		$	416,597
Earnings Per Share Reconciliation
GAAP Diluted earnings per share	$	1.56		$	2.66		$	1.31		$	7.85		$	6.00
Effect of Amortization of acquisition intangibles		0.03			0.03			0.03			0.12			0.13
Effect of Stock-based compensation expense		0.38			0.39			0.36			1.55			1.52
Effect of Lease impairment		—			—			—			—			0.03
Effect of Adjustment to income taxes		(0.02	)		(0.11	)		(0.03	)		(0.26	)		(0.14	)
Non-GAAP Diluted earnings per share	$	1.95		$	2.97		$	1.67		$	9.26		$	7.54
Operating Income Reconciliation
GAAP Operating Income	$	90,295		$	152,927		$	85,946		$	460,380		$	410,359
GAAP Operating Profit		20.1	%		26.3	%		20.2	%		23.0	%		21.6	%
Amortization of acquisition intangibles		1,647			1,648			1,647			6,590			7,130
Stock-based compensation expense - COGS		289			24			360			976			1,332
Stock-based compensation expense - R&D		12,327			13,280			13,079			51,698			59,184
Stock-based compensation expense - SG&A		7,231			7,254			6,052			29,137			23,630
Lease impairment		—			—			—			—			1,680
Non-GAAP Operating Income	$	111,789		$	175,133		$	107,084		$	548,781		$	503,315
Non-GAAP Operating Profit		24.9	%		30.2	%		25.2	%		27.5	%		26.5	%
Operating Expense Reconciliation
GAAP Operating Expenses	$	147,347		$	155,199		$	140,790		$	593,792		$	585,679
Amortization of acquisition intangibles		(1,647	)		(1,648	)		(1,647	)		(6,590	)		(7,130	)
Stock-based compensation expense - R&D		(12,327	)		(13,280	)		(13,079	)		(51,698	)		(59,184	)
Stock-based compensation expense - SG&A		(7,231	)		(7,254	)		(6,052	)		(29,137	)		(23,630	)
Lease impairment		—			—			—			—			(1,680	)
Non-GAAP Operating Expenses	$	126,142		$	133,017		$	120,012		$	506,367		$	494,055
Gross Margin/Profit Reconciliation
GAAP Gross Profit	$	237,642		$	308,126		$	226,736		$	1,054,172		$	996,038
GAAP Gross Margin		53.0	%		53.1	%		53.4	%		52.8	%		52.5	%
Stock-based compensation expense - COGS		289			24			360			976			1,332
Non-GAAP Gross Profit	$	237,931		$	308,150		$	227,096		$	1,055,148		$	997,370
Non-GAAP Gross Margin		53.0	%		53.1	%		53.5	%		52.8	%		52.6	%
Effective Tax Rate Reconciliation
GAAP Tax Expense	$	18,456		$	22,139		$	23,338		$	82,326		$	113,407
GAAP Effective Tax Rate		18.4	%		13.6	%		24.7	%		16.6	%		25.5	%
Adjustments to income taxes		1,020			5,818			1,772			13,538			7,866
Non-GAAP Tax Expense	$	19,476		$	27,957		$	25,110		$	95,864		$	121,273
Non-GAAP Effective Tax Rate		16.0	%		15.1	%		21.7	%		16.4	%		22.5	%
Tax Impact to EPS Reconciliation
GAAP Tax Expense	$	0.35		$	0.42		$	0.43		$	1.56		$	2.05
Adjustments to income taxes		0.02			0.11			0.03			0.26			0.14
Non-GAAP Tax Expense	$	0.37		$	0.53		$	0.46		$	1.82		$	2.19

CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands; unaudited)
	Mar. 28,			Dec. 27,			Mar. 29,
		2026			2025			2025
ASSETS
Current assets
Cash and cash equivalents	$	800,930		$	778,083		$	539,620
Marketable securities		86,697			44,280			56,160
Accounts receivable, net		220,149			278,989			216,009
Inventories		240,871			189,483			299,092
Prepaid assets		47,587			54,373			48,236
Prepaid wafers		14,733			32,873			52,560
Other current assets		22,741			31,268			28,057
Total current Assets		1,433,708			1,409,349			1,239,734
Long-term marketable securities		266,160			259,564			239,036
Right-of-use lease assets		120,676			123,432			126,688
Property and equipment, net		143,975			148,352			159,900
Intangibles, net		20,727			22,619			27,461
Goodwill		435,936			435,936			435,936
Deferred tax asset		49,824			38,247			48,150
Long-term prepaid wafers		—			—			15,512
Other assets		18,368			19,021			34,656
Total assets	$	2,489,374		$	2,456,520		$	2,327,073
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	80,645		$	68,863		$	63,162
Accrued salaries and benefits		52,723			49,769			52,075
Software license agreements		22,229			26,803			26,745
Lease liability		19,872			19,713			21,811
Other accrued liabilities		19,187			19,043			31,395
Total current liabilities		194,656			184,191			195,188
Non-current lease liability		114,105			117,599			121,908
Non-current income taxes		46,721			46,033			44,040
Other long-term liabilities		5,896			5,468			16,488
Total long-term liabilities		166,722			169,100			182,436
Stockholders' equity:
Capital stock		1,945,958			1,925,238			1,860,281
Accumulated earnings		184,881			178,693			90,351
Accumulated other comprehensive loss		(2,843	)		(702	)		(1,183	)
Total stockholders' equity		2,127,996			2,103,229			1,949,449
Total liabilities and stockholders' equity	$	2,489,374		$	2,456,520		$	2,327,073
Prepared in accordance with Generally Accepted Accounting Principles

CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
	Three Months Ended
	Mar. 28,			Mar. 29,
		2026			2025
	Q4'26			Q4'25
Cash flows from operating activities:
Net income	$	81,805		$	71,267
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,346			13,150
Stock-based compensation expense		19,847			19,491
Deferred income taxes		(10,947	)		(7,497	)
Loss on retirement or write-off of long-lived assets		—			1
Other non-cash charges		(213	)		(33	)
Net change in operating assets and liabilities:
Accounts receivable, net		58,840			45,934
Inventories		(51,388	)		(23,534	)
Prepaid wafers		18,140			21,061
Other assets		6,333			11,341
Accounts payable and other accrued liabilities		10,080			(17,937	)
Income taxes payable		5,577			(2,858	)
Net cash provided by operating activities		151,420			130,386
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities		34,158			9,392
Purchases of available-for-sale marketable securities		(86,172	)		(13,322	)
Purchases of property, equipment and software		(2,396	)		(3,429	)
Investments in technology		—			(5,752	)
Net cash used in investing activities		(54,410	)		(13,111	)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes		875			—
Repurchase of stock to satisfy employee tax withholding obligations		(5,038	)		(4,099	)
Repurchase and retirement of common stock		(69,999	)		(100,000	)
Net cash used in financing activities		(74,162	)		(104,099	)
Net increase in cash and cash equivalents		22,848			13,176
Cash and cash equivalents at beginning of period		778,082			526,444
Cash and cash equivalents at end of period	$	800,930		$	539,620
Prepared in accordance with Generally Accepted Accounting Principles

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands; unaudited)
Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.
	Twelve Months Ended			Three Months Ended
	Mar. 28,			Mar. 28,			Dec. 27,			Sep. 27,			Jun. 28,
		2026			2026			2025			2025			2025
	Q4'26			Q4'26			Q3'26			Q2'26			Q1'26
Net cash provided by operating activities (GAAP)	$	650,599		$	151,420		$	290,834		$	92,214		$	116,131
Capital expenditures		(14,836	)		(2,396	)		(5,160	)		(4,510	)		(2,770	)
Free Cash Flow (Non-GAAP)	$	635,763		$	149,024		$	285,674		$	87,704		$	113,361
Cash Flow from Operations as a Percentage of Revenue (GAAP)		33	%		34	%		50	%		16	%		29	%
Capital Expenditures as a Percentage of Revenue (GAAP)		1	%		1	%		1	%		1	%		1	%
Free Cash Flow Margin (Non-GAAP)		32	%		33	%		49	%		16	%		28	%

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in millions; unaudited)
(not prepared in accordance with GAAP)
	Q1 FY27
	Guidance
Operating Expense Reconciliation
GAAP Operating Expenses	$155 - 161
Stock-based compensation expense	(21)
Amortization of acquisition intangibles	(2)
Non-GAAP Operating Expenses	$132 - 138