CRUS
Cirrus Logic, Inc.121.13
-1.12-0.92%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q3 '26
PC doubling, AI voice, auto details
Q&A unpacked general market revenue drop—94% from largest customer—blaming Android shift and legacy product EOLs, yet new ramps promise growth. PC revenue on track to double in FY26 from FY25's low tens of millions, fueled by mainstream penetration doubling in FY27 and 75% SDCA socket wins. New voice codec for AI PCs, sampling now, could double ASPs from calendar '27. Automotive haptics SAM exceeds $800M by '29, eyeing 10% share. No supply constraints; FY27 seasonality normal, pricing collaborative. Management candid on headwinds. Diversification gains traction.
Key Stats
Market Cap
6.22BP/E (TTM)
17.23Basic EPS (TTM)
7.03Dividend Yield
0%Recent Filings
8-K
Q3 revenue beats, Q4 softens
10-Q
Q3 FY2026 results
Cirrus Logic posted Q3 FY2026 net sales of $580.6M, up 4% y/y from $555.7M, with HPMS surging 13% y/y to $236.2M on smartphone volume while audio dipped 0.5% y/y; gross margin slipped to 53.1% from 53.6%. Operating income climbed to $152.9M from $145.8M, diluted EPS hit $2.66 (up 26% y/y, reconciles to 52.7M shares), fueled by lower 13.6% tax rate from OBBBA. Cash swelled to $778.1M, operations generated $499.2M YTD (FCF not disclosed in the 10-Q), revolver undrawn at $300M with covenants met; repurchased $210M stock YTD. Apple drove 94% sales. Customer concentration tempts pricing pressure.
8-K
Record $561M revenue
10-Q
Q2 FY2026 results
Cirrus Logic posted solid Q2 FY2026 results ended September 27, 2025, with net sales up 4% y/y to $561.0M on HPMS strength, gross margin edging to 52.5% from a favorable mix, and operating income rising 10% y/y to $144.8M. Diluted EPS climbed 35% y/y to $2.48 on 53.1M shares, aided by lower 14.2% effective tax rate from OBBBA eliminating U.S. R&D capitalization. Cash swelled to $593.5M, operations generated $208.3M YTD (up from $95.4M y/y), funding $140.0M stock buybacks while keeping $300M revolver undrawn. New Greensboro office lease adds minor capacity. Apple drives 90% sales.
10-Q
Q1 FY2026 results
Cirrus Logic posted Q1 FY2026 net sales of $407.3M, up 9% y/y from $374.0M, with Audio up 10% to $240.0M and HPMS up 8% to $167.2M on higher smartphone volumes and latest-gen products; gross margin expanded to 52.6% from 50.5%. Operating income rose to $72.4M from $46.8M, diluted EPS climbed to $1.14 from $0.76 on 53.3M shares (anti-dilution from repurchases). Operating cash flow hit $116.1M; free cash flow not disclosed in the 10-Q. Cash swelled to $548.9M, $300M revolver undrawn through 2026. Repurchased $100M in shares. Apple drove 86% of sales. Customer concentration threatens volumes.
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