CRUS earnings analysis
What we found in CRUS's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Cirrus Logic reported a significant increase in annual revenues for fiscal year 2026, reaching $2.00 billion, up 5% from $1.90 billion in fiscal year 2025. With an operating income of $460.4 million, representing a 23% operating margin, and a net income of $414.4 million, the company's performance reflects growth in both its audio products and high-performance mixed-signal product lines. A strong demand for smartphone components and better profitability driven by a favorable product mix contributed to these financial results.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 5%
- Net sales increased to $2.00 billion for FY26, up from $1.90 billion in FY25.
- Strong Net Income
- Net income for FY26 was $414.4 million, up from $331.5 million in FY25.
- Improved Margins
- Gross margin improved to 52.8% in FY26 from 52.5% in FY25.
- Increased R&D Investment
- Research and development expenses were $434 million, reflecting ongoing investment in new technologies.
- Successful Product Development
- Robust demand for custom boosted amplifiers and 22-nanometer smart codecs drove sales.
- Stock Buybacks
- The company repurchased $280 million of common stock during FY26.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Selling, general and administrative expenses rose to $159.8 million in FY26, a 6% increase compared to FY25.
- Dependence on Key Customers
- Apple Inc. accounted for approximately 91% of total net sales, highlighting revenue concentration risk.
- Foreign Currency Exposure
- Revenue is largely influenced by sales in China, which introduces fluctuations due to ongoing geopolitical tensions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $7.85
- Gross margin
- 52.8%
- Operating margin
- 23%
- Segment
- Audio products
- Segment
- HPMS products
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 10-Q · November 4, 2024
- Cirrus Logic reported a strong quarter: revenue of $541,857,000 (three months ended September 28, 2024) increased 12.6% y/y, with gross profit of $282,590,000 and income from operations of $131,852,000 that drove…
- 10-Q · January 31, 2022
- Cirrus Logic reported fiscal quarter net sales of $548,349 (thousands) (Q3 ended Dec 25, 2021), up from $485,795 in the year-ago quarter, with gross profit of $289,522 and diluted EPS of $2.16. Revenue and gross margin…
- 10-K · May 21, 2021
- Cirrus Logic positions itself as a leader in low-power, high-precision mixed-signal processing with a three-vector growth strategy: (1) strengthen smartphone audio leadership, (2) expand audio beyond smartphones, and…
- 10-Q · February 1, 2021
- Cirrus Logic reported a strong quarter with revenue of $485,795,000 (up $111,127,000 or ~29.7% vs $374,668,000) and diluted EPS of $1.91 (vs $1.13). Gross profit rose to $251,500,000 but gross margin contracted slightly…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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