10-K · November 18, 2025
Dolby emphasizes an IP-led licensing strategy: in fiscal 2025 licensing represented 93% of revenues, supported by a deep patent portfolio (approximately 28,400 issued patents and ~6,100 pending). Management is expanding…
Earnings analysis · 10-Q
DLB earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Dolby Laboratories reported Q2 FY2026 revenue of $396 million, a 7.2% increase from $369 million year-over-year. Gross margin remained stable at 94%, while EPS improved to $1.37, surpassing estimates. Despite positive…
Read full summary
Dolby Laboratories reported Q2 FY2026 revenue of $396 million, a 7.2% increase from $369 million year-over-year. Gross margin remained stable at 94%, while EPS improved to $1.37, surpassing estimates. Despite positive performance, management lowered Q3 revenue guidance to $295-$325 million, citing macroeconomic uncertainties as a headwind.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.37
- Gross margin
- 94%
What stood out
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Revenue Outperformance
Actual revenue reached $395.6M vs. $384.57M estimate, up 7.2% from $369.5M last year.
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EPS Beats Expectations
Diluted EPS was $1.37, exceeding the consensus forecast of $1.28.
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Strong Licensing Revenue Growth
Licensing revenue increased by 7.6% to $372.2M, accounting for 94% of total revenue.
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Stable Gross Margin
Gross margin remained at 94%, consistent with prior quarters.
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Cash Position Maintained
As of March 27, 2026, cash and cash equivalents were $594.3M, down from $701.9M.
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Increased Share Repurchases
1.01 million shares repurchased at an average price of $64.2.
What to watch
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Increased Market Competition
Competition from low-cost and proprietary solutions may undermine pricing power.
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Drop in Q3 Revenue Guidance
Management reduced Q3 revenue guidance to $295-$325M due to macroeconomic uncertainties.
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Potential Supply Chain Disruptions
Geopolitical tensions and semiconductor shortages threaten production and product launches.
Management's outlook
Management anticipates revenue challenges in Q3 due to macroeconomic conditions.
Earlier filings 4
10-Q · July 31, 2025
Dolby reported Q3 revenue of $315,546,000 and diluted EPS of $0.48 for the quarter ended June 27, 2025. Revenue and operating income improved versus the year-ago quarter (revenue +$26,728,000; operating income…
10-Q · January 30, 2025
Dolby reported quarter ended December 27, 2024 with revenue of $356,999,000 (up $41,425,000 or 13.1% YoY) and operating income of $79,880,000 (22.4% operating margin). Licensing remained the dominant driver at…
10-K · November 19, 2024
Dolby’s 10-K emphasizes a strategy centered on licensing (branded technology and patent pools), expanding Dolby Vision/Atmos adoption, and growing new SaaS offerings (Dolby.io) while continuing R&D and standards…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.