EX-99.1 3 pressrelease_fullyear.htm EX-99.1 Document
Exhibit 99.1
    
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FINANCIAL NEWS

    


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


AUSTIN, Texas – May 6, 2026 – 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.

Investor Contact:                            
Chelsea Heffernan
Vice President, Investor Relations
Cirrus Logic, Inc.                            
(512) 851-4125                            
Investor@cirrus.com
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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.
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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,
20262025202520262025
Q4'26Q3'26Q4'25Q4'26Q4'25
Audio$257,220 $344,455 $255,326 $1,159,933 $1,137,157 
High-Performance Mixed-Signal191,303 236,169 169,130 837,446 758,920 
Net sales448,523 580,624 424,456 1,997,379 1,896,077 
Cost of sales210,881 272,498 197,720 943,207 900,039 
Gross profit237,642 308,126 226,736 1,054,172 996,038 
Gross margin53.0 %53.1 %53.4 %52.8 %52.5 %
Research and development107,487 113,553 103,420 433,953 434,684 
Selling, general and administrative39,860 41,646 37,370 159,839 150,995 
Total operating expenses147,347 155,199 140,790 593,792 585,679 
Income from operations90,295 152,927 85,946 460,380 410,359 
Interest income10,248 9,276 8,604 36,841 33,086 
Other income (expense)(282)246 55 (487)1,469 
Income before income taxes100,261 162,449 94,605 496,734 444,914 
Provision for income taxes18,456 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:
Basic50,822 51,037 52,756 51,137 53,135 
Diluted52,369 52,698 54,324 52,822 55,241 
Prepared in accordance with Generally Accepted Accounting Principles

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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,
20262025202520262025
Net Income ReconciliationQ4'26Q3'26Q4'25Q4'26Q4'25
GAAP Net Income$81,805 $140,310 $71,267 $414,408 $331,507 
Amortization of acquisition intangibles1,647 1,648 1,647 6,590 7,130 
Stock-based compensation expense19,847 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 intangibles0.03 0.03 0.03 0.12 0.13 
Effect of Stock-based compensation expense0.38 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 intangibles1,647 1,648 1,647 6,590 7,130 
Stock-based compensation expense - COGS289 24 360 976 1,332 
Stock-based compensation expense - R&D12,327 13,280 13,079 51,698 59,184 
Stock-based compensation expense - SG&A7,231 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 Profit24.9 %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 Margin53.0 %53.1 %53.4 %52.8 %52.5 %
Stock-based compensation expense - COGS289 24 360 976 1,332 
Non-GAAP Gross Profit$237,931 $308,150 $227,096 $1,055,148 $997,370 
Non-GAAP Gross Margin53.0 %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 Rate18.4 %13.6 %24.7 %16.6 %25.5 %
Adjustments to income taxes1,020 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 Rate16.0 %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 taxes0.02 0.11 0.03 0.26 0.14 
Non-GAAP Tax Expense$0.37 $0.53 $0.46 $1.82 $2.19 
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CONSOLIDATED CONDENSED BALANCE SHEET
 (in thousands; unaudited)
Mar. 28,Dec. 27,Mar. 29,
202620252025
ASSETS
Current assets
Cash and cash equivalents$800,930 $778,083 $539,620 
Marketable securities86,697 44,280 56,160 
Accounts receivable, net220,149 278,989 216,009 
Inventories240,871 189,483 299,092 
Prepaid assets
47,587 54,373 48,236 
Prepaid wafers14,733 32,873 52,560 
Other current assets22,741 31,268 28,057 
Total current Assets1,433,708 1,409,349 1,239,734 
Long-term marketable securities266,160 259,564 239,036 
Right-of-use lease assets120,676 123,432 126,688 
Property and equipment, net143,975 148,352 159,900 
Intangibles, net20,727 22,619 27,461 
Goodwill435,936 435,936 435,936 
Deferred tax asset49,824 38,247 48,150 
Long-term prepaid wafers— — 15,512 
Other assets18,368 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 benefits52,723 49,769 52,075 
Software license agreements
22,229 26,803 26,745 
Lease liability19,872 19,713 21,811 
Other accrued liabilities19,187 19,043 31,395 
Total current liabilities194,656 184,191 195,188 
Non-current lease liability114,105 117,599 121,908 
Non-current income taxes46,721 46,033 44,040 
Other long-term liabilities5,896 5,468 16,488 
Total long-term liabilities166,722 169,100 182,436 
Stockholders' equity:
Capital stock1,945,958 1,925,238 1,860,281 
Accumulated earnings184,881 178,693 90,351 
Accumulated other comprehensive loss(2,843)(702)(1,183)
Total stockholders' equity2,127,996 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


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CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Mar. 28,Mar. 29,
20262025
Q4'26Q4'25
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 amortization13,346 13,150 
Stock-based compensation expense19,847 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, net58,840 45,934 
Inventories(51,388)(23,534)
Prepaid wafers18,140 21,061 
Other assets6,333 11,341 
Accounts payable and other accrued liabilities10,080 (17,937)
Income taxes payable5,577 (2,858)
Net cash provided by operating activities151,420 130,386 
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities34,158 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 taxes875 — 
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 equivalents22,848 13,176 
Cash and cash equivalents at beginning of period778,082 526,444 
Cash and cash equivalents at end of period$800,930 $539,620 
Prepared in accordance with Generally Accepted Accounting Principles
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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 EndedThree Months Ended
Mar. 28,Mar. 28,Dec. 27,Sep. 27,Jun. 28,
20262026202520252025
Q4'26Q4'26Q3'26Q2'26Q1'26
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 %

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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
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