Cirrus Logic (CRUS) Q4 2026 earnings summary

Executive summary

• Achieved record FY26 revenue of $2.0 billion, up 5% year-over-year, with Q4 revenue at $448.5 million, driven by strong demand in smartphones and growth in PC sales.

• Delivered record GAAP and non-GAAP earnings per share for FY26, reflecting successful execution of diversification strategy and expansion into new application spaces.

• Advanced strategic goals in smartphone audio, high-performance mixed-signal (HPMS), and market diversification, expanding into professional audio, automotive, industrial, and imaging markets.

• Largest customer accounted for 92% of Q4 FY26 revenue, highlighting customer concentration.

• Strengthened collaboration with key customers and supply chain partners, including GlobalFoundries, and joined the American Manufacturing Program.

Financial highlights

• Q4 FY26 revenue: $448.5 million; FY26 revenue: $2.0 billion.

• FY26 non-GAAP gross profit: $1.1 billion; gross margin: 52.8% for FY26 and 53.0% for Q4.

• FY26 non-GAAP operating income: $548.8 million; operating margin: 27.5%.

• FY26 non-GAAP net income: $489.3 million; record EPS of $9.26, up from $7.54 in FY25.

• Ended FY26 with $1.2 billion in cash and investments; cash from operations for Q4: $151 million.

• FY26 cash flow from operations: $650.6 million; free cash flow margin: 32%.

Outlook and guidance

• Q1 FY27 revenue expected between $430 million and $490 million, up 3% sequentially and 13% year-over-year at midpoint.

• Gross margin guidance for Q1 FY27 is 51%-53%.

• Non-GAAP operating expenses expected to rise to $132-$138 million in Q1 FY27, mainly due to increased R&D; GAAP R&D and SG&A projected at $155–$161 million.

• FY27 non-GAAP tax rate expected to be 16%-18%.

• Anticipates continued strong growth in PC segment despite potential market pullbacks.