Logitech (LOGN) Q4 2025 earnings summary

Executive summary

• Achieved 7% constant currency net sales growth year-over-year, with broad-based gains across geographies and product categories.

• Fiscal Year 2025 delivered 6% sales growth to $4.55B, with expanded market share and increased profitability, driven by strategic priorities.

• Launched 39 new products, with notable successes in gaming and workspace solutions.

• Returned approximately $800 million to shareholders via dividends and share repurchases.

• Strong operational execution and cost discipline drove record product cost reductions.

Financial highlights

• Non-GAAP gross margin expanded by 170 basis points year-over-year to 43.5%.

• Non-GAAP operating income reached $775 million, up 70 basis points to 17% of net sales.

• FY25 GAAP operating income rose 11% to $655M; non-GAAP operating income also up 11% to $775M year-over-year.

• FY25 GAAP EPS increased 7% to $4.13; non-GAAP EPS up 14% to $4.84 year-over-year.

• Cash balance at year-end was $1.5 billion.

Outlook and guidance

• Withdrew full-year FY26 outlook due to macroeconomic and tariff uncertainty.

• Q1 FY26 guidance: net sales flat to +5% year-over-year in constant currency, gross margin 41%-42%, non-GAAP operating income $155M-$185M.

• Q1 FY26 sales expected at $1.1–$1.15B, with 1%–6% USD growth and 0%–5% constant currency growth.

• Tariffs expected to negatively impact Q1 gross margin by 200 basis points, mitigated by pre-tariff inventory.

• Price increases in the U.S. implemented mid-April, with further pricing flexibility if needed.