Cirrus Logic (CRUS) investor relations material

Executive summary

• Achieved record Q2 FY26 revenue of $561.0 million, driven by strong demand for smartphone components, new product launches, and expansion into PC and other markets.

• Largest customer accounted for 90% of total revenue in Q2 FY26, highlighting significant concentration risk.

• Progressed on long-term strategy: maintaining smartphone audio leadership, expanding mixed-signal solutions, and growing in new markets like PCs, automotive, and professional audio.

• Secured first mainstream consumer laptop design win and expanded collaborations with leading PC vendors.

• Continued investment in R&D, M&A, and product diversification to drive organic growth and expand the technology portfolio.

Financial highlights

• Q2 FY26 revenue: $561.0 million, up 4% year-over-year; gross margin: 52.5% (GAAP and non-GAAP); net income: $131.6 million (GAAP), $150.0 million (non-GAAP); diluted EPS: $2.48 (GAAP), $2.83 (non-GAAP).

• Cash and investments at quarter end: $896 million; cash and cash equivalents: $593.5 million.

• Operating cash flow for Q2 FY26: $92.2 million; free cash flow margin: 16% for the quarter, 27% for trailing 12 months.

• Repurchased $40 million in shares during Q2 FY26; $414.1 million remains authorized.

• No debt outstanding; strong cash position maintained.

Outlook and guidance

• Q3 FY26 revenue expected between $500 million and $560 million.

• Gross margin guidance: 51%–53%; non-GAAP operating expense: $128 million–$134 million; combined GAAP R&D and SG&A expenses: $151 million–$157 million.

• Fiscal year non-GAAP effective tax rate expected at 16%–18%.