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The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Lattice Semiconductor
Lattice Semiconductor (LSCC) investor relations material
Lattice Semiconductor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record full-year 2025 revenue of $523.3M, up 2.7% year-over-year, with Q4 revenue of $145.8M, up 24.2% year-over-year and 9.3% sequentially, driven by strong data center and physical AI markets.
Server revenues grew approximately 85% year-over-year, with new product revenue up about 70% year-over-year.
Normalized channel inventory and expanded product portfolio by 60% in 2025, positioning for higher growth in 2026.
Secured record design wins across all segments and received over 20 industry honors, including major innovation and sustainability awards.
Entering 2026 with high confidence, supported by a strong backlog, durable data center demand, and expanding use cases for companion FPGAs.
Financial highlights
Q4 2025 revenue was $145.8M, up 9.3% sequentially and 24.2% year-over-year; full year 2025 revenue reached $523.3M, up 2.7%.
Q4 non-GAAP gross margin was 69.4%; full year non-GAAP gross margin expanded 190 bps to 69.3%.
Q4 non-GAAP operating margin was 30.7%; full-year non-GAAP operating margin was 28.5%.
Q4 non-GAAP EPS was $0.32; full year non-GAAP EPS was $1.05; Q4 GAAP EPS was $(0.06), full-year GAAP EPS was $0.02.
Q4 free cash flow was $44M (30.2% margin); full year free cash flow $133M (25.3% margin); Q4 operating cash flow was $57.6M (39.5% margin).
Outlook and guidance
Q1 2026 revenue guidance: $158M–$172M (midpoint $165M), up 37% year-over-year and 13% sequentially.
Q1 2026 non-GAAP EPS guidance: $0.34–$0.38; gross margin expected at 69.5% ± 1%.
Operating expenses for Q1 2026 projected at $59M–$61M (non-GAAP); tax rate 4%–6%.
Full year 2026 expected to grow at least 20% year-over-year, with potential for higher growth based on current visibility.
Gross margin for 2026 expected to remain in the Q1 range; OpEx to increase in H1, then slow in H2.
Industrial & Automotive 2026 recovery drivers
Mid-range FPGA market share growth strategy
Share repurchase program deployment criteria
What drives server content growth beyond units?
Detail key Physical AI design win impact
How sustainable are small/mid-range FPGA share gains?
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Next Lattice Semiconductor earnings date
Q1 20264 May, 2026
Lattice Semiconductor
Next Lattice Semiconductor earnings date
Q1 20264 May, 2026
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Frequently asked questions
Lattice Semiconductor Corp designs and manufactures low-power, field-programmable gate arrays (FPGAs) and related software solutions. The company serves applications in communications, computing, industrial, automotive, and consumer electronics markets. The company is headquartered in Hillsboro, Oregon, and its shares are listed on the NASDAQ.
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