Corsair Gaming (CRSR) Q4 2025 earnings summary

Executive summary

• Achieved 12% year-over-year revenue growth to $1,472.5 million for FY25, with gross profit up 30% to $425.9 million and adjusted EBITDA up 84% to $100.6 million, exceeding guidance.

• Q4 2025 revenue increased 6% year-over-year to $436.9 million, gross profit rose 33% to $144.6 million, and adjusted EBITDA climbed 62% to $53.6 million.

• Strategic focus on higher-margin gaming, sim racing, and creator categories, with innovation and platform integration driving growth.

• Direct-to-consumer sales accounted for nearly 20% of 2025 revenue, supported by the opening of the first immersive retail store.

• Maintained market leadership in memory, PC cooling, and power supply units, and expanded ecosystem with new product launches and collaborations.

Financial highlights

• FY25 adjusted EPS (diluted) increased by $0.65 year-over-year to $0.62; Q4 2025 adjusted EPS (diluted) rose by $0.20 to $0.43.

• FY25 adjusted operating income (non-GAAP) was $90.6 million, up from $45.7 million in FY24.

• FY25 adjusted net income (non-GAAP) reached $67.2 million, compared to a loss of $2.7 million in FY24.

• FY25 adjusted EBITDA margin improved to 6.8% from 4.2% in FY24.

• FY25 gross margin reached a record 28.9%, up from 24.9% in FY24.

Outlook and guidance

• FY26 revenue expected between $1.33 billion and $1.47 billion; adjusted EBITDA $100–$115 million; non-GAAP EPS $0.58–$0.74.

• Q1 2026 guidance: revenue $335–$365 million, adjusted EBITDA $25–$30 million, non-GAAP EPS $0.18–$0.22.

• FY26 revenue expected to decline ~5% year-over-year at midpoint, with double-digit growth in Peripherals offset by cautious outlook for Components due to semiconductor shortages.

• Focus areas for 2026 include growing higher margin categories, expanding margins through operational discipline, and scaling direct-to-consumer engagement.