Cirrus Logic公布FY2027一季度收入4.60亿美元并给出二季度5.10亿至5.70亿美元收入指引

AUSTIN, Texas--(BUSINESS WIRE)--
Cirrus Logic, Inc. (NASDAQ: CRUS)
posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter of fiscal year 2027, which ended June 27, 2026, as well as the company’s current business outlook.
“Cirrus Logic delivered record first quarter revenue and earnings per share in the June quarter,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, we experienced strong demand for custom components shipping into smartphones. The company also made meaningful progress executing on key strategic initiatives. In our PC business, we saw considerable interest in our latest smart codec for AI-enabled PCs and are engaged with multiple customers on designs for next calendar year. We also recently taped out a new high-performance analog front-end component targeting metrology applications, further strengthening our general market portfolio. Looking forward, we remain confident in our ability to leverage our mixed-signal design expertise to drive growth across new applications and markets for years to come.”
Reported Financial Results – First Quarter FY27
Revenue of $459.7 million;
GAAP gross margin of 52.6 percent and non-GAAP gross margin of 52.7 percent;
GAAP operating expenses of $157.4 million and non-GAAP operating expenses of $135.4 million; and
GAAP earnings per share of $1.47 and non-GAAP earnings per share of $1.84.
A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.
Business Outlook – Second Quarter FY27
Revenue is expected to range between $510 million and $570 million;
GAAP gross margin is forecasted to be between 52 percent and 54 percent; and
Combined GAAP R&D and SG&A expenses are anticipated to range between $163 million and $169 million, including approximately $21 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $140 million and $146 million.
Cirrus Logic will host a live Q&A session at 5 p.m. ET today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website.
About Cirrus Logic, Inc.
Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world’s top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.
Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.
Use of non-GAAP Financial Information
To supplement Cirrus Logic's financial statements presented on a GAAP basis, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below.
Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statements about our ability to leverage our mixed-signal design expertise to drive growth across new applications and markets for years to come; and our estimates for the second quarter fiscal year 2027 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, amortization of acquisition intangibles, and our resulting non-GAAP operating expense range. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the second quarter of fiscal year 2027; customer cancellations of orders; the failure to place orders consistent with forecasts; global economic conditions and uncertainty; and our ability to develop and commercialize products and technologies for new markets, along with the risk factors listed in our Form 10-K for the year ended March 28, 2026 and in our other filings with the Securities and Exchange Commission, which are available at
www.sec.gov
. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, unless required by law.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended
Jun. 27,
Mar. 28,
Jun. 28,
2026
2026
2025
Q1'27
Q4'26
Q1'26
Audio
$
249,034
$
257,220
$
240,043
High-Performance Mixed-Signal
210,689
191,303
167,229
Net sales
459,723
448,523
407,272
Cost of sales
217,868
210,881
193,242
Gross profit
241,855
237,642
214,030
Gross margin
52.6
%
53.0
%
52.6
%
Research and development
115,013
107,487
102,892
Selling, general and administrative
42,406
39,860
38,744
Total operating expenses
157,419
147,347
141,636
Income from operations
84,436
90,295
72,394
Interest income
10,082
10,248
8,622
Other expense
(363
)
(282
)
(388
)
Income before income taxes
94,155
100,261
80,628
Provision for income taxes
17,304
18,456
19,931
Net income
$
76,851
$
81,805
$
60,697
Basic earnings per share
$
1.52
$
1.61
$
1.17
Diluted earnings per share:
$
1.47
$
1.56
$
1.14
Weighted average number of shares:
Basic
50,550
50,822
51,727
Diluted
52,353
52,369
53,319
Prepared in accordance with Generally Accepted Accounting Principles
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)
Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.
Three Months Ended
Jun. 27,
Mar. 28,
Jun. 28,
2026
2026
2025
Net Income Reconciliation
Q1'27
Q4'26
Q1'26
GAAP Net Income
$
76,851
$
81,805
$
60,697
Amortization of acquisition intangibles
1,647
1,647
1,647
Stock-based compensation expense
20,589
19,847
20,809
Adjustment to income taxes
(2,988
)
(1,020
)
(2,839
)
Non-GAAP Net Income
$
96,099
$
102,279
$
80,314
Earnings Per Share Reconciliation
GAAP Diluted earnings per share
$
1.47
$
1.56
$
1.14
Effect of Amortization of acquisition intangibles
0.03
0.03
0.03
Effect of Stock-based compensation expense
0.40
0.38
0.39
Effect of Adjustment to income taxes
(0.06
)
(0.02
)
(0.05
)
Non-GAAP Diluted earnings per share
$
1.84
$
1.95
$
1.51
Operating Income Reconciliation
GAAP Operating Income
$
84,436
$
90,295
$
72,394
GAAP Operating Profit
18.4
%
20.1
%
17.8
%
Amortization of acquisition intangibles
1,647
1,647
1,647
Stock-based compensation expense - COGS
238
289
300
Stock-based compensation expense - R&D
13,245
12,327
13,072
Stock-based compensation expense - SG&A
7,106
7,231
7,437
Non-GAAP Operating Income
$
106,672
$
111,789
$
94,850
Non-GAAP Operating Profit
23.2
%
24.9
%
23.3
%
Operating Expense Reconciliation
GAAP Operating Expenses
$
157,419
$
147,347
$
141,636
Amortization of acquisition intangibles
(1,647
)
(1,647
)
(1,647
)
Stock-based compensation expense - R&D
(13,245
)
(12,327
)
(13,072
)
Stock-based compensation expense - SG&A
(7,106
)
(7,231
)
(7,437
)
Non-GAAP Operating Expenses
$
135,421
$
126,142
$
119,480
Gross Margin/Profit Reconciliation
GAAP Gross Profit
$
241,855
$
237,642
$
214,030
GAAP Gross Margin
52.6
%
53.0
%
52.6
%
Stock-based compensation expense - COGS
238
289
300
Non-GAAP Gross Profit
$
242,093
$
237,931
$
214,330
Non-GAAP Gross Margin
52.7
%
53.0
%
52.6
%
Effective Tax Rate Reconciliation
GAAP Tax Expense
$
17,304
$
18,456
$
19,931
GAAP Effective Tax Rate
18.4
%
18.4
%
24.7
%
Adjustments to income taxes
2,988
1,020
2,839
Non-GAAP Tax Expense
$
20,292
$
19,476
$
22,770
Non-GAAP Effective Tax Rate
17.4
%
16.0
%
22.1
%
Tax Impact to EPS Reconciliation
GAAP Tax Expense
$
0.33
$
0.35
$
0.37
Adjustments to income taxes
0.06
0.02
0.05
Non-GAAP Tax Expense
$
0.39
$
0.37
$
0.42
CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands; unaudited)
Jun. 27,
Mar. 28,
Jun. 28,
2026
2026
2025
ASSETS
Current assets
Cash and cash equivalents
$
810,666
$
800,930
$
548,870
Marketable securities
80,596
86,697
65,925
Accounts receivable, net
253,971
220,149
214,085
Inventories
262,746
240,871
278,984
Prepaid assets
44,449
47,587
44,243
Prepaid wafers
—
14,733
61,934
Other current assets
21,040
22,741
27,081
Total current assets
1,473,468
1,433,708
1,241,122
Long-term marketable securities
276,056
266,160
232,959
Right-of-use lease assets
117,066
120,676
123,718
Property and equipment, net
149,845
143,975
154,340
Intangibles, net
19,168
20,727
25,718
Goodwill
435,936
435,936
435,936
Deferred tax assets
54,443
49,824
54,037
Other assets
34,298
18,368
26,887
Total assets
$
2,560,280
$
2,489,374
$
2,294,717
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable
$
78,090
$
80,645
$
66,321
Accrued salaries and benefits
44,182
52,723
43,146
Software license agreements
22,091
22,229
21,511
Current lease liabilities
20,761
19,872
21,075
Other accrued liabilities
29,176
19,187
36,625
Total current liabilities
194,300
194,656
188,678
Non-current lease liabilities
109,703
114,105
120,272
Non-current income taxes
47,320
46,721
44,693
Software license agreements
19,826
5,896
10,790
Total long-term liabilities
176,849
166,722
175,755
Stockholders' equity:
Capital stock
1,967,875
1,945,958
1,881,472
Accumulated earnings
224,213
184,881
49,035
Accumulated other comprehensive loss
(2,957
)
(2,843
)
(223
)
Total stockholders' equity
2,189,131
2,127,996
1,930,284
Total liabilities and stockholders' equity
$
2,560,280
$
2,489,374
$
2,294,717
Prepared in accordance with Generally Accepted Accounting Principles
CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Jun. 27,
Jun. 28,
2026
2025
Q1'27
Q1'26
Cash flows from operating activities:
Net income
$
76,851
$
60,697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
13,156
13,173
Stock-based compensation expense
20,589
20,809
Deferred income taxes
(4,600
)
(5,938
)
Gain on retirement or write-off of long-lived assets
(67
)
—
Other non-cash adjustments
152
(16
)
Net change in operating assets and liabilities:
Accounts receivable
(33,822
)
1,924
Inventories
(21,875
)
20,108
Prepaid wafers
14,733
6,138
Other assets
3,723
2,014
Accounts payable and other accrued liabilities
(7,976
)
(8,806
)
Income taxes payable
3,264
6,028
Net cash provided by operating activities
64,128
116,131
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities
47,044
22,990
Purchases of available-for-sale marketable securities
(50,930
)
(26,435
)
Purchases of property, equipment and software
(15,143
)
(2,638
)
Investments in technology
(361
)
(132
)
Net cash used in investing activities
(19,390
)
(6,215
)
Cash flows from financing activities:
Debt issuance costs
(2,057
)
—
Net proceeds from the issuance of common stock
1,329
382
Repurchase of stock to satisfy employee tax withholding obligations
(2,774
)
(1,049
)
Repurchase and retirement of common stock
(31,500
)
(99,999
)
Net cash used in financing activities
(35,002
)
(100,666
)
Net increase in cash and cash equivalents
9,736
9,250
Cash and cash equivalents at beginning of period
800,930
539,620
Cash and cash equivalents at end of period
$
810,666
$
548,870
Prepared in accordance with Generally Accepted Accounting Principles
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands; unaudited)
Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.
Twelve Months Ended
Three Months Ended
Jun. 27,
Jun. 27,
Mar. 28,
Dec. 27,
Sep. 27,
2026
2026
2026
2025
2025
Q1'27
Q1'27
Q4'26
Q3'26
Q2'26
Net cash provided by operating activities (GAAP)
$
598,596
$
64,128
$
151,420
$
290,834
$
92,214
Capital expenditures
(27,570
)
(15,504
)
(2,396
)
(5,160
)
(4,510
)
Free Cash Flow (Non-GAAP)
$
571,026
$
48,624
$
149,024
$
285,674
$
87,704
Cash Flow from Operations as a Percentage of Revenue (GAAP)
29
%
14
%
34
%
50
%
16
%
Capital Expenditures as a Percentage of Revenue (GAAP)
1
%
3
%
1
%
1
%
1
%
Free Cash Flow Margin (Non-GAAP)
28
%
11
%
33
%
49
%
16
%
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in millions; unaudited)
(not prepared in accordance with GAAP)
Q2 FY27
Guidance
Operating Expense Reconciliation
GAAP Operating Expenses
$163 - 169
Stock-based compensation expense
(21)
Amortization of acquisition intangibles
(2)
Non-GAAP Operating Expenses
$140 - 146
Investor Contact:
Chelsea Heffernan
Vice President, Investor Relations
Cirrus Logic, Inc.
(512) 851-4125
Investor@cirrus.com
Source: Cirrus Logic, Inc.