Cirrus Logic, Inc. (Nasdaq: CRUS) designs low-power audio and high-performance mixed-signal semiconductors and related software. It outsources manufacturing and serves primarily smartphone applications, alongside PCs, professional audio, automotive, industrial and imaging markets.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Mar 30, 20240000772406-24-000031 | May 24, 2024 | 10-K | Open 10-Ksec.gov |
| Mar 29, 20250000772406-25-000014 | May 23, 2025 | 10-K | Open 10-Ksec.gov |
| Mar 28, 20260000772406-26-000018 | May 21, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Cirrus Logic’s fiscal 2026 improvement combined stronger smartphone-component sales, favorable product mix and lower taxes; it was not simply a broad-based demand recovery. Revenue reached $1.997 billion and GAAP net income $414.4 million, while Apple represented approximately 91% of sales. Operating cash flow benefited from inventory reductions and consumption of previously prepaid wafers. After the annual filing, first-quarter fiscal 2027 earnings increased, but operating cash flow fell as receivables and inventory absorbed cash. Management also lowered its PC revenue expectations and identified temporary wafer-cost support for September-quarter margins. Cash and investments provide financial flexibility, but binding supply commitments and a contested IRS assessment remain important exposures. October’s completed INVENTVM acquisition adds engineering capabilities; its financial terms were undisclosed. Historical Synaptics proposals were not an active transaction as of October 13.
Sources: 10-K · 2026-03-28 · 10-Q · 2026-06-27 · EX-99.2 · 2026-08-05 · EX-99.1 · 2026-10-06 · 8-K · 2026-10-13
Cirrus sells specialized chips that enable sound reproduction and processing, camera control, haptics, sensing and power management. Its fabless model avoids operating wafer factories but requires substantial engineering investment and dependable external manufacturing. Audio and High-Performance Mixed-Signal, or HPMS, are revenue categories within one reportable segment, not separately reported profit businesses. The strategy is to defend smartphone audio, add HPMS functions per smartphone and extend existing technology into other applications.
Product expansion has not yet meant customer diversification: Apple’s revenue share rose from approximately 87% in fiscal 2024 to 89% in 2025 and 91% in 2026. Purchases through different contract manufacturers do not diversify the underlying end customer. Customers generally lack minimum-purchase obligations and can change designs, suppliers or orders. Cirrus, meanwhile, incurs development costs and makes supply commitments, sometimes for customized products that cannot readily be sold elsewhere.
Sources: 10-K · 2026-03-28 · 10-K · 2024-03-30 · 10-K · 2025-03-29
For fiscal 2026, ended March 28, revenue reached $1,997.379 million, compared with $1,896.077 million in fiscal 2025. HPMS contributed most of the increase; management cited smartphone-component demand, with higher PC sales also supporting Audio. Favorable product mix lifted gross margin to 52.8% from 52.5%, and operating income increased to $460.380 million from $410.359 million. Product-level volumes, selling-price changes and PC revenue were not quantified.
GAAP net income increased to $414.408 million from $331.507 million, helped materially by tax expense falling to $82.326 million from $113.407 million. Legislation restoring immediate U.S. R&D tax deductions reduced GILTI inclusions. Diluted EPS reached $7.85 versus $6.00, also benefiting from fewer weighted-average shares. Longer comparisons require care: fiscal 2024 contained an extra week, and its profit rebound benefited substantially from the absence of fiscal 2023’s Lion-related intangible impairment.
Sources: 10-K · 2026-03-28 · 10-K · 2024-03-30
Fiscal 2026 operating cash flow was $650.598 million, versus $444.366 million in 2025. A $103.4 million favorable working-capital movement, including lower inventory and prepaid-wafer consumption, helped cash generation exceed net income. Prepayment consumption uses an asset funded earlier; it is not a new cash receipt. Cash purchases of property, equipment and software were $13.988 million, with another $0.848 million invested in technology. Ordinary share repurchases used $279.964 million; employee withholding purchases were separate.
At March 28, cash and equivalents were $800.930 million and separately classified marketable securities were $352.857 million. The annual filing also disclosed a May 4 refinancing, after fiscal year-end but before its May 21 filing: revolving capacity increased from $300 million to $350 million and maturity moved to May 4, 2031. The later quarterly filing reported the facility undrawn and covenant-compliant at June 27. Capacity is not cash, and reported compliance does not quantify headroom.
Sources: 10-K · 2026-03-28 · 10-Q · 2026-06-27
Most wafers come from TSMC and GlobalFoundries, and most individual products are not routinely dual-sourced. Capacity agreements protect access but expose Cirrus to excess inventory, unfavorable fixed prices and shortfall payments if customer demand disappoints. The IRS separately asserts approximately $168.3 million of additional tax, excluding interest, and $63.7 million of penalties over historical U.S.–U.K. transfer pricing. Cirrus disputes the assessment and has not accrued an additional liability for those assertions. Neither the outcome nor a case-specific reserve allocation is established.
Sources: 10-K · 2026-03-28 · 10-Q · 2026-06-27
Results released August 5 for the quarter ended June 27, 2026 showed revenue of $459.723 million and GAAP net income of $76.851 million, both above the prior-year quarter. Smartphone sales supported growth despite anticipated price reductions. Operating cash flow nevertheless fell to $64.128 million from $116.131 million as receivables and inventory absorbed cash. Management lowered fiscal 2027 PC revenue expectations and described September-quarter margin support as temporary. October disclosures then established a completed INVENTVM acquisition with undisclosed financial terms and confirmed that Cirrus was not pursuing a Synaptics transaction as of October 13.
Sources: 8-K · 2026-08-05 · 10-Q · 2026-06-27 · EX-99.2 · 2026-08-05 · 8-K · 2026-10-06 · EX-99.1 · 2026-10-06 · 8-K · 2026-10-13
USD 1.997379 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.997379 bn | — |
Consolidated net sales; fiscal 2026 contains 52 weeks.
Sources: 10-K · 2026-03-28
USD 1.896077 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 1.896077 bn | — |
Consolidated net sales; fiscal 2025 contains 52 weeks.
Sources: 10-K · 2026-03-28
USD 1.78889 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 1.78889 bn | — |
Consolidated net sales; fiscal 2024 contains 53 weeks.
Sources: 10-K · 2026-03-28
USD 414.408 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 414.408 m | 25.0% |
| 2025 | USD 331.507 m | 20.7% |
| 2024 | USD 274.572 m | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2026-03-28
USD 650.598 m
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 650.598 m | 46.4% |
| 2025 | USD 444.366 m | 5.4% |
| 2024 | USD 421.674 m | — |
GAAP operating cash flow, including working-capital changes and noncash-expense adjustments.
Sources: 10-K · 2026-03-28
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