Rambus Inc. (Nasdaq: RMBS) sells memory-interface chips and licenses semiconductor designs, security technologies and patents. It principally serves data-intensive computing and operates a fabless manufacturing model. Its three revenue streams belong to one reportable semiconductor segment. All dollar amounts below are U.S. dollars.
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A snapshot of what RAMBUS INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000917273-24-000028 | Feb 23, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000917273-25-000021 | Feb 24, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-057101 | Feb 18, 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.
Rambus's stronger chip business and licensing growth remain qualified by recognition timing, customer concentration and rising expenses. First-quarter cash generation improved, but first-half margins and cash conversion weakened. The April quarterly filing already disclosed the DOJ subpoena; July repeated it. The added licensing documents establish qualified contractual terms, not guaranteed collections. The August ASR remains unconfirmed as paid, delivered or completed in the supplied evidence.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-27 · EX-10.1 · 2023-03-31 · EX-10.29 · 2024-12-31 · EX-10.1 · 2026-08-04 · EX-99.1 · 2026-08-04
Rambus supplies components that help processors communicate with memory, alongside reusable semiconductor designs and security IP. Its chip portfolio includes clock drivers, buffers, power-management chips, SPD hubs and temperature sensors for server and client memory modules. Customers incorporate its silicon IP into their own chips, while patent licensees pay for rights to inventions. Outsourced fabrication limits factory investment but creates supplier dependence. These activities have different revenue-recognition patterns, yet Rambus reports one consolidated segment—not separate chip, IP and patent operating profits. Management links its opportunity to AI and high-performance computing; the filings do not separately quantify AI revenue.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, revenue reached $707.630 million and GAAP operating income $260.218 million. Management attributed higher product revenue to memory-interface chip sales and new products, and higher royalties primarily to agreement timing and structure. Contract and other revenue declined because of lower Silicon IP revenue. Operating margin increased to 36.8% from 32.9% as revenue outpaced operating expenses, although gross margin slipped to 79.6% from 80.3%. This is evidence of consolidated operating leverage, not a disclosed improvement in every product's profitability.
GAAP net income of $230.455 million exceeded 2024's $179.821 million but remained below 2023's $333.904 million. That comparison is distorted by 2023 disposal gains and a large deferred-tax valuation-allowance release. In contrast, 2024 benefited from renewal-heavy royalty growth and an earn-out remeasurement credit. None of these years should be treated as an unchanged recurring-earnings baseline.
Sources: 10-K · 2025-12-31 · 10-K · 2023-12-31 · 10-K · 2024-12-31
Operating cash flow reached $360.019 million in 2025, compared with $230.599 million in 2024. Noncash compensation, deferred taxes and operating-liability movements helped explain why cash flow exceeded net income. Year-end cash and equivalents were $182.826 million; including separately classified marketable securities, the pool totaled $761.831 million. Repurchase cash spending fell to $7.114 million from $113.312 million. Rambus also spent $26.842 million on investing-classified property and equipment purchases and $12.289 million on financing-classified asset installments. No convertible notes remained, but software-license and lease obligations did. The company has never paid cash dividends; unused buyback authority is not committed spending.
Sources: 10-K · 2025-12-31
The five largest customers supplied 66% of 2025 revenue. Losing a customer, delayed qualification or distributor inventory adjustments could therefore matter disproportionately. Orders can change after Rambus has committed inventory, and some manufacturing inputs have sole sources. Patent agreements can expire, become fully paid-up or include comparable-rate clauses that constrain pricing. Fixed-fee revenue can be recognized before cash collection, so royalties are neither a pure shipment indicator nor a guaranteed annual cash stream. Export controls, Asian supply-chain disruption, patent enforceability and product-security liabilities remain material dependencies. Long-term growth expectations are conditional on adoption, renewals, delivery execution and continued technology investment.
The first-quarter report puts the top five customers at approximately 70% of quarterly revenue; it does not identify anonymous concentration-table customers by name. The executed SK hynix amendment and Micron renewal establish specified rights and dates, not unconditional cash through their expiration dates. Redactions and absent underlying or intervening agreements prevent a complete current-contract analysis. The DOJ subpoena response is a separate disclosed risk, not proof of wrongdoing or a quantified liability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-03-31 · EX-10.1 · 2023-03-31 · EX-10.16 · 2024-12-31 · EX-10.29 · 2024-12-31 · 10-Q · 2026-06-30
The April 28 first-quarter report explains why stronger sales did not produce higher operating income: payroll, prototyping, depreciation and legal costs increased, while royalty weakness reflected agreement timing and structure. Operating cash flow increased to $83.209 million from $77.414 million. Receivables contributed $28.134 million, while inventory absorbed $14.326 million; reductions in accrued compensation and other liabilities and deferred revenue also used cash. Cash alone declined as securities increased, while combined cash, equivalents and marketable securities reached $786.139 million. These are reported quarterly results, not figures derived by subtracting later periods.
The July 28, 2026 unaudited 10-Q reported second-quarter revenue of $207.385 million and net income of $67.605 million. For January–June, revenue was $387.574 million and operating income $134.489 million. All three revenue categories increased, but higher staffing, prototyping, professional fees and a $3.320 million workforce-reduction charge absorbed part of the increase. First-half operating margin fell to 34.7% from 37.2%. The restructuring was substantially completed in the second quarter; savings were not quantified.
First-half operating cash flow declined to $144.458 million from $171.773 million despite higher earnings. Inventory absorbed cash and reached $74.836 million, versus $44.098 million at December 31. The broader cash-and-securities pool nevertheless increased to $824.948 million, although cash alone declined as funds moved into securities. These interim results are not a full-year forecast.
The April release deferred full second-quarter revenue guidance to its call; its category endpoints are not a disclosed consolidated range. The July release reports that second-quarter revenue exceeded the previously stated $192–198 million range and gives third-quarter revenue guidance of $210–216 million. Its $69–75 million royalty outlook is below second-quarter royalties, without a customer-specific explanation. Category endpoints do not replace the stated consolidated range, and guidance depends on additional customer agreements. The unspecified $0.8 million guidance adjustment remains unexplained; forecasts are not achieved results.
Sources: 10-Q · 2026-03-31 · EX-99.1 · 2026-04-27 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-27
The April 28 first-quarter filing already disclosed that Rambus began responding in first-quarter 2026 to a federal grand-jury subpoena in a DOJ Antitrust Division criminal investigation. The July report repeated that disclosure; it was not the first supplied disclosure. No charges, finding of wrongdoing or quantified exposure were disclosed. Neither the investigated conduct nor Rambus's target or witness status is established. Increased legal or professional fees were not expressly attributed to DOJ.
The August 5 filing reported a $100 million accelerated repurchase agreement executed August 4, and the accompanying release announced initiation. Both describe payment and initial delivery prospectively. Completion was expected by third-quarter end, but supplied evidence does not confirm payment, initial delivery, final settlement or completion as of October 24. The public confirmation form supplies conditional mechanics, not populated private transaction terms or proof of settlement.
Sumeet Gagneja became CFO on April 29, ending John Allen's interim CFO assignment. A September 4 filing subsequently announced William Taulbee's appointment to succeed Allen as chief accounting officer effective September 8, with Allen remaining employed through September 30. That filing preceded both dates and does not itself confirm the handover or the end of employment. Elapsed time does not establish execution or extinguish possible employment-related obligations.
Sources: 10-Q · 2026-03-31 · 10-Q · 2026-06-30 · 8-K · 2026-08-04 · EX-99.1 · 2026-08-04 · EX-10.1 · 2026-08-04 · 8-K · 2026-04-27 · 8-K · 2026-04-29 · 8-K · 2026-08-31
USD 707.63 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 707.63 m | 27.1% |
| 2024 | USD 556.624 m | — |
Consolidated product, royalties, and contract and other revenue.
Sources: 10-K · 2025-12-31
USD 461.117 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 461.117 m | — |
Consolidated product, royalties, and contract and other revenue; includes pre-disposal PHY IP activity.
Sources: 10-K · 2025-12-31
USD 230.455 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 230.455 m | 28.2% |
| 2024 | USD 179.821 m | — |
Consolidated GAAP income after income taxes, including reported gains and charges.
Sources: 10-K · 2025-12-31
USD 333.904 m
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 333.904 m | — |
Consolidated GAAP income after income taxes; includes valuation-allowance release and disposal gains, not adjusted earnings.
Sources: 10-K · 2025-12-31
USD 360.019 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 360.019 m | 56.1% |
| 2024 | USD 230.599 m | 17.8% |
| 2023 | USD 195.786 m | — |
Consolidated operating cash flow after operating working-capital movements; not net income or free cash flow.
Sources: 10-K · 2025-12-31
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