{"success":true,"data":{"pressRelease":{"id":"109895","rtpr_id":"nBw75Tk3Ra","ticker":"CRUS","exchange":"NASDAQ","all_tickers":["CRUS"],"title":"Cirrus Logic Reports Record Fiscal First Quarter Revenue of $460 Million","author":"Business Wire","published_at":"2026-08-05T20:00:00.218Z","article_body":"Cirrus Logic Reports Record Fiscal First Quarter Revenue of $460 Million\n\nCirrus Logic, Inc. (NASDAQ: CRUS) posted on its website at investor.cirrus.com\nthe quarterly Shareholder Letter that contains the complete financial results\nfor the first quarter of fiscal year 2027, which ended June 27, 2026, as well\nas the company’s current business outlook.\n\n“Cirrus Logic delivered record first quarter revenue and earnings per share\nin the June quarter,” said John Forsyth, Cirrus Logic president and chief\nexecutive officer. “During the quarter, we experienced strong demand for\ncustom components shipping into smartphones. The company also made meaningful\nprogress executing on key strategic initiatives. In our PC business, we saw\nconsiderable interest in our latest smart codec for AI-enabled PCs and are\nengaged with multiple customers on designs for next calendar year. We also\nrecently taped out a new high-performance analog front-end component targeting\nmetrology applications, further strengthening our general market portfolio.\nLooking forward, we remain confident in our ability to leverage our\nmixed-signal design expertise to drive growth across new applications and\nmarkets for years to come.”\n\nReported Financial Results – First Quarter FY27\n\n\n * Revenue of $459.7 million;\n\n * GAAP gross margin of 52.6 percent and non-GAAP gross margin of 52.7 percent;\n\n * GAAP operating expenses of $157.4 million and non-GAAP operating expenses of\n$135.4 million; and\n\n * GAAP earnings per share of $1.47 and non-GAAP earnings per share of $1.84.\n\nA reconciliation of GAAP to non-GAAP financial information is included in the\ntables accompanying this press release.\n\nBusiness Outlook – Second Quarter FY27\n\n\n * Revenue is expected to range between $510 million and $570 million;\n\n * GAAP gross margin is forecasted to be between 52 percent and 54 percent; and\n\n * Combined GAAP R&D and SG&A expenses are anticipated to range between\n$163 million and $169 million, including approximately $21 million in\nstock-based compensation expense and $2 million in amortization of acquisition\nintangibles, resulting in a non-GAAP operating expense range between $140\nmillion and $146 million.\n\nCirrus Logic will host a live Q&A session at 5 p.m. ET today to discuss\nits financial results and business outlook. Participants may listen to the\nconference call on the investor relations website at investor.cirrus.com. A\nreplay of the webcast can be accessed on the Cirrus Logic website.\n\nAbout Cirrus Logic, Inc.\n\nCirrus Logic is a leader in low-power, high-precision mixed-signal processing\nsolutions that create innovative user experiences for the world’s top mobile\nand consumer applications. With headquarters in Austin, Texas, Cirrus Logic is\nrecognized globally for its award-winning corporate culture.\n\nCirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of\nCirrus Logic, Inc. All other company or product names noted herein may be\ntrademarks of their respective holders.\n\nUse of non-GAAP Financial Information\n\nTo supplement Cirrus Logic's financial statements presented on a GAAP basis,\nthe company has provided non-GAAP financial information, including non-GAAP\nnet income, diluted earnings per share, operating income and profit, operating\nexpenses, gross margin and profit, tax expense, tax expense impact on earnings\nper share, effective tax rate, free cash flow, and free cash flow margin. A\nreconciliation of the adjustments to GAAP results is included in the tables\nbelow.\n\nNon-GAAP financial information is not meant as a substitute for GAAP results\nbut is included because management believes such information is useful to our\ninvestors for informational and comparative purposes. In addition, certain\nnon-GAAP financial information is used internally by management to evaluate\nand manage the company. The non-GAAP financial information used by Cirrus\nLogic may differ from that used by other companies. These non-GAAP measures\nshould be considered in addition to, and not as a substitute for, the results\nprepared in accordance with GAAP.\n\nSafe Harbor Statement\n\nExcept for historical information contained herein, the matters set forth in\nthis news release contain forward-looking statements including our statements\nabout our ability to leverage our mixed-signal design expertise to drive\ngrowth across new applications and markets for years to come; and our\nestimates for the second quarter fiscal year 2027 revenue, gross margin,\ncombined research and development and selling, general and administrative\nexpense levels, stock-based compensation expense, amortization of acquisition\nintangibles, and our resulting non-GAAP operating expense range. In some\ncases, forward-looking statements are identified by words such as\n“expect,” “anticipate,” “target,” “project,” “believe,”\n“goals,” “opportunity,” “estimates,” “intend,” and variations\nof these types of words and similar expressions. In addition, any statements\nthat refer to our plans, expectations, strategies, or other characterizations\nof future events or circumstances are forward-looking statements. These\nforward-looking statements are based on our current expectations, estimates,\nand assumptions and are subject to certain risks and uncertainties that could\ncause actual results to differ materially, and readers should not place undue\nreliance on such statements. These risks and uncertainties include, but are\nnot limited to, the following: the level and timing of orders and shipments\nduring the second quarter of fiscal year 2027; customer cancellations of\norders; the failure to place orders consistent with forecasts; global economic\nconditions and uncertainty; and our ability to develop and commercialize\nproducts and technologies for new markets, along with the risk factors listed\nin our Form 10-K for the year ended March 28, 2026 and in our other filings\nwith the Securities and Exchange Commission, which are available at\nwww.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54584033&newsitemid=20260805840521&lan=en-US&anchor=www.sec.gov&index=1&md5=e639ee8d29619777ecbe58c76d6db7da)\n. The foregoing information concerning our business outlook represents our\noutlook as of the date of this news release, and we expressly disclaim any\nobligation to update or revise any forward-looking statements, whether as a\nresult of new developments or otherwise, unless required by law.\n                                                                                                       \n CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS                                                        \n (in thousands, except per share data; unaudited)                                                      \n                                                                                                       \n                                      Three Months Ended                                               \n                                      Jun. 27,               Mar. 28,               Jun. 28,           \n                                           2026                   2026                   2025          \n                                      Q1'27                  Q4'26                  Q1'26              \n Audio                                $    249,034           $    257,220           $    240,043       \n High-Performance Mixed-Signal             210,689                191,303                167,229       \n Net sales                                 459,723                448,523                407,272       \n Cost of sales                             217,868                210,881                193,242       \n Gross profit                              241,855                237,642                214,030       \n Gross margin                              52.6     %             53.0     %             52.6     %    \n                                                                                                       \n Research and development                  115,013                107,487                102,892       \n Selling, general and administrative       42,406                 39,860                 38,744        \n Total operating expenses                  157,419                147,347                141,636       \n                                                                                                       \n Income from operations                    84,436                 90,295                 72,394        \n                                                                                                       \n Interest income                           10,082                 10,248                 8,622         \n Other expense                             (363     )             (282     )             (388     )    \n Income before income taxes                94,155                 100,261                80,628        \n Provision for income taxes                17,304                 18,456                 19,931        \n Net income                           $    76,851            $    81,805            $    60,697        \n                                                                                                       \n Basic earnings per share             $    1.52              $    1.61              $    1.17          \n Diluted earnings per share:          $    1.47              $    1.56              $    1.14          \n                                                                                                       \n Weighted average number of shares:                                                                    \n Basic                                     50,550                 50,822                 51,727        \n Diluted                                   52,353                 52,369                 53,319        \n                                                                                                       \n Prepared in accordance with Generally Accepted Accounting Principles                                  \n                                                                                                       \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION                                                      \n (in thousands, except per share data; unaudited)                                                                    \n (not prepared in accordance with GAAP)                                                                              \n                                                                                                                     \n Non-GAAP financial information is not meant as a substitute for GAAP results,                                       \n but is included because management believes such information is useful to our                                       \n investors for informational and comparative purposes. In addition, certain                                          \n non-GAAP financial information is used internally by management to evaluate                                         \n and manage the company. As a note, the non-GAAP financial information used by                                       \n Cirrus Logic may differ from that used by other companies. These non-GAAP                                           \n measures should be considered in addition to, and not as a substitute for, the                                      \n results prepared in accordance with GAAP.                                                                           \n                                                                                                                     \n                                                    Three Months Ended                                               \n                                                    Jun. 27,               Mar. 28,               Jun. 28,           \n                                                         2026                   2026                   2025          \n Net Income Reconciliation                          Q1'27                  Q4'26                  Q1'26              \n GAAP Net Income                                    $    76,851            $    81,805            $    60,697        \n Amortization of acquisition intangibles                 1,647                  1,647                  1,647         \n Stock-based compensation expense                        20,589                 19,847                 20,809        \n Adjustment to income taxes                              (2,988   )             (1,020   )             (2,839   )    \n Non-GAAP Net Income                                $    96,099            $    102,279           $    80,314        \n                                                                                                                     \n Earnings Per Share Reconciliation                                                                                   \n GAAP Diluted earnings per share                    $    1.47              $    1.56              $    1.14          \n Effect of Amortization of acquisition intangibles       0.03                   0.03                   0.03          \n Effect of Stock-based compensation expense              0.40                   0.38                   0.39          \n Effect of Adjustment to income taxes                    (0.06    )             (0.02    )             (0.05    )    \n Non-GAAP Diluted earnings per share                $    1.84              $    1.95              $    1.51          \n                                                                                                                     \n Operating Income Reconciliation                                                                                     \n GAAP Operating Income                              $    84,436            $    90,295            $    72,394        \n GAAP Operating Profit                                   18.4     %             20.1     %             17.8     %    \n Amortization of acquisition intangibles                 1,647                  1,647                  1,647         \n Stock-based compensation expense - COGS                 238                    289                    300           \n Stock-based compensation expense - R&D                  13,245                 12,327                 13,072        \n Stock-based compensation expense - SG&A                 7,106                  7,231                  7,437         \n Non-GAAP Operating Income                          $    106,672           $    111,789           $    94,850        \n Non-GAAP Operating Profit                               23.2     %             24.9     %             23.3     %    \n                                                                                                                     \n Operating Expense Reconciliation                                                                                    \n GAAP Operating Expenses                            $    157,419           $    147,347           $    141,636       \n Amortization of acquisition intangibles                 (1,647   )             (1,647   )             (1,647   )    \n Stock-based compensation expense - R&D                  (13,245  )             (12,327  )             (13,072  )    \n Stock-based compensation expense - SG&A                 (7,106   )             (7,231   )             (7,437   )    \n Non-GAAP Operating Expenses                        $    135,421           $    126,142           $    119,480       \n                                                                                                                     \n Gross Margin/Profit Reconciliation                                                                                  \n GAAP Gross Profit                                  $    241,855           $    237,642           $    214,030       \n GAAP Gross Margin                                       52.6     %             53.0     %             52.6     %    \n Stock-based compensation expense - COGS                 238                    289                    300           \n Non-GAAP Gross Profit                              $    242,093           $    237,931           $    214,330       \n Non-GAAP Gross Margin                                   52.7     %             53.0     %             52.6     %    \n                                                                                                                     \n Effective Tax Rate Reconciliation                                                                                   \n GAAP Tax Expense                                   $    17,304            $    18,456            $    19,931        \n GAAP Effective Tax Rate                                 18.4     %             18.4     %             24.7     %    \n Adjustments to income taxes                             2,988                  1,020                  2,839         \n Non-GAAP Tax Expense                               $    20,292            $    19,476            $    22,770        \n Non-GAAP Effective Tax Rate                             17.4     %             16.0     %             22.1     %    \n                                                                                                                     \n Tax Impact to EPS Reconciliation                                                                                    \n GAAP Tax Expense                                   $    0.33              $    0.35              $    0.37          \n Adjustments to income taxes                             0.06                   0.02                   0.05          \n Non-GAAP Tax Expense                               $    0.39              $    0.37              $    0.42          \n                                                                                                                     \n\n CONSOLIDATED CONDENSED BALANCE SHEET                                                                                   \n (in thousands; unaudited)                                                                                              \n                                                                                                                        \n                                                 Jun. 27,                 Mar. 28,                 Jun. 28,             \n                                                      2026                     2026                     2025            \n ASSETS                                                                                                                 \n Current assets                                                                                                         \n Cash and cash equivalents                       $    810,666             $    800,930             $    548,870         \n Marketable securities                                80,596                   86,697                   65,925          \n Accounts receivable, net                             253,971                  220,149                  214,085         \n Inventories                                          262,746                  240,871                  278,984         \n Prepaid assets                                       44,449                   47,587                   44,243          \n Prepaid wafers                                       —                        14,733                   61,934          \n Other current assets                                 21,040                   22,741                   27,081          \n Total current assets                                 1,473,468                1,433,708                1,241,122       \n                                                                                                                        \n Long-term marketable securities                      276,056                  266,160                  232,959         \n Right-of-use lease assets                            117,066                  120,676                  123,718         \n Property and equipment, net                          149,845                  143,975                  154,340         \n Intangibles, net                                     19,168                   20,727                   25,718          \n Goodwill                                             435,936                  435,936                  435,936         \n Deferred tax assets                                  54,443                   49,824                   54,037          \n Other assets                                         34,298                   18,368                   26,887          \n Total assets                                    $    2,560,280           $    2,489,374           $    2,294,717       \n                                                                                                                        \n LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                   \n Current liabilities                                                                                                    \n Accounts payable                                $    78,090              $    80,645              $    66,321          \n Accrued salaries and benefits                        44,182                   52,723                   43,146          \n Software license agreements                          22,091                   22,229                   21,511          \n Current lease liabilities                            20,761                   19,872                   21,075          \n Other accrued liabilities                            29,176                   19,187                   36,625          \n Total current liabilities                            194,300                  194,656                  188,678         \n                                                                                                                        \n Non-current lease liabilities                        109,703                  114,105                  120,272         \n Non-current income taxes                             47,320                   46,721                   44,693          \n Software license agreements                          19,826                   5,896                    10,790          \n Total long-term liabilities                          176,849                  166,722                  175,755         \n                                                                                                                        \n Stockholders' equity:                                                                                                  \n Capital stock                                        1,967,875                1,945,958                1,881,472       \n Accumulated earnings                                 224,213                  184,881                  49,035          \n Accumulated other comprehensive loss                 (2,957     )             (2,843     )             (223       )    \n Total stockholders' equity                           2,189,131                2,127,996                1,930,284       \n Total liabilities and stockholders' equity      $    2,560,280           $    2,489,374           $    2,294,717       \n                                                                                                                        \n Prepared in accordance with Generally Accepted Accounting Principles                                                   \n                                                                                                                        \n\n CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS                                                                         \n (in thousands; unaudited)                                                                                              \n                                                                                                                        \n                                                                            Three Months Ended                          \n                                                                                                                        \n                                                                            Jun. 27,                Jun. 28,            \n                                                                                 2026                    2025           \n                                                                            Q1'27                   Q1'26               \n Cash flows from operating activities:                                                                                  \n Net income                                                                 $    76,851             $    60,697         \n Adjustments to reconcile net income to net cash provided by operating                                                  \n activities:                                                                                                            \n Depreciation and amortization                                                   13,156                  13,173         \n Stock-based compensation expense                                                20,589                  20,809         \n Deferred income taxes                                                           (4,600   )              (5,938    )    \n Gain on retirement or write-off of long-lived assets                            (67      )              —              \n Other non-cash adjustments                                                      152                     (16       )    \n Net change in operating assets and liabilities:                                                                        \n Accounts receivable                                                             (33,822  )              1,924          \n Inventories                                                                     (21,875  )              20,108         \n Prepaid wafers                                                                  14,733                  6,138          \n Other assets                                                                    3,723                   2,014          \n Accounts payable and other accrued liabilities                                  (7,976   )              (8,806    )    \n Income taxes payable                                                            3,264                   6,028          \n Net cash provided by operating activities                                       64,128                  116,131        \n Cash flows from investing activities:                                                                                  \n Maturities and sales of available-for-sale marketable securities                47,044                  22,990         \n Purchases of available-for-sale marketable securities                           (50,930  )              (26,435   )    \n Purchases of property, equipment and software                                   (15,143  )              (2,638    )    \n Investments in technology                                                       (361     )              (132      )    \n Net cash used in investing activities                                           (19,390  )              (6,215    )    \n Cash flows from financing activities:                                                                                  \n Debt issuance costs                                                             (2,057   )              —              \n Net proceeds from the issuance of common stock                                  1,329                   382            \n Repurchase of stock to satisfy employee tax withholding obligations             (2,774   )              (1,049    )    \n Repurchase and retirement of common stock                                       (31,500  )              (99,999   )    \n Net cash used in financing activities                                           (35,002  )              (100,666  )    \n Net increase in cash and cash equivalents                                       9,736                   9,250          \n Cash and cash equivalents at beginning of period                                800,930                 539,620        \n Cash and cash equivalents at end of period                                 $    810,666            $    548,870        \n                                                                                                                        \n Prepared in accordance with Generally Accepted Accounting Principles                                                   \n                                                                                                                        \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION                                                                                                                         \n (in thousands; unaudited)                                                                                                                                                              \n                                                                                                                                                                                        \n Free cash flow, a non-GAAP financial measure, is GAAP cash flow from                                                                                                                   \n operations (or cash provided by operating activities) less capital                                                                                                                     \n expenditures. Capital expenditures include purchases of property, equipment                                                                                                            \n and software as well as investments in technology, as presented within our                                                                                                             \n GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin                                                                                                             \n represents free cash flow divided by revenue.                                                                                                                                          \n                                                                                                                                                                                        \n                                                                  Twelve Months Ended            Three Months Ended                                                                     \n                                                                                                                                                                                        \n                                                                  Jun. 27,                       Jun. 27,               Mar. 28,               Dec. 27,               Sep. 27,          \n                                                                           2026                       2026                   2026                   2025                   2025         \n                                                                  Q1'27                          Q1'27                  Q4'26                  Q3'26                  Q2'26             \n                                                                                                                                                                                        \n Net cash provided by operating activities (GAAP)                 $        598,596               $    64,128            $    151,420           $    290,834           $    92,214       \n Capital expenditures                                                      (27,570  )                 (15,504  )             (2,396   )             (5,160   )             (4,510  )    \n Free Cash Flow (Non-GAAP)                                        $        571,026               $    48,624            $    149,024           $    285,674           $    87,704       \n                                                                                                                                                                                        \n Cash Flow from Operations as a Percentage of Revenue (GAAP)               29       %                 14       %             34       %             50       %             16      %    \n Capital Expenditures as a Percentage of Revenue (GAAP)                    1        %                 3        %             1        %             1        %             1       %    \n Free Cash Flow Margin (Non-GAAP)                                          28       %                 11       %             33       %             49       %             16      %    \n                                                                                                                                                                                        \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION \n (in millions; unaudited)                                 \n (not prepared in accordance with GAAP)                   \n                                                          \n                                              Q2 FY27     \n                                              Guidance    \n Operating Expense Reconciliation                         \n GAAP Operating Expenses                      $163 - 169  \n Stock-based compensation expense             (21)        \n Amortization of acquisition intangibles      (2)         \n Non-GAAP Operating Expenses                  $140 - 146  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260805840521/en/\n(https://www.businesswire.com/news/home/20260805840521/en/)\n\nInvestor Contact: \n\nChelsea Heffernan\n\nVice President, Investor Relations\n\nCirrus Logic, Inc.\n\n(512) 851-4125\n\nInvestor@cirrus.com (mailto:Investor@cirrus.com)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw75Tk3Ra","title":"Cirrus Logic Reports Record Fiscal First Quarter Revenue of $460 Million","author":"Business Wire","ticker":"CRUS","created":"2026-08-05T20:00:00.218Z","tickers":["CRUS"],"exchange":"NASDAQ","article_body":"Cirrus Logic Reports Record Fiscal First Quarter Revenue of $460 Million\n\nCirrus Logic, Inc. (NASDAQ: CRUS) posted on its website at investor.cirrus.com\nthe quarterly Shareholder Letter that contains the complete financial results\nfor the first quarter of fiscal year 2027, which ended June 27, 2026, as well\nas the company’s current business outlook.\n\n“Cirrus Logic delivered record first quarter revenue and earnings per share\nin the June quarter,” said John Forsyth, Cirrus Logic president and chief\nexecutive officer. “During the quarter, we experienced strong demand for\ncustom components shipping into smartphones. The company also made meaningful\nprogress executing on key strategic initiatives. In our PC business, we saw\nconsiderable interest in our latest smart codec for AI-enabled PCs and are\nengaged with multiple customers on designs for next calendar year. We also\nrecently taped out a new high-performance analog front-end component targeting\nmetrology applications, further strengthening our general market portfolio.\nLooking forward, we remain confident in our ability to leverage our\nmixed-signal design expertise to drive growth across new applications and\nmarkets for years to come.”\n\nReported Financial Results – First Quarter FY27\n\n\n * Revenue of $459.7 million;\n\n * GAAP gross margin of 52.6 percent and non-GAAP gross margin of 52.7 percent;\n\n * GAAP operating expenses of $157.4 million and non-GAAP operating expenses of\n$135.4 million; and\n\n * GAAP earnings per share of $1.47 and non-GAAP earnings per share of $1.84.\n\nA reconciliation of GAAP to non-GAAP financial information is included in the\ntables accompanying this press release.\n\nBusiness Outlook – Second Quarter FY27\n\n\n * Revenue is expected to range between $510 million and $570 million;\n\n * GAAP gross margin is forecasted to be between 52 percent and 54 percent; and\n\n * Combined GAAP R&D and SG&A expenses are anticipated to range between\n$163 million and $169 million, including approximately $21 million in\nstock-based compensation expense and $2 million in amortization of acquisition\nintangibles, resulting in a non-GAAP operating expense range between $140\nmillion and $146 million.\n\nCirrus Logic will host a live Q&A session at 5 p.m. ET today to discuss\nits financial results and business outlook. Participants may listen to the\nconference call on the investor relations website at investor.cirrus.com. A\nreplay of the webcast can be accessed on the Cirrus Logic website.\n\nAbout Cirrus Logic, Inc.\n\nCirrus Logic is a leader in low-power, high-precision mixed-signal processing\nsolutions that create innovative user experiences for the world’s top mobile\nand consumer applications. With headquarters in Austin, Texas, Cirrus Logic is\nrecognized globally for its award-winning corporate culture.\n\nCirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of\nCirrus Logic, Inc. All other company or product names noted herein may be\ntrademarks of their respective holders.\n\nUse of non-GAAP Financial Information\n\nTo supplement Cirrus Logic's financial statements presented on a GAAP basis,\nthe company has provided non-GAAP financial information, including non-GAAP\nnet income, diluted earnings per share, operating income and profit, operating\nexpenses, gross margin and profit, tax expense, tax expense impact on earnings\nper share, effective tax rate, free cash flow, and free cash flow margin. A\nreconciliation of the adjustments to GAAP results is included in the tables\nbelow.\n\nNon-GAAP financial information is not meant as a substitute for GAAP results\nbut is included because management believes such information is useful to our\ninvestors for informational and comparative purposes. In addition, certain\nnon-GAAP financial information is used internally by management to evaluate\nand manage the company. The non-GAAP financial information used by Cirrus\nLogic may differ from that used by other companies. These non-GAAP measures\nshould be considered in addition to, and not as a substitute for, the results\nprepared in accordance with GAAP.\n\nSafe Harbor Statement\n\nExcept for historical information contained herein, the matters set forth in\nthis news release contain forward-looking statements including our statements\nabout our ability to leverage our mixed-signal design expertise to drive\ngrowth across new applications and markets for years to come; and our\nestimates for the second quarter fiscal year 2027 revenue, gross margin,\ncombined research and development and selling, general and administrative\nexpense levels, stock-based compensation expense, amortization of acquisition\nintangibles, and our resulting non-GAAP operating expense range. In some\ncases, forward-looking statements are identified by words such as\n“expect,” “anticipate,” “target,” “project,” “believe,”\n“goals,” “opportunity,” “estimates,” “intend,” and variations\nof these types of words and similar expressions. In addition, any statements\nthat refer to our plans, expectations, strategies, or other characterizations\nof future events or circumstances are forward-looking statements. These\nforward-looking statements are based on our current expectations, estimates,\nand assumptions and are subject to certain risks and uncertainties that could\ncause actual results to differ materially, and readers should not place undue\nreliance on such statements. These risks and uncertainties include, but are\nnot limited to, the following: the level and timing of orders and shipments\nduring the second quarter of fiscal year 2027; customer cancellations of\norders; the failure to place orders consistent with forecasts; global economic\nconditions and uncertainty; and our ability to develop and commercialize\nproducts and technologies for new markets, along with the risk factors listed\nin our Form 10-K for the year ended March 28, 2026 and in our other filings\nwith the Securities and Exchange Commission, which are available at\nwww.sec.gov\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov&esheet=54584033&newsitemid=20260805840521&lan=en-US&anchor=www.sec.gov&index=1&md5=e639ee8d29619777ecbe58c76d6db7da)\n. The foregoing information concerning our business outlook represents our\noutlook as of the date of this news release, and we expressly disclaim any\nobligation to update or revise any forward-looking statements, whether as a\nresult of new developments or otherwise, unless required by law.\n                                                                                                       \n CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS                                                        \n (in thousands, except per share data; unaudited)                                                      \n                                                                                                       \n                                      Three Months Ended                                               \n                                      Jun. 27,               Mar. 28,               Jun. 28,           \n                                           2026                   2026                   2025          \n                                      Q1'27                  Q4'26                  Q1'26              \n Audio                                $    249,034           $    257,220           $    240,043       \n High-Performance Mixed-Signal             210,689                191,303                167,229       \n Net sales                                 459,723                448,523                407,272       \n Cost of sales                             217,868                210,881                193,242       \n Gross profit                              241,855                237,642                214,030       \n Gross margin                              52.6     %             53.0     %             52.6     %    \n                                                                                                       \n Research and development                  115,013                107,487                102,892       \n Selling, general and administrative       42,406                 39,860                 38,744        \n Total operating expenses                  157,419                147,347                141,636       \n                                                                                                       \n Income from operations                    84,436                 90,295                 72,394        \n                                                                                                       \n Interest income                           10,082                 10,248                 8,622         \n Other expense                             (363     )             (282     )             (388     )    \n Income before income taxes                94,155                 100,261                80,628        \n Provision for income taxes                17,304                 18,456                 19,931        \n Net income                           $    76,851            $    81,805            $    60,697        \n                                                                                                       \n Basic earnings per share             $    1.52              $    1.61              $    1.17          \n Diluted earnings per share:          $    1.47              $    1.56              $    1.14          \n                                                                                                       \n Weighted average number of shares:                                                                    \n Basic                                     50,550                 50,822                 51,727        \n Diluted                                   52,353                 52,369                 53,319        \n                                                                                                       \n Prepared in accordance with Generally Accepted Accounting Principles                                  \n                                                                                                       \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION                                                      \n (in thousands, except per share data; unaudited)                                                                    \n (not prepared in accordance with GAAP)                                                                              \n                                                                                                                     \n Non-GAAP financial information is not meant as a substitute for GAAP results,                                       \n but is included because management believes such information is useful to our                                       \n investors for informational and comparative purposes. In addition, certain                                          \n non-GAAP financial information is used internally by management to evaluate                                         \n and manage the company. As a note, the non-GAAP financial information used by                                       \n Cirrus Logic may differ from that used by other companies. These non-GAAP                                           \n measures should be considered in addition to, and not as a substitute for, the                                      \n results prepared in accordance with GAAP.                                                                           \n                                                                                                                     \n                                                    Three Months Ended                                               \n                                                    Jun. 27,               Mar. 28,               Jun. 28,           \n                                                         2026                   2026                   2025          \n Net Income Reconciliation                          Q1'27                  Q4'26                  Q1'26              \n GAAP Net Income                                    $    76,851            $    81,805            $    60,697        \n Amortization of acquisition intangibles                 1,647                  1,647                  1,647         \n Stock-based compensation expense                        20,589                 19,847                 20,809        \n Adjustment to income taxes                              (2,988   )             (1,020   )             (2,839   )    \n Non-GAAP Net Income                                $    96,099            $    102,279           $    80,314        \n                                                                                                                     \n Earnings Per Share Reconciliation                                                                                   \n GAAP Diluted earnings per share                    $    1.47              $    1.56              $    1.14          \n Effect of Amortization of acquisition intangibles       0.03                   0.03                   0.03          \n Effect of Stock-based compensation expense              0.40                   0.38                   0.39          \n Effect of Adjustment to income taxes                    (0.06    )             (0.02    )             (0.05    )    \n Non-GAAP Diluted earnings per share                $    1.84              $    1.95              $    1.51          \n                                                                                                                     \n Operating Income Reconciliation                                                                                     \n GAAP Operating Income                              $    84,436            $    90,295            $    72,394        \n GAAP Operating Profit                                   18.4     %             20.1     %             17.8     %    \n Amortization of acquisition intangibles                 1,647                  1,647                  1,647         \n Stock-based compensation expense - COGS                 238                    289                    300           \n Stock-based compensation expense - R&D                  13,245                 12,327                 13,072        \n Stock-based compensation expense - SG&A                 7,106                  7,231                  7,437         \n Non-GAAP Operating Income                          $    106,672           $    111,789           $    94,850        \n Non-GAAP Operating Profit                               23.2     %             24.9     %             23.3     %    \n                                                                                                                     \n Operating Expense Reconciliation                                                                                    \n GAAP Operating Expenses                            $    157,419           $    147,347           $    141,636       \n Amortization of acquisition intangibles                 (1,647   )             (1,647   )             (1,647   )    \n Stock-based compensation expense - R&D                  (13,245  )             (12,327  )             (13,072  )    \n Stock-based compensation expense - SG&A                 (7,106   )             (7,231   )             (7,437   )    \n Non-GAAP Operating Expenses                        $    135,421           $    126,142           $    119,480       \n                                                                                                                     \n Gross Margin/Profit Reconciliation                                                                                  \n GAAP Gross Profit                                  $    241,855           $    237,642           $    214,030       \n GAAP Gross Margin                                       52.6     %             53.0     %             52.6     %    \n Stock-based compensation expense - COGS                 238                    289                    300           \n Non-GAAP Gross Profit                              $    242,093           $    237,931           $    214,330       \n Non-GAAP Gross Margin                                   52.7     %             53.0     %             52.6     %    \n                                                                                                                     \n Effective Tax Rate Reconciliation                                                                                   \n GAAP Tax Expense                                   $    17,304            $    18,456            $    19,931        \n GAAP Effective Tax Rate                                 18.4     %             18.4     %             24.7     %    \n Adjustments to income taxes                             2,988                  1,020                  2,839         \n Non-GAAP Tax Expense                               $    20,292            $    19,476            $    22,770        \n Non-GAAP Effective Tax Rate                             17.4     %             16.0     %             22.1     %    \n                                                                                                                     \n Tax Impact to EPS Reconciliation                                                                                    \n GAAP Tax Expense                                   $    0.33              $    0.35              $    0.37          \n Adjustments to income taxes                             0.06                   0.02                   0.05          \n Non-GAAP Tax Expense                               $    0.39              $    0.37              $    0.42          \n                                                                                                                     \n\n CONSOLIDATED CONDENSED BALANCE SHEET                                                                                   \n (in thousands; unaudited)                                                                                              \n                                                                                                                        \n                                                 Jun. 27,                 Mar. 28,                 Jun. 28,             \n                                                      2026                     2026                     2025            \n ASSETS                                                                                                                 \n Current assets                                                                                                         \n Cash and cash equivalents                       $    810,666             $    800,930             $    548,870         \n Marketable securities                                80,596                   86,697                   65,925          \n Accounts receivable, net                             253,971                  220,149                  214,085         \n Inventories                                          262,746                  240,871                  278,984         \n Prepaid assets                                       44,449                   47,587                   44,243          \n Prepaid wafers                                       —                        14,733                   61,934          \n Other current assets                                 21,040                   22,741                   27,081          \n Total current assets                                 1,473,468                1,433,708                1,241,122       \n                                                                                                                        \n Long-term marketable securities                      276,056                  266,160                  232,959         \n Right-of-use lease assets                            117,066                  120,676                  123,718         \n Property and equipment, net                          149,845                  143,975                  154,340         \n Intangibles, net                                     19,168                   20,727                   25,718          \n Goodwill                                             435,936                  435,936                  435,936         \n Deferred tax assets                                  54,443                   49,824                   54,037          \n Other assets                                         34,298                   18,368                   26,887          \n Total assets                                    $    2,560,280           $    2,489,374           $    2,294,717       \n                                                                                                                        \n LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                   \n Current liabilities                                                                                                    \n Accounts payable                                $    78,090              $    80,645              $    66,321          \n Accrued salaries and benefits                        44,182                   52,723                   43,146          \n Software license agreements                          22,091                   22,229                   21,511          \n Current lease liabilities                            20,761                   19,872                   21,075          \n Other accrued liabilities                            29,176                   19,187                   36,625          \n Total current liabilities                            194,300                  194,656                  188,678         \n                                                                                                                        \n Non-current lease liabilities                        109,703                  114,105                  120,272         \n Non-current income taxes                             47,320                   46,721                   44,693          \n Software license agreements                          19,826                   5,896                    10,790          \n Total long-term liabilities                          176,849                  166,722                  175,755         \n                                                                                                                        \n Stockholders' equity:                                                                                                  \n Capital stock                                        1,967,875                1,945,958                1,881,472       \n Accumulated earnings                                 224,213                  184,881                  49,035          \n Accumulated other comprehensive loss                 (2,957     )             (2,843     )             (223       )    \n Total stockholders' equity                           2,189,131                2,127,996                1,930,284       \n Total liabilities and stockholders' equity      $    2,560,280           $    2,489,374           $    2,294,717       \n                                                                                                                        \n Prepared in accordance with Generally Accepted Accounting Principles                                                   \n                                                                                                                        \n\n CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS                                                                         \n (in thousands; unaudited)                                                                                              \n                                                                                                                        \n                                                                            Three Months Ended                          \n                                                                                                                        \n                                                                            Jun. 27,                Jun. 28,            \n                                                                                 2026                    2025           \n                                                                            Q1'27                   Q1'26               \n Cash flows from operating activities:                                                                                  \n Net income                                                                 $    76,851             $    60,697         \n Adjustments to reconcile net income to net cash provided by operating                                                  \n activities:                                                                                                            \n Depreciation and amortization                                                   13,156                  13,173         \n Stock-based compensation expense                                                20,589                  20,809         \n Deferred income taxes                                                           (4,600   )              (5,938    )    \n Gain on retirement or write-off of long-lived assets                            (67      )              —              \n Other non-cash adjustments                                                      152                     (16       )    \n Net change in operating assets and liabilities:                                                                        \n Accounts receivable                                                             (33,822  )              1,924          \n Inventories                                                                     (21,875  )              20,108         \n Prepaid wafers                                                                  14,733                  6,138          \n Other assets                                                                    3,723                   2,014          \n Accounts payable and other accrued liabilities                                  (7,976   )              (8,806    )    \n Income taxes payable                                                            3,264                   6,028          \n Net cash provided by operating activities                                       64,128                  116,131        \n Cash flows from investing activities:                                                                                  \n Maturities and sales of available-for-sale marketable securities                47,044                  22,990         \n Purchases of available-for-sale marketable securities                           (50,930  )              (26,435   )    \n Purchases of property, equipment and software                                   (15,143  )              (2,638    )    \n Investments in technology                                                       (361     )              (132      )    \n Net cash used in investing activities                                           (19,390  )              (6,215    )    \n Cash flows from financing activities:                                                                                  \n Debt issuance costs                                                             (2,057   )              —              \n Net proceeds from the issuance of common stock                                  1,329                   382            \n Repurchase of stock to satisfy employee tax withholding obligations             (2,774   )              (1,049    )    \n Repurchase and retirement of common stock                                       (31,500  )              (99,999   )    \n Net cash used in financing activities                                           (35,002  )              (100,666  )    \n Net increase in cash and cash equivalents                                       9,736                   9,250          \n Cash and cash equivalents at beginning of period                                800,930                 539,620        \n Cash and cash equivalents at end of period                                 $    810,666            $    548,870        \n                                                                                                                        \n Prepared in accordance with Generally Accepted Accounting Principles                                                   \n                                                                                                                        \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION                                                                                                                         \n (in thousands; unaudited)                                                                                                                                                              \n                                                                                                                                                                                        \n Free cash flow, a non-GAAP financial measure, is GAAP cash flow from                                                                                                                   \n operations (or cash provided by operating activities) less capital                                                                                                                     \n expenditures. Capital expenditures include purchases of property, equipment                                                                                                            \n and software as well as investments in technology, as presented within our                                                                                                             \n GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin                                                                                                             \n represents free cash flow divided by revenue.                                                                                                                                          \n                                                                                                                                                                                        \n                                                                  Twelve Months Ended            Three Months Ended                                                                     \n                                                                                                                                                                                        \n                                                                  Jun. 27,                       Jun. 27,               Mar. 28,               Dec. 27,               Sep. 27,          \n                                                                           2026                       2026                   2026                   2025                   2025         \n                                                                  Q1'27                          Q1'27                  Q4'26                  Q3'26                  Q2'26             \n                                                                                                                                                                                        \n Net cash provided by operating activities (GAAP)                 $        598,596               $    64,128            $    151,420           $    290,834           $    92,214       \n Capital expenditures                                                      (27,570  )                 (15,504  )             (2,396   )             (5,160   )             (4,510  )    \n Free Cash Flow (Non-GAAP)                                        $        571,026               $    48,624            $    149,024           $    285,674           $    87,704       \n                                                                                                                                                                                        \n Cash Flow from Operations as a Percentage of Revenue (GAAP)               29       %                 14       %             34       %             50       %             16      %    \n Capital Expenditures as a Percentage of Revenue (GAAP)                    1        %                 3        %             1        %             1        %             1       %    \n Free Cash Flow Margin (Non-GAAP)                                          28       %                 11       %             33       %             49       %             16      %    \n                                                                                                                                                                                        \n\n RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION \n (in millions; unaudited)                                 \n (not prepared in accordance with GAAP)                   \n                                                          \n                                              Q2 FY27     \n                                              Guidance    \n Operating Expense Reconciliation                         \n GAAP Operating Expenses                      $163 - 169  \n Stock-based compensation expense             (21)        \n Amortization of acquisition intangibles      (2)         \n Non-GAAP Operating Expenses                  $140 - 146  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260805840521/en/\n(https://www.businesswire.com/news/home/20260805840521/en/)\n\nInvestor Contact: \n\nChelsea Heffernan\n\nVice President, Investor Relations\n\nCirrus Logic, Inc.\n\n(512) 851-4125\n\nInvestor@cirrus.com (mailto:Investor@cirrus.com)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-08-05T20:00:00.349355431Z","server_sent_at_ms":1785960000349},"received_at":"2026-08-05T20:00:00.498Z","source_url":"https://www.businesswire.com/news/home/20260805840521/en/"},"analysis":{"id":"98903","press_release_id":"109895","analysis_json":{"industry":{"label":"Semiconductors & Semiconductor Equipment","sector":"Information Technology"},"redFlags":[],"eventType":"earnings","narrative":"Cirrus Logic reported record fiscal first quarter revenue of $459.7 million, driven by strong demand for custom components in smartphones.\n\nNon-GAAP earnings per share reached $1.84, and the company achieved a non-GAAP gross margin of 52.7 percent.\n\nFor the second quarter, management issued revenue guidance between $510 million and $570 million, citing new design wins for AI-enabled PCs.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Record revenue and strong guidance underscore smartphone recovery and AI PC potential."},"keyFigures":{"eps":1.47,"revenue":"$459.7 million","guidance":"Q2 FY27 revenue $510 million - $570 million; GAAP gross margin 52% - 54%","customDimensions":{"fcf":48624000,"gross_margin_gaap":"52.6%","gross_margin_non_gaap":"52.7%","operating_income_gaap":84436000}},"quotedText":"Cirrus Logic delivered record first quarter revenue and earnings per share in the June quarter","namedEntities":{"people":[{"name":"John Forsyth","role":"President and CEO"},{"name":"Chelsea Heffernan","role":"Vice President, Investor Relations"}],"products":["smart codec for AI-enabled PCs","high-performance analog front-end component"],"companies":[{"name":"Cirrus Logic, Inc.","ticker":"CRUS"}],"dollarAmounts":[{"amount":"$460 million","context":"Q1 FY27 revenue"},{"amount":"$510 million","context":"Q2 FY27 revenue guidance low end"},{"amount":"$570 million","context":"Q2 FY27 revenue guidance high end"}]},"materialImpact":{"score":4,"reasoning":"Cirrus Logic reported record fiscal first quarter revenue of $459.7 million with strong year-over-year growth and solid non-GAAP EPS of $1.84. 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