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FINANCIAL NEWS

    


Cirrus Logic Reports Fourth Quarter Revenue of $424.5 Million and Full Fiscal Year 2025 Revenue of $1.90 Billion


AUSTIN, Texas – May 6, 2025 – Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly shareholder letter that contains the complete financial results for the fourth quarter and full fiscal year 2025, which ended March 29, 2025, as well as the company’s current business outlook.
“Cirrus Logic delivered six percent revenue growth and record earnings per share in FY25. We are pleased with our achievements during the year, with the company making excellent progress executing our strategic growth plan. In FY25, we began shipping the latest generation of our boosted amplifier and our first 22-nanometer smart codec, grew our momentum in the laptop market, and introduced a series of general market components that expand our product portfolio and revenue opportunities across a number of markets,” said John Forsyth, Cirrus Logic president and chief executive officer. “With a rich portfolio of products and an exciting pipeline of innovations in development, we look forward to capitalizing on the many opportunities ahead of us to further broaden our technology and market reach.”

Reported Financial Results – Fourth Quarter FY25
•Revenue of $424.5 million;
•GAAP and non-GAAP gross margin of 53.4 percent and 53.5 percent;
•GAAP operating expenses of $140.8 million and non-GAAP operating expenses of $120.0 million; and
•GAAP earnings per share of $1.31 and non-GAAP earnings per share of $1.67.

Reported Financial Results – Full Fiscal Year 2025
•Revenue of $1.90 billion;
•GAAP and non-GAAP gross margin of 52.5 percent and 52.6 percent;


•GAAP operating expenses of $585.7 million and non-GAAP operating expenses of $494.1 million; and
•GAAP earnings per share of $6.00 and non-GAAP earnings per share of $7.54.

A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.

Business Outlook – First Quarter FY26
•Revenue is expected to range between $330 million and $390 million;
•GAAP gross margin is forecasted to be between 51 percent and 53 percent; and
•Combined GAAP R&D and SG&A expenses are anticipated to range between $141 million and $147 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $119 million and $125 million.

Share Repurchase Authorization

The company also announced that in March 2025 its Board of Directors authorized the repurchase of up to an additional $500 million of the company's common stock. The repurchases are expected to be funded from working capital and anticipated cash flow from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. Repurchases may be affected through a variety of means, including open market purchases, privately negotiated transactions, 10b5-1 plans, or other means, in accordance with applicable securities laws. The Company is not obligated to repurchase any specific amount of shares, and repurchases may be suspended or discontinued at any time without notice.

Cirrus Logic will host a live Q&A session at 5 p.m. EDT 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 approximately two hours following its completion or by calling (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424).

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
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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.

Investor Contact:                            
Chelsea Heffernan
Vice President, Investor Relations
Cirrus Logic, Inc.                            
(512) 851-4125                            
Investor@cirrus.com


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 statement about our ability to capitalize on the many opportunities ahead of us; and our estimates for the first quarter fiscal year 2026 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. 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 first quarter of fiscal year 2026; customer cancellations of orders; the failure to place orders consistent with forecasts; changes in government trade policies, including the imposition of tariffs or export restrictions; and global economic conditions and uncertainty, along with the risk factors listed in our Form 10-K for the year ended March 30, 2024 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.
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Summary Financial Data Follows:

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Twelve Months Ended
Mar. 29,Dec. 28,Mar. 30,Mar. 29,Mar. 30,
20252024202420252024
Q4'25Q3'25Q4'24Q4'25Q4'24
Audio$255,326 $346,272 $226,681 $1,137,157 $1,083,939 
High-Performance Mixed-Signal169,130 209,466 145,146 758,920 704,951 
Net sales424,456 555,738 371,827 1,896,077 1,788,890 
Cost of sales197,720 257,951 179,202 900,039 872,818 
Gross profit226,736 297,787 192,625 996,038 916,072 
Gross margin53.4 %53.6 %51.8 %52.5 %51.2 %
Research and development103,420 112,976 103,383 434,684 426,475 
Selling, general and administrative37,370 39,042 36,866 150,995 144,172 
Restructuring costs— — — — 1,959 
Total operating expenses140,790 152,018 140,249 585,679 572,606 
Income from operations85,946 145,769 52,376 410,359 343,466 
Interest income8,604 8,146 7,360 33,086 20,578 
Other income (expense)55 (214)(78)1,469 (108)
Income before income taxes94,605 153,701 59,658 444,914 363,936 
Provision for income taxes23,338 37,696 14,816 113,407 89,364 
Net income $71,267 $116,005 $44,842 $331,507 $274,572 
Basic earnings per share$1.35 $2.19 $0.83 $6.24 $5.06 
Diluted earnings per share:$1.31 $2.11 $0.81 $6.00 $4.90 
Weighted average number of shares:
Basic52,756 53,081 53,739 53,135 54,290 
Diluted54,324 55,076 55,559 55,241 56,021 
Prepared in accordance with Generally Accepted Accounting Principles

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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 Twelve Months Ended
Mar. 29,Dec. 28,Mar. 30,Mar. 29,Mar. 30,
20252024202420252024
Net Income ReconciliationQ4'25Q3'25Q4'24Q4'25Q4'24
GAAP Net Income$71,267 $116,005 $44,842 $331,507 $274,572 
Amortization of acquisition intangibles1,647 1,647 1,973 7,130 8,285 
Stock-based compensation expense19,491 20,823 22,158 84,146 89,271 
Lease impairment— 661 — 1,680 — 
Restructuring costs— — — — 1,959 
Acquisition-related costs— — — — 4,105 
Adjustment to income taxes(1,772)(827)75 (7,866)(8,926)
Non-GAAP Net Income$90,633 $138,309 $69,048 $416,597 $369,266 
Earnings Per Share Reconciliation
GAAP Diluted earnings per share$1.31 $2.11 $0.81 $6.00 $4.90 
Effect of Amortization of acquisition intangibles0.03 0.03 0.03 0.13 0.15 
Effect of Stock-based compensation expense0.36 0.38 0.40 1.52 1.59 
Effect of Lease impairment— 0.01 — 0.03 — 
Effect of Restructuring costs— — — — 0.04 
Effect of Acquisition-related costs— — — — 0.07 
Effect of Adjustment to income taxes(0.03)(0.02)— (0.14)(0.16)
Non-GAAP Diluted earnings per share$1.67 $2.51 $1.24 $7.54 $6.59 
Operating Income Reconciliation
GAAP Operating Income$85,946 $145,769 $52,376 $410,359 $343,466 
GAAP Operating Profit 20.2 %26.2 %14.1 %21.6 %19.2 %
Amortization of acquisition intangibles1,647 1,647 1,973 7,130 8,285 
Stock-based compensation expense - COGS360 351 362 1,332 1,403 
Stock-based compensation expense - R&D13,079 14,498 15,483 59,184 63,678 
Stock-based compensation expense - SG&A6,052 5,974 6,313 23,630 24,190 
Lease impairment— 661 — 1,680 — 
Restructuring costs— — — — 1,959 
Acquisition-related costs— — — — 4,105 
Non-GAAP Operating Income$107,084 $168,900 $76,507 $503,315 $447,086 
Non-GAAP Operating Profit25.2 %30.4 %20.6 %26.5 %25.0 %
Operating Expense Reconciliation
GAAP Operating Expenses$140,790 $152,018 $140,249 $585,679 $572,606 
Amortization of acquisition intangibles(1,647)(1,647)(1,973)(7,130)(8,285)
Stock-based compensation expense - R&D(13,079)(14,498)(15,483)(59,184)(63,678)
Stock-based compensation expense - SG&A(6,052)(5,974)(6,313)(23,630)(24,190)
Lease impairment— (661)— (1,680)— 
Restructuring costs— — — — (1,959)
Acquisition-related costs— — — — (4,105)
Non-GAAP Operating Expenses$120,012 $129,238 $116,480 $494,055 $470,389 
Gross Margin/Profit Reconciliation
GAAP Gross Profit$226,736 $297,787 $192,625 $996,038 $916,072 
GAAP Gross Margin53.4 %53.6 %51.8 %52.5 %51.2 %
Stock-based compensation expense - COGS360 351 362 1,332 1,403 
Non-GAAP Gross Profit$227,096 $298,138 $192,987 $997,370 $917,475 
Non-GAAP Gross Margin53.5 %53.6 %51.9 %52.6 %51.3 %
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RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in thousands, except per share data; unaudited)
(not prepared in accordance with GAAP)
Three Months EndedTwelve Months Ended
Mar. 29,Dec. 28,Mar. 30,Mar. 29,Mar. 30,
20252024202420252024
Effective Tax Rate ReconciliationQ4'25Q3'25Q4'24Q4'25Q4'24
GAAP Tax Expense$23,338 $37,696 $14,816 $113,407 $89,364 
GAAP Effective Tax Rate24.7 %24.5 %24.8 %25.5 %24.6 %
Adjustments to income taxes1,772 827 (75)7,866 8,926 
Non-GAAP Tax Expense$25,110 $38,523 $14,741 $121,273 $98,290 
Non-GAAP Effective Tax Rate21.7 %21.8 %17.6 %22.5 %21.0 %
Tax Impact to EPS Reconciliation
GAAP Tax Expense $0.43 $0.68 $0.27 $2.05 $1.60 
Adjustments to income taxes0.03 0.02 — 0.14 0.16 
Non-GAAP Tax Expense$0.46 $0.70 $0.27 $2.19 $1.76 
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CONSOLIDATED CONDENSED BALANCE SHEET
 (in thousands; unaudited)
Mar. 29,Dec. 28,Mar. 30,
202520242024
ASSETS
Current assets
Cash and cash equivalents$539,620 $526,444 $502,764 
Marketable securities56,160 37,535 23,778 
Accounts receivable, net216,009 261,943 162,478 
Inventories299,092 275,558 227,248 
Prepaid wafers52,560 66,113 86,679 
Other current assets76,293 82,857 103,245 
Total current Assets1,239,734 1,250,450 1,106,192 
Long-term marketable securities239,036 252,594 173,374 
Right-of-use lease assets126,688 129,597 138,288 
Property and equipment, net159,900 163,837 170,175 
Intangibles, net27,461 23,957 29,578 
Goodwill435,936 435,936 435,936 
Deferred tax asset48,150 40,895 48,649 
Long-term prepaid wafers15,512 23,020 60,750 
Other assets34,656 42,954 68,634 
 Total assets$2,327,073 $2,363,240 $2,231,576 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$63,162 $77,907 $55,545 
Accrued salaries and benefits52,075 48,029 47,612 
Lease liability21,811 21,858 20,640 
Other accrued liabilities58,140 63,119 62,596 
Total current liabilities195,188 210,913 186,393 
Non-current lease liability121,908 124,622 134,576 
Non-current income taxes44,040 43,401 52,013 
Other long-term liabilities16,488 21,506 41,580 
Total long-term liabilities182,436 189,529 228,169 
Stockholders' equity:
Capital stock1,860,281 1,840,791 1,760,701 
Accumulated earnings90,351 124,101 58,916 
Accumulated other comprehensive loss(1,183)(2,094)(2,603)
Total stockholders' equity1,949,449 1,962,798 1,817,014 
Total liabilities and stockholders' equity$2,327,073 $2,363,240 $2,231,576 
    
Prepared in accordance with Generally Accepted Accounting Principles


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CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Mar. 29,Mar. 30,
20252024
Q4'25Q4'24
Cash flows from operating activities:
Net income$71,267 $44,842 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,150 12,009 
Stock-based compensation expense19,491 22,158 
Deferred income taxes(7,497)(14,426)
Loss on retirement or write-off of long-lived assets1 2 
Other non-cash charges(33)86 
Net change in operating assets and liabilities:
Accounts receivable, net45,934 54,791 
Inventories(23,534)29,427 
Prepaid wafers21,061 10,917 
Other assets11,341 6,621 
Accounts payable and other accrued liabilities(17,937)(2,411)
Income taxes payable(2,858)6,510 
Net cash provided by operating activities130,386 170,526 
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities9,392 13,614 
Purchases of available-for-sale marketable securities(13,322)(108,174)
Purchases of property, equipment and software(3,429)(7,057)
Investments in technology(5,752)(638)
Net cash used in investing activities(13,111)(102,255)
Cash flows from financing activities:
Issuance of common stock, net of shares withheld for taxes— 2,719 
Repurchase of stock to satisfy employee tax withholding obligations(4,099)(2,165)
Repurchase and retirement of common stock(100,000)(49,992)
Net cash used in financing activities(104,099)(49,438)
Net increase in cash and cash equivalents13,176 18,833 
Cash and cash equivalents at beginning of period526,444 483,931 
Cash and cash equivalents at end of period$539,620 $502,764 
Prepared in accordance with Generally Accepted Accounting Principles
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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 EndedThree Months Ended
Mar. 29,Mar. 29,Dec. 28,Sep. 28,Jun. 29,
20252025202420242024
Q4'25Q4'25Q3'25Q2'25Q1'25
Net cash provided by operating activities (GAAP)$444,366 $130,386 $218,588 $8,231 $87,161 
Capital expenditures(28,753)(9,181)(6,687)(2,740)(10,145)
Free Cash Flow (Non-GAAP)$415,613 $121,205 $211,901 $5,491 $77,016 
Cash Flow from Operations as a Percentage of Revenue (GAAP)23 %31 %39 %2 %23 %
Capital Expenditures as a Percentage of Revenue (GAAP)2 %2 %1 %1 %3 %
Free Cash Flow Margin (Non-GAAP)22 %29 %38 %1 %21 %

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RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in millions; unaudited)
(not prepared in accordance with GAAP)
Q1 FY26
Guidance
Operating Expense Reconciliation
GAAP Operating Expenses$141 - 147
Stock-based compensation expense(20)
Amortization of acquisition intangibles(2)
Non-GAAP Operating Expenses$119 - 125
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