--- title: "Cirrus Logic | 8-K: FY2026 Revenue Beats Estimate at USD 1.997 B" type: "News" locale: "en" url: "https://longbridge.com/en/news/285427946.md" datetime: "2026-05-06T20:05:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285427946.md) - [en](https://longbridge.com/en/news/285427946.md) - [zh-HK](https://longbridge.com/zh-HK/news/285427946.md) --- # Cirrus Logic | 8-K: FY2026 Revenue Beats Estimate at USD 1.997 B Revenue: As of FY2026, the actual value is USD 1.997 B, beating the estimate of USD 1.991 B. EPS: As of FY2026, the actual value is USD 7.85, beating the estimate of USD 7.68. EBIT: As of FY2026, the actual value is USD 423.54 M. ### Credit Agreement and Financial Covenants Cirrus Logic, Inc. (凌云半导体) entered into a Third Amended and Restated Credit Agreement on May 4, 2026, establishing a $350 million senior secured revolving credit facility, which matures on May 4, 2031 . Borrowings bear interest at a Base Rate plus an Applicable Margin (0% to 0.75% per annum) or Term SOFR plus an Applicable Margin (1.00% to 1.75% per annum), dependent on the Consolidated Leverage Ratio . A Commitment Fee between 0.175% and 0.275% per annum applies to the average daily unused portion of the commitment . #### Financial Covenants - **Consolidated Net Leverage Ratio**: Must not exceed 3.50 to 1.00 (or 4.00 to 1.00 for certain Permitted Acquisitions for a limited period) . - **Consolidated Interest Coverage Ratio**: Must not be less than 3.00 to 1.00 . #### Indebtedness and Asset Limits - **Threshold Amount**: $50,000,000 for various default conditions . - **Capital Lease and Purchase Money Indebtedness**: Cannot exceed the greater of $60,000,000 and 2.5% of Consolidated Total Assets . - **Acquired Indebtedness**: Aggregate outstanding principal amount not to exceed $50,000,000 . - **Unsecured Indebtedness (earlier maturity)**: Not to exceed $75,000,000 . - **Other Indebtedness**: Not to exceed the greater of $60,000,000 or 2.5% of Consolidated Total Assets . - **Permitted A/R Financings**: Aggregate unpaid amount of accounts receivable transferred not to exceed the greater of $100,000,000 and 50% of all accounts receivable . - **Unsecured Indebtedness for Capital Stock Purchase/Redemption**: Not to exceed $5,000,000 . - **Asset Disposition Limits**: Aggregate book value of property disposed of shall not exceed 10% of Consolidated Total Assets in any Fiscal Year or 30% of Consolidated Total Assets during the term of the agreement . - **Investments**: Loans and advances to officers, directors, and employees are limited to an aggregate amount not to exceed $5,000,000 . ### Financial Results – Fourth Quarter Fiscal Year 2026 (ended March 28, 2026) #### Revenue - **Total Revenue**: $448.5 million . - **Year-over-Year Revenue Growth**: Up 6% . - **Quarter-over-Quarter Revenue Change**: Down 23% . - **Audio Segment Revenue**: $257,220 thousand (57% of total revenue) . - **High-Performance Mixed-Signal Segment Revenue**: $191,303 thousand (43% of total revenue) . - **Revenue from Largest Customer**: 92% of total revenue . #### Gross Margin - **GAAP Gross Margin**: 53.0% . - **Non-GAAP Gross Margin**: 53.0% . #### Operating Expenses - **GAAP Operating Expenses**: $147.3 million, a decrease of $7.9 million sequentially and an increase of $6.6 million year-over-year . - **Non-GAAP Operating Expenses**: $126.1 million, down $6.9 million sequentially and up $6.1 million year-over-year . - **GAAP Research and Development**: $107,487 thousand . - **GAAP Selling, General and Administrative**: $39,860 thousand . #### Operating Profit - **GAAP Income from Operations**: $90,295 thousand (20.1%) . - **Non-GAAP Operating Income**: $111,789 thousand (24.9%) . #### Net Income - **GAAP Net Income**: $81,805 thousand . - **Non-GAAP Net Income**: $102,279 thousand . #### Cash Flow and Operations - **Net Cash Provided by Operating Activities**: $151,420 thousand . - **Cash Flow from Operations (GAAP)**: $151.4 million . - **Capital Expenditures**: - $2,396 thousand . - **Free Cash Flow (Non-GAAP)**: $149,024 thousand (33% margin) . - **Share Repurchases**: $70.0 million, repurchasing 491,104 shares at an average price of $142.54 . - **Remaining Share Repurchase Authorization**: $274.1 million . - **Inventory**: $240.9 million, up from $189.5 million in Q3 FY26 . - **Total Headcount**: 1,668 . ### Financial Results – Full Fiscal Year 2026 (ended March 28, 2026) #### Revenue - **Total Revenue**: $2.0 billion, a record for the company, up 5% year-over-year from $1,896,077 thousand in FY25 . - **Audio Segment Revenue**: $1,159,933 thousand, up from $1,137,157 thousand in FY25 (58% of total revenue) . - **High-Performance Mixed-Signal Segment Revenue**: $837,446 thousand, up from $758,920 thousand in FY25 (42% of total revenue) . - **Revenue from Largest Customer**: Approximately 91% of total revenue . #### Gross Margin - **GAAP Gross Margin**: 52.8%, compared to 52.5% in FY25 . - **Non-GAAP Gross Margin**: 52.8%, compared to 52.6% in FY25 . #### Operating Expenses - **GAAP Operating Expenses**: $593.8 million, an increase of $8.1 million year-over-year from $585,679 thousand in FY25 . - **Non-GAAP Operating Expenses**: $506.4 million, up $12.3 million from $494,055 thousand in FY25 . - **GAAP Research and Development**: $433,953 thousand . - **GAAP Selling, General and Administrative**: $159,839 thousand . #### Operating Profit - **GAAP Income from Operations**: $460,380 thousand (23.0%), up from $410,359 thousand (21.6%) in FY25 . - **Non-GAAP Operating Income**: $548,781 thousand (27.5%), up from $503,315 thousand (26.5%) in FY25 . #### Net Income - **GAAP Net Income**: $414,408 thousand, up from $331,507 thousand in FY25 . - **Non-GAAP Net Income**: $489,271 thousand, up from $416,597 thousand in FY25 . #### Cash Flow and Balance Sheet - **Net Cash Provided by Operating Activities**: $650,599 thousand . - **Cash Flow from Operations (GAAP)**: $650.6 million . - **Capital Expenditures**: - $14,836 thousand . - **Free Cash Flow (Non-GAAP)**: $635,763 thousand (32% margin) . - **Cash and Investments**: Approximately $1.2 billion . - **Debt**: No debt . - **Share Repurchases**: $280.0 million, repurchasing 2.5 million shares at an average price of $113.91 . ### Business Outlook – First Quarter Fiscal Year 2027 (Q1 FY27) Cirrus Logic, Inc. (凌云半导体) forecasts revenue for the first quarter of fiscal year 2027 to be between $430 million and $490 million, representing a sequential increase of 3% and a year-over-year increase of 13% at the midpoint . The company expects GAAP gross margin to range from 51% to 53% . Combined GAAP R&D and SG&A expenses are projected to be between $155 million and $161 million, with non-GAAP operating expenses estimated between $132 million and $138 million . ### Related Stocks - [CRUS.US](https://longbridge.com/en/quote/CRUS.US.md) ## Related News & Research - [Arbejdsmarkedets Tillaegspension Buys Shares of 185,552 Cirrus Logic, Inc. $CRUS](https://longbridge.com/en/news/286638257.md) - [Cirrus Logic to Report Third Quarter Fiscal Year 2026 Results | CRUS Stock News](https://longbridge.com/en/news/272601783.md) - [Photonics ETF surges despite questions over pure-play status](https://longbridge.com/en/news/286335129.md) - [Cerebras Systems stock soars 68% in blockbuster IPO: What investors should know](https://longbridge.com/en/news/286493984.md) - [Cerebras CEO Warns US Chip Manufacturing Catch-Up Could Take 15 Years](https://longbridge.com/en/news/286449746.md)