Revenue stabilized at $314.3M in 2026Q2 with gross margin expanding to 33.2%, but operating margin of 2.4% and net income of $8.8M (including a tariff refund) indicate core profitability remains strained.
Corsair Gaming, Inc. (CRSR) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 1.45B | 1.47B | 1.32B | 1.46B | 1.38B | 1.9B | 1.7B | 1.1B | 937.55M | 855.55M | 595.12M |
| Revenue Growth % | 3.11% | 11.86% | -9.83% | 6.17% | -27.78% | 11.85% | 55.16% | 17.03% | 9.59% | 43.76% | - |
| Cost of Goods Sold | 993.5M | 1.05B | 988.78M | 1.1B | 1.08B | 1.39B | 1.24B | 872.89M | 744.86M | 671.22M | 460.13M |
| COGS % of Revenue | - | 71.08% | 75.11% | 75.32% | 78.43% | 73.01% | 72.66% | 79.56% | 79.45% | 78.46% | 77.32% |
| Gross Profit | 457.97M | 425.88M | 327.6M | 360.26M | 296.63M | 513.85M | 465.43M | 224.29M | 192.69M | 184.33M | 134.99M |
| Gross Margin % | 31.55% | 28.92% | 24.89% | 24.68% | 21.57% | 26.99% | 27.34% | 20.44% | 20.55% | 21.54% | 22.68% |
| Gross Profit Growth % | - | 30% | -9.07% | 21.45% | -42.27% | 10.4% | 107.51% | 16.39% | 4.54% | 36.55% | - |
| Operating Expenses | 415.3M | 423.81M | 377.55M | 350.57M | 351.43M | 375.96M | 307.07M | 200.58M | 170.91M | 135.69M | 94.52M |
| OpEx % of Revenue | - | 28.78% | 28.68% | 24.01% | 25.56% | 19.75% | 18.04% | 18.28% | 18.23% | 15.86% | 15.88% |
| Selling, General & Admin | 348.61M | 354.66M | 310.01M | 285.31M | 284.93M | 315.67M | 257M | 163.03M | 138.91M | 114.54M | 79.53M |
| SG&A % of Revenue | - | 24.09% | 23.55% | 19.54% | 20.72% | 16.58% | 15.1% | 14.86% | 14.82% | 13.39% | 13.36% |
| Research & Development | 66.69M | 69.15M | 67.54M | 65.26M | 66.49M | 60.29M | 50.06M | 37.55M | 31.99M | 21.15M | 15M |
| R&D % of Revenue | - | 4.7% | 5.13% | 4.47% | 4.84% | 3.17% | 2.94% | 3.42% | 3.41% | 2.47% | 2.52% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 42.67M | 2.08M | -49.95M | 9.69M | -54.79M | 137.89M | 158.36M | 23.71M | 21.79M | 48.63M | 40.46M |
| Operating Margin % | 2.94% | 0.14% | -3.79% | 0.66% | -3.98% | 7.24% | 9.3% | 2.16% | 2.32% | 5.68% | 6.8% |
| Operating Income Growth % | - | 104.16% | -615.57% | 117.68% | -139.74% | -12.92% | 567.99% | 8.8% | -55.19% | 20.19% | - |
| EBITDA | 87.5M | 56.27M | 1.94M | 60.39M | -1.27M | 182.99M | 201.59M | 61.21M | 58.35M | 62.73M | 43.81M |
| EBITDA Margin % | 6.03% | 3.82% | 0.15% | 4.14% | -0.09% | 9.61% | 11.84% | 5.58% | 6.22% | 7.33% | 7.36% |
| EBITDA Growth % | 364.13% | 2795.83% | -96.78% | 4854.88% | -100.69% | -9.23% | 229.33% | 4.9% | -6.98% | 43.2% | - |
| D&A (Non-Cash Add-back) | 44.84M | 54.19M | 51.9M | 50.7M | 53.52M | 45.09M | 43.23M | 37.51M | 36.56M | 14.1M | 3.34M |
| EBIT | 46.17M | -2.8M | -48.45M | 13.94M | -54.21M | 127.33M | 153.06M | 22.15M | 21.97M | 28.32M | 40.46M |
| Net Interest Income | -5.29M | -7.69M | -9.86M | -10.58M | -9.19M | -12.77M | -31.02M | -35.55M | -32.68M | 0 | 0 |
| Interest Income | 2.27M | 1.66M | 3.35M | 6.84M | 374K | 0 | 0 | 0 | 0 | 11.13M | 3.47M |
| Interest Expense | 7.56M | 9.35M | 13.21M | 17.42M | 9.56M | 12.77M | 31.02M | 35.55M | 32.68M | 0 | 0 |
| Other Income/Expense | -3.86M | -14.22M | -11.7M | -13.17M | -8.97M | -23.33M | -36.32M | -37.11M | -32.5M | -31.44M | -5.71M |
| Pretax Income | 38.8M | -12.15M | -61.66M | -3.48M | -63.77M | 114.56M | 122.04M | -13.4M | -10.71M | 17.19M | 34.75M |
| Pretax Margin % | 2.67% | -0.83% | -4.68% | -0.24% | -4.64% | 6.02% | 7.17% | -1.22% | -1.14% | 2.01% | 5.84% |
| Income Tax | 937K | 2.82M | 21.74M | -2.44M | -9.82M | 13.6M | 18.82M | -5M | 3.01M | 5.46M | 5.66M |
| Effective Tax Rate % | 2.41% | -23.18% | -35.25% | 70.19% | 15.4% | 11.87% | 15.43% | 37.35% | -28.14% | 31.74% | 16.29% |
| Net Income | 35.13M | -12.46M | -85.18M | -2.59M | -54.39M | 100.96M | 103.22M | -8.39M | -13.72M | 11.73M | 29.09M |
| Net Margin % | 2.42% | -0.85% | -6.47% | -0.18% | -3.96% | 5.3% | 6.06% | -0.77% | -1.46% | 1.37% | 4.89% |
| Net Income Growth % | 143.51% | 85.37% | -3188.84% | 95.24% | -153.87% | -2.19% | 1329.65% | 38.82% | -216.93% | -59.67% | - |
| Net Income (Continuing) | 37.86M | -14.96M | -83.39M | -1.04M | -53.95M | 100.96M | 103.22M | -8.39M | -13.72M | 11.73M | 29.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 12.2M | 15.15M | 26.41M | 31.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.32 | -0.12 | -0.95 | 0.03 | -0.63 | 1.01 | 1.14 | -0.09 | -0.09 | 0.08 | 0.32 |
| EPS Growth % | 137.47% | 87.37% | -3266.67% | 104.76% | -162.38% | -11.4% | 1347.26% | -0.66% | -216.11% | -75.56% | - |
| EPS (Basic) | - | -0.12 | -0.95 | 0.03 | -0.63 | 1.08 | 1.20 | -0.09 | -0.09 | 0.07 | 0.32 |
| Diluted Shares Outstanding | 109.19M | 106M | 104.16M | 106.28M | 96.28M | 100M | 91.94M | 91.85M | 151.16M | 150M | 91.85M |
| Basic Shares Outstanding | 107.35M | 106M | 104.16M | 102.48M | 96.28M | 93.26M | 91.94M | 91.85M | 146.06M | 158.79M | 91.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRSR stock.
For fiscal year 2025, Corsair Gaming, Inc. (CRSR) reported total revenue of $1.47B. This represents a 147.4% increase compared to $595.1M in 2016.
Corsair Gaming, Inc. (CRSR) reported a net loss of $12.5M for the fiscal year ending 2025.
Corsair Gaming, Inc. (CRSR) reported an operating income of $2.1M, resulting in an operating profit margin of 0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Corsair Gaming, Inc. (CRSR) generated $425.9M in gross profit for the year, representing a gross profit margin of 28.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Dependence on one-time tariff refund
Metrics are mathematically derived from official filings.
Revenue Recovery Amidst Cyclical Pressures
Corsair's revenue has rebounded from a trough of $261.3M in 2024Q2 to $314.3M in 2026Q2, yet year-over-year growth remains negative at -1.8%, indicating a fragile recovery. According to the latest quarterly data, the trajectory is stabilizing but not yet expanding.
The revenue decline from 2024Q1 to 2024Q2 was steep (-19.7% YoY), but subsequent quarters show sequential improvement, with 2026Q2 revenue up 20.3% from the 2024Q2 trough. However, the -1.8% YoY growth in 2026Q2 suggests that the recovery is not yet broad-based, possibly reflecting weak discretionary spending in Western markets. The sequential gains are encouraging, but the lack of positive YoY growth indicates that the company has not fully recovered from the post-COVID gaming hangover.
Gross Margin Expansion Signals Mix Shift
Gross margin improved from 22.9% in 2024Q3 to 33.2% in 2026Q2, a 10.3 percentage point increase, according to the income statement data. This suggests a favorable product mix shift toward higher-margin peripherals and creator products, though sustainability remains uncertain.
The gross margin expansion is significant, with 2026Q2 reaching 33.2%, up from 26.2% in 2024Q4. This likely reflects a higher proportion of sales from the Gamer & Creator Peripherals segment, which carries higher margins than components. However, the 2025Q3 and 2025Q2 margins were only 26.9% and 26.8%, respectively, indicating that the recent jump may be partly due to one-time benefits such as tariff refunds. Investors should monitor whether this margin level is durable or reverts to the mid-20s range.
Operating Leverage Remains Elusive
Despite a 33.2% gross margin in 2026Q2, operating margin was only 2.4%, as SG&A and R&D consumed 30.8% of revenue, according to the latest quarterly data. This suggests that fixed costs have not yet scaled with revenue, limiting operating leverage.
The gap between gross and operating margin is wide: in 2026Q2, gross profit was $104.3M, but operating income was only $7.6M, implying that SG&A and R&D together absorbed $96.7M. This indicates that the company's cost structure is still heavy relative to its revenue base, and operating leverage has not materialized even as revenue recovers. The 2025Q4 operating margin of 6.2% was the highest in the period, but it fell back to 2.4% in 2026Q2, suggesting that the company is reinvesting in growth or facing elevated costs.
Earnings Quality Clouded by One-Time Items
Net income turned positive in 2026Q2 at $8.8M, but this includes a tariff refund; excluding it, the company would have reported a net loss of $5.7M, as per the recent earnings release. This suggests that core profitability is still elusive.
The reported EPS of $0.06 in 2026Q2 is a significant improvement from the -$0.16 in 2025Q2, but the quality of these earnings is questionable. The reliance on a one-time tariff refund to achieve profitability indicates that the underlying operations may still be marginally unprofitable. Additionally, stock-based compensation of $5.9M in 2026Q2 adds to the dilution, and the effective tax rate appears to be minimal, which may not be sustainable. Investors should focus on operating cash flow and adjusted metrics to gauge true earnings power.
Cost Discipline Shows in COGS, but Opex Remains High
COGS as a percentage of revenue fell from 75.9% in 2024Q2 to 66.8% in 2026Q2, indicating improved cost management, according to the income statement data. However, SG&A and R&D expenses have remained relatively flat, limiting bottom-line improvement.
The reduction in COGS is a positive sign, likely due to lower input costs and better inventory management. However, SG&A expenses have stayed in the $70M-$100M range, and R&D has been consistently around $16M-$17M per quarter, indicating that the company is not cutting back on investment. This suggests that management is prioritizing growth and product development over short-term profitability, which may be appropriate but delays the realization of operating leverage.
2026Q2 Marks a Potential Turning Point
The 2026Q2 quarter stands out as an inflection point, with gross margin jumping to 33.2% and operating income turning positive at $7.6M, according to the latest financials. This follows a period of losses and margin compression, suggesting a possible structural improvement.
The transition from a net loss of -$51.7M in 2024Q3 to a net income of $8.8M in 2026Q2 is dramatic. The gross margin expansion from 22.9% to 33.2% over that period indicates a significant shift in product mix or cost structure. However, the sustainability of this inflection is uncertain, as it may be influenced by one-time items and the timing of product launches. If the company can maintain gross margins above 30% while controlling opex, it could achieve meaningful operating leverage in the coming quarters.
The Bull Case Ignores Structural Margin Ceiling
Despite the recent margin expansion, Corsair's gross margin of 33.2% remains well below Logitech's 43.1%, and its operating margin of 2.4% is a fraction of Logitech's 16.2%, according to peer data. This suggests that the company's competitive position may not support sustained profitability.
Short-sellers would argue that Corsair's core components business is commoditized, limiting its ability to achieve the margins of a pure-play peripherals company like Logitech. The reliance on a one-time tariff refund to achieve profitability in 2026Q2 is a red flag, as it masks underlying operational weakness. Additionally, the company's heavy exposure to discretionary consumer spending and the cyclical nature of the PC hardware market could lead to renewed margin compression if demand softens. The market may be overestimating the durability of the recent improvements, and investors should be cautious about extrapolating the 33.2% gross margin into future quarters.