Revenue growth remains highly volatile, fluctuating between a 22.5% peak in 2025Q2 and a -19.7% trough in 2024Q2, while gross margins remain constrained at 32.7% as of 2026Q1.
| Sales/Revenue | 1.46B | 1.47B | 1.32B | 1.46B | 1.38B | 1.9B | 1.7B | 1.1B | 937.55M | 855.55M | 595.12M |
| Revenue Growth % | 8.03% | 11.86% | -9.83% | 6.17% | -27.78% | 11.85% | 55.16% | 17.03% | 9.59% | 43.76% | - |
| Cost of Goods Sold | 1.02B | 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 | 439.55M | 425.88M | 327.6M | 360.26M | 296.63M | 513.85M | 465.43M | 224.29M | 192.69M | 184.33M | 134.99M |
| Gross Margin % | 30.16% | 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 | 421.42M | 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 | 352.66M | 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 | 68.76M | 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 | 18.14M | 2.08M | -49.95M | 9.69M | -54.79M | 137.89M | 158.36M | 23.71M | 21.79M | 48.63M | 40.46M |
| Operating Margin % | 1.24% | 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 | 72.53M | 56.27M | 1.94M | 60.39M | -1.27M | 182.99M | 201.59M | 61.21M | 58.35M | 62.73M | 43.81M |
| EBITDA Margin % | 4.98% | 3.82% | 0.15% | 4.14% | -0.09% | 9.61% | 11.84% | 5.58% | 6.22% | 7.33% | 7.36% |
| EBITDA Growth % | 593.91% | 2795.83% | -96.78% | 4854.88% | -100.69% | -9.23% | 229.33% | 4.9% | -6.98% | 43.2% | - |
| D&A (Non-Cash Add-back) | 54.39M | 54.19M | 51.9M | 50.7M | 53.52M | 45.09M | 43.23M | 37.51M | 36.56M | 14.1M | 3.34M |
| EBIT | 17.18M | -2.8M | -48.45M | 13.94M | -54.21M | 127.33M | 153.06M | 22.15M | 21.97M | 28.32M | 40.46M |
| Net Interest Income | -6.91M | -7.69M | -9.86M | -10.58M | -9.19M | -12.77M | -31.02M | -35.55M | -32.68M | 0 | 0 |
| Interest Income | 1.45M | 1.66M | 3.35M | 6.84M | 374K | 0 | 0 | 0 | 0 | 11.13M | 3.47M |
| Interest Expense | 8.37M | 9.35M | 13.21M | 17.42M | 9.56M | 12.77M | 31.02M | 35.55M | 32.68M | 0 | 0 |
| Other Income/Expense | -9.13M | -14.22M | -11.7M | -13.17M | -8.97M | -23.33M | -36.32M | -37.11M | -32.5M | -31.44M | -5.71M |
| Pretax Income | 9.01M | -12.15M | -61.66M | -3.48M | -63.77M | 114.56M | 122.04M | -13.4M | -10.71M | 17.19M | 34.75M |
| Pretax Margin % | 0.62% | -0.83% | -4.68% | -0.24% | -4.64% | 6.02% | 7.17% | -1.22% | -1.14% | 2.01% | 5.84% |
| Income Tax | 598K | 2.82M | 21.74M | -2.44M | -9.82M | 13.6M | 18.82M | -5M | 3.01M | 5.46M | 5.66M |
| Effective Tax Rate % | 6.64% | -23.18% | -35.25% | 70.19% | 15.4% | 11.87% | 15.43% | 37.35% | -28.14% | 31.74% | 16.29% |
| Net Income | 5.43M | -12.46M | -85.18M | -2.59M | -54.39M | 100.96M | 103.22M | -8.39M | -13.72M | 11.73M | 29.09M |
| Net Margin % | 0.37% | -0.85% | -6.47% | -0.18% | -3.96% | 5.3% | 6.06% | -0.77% | -1.46% | 1.37% | 4.89% |
| Net Income Growth % | 106.46% | 85.37% | -3188.84% | 95.24% | -153.87% | -2.19% | 1329.65% | 38.82% | -216.93% | -59.67% | - |
| Net Income (Continuing) | 8.41M | -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 | 13.17M | 12.2M | 15.15M | 26.41M | 31.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | -0.12 | -0.95 | 0.03 | -0.63 | 1.01 | 1.14 | -0.09 | -0.09 | 0.08 | 0.32 |
| EPS Growth % | 108.63% | 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 | 107.77M | 106M | 104.16M | 106.28M | 96.28M | 100M | 91.94M | 91.85M | 151.16M | 150M | 91.85M |
| Basic Shares Outstanding | 106.87M | 106M | 104.16M | 102.48M | 96.28M | 93.26M | 91.94M | 91.85M | 146.06M | 158.79M | 91.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Operating margin volatility
According to quarterly financial data, Corsair's revenue trajectory shows a volatile recovery, with year-over-year growth rates fluctuating significantly from a low of -19.7% in 2024Q2 to a peak of 22.5% in 2025Q2, reflecting the company's high sensitivity to discretionary hardware upgrade cycles and seasonal demand.
The recent return to positive growth suggests that the post-pandemic inventory correction may be nearing its conclusion, yet the inconsistency in quarterly performance highlights a reliance on episodic GPU release cycles. Investors should monitor whether the current growth is driven by sustainable ecosystem adoption or merely a temporary replenishment of channel inventory.
As reported in recent income statements, Corsair's gross margin has struggled to maintain a consistent upward trend, hovering between 22.9% and 33.1%, which remains significantly below the 43.2% margin profile of primary peer Logitech, indicating limited pricing power in the commoditized gaming components segment.
The inability to consistently expand gross margins suggests that the company remains vulnerable to fluctuations in DRAM spot prices and logistics costs. Without a more pronounced shift in revenue mix toward higher-margin software-integrated peripherals, the company may continue to face structural margin compression during periods of soft consumer demand.
Based on the provided financial filings, Corsair's operating income has demonstrated extreme sensitivity to revenue shifts, swinging from a -9.5% operating margin in 2024Q2 to a positive 6.2% in 2025Q4, which suggests that the company has yet to achieve meaningful operating leverage through its current cost structure.
The high fixed nature of SG&A and R&D expenses relative to gross profit implies that the company requires significant scale to achieve consistent profitability. The recent volatility in operating margins warrants further investigation into whether management can effectively control overhead during periods of revenue contraction.
Analysis of the income statement reveals that stock-based compensation remains a persistent expense, frequently exceeding $7 million per quarter, which complicates the assessment of GAAP net income and suggests that reported earnings may be overstated relative to cash-based operational performance.
The recurring nature of these non-cash charges, combined with the company's history of net losses, suggests that shareholders should focus on cash flow generation rather than GAAP EPS. The impact of these charges on dilution and equity value appears to be a material consideration for long-term investors.
While the company highlights its iCUE ecosystem as a competitive moat, the persistent net losses and thin operating margins suggest that the market may be overestimating the durability of its pricing power against larger, more diversified hardware competitors in the gaming and creator space.
Short-term performance appears heavily dependent on promotional activity to clear inventory, which risks eroding brand equity and long-term profitability. Investors should monitor whether the 'walled garden' strategy can truly insulate the company from the commoditization of its core component business.
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.