Revenue exhibits high seasonality tied to flagship smartphone cycles, with operating margins fluctuating significantly between 12.5% and 27.1% across the observed periods.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Sales/Revenue | 2B | 1.9B | 1.79B | 1.9B | 1.78B | 1.37B | 1.28B | 1.19B | 1.53B | 1.54B | 1.17B | 916.57M | 714.34M | 809.79M | 426.84M | 369.57M | 220.99M | 174.64M | 181.88M | 182.3M | 193.69M | 194.9M | 196.34M | 262M | 417.53M | 778.67M | 564.4M | 628.11M | 954.3M | 917.2M |
| Revenue Growth % | 5.34% | 5.99% | -5.73% | 6.52% | 30.11% | 6.88% | 8.06% | -22.63% | -0.44% | 31.62% | 27.57% | 28.31% | -11.79% | 89.72% | 15.5% | 67.23% | 26.54% | -3.98% | -0.23% | -5.88% | -0.62% | -0.73% | -25.06% | -37.25% | -46.38% | 37.96% | -10.14% | -34.18% | 4.04% | -20.03% |
| Cost of Goods Sold | 943.21M | 900.04M | 872.82M | 940.64M | 857.82M | 661.93M | 606.96M | 588.03M | 771.47M | 781.13M | 614.41M | 490.82M | 358.18M | 414.6M | 196.4M | 167.58M | 102.26M | 77.46M | 78.65M | 73.29M | 88.48M | 101.64M | 95.59M | 129.76M | 319.28M | 457.23M | 306.09M | 617.81M | 533.6M | 510.8M |
| COGS % of Revenue | 47.22% | 47.47% | 48.79% | 49.57% | 48.15% | 48.34% | 47.38% | 49.6% | 50.35% | 50.76% | 52.55% | 53.55% | 50.14% | 51.2% | 46.01% | 45.34% | 46.27% | 44.35% | 43.24% | 40.2% | 45.68% | 52.15% | 48.69% | 49.53% | 76.47% | 58.72% | 54.23% | 98.36% | 55.92% | 55.69% |
| Gross Profit | 1.05B | 996.04M | 916.07M | 956.98M | 923.64M | 707.3M | 674.17M | 597.5M | 760.72M | 757.82M | 554.84M | 425.75M | 356.16M | 395.19M | 230.44M | 202M | 118.73M | 97.18M | 103.23M | 109.01M | 105.21M | 93.26M | 100.74M | 132.24M | 98.25M | 321.44M | 258.31M | 10.3M | 420.7M | 406.4M |
| Gross Margin % | 52.78% | 52.53% | 51.21% | 50.43% | 51.85% | 51.66% | 52.62% | 50.4% | 49.65% | 49.24% | 47.45% | 46.45% | 49.86% | 48.8% | 53.99% | 54.66% | 53.73% | 55.65% | 56.76% | 59.8% | 54.32% | 47.85% | 51.31% | 50.47% | 23.53% | 41.28% | 45.77% | 1.64% | 44.08% | 44.31% |
| Gross Profit Growth % | 5.84% | 8.73% | -4.27% | 3.61% | 30.59% | 4.91% | 12.83% | -21.46% | 0.38% | 36.58% | 30.32% | 19.54% | -9.88% | 71.49% | 14.08% | 70.13% | 22.17% | -5.86% | -5.3% | 3.61% | 12.81% | -7.43% | -23.82% | 34.6% | -69.44% | 24.44% | 2408.35% | -97.55% | 3.52% | -6.96% |
| Operating Expenses | 593.79M | 585.68M | 572.61M | 707.95M | 557.3M | 470.12M | 500.69M | 496.73M | 498.25M | 440.76M | 385.83M | 316.98M | 201.15M | 191.07M | 150.91M | 122.67M | 95.74M | 91.82M | 102.04M | 95.42M | 95.34M | 109.22M | 127.69M | 336.13M | 291.09M | 251.99M | 391.16M | 390.36M | 368.8M | 445.5M |
| OpEx % of Revenue | 29.73% | 30.89% | 32.01% | 37.31% | 31.28% | 34.33% | 39.08% | 41.9% | 32.52% | 28.64% | 33% | 34.58% | 28.16% | 23.59% | 35.35% | 33.19% | 43.33% | 52.58% | 56.1% | 52.34% | 49.22% | 56.04% | 65.03% | 128.29% | 69.72% | 32.36% | 69.31% | 62.15% | 38.65% | 48.57% |
| Selling, General & Admin | 159.84M | 151M | 144.17M | 153.14M | 151M | 127.01M | 131.12M | 126.5M | 131.81M | 127.27M | 117.08M | 99.51M | 74.86M | 77M | 65.21M | 58.07M | 45.92M | 45.3M | 53.55M | 51.76M | 50.24M | 42.39M | 51.52M | 73.66M | 167.54M | 109.63M | 91.71M | 101.81M | 117.3M | 126.7M |
| SG&A % of Revenue | 8% | 7.96% | 8.06% | 8.07% | 8.48% | 9.28% | 10.23% | 10.67% | 8.6% | 8.27% | 10.01% | 10.86% | 10.48% | 9.51% | 15.28% | 15.71% | 20.78% | 25.94% | 29.44% | 28.39% | 25.94% | 21.75% | 26.24% | 28.12% | 40.13% | 14.08% | 16.25% | 16.21% | 12.29% | 13.81% |
| Research & Development | 433.95M | 434.68M | 426.48M | 458.41M | 406.31M | 342.76M | 347.65M | 375.14M | 366.44M | 303.66M | 269.22M | 197.88M | 126.19M | 114.07M | 85.7M | 63.93M | 51.42M | 44.31M | 48.48M | 43.96M | 45.1M | 66.83M | 76.17M | 95.27M | 121.65M | 127.6M | 121.41M | 149.76M | 179.6M | 230.8M |
| R&D % of Revenue | 21.73% | 22.93% | 23.84% | 24.16% | 22.81% | 25.03% | 27.14% | 31.64% | 23.92% | 19.73% | 23.02% | 21.59% | 17.67% | 14.09% | 20.08% | 17.3% | 23.27% | 25.37% | 26.66% | 24.11% | 23.28% | 34.29% | 38.79% | 36.36% | 29.14% | 16.39% | 21.51% | 23.84% | 18.82% | 25.16% |
| Other Operating Expenses | 0 | 0 | 1.96M | 96.39M | 0 | 352K | 21.93M | -4.91M | 0 | 9.84M | -1.79M | 19.59M | 97K | 0 | 0 | 0 | 0 | 4.35M | 15.96M | 0 | 0 | 0 | 0 | 167.2M | 0 | 14.77M | 178.04M | 138.8M | 71.9M | 88M |
| Operating Income | 460.38M | 410.36M | 343.47M | 249.03M | 366.34M | 237.18M | 173.48M | 100.77M | 262.46M | 317.05M | 180.21M | 108.77M | 155.02M | 200.83M | 79.54M | 83.33M | 25.4M | 3.22M | -14.77M | 5.98M | 39.31M | -38.51M | 25.54M | -203.89M | -235.07M | 69.45M | -132.85M | -380.06M | 51.9M | -39.1M |
| Operating Margin % | 23.05% | 21.64% | 19.2% | 13.12% | 20.56% | 17.32% | 13.54% | 8.5% | 17.13% | 20.6% | 15.41% | 11.87% | 21.7% | 24.8% | 18.63% | 22.55% | 11.5% | 1.84% | -8.12% | 3.28% | 20.3% | -19.76% | 13.01% | -77.82% | -56.3% | 8.92% | -23.54% | -60.51% | 5.44% | -4.26% |
| Operating Income Growth % | 12.19% | 19.48% | 37.92% | -32.02% | 54.45% | 36.72% | 72.16% | -61.61% | -17.22% | 75.93% | 65.68% | -29.83% | -22.81% | 152.5% | -4.55% | 228.01% | 689.93% | 121.78% | -347.03% | -84.8% | 202.1% | -250.78% | 112.53% | 13.27% | -438.47% | 152.28% | 65.05% | -832.3% | 232.74% | -23.73% |
| EBITDA | 486.26M | 461.31M | 391.76M | 309.83M | 428.4M | 276.58M | 233.68M | 180.59M | 343.86M | 380.48M | 238.27M | 143.62M | 169.9M | 214.39M | 89.51M | 91.47M | 33.29M | 11.38M | -6.18M | 11.61M | 46.83M | -18.13M | 52.74M | -163.84M | -199.66M | 98.58M | -100.63M | -317.78M | 123.8M | 48.9M |
| EBITDA Margin % | 24.34% | 24.33% | 21.9% | 16.33% | 24.05% | 20.2% | 18.24% | 15.23% | 22.44% | 24.72% | 20.38% | 15.67% | 23.78% | 26.48% | 20.97% | 24.75% | 15.07% | 6.52% | -3.4% | 6.37% | 24.18% | -9.3% | 26.86% | -62.53% | -47.82% | 12.66% | -17.83% | -50.59% | 12.97% | 5.33% |
| EBITDA Growth % | 5.41% | 17.75% | 26.44% | -27.68% | 54.89% | 18.36% | 29.39% | -47.48% | -9.63% | 59.69% | 65.9% | -15.47% | -20.75% | 139.52% | -2.15% | 174.76% | 192.45% | 284.12% | -153.24% | -75.2% | 358.32% | -134.38% | 132.19% | 17.94% | -302.54% | 197.96% | 68.33% | -356.69% | 153.17% | 49.54% |
| D&A (Non-Cash Add-back) | 25.88M | 50.95M | 48.29M | 60.8M | 62.06M | 39.4M | 60.2M | 79.83M | 81.4M | 63.43M | 58.06M | 34.85M | 14.88M | 13.56M | 9.97M | 8.14M | 7.89M | 8.17M | 8.58M | 5.64M | 7.52M | 20.38M | 27.2M | 40.05M | 35.41M | 29.13M | 32.22M | 62.28M | 71.9M | 88M |
| EBIT | 387.41M | 444.91M | 364.85M | 255.64M | 369.61M | 246.3M | 182.32M | 95.86M | 266.25M | 318.65M | 181.11M | 97.18M | 155.11M | 201.19M | 79.54M | 79.33M | 24.5M | 5.36M | -2.46M | 9.01M | 41.63M | -29.05M | 49.46M | -177.42M | -192.84M | 55.09M | -132.85M | -380.06M | 51.9M | -39.1M |
| Net Interest Income | 26.59M | 33.09M | 20.58M | 9.09M | 615K | 5.22M | 9.4M | 6.96M | 3.61M | -1.92M | -2.43M | -5.05M | 848K | 440K | 517K | 860K | 1.34M | 2.78M | 12.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 37.52M | 33.98M | 21.49M | 9.98M | 1.56M | 6.28M | 10.46M | 8.02M | 4.76M | 1.68M | 877K | 579K | 848K | 440K | 517K | 860K | 1.34M | 2.78M | 12.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 679K | 898K | 915K | 898K | 948K | 1.06M | 1.06M | 1.06M | 1.15M | 3.6M | 3.31M | 5.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 36.35M | 34.55M | 20.47M | 5.71M | 2.33M | 8.06M | 7.79M | -7.03M | 2.64M | -2M | -4.22M | -17.22M | 721K | 360K | 447K | 887K | 1.28M | 2.94M | 11.96M | 13.52M | 7.79M | 4.33M | 13.9M | 2.31M | 18.01M | 88.66M | 0 | -1.31M | 4.1M | -12.6M |
| Pretax Income | 496.73M | 444.91M | 363.94M | 254.74M | 368.66M | 245.25M | 181.27M | 93.74M | 265.1M | 315.05M | 175.99M | 91.55M | 155.74M | 201.19M | 79.98M | 84.21M | 26.68M | 6.16M | -2.8M | 19.49M | 47.11M | -34.18M | 39.44M | -201.58M | -217.06M | 158.12M | -132.85M | -381.37M | 56M | -51.7M |
| Pretax Margin % | 24.87% | 23.46% | 20.34% | 13.42% | 20.69% | 17.91% | 14.15% | 7.91% | 17.3% | 20.47% | 15.05% | 9.99% | 21.8% | 24.84% | 18.74% | 22.79% | 12.07% | 3.53% | -1.54% | 10.69% | 24.32% | -17.54% | 20.09% | -76.94% | -51.99% | 20.31% | -23.54% | -60.72% | 5.87% | -5.64% |
| Income Tax | 82.33M | 113.41M | 89.36M | 78.04M | 42.31M | 27.9M | 21.77M | 3.75M | 103.1M | 53.84M | 52.36M | 36.37M | 47.63M | 64.59M | -8M | -119.29M | -11.71M | 2.68M | 3.04M | -8.4M | -7.04M | -20.79M | -7.06M | -3.82M | -10.37M | 15.71M | -85.75M | 46.03M | 19.5M | -5.5M |
| Effective Tax Rate % | 16.57% | 25.49% | 24.55% | 30.63% | 11.48% | 11.38% | 12.01% | 4% | 38.89% | 17.09% | 29.75% | 39.73% | 30.58% | 32.1% | -10% | -141.65% | -43.9% | 43.56% | -108.71% | -43.1% | -14.93% | 60.83% | -17.9% | 1.89% | 4.78% | 9.94% | 64.55% | -12.07% | 34.82% | 10.64% |
| Net Income | 414.41M | 331.51M | 274.57M | 176.7M | 326.36M | 217.34M | 159.5M | 89.99M | 162M | 261.21M | 123.63M | 55.18M | 108.11M | 136.6M | 87.98M | 203.5M | 38.4M | 3.48M | -5.85M | 27.89M | 54.15M | -13.39M | 46.5M | -199.21M | -206.08M | 143.18M | -47.1M | -427.4M | 36.5M | -46.2M |
| Net Margin % | 20.75% | 17.48% | 15.35% | 9.31% | 18.32% | 15.87% | 12.45% | 7.59% | 10.57% | 16.97% | 10.57% | 6.02% | 15.13% | 16.87% | 20.61% | 55.06% | 17.38% | 1.99% | -3.21% | 15.3% | 27.95% | -6.87% | 23.69% | -76.04% | -49.36% | 18.39% | -8.34% | -68.05% | 3.82% | -5.04% |
| Net Income Growth % | 25.01% | 20.74% | 55.39% | -45.86% | 50.16% | 36.27% | 77.24% | -44.45% | -37.98% | 111.28% | 124.06% | -48.96% | -20.85% | 55.25% | -56.77% | 429.98% | 1004.98% | 159.44% | -120.96% | -48.48% | 504.43% | -128.79% | 123.34% | 3.33% | -243.93% | 404.01% | 88.98% | -1270.97% | 179% | -27.62% |
| Net Income (Continuing) | 414.41M | 331.51M | 274.57M | 176.7M | 326.36M | 217.34M | 159.5M | 89.99M | 162M | 261.21M | 123.63M | 55.18M | 108.11M | 136.6M | 87.98M | 203.5M | 38.4M | 3.48M | -5.85M | 27.89M | 54.15M | -13.39M | 46.5M | -197.76M | -206.69M | 142.4M | -47.1M | -427.4M | 36.5M | -46.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.09M | 1.7M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.84 | 6.00 | 4.90 | 3.09 | 5.52 | 3.62 | 2.64 | 1.46 | 2.46 | 3.92 | 1.87 | 0.85 | 1.65 | 2.00 | 1.29 | 2.82 | 0.59 | 0.05 | -0.07 | 0.31 | 0.62 | -0.16 | 0.50 | -2.47 | -2.66 | 1.73 | -0.77 | -6.77 | 0.52 | -0.71 |
| EPS Growth % | 30.67% | 22.45% | 58.58% | -44.02% | 52.49% | 37.12% | 80.82% | -40.65% | -37.24% | 109.63% | 120% | -48.48% | -17.5% | 55.04% | -54.26% | 377.97% | 1080% | 171.43% | -122.58% | -50% | 487.5% | -132% | 120.24% | 7.14% | -253.76% | 324.68% | 88.63% | -1401.92% | 173.24% | -22.41% |
| EPS (Basic) | 8.10 | 6.24 | 5.06 | 3.18 | 5.70 | 3.74 | 2.74 | 1.50 | 2.55 | 4.12 | 1.96 | 0.88 | 1.72 | 2.12 | 1.35 | 3.00 | 0.59 | 0.05 | -0.07 | 0.32 | 0.63 | -0.16 | 0.51 | -2.47 | -2.66 | 2.00 | -0.77 | -6.77 | 0.54 | -0.71 |
| Diluted Shares Outstanding | 52.37M | 55.24M | 56.02M | 57.23M | 59.14M | 60.06M | 60.46M | 61.58M | 65.95M | 66.56M | 65.99M | 65.23M | 65.53M | 68.45M | 68.06M | 72.1M | 65.63M | 65.71M | 87.97M | 88.81M | 87.78M | 83.67M | 93.01M | 80.65M | 77.55M | 82.65M | 61.55M | 63.15M | 70.19M | 65.07M |
| Basic Shares Outstanding | 50.82M | 53.13M | 54.29M | 55.61M | 57.28M | 58.11M | 58.32M | 60.12M | 63.41M | 63.33M | 63.2M | 62.5M | 62.93M | 64.58M | 64.93M | 67.86M | 65.34M | 65.53M | 87.97M | 87.64M | 86.04M | 83.67M | 91.18M | 80.65M | 77.55M | 71.68M | 61.55M | 63.15M | 67.59M | 65.07M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme customer concentration risk
As evidenced by the quarterly income statement data, CRUS exhibits a highly seasonal revenue trajectory, with periodic growth spikes followed by contractions, such as the 10.2% year-over-year decline observed in 2025Q3, reflecting the company's heavy reliance on the flagship smartphone release cycle of its primary customer.
The revenue volatility suggests that organic growth remains tethered to the unit shipment cadence of a single Tier-1 OEM rather than broad-based market expansion. Investors should monitor whether the recent push into HPMS and laptop markets can eventually decouple the top line from this rigid seasonal dependency.
Based on reported financial figures, Cirrus Logic maintains a consistent gross margin profile hovering around 53%, which suggests that the company possesses sufficient intellectual property differentiation to defend its pricing power despite the significant bargaining leverage held by its primary consumer electronics customer.
This stability indicates that the company has successfully managed foundry costs and product mix shifts within its fabless model. However, the lack of significant margin expansion implies that any future profitability gains will likely need to come from operating leverage rather than improved unit-level pricing.
According to the income statement, operating margins fluctuate significantly from 12.5% to 27.1% across the observed periods, demonstrating that the company's cost structure is highly sensitive to revenue volume rather than achieving the consistent scale typically seen in more diversified semiconductor peers like Texas Instruments.
The sharp contraction in operating income during lower-revenue quarters highlights the fixed nature of R&D and SG&A expenses relative to the lumpy revenue stream. This suggests that management's ability to control overhead is secondary to the primary driver of achieving sufficient quarterly volume to absorb these fixed costs.
As reported in recent filings, stock-based compensation remains a consistent component of the expense structure, averaging approximately $20 million per quarter, which warrants careful consideration when evaluating the true cash-generative capacity of the company's reported net income and diluted earnings per share figures.
While the company remains consistently profitable, the recurring nature of these non-cash charges suggests that investors should focus on adjusted earnings metrics to gauge operational performance. The impact of these items appears to be a standard feature of the company's compensation strategy rather than an anomaly.
While the company demonstrates technical leadership, the income statement reveals a structural vulnerability where over 80% of revenue is tied to a single customer, creating a binary risk profile that may justify the current valuation discount compared to more diversified analog semiconductor industry peers.
Short-term revenue spikes often mask the underlying risk that a single design-win loss could fundamentally impair the company's income statement. Investors should remain skeptical of the long-term sustainability of current growth rates until the company demonstrates meaningful revenue contribution from non-mobile, non-audio product segments.
Quick answers to the most common questions about buying CRUS stock.
For fiscal year 2026, Cirrus Logic, Inc. (CRUS) reported total revenue of $2.00B. This represents a 117.8% increase compared to $917.2M in 1997.
Cirrus Logic, Inc. (CRUS) is profitable, generating $414.4M in net income for the fiscal year ending 2026 with a net profit margin of 20.7%.
Cirrus Logic, Inc. (CRUS) reported an operating income of $460.4M, resulting in an operating profit margin of 23.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cirrus Logic, Inc. (CRUS) generated $1.05B in gross profit for the year, representing a gross profit margin of 52.8%. This demonstrates the company's core pricing power and production efficiency.