# CIRRUS LOGIC, INC. (CRUS) Informational only - not investment advice. CIK: 0000772406 SIC: 3674 Semiconductors & Related Devices SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3674 Semiconductors & Related Devices](/industry/3674/) Latest 10-K filed: 2026-05-21 SEC page: https://www.sec.gov/edgar/browse/?CIK=772406 Filing source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000018/crus-20260328.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1997379000 | USD | 2026 | 2026-05-21 | | Net income | 414408000 | USD | 2026 | 2026-05-21 | | Assets | 2489374000 | USD | 2026 | 2026-05-21 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000772406.json. Derived margins are computed from the extracted annual SEC facts. | Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,538,940,000 | 1,532,186,000 | 1,185,524,000 | 1,281,124,000 | 1,369,230,000 | 1,781,460,000 | 1,897,617,000 | 1,788,890,000 | 1,896,077,000 | 1,997,379,000 | | Net income | 261,209,000 | 161,995,000 | 89,991,000 | 159,498,000 | 217,344,000 | 326,355,000 | 176,703,000 | 274,572,000 | 331,507,000 | 414,408,000 | | Operating income | 317,050,000 | 262,461,000 | 100,769,000 | 173,480,000 | 237,182,000 | 366,338,000 | 249,031,000 | 343,466,000 | 410,359,000 | 460,380,000 | | Gross profit | 757,815,000 | 760,716,000 | 597,497,000 | 674,167,000 | 707,301,000 | 923,641,000 | 956,979,000 | 916,072,000 | 996,038,000 | 1,054,172,000 | | Diluted EPS | 3.92 | 2.46 | 1.46 | 2.64 | 3.62 | 5.52 | 3.09 | 4.90 | 6.00 | 7.85 | | Assets | 1,413,470,000 | 1,430,117,000 | 1,352,640,000 | 1,592,677,000 | 1,830,614,000 | 2,123,400,000 | 2,063,966,000 | 2,231,576,000 | 2,327,073,000 | 2,489,374,000 | | Stockholders' equity | 1,151,692,000 | 1,161,728,000 | 1,140,240,000 | 1,229,779,000 | 1,389,005,000 | 1,599,817,000 | 1,658,282,000 | 1,817,014,000 | 1,949,449,000 | 2,127,996,000 | | Cash and cash equivalents | 351,166,000 | 235,604,000 | 216,172,000 | 292,119,000 | 442,164,000 | 369,814,000 | 445,784,000 | 502,764,000 | 539,620,000 | 800,930,000 | | Net margin | 16.97% | 10.57% | 7.59% | 12.45% | 15.87% | 18.32% | 9.31% | 15.35% | 17.48% | 20.75% | | Operating margin | 20.60% | 17.13% | 8.50% | 13.54% | 17.32% | 20.56% | 13.12% | 19.20% | 21.64% | 23.05% | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-21. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000772406.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2021-12-25 | | | 2.16 | reported discrete quarter | | 2023-Q1 | 2022-06-25 | | | 0.69 | reported discrete quarter | | 2023-Q2 | 2022-09-24 | | | 1.52 | reported discrete quarter | | 2023-Q3 | 2022-12-24 | | | 1.83 | reported discrete quarter | | 2023-Q4 | 2023-03-25 | 372,822,000 | -53,669,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-06-24 | 317,016,000 | 15,600,000 | 0.28 | reported discrete quarter | | 2024-Q2 | 2023-09-23 | 481,063,000 | 75,407,000 | 1.34 | reported discrete quarter | | 2024-Q4 | 2024-03-30 | 371,827,000 | 44,842,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-06-29 | 374,026,000 | 42,095,000 | 0.76 | reported discrete quarter | | 2025-Q2 | 2024-09-28 | 541,857,000 | 102,140,000 | 1.83 | reported discrete quarter | | 2025-Q3 | 2024-12-28 | 555,738,000 | 116,005,000 | 2.11 | reported discrete quarter | | 2025-Q4 | 2025-03-29 | 424,456,000 | 71,267,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-06-28 | 407,272,000 | 60,697,000 | 1.14 | reported discrete quarter | | 2026-Q2 | 2025-09-27 | 560,960,000 | 131,596,000 | 2.48 | reported discrete quarter | | 2026-Q3 | 2025-12-27 | 580,624,000 | 140,310,000 | 2.66 | reported discrete quarter | | 2026-Q4 | 2026-03-28 | 448,523,000 | 81,805,000 | | derived Q4 = FY annual - nine-month YTD | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/772406/000077240626000006/crus-20251227.htm Extracted between Part I Item 2 and the next Item 3/4 or Part II heading after HTML sanitization. Confidence: high Filing date: 2026-02-03 Report date: 2025-12-27 ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion should be read along with the unaudited consolidated condensed financial statements and notes thereto included in Item 1 of this Quarterly Report on Form 10-Q, as well as the audited consolidated financial statements and notes thereto and Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended March 29, 2025, contained in our fiscal year 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “Commission”) on May 23, 2025.  We maintain a website at investor.cirrus.com, which makes available free of charge our most recent annual report and all other filings we have made with the Commission.  Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q including Management’s Discussion and Analysis of Financial Condition and Results of Operations and certain information incorporated herein by reference contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  These forward-looking statements are based on expectations, estimates, forecasts and projections and the beliefs and assumptions of our management as of the filing of this Form 10-Q.  In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “estimates,” “intend,” and variations of these types of words and similar expressions which are intended to identify these forward-looking statements.  In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements.  Readers are cautioned that these forward-looking statements are predictions and are subject to risks, uncertainties and assumptions that are difficult to predict.  Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements and readers should not place undue reliance on such statements.  We undertake no obligation, and expressly disclaim any duty, to revise or update publicly any forward-looking statement for any reason, except as required by law. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see “Item 1A - Risk Factors” in our 2025 Annual Report on Form 10-K filed with the Commission on May 23, 2025, and in “Part II, Item 1A - Risk Factors” within this Quarterly Report on Form 10-Q.  Readers should carefully review these risk factors, as well as those identified in other documents filed by us with the Commission.  Overview Cirrus Logic, Inc. (“Cirrus Logic,” “We,” “Us,” “Our,” or the “Company”) 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. The Company remains committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing HPMS content in smartphones; and third, leveraging our strength in 17 audio and HPMS to expand into additional applications and markets with new and existing components. During the third quarter of fiscal year 2026, we continued to execute on these strategic initiatives. Revenue exceeded expectations due to stronger-than-anticipated demand for our components shipping into smartphones, as well as a favorable mix of end devices. In PCs, we advanced our growth strategy by ramping our latest-generation amplifier and codec in mainstream platforms and sampling a new voice interface component for AI-enabled PCs. Multiple leading OEMs introduced PCs incorporating our amplifiers, codecs, and haptic drivers at the Consumer Electronics Show (CES) in early January. In our general market business, design momentum increased across our portfolio of ADCs, DACs, and ultra-high-performance audio codecs, and we began sampling a new family of audio components aimed at broader markets. Finally, we announced a new family of automotive haptic components, which we view as a meaningful long-term growth opportunity. Critical Accounting Policies and Estimates Our discussion and analysis of the Company’s financial condition and results of operations are based upon the unaudited consolidated condensed financial statements included in this report, which have been prepared in accordance with U.S. GAAP.  The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts.  We evaluate the estimates on an ongoing basis.  We base these estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions and conditions.  There have been no significant changes during the three and nine months ended December 27, 2025, to the information provided under the headings “Critical Accounting Estimates” and “Summary of Significant Accounting Policies” included in our fiscal year 2025 Annual Report on Form 10-K for the fiscal year ended March 29, 2025. Recently Issued Accounting Pronouncements For a discussion of recently issued accounting pronouncements, refer to Note 2 of the Notes to the Consolidated Condensed Financial Statements. Results of Operations  Our fiscal year is the 52- or 53-week period ending on the last Saturday in March. Fiscal years 2026 and 2025 are 52-week fiscal years. The following table summarizes the results of our operations for the three and nine months of fiscal years 2026 and 2025, respectively, as a percentage of net sales.  All percentage amounts were calculated using the underlying data in thousands, unaudited: Three Months Ended Nine Months Ended December 27, December 28, December 27, December 28, 2025 2024 2025 2024 Net sales 100  % 100  % 100  % 100  % Gross margin 53  % 54  % 53  % 52  % Research and development 20  % 20  % 21  % 22  % Selling, general and administrative 7  % 7  % 8  % 8  % Income from operations 26  % 26  % 24  % 22  % Interest income 2  % 2  % 2  % 2  % Interest expense —  % —  % —  % —  % Other income (expense) —  % —  % —  % —  % Income before income taxes 28  % 28  % 26  % 24  % Provision for income taxes 4  % 7  % 5  % 6  % Net income 24  % 21  % 21  % 18  % 18 Net Sales  Net sales for the third quarter of fiscal year 2026 increased $24.9 million, or 4 percent, to $580.6 million from $555.7 million in the third quarter of fiscal year 2025.  Net sales from our audio products decreased $1.8 million, primarily driven by lower general market sales and declines in average sales prices ("ASPs") due to previously anticipated pricing reductions. This decrease was mostly offset by higher smartphones units. Net sales from HPMS products increased $26.7 million for the quarter versus the third quarter of fiscal year 2025, primarily due to higher smartphone unit volumes, partially offset by declines in ASPs due to previously anticipated pricing reductions. Net sales for the first nine months of fiscal year 2026 increased $77.2 million, or 5 percent, to $1.55 billion from $1.47 billion for the first nine months of fiscal year 2025. Net sales from our audio products increased $20.9 million, primarily driven by higher smartphone unit volumes and sales associated with latest-generation products, partially offset by declines in ASPs due to previously anticipated pricing reductions and lower general market sales. Net sales from HPMS products increased $56.4 million for the year versus the first nine months of fiscal year 2025, primarily due to higher smartphone unit volumes and, to a lesser extent, increased sales of custom components in non-smartphone applications and higher general market sales. Declines in ASPs due to previously anticipated pricing reductions partially offset the increase. International sales, including sales to U.S.-based end customers that manufacture products through contract manufacturers or plants located overseas, were approximately 99 percent of net sales for each of the third quarters and nine month periods of fiscal years 2026 and 2025. Our sales are denominated primarily in U.S. dollars.  Since the components we produce are largely proprietary, we consider our end customer to be the entity specifying the use of our component in their design. These end customers may purchase our products directly from us, through distributors, or third-party manufacturers contracted to produce their designs.  For the third quarters of fiscal years 2026 and 2025, our ten largest end customers represented approximately 97 percent and 96 percent, of our net sales, respectively, and 96 percent of our net sales for each of the first nine months of fiscal years 2026 and 2025. We had one end customer, Apple Inc., that purchased through multiple contract manufacturers and represented approximately 94 percent and 91 percent of the Company’s total net sales for the third quarters of fiscal years 2026 and 2025, respectively, and 90 percent for each of the first nine months of fiscal years 2026 and 2025. No other end customer or distributor represented more than 10 percent of net sales for the three and nine months ended December 27, 2025 or December 28, 2024. For more information, please see “Part II, Item 1A - Risk Factors” — “We depend on a limited number of customers and distributors for a substantial portion of our sales, and the loss of, or a significant reduction in orders from, or pricing on products sold to, any key customer or distributor could significantly reduce our sales and our profitability.” Gross Margin Gross margin was 53.1 percent in the third quarter of fiscal year 2026, down from 53.6 percent in the third quarter of fiscal year 2025, largely driven by ASP reductions due to previously anticipated pricing reductions, which were mostly offset by cost reductions. Gross margin was 52.7 percent for the first nine months of fiscal year 2026, up from 52.3 percent for the first nine months of fiscal year 2025, primarily due to a more favorable product mix. Additionally, ASP reductions due to previously anticipated pricing reductions were mostly offset by reduced product costs. Research and Development Expense Research and development expense for the third quarter of fiscal year 2026 was $113.6 million, an increase of $0.6 million, from $113.0 million in the third quarter of fiscal year 2025. Significant drivers included increased employee-related expenses, partially offset by reduced product development and stock-based compensation costs in the quarter. Research and development expense for the first nine months of fiscal year 2026 was $326.5 million, a decrease of $4.8 million, from $331.3 million for the first nine months of fiscal year 2025, primarily due to reduced stock-based compensation and product development costs, partially offset by increased employee-related costs for the period. 19 Selling, General and Administrative Expense Selling, general and administrative expense for the third quarter of fiscal year 2026 was $41.6 million, an increase of $2.6 million, from $39.0 million in the third quarter of fiscal year 2025, due primarily to increased professional services and stock-based compensation costs. Selling, general and administrative expense for the first nine months of fiscal year 2026 [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high ITEM 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations Please read the following discussion in conjunction with our audited historical consolidated financial statements and notes thereto, which are included elsewhere in this Form 10-K. Management’s Discussion and Analysis of Financial Condition and Results of Operations contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risk, uncertainties and other factors. Actual results could differ materially because of the factors discussed in Part I, Item 1A. "Risk Factors" of this Form 10-K and elsewhere in this report, as well as in the documents we file with the SEC, including our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Critical Accounting Estimates Our discussion and analysis of the Company’s financial condition and results of operations are based upon the consolidated financial statements included in this report, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts. We evaluate the estimates on an on-going basis. We base these estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions and conditions. Our accounting policies are more fully described in Note 2 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements contained in Item 8. The Company considers the following accounting policies to involve the highest degree of judgment in the preparation of the consolidated financial statements: Inventory Valuation Inventories are stated at the lower of cost or net realizable value on a first-in, first-out basis. Cost is computed using standard costs, which approximate actual cost. The Company writes down inventories to net realizable value based on forecasted customer unit demand while taking into account product release schedules and product life cycles. The Company also reviews and writes down inventory, as appropriate, based on the age and condition of the inventory. Actual demand and market conditions may be different from those projected by management, which could have a material effect on our operating results and financial position. Uncertain Tax Positions The calculation of our tax liabilities involves assessing uncertainties with respect to the application of complex tax rules. Uncertain tax positions must meet a more likely than not threshold to be recognized in the financial statements and the tax benefits recognized are measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon final settlement. The ultimate settlement of uncertain tax positions may differ from our estimates, which could result in the recognition of a tax benefit or an additional charge to the income tax provision in the relevant period. See Note 17 — Income Taxes of the Notes to Consolidated Financial Statements contained in Item 8 for additional details. Recently Issued Accounting Pronouncements For a discussion of recently issued accounting pronouncements, refer to Note 2 - Summary of Significant Accounting Policies, of the Notes to the Consolidated Financial Statements. Overview Cirrus Logic develops low-power, high-precision mixed-signal processing solutions for a broad range of customers. We track operating results in one reportable segment, but report revenue performance by product line: Audio and HPMS products. In fiscal year 2026, the Company continued to execute on our three-pronged strategy to grow Cirrus Logic by maintaining our leadership in smartphone audio, increasing high-performance mixed-signal (HPMS) content in smartphones, and leveraging our audio and HPMS expertise and intellectual property to expand into additional applications and markets. In smartphones, we experienced robust demand for our latest custom boosted amplifier and 22-nanometer smart codec, both of which deliver meaningful system-level improvements and exceptional audio performance. The Company advanced our HPMS strategy by beginning the development of next-generation camera controller components and technologies. We also made excellent progress in advanced battery and power applications, where we validated multiple new technologies and intellectual property in silicon. Our achievements were underscored by a recent announcement from our largest customer that highlights our collaboration on a solution to support their FaceID implementation in future products. We are designing our first product in this area, a smart power IC, which represents an exciting new application space for Cirrus Logic. 33 Table of Contents Beyond smartphones, we made considerable progress in fiscal year 2026 implementing our strategy to expand into new applications and markets. We achieved strong year-over-year revenue growth in PCs as we gained share across all PC segments. The introduction of new amplifiers and codecs that target a wider range of platforms and AI-enabled PCs has positioned the Company well for continued growth in fiscal year 2027. And in our general market business, we developed multiple new product families that broaden our presence in the professional audio, automotive, industrial, and imaging end markets. We recently joined our largest customer’s American Manufacturing Program and are working with both our customer and GlobalFoundries to develop new process technologies for our products, including our efforts to manufacture for the first time at the Malta, New York facility. Participation in this program was one of several important steps we took over the past year to advance both process and geographic diversification across our supply chain. Additionally, given the considerable range of opportunities across our custom silicon and general market businesses, we expect R&D investments to grow in fiscal year 2027, primarily due to planned headcount growth and product development expenses. Fiscal year 2026 net sales of $2.00 billion represented an increase over fiscal year 2025 net sales of $1.90 billion. Audio product line sales of $1.16 billion in fiscal year 2026 increased 2 percent from fiscal year 2025 sales of $1.14 billion. The most significant drivers of the increase were demand for components shipping into smartphones, as well as higher PC sales, versus the prior fiscal year. HPMS product line sales of $837.4 million represented a 10 percent increase from fiscal year 2025 sales of $758.9 million, largely attributable to demand for components shipping into smartphones. Overall, gross margin for fiscal year 2026 was 52.8 percent. The increase in gross margin for fiscal year 2026 reflects a more favorable product mix. The Company’s number of employees increased from 1,660 as of March 29, 2025 to 1,668 as of March 28, 2026. The Company achieved net income of $414.4 million in fiscal year 2026, which included an income tax provision in the amount of $82.3 million. Results of Operations A discussion regarding our financial condition and results of operations for fiscal year 2026 compared to fiscal year 2025 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2025, compared to fiscal year 2024, which was a 53-week fiscal year, can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, filed with the SEC on May 23, 2025. The following table summarizes the results of our operations for each of the past three fiscal years as a percentage of net sales. All percentage amounts were calculated using the underlying data, in thousands: Fiscal Years Ended March 28, 2026 March 29, 2025 March 30, 2024 Net sales 100  % 100  % 100  % Gross margin 53  % 53  % 51  % Research and development 22  % 23  % 24  % Selling, general and administrative 8  % 8  % 8  % Restructuring —  % —  % —  % Income from operations 23  % 22  % 19  % Interest income 2  % 2  % 1  % Interest expense —  % —  % —  % Other income (expense) —  % —  % —  % Income before income taxes 25  % 24  % 20  % Provision for income taxes 4  % 6  % 5  % Net income 21  % 18  % 15  % 34 Table of Contents Net Sales We report sales in two product line categories: Audio products and HPMS products. Our sales by product line are shown in the table below (in thousands). Fiscal Years Ended March 28, 2026 March 29, 2025 March 30, 2024 Audio Products $ 1,159,933  $ 1,137,157  $ 1,083,939  HPMS Products 837,446  758,920  704,951  $ 1,997,379  $ 1,896,077  $ 1,788,890  Net sales for fiscal year 2026 increased by 5 percent, to $2.0 billion from $1.9 billion in fiscal year 2025. Audio product sales increased $22.8 million, or 2 percent in fiscal year 2026. The most significant drivers of the increase were demand for components shipping into smartphones, as well as higher PC sales, versus the prior fiscal year. The increase in net sales also reflects a $78.5 million increase in HPMS product sales, or 10 percent, from fiscal year 2025 sales of $758.9 million, primarily due to demand for components shipping into smartphones. International sales, including sales to U.S.-based end customers that manufacture products through contract manufacturers or plants located overseas, were approximately $2.0 billion, $1.9 billion, and $1.8 billion in fiscal years 2026, 2025, and 2024, respectively, representing 99 percent of net sales in fiscal years 2026, 2025, and 2024. Our sales are denominated primarily in U.S. dollars. Gross Margin Overall gross margin of 52.8 percent for fiscal year 2026 increased from fiscal year 2025 gross margin of 52.5 percent. The increase reflects a more favorable product mix. Changes in excess and obsolete inventory charges, including scrapped inventory, and sales of product written down in prior periods did not have a material impact on margin in fiscal year 2026. Research and Development Expenses Fiscal year 2026 research and development expenses of $434.0 million reflect a decrease of $0.7 million from fiscal year 2025. The decrease was attributable to decreased stock-based compensation and product development costs, largely due to the timing of new products, partially offset by increased employee-related costs. Selling, General and Administrative Expenses Fiscal year 2026 selling, general and administrative expenses of $159.8 million reflect an increase of $8.8 million, or 6 percent, compared to fiscal year 2025. The increase was primarily attributable to increased stock-based compensation and employee-related expenses. Interest Income Interest income in fiscal years 2026 and 2025 was $37.7 million and $34.0 million, respectively. The increase in interest income in fiscal year 2026 versus prior year was due to returns generated from higher combined average cash, cash equivalents, and marketable securities balances throughout the year. Interest Expense The Company reported interest expense of $0.9 million and $0.9 million for fiscal years 2026 and 2025, respectively, primarily as a result of commitment fees under the Revolving Credit Facility, described in Note 8 of the Notes to Consolidated Financial Statements in Item 8. Other Income (Expense) In fiscal years 2026 and 2025, the Company reported $(0.5) million and $1.5 million, respectively, in other income (expense), related to remeasurement on foreign currency denominated monetary assets and liabilities and other non-operating income and expenses. Provision for Income Taxes We recorded income tax expense of $82.3 million in fiscal year 2026 on pre-tax income of $496.7 million, yielding an effective tax rate of 16.6 percent. Our effective tax rate in fiscal year 2026 was lower than the U.S. statutory rate of 21.0 percent, primarily due to the effect of income earned in certain foreign jurisdictions that is taxed below the federal statutory rate. The fiscal year 2026 effective tax rate was also favorably impacted by the One Big Beautiful Bill Act ("OBBBA"), 35 Table of Contents enacted on July 4, 2025, which included a broad range of tax reform provisions and extended or modified many provisions first enacted in the Tax Cuts and Jobs Act ("TCJA") in 2017. Beginning with fiscal year 2026, the OBBBA permanently eliminated the TCJA's requirement to capitalize U.S. research and development ("R&D") expenditures. A number of other provisions, including modifications to existing international tax provisions, will take effect in fiscal year 2027. We recorded income tax expense of $113.4 million in fiscal year 2025 on pre-tax income of $444.9 million, yielding an effective tax rate of 25.5 percent. Our effective tax rate in fiscal year 2025 was higher than the U.S. statutory rate of 21.0 percent, primarily due to U.S. tax paid on our foreign earnings resulting from an increase in global intangible low-taxed income ("GILTI"), which is treated as a period cost, due to the TCJA provision that required research and development expenditures to be capitalized in fiscal year 2025 and amortized ratably over five or fifteen years depending on the location in which the research activities were conducted. For additional discussion about our income taxes, see Note 17 - Income Taxes of the Notes to Consolidated Financial Statements in Item 8. Liquidity and Capital Resources Operating Activities In fiscal year 2026, cash flow from operations was $650.6 million. Operating cash flow during fiscal year 2026 was related to the cash components of our net income and a $103.4 million favorable change in working capital. The favorable change in working capital was driven primarily by decreases in inventory and prepaid wafer balances (related to the Capacity Reservation Agreement) and increases in accounts payable, partially offset by decreases in other accrued liabilities and income taxes payable. In fiscal year 2025, cash flow from operations was $444.4 million. Operating cash flow during fiscal year 2025 was related to the cash components of our net income and a $23.4 million unfavorable change in working capital, primarily driven by increases in inventory and accounts receivable, partially offset by prepaid wafer balances (related to the Capacity Reservation Agreement). Investing Activities In fiscal year 2026, the Company used $75.1 million in cash for investing activities primarily related to $60.3 million in net purchases of marketable securities and capital expenditures and technology investments of $14.8 million. In fiscal year 2025, the Company used $124.3 million in cash for investing activities primarily related to $95.5 million in net purchases of marketable securities and capital expenditures and technology investments of $28.8 million. Financing Activities In fiscal years 2026 and 2025, the Company used $314.2 million and $283.2 million, respectively, related to financing activities. In fiscal years 2026 and 2025, the Company utilized approximately $280.0 million and $261.0 million, respectively, in cash to repurchase and retire portions of its outstanding common stock. See Note 15 - Stockholders' Equity of the Notes to Consolidated Financial Statements in Item 8 for a description of our share repurchase authorization. Revolving Credit Facility On July 8, 2021, the Company entered into a second amended and restated credit agreement (the "Second Amended Credit Agreement") with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility would have matured on July 8, 2026, prior to the Third Amended Credit Agreement described in Note 8 - Revolving Credit Facility. The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets. On March 20, 2023, the Company, entered into the First Amendment (the "Amendment") to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate ("LIBOR") with the forward-looking secured overnight financing rate ("Term SOFR"), for the purposes of calculating interest under the terms of the Second Amended Credit Agreement. As of March 28, 2026, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement.   See Note 8 — Revolving Credit Facility of the Notes to Consolidated Financial Statements in Item 8 for additional information including material terms and related covenants. 36 Table of Contents Capital Requirements Our future capital requirements will depend on many factors, including the rate of sales growth, market acceptance of our products, the timing and extent of research and development projects, and potential future acquisitions of companies or technologies, commitments under the Capacity Reservation Agreement with GlobalFoundries (discussed further in Note 13 - Commitments and Contingencies of the Notes to the Consolidated Financial Statements and Item 1A. Risk Factors) and the expansion of our sales and marketing activities. We believe our expected future cash earnings, existing cash, cash equivalents, investment balances, and available borrowings under our Revolving Credit Facility will be sufficient to meet our capital requirements both domestically and internationally, in the short-term (i.e. the next 12 months) and in the long-term, although we could be required, or could elect, to seek additional funding prior to that time. As of March 28, 2026, the Company did not have any off-balance-sheet arrangements, that were reasonably likely to have a material effect on our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. Contractual Cash Obligations In our business activities, we incur certain commitments to make future payments under contracts such as debt agreements, purchase orders, operating leases and other long-term contracts.  See Note 8 - Revolving Credit Facility, Note 10 - Leases and Note 13 - Commitments and Contingencies, of the notes to the Consolidated Financial Statements in Item 8, for additional information related to these contractual obligations.