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 CovenantsCirrus 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 CovenantsConsolidated 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 LimitsThreshold 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)RevenueTotal 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 MarginGAAP Gross Margin: 53.0% .Non-GAAP Gross Margin: 53.0% .Operating ExpensesGAAP 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 ProfitGAAP Income from Operations: $90,295 thousand (20.1%) .Non-GAAP Operating Income: $111,789 thousand (24.9%) .Net IncomeGAAP Net Income: $81,805 thousand .Non-GAAP Net Income: $102,279 thousand .Cash Flow and OperationsNet 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)RevenueTotal 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 MarginGAAP Gross Margin: 52.8%, compared to 52.5% in FY25 .Non-GAAP Gross Margin: 52.8%, compared to 52.6% in FY25 .Operating ExpensesGAAP 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 ProfitGAAP 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 IncomeGAAP 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 SheetNet 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 .