Cirrus Logic Stock Earnings Reports

Cirrus Logic reported a December-quarter beat with revenue of $555.7M (above the high end of guidance), non-GAAP gross margin of 53.6%, non-GAAP net income of $138.3M and EPS of $2.51. Cash and investments were $816.6M; operating cash flow was strong ($218.6M in the quarter), and the company repurchased $70M of stock in the quarter (≈679k shares) with $154.1M remaining authorization. Management highlighted strategic progress in three areas: (1) maintaining leadership in smartphone audio (new custom boosted amplifier and 22nm smart codec began shipping and are expected to be used across multiple smartphone generations), (2) expanding high-performance mixed-signal (HPMS) content such as camera controllers, haptics and power-related products, and (3) leveraging core IP into new markets (laptops—design wins and sampling of next-gen PC codec/amplifier—and early automotive/pro audio timing products). The company hired Jeff Woolard as CFO (joining later this month). Guidance for Q4 FY25 is revenue $350M–$410M, GAAP gross margin 51%–53%, non-GAAP OpEx $119M–$125M, and FY25 non-GAAP tax rate ~22%–24%. Management expects inventory to increase and peak in 1H FY26 as they fulfill demand and manage wafer commitments with GlobalFoundries. They reiterated long-term opportunity in HPMS (large SAM vs. audio) and that PC revenue is tracking to low‑tens of millions in FY25 and is expected to roughly double in FY26.