Key Highlights

  • Fiscal first-quarter 2027 Revenue was $459.7 million, up roughly 13 per cent year on year, with non-GAAP EPS of $1.84.
  • Operating cash flow fell to $64.1 million from $116.1 million a year earlier, and Buybacks were $31.5 million.
  • Second-quarter revenue is guided at $510 million to $570 million, with results due on 4 November 2026.

Latest result: the highest quarterly revenue to date

Cirrus Logic (NASDAQ:CRUS) last reported on 5 August 2026, when it posted revenue of $459.7 million for its fiscal first quarter of 2027, which ended on 27 June 2026, the highest quarterly revenue to date. That compared with $448.5 million in the preceding quarter and $407.3 million a year earlier, an increase of roughly 13 per cent year on year.

GAAP Diluted Earnings per Share were $1.47, while non-GAAP earnings per share were $1.84. GAAP Net Income was $76.9 million and non-GAAP net income was $96.1 million. Chief executive John Forsyth attributed the result to Demand for custom smartphone components.

Margins, cash flow and Capital returns

Gross Margin was 52.6 per cent on a GAAP basis and 52.7 per cent on a non-GAAP basis. Operating expenses were $157.4 million under GAAP and $135.4 million excluding items such as share-based compensation and acquisition-related costs, so the gap between the two earnings measures is largely made up of those adjustments.

Cash generation was lower than the headline profit. Operating Cash Flow was $64.1 million, against $116.1 million in the same quarter last year, and Capital Expenditure of $15.5 million left free cash flow of $48.6 million. Over the trailing twelve months, operating cash flow was $598.6 million and free cash flow was $571.0 million, which shows how much the quarterly figure can move with timing.

Cash and equivalents were $810.7 million, with a further $80.6 million of current and $276.1 million of long-term marketable securities. The company repurchased and retired $31.5 million of stock in the quarter, below the $100.0 million bought back in the same period a year earlier.

Guidance versus reported numbers

The next quarter's figures are guidance rather than results. For the fiscal second quarter, management expects revenue of $510 million to $570 million, GAAP gross margin of 52 per cent to 54 per cent, combined GAAP Research and Development and selling, general and administrative expenses of $163 million to $169 million, and non-GAAP operating expenses of $140 million to $146 million.

Guidance is a company estimate rather than a result.

Why it matters

Cirrus Logic sells mixed-signal chips, notably audio and haptic components, and the company's own commentary points to concentration in smartphone programmes. The highest-ever quarter therefore says something about demand for those programmes, but the larger sequential step implied in guidance also raises the importance of delivery.

The fall in cash flow and the smaller buyback are worth reading alongside the earnings. They do not contradict the revenue result, but they show that Working Capital and capital allocation can differ from income statement results in any single quarter.

What to watch next

The principal dated event is the fiscal second quarter report. Cirrus Logic has said it will release results on Wednesday 4 November 2026 at about 4.00pm Eastern Time, with a live question-and-answer webcast at 5.00pm. The key tests are whether revenue lands within the $510 million to $570 million range, whether gross margin stays inside 52 per cent to 54 per cent, and whether operating cash flow recovers towards the trailing average.

Other items are any commentary on customer concentration, the pace of repurchases and the use of the company's roughly $1.17 billion of cash and marketable securities.