Cirrus Posts Record First-Quarter Sales and Lifts September Guide

The Tip Desk · August 5, 2026 · 3 min read

June-quarter revenue reached $459.7 million, and the company now expects September-quarter sales of $510 million to $570 million.

Cirrus Logic (CRUS), the Austin-based mixed-signal chipmaker, posted record first-quarter revenue of $459.7 million for the fiscal period ended June 27, 2026, up 2% from the prior quarter and 13% from a year earlier.

The sequential and year-over-year increase reflected higher sales of components shipping in smartphones, with year-over-year sales partially offset by previously anticipated pricing reductions. GAAP diluted earnings were $1.47 a share and non-GAAP diluted earnings were $1.84 a share, both record first-quarter levels.

Audio products accounted for $249.0 million of sales, or 54% of the total. High-performance mixed-signal products contributed $210.7 million, or 46%. One customer contributed approximately 90% of total revenue in the June quarter.

GAAP gross margin was 52.6%, down from 53.0% in the prior quarter on previously anticipated pricing reductions that were partially offset by cost reductions. Non-GAAP gross margin was 52.7%. On a year-over-year basis, GAAP gross margin was flat as a favorable product mix was partially offset by higher freight and supply-chain costs.

GAAP operating expenses were $157.4 million, up $10.1 million sequentially on higher employee-related costs, professional costs and product development, partly offset by higher R&D incentives. Non-GAAP operating expenses were $135.4 million. Headcount exiting the quarter was 1,717. R&D investment is expected to grow in fiscal 2027 as opportunities increase.

Cash flow from operations was $64.1 million. The company repurchased 211,099 shares for $34.5 million in the quarter. Subsequent to the quarter it used $50.5 million to buy 359,350 shares, leaving $239.6 million of authorization remaining. Inventory was $262.7 million.

President and Chief Executive Officer John Forsyth said the company experienced strong demand for custom components shipping into smartphones and made progress on strategic initiatives. The company was encouraged by design-win activity in PCs, including interest in its latest smart codec for AI-enabled PCs, and in June multiple customers announced new PCs based on NVIDIA’s RTX Spark platform expected to ship later this year with Cirrus Logic amplifiers and codecs.

The company lowered its fiscal 2027 revenue expectations for PCs after constrained supply of a key industry platform, memory and component shortages, and OEM delays on certain new model introductions. Those factors represent a shift in timing rather than a fundamental change to the underlying opportunity. It taped out a new high-performance analog front-end for metrology applications and expects to begin sampling in the September quarter.

For the September quarter, Cirrus Logic expects revenue of $510 million to $570 million, up 17% sequentially and down 4% year over year at the midpoint, versus the prior guide of $430 million to $490 million. GAAP gross margin is forecast at 52% to 54%. A temporary benefit is expected from wafers purchased under prior GlobalFoundries agreements that should largely sell through in the quarter before margin normalizes. Combined GAAP R&D and SG&A are expected at $163 million to $169 million, implying non-GAAP operating expenses of $140 million to $146 million.

The company recently signed a new Capacity Reservation and Wafer Supply Agreement with GlobalFoundries covering calendar 2027 and 2028.