CRUS

CIRRUS LOGIC INC

Technology | Mid Cap

$1.70

EPS Forecast

$454.5

Revenue Forecast

The company already released most recent quarter's earnings. We will publish our AI's next quarter's forecast around 2026-08-29

Cirrus Logic hits a high note: record Q1 revenue and a forward-looking cadence for AI-enabled devices

Cirrus Logic, Inc. (ticker: CRUS) released its fiscal first-quarter results for the quarter ended June 27, 2026, illustrating a company that is not merely humming along but positioned to scale as AI features ripple through PCs and mobile devices. The reported EPS figures—GAAP EPS of $1.47 and non-GAAP EPS of $1.84—sit atop revenue of $459.7 million, a performance the company bills as a record for the quarter. The release also provides a clear revenue forecast for the next quarter and a view into ongoing investments that could shape margins and R&D outlays in the year ahead.

In the spirit of market reporting that respects nuance, the press materials call out ongoing margin discipline (GAAP gross margin of 52.6% and non-GAAP gross margin of 52.7%) while underscoring that future results hinge on product demand in smartphones and growing momentum in AI-enabled PCs. The narrative is less about a single number and more about how Cirrus plans to sustain a high-mervin mix as it invests in next-generation components and metrology-focused front-ends.

Two quick anchors for readers focused on earnings discourse: the company’s EPS is disclosed on both a GAAP and non-GAAP basis, and management provides a revenue forecast for the upcoming quarter. The release does not appear to present a formal earnings surprise relative to a disclosed EPS consensus in the document, so listeners should compare these figures to external estimates as they form their own view on how far the bar moves beyond consensus expectations.

Key numbers from the quarter

  • Revenue: $459.7 million
  • GAAP gross margin: 52.6%; non-GAAP gross margin: 52.7%
  • GAAP operating expenses: $157.4 million; non-GAAP operating expenses: $135.4 million
  • GAAP EPS: $1.47; non-GAAP EPS: $1.84
  • First-quarter orientation: solid start to fiscal year 2027

The company frames these results against a backdrop of strategic investments and product momentum. It highlights continued demand for mixed-signal components, particularly as devices ship more custom components into smartphones, while also signaling meaningful progress on a high-performance analog front-end component aimed at metrology applications. A recap of the reconciliation note confirms that stock-based compensation and acquisition-related amortization are within the expected range for investor visibility.

Management speaks: the CEO’s narrative

“Cirrus Logic delivered record first quarter revenue and earnings per share in the June quarter,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter, we experienced strong demand for custom components shipping into smartphones. The company also made meaningful progress executing on key strategic initiatives. In our PC business, we saw considerable interest in our latest smart codec for AI-enabled PCs and are engaged with multiple customers on designs for next calendar year. We also recently taped out a new high-performance analog front-end component targeting metrology applications, further strengthening our general market portfolio. Looking forward, we remain confident in our ability to leverage our mixed-signal design expertise to drive growth across new applications and markets for years to come.”

Outlook: the revenue forecast and the expense cadence

For the second quarter of fiscal year 2027, Cirrus Logic guides revenue between $510 million and $570 million. The anticipated gross margin band is 52% to 54% on GAAP basis, while combined GAAP R&D and SG&A expenses are expected to run between $163 million and $169 million. The company notes approximately $21 million of stock-based compensation expense and $2 million in amortization of acquisition intangibles, which together imply a non-GAAP operating expense range of $140 million to $146 million.

In practical terms, the outlook signals continued investment in product innovation and go-to-market efforts, with margin guidance reflecting a diversified mix that includes newer AI-related codecs and metrology-oriented components. Cirrus also invites investors to a live Q&A session at 5 p.m. ET to discuss results and the business outlook, with additional details available on the investor relations site.

What this portends for Cirrus Logic and peers

The backdrop here is instructive: a company riding demand for smartphones while simultaneously expanding into AI-enabled PC ecosystems and advanced metrology. The margin profile—a touch above 52% gross margin on both GAAP and non-GAAP measures—suggests a cash-generative business that funds ongoing R&D without sacrificing too much of the gross margin rigor that hardware component suppliers rely on.

The revenue forecast for Q2 implies continued momentum into a seasonally softer period in some semiconductor cycles, but the composition matters: if the mix tilts toward higher-margin mixed-signal and analog front-end products, it could help sustain GAAP and non-GAAP margins even as absolute OPEX scales with R&D and sales investments.

For sector peers, the message is multidimensional. First, AI-focused codecs and front-end analog components are no longer niche; they are central to how devices unlock power efficiency and new features. Second, a robust pipeline in metrology-focused components hints at a secure long-tail of demand, potentially insulating earnings from short-term consumer cyclicality. Third, management’s cadence—record revenue in Q1, a deliberate outlook for R&D and SG&A, and a commitment to investor dialogue—signals a governance and capital-allocation posture that peers may emulate to sustain credibility as they navigate pricing, supply-chain dynamics, and competition.

About Cirrus Logic

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that power user experiences in mobile and consumer applications. Headquartered in Austin, Texas, the company is recognized for its corporate culture and its ongoing push into AI-enabled devices and specialized analog front-ends. Cirrus Logic, Cirrus and the Cirrus Logic logo are registered trademarks of Cirrus Logic, Inc. All other company or product names noted herein may be trademarks of their respective holders.

Investor takeaway

CRUS delivered a convincing start to the year with a revenue run-rate capable of supporting continued investments in product lines that feed AI-enabled devices and metrology—spaces where high-mobility margins can coexist with growth. The explicit EPS disclosure, paired with a meaningful revenue forecast for the next quarter, provides a framework for analysts to compare against EPS consensus expectations and potential earnings surprise scenarios as more data from sell-side models flows in. If the first-quarter performance is a harbinger, the coming quarters could see Cirrus Logic navigate toward a more diversified earnings mix, with margin stability as a backbone rather than a mere afterglow of a single product cycle.

Bottom line: a high-midelity hardware supplier with a clear AI-forward roadmap, decent margins, and a disciplined approach to expense growth. The stock market will likely listen for signals that revenue growth sustains into the next cycle and that the AI-enabled PC and metrology portfolios mature into real, recurring revenue streams.