Company: CRUS
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0000772406-25-000034
Chunk: 10

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 2
Chunk 10
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 not readily apparent from other sources.  Actual results may differ from these estimates under different assumptions and conditions. 

There have been no significant changes during the three months ended June 28, 2025, to the information provided under the headings “Critical Accounting Estimates” and "Summary of Significant Accounting Policies" included in our fiscal year 2025 Annual Report on Form 10-K for the fiscal year ended March 29, 2025.

Recently Issued Accounting Pronouncements

For a discussion of recently issued accounting pronouncements, refer to Note 2 of the Notes to the Consolidated Condensed Financial Statements. 

Results of Operations 

Our fiscal year is the 52- or 53-week period ending on the last Saturday in March.  Fiscal years 2026 and 2025 are 52-week fiscal years.    

The following table summarizes the results of our operations for the three months of fiscal years 2026 and 2025, respectively, as a percentage of net sales.  All percentage amounts were calculated using the underlying data in thousands, unaudited:

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Three Months EndedJune 28,June 29,20252024Net sales100 %100 %Gross margin53 %51 %Research and development25 %28 %Selling, general and administrative10 %10 %Income from operations18 %13 %Interest income2 %2 %Interest expense— %— %Other income (expense)— %— %Income before income taxes20 %15 %Provision for income taxes5 %4 %Net income15 %11 %

Net Sales 

Net sales for the first quarter of fiscal year 2026 increased $33.2 million, or 9 percent, to $407.3 million from $374.0 million in the first quarter of fiscal year 2025.  Net sales from our audio products increased $21.1 million, primarily driven by sales associated with latest-generation products and higher smartphone unit volumes in the first quarter of fiscal year 2026.  Net sales from HPMS products increased $12.2 million for the quarter versus the first quarter of fiscal year 2025, primarily due to higher smartphone unit volumes and sales associated with latest-generation products.    

International sales, including sales to U.S.-based end customers that manufacture products through contract manufacturers or plants located overseas, were approximately 99 percent of net sales for the first quarters of fiscal years 2026