Company: CRUS
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0000772406-25-000041
Chunk: 13

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-11-04
Form: 10-Q
Item: Item 2
Chunk 13
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 89 percent for the first six months of fiscal years 2026 and 2025, respectively.  

No other end customer or distributor represented more than 10 percent of net sales for the three and six months ended September 27, 2025 or September 28, 2024.  

For more information, please see “Part II, Item 1A - Risk Factors” — “We depend on a limited number of customers and distributors for a substantial portion of our sales, and the loss of, or a significant reduction in orders from, or pricing on products sold to, any key customer or distributor could significantly reduce our sales and our profitability.”

Gross Margin

Gross margin was 52.5 percent in the second quarter of fiscal year 2026, up from 52.2 percent in the second quarter of fiscal year 2025, largely due to a more favorable product mix, partially offset by higher inventory reserves.

Gross margin was 52.5 percent for the first six months of fiscal year 2026, up from 51.5 percent for the first six months of fiscal year 2025 due to a more favorable product mix, partially offset by higher inventory reserves.

Research and Development Expense

Research and development expense for the second quarter of fiscal year 2026 was $110.0 million, a decrease of $2.9 million, from $112.9 million in the second quarter of fiscal year 2025.  Significant drivers included reduced stock-based compensation and product development costs, partially offset by increased employee-related costs in the current quarter.

Research and development expense for the first six months of fiscal year 2026 was $212.9 million, a decrease of $5.4 million, from $218.3 million for the first six months of fiscal year 2025, primarily due to reduced stock-based compensation, product development, and facilities-related costs, partially offset by increased employee-related costs for the period.

Selling, General and Administrative Expense

Selling, general and administrative expense for the second quarter of fiscal year 2026 was $39.6 million, an increase of $1.8 million, from $37.8 million in the second quarter of fiscal year 2025, due primarily to increased stock-based compensation costs.

Selling, general and administrative expense for the first six months of fiscal year 2026 was $78.3 million, an increase of $3.8 million, from $74.6 million for the first six months of fiscal