Company: CRUS
Filing Date: 2025-05-23
Form Type: 10-K
Source: 0000772406-25-000014
Chunk: 66

Company: CIRRUS LOGIC, INC.
Filing Date: 2025-05-23
Form: 10-K
Item: Item 7
Chunk 66
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 smartphones and sales associated with latest-generation products, partially offset by lower general market sales. 

Overall, gross margin for fiscal year 2025 was 52.5 percent.  The increase in gross margin for fiscal year 2025 reflects a more favorable product mix.  This was partially offset by unfavorable inventory reserve expense and higher supply chain costs.  The Company’s number of employees increased from 1,625 as of March 30, 2024 to 1,660 as of March 29, 2025.  The Company achieved net income of $331.5 million in fiscal year 2025, which included an income tax provision in the amount of $113.4 million.

Results of Operations

A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2024, which was a 53-week fiscal year, compared to fiscal year 2023 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, filed with the SEC on May 24, 2024.

The following table summarizes the results of our operations for each of the past three fiscal years as a percentage of net sales.  All percentage amounts were calculated using the underlying data, in thousands: Fiscal Years Ended March 29, 2025March 30, 2024March 25, 2023Net sales100 %100 %100 %Gross margin53 %51 %50 %Research and development23 %24 %24 %Selling, general and administrative8 %8 %8 %Restructuring— %— %1 %Intangibles impairment— %— %4 %Income from operations22 %19 %13 %Interest income2 %1 %— %Interest expense— %— %— %Other income (expense)— %— %— %Income before income taxes24 %20 %13 %Provision for income taxes6 %5 %4 %Net income18 %15 %9 %

Net Sales

We report sales in two product line categories: Audio products and HPMS products.  Our sales by product line are shown in the table below (in thousands).  

  Fiscal