# EDGAR Filing Document

**Accession Number:** 0000772406
**File Stem:** 0000772406-25-000033
**Filing Date:** 2025-8
**Character Count:** 68530
**Document Hash:** c0263fcfa0b75e54003d8f258e3733ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000772406-25-000033.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0000772406-25-000033

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250805

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CIRRUS LOGIC, INC.
- **CENTRAL INDEX KEY:** 0000772406
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 770024818
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0328

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17795
- **FILM NUMBER:** 251184712

**BUSINESS ADDRESS:**
- **STREET 1:** 800 WEST 6TH STREET
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-851-4000

**MAIL ADDRESS:**
- **STREET 1:** 800 WEST 6TH STREET
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CIRRUS LOGIC INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? crus-20250805

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**______________**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): August 5, 2025

**Commission File Number** 

---

| | |
|:---|:---|
| | **CIRRUS LOGIC, INC.** |
| (Exact name of Registrant as specified in its charter) | (Exact name of Registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-17795** | **77-0024818** |
| (State or Other Jurisdiction of<br>Incorporation or Organization) | (Commission File Number) | (IRS Employer<br>Identification No.) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **800 W. 6th Street** | **Austin,** | **TX** |  | **78701** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) |  | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **(512)** | **851-4000** |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common stock, $0.001 par value | CRUS | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On August 5, 2025, Cirrus Logic, Inc. ("Cirrus Logic" or the "Company") issued a press release announcing its financial results for its first quarter fiscal year 2026. The full text of the press release is furnished as Exhibit No. 99.1 to this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure**

On August 5, 2025, in addition to issuing a press release, the Company posted on its website a shareholder letter to investors summarizing the financial results for its first quarter fiscal year 2026. The full text of the shareholder letter is furnished as Exhibit No. 99.2 to this Current Report on Form 8-K.

**Use of Non-GAAP Financial Information** 

To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the press release below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

The information contained in Items 2.02, 7.01, and 9.01 in this Current Report on Form 8-K and the exhibits furnished hereto contain forward-looking statements regarding the Company and cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated. In addition, this information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Exhibits** 

<u>Exhibit</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Description</u>

<u>[Exhibit 99.1](pressrelease.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. press release dated August 5, 2025

<u>[Exhibit 99.2](shareholderletter.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. shareholder letter dated August 5, 2025

Exhibit 104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | CIRRUS LOGIC, INC. | CIRRUS LOGIC, INC. |
| Date: | August 5, 2025 | By: | /s/ Jeff Woolard | /s/ Jeff Woolard |
|  |  |  | Name: | Jeff Woolard |
|  |  |  | Title: | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

 *&nbsp;&nbsp;&nbsp;&nbsp;*

![image_0.jpg](image_0.jpg)

*FINANCIAL NEWS*

&nbsp;&nbsp;&nbsp;&nbsp;

**Cirrus Logic Reports Fiscal First Quarter Revenue of $407.3 Million**

**AUSTIN, Texas – August 5, 2025 –** Cirrus Logic, Inc. (NASDAQ: CRUS) today posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the first quarter of fiscal year 2026, which ended June 28, 2025, as well as the company's current business outlook.

"Cirrus Logic delivered strong financial results for the June quarter driven by robust demand for our custom boosted amplifier and first 22-nanometer smart codec shipping in smartphones," said John Forsyth, Cirrus Logic president and chief executive officer. "During the quarter, we also executed against our growth strategy to drive product and end-market diversification. Our progress included gaining traction in the laptop market and ramping production of our latest-generation general market components that target the professional audio, automotive, industrial, and imaging end markets. With a growing roadmap of products and a proven track record of execution, we believe Cirrus Logic is well-positioned to grow long-term shareholder value."

**Reported Financial Results – First Quarter FY26**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $407.3 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP and non-GAAP gross margin of 52.6 percent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating expenses of $141.6 million and non-GAAP operating expenses of $119.5 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP earnings per share of $1.14 and non-GAAP earnings per share of $1.51.

A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.

------

**Business Outlook – Second Quarter FY26**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue is expected to range between $510 million and $570 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin is forecasted to be between 51 percent and 53 percent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined GAAP R&D and SG&A expenses are anticipated to range between $153 million and $159 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquired intangibles, resulting in a non-GAAP operating expense range between $131 million and $137 million.

Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to discuss its financial results and business outlook. Participants may listen to the conference call on the investor relations website at investor.cirrus.com. A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424).

**About Cirrus Logic, Inc.** 

Cirrus Logic is a leader in low-power, high-precision mixed-signal processing solutions that create innovative user experiences for the world's top mobile and consumer applications. With headquarters in Austin, Texas, Cirrus Logic is recognized globally for its award-winning corporate culture.

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 Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

Chelsea Heffernan

Vice President, Investor Relations

Cirrus Logic, Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(512) 851-4125&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investor@cirrus.com

------

**Use of non-GAAP Financial Information**

*To supplement Cirrus Logic's financial statements presented on a GAAP basis, the company has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.*

**Safe Harbor Statement** 

*Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements including our statement about our ability to grow long-term shareholder value; and our estimates for the second quarter fiscal year 2026 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquired intangibles. In some cases, forward-looking statements are identified by words such as "expect," "anticipate," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the second quarter of fiscal year 2026; customer cancellations of orders; the failure to place orders consistent with forecasts; changes in government trade policies, including the imposition of tariffs or export restrictions; and global economic conditions and uncertainty, along with the risk factors listed in our Form 10-K for the year ended March 29, 2025 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise, unless required by law.* 

------

**Summary Financial Data Follows:**

---

| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS** | **CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS** | **CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS** | **CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS** |
| **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** |
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 28,** | **Mar. 29,** | **Jun. 29,** |
|  | **2025** | **2025** | **2024** |
|  | **Q1'26** | **Q4'25** | **Q1'25** |
| Audio | $240043 | $255326 | $218970 |
| High-Performance Mixed-Signal | 167229 | 169130 | 155056 |
| **Net sales** | **407272** | **424456** | **374026** |
| Cost of sales | 193242 | 197720 | 185101 |
| &nbsp;&nbsp;**Gross profit** | **214030** | **226736** | **188925** |
| &nbsp;&nbsp;**Gross margin** | **52.6%** | **53.4%** | **50.5%** |
| Research and development | 102892 | 103420 | 105363 |
| Selling, general and administrative | 38744 | 37370 | 36770 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 141636 | 140790 | 142133 |
| **Income from operations** | **72394** | **85946** | **46792** |
| Interest income | 8622 | 8604 | 8202 |
| Other income (expense) | (388) | 55 | 1609 |
| **Income before income taxes** | **80628** | **94605** | **56603** |
| Provision for income taxes | 19931 | 23338 | 14508 |
| **Net income** | $**60697** | $**71267** | $**42095** |
| Basic earnings per share | $1.17 | $1.35 | $0.79 |
| Diluted earnings per share: | $1.14 | $1.31 | $0.76 |
| Weighted average number of shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 51727 | 52756 | 53433 |
| &nbsp;&nbsp;&nbsp;Diluted | 53319 | 54324 | 55665 |
| *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** |
| **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** | **(in thousands, except per share data; unaudited)** |
| **(not prepared in accordance with GAAP)** | **(not prepared in accordance with GAAP)** | **(not prepared in accordance with GAAP)** | **(not prepared in accordance with GAAP)** |
| *Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun. 28,** | **Mar. 29,** | **Jun. 29,** |
|  | **2025** | **2025** | **2024** |
| *Net Income Reconciliation* | **Q1'26** | **Q4'25** | **Q1'25** |
| **GAAP Net Income** | $**60697** | $**71267** | $**42095** |
| Amortization of acquisition intangibles | 1647 | 1647 | 1972 |
| Stock-based compensation expense | 20809 | 19491 | 21385 |
| Lease impairment |  |  | 1019 |
| Adjustment to income taxes | (2839) | (1772) | (4105) |
| **Non-GAAP Net Income** | $**80314** | $**90633** | $**62366** |
| *Earnings Per Share Reconciliation* |  |  |  |
| **GAAP Diluted earnings per share** | $**1.14** | $**1.31** | $**0.76** |
| Effect of Amortization of acquisition intangibles | 0.03 | 0.03 | 0.03 |
| Effect of Stock-based compensation expense | 0.39 | 0.36 | 0.38 |
| Effect of Lease impairment |  |  | 0.02 |
| Effect of Adjustment to income taxes | (0.05) | (0.03) | (0.07) |
| **Non-GAAP Diluted earnings per share** | $**1.51** | $**1.67** | $**1.12** |
| *Operating Income Reconciliation* |  |  |  |
| **GAAP Operating Income** | $**72394** | $**85946** | $**46792** |
| *GAAP Operating Profit* | *17.8 %* | *20.2 %* | *12.5 %* |
| Amortization of acquisition intangibles | 1647 | 1647 | 1972 |
| Stock-based compensation expense - COGS | 300 | 360 | 266 |
| Stock-based compensation expense - R&D | 13072 | 13079 | 15763 |
| Stock-based compensation expense - SG&A | 7437 | 6052 | 5356 |
| Lease impairment |  |  | 1019 |
| **Non-GAAP Operating Income** | $**94850** | $**107084** | $**71168** |
| *Non-GAAP Operating Profit* | *23.3 %* | *25.2 %* | *19.0 %* |
| *Operating Expense Reconciliation* |  |  |  |
| **GAAP Operating Expenses** | $**141636** | $**140790** | $**142133** |
| Amortization of acquisition intangibles | (1647) | (1647) | (1972) |
| Stock-based compensation expense - R&D | (13072) | (13079) | (15763) |
| Stock-based compensation expense - SG&A | (7437) | (6052) | (5356) |
| Lease impairment |  |  | 1019 |
| **Non-GAAP Operating Expenses** | $**119480** | $**120012** | $**118023** |
| *Gross Margin/Profit Reconciliation* |  |  |  |
| **GAAP Gross Profit** | $**214030** | $**226736** | $**188925** |
| *GAAP Gross Margin* | *52.6 %* | *53.4 %* | *50.5 %* |
| Stock-based compensation expense - COGS | 300 | 360 | 266 |
| **Non-GAAP Gross Profit** | $**214330** | $**227096** | $**189191** |
| *Non-GAAP Gross Margin* | *52.6 %* | *53.5 %* | *50.6 %* |
| *Effective Tax Rate Reconciliation* |  |  |  |
| **GAAP Tax Expense** | $**19931** | $**23338** | $**14508** |
| *GAAP Effective Tax Rate* | *24.7 %* | *24.7 %* | *25.6 %* |
| Adjustments to income taxes | 2839 | 1772 | 4105 |
| **Non-GAAP Tax Expense** | $**22770** | $**25110** | $**18613** |
| *Non-GAAP Effective Tax Rate* | *22.1 %* | *21.7 %* | *23.0 %* |
| *Tax Impact to EPS Reconciliation* |  |  |  |
| **GAAP Tax Expense** | $**0.37** | $**0.43** | $**0.26** |
| Adjustments to income taxes | 0.05 | 0.03 | 0.07 |
| **Non-GAAP Tax Expense** | $**0.42** | $**0.46** | $**0.33** |

---

------

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED CONDENSED BALANCE SHEET** | **CONSOLIDATED CONDENSED BALANCE SHEET** | **CONSOLIDATED CONDENSED BALANCE SHEET** | **CONSOLIDATED CONDENSED BALANCE SHEET** |
| **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** |
| | **Jun. 28,** | **Mar. 29,** | **Jun. 29,** |
|  | **2025** | **2025** | **2024** |
| ASSETS |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $548870 | $539620 | $491351 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 65925 | 56160 | 25680 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 214085 | 216009 | 190079 |
| &nbsp;&nbsp;&nbsp;Inventories | 278984 | 299092 | 232566 |
| &nbsp;&nbsp;&nbsp;Prepaid wafers | 61934 | 52560 | 84700 |
| &nbsp;&nbsp;&nbsp;Other current assets | 71324 | 76293 | 77365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current Assets | 1241122 | 1239734 | 1101741 |
| Long-term marketable securities | 232959 | 239036 | 227527 |
| Right-of-use lease assets | 123718 | 126688 | 136295 |
| Property and equipment, net | 154340 | 159900 | 170953 |
| Intangibles, net | 25718 | 27461 | 27624 |
| Goodwill | 435936 | 435936 | 435936 |
| Deferred tax asset | 54037 | 48150 | 54622 |
| Long-term prepaid wafers |  | 15512 | 50375 |
| Other assets | 26887 | 34656 | 60552 |
| &nbsp;&nbsp;&nbsp; Total assets | $2294717 | $2327073 | $2265625 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $66321 | $63162 | $77562 |
| &nbsp;&nbsp;&nbsp;Accrued salaries and benefits | 43146 | 52075 | 41101 |
| &nbsp;&nbsp;&nbsp;Lease liability | 21075 | 21811 | 22058 |
| &nbsp;&nbsp;&nbsp;Other accrued liabilities | 58136 | 58140 | 61021 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 188678 | 195188 | 201742 |
| Non-current lease liability | 120272 | 121908 | 132016 |
| Non-current income taxes | 44693 | 44040 | 52704 |
| Other long-term liabilities | 10790 | 16488 | 31533 |
| &nbsp;&nbsp;&nbsp;Total long-term liabilities | 175755 | 182436 | 216253 |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock | 1881472 | 1860281 | 1792283 |
| &nbsp;&nbsp;Accumulated earnings | 49035 | 90351 | 58591 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (223) | (1183) | (3244) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1930284 | 1949449 | 1847630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2294717 | $2327073 | $2265625 |
| *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* |

---

------

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| | | |
|:---|:---|:---|
| **CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS** | **CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS** | **CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS** |
| **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** |
| | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 28,** | **Jun. 29,** |
|  | **2025** | **2024** |
|  | **Q1'26** | **Q1'25** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $60697 | $42095 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13173 | 12359 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20809 | 21385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (5938) | (5897) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash charges | (16) | 1104 |
| &nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1924 | (27601) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 20108 | (5318) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid wafers | 6138 | 12354 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2014 | (5459) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | (8806) | 12037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 6028 | 30102 |
| Net cash provided by operating activities | 116131 | 87161 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Maturities and sales of available-for-sale marketable securities | 22990 | 12646 |
| &nbsp;&nbsp;&nbsp;Purchases of available-for-sale marketable securities | (26435) | (69060) |
| &nbsp;&nbsp;&nbsp;Purchases of property, equipment and software | (2638) | (9990) |
| &nbsp;&nbsp;&nbsp;Investments in technology | (132) | (155) |
| Net cash used in investing activities | (6215) | (66559) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Net proceeds from the issuance of common stock | 382 | 10196 |
| &nbsp;&nbsp;&nbsp;Repurchase of stock to satisfy employee tax withholding obligations | (1049) | (1219) |
| &nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (99999) | (40992) |
| Net cash used in financing activities | (100666) | (32015) |
| Net increase (decrease) in cash and cash equivalents | 9250 | (11413) |
| Cash and cash equivalents at beginning of period | 539620 | 502764 |
| Cash and cash equivalents at end of period | $548870 | $491351 |
| *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* | *Prepared in accordance with Generally Accepted Accounting Principles* |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** |
| **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** | **(in thousands; unaudited)** |
| *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* | *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* | *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* | *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* | *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* | *Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.* |
|  | **Twelve Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun. 28,** | **Jun. 28,** | **Mar. 29,** | **Dec. 28,** | **Sep. 28,** |
|  | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Q1'26** | **Q1'26** | **Q4'25** | **Q3'25** | **Q2'25** |
| Net cash provided by operating activities (GAAP) | $473336 | $116131 | $130386 | $218588 | $8231 |
| Capital expenditures | (21378) | (2770) | (9181) | (6687) | (2740) |
| **Free Cash Flow (Non-GAAP)** | $451958 | $113361 | $121205 | $211901 | $5491 |
| **Cash Flow from Operations as a Percentage of Revenue (GAAP)** | 25% | 29% | 31% | 39% | 2% |
| **Capital Expenditures as a Percentage of Revenue (GAAP)** | 1% | 1% | 2% | 1% | 1% |
| **Free Cash Flow Margin (Non-GAAP)** | 23% | 28% | 29% | 38% | 1% |

---

------

---

| | |
|:---|:---|
| **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** |
| **(in millions; unaudited)** | **(in millions; unaudited)** |
| **(not prepared in accordance with GAAP)** | **(not prepared in accordance with GAAP)** |
| | **Q2 FY26** |
| | **Guidance** |
| *Operating Expense Reconciliation* |  |
| **GAAP Operating Expenses** | **$153 - 159** |
| Stock-based compensation expense | (20) |
| Amortization of acquisition intangibles | (2) |
| **Non-GAAP Operating Expenses** | **$131 - 137** |

---

## Exhibit 99.2

Exhibit 99.2

Q1 FY26

Letter to Shareholders

August 5, 2025

![image1.jpg](image1.jpg)

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August 5, 2025

Dear Shareholders,

In Q1 FY26, Cirrus Logic delivered revenue of $407.3 million, above the top end of our guidance range. GAAP and non-GAAP earnings per share were $1.14 and $1.51, respectively. During the quarter, we were delighted with the success of our latest-generation smartphone audio components, including our custom boosted amplifier and first 22-nanometer smart codec. Outside of smartphones, we continued to gain traction in the laptop market. In the June quarter, our next-generation amplifier and codec were designed into several new laptops, we announced a collaboration with Compal to address persistent audio quality challenges, and we continued development on multiple new laptop components. Progress in our general market business, which spans the professional audio, automotive, industrial, and imaging end markets, included ramping production of our latest-generation analog-to-digital converters (ADCs), digital-to-analog converters (DACs), and an ultra-high-performance audio codec. Finally, we also began shipping our recently-introduced timing product to leading automotive and professional audio customers. Looking forward, we are focused on building on our strong intellectual property portfolio and leveraging our extensive mixed-signal expertise as we continue to drive growth across existing and new application areas in the coming years.

**Figure A: Cirrus Logic Q1 FY26**

---

| | | | |
|:---|:---|:---|:---|
| **Q1 FY26** | **GAAP** | **Adj.** | **Non-GAAP\*** |
| **Revenue** | **$407.3** |  | **$407.3** |
| **Gross Profit** | **$214.0** | **$0.3** | **$214.3** |
| **Gross Margin** | **52.6%** |  | **52.6%** |
| Operating Expense | $141.6 | ($22.1) | $119.5 |
| **Operating Income** | **$72.4** | **$22.5** | **$94.9** |
| **Operating Profit** | **17.8%** |  | **23.3%** |
| Interest Income | $8.6 |  | $8.6 |
| Other Expense | $(0.4) |  | $(0.4) |
| Income Tax Expense | $19.9 | $2.9 | $22.8 |
| **Net Income** | **$60.7** | **$19.6** | **$80.3** |
| **Diluted EPS** | **$1.14** | **$0.37** | **$1.51** |

---

\*Complete GAAP to Non-GAAP reconciliations available on page 10

Numbers may not sum due to rounding

$ millions, except EPS

Revenue and Gross Margin

Revenue for the June quarter was $407.3 million, down four percent quarter over quarter and up nine percent year over year. Q1 FY26 revenue was above the top end of our guidance range due to stronger-than-expected smartphone unit volumes. The decrease in revenue on a sequential basis reflects lower smartphone unit volumes. The year-over-year increase was primarily driven by sales associated with our latest-generation products and higher smartphone unit volumes. In the September quarter, we expect revenue to range from $510 million to $570 million, up 33 percent sequentially and approximately flat year over year at the midpoint.

In Q1 FY26, revenue derived from our audio and high-performance mixed-signal (HPMS) product lines represented 59 percent and 41 percent of total revenue, respectively. One customer contributed approximately 86 percent of total revenue in Q1 FY26. Our relationship with our largest customer remains

Q1 FY26 Letter to Shareholders 2

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outstanding, with continued strong design activity across a wide range of products. While we understand there is intense interest in this customer, in accordance with our policy, we do not discuss specifics about this business.

**Figure B: Cirrus Logic Revenue ($M) Q2 FY24 to Q2 FY26** 

![chart-1cd90b8d9b1e41b8988.jpg](chart-1cd90b8d9b1e41b8988.jpg)

\*Midpoint of guidance as of August 5, 2025

GAAP gross margin in the June quarter was 52.6 percent, compared to 53.4 percent in Q4 FY25 and 50.5 percent in Q1 FY25. Non-GAAP gross margin in the June quarter was 52.6 percent, compared to 53.5 percent in Q4 FY25 and 50.6 percent in Q1 FY25. On a sequential basis, the decrease was mostly driven by a less favorable product mix and a return to a more typical pricing environment. On a year-over-year basis, the increase in gross margin was largely due to a more favorable product mix. In the September quarter, we expect gross margin to range from 51 percent to 53 percent.

Operating Profit, Tax, and EPS

Operating profit for Q1 FY26 was 17.8 percent on a GAAP basis and 23.3 percent on a non-GAAP basis. GAAP operating expense was $141.6 million and included $20.5 million in stock-based compensation and $1.6 million in amortization of acquisition intangibles. On a sequential basis, GAAP operating expense increased by $0.8 million primarily driven by higher employee-related expenses, mostly due to annual salary increases, and an increase in stock-based compensation. This was partially offset by a reduction in product development costs, largely due to the timing of expenses for new products, including tape outs.

Q1 FY26 Letter to Shareholders 3

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The reduction also reflects a decrease in variable compensation and lower facilities-related expenses. On a year-over-year basis, GAAP operating expense decreased by $0.5 million largely due to the absence of lease impairments and lower product development costs. This was offset by higher employee-related costs mostly associated with annual salary increases. Non-GAAP operating expense for the quarter was $119.5 million, down $0.5 million sequentially and up $1.5 million year over year. The company's total headcount exiting Q1 was 1,658.

Combined GAAP R&D and SG&A expenses for Q2 FY26 are expected to range from $153 million to $159 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $131 million and $137 million.

**Figure C: GAAP R&D and SG&A Expenses ($M)/Headcount Q2 FY24 to Q2 FY26** 

![chart-f1bcf45db3ca43a6ace.jpg](chart-f1bcf45db3ca43a6ace.jpg)

\*Reflects midpoint of combined R&D and SG&A guidance as of August 5, 2025

For the June quarter, GAAP tax expense was $19.9 million on GAAP pre-tax income of $80.6 million, resulting in an effective tax rate of 24.7 percent. Non-GAAP tax expense for the quarter was $22.8 million on non-GAAP pre-tax income of $103.1 million, resulting in a non-GAAP effective tax rate of 22.1 percent. The GAAP and non-GAAP effective tax rates for the June quarter were unfavorably impacted by a provision of the Tax Cuts and Jobs Act of 2017 that required companies to capitalize and amortize R&D expenses. On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law. Among other provisions, the OBBBA permanently eliminates the requirement to capitalize and amortize U.S. R&D expenditures and makes modifications to international tax rules. We are continuing to evaluate the impact of the legislation.

Q1 FY26 Letter to Shareholders 4

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GAAP earnings per share for the June quarter was $1.14, compared to earnings per share of $1.31 the prior quarter and $0.76 in Q1 FY25. Non-GAAP earnings per share for the June quarter was $1.51, versus $1.67 in Q4 FY25 and $1.12 in Q1 FY25.

Balance Sheet

Our cash and investment balance at the end of Q1 FY26 was $847.8 million, up from $834.8 million the prior quarter and $744.6 million in Q1 FY25. Cash flow from operations for the June quarter was $116.1 million. During the quarter, we repurchased 1,013,613 shares at an average price of $98.66, returning $100.0 million of cash to shareholders in the form of buybacks. At the end of Q1 FY26, the company had $454.1 million remaining in its share repurchase authorization. Over the long term, we expect strong cash flow generation, and we will continue to evaluate potential uses of this cash, including investing in the business to pursue organic growth opportunities, M&A, and returning capital to shareholders through share repurchases.

Q1 FY26 inventory was $279.0 million, down from $299.1 million in Q4 FY25. In Q2 FY26, we expect inventory to decrease as we continue to fulfill demand and manage our wafer purchase commitments per our long-term capacity agreement with GlobalFoundries.

Company Strategy

We remain committed to our three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing HPMS content in smartphones; and third, leveraging our strength in audio and HPMS to expand into additional applications and markets with both existing and new components.

Smartphones

In smartphone audio, we are delighted with the success of our latest-generation custom boosted amplifier and first 22-nanometer smart codec. These components deliver exceptional audio performance and significant power and efficiency improvements while also enabling system design flexibility. We remain committed to delivering high-quality products and expect both of these components to ship for multiple smartphone generations. Additionally, the company also continues to support customers in the Android market. While the majority of our general market R&D resources are focused on developing products for new markets, we still expect new flagship smartphones utilizing our components to come to market in the second half of the calendar year.

Beyond audio, we are excited about the opportunities to grow our smartphone content with HPMS solutions. Engagement with our largest customer on camera controllers remains strong, and the features they help enable have been very well received. We continue to work to identify additional opportunities to enable advanced functionality and improve overall system performance. Further, we are also making investments in advanced battery and power technology and have a number of R&D programs underway related to these areas. To capitalize on these growth opportunities, we are actively pursuing sockets where our signal processing expertise can deliver more efficient, flexible solutions compared to competing solutions. Looking forward, with a number of ongoing technology investments, we believe we have a solid pipeline of opportunities with HPMS products.

Q1 FY26 Letter to Shareholders 5

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New Applications and Markets

Outside of smartphones, we are leveraging our intellectual property to expand into other applications and markets with both existing and new products. We continue to gain traction in the laptop market. During the quarter, customer engagement across our portfolio was strong as we saw our next-generation amplifier and codec designed into several new laptops that are expected to begin initial shipments in late CY25. These products help deliver high-fidelity audio and voice while also allowing our customers to improve their user experience and battery life. Further, these components expand our reach across price points, enabling us to support our customers' higher-volume mainstream programs. By broadening into this product tier, we can capture more of our serviceable addressable market and create additional revenue opportunities. We also recently announced a collaboration with Compal, a leading electronic design and manufacturing services company, to address persistent audio quality challenges in laptops, notably the mechanical rattle and audio distortion that often leads to poor and inconsistent audio quality. Cirrus Logic's tools and algorithms can help detect these conditions, and when implemented in manufacturing production lines, can enable better quality assurance and consistent user experiences across high-volume manufacturing. Further, we are in development on multiple new products that aim to significantly improve voice and audio capture functionality across a wide range of the laptops. We believe this will be especially valuable as users are more frequently using voice as an interface when interacting with their laptops and AI agents. We are excited with our progress in this market as our breadth of content in laptops continues to expand through both direct engagement with OEMs and our participation with leading reference design partners.

Beyond the laptop market, we continue to invest in our general market business, which spans a large number of customers across the professional audio, automotive, industrial, and imaging end markets. We ramped production of our latest-generation ADCs, DACs, and an ultra-high-performance audio codec. Additionally, we expanded this professional audio portfolio with the launch of four new high-performance ADC and DAC products. These components deliver exceptional performance and innovative features like hybrid gain control while requiring lower power compared to previous generations. They also make Cirrus Logic's audio capabilities and features accessible across a range of high-performance audio applications and price points. We recently began shipping our latest timing product to leading automotive and professional audio customers. Looking forward, we plan to continue to leverage our mixed-signal design and advanced low-power signal processing expertise to execute on our strategic vision and capitalize on growth opportunities in new applications and markets.

Summary and Guidance

For the September quarter we expect the following results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue to range between $510 million and $570 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin to be between 51 percent and 53 percent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Combined GAAP R&D and SG&A expenses to range between $153 million and $159 million, including approximately $20 million in stock-based compensation expense and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $131 million and $137 million.

In conclusion, we delivered strong results for Q1 FY26. During the quarter, we continued our leadership in smartphone audio, gained traction in the laptop market, and started ramping production of our latest-

Q1 FY26 Letter to Shareholders 6

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generation components for our general market business. With an extensive product roadmap and a deep commitment to innovation, we believe Cirrus Logic is well-positioned for future success.

Sincerely,

---

| | | | |
|:---|:---|:---|:---|
| ![image2.jpg](image2.jpg) | **John Forsyth** <br>*President &*<br>*Chief Executive Officer*  | ![image.jpg](image.jpg) | **Jeff Woolard**<br>*Chief Financial Officer* |

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Conference Call Q&A Session

Cirrus Logic will host a live Q&A session at 5 p.m. EDT today to answer questions related to its financial results and business outlook. Participants may listen to the conference call on the Cirrus Logic website.

A replay of the webcast can be accessed on the Cirrus Logic website approximately two hours following its completion or by calling (609) 800-9909 or toll-free at (800) 770-2030 (Access Code: 95424).

Use of Non-GAAP Financial Information

To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow, and free cash flow margin. A reconciliation of the adjustments to GAAP results is included in the tables below.

Non-GAAP financial information is not meant as a substitute for GAAP results but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. The non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this shareholder letter contain forward-looking statements, including statements about our ability to leverage our extensive mixed-signal expertise to drive growth across existing and new application areas in the coming years; our expectation for strong cash flow generation over the long term; our expectation that inventory will decrease as we continue to fulfill demand and manage our wafer purchase commitments per our long-term capacity agreement with GlobalFoundries; our ability to maintain our leadership position in smartphone audio; our

Q1 FY26 Letter to Shareholders 7

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ability to increase HPMS content in smartphones; our ability to leverage our strength in audio and HPMS to expand into additional applications and markets with both new and existing components; our expectation that our latest-generation custom boosted amplifier and first 22-nanometer smart codec will ship for multiple smartphone generations; our expectation that new flagship Android smartphones utilizing our components will come to market in the second half of the calendar year; our expectation that our next-generation amplifier and codec designed for laptops will begin initial shipments in late CY25; our ability to expand our reach across price points and support higher-volume mainstream programs; our ability to capture more of our serviceable addressable market and create additional revenue opportunities; our ability to leverage our mixed-signal design and advanced low-power signal processing expertise to execute on our strategic vision and capitalize on growth opportunities in new applications and markets; and our forecasts for the second quarter of fiscal year 2026 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, and amortization of acquisition intangibles. In some cases, forward-looking statements are identified by words such as "emerge," "expect," "anticipate," "foresee," "target," "project," "believe," "goals," "opportunity," "estimates," "intend," "will," and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates, and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially, and readers should not place undue reliance on such statements. These risks and uncertainties include, but are not limited to, the following: the level and timing of orders and shipments during the second quarter of fiscal year 2026, customer cancellations of orders, or the failure to place orders consistent with forecasts; or changes in government trade policies, including the imposition of tariffs and export restrictions; and global economic conditions and uncertainty; and the risk factors listed in our Form 10-K for the year ended March 29, 2025 and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we expressly disclaim any obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

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.

Q1 FY26 Letter to Shareholders 8

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Summary of Financial Data Below:

**CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS**

**(in thousands, except per share data; unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 28,<br>2025** | **Mar. 29,<br>2025** | **Jun. 29,<br>2024** |
| | **Q1'26** | **Q4'25** | **Q1'25** |
| Audio | $240043 | $255326 | $218970 |
| High-Performance Mixed-Signal | 167229 | 169130 | 155056 |
| **Net sales** | **407272** | **424456** | **374026** |
| Cost of sales | 193242 | 197720 | 185101 |
| &nbsp;&nbsp;**Gross profit** | **214030** | **226736** | **188925** |
| &nbsp;&nbsp;**Gross margin** | **52.6%** | **53.4%** | **50.5%** |
| Research and development | 102892 | 103420 | 105363 |
| Selling, general and administrative | 38744 | 37370 | 36770 |
| &nbsp;&nbsp;&nbsp;Total operating expenses | 141636 | 140790 | 142133 |
| **Income from operations** | **72394** | **85946** | **46792** |
| Interest income | 8622 | 8604 | 8202 |
| Other income (expense) | (388) | 55 | 1609 |
| **Income before income taxes** | **80628** | **94605** | **56603** |
| Provision for income taxes | 19931 | 23338 | 14508 |
| **Net income** | $**60697** | $**71267** | $**42095** |
| Basic earnings per share | $1.17 | $1.35 | $0.79 |
| Diluted earnings per share: | $1.14 | $1.31 | $0.76 |
| Weighted average number of shares: |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 51727 | 52756 | 53433 |
| &nbsp;&nbsp;&nbsp;Diluted | 53319 | 54324 | 55665 |

---

*Prepared in accordance with Generally Accepted Accounting Principles*

Q1 FY26 Letter to Shareholders 9

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**RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION**

**(in thousands, except per share data; unaudited)**

**(not prepared in accordance with GAAP)**

---

| | | | |
|:---|:---|:---|:---|
| *Non-GAAP financial information is not meant as financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* | *Non-GAAP financial information is not meant as financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.* |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
|  | **Jun. 28,<br>2025** | **Mar. 29,<br>2025** | **Jun. 29,<br>2024** |
| *Net Income Reconciliation* | **Q1'26** | **Q4'25** | **Q1'25** |
| **GAAP Net Income** | $**60697** | $**71267** | $**42095** |
| Amortization of acquisition intangibles | 1647 | 1647 | 1972 |
| Stock-based compensation expense | 20809 | 19491 | 21385 |
| Lease impairment |  |  | 1019 |
| Adjustment to income taxes | (2839) | (1772) | (4105) |
| **Non-GAAP Net Income** | $**80314** | $**90633** | $**62366** |
| *Earnings Per Share Reconciliation* |  |  |  |
| **GAAP Diluted earnings per share** | $**1.14** | $**1.31** | $**0.76** |
| Effect of Amortization of acquisition intangibles | 0.03 | 0.03 | 0.03 |
| Effect of Stock-based compensation expense | 0.39 | 0.36 | 0.38 |
| Effect of Lease impairment |  |  | 0.02 |
| Effect of Adjustment to income taxes | (0.05) | (0.03) | (0.07) |
| **Non-GAAP Diluted earnings per share** | $**1.51** | $**1.67** | $**1.12** |
| *Operating Income Reconciliation* |  |  |  |
| **GAAP Operating Income** | $**72394** | $**85946** | $**46792** |
| *GAAP Operating Profit* | *17.8 %* | *20.2 %* | *12.5 %* |
| Amortization of acquisition intangibles | 1647 | 1647 | 1972 |
| Stock-based compensation expense - COGS | 300 | 360 | 266 |
| Stock-based compensation expense - R&D | 13072 | 13079 | 15763 |
| Stock-based compensation expense - SG&A | 7437 | 6052 | 5356 |
| Lease impairment |  |  | 1019 |
| **Non-GAAP Operating Income** | $**94850** | $**107084** | $**71168** |
| *Non-GAAP Operating Profit* | *23.3 %* | *25.2 %* | *19.0 %* |
| *Operating Expense Reconciliation* |  |  |  |
| **GAAP Operating Expenses** | $**141636** | $**140790** | $**142133** |
| Amortization of acquisition intangibles | (1647) | (1647) | (1972) |
| Stock-based compensation expense - R&D | (13072) | (13079) | (15763) |
| Stock-based compensation expense - SG&A | (7437) | (6052) | (5356) |
| Lease impairment |  |  | (1019) |
| **Non-GAAP Operating Expenses** | $**119480** | $**120012** | $**118023** |
| *Gross Margin/Profit Reconciliation* |  |  |  |
| **GAAP Gross Profit** | $**214030** | $**226736** | $**188925** |
| *GAAP Gross Margin* | *52.6 %* | *53.4 %* | *50.5 %* |
| Stock-based compensation expense - COGS | 300 | 360 | 266 |
| **Non-GAAP Gross Profit** | $**214330** | $**227096** | $**189191** |
| *Non-GAAP Gross Margin* | *52.6 %* | *53.5 %* | *50.6 %* |
| *Effective Tax Rate Reconciliation* |  |  |  |
| **GAAP Tax Expense** | $**19931** | $**23338** | $**14508** |
| *GAAP Effective Tax Rate* | *24.7 %* | *24.7 %* | *25.6 %* |
| Adjustments to income taxes | 2839 | 1772 | 4105 |
| **Non-GAAP Tax Expense** | $**22770** | $**25110** | $**18613** |
| *Non-GAAP Effective Tax Rate* | *22.1 %* | *21.7 %* | *23.0 %* |
| *Tax Impact to EPS Reconciliation* |  |  |  |
| **GAAP Tax Expense** | $**0.37** | $**0.43** | $**0.26** |
| Adjustments to income taxes | 0.05 | 0.03 | 0.07 |
| **Non-GAAP Tax Expense** | $**0.42** | $**0.46** | $**0.33** |

---

Q1 FY26 Letter to Shareholders 10

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**CONSOLIDATED CONDENSED BALANCE SHEET**

**(in thousands; unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Jun. 28,<br>2025** | **Mar. 29,<br>2025** | **Jun. 29,<br>2024** |
| ASSETS |  |  |  |
| Current assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $548870 | $539620 | $491351 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 65925 | 56160 | 25680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 214085 | 216009 | 190079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 278984 | 299092 | 232566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid wafers | 61934 | 52560 | 84700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 71324 | 76293 | 77365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current Assets | 1241122 | 1239734 | 1101741 |
| Long-term marketable securities | 232959 | 239036 | 227527 |
| Right-of-use lease assets | 123718 | 126688 | 136295 |
| Property and equipment, net | 154340 | 159900 | 170953 |
| Intangibles, net | 25718 | 27461 | 27624 |
| Goodwill | 435936 | 435936 | 435936 |
| Deferred tax asset | 54037 | 48150 | 54622 |
| Long-term prepaid wafers |  | 15512 | 50375 |
| Other assets | 26887 | 34656 | 60552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2294717 | $2327073 | $2265625 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |
| Current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $66321 | $63162 | $77562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued salaries and benefits | 43146 | 52075 | 41101 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 21075 | 21811 | 22058 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 58136 | 58140 | 61021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 188678 | 195188 | 201742 |
| Non-current lease liability | 120272 | 121908 | 132016 |
| Non-current income taxes | 44693 | 44040 | 52704 |
| Other long-term liabilities | 10790 | 16488 | 31533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 175755 | 182436 | 216253 |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital stock | 1881472 | 1860281 | 1792283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings | 49035 | 90351 | 58591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (223) | (1183) | (3244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1930284 | 1949449 | 1847630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2294717 | $2327073 | $2265625 |

---

*Prepared in accordance with Generally Accepted Accounting Principles*

Q1 FY26 Letter to Shareholders 11

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**CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS**

**(in thousands; unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 28,**<br>**2025** | **Jun. 29,**<br>**2024** |
| | **Q1'26** | **Q1'25** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $60697 | $42095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 13173 | 12359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 20809 | 21385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (5938) | (5897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash charges | (16) | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1924 | (27601) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 20108 | (5318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid wafers | 6138 | 12354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2014 | (5459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other accrued liabilities | (8806) | 12037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 6028 | 30102 |
| Net cash provided by operating activities | 116131 | 87161 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities and sales of available-for-sale marketable securities | 22990 | 12646 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of available-for-sale marketable securities | (26435) | (69060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and software | (2638) | (9990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in technology | (132) | (155) |
| Net cash used in investing activities | (6215) | (66559) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from the issuance of common stock | 382 | 10196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of stock to satisfy employee tax withholding obligations | (1049) | (1219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (99999) | (40992) |
| Net cash used in financing activities | (100666) | (32015) |
| Net increase (decrease) in cash and cash equivalents | 9250 | (11413) |
| Cash and cash equivalents at beginning of period | 539620 | 502764 |
| Cash and cash equivalents at end of period | $548870 | $491351 |

---

*Prepared in accordance with Generally Accepted Accounting Principles*

Q1 FY26 Letter to Shareholders 12

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**RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION**

**(in thousands; unaudited)**

*Free cash flow, a non-GAAP financial measure, is GAAP cash flow from operations (or cash provided by operating activities) less capital expenditures. Capital expenditures include purchases of property, equipment and software as well as investments in technology, as presented within our GAAP Consolidated Condensed Statement of Cash Flows. Free cash flow margin represents free cash flow divided by revenue.*

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Twelve Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| | **Jun. 28,**<br>**2025** | **Jun. 28,**<br>**2025** | **Mar. 29,**<br>**2025** | **Dec. 28,**<br>**2024** | **Sep. 28,**<br>**2024** |
| | **Q1'26** | **Q1'26** | **Q4'25** | **Q3'25** | **Q2'25** |
| Net cash provided by operating activities (GAAP) | $473336 | $116131 | $130386 | $218588 | $8231 |
| Capital expenditures | (21378) | (2770) | (9181) | (6687) | (2740) |
| **Free Cash Flow (Non-GAAP)** | $451958 | $113361 | $121205 | $211901 | $5491 |
| **Cash Flow from Operations as a Percentage of Revenue (GAAP)** | 25% | 29% | 31% | 39% | 2% |
| **Capital Expenditures as a Percentage of Revenue (GAAP)** | 1% | 1% | 2% | 1% | 1% |
| **Free Cash Flow Margin (Non-GAAP)** | 23% | 28% | 29% | 38% | 1% |

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Q1 FY26 Letter to Shareholders 13

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---

| | |
|:---|:---|
| **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** | **RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION** |
| **(in millions; unaudited)** | **(in millions; unaudited)** |
| **(not prepared in accordance with GAAP)** | **(not prepared in accordance with GAAP)** |
| | **Q2 FY26** |
| | **Guidance** |
| *Operating Expense Reconciliation* |  |
| **GAAP Operating Expenses** | **$153 - 159** |
| Stock-based compensation expense | (20) |
| Amortization of acquisition intangibles | (2) |
| **Non-GAAP Operating Expenses** | **$131 - 137** |

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Q1 FY26 Letter to Shareholders 14