Exhibit 99.1
    
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FINANCIAL NEWS


    
Cirrus Logic Reports Fiscal Second Quarter Revenue of $559.5 Million


AUSTIN, Texas – November 4, 2026 – Cirrus Logic, Inc. (Nasdaq: CRUS) posted on its website at investor.cirrus.com the quarterly Shareholder Letter that contains the complete financial results for the second quarter of fiscal year 2027, which ended September 26, 2026, as well as the company’s current business outlook.
“Cirrus Logic delivered solid results in the September quarter primarily driven by strong demand and increased content shipping into smartphones,” said John Forsyth, Cirrus Logic president and chief executive officer. “During the quarter we were pleased to see our custom components featured in newly launched smartphones, in addition to broader adoption of our third-generation camera controller in these devices. We also made progress on new product development as we began sampling our analog front-end components for smart metering and taped out both our fourth-generation camera controller for smartphones and second-generation smart codec for AI-enabled PCs. With an extensive roadmap and strong pipeline of opportunities, we remain confident in our ability to grow long-term shareholder value.”


Reported Financial Results – Second Quarter FY27
•Revenue of $559.5 million;
•GAAP gross margin of 53.7 percent and non-GAAP gross margin of 53.8 percent;
•GAAP operating expenses of $168.2 million and non-GAAP operating expenses of $141.6 million; and
•GAAP earnings per share of $2.23 and non-GAAP earnings per share of $2.70.

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


Business Outlook – Third Quarter FY27
•Revenue is expected to range between $510 million and $570 million;
•GAAP gross margin is forecasted to be between 51 percent and 53 percent; and
•Combined GAAP R&D and SG&A expenses are anticipated to range between $184 million and $190 million, including approximately $21 million in stock-based compensation expense, $9 million in acquisition-related costs, and $2 million in amortization of acquisition intangibles, resulting in a non-GAAP operating expense range between $152 million and $158 million.

Share Repurchase Authorization
The company also announced that in October 2026 its Board of Directors authorized the repurchase of up to an additional $500 million of the company's common stock. The repurchases are expected to be funded from working capital and anticipated cash flow from operations and may occur from time to time depending on a variety of factors, including general market and economic conditions and other corporate considerations. Repurchases may be effected through a variety of means, including open market purchases, privately negotiated transactions, 10b5-1 plans, or other means, in accordance with applicable securities laws. The company is not obligated to repurchase any specific amount of shares, and repurchases may be suspended or discontinued at any time without notice.

Financial Results Conference Call
Cirrus Logic will host a live Q&A session at 5 p.m. ET today to discuss its financial results and business outlook. Participants may listen to the call on the investor relations website at investor.cirrus.com. A replay of the call can be accessed at the same website.

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.



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Investor Contact                        
Chelsea Heffernan
Vice President, Investor Relations
Cirrus Logic, Inc.                            
(512) 851-4125                            
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.

Acquisition-related costs include professional fees and other discrete costs incurred in connection with acquisition-related activity, as well as acquisition-specific employee bonus and retention payments. The employee payments were established in connection with completed acquisitions, are subject to transaction-specific employment or retention conditions, and are not expected to recur after the applicable transaction-related obligations are satisfied. These amounts are excluded from the company’s non-GAAP measures because management believes they are not indicative of the company’s ongoing operating performance.

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 statements about our ability to grow long-term shareholder value; and our estimates for the third quarter fiscal year 2027 revenue, gross margin, combined research and development and selling, general and administrative expense levels, stock-based compensation expense, acquisition-related costs, amortization of acquisition intangibles, and our resulting non-GAAP operating expense range. 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 third quarter of fiscal year 2027; customer cancellations of orders; the failure to place orders consistent with forecasts; global economic conditions and uncertainty; and our ability to develop and commercialize products and technologies for new markets, along with the risk factors listed in our Form 10-K for the year ended March 28, 2026 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.
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CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
Three Months Ended Six Months Ended
Sep. 26,Jun. 27,Sep. 27,Sep. 26,Sep. 27,
20262026202520262025
Q2'27Q1'27Q2'26Q2'27Q2'26
Audio$314,509 $249,034 $318,214 $563,544 $558,257 
High-Performance Mixed-Signal244,953 210,689 242,746 455,641 409,975 
Net sales559,462 459,723 560,960 1,019,185 968,232 
Cost of sales258,909 217,868 266,586 476,778 459,828 
Gross profit300,553 241,855 294,374 542,407 508,404 
Gross margin53.7 %52.6 %52.5 %53.2 %52.5 %
Research and development123,341 115,013 110,021 238,354 212,913 
Selling, general and administrative44,840 42,406 39,589 87,246 78,333 
Total operating expenses168,181 157,419 149,610 325,600 291,246 
Income from operations132,372 84,436 144,764 216,807 217,158 
Interest income, net9,672 10,082 8,695 19,754 17,317 
Other expense(62)(363)(63)(425)(451)
Income before income taxes141,982 94,155 153,396 236,136 234,024 
Provision for income taxes27,243 17,304 21,800 44,546 41,731 
Net income $114,739 $76,851 $131,596 $191,590 $192,293 
Basic earnings per share$2.30 $1.52 $2.57 $3.81 $3.74 
Diluted earnings per share$2.23 $1.47 $2.48 $3.69 $3.61 
Weighted average number of shares:
Basic49,902 50,550 51,175 50,226 51,451 
Diluted51,481 52,353 53,054 51,907 53,195 
Prepared in accordance with Generally Accepted Accounting Principles


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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 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 Six Months Ended
Sep. 26,Jun. 27,Sep. 27,Sep. 26,Sep. 27,
20262026202520262025
Net Income ReconciliationQ2'27Q1'27Q2'26Q2'27Q2'26
GAAP Net Income$114,739 $76,851 $131,596 $191,590 $192,293 
Amortization of acquisition intangibles1,647 1,647 1,648 3,295 3,295 
Stock-based compensation expense18,273 20,589 20,597 38,862 41,406 
Acquisition-related costs (1)6,897 — — 6,897 — 
Adjustment to income taxes(2,380)(2,988)(3,861)(5,368)(6,700)
Non-GAAP Net Income$139,176 $96,099 $149,980 $235,276 $230,294 
Earnings Per Share Reconciliation
GAAP Diluted earnings per share$2.23 $1.47 $2.48 $3.69 $3.61 
Effect of Amortization of acquisition intangibles0.03 0.03 0.03 0.06 0.06 
Effect of Stock-based compensation expense0.36 0.40 0.39 0.75 0.78 
Effect of Acquisition-related costs0.13 — — 0.13 — 
Effect of Adjustment to income taxes(0.05)(0.06)(0.07)(0.10)(0.12)
Non-GAAP Diluted earnings per share$2.70 $1.84 $2.83 $4.53 $4.33 
Operating Income Reconciliation
GAAP Operating Income$132,372 $84,436 $144,764 $216,807 $217,158 
GAAP Operating Profit 23.7 %18.4 %25.8 %21.3 %22.4 %
Amortization of acquisition intangibles1,647 1,647 1,648 3,295 3,295 
Stock-based compensation expense - COGS276 238 363 514 663 
Stock-based compensation expense - R&D12,651 13,245 13,019 25,895 26,091 
Stock-based compensation expense - SG&A5,346 7,106 7,215 12,453 14,652 
Acquisition-related costs6,897 — — 6,897 — 
Non-GAAP Operating Income$159,189 $106,672 $167,009 $265,861 $261,859 
Non-GAAP Operating Profit28.5 %23.2 %29.8 %26.1 %27.0 %
Operating Expense Reconciliation
GAAP Operating Expenses$168,181 $157,419 $149,610 $325,600 $291,246 
Amortization of acquisition intangibles(1,647)(1,647)(1,648)(3,295)(3,295)
Stock-based compensation expense - R&D(12,651)(13,245)(13,019)(25,895)(26,091)
Stock-based compensation expense - SG&A(5,346)(7,106)(7,215)(12,453)(14,652)
Acquisition-related costs(6,897)— — (6,897)— 
Non-GAAP Operating Expenses$141,640 $135,421 $127,728 $277,060 $247,208 
Gross Margin/Profit Reconciliation
GAAP Gross Profit$300,553 $241,855 $294,374 $542,407 $508,404 
GAAP Gross Margin53.7 %52.6 %52.5 %53.2 %52.5 %
Stock-based compensation expense - COGS276 238 363 514 663 
Non-GAAP Gross Profit$300,829 $242,093 $294,737 $542,921 $509,067 
Non-GAAP Gross Margin53.8 %52.7 %52.5 %53.3 %52.6 %
Effective Tax Rate Reconciliation
GAAP Tax Expense$27,243 $17,304 $21,800 $44,546 $41,731 
GAAP Effective Tax Rate19.2 %18.4 %14.2 %18.9 %17.8 %
Adjustment to income taxes2,380 2,988 3,861 5,368 6,700 
Non-GAAP Tax Expense$29,623 $20,292 $25,661 $49,914 $48,431 
Non-GAAP Effective Tax Rate17.5 %17.4 %14.6 %17.5 %17.4 %
Tax Impact to EPS Reconciliation
GAAP Tax Expense $0.53 $0.33 $0.41 $0.86 $0.78 
Adjustment to income taxes0.05 0.06 0.07 0.10 0.12 
Non-GAAP Tax Expense$0.58 $0.39 $0.48 $0.96 $0.90 
(1) Acquisition-related costs include professional fees and other discrete costs incurred in connection with acquisition-related activity, as well as acquisition-specific employee bonus and retention payments.
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CONSOLIDATED CONDENSED BALANCE SHEET
 (in thousands; unaudited)
Sep. 26,Mar. 28,Sep. 27,
202620262025
ASSETS
Current assets
Cash and cash equivalents$720,124 $800,930 $593,476 
Marketable securities31,923 86,697 52,424 
Accounts receivable, net365,753 220,149 355,397 
Inventories271,198 240,871 236,409 
Prepaid assets47,080 47,587 51,657 
Prepaid wafers— 14,733 45,056 
Other current assets27,815 22,741 32,581 
Total current assets1,463,893 1,433,708 1,367,000 
Long-term marketable securities324,387 266,160 250,146 
Right-of-use lease assets113,552 120,676 125,315 
Property and equipment, net151,549 143,975 151,154 
Intangibles, net17,470 20,727 24,451 
Goodwill435,936 435,936 435,936 
Deferred tax assets44,851 49,824 46,511 
Other assets37,769 18,368 29,170 
 Total assets$2,589,407 $2,489,374 $2,429,683 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable$104,407 $80,645 $79,974 
Accrued salaries and benefits55,442 52,723 52,689 
Software license agreements16,586 22,229 26,803 
Current lease liabilities21,863 19,872 19,481 
Other accrued liabilities30,193 19,187 31,376 
Total current liabilities228,491 194,656 210,323 
Non-current lease liabilities105,871 114,105 120,985 
Non-current income taxes48,031 46,721 45,357 
Software license agreements and other14,846 5,896 10,576 
Total long-term liabilities168,748 166,722 176,918 
Stockholders' equity:
Capital stock1,986,816 1,945,958 1,903,638 
Accumulated earnings211,034 184,881 139,025 
Accumulated other comprehensive loss(5,682)(2,843)(221)
Total stockholders' equity2,192,168 2,127,996 2,042,442 
Total liabilities and stockholders' equity$2,589,407 $2,489,374 $2,429,683 
    
Prepared in accordance with Generally Accepted Accounting Principles


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CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
Three Months Ended
Sep. 26,Sep. 27,
20262025
Q2'27Q2'26
Cash flows from operating activities:
Net income$114,739 $131,596 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization13,591 12,704 
Stock-based compensation expense18,273 20,597 
Deferred income taxes10,457 7,470 
Other non-cash adjustments204 68 
Net change in operating assets and liabilities:
Accounts receivable(111,782)(141,312)
Inventories(8,452)42,575 
Prepaid wafers— 16,878 
Other assets(18,036)(8,485)
Accounts payable and other accrued liabilities39,376 29,451 
Income taxes payable(7,464)(19,328)
Net cash provided by operating activities50,906 92,214 
Cash flows from investing activities:
Maturities and sales of available-for-sale marketable securities81,651 39,752 
Purchases of available-for-sale marketable securities(85,423)(43,171)
Purchases of property, equipment and software(8,418)(3,868)
Investments in technology(225)(642)
Net cash used in investing activities(12,415)(7,929)
Cash flows from financing activities:
Net proceeds from the issuance of common stock667 1,568 
Repurchase of stock to satisfy employee tax withholding obligations(1,202)(1,261)
Repurchase and retirement of common stock(128,498)(39,986)
Net cash used in financing activities(129,033)(39,679)
Net (decrease) increase in cash and cash equivalents(90,542)44,606 
Cash and cash equivalents at beginning of period810,666 548,870 
Cash and cash equivalents at end of period$720,124 $593,476 
Prepared in accordance with Generally Accepted Accounting Principles
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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.
Twelve Months EndedThree Months Ended
Sep. 26,Sep. 26,Jun. 27,Mar. 28,Dec. 27,
20262026202620262025
Q2'27Q2'27Q1'27Q4'26Q3'26
Net cash provided by operating activities (GAAP)$557,288 $50,906 $64,128 $151,420 $290,834 
Capital expenditures(31,703)(8,643)(15,504)(2,396)(5,160)
Free Cash Flow (Non-GAAP)$525,585 $42,263 $48,624 $149,024 $285,674 
Cash Flow from Operations as a Percentage of Revenue (GAAP)27 %9 %14 %34 %50 %
Capital Expenditures as a Percentage of Revenue (GAAP)2 %2 %3 %1 %1 %
Free Cash Flow Margin (Non-GAAP)26 %8 %11 %33 %49 %

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RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in millions; unaudited)
(not prepared in accordance with GAAP)
Q3 FY27
Guidance
Operating Expense Reconciliation
GAAP Operating Expenses$184 - 190
Stock-based compensation expense(21)
Acquisition-related costs(9)
Amortization of acquisition intangibles(2)
Non-GAAP Operating Expenses$152 - 158
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