Cirrus Logic, Inc.

The grade, in three tenses

Headline 6.8 out of ten, 9 of 9 metrics filed: past 6.8 out of ten, present 7.5 out of ten, future 5.9 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.8 out of ten. +2.9% a year over 10 filed years; profitable in 10 of 10. 58th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.8 out of ten. Share count shrank 2.6% a year. 48% of cash flow returned. Insiders: 24 sales, 0 purchases. 78th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 9.0 out of ten. ROE 19%: 19¢ of profit per shareholder dollar. Leverage 15%: owes 15¢ per asset dollar. 90th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.1 out of ten. top 29% of 97 in its family; net margin 20.7%. 71st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. top 47% of 66 in its family for leadership; chief executive since 2021. 53rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 7.5 out of ten. top 25% of 94 in its family for room to expand. 75th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.5 out of ten. bottom 35% of 93 in its family for growth drivers. 35th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.9 out of ten. top 41% of 88 in its family for expectations against reality. 59th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-05-21 for the period ended 2026-03-28 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-05 for the period ended 2026-06-27 (on EDGAR). Newest results release: Form 8-K filed 2026-08-05 (on EDGAR). Newest filing: Form 8-K, 2026-10-06. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-05-21.

The people

John M. Forsyth has been president and chief executive since January 2021. He came in with the purchase of Wolfson Microelectronics plc in 2014, where he had been vice president of audio products, and inside Cirrus Logic he was vice president of product marketing from August 2014, chief strategy officer from June 2018 and president from January 2020. The company keeps the two top jobs apart: the chair of the board is David Tupman. On the insider record this site holds, Forsyth has been filing since 2019, and the chief executive before him, Jason P. Rhode, filed last in 2020. [1, 2, 3, 4]

Most of the rest of the leadership grew up inside the company. Jeffrey W. Baumgartner, who runs research and development, joined in 1998 as a design engineer. Carl J. Alberty, who runs mixed-signal products, joined in 1999 in an engineering role supporting audio products. Gregory Scott Thomas, the general counsel, joined in December 2000. Justin Dougherty, who runs global operations, joined in 2013. Andrew Brannan, who runs worldwide sales, came in with Wolfson in 2014, where he had been chief commercial officer. Denise Grodé joined as chief human resources officer in March 2022 from Centene Corporation. All six were made executive vice presidents in December 2024. The finance chief is the newcomer: Jeff Woolard joined in February 2025, after running finance at Velocity Global, at Solidigm and, before those, in two roles at Intel Corporation. [5, 6, 7, 8, 2, 9, 10]

Six of the seven directors put up for election are independent. The chair, David J. Tupman, rose from manager to vice president of hardware engineering at Apple Inc. between 2001 and 2011, leading the hardware and technology teams for several mobile devices. Alexander M. Davern, who chairs the audit committee, worked at National Instruments Corporation in Austin from 1994 to 2020 and was at various times its finance chief, operating chief and chief executive. William D. Mosley has been chief executive of Seagate Technology Holdings plc since October 2017. Catherine P. Lego founded Lego Ventures LLC and sat on the board of Lam Research Corporation. The other two are Raghib Hussain and Duy-Loan Le. On the record this site holds the directors' first insider filings run from 2015 to 2024. [11, 12, 13, 14, 15, 4]

At the end of fiscal year 2026 Cirrus Logic counted 1,668 employees, 99 percent of them full time, against 1,660 a year earlier. Seven in ten, 71 percent, work in research and product development, 24 percent in sales, marketing and administration and 5 percent in work tied to manufacturing. Just under two thirds, 64 percent, are in the United States and 36 percent offshore; 14 percent are foreign nationals. Voluntary turnover in fiscal year 2026 was 7 percent. The company has never had a work stoppage, and most employees are not covered by collective bargaining agreements. [16, 17, 18]

How it operates

Cirrus Logic designs chips for the place where sound and other analog signals meet digital computing, and it reports sales in two product lines. Audio Products are amplifiers, codecs (a codec puts an analog-to-digital converter and a digital-to-analog converter on one chip), smart codecs with digital signal processing built in, and standalone digital signal processors; they go into smartphones, PCs, tablets, AR/VR headsets, wearables, home theater systems, car entertainment systems and professional audio. High Performance Mixed Signal Products, which the company shortens to HPMS, are camera controllers for automatic focus and image stabilization, haptic and sensing parts that make a screen feel like it clicks, and battery and power chips; they are used mainly in smartphones, with a further range serving automotive, industrial and imaging uses. SoundClear is the company's name for the tools, software and algorithms that ride on the audio hardware. [19, 20, 21]

The stated strategy has three prongs: hold the lead in smartphone audio, put more high-performance mixed-signal content into smartphones, and use both to reach other applications and markets. The customer list is short to the point of being one name. In fiscal year 2026 the ten largest end customers were about 96 percent of net sales, and one of them, Apple Inc., buying through several contract manufacturers, was about 91 percent, against 89 percent the year before and 87 percent the year before that. No other customer or distributor reached 10 percent. Because the parts are proprietary and generally not available from second sources, the company treats the end customer as whoever specifies the chip in a design, even when the invoice goes to an assembler: Foxconn and Luxshare, grouped at their parent level, were 39 percent and 22 percent of gross trade receivables at the end of the year. [22, 23, 24]

Sales are split by where the goods ship, not by where the finished product is sold, and 99 percent of them are international, a figure that includes sales to United States based end customers whose products are built by contract manufacturers or plants overseas. By ship-to country in fiscal year 2026: China 1.1 billion dollars, 53.4 percent of revenue; India 313.8 million, 15.7 percent; Hong Kong 222.7 million, 11.2 percent; Vietnam 185.1 million, 9.3 percent; South Korea 120.0 million, 6.0 percent; other countries outside the United States 74.1 million, 3.7 percent; and the United States itself 14.9 million, 0.7 percent. [25, 26, 27]

Cirrus Logic owns no chip factories. It is fabless, meaning it designs the chips and contracts out every step of making them, buying wafers mainly from GLOBALFOUNDRIES Inc. and Taiwan Semiconductor Manufacturing Company, Limited, and having them packaged and tested by Advanced Semiconductor Engineering, Amkor Technology, STATS ChipPAC, SFA Semicon and Siliconware Precision Industries. The substantial majority of its wafers are made by TSMC in Taiwan and by GlobalFoundries in Singapore and Germany. In July 2021 it reserved capacity and fixed wafer pricing with GlobalFoundries for calendar years 2022 through 2026, paying a 60 million dollar non-refundable reservation fee and prepaying 195 million dollars for future wafers; by the end of fiscal year 2026 the unamortized fee was down to 6.7 million dollars, the prepayment to 14.7 million, and the remaining obligation to buy wafers to about 180 million. [28, 29, 30, 31, 32, 33]

The specifics

The company was incorporated in California in 1984, became public in 1989 and reincorporated in Delaware in February 1999. Its principal sites are Austin, Texas and Edinburgh, Scotland. It owns about 155,000 square feet of Austin offices, filled mostly with research staff and test equipment, leases about another 280,000 square feet there, and leases about 125,000 square feet of office and laboratory space in Edinburgh. On the record this site holds it has been filing with the SEC since 1994. [34, 35, 36, 37]

Patents are the fence around the designs. As of March 28, 2026 the company held about 4,340 pending and issued patents worldwide, among them about 1,620 granted United States patents and 430 United States applications still pending, with the American ones expiring between 2026 and 2046. It says the business as a whole does not depend on any one patent or group of patents, and that no patent expiring in 2026 matters materially to it. SoundClear sits among its registered United States trademarks. [38, 39]

No single company competes across all of the product lines, but the filing names as principal competitors AKM Semiconductor Inc., Analog Devices Inc., QUALCOMM Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awinic Technology Co., Ltd., Shenzhen Goodix Technology Co, Ltd., Skyworks Solutions Inc., ST Microelectronics N.V., Synaptics Incorporated and Texas Instruments, Inc. The company describes an industry marked by rapid technological change, price erosion and a push to fold more functions into fewer chips, expects sharper competition from newcomers and from customers who build their own chips, and notes that some rivals own fabrication plants, which can help them on cost and capacity. [40, 41, 42, 43]

Two outside forces shape the business. Export rules reach the customer list: certain products fall under the Export Administration Regulations administered by the Commerce Department's Bureau of Industry and Security, and the company says some of its Chinese customers or their affiliated entities have been added to the BIS Entity List, which limits what it can do for them. And the end market is consumer electronics and smartphones, where the company says it has experienced, and expects to keep experiencing, slowing growth in a maturing smartphone market as developed countries saturate, replacement cycles lengthen and the market for refurbished devices grows. [44, 45]

What drives growth, line by line

Revenue reached 2.0 billion dollars in fiscal year 2026, 5 percent above fiscal year 2025 and the sixth step in a run that started at 1.4 billion in 2021. Gross margin was 52.8 percent against 52.5 percent, which the filing puts down to a more favorable product mix. Research and development spending was 434.0 million dollars, 0.7 million below the year before. Net income was 414.4 million dollars and cash from operations 650.6 million, the latter helped by a 103.4 million favorable swing in working capital as inventory and prepaid wafer balances came down and payables rose. [46, 47, 48, 49, 50, 51]

Audio Products. The bigger line, at 1.2 billion dollars, 58.1 percent of revenue, up 2.0 percent on the year. The filing credits demand for components shipping into smartphones and higher PC sales. It singles out a custom boosted amplifier and a 22 nanometer smart codec as the parts behind what it calls robust smartphone demand, and says it gained share across all PC segments. [25, 47, 52, 53]

High Performance Mixed Signal Products. 837.4 million dollars, 41.9 percent of revenue and the faster-growing line, up 10.3 percent or 78.5 million dollars, which the filing attributes primarily to demand for components shipping into smartphones. During the year the company began developing next-generation camera controller components and says it validated several new battery and power technologies in silicon. [25, 47, 52]

Where the goods went moved as much as how many went. Shipments to India rose 52.4 percent to 313.8 million dollars and to Vietnam 50.4 percent to 185.1 million, while China, still much the largest destination at 1.1 billion dollars, fell 5.3 percent and South Korea fell 15.9 percent. The figures are net sales by ship-to location of the customer, and the filing notes that its international sales include sales to United States based end customers whose products are made by contract manufacturers or plants overseas. [25, 26, 27]

What comes next, in the company's own words: it recently joined its largest customer's American Manufacturing Program and is working with that customer and GlobalFoundries on new process technologies, including a first attempt to manufacture at the Malta, New York plant; it is designing a smart power chip to support that customer's FaceID, which it calls a new application space for the company; it says new amplifiers and codecs aimed at a wider range of platforms and AI-enabled PCs have positioned it well for continued growth in fiscal year 2027; and it expects research and development spending to rise in fiscal year 2027 on planned headcount growth and product development costs. [52, 53, 54, 55, 56]

What the desk infers (inferred, not filed)

• The largest customer the results discussion never names is Apple Inc., and the year's news in that relationship is that it is widening: a new kind of chip for FaceID, and a place in that customer's American manufacturing program. Because: The filing names one end customer, Apple Inc., buying through multiple contract manufacturers, at about 91 percent of net sales in fiscal year 2026, and says no other customer or distributor reached 10 percent. [23] The results discussion speaks of the largest customer without naming it: a collaboration supporting that customer's FaceID, and that customer's American Manufacturing Program, which brings work with GlobalFoundries at the Malta, New York plant. [52, 55] At about 91 percent of net sales, with no other customer or distributor above 10 percent, no other buyer can be the one the discussion calls largest. [23] The chair of the board, David J. Tupman, rose to vice president of hardware engineering at Apple Inc. between 2001 and 2011. [12] Confidence 95 of 100. Wrong if: A filing or a company statement that names a company other than Apple Inc. as its largest customer, or that puts another end customer above it in net sales.
• The geography table is a map of where phones are assembled, not of where they are bought: the jump in India and Vietnam and the dip in China track assembly moving out of China rather than demand moving with it. Because: The revenue split is net sales by ship-to location of the customer. [27] The one end customer at about 91 percent of net sales buys through multiple contract manufacturers rather than directly. [23] Foxconn and Luxshare, grouped at their parent level, held 39 percent and 22 percent of gross trade receivables at the end of fiscal year 2026, the only two above 10 percent. [24] Shipments to India rose 52.4 percent and to Vietnam 50.4 percent while China fell 5.3 percent, and the United States took 0.7 percent of the total. [25] International sales, 99 percent of the total, are said to include sales to United States based end customers that manufacture through contract manufacturers or plants located overseas. [26] Confidence 85 of 100. Wrong if: A filing that reports revenue by the market where the finished products are sold and shows India and Vietnam as end markets on that scale, or that names an Indian or Vietnamese end customer above 10 percent of net sales.
• The GlobalFoundries capacity deal is nearly run out, and the working capital release that lifted fiscal year 2026 cash from operations is largely the last of that prepayment coming back rather than a new source of cash. Because: The agreement covers calendar years 2022 through 2026, and a February 2025 amendment set the quarterly spread of the wafers left under it. [31] Of a 60 million dollar reservation fee, 6.7 million was still unamortized at the end of fiscal year 2026; of a 195 million dollar wafer prepayment, 14.7 million was left. [32, 33] Cash from operations was 650.6 million dollars, helped by a 103.4 million favorable change in working capital driven primarily by decreases in inventory and prepaid wafer balances and increases in accounts payable. [49] Capital spending has fallen two years running, to 14.0 million dollars in fiscal year 2026 from 37.6 million in 2024. [46] Confidence 75 of 100. Wrong if: A filing that extends or replaces the Capacity Reservation Agreement past calendar year 2026, or that reports a fresh wafer prepayment restoring the prepaid wafer balance.

Sources

1. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Forsyth, age 52, was appointed President and Chief Executive Officer in January 2021. Previously, from January 2020, he held the role of President, and prior to that position, from June 2018, he was the Company’s Chief Strategy Officer. Previously, from August 2014, he served as Vice President of Product Marketing. Mr. Forsyth joined the Company in 2014 through the acquisition of Wolfson, where he served as Vice President of Audio Products.”
2. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Brannan, age 59, was appointed Executive Vice President, Worldwide Sales in December 2024. Prior to that position, from August 2014, he was Vice President of Worldwide Sales. Mr. Brannan joined Cirrus Logic in 2014 through the acquisition of Wolfson Microelectronics plc (“Wolfson”), where he served as Chief Commercial Officer.”
3. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “we currently separate the roles of our President and Chief Executive Officer (“CEO”), John Forsyth, and Chair of the Board, David Tupman.”
4. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
5. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Baumgartner, age 52, was appointed Executive Vice President, Research and Development in December 2024. Prior to that position, since October 2018, he was Vice President of Research and Development. Mr. Baumgartner joined the Company in 1998 as a design engineer, and in 2006, he began his career in engineering management.”
6. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Alberty, age 49, was appointed Executive Vice President, Mixed-Signal Products in December 2024. Prior to that position, since March 2019, he was Vice President of Mixed-Signal Products. Mr. Alberty joined the Company in 1999 in an engineering role supporting audio products”
7. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Thomas, age 61, was appointed Executive Vice President, General Counsel in December 2024. Prior to that position, since December 2023, he was Senior Vice President, General Counsel. Previously, from November 2017, he was Senior Vice President, General Counsel, Corporate Secretary, and prior to that position, from December 2003, he was Vice President, General Counsel, Corporate Secretary. He joined the Company in December 2000 as Vice President and Associate General Counsel, Intellectual Property.”
8. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Dougherty, age 50, was appointed Executive Vice President, Global Operations in December 2024. Prior to that position, since November 2022, he was Senior Vice President, Global Operations. Prior to that position, since June 2019, he was Vice President, Engineering Operations. Mr. Dougherty joined the Company in 2013 in the role of Senior Manager of Product and Test Engineering.”
9. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Ms. Grodé, age 52, was appointed Executive Vice President, Chief Human Resources Officer in December 2024. Prior to that position, since March 2022 when she joined the Company, she was Chief Human Resources Officer. Prior to joining the Company, from 2017, Ms. Grodé worked at Centene Corporation”
10. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Woolard, age 57, was appointed Chief Financial Officer in February 2025, when he joined the Company. Prior to that position, since September 2023, he served as CFO of Velocity Global, L.L.C., a private company that provides a global workforce platform and related services. Previously, from December 2021, Mr. Woolard served as CFO for Solidigm, a private company that provides flash memory solutions. Prior to that, from May 2020, Mr. Woolard worked at Intel Corporation, a public semiconductor company, as CFO Manufacturing and Technology and from March 2012 as CFO Intel Capital, Emerging Growth Incubation.”
11. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “The Board has determined that six of the seven nominated directors are independent as defined by the applicable listing and regulatory standards.”
12. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Dr. Tupman, age 63, is currently the owner of Details Lab Inc., an advisory firm focusing on scaling organizations for high-growth, technology development and new product introduction. From 2001 to 2011, Dr. Tupman rose from manager to Vice President of hardware engineering at Apple Inc., where he led the hardware engineering and technology teams for multiple mobile devices.”
13. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Mr. Davern worked at NI between February 1994 and May 2020, and during his career there he served in numerous leadership positions, including as Chief Financial Officer, Chief Operating Officer, and Chief Executive Officer.”
14. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Dr. Mosley, age 59, has served as the CEO of Seagate Technology Holdings plc (“Seagate”) since October 2017 and as a member of its board of directors since July 2017.”
15. Cirrus Logic, Inc., Form DEF 14A filed 2026-06-03: “Ms. Lego, age 69, is the founder of Lego Ventures LLC, a consulting services firm and source of start-up capital for early-stage technology companies, which she operated from 1992 until December 2018.”
16. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “As of March 28, 2026, we had 1,668 employees, 99 percent of whom were full-time, 71 percent were engaged in research and product development activities, 24 percent in sales, marketing, general and administrative activities, and 5 percent in manufacturing-related activities. As of March 28, 2026, 14 percent of our employees worldwide were foreign nationals and 64 percent of our total workforce reside in the U.S., with 36 percent residing offshore.”
17. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “In fiscal year 2026, our voluntary turnover rate was 7 percent, below the technology industry benchmarks”
18. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The Company’s number of employees increased from 1,660 as of March 29, 2025 to 1,668 as of March 28, 2026.”
19. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Audio Products: Amplifiers, codecs, smart codecs, analog-to-digital converters, digital-to-analog converters and standalone digital signal processors. HPMS Products: Camera controllers, haptics and sensing solutions, and battery and power ICs.”
20. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Cirrus Logic is a leading supplier of low-power, low-latency, high-precision audio components that are used in a variety of applications including smartphones, PCs, tablets, AR/VR headsets, wearables, home theater systems, automotive entertainment systems and professional audio systems.”
21. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Our portfolio of HPMS products includes: camera controllers for automatic focus and optical image stabilization; haptic and sensing solutions to deliver highly responsive and consistent tactile feedback; and battery and power ICs for improving battery health and performance. This product line also includes a broad product portfolio that services automotive, industrial, and imaging applications.”
22. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The Company is committed to a three-pronged strategy for growing our business: first, maintaining our leadership position in smartphone audio; second, increasing high-performance mixed-signal ("HPMS") content in smartphones; and third, leveraging our strength and intellectual property in audio and HPMS to expand into additional applications and markets with both new and existing components.”
23. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “For fiscal years 2026, 2025 and 2024, our ten largest end customers represented approximately 96 percent, 96 percent and 95 percent of our net sales, respectively. For fiscal years 2026, 2025, and 2024, we had one end customer, Apple Inc., who purchased through multiple contract manufacturers and represented approximately 91 percent, 89 percent, and 87 percent, of the Company’s total net sales, respectively. No other customer or distributor represented more than 10 percent of net sales in fiscal years 2026, 2025, or 2024.”
24. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Contract manufacturers aggregated at their parent level, that represented more than 10 percent of consolidated gross trade accounts receivable included Foxconn and Luxshare, representing 39 percent and 22 percent, respectively, of our consolidated gross trade accounts receivable as of the end of fiscal year 2026”
25. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
26. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “International sales, including sales to U.S.-based end customers that manufacture products through contract manufacturers or plants located overseas, were approximately $2.0 billion, $1.9 billion, and $1.8 billion in fiscal years 2026, 2025, and 2024, respectively, representing 99 percent of net sales in fiscal years 2026, 2025, and 2024.”
27. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The following illustrates net sales by ship to location of the customer (in thousands)”
28. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “As a fabless semiconductor company, we contract with third parties for wafer fabrication and product assembly and test. We use a variety of foundries in the production of wafers, primarily supplied by GLOBALFOUNDRIES Inc., ("GlobalFoundries") and Taiwan Semiconductor Manufacturing Company, Limited ("TSMC").”
29. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The Company’s primary assembly and test houses include Advanced Semiconductor Engineering, Inc., Amkor Technology, Inc., STATS ChipPAC Pte. Ltd., SFA Semicon Co., Ltd., and Siliconware Precision Industries Co., Ltd.”
30. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “the substantial majority of our semiconductor wafers are manufactured by TSMC at fabs in Taiwan, and GlobalFoundries in Singapore and Germany.”
31. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the "Capacity Reservation Agreement") with GLOBALFOUNDRIES Singapore Pte. Ltd. ("GlobalFoundries") to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the "Commitment Period"). On February 18, 2025, the Capacity Reservation Agreement was amended (the "Amendment") to define the quarterly spread of the remaining wafer quantities under the agreement.”
32. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee, which is amortized over the Commitment Period. The balance of this reservation fee is $6.7 million as of March 28, 2026, and is recorded in "Other current assets" on the consolidated balance sheets within the short-term or long-term classification, as appropriate. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which are credited back to the Company as a portion of the price of wafers purchased”
33. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The balance of the prepayment is $14.7 million at March 28, 2026, and is currently recorded in "Prepaid wafers" on the consolidated balance sheets. As of March 28, 2026, the Company estimates its remaining purchase obligation to be approximately $180 million of wafers from GlobalFoundries under the Capacity Reservation Agreement.”
34. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We were incorporated in California in 1984, became a public company in 1989 and were reincorporated in the State of Delaware in February 1999. Our primary facility, which houses engineering, sales and marketing, and administrative functions, is located in Austin, Texas.”
35. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The Austin facilities, which we own, consist of approximately 155,000 square feet of office space and are primarily occupied by research and development personnel and testing equipment. We also have leased facilities in Austin, Texas, consisting of approximately 280,000 square feet that house a mixture of administrative personnel as well as research and development personnel. Additionally, we lease approximately 125,000 square feet of office space and high quality lab space in Edinburgh, Scotland, United Kingdom.”
36. The record on this page: the filing record (the EDGAR submissions feed)
37. The record on this page: the filing record (the EDGAR submissions feed)
38. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “As of March 28, 2026, we held approximately 4,340 pending and issued patents worldwide, which include approximately 1,620 granted U.S. patents, 430 U.S. pending patent applications and various international patents and applications. Our U.S. patents expire in calendar years 2026 through 2046. While our patents are an important element of our success, our business as a whole is not dependent on any one patent or group of patents. We do not anticipate any material effect on our business due to any patents expiring in 2026”
39. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We have maintained U.S. federal trademark registrations for CIRRUS LOGIC, CIRRUS, Cirrus Logic logo designs, and SoundClear, among others.”
40. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “While no single company competes with us across all our product lines, we face significant competition in all markets where our products are available.”
41. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Our primary competitors include, but are not limited to, AKM Semiconductor Inc., Analog Devices Inc., QUALCOMM Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awinic Technology Co., Ltd., Shenzhen Goodix Technology Co, Ltd., Skyworks Solutions Inc., ST Microelectronics N.V., Synaptics Incorporated and Texas Instruments, Inc.”
42. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Our industry is intensely competitive and is frequently characterized by rapid technological change, price erosion, technological obsolescence, and a push towards integrated circuit ("IC") component integration.”
43. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We also expect intensified competition from emerging companies and from customers who develop their own IC products or other technologies. In addition, some of our current and future competitors maintain their own fabrication facilities, which could benefit them in connection with cost, capacity, and technical issues.”
44. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Certain of our products are subject to the Export Administration Regulations ("EAR"), which are administered by the United States Department of Commerce's Bureau of Industry and Security ("BIS"), and we may from time to time be required to obtain an export license before we can export certain products or technology to specified countries or customers. In addition, the EAR imposes broad controls on entities listed on sanctioned persons lists, including the BIS Entity List.”
45. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Because we sell products primarily in the consumer electronics and smartphone markets, we are likely to be affected by any decrease in demand or unit volumes, seasonality in the sales of our products, and the cyclical nature of these markets. We have experienced, and expect to continue to experience, slowing growth in a maturing smartphone market, due to, among other factors, market saturation in developed countries, lengthening replacement cycles, and a growing market for refurbished devices.”
46. The record on this page: the filed annual figures (EDGAR's company facts)
47. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Net sales for fiscal year 2026 increased by 5 percent, to $2.0 billion from $1.9 billion in fiscal year 2025. Audio product sales increased $22.8 million, or 2 percent in fiscal year 2026. The most significant drivers of the increase were demand for components shipping into smartphones, as well as higher PC sales, versus the prior fiscal year. The increase in net sales also reflects a $78.5 million increase in HPMS product sales, or 10 percent, from fiscal year 2025 sales of $758.9 million, primarily due to demand for components shipping into smartphones.”
48. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Overall gross margin of 52.8 percent for fiscal year 2026 increased from fiscal year 2025 gross margin of 52.5 percent. The increase reflects a more favorable product mix.”
49. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “In fiscal year 2026, cash flow from operations was $650.6 million. Operating cash flow during fiscal year 2026 was related to the cash components of our net income and a $103.4 million favorable change in working capital. The favorable change in working capital was driven primarily by decreases in inventory and prepaid wafer balances (related to the Capacity Reservation Agreement) and increases in accounts payable, partially offset by decreases in other accrued liabilities and income taxes payable.”
50. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Fiscal year 2026 research and development expenses of $434.0 million reflect a decrease of $0.7 million from fiscal year 2025.”
51. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “The Company achieved net income of $414.4 million in fiscal year 2026, which included an income tax provision in the amount of $82.3 million.”
52. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “In smartphones, we experienced robust demand for our latest custom boosted amplifier and 22-nanometer smart codec, both of which deliver meaningful system-level improvements and exceptional audio performance. The Company advanced our HPMS strategy by beginning the development of next-generation camera controller components and technologies. We also made excellent progress in advanced battery and power applications, where we validated multiple new technologies and intellectual property in silicon. Our achievements were underscored by a recent announcement from our largest customer that highlights our collaboration on a solution to support their FaceID implementation in future products.”
53. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We achieved strong year-over-year revenue growth in PCs as we gained share across all PC segments. The introduction of new amplifiers and codecs that target a wider range of platforms and AI-enabled PCs has positioned the Company well for continued growth in fiscal year 2027. And in our general market business, we developed multiple new product families that broaden our presence in the professional audio, automotive, industrial, and imaging end markets.”
54. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We are designing our first product in this area, a smart power IC, which represents an exciting new application space for Cirrus Logic.”
55. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “We recently joined our largest customer’s American Manufacturing Program and are working with both our customer and GlobalFoundries to develop new process technologies for our products, including our efforts to manufacture for the first time at the Malta, New York facility.”
56. Cirrus Logic, Inc., Form 10-K filed 2026-05-21: “Additionally, given the considerable range of opportunities across our custom silicon and general market businesses, we expect R&D investments to grow in fiscal year 2027, primarily due to planned headcount growth and product development expenses.”

Where the revenue comes from

Product and service lines in fiscal 2026: Audio Products 58%, High Performance Mixed Signal Products 42%. By geography: China 53%, India 16%, Hong Kong 11%, Vietnam 9%, South Korea 6%, Rest of World 4%. As tagged in its annual report (Form 10-K, filed 2026-05-21).

Who runs it

Forsyth, John (CEO); Woolard, Jeffrey (Chief Financial Officer); Baumgartner, Jeffrey W (EVP, R&D); Brannan, Andrew (EVP, Worldwide Sales); Thomas, Scott (EVP, General Counsel); Alberty, Carl Jackson (EVP, MSP); Dougherty, Justin E (EVP, Global Operations); Grode, Denise (EVP, CHRO); Habermann, Ulf (Principal Accounting Officer); Davern, Alexander M (director); and 5 more. 15 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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