EX-99.1 2 pressrelease_fullyear.htm EX-99.1
Exhibit 99.1
FINANCIAL NEWS
Cirrus Logic Reports Fourth Quarter Revenue of $424.5 Million and Full Fiscal Year 2025 Revenue of $1.90 Billion
AUSTIN, Texas – May 6, 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 fourth quarter and full fiscal year 2025, which ended March 29, 2025, as well as the company’s current business outlook.
“Cirrus Logic delivered six percent revenue growth and record earnings per share in FY25. We are pleased with our achievements during the year, with the company making excellent progress executing our strategic growth plan. In FY25, we began shipping the latest generation of our boosted amplifier and our first 22-nanometer smart codec, grew our momentum in the laptop market, and introduced a series of general market components that expand our product portfolio and revenue opportunities across a number of markets,” said John Forsyth, Cirrus Logic president and chief executive officer. “With a rich portfolio of products and an exciting pipeline of innovations in development, we look forward to capitalizing on the many opportunities ahead of us to further broaden our technology and market reach.”
Reported Financial Results – Fourth Quarter FY25
•Revenue of $424.5 million;
•GAAP and non-GAAP gross margin of 53.4 percent and 53.5 percent;
•GAAP operating expenses of $140.8 million and non-GAAP operating expenses of $120.0 million; and
•GAAP earnings per share of $1.31 and non-GAAP earnings per share of $1.67.
Reported Financial Results – Full Fiscal Year 2025
•Revenue of $1.90 billion;
•GAAP and non-GAAP gross margin of 52.5 percent and 52.6 percent;

•GAAP operating expenses of $585.7 million and non-GAAP operating expenses of $494.1 million; and
•GAAP earnings per share of $6.00 and non-GAAP earnings per share of $7.54.
A reconciliation of GAAP to non-GAAP financial information is included in the tables accompanying this press release.
Business Outlook – First Quarter FY26
•Revenue is expected to range between $330 million and $390 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 $141 million and $147 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 $119 million and $125 million.
Share Repurchase Authorization
The company also announced that in March 2025 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 affected 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.
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
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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:
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. 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 capitalize on the many opportunities ahead of us; and our estimates for the first 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 first 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 30, 2024 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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Summary Financial Data Follows:

CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(in thousands, except per share data; unaudited)
| Three Months Ended |  | Twelve Months Ended
| Mar. 29, |  | Dec. 28, |  | Mar. 30, |  | Mar. 29, |  | Mar. 30,
| 2025 |  | 2024 |  | 2024 |  | 2025 |  | 2024
| Q4'25 |  | Q3'25 |  | Q4'24 |  | Q4'25 |  | Q4'24
Audio | $ | 255,326 |  |  | $ | 346,272 |  |  | $ | 226,681 |  |  | $ | 1,137,157 |  |  | $ | 1,083,939 |
High-Performance Mixed-Signal | 169,130 |  |  | 209,466 |  |  | 145,146 |  |  | 758,920 |  |  | 704,951 |
Net sales | 424,456 |  |  | 555,738 |  |  | 371,827 |  |  | 1,896,077 |  |  | 1,788,890 |
Cost of sales | 197,720 |  |  | 257,951 |  |  | 179,202 |  |  | 900,039 |  |  | 872,818 |
Gross profit | 226,736 |  |  | 297,787 |  |  | 192,625 |  |  | 996,038 |  |  | 916,072 |
Gross margin | 53.4 | % |  | 53.6 | % |  | 51.8 | % |  | 52.5 | % |  | 51.2 | %
Research and development | 103,420 |  |  | 112,976 |  |  | 103,383 |  |  | 434,684 |  |  | 426,475 |
Selling, general and administrative | 37,370 |  |  | 39,042 |  |  | 36,866 |  |  | 150,995 |  |  | 144,172 |
Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | 1,959 |
Total operating expenses | 140,790 |  |  | 152,018 |  |  | 140,249 |  |  | 585,679 |  |  | 572,606 |
Income from operations | 85,946 |  |  | 145,769 |  |  | 52,376 |  |  | 410,359 |  |  | 343,466 |
Interest income | 8,604 |  |  | 8,146 |  |  | 7,360 |  |  | 33,086 |  |  | 20,578 |
Other income (expense) | 55 |  |  | (214) |  |  | (78) |  |  | 1,469 |  |  | (108) |
Income before income taxes | 94,605 |  |  | 153,701 |  |  | 59,658 |  |  | 444,914 |  |  | 363,936 |
Provision for income taxes | 23,338 |  |  | 37,696 |  |  | 14,816 |  |  | 113,407 |  |  | 89,364 |
Net income | $ | 71,267 |  |  | $ | 116,005 |  |  | $ | 44,842 |  |  | $ | 331,507 |  |  | $ | 274,572 |
Basic earnings per share | $ | 1.35 |  |  | $ | 2.19 |  |  | $ | 0.83 |  |  | $ | 6.24 |  |  | $ | 5.06 |
Diluted earnings per share: | $ | 1.31 |  |  | $ | 2.11 |  |  | $ | 0.81 |  |  | $ | 6.00 |  |  | $ | 4.90 |
Weighted average number of shares: |  |  |  |  |  |  |  |  |
Basic | 52,756 |  |  | 53,081 |  |  | 53,739 |  |  | 53,135 |  |  | 54,290 |
Diluted | 54,324 |  |  | 55,076 |  |  | 55,559 |  |  | 55,241 |  |  | 56,021 |
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 |  | Twelve Months Ended |
| Mar. 29, |  | Dec. 28, |  | Mar. 30, |  | Mar. 29, |  | Mar. 30, |
| 2025 |  | 2024 |  | 2024 |  | 2025 |  | 2024 |
Net Income Reconciliation | Q4'25 |  | Q3'25 |  | Q4'24 |  | Q4'25 |  | Q4'24 |
GAAP Net Income | $ | 71,267 |  |  | $ | 116,005 |  |  | $ | 44,842 |  |  | $ | 331,507 |  |  | $ | 274,572 |  |
Amortization of acquisition intangibles | 1,647 |  |  | 1,647 |  |  | 1,973 |  |  | 7,130 |  |  | 8,285 |  |
Stock-based compensation expense | 19,491 |  |  | 20,823 |  |  | 22,158 |  |  | 84,146 |  |  | 89,271 |  |
Lease impairment | — |  |  | 661 |  |  | — |  |  | 1,680 |  |  | — |  |
Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | 1,959 |  |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | — |  |  | 4,105 |  |
Adjustment to income taxes | (1,772) |  |  | (827) |  |  | 75 |  |  | (7,866) |  |  | (8,926) |  |
Non-GAAP Net Income | $ | 90,633 |  |  | $ | 138,309 |  |  | $ | 69,048 |  |  | $ | 416,597 |  |  | $ | 369,266 |  |
Earnings Per Share Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Diluted earnings per share | $ | 1.31 |  |  | $ | 2.11 |  |  | $ | 0.81 |  |  | $ | 6.00 |  |  | $ | 4.90 |  |
Effect of Amortization of acquisition intangibles | 0.03 |  |  | 0.03 |  |  | 0.03 |  |  | 0.13 |  |  | 0.15 |  |
Effect of Stock-based compensation expense | 0.36 |  |  | 0.38 |  |  | 0.40 |  |  | 1.52 |  |  | 1.59 |  |
Effect of Lease impairment | — |  |  | 0.01 |  |  | — |  |  | 0.03 |  |  | — |  |
Effect of Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | 0.04 |  |
Effect of Acquisition-related costs | — |  |  | — |  |  | — |  |  | — |  |  | 0.07 |  |
Effect of Adjustment to income taxes | (0.03) |  |  | (0.02) |  |  | — |  |  | (0.14) |  |  | (0.16) |  |
Non-GAAP Diluted earnings per share | $ | 1.67 |  |  | $ | 2.51 |  |  | $ | 1.24 |  |  | $ | 7.54 |  |  | $ | 6.59 |  |
Operating Income Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Operating Income | $ | 85,946 |  |  | $ | 145,769 |  |  | $ | 52,376 |  |  | $ | 410,359 |  |  | $ | 343,466 |  |
GAAP Operating Profit | 20.2 | % |  | 26.2 | % |  | 14.1 | % |  | 21.6 | % |  | 19.2 | % |
Amortization of acquisition intangibles | 1,647 |  |  | 1,647 |  |  | 1,973 |  |  | 7,130 |  |  | 8,285 |  |
Stock-based compensation expense - COGS | 360 |  |  | 351 |  |  | 362 |  |  | 1,332 |  |  | 1,403 |  |
Stock-based compensation expense - R&D | 13,079 |  |  | 14,498 |  |  | 15,483 |  |  | 59,184 |  |  | 63,678 |  |
Stock-based compensation expense - SG&A | 6,052 |  |  | 5,974 |  |  | 6,313 |  |  | 23,630 |  |  | 24,190 |  |
Lease impairment | — |  |  | 661 |  |  | — |  |  | 1,680 |  |  | — |  |
Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | 1,959 |  |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | — |  |  | 4,105 |  |
Non-GAAP Operating Income | $ | 107,084 |  |  | $ | 168,900 |  |  | $ | 76,507 |  |  | $ | 503,315 |  |  | $ | 447,086 |  |
Non-GAAP Operating Profit | 25.2 | % |  | 30.4 | % |  | 20.6 | % |  | 26.5 | % |  | 25.0 | % |
Operating Expense Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Operating Expenses | $ | 140,790 |  |  | $ | 152,018 |  |  | $ | 140,249 |  |  | $ | 585,679 |  |  | $ | 572,606 |  |
Amortization of acquisition intangibles | (1,647) |  |  | (1,647) |  |  | (1,973) |  |  | (7,130) |  |  | (8,285) |  |
Stock-based compensation expense - R&D | (13,079) |  |  | (14,498) |  |  | (15,483) |  |  | (59,184) |  |  | (63,678) |  |
Stock-based compensation expense - SG&A | (6,052) |  |  | (5,974) |  |  | (6,313) |  |  | (23,630) |  |  | (24,190) |  |
Lease impairment | — |  |  | (661) |  |  | — |  |  | (1,680) |  |  | — |  |
Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | (1,959) |  |
Acquisition-related costs | — |  |  | — |  |  | — |  |  | — |  |  | (4,105) |  |
Non-GAAP Operating Expenses | $ | 120,012 |  |  | $ | 129,238 |  |  | $ | 116,480 |  |  | $ | 494,055 |  |  | $ | 470,389 |  |
Gross Margin/Profit Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Gross Profit | $ | 226,736 |  |  | $ | 297,787 |  |  | $ | 192,625 |  |  | $ | 996,038 |  |  | $ | 916,072 |  |
GAAP Gross Margin | 53.4 | % |  | 53.6 | % |  | 51.8 | % |  | 52.5 | % |  | 51.2 | % |
Stock-based compensation expense - COGS | 360 |  |  | 351 |  |  | 362 |  |  | 1,332 |  |  | 1,403 |  |
Non-GAAP Gross Profit | $ | 227,096 |  |  | $ | 298,138 |  |  | $ | 192,987 |  |  | $ | 997,370 |  |  | $ | 917,475 |  |
Non-GAAP Gross Margin | 53.5 | % |  | 53.6 | % |  | 51.9 | % |  | 52.6 | % |  | 51.3 | % |

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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) |
| Three Months Ended |  | Twelve Months Ended |
| Mar. 29, |  | Dec. 28, |  | Mar. 30, |  | Mar. 29, |  | Mar. 30, |
| 2025 |  | 2024 |  | 2024 |  | 2025 |  | 2024 |
Effective Tax Rate Reconciliation | Q4'25 |  | Q3'25 |  | Q4'24 |  | Q4'25 |  | Q4'24 |
GAAP Tax Expense | $ | 23,338 |  |  | $ | 37,696 |  |  | $ | 14,816 |  |  | $ | 113,407 |  |  | $ | 89,364 |  |
GAAP Effective Tax Rate | 24.7 | % |  | 24.5 | % |  | 24.8 | % |  | 25.5 | % |  | 24.6 | % |
Adjustments to income taxes | 1,772 |  |  | 827 |  |  | (75) |  |  | 7,866 |  |  | 8,926 |  |
Non-GAAP Tax Expense | $ | 25,110 |  |  | $ | 38,523 |  |  | $ | 14,741 |  |  | $ | 121,273 |  |  | $ | 98,290 |  |
Non-GAAP Effective Tax Rate | 21.7 | % |  | 21.8 | % |  | 17.6 | % |  | 22.5 | % |  | 21.0 | % |
Tax Impact to EPS Reconciliation |  |  |  |  |  |  |  |  |  |
GAAP Tax Expense | $ | 0.43 |  |  | $ | 0.68 |  |  | $ | 0.27 |  |  | $ | 2.05 |  |  | $ | 1.60 |  |
Adjustments to income taxes | 0.03 |  |  | 0.02 |  |  | — |  |  | 0.14 |  |  | 0.16 |  |
Non-GAAP Tax Expense | $ | 0.46 |  |  | $ | 0.70 |  |  | $ | 0.27 |  |  | $ | 2.19 |  |  | $ | 1.76 |  |

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CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands; unaudited)
|  | Mar. 29, |  | Dec. 28, |  | Mar. 30,
|  | 2025 |  | 2024 |  | 2024
ASSETS |  |  |  |  |  |
Current assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 539,620 |  |  | $ | 526,444 |  |  | $ | 502,764 |
Marketable securities |  | 56,160 |  |  | 37,535 |  |  | 23,778 |
Accounts receivable, net |  | 216,009 |  |  | 261,943 |  |  | 162,478 |
Inventories |  | 299,092 |  |  | 275,558 |  |  | 227,248 |
Prepaid wafers |  | 52,560 |  |  | 66,113 |  |  | 86,679 |
Other current assets |  | 76,293 |  |  | 82,857 |  |  | 103,245 |
Total current Assets |  | 1,239,734 |  |  | 1,250,450 |  |  | 1,106,192 |
Long-term marketable securities |  | 239,036 |  |  | 252,594 |  |  | 173,374 |
Right-of-use lease assets |  | 126,688 |  |  | 129,597 |  |  | 138,288 |
Property and equipment, net |  | 159,900 |  |  | 163,837 |  |  | 170,175 |
Intangibles, net |  | 27,461 |  |  | 23,957 |  |  | 29,578 |
Goodwill |  | 435,936 |  |  | 435,936 |  |  | 435,936 |
Deferred tax asset |  | 48,150 |  |  | 40,895 |  |  | 48,649 |
Long-term prepaid wafers |  | 15,512 |  |  | 23,020 |  |  | 60,750 |
Other assets |  | 34,656 |  |  | 42,954 |  |  | 68,634 |
Total assets |  | $ | 2,327,073 |  |  | $ | 2,363,240 |  |  | $ | 2,231,576 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |
Current liabilities |  |  |  |  |  |
Accounts payable |  | $ | 63,162 |  |  | $ | 77,907 |  |  | $ | 55,545 |
Accrued salaries and benefits |  | 52,075 |  |  | 48,029 |  |  | 47,612 |
Lease liability |  | 21,811 |  |  | 21,858 |  |  | 20,640 |
Other accrued liabilities |  | 58,140 |  |  | 63,119 |  |  | 62,596 |
Total current liabilities |  | 195,188 |  |  | 210,913 |  |  | 186,393 |
Non-current lease liability |  | 121,908 |  |  | 124,622 |  |  | 134,576 |
Non-current income taxes |  | 44,040 |  |  | 43,401 |  |  | 52,013 |
Other long-term liabilities |  | 16,488 |  |  | 21,506 |  |  | 41,580 |
Total long-term liabilities |  | 182,436 |  |  | 189,529 |  |  | 228,169 |
Stockholders' equity: |  |  |  |  |  |
Capital stock |  | 1,860,281 |  |  | 1,840,791 |  |  | 1,760,701 |
Accumulated earnings |  | 90,351 |  |  | 124,101 |  |  | 58,916 |
Accumulated other comprehensive loss |  | (1,183) |  |  | (2,094) |  |  | (2,603) |
Total stockholders' equity |  | 1,949,449 |  |  | 1,962,798 |  |  | 1,817,014 |
Total liabilities and stockholders' equity |  | $ | 2,327,073 |  |  | $ | 2,363,240 |  |  | $ | 2,231,576 |
Prepared in accordance with Generally Accepted Accounting Principles

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CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(in thousands; unaudited)
|  | Three Months Ended
|  | Mar. 29, |  | Mar. 30,
|  | 2025 |  | 2024
|  | Q4'25 |  | Q4'24
Cash flows from operating activities: |  |  |  |
Net income |  | $ | 71,267 |  |  | $ | 44,842 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Depreciation and amortization |  | 13,150 |  |  | 12,009 |
Stock-based compensation expense |  | 19,491 |  |  | 22,158 |
Deferred income taxes |  | (7,497) |  |  | (14,426) |
Loss on retirement or write-off of long-lived assets |  | 1 |  |  | 2 |
Other non-cash charges |  | (33) |  |  | 86 |
Net change in operating assets and liabilities: |  |  |  |
Accounts receivable, net |  | 45,934 |  |  | 54,791 |
Inventories |  | (23,534) |  |  | 29,427 |
Prepaid wafers |  | 21,061 |  |  | 10,917 |
Other assets |  | 11,341 |  |  | 6,621 |
Accounts payable and other accrued liabilities |  | (17,937) |  |  | (2,411) |
Income taxes payable |  | (2,858) |  |  | 6,510 |
Net cash provided by operating activities |  | 130,386 |  |  | 170,526 |
Cash flows from investing activities: |  |  |  |
Maturities and sales of available-for-sale marketable securities |  | 9,392 |  |  | 13,614 |
Purchases of available-for-sale marketable securities |  | (13,322) |  |  | (108,174) |
Purchases of property, equipment and software |  | (3,429) |  |  | (7,057) |
Investments in technology |  | (5,752) |  |  | (638) |
Net cash used in investing activities |  | (13,111) |  |  | (102,255) |
Cash flows from financing activities: |  |  |  |
Issuance of common stock, net of shares withheld for taxes |  | — |  |  | 2,719 |
Repurchase of stock to satisfy employee tax withholding obligations |  | (4,099) |  |  | (2,165) |
Repurchase and retirement of common stock |  | (100,000) |  |  | (49,992) |
Net cash used in financing activities |  | (104,099) |  |  | (49,438) |
Net increase in cash and cash equivalents |  | 13,176 |  |  | 18,833 |
Cash and cash equivalents at beginning of period |  | 526,444 |  |  | 483,931 |
Cash and cash equivalents at end of period |  | $ | 539,620 |  |  | $ | 502,764 |
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 Ended |  | Three Months Ended
|  | Mar. 29, |  | Mar. 29, |  | Dec. 28, |  | Sep. 28, |  | Jun. 29,
|  | 2025 |  | 2025 |  | 2024 |  | 2024 |  | 2024
|  | Q4'25 |  | Q4'25 |  | Q3'25 |  | Q2'25 |  | Q1'25
Net cash provided by operating activities (GAAP) |  | $ | 444,366 |  |  | $ | 130,386 |  |  | $ | 218,588 |  |  | $ | 8,231 |  |  | $ | 87,161 |
Capital expenditures |  | (28,753) |  |  | (9,181) |  |  | (6,687) |  |  | (2,740) |  |  | (10,145) |
Free Cash Flow (Non-GAAP) |  | $ | 415,613 |  |  | $ | 121,205 |  |  | $ | 211,901 |  |  | $ | 5,491 |  |  | $ | 77,016 |
Cash Flow from Operations as a Percentage of Revenue (GAAP) |  | 23 | % |  | 31 | % |  | 39 | % |  | 2 | % |  | 23 | %
Capital Expenditures as a Percentage of Revenue (GAAP) |  | 2 | % |  | 2 | % |  | 1 | % |  | 1 | % |  | 3 | %
Free Cash Flow Margin (Non-GAAP) |  | 22 | % |  | 29 | % |  | 38 | % |  | 1 | % |  | 21 | %

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RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(in millions; unaudited)
(not prepared in accordance with GAAP)
|  | Q1 FY26
|  | Guidance
Operating Expense Reconciliation |  |
GAAP Operating Expenses |  | $141 - 147
Stock-based compensation expense |  | (20) |
Amortization of acquisition intangibles |  | (2) |
Non-GAAP Operating Expenses |  | $119 - 125

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