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Call sheet · Q1'27

Cirrus Logic (CRUS)

Q1'27 earnings call · held August 5, 2026 · compared with the Q4'26 call · management-credibility review
7/12
Disclosure score
1 high, 3 medium, 2 low flags
Financial quality
Bottom line
Revenue met the guidance midpoint, while PC growth expectations fell. Management identified platform and component constraints. Operating cash flow declined from $151.4M to $64.1M sequentially, and inventory increased. The next test is a working-capital explanation and a refreshed PC outlook, including the SDCA and mainstream-device mix targets. Different-period repurchase prices are not evidence of a post-earnings market reaction.

The 30-second version

  • PC growth expectations fell; the prior mix targets need an update
  • Cash flow fell sequentially despite revenue meeting the guide
  • R&D headcount inflection quietly disclosed, buried in a Q&A aside

What changed this quarter

MetricQ4'26Q1'27Change
Revenue$448.5M Q4 FY26$460M, +2% seq, +13% YoYRevenue met the $460M midpoint of guidance; up about 2.5% sequentially
Non-GAAP EPS$1.95 Q4 FY26$1.84-5.6% sequential (different seasonal quarter)
Non-GAAP Gross Margin53.0% Q4 FY2652.7%-30bps on pricing reductions
Non-GAAP Operating Income$111.8M / 24.9% margin$106.7M / 23.2% margin-170bps margin compression
Non-GAAP OpEx$126.1M$135.4M+7.4% QoQ on headcount ramp
Cash Flow from Operations$151.4M Q4 FY26$64.1M-58% sequential collapse
Quarterly FCF Margin33% Q4 FY2611%-2200bps
TTM FCF Margin32% FY2628% TTM-400bps trend deterioration
Inventory$240.9M / 104 days$262.7M / ~110 days+9% QoQ, outpacing 2% revenue growth
Cash & Investments$1.2B end FY26$1.2B, +$13.5MEssentially flat

Accountability tracked

7 new promises made2 narrative shifts flagged7 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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