• Think of them as the Intel for high-quality audio and haptic capabilities inside consumer electronics, especially known for their chips in Apple products.
• A specialized Skyworks Solutions, but for advanced audio, haptics, and power management chips rather than radio frequency components for mobile devices.

• Audio Products: Cirrus Logic designs high-performance audio codecs, smart amplifiers, and digital signal processors used in smartphones, tablets, laptops, and smart home devices.
• Haptic Drivers: These integrated circuits enable sophisticated tactile feedback experiences in consumer electronics and automotive applications.
• Power Management ICs (PMICs): The company provides specialized power management solutions, including fast-charging and adaptive power delivery for various high-performance applications.

Major Customers of Cirrus Logic (CRUS)

Cirrus Logic (CRUS) is a fabless semiconductor company that primarily sells its integrated circuits (chips) to other companies that incorporate these components into their final products, such as smartphones, tablets, laptops, and various audio devices.

The company has a highly concentrated customer base, with one customer accounting for a very significant portion of its revenue.

Customer Company:

• Apple Inc. (Symbol: AAPL)

According to Cirrus Logic's most recent 10-K filing for the fiscal year ended March 30, 2024, sales to Apple Inc. (primarily through its contract manufacturers) accounted for 75% of Cirrus Logic's total revenue. This makes Apple Inc. the overwhelmingly dominant major customer for Cirrus Logic.

• Taiwan Semiconductor Manufacturing Company Limited (TSM)
• Lapis Semiconductor Co., Ltd.

John Forsyth, President, Chief Executive Officer, and Director

John Forsyth became chief executive officer of Cirrus Logic in January 2021. He joined Cirrus Logic in 2014 through the acquisition of Wolfson Microelectronics. Prior to joining Wolfson in 2012, Forsyth led product development and strategy in several technology companies, including serving as chief technical officer of the Symbian Foundation and as vice president of strategy at Symbian Software. He began his career working in handheld device development for Psion in London and has more than 20 years' experience in embedded technology.

Jeff Woolard, Chief Financial Officer

Jeff Woolard joined Cirrus Logic as chief financial officer in 2025. He oversees the team responsible for the company's overall financial management, including accounting, financial planning and analysis, corporate treasury, investor relations, facilities, and tax. Previously, Woolard served as CFO at Velocity Global, where he was responsible for financial execution, strategic planning, and developing a financial growth strategy.

Carl Alberty, EVP, Mixed-Signal Products

Carl Alberty oversees development of Cirrus Logic's analog and mixed-signal products, such as smart codecs and boosted amplifiers. Alberty joined Cirrus Logic in 1999 in an engineering role supporting audio products and progressed into various audio product marketing leadership roles, including vice president of marketing for audio products.

Jeff Baumgartner, EVP, Research and Development

Jeff Baumgartner began his career at Cirrus Logic in 1998 as a design engineer. In 2006, he transitioned to engineering management, holding several R&D leadership positions, including key strategic management roles.

Justin Dougherty, Senior Vice President of Global Operations

Justin Dougherty oversees product and test engineering, validation, quality, silicon technology, assembly technology, and information technology for Cirrus Logic. He joined Cirrus Logic in 2013 after previously serving as director of applications and systems engineering at Javelin Semiconductor for five years. Prior to Javelin, he held various product engineering roles at Silicon Labs and Advanced Micro Devices.

1. Customer Concentration: Cirrus Logic is heavily reliant on a single large customer, identified as Apple Inc., which accounted for approximately 87% of its total sales in fiscal year 2024, 83% in fiscal year 2023, and 79% in fiscal year 2022. This high degree of customer concentration makes Cirrus Logic vulnerable to any decline in iPhone sales, increased competition faced by Apple, or Apple's potential decision to insource chip production, which could significantly impact Cirrus Logic's revenue and financial performance.
2. Highly Competitive Semiconductor Market: The company operates in an intensely competitive semiconductor market characterized by rapid innovation, aggressive pricing, and the constant threat of new product introductions from rivals. Key competitors include large and diversified semiconductor manufacturers such as Qualcomm, Texas Instruments, Analog Devices, NXP Semiconductors, and Realtek. Larger competitors with greater resources pose a risk of outpacing Cirrus Logic in product development, potentially leading to a decline in market share, net sales, and margins. Furthermore, there is a trend among customers to produce integrated circuits (ICs) in-house, adding another layer of competitive pressure.
3. IT System Vulnerabilities: Cirrus Logic faces significant risks from potential disruptions to its information technology (IT) systems, which are critical for its core operations, including human capital, financial management, and customer relationship management. These systems, whether managed internally or by third parties, are susceptible to various threats such as cyber-attacks, natural disasters, or other catastrophic events. Such disruptions could lead to data loss, errors in transaction processing, reputational damage, and potential legal liabilities, thereby compromising the company's financial stability and operational continuity.

Cirrus Logic (CRUS) operates in several addressable markets for its main products and services, with an expanding serviceable addressable market (SAM) globally.

• The company's overall serviceable addressable market (SAM) is projected to increase from $6.8 billion in 2025 to $8.5 billion by 2029. This market size is global.
• This expansion is driven by both audio products, such as smart codecs and amplifiers, and high-performance mixed-signal solutions, which include battery and power ICs, camera controllers, and haptic and sensing solutions.
• Specifically, Cirrus Logic is targeting a serviceable addressable market of approximately $1.2 billion in the PC market by 2029. This market size is global.
• Cirrus Logic's products are utilized in a variety of mobile and consumer applications, including smartphones, tablets, wearables, laptops, and augmented reality/virtual reality (AR/VR) headsets. The company is also expanding into professional audio, industrial, automotive, and imaging end markets.

Here are 3-5 expected drivers of future revenue growth for Cirrus Logic (CRUS) over the next 2-3 years:

1. Expansion of High-Performance Mixed-Signal (HPMS) Content in Smartphones: Cirrus Logic continues to focus on increasing its share of high-performance mixed-signal solutions within the smartphone market. This includes not only maintaining its leadership in smartphone audio but also expanding the adoption of its HPMS products, such as battery and power integrated circuits (ICs), camera controllers, and haptic and sensing solutions. This strategic push is evidenced by HPMS products growing to represent 43% of total revenue in Q2 FY26, up from 42% in Q2 FY25. The company consistently engages with customers on next-generation flagship smartphone products, expecting additional designs from various customers.
2. Diversification and Expansion into New Markets, Particularly PCs: A significant driver of future revenue growth is Cirrus Logic's strategy to diversify beyond its traditional smartphone reliance and expand into new markets. The PC market represents a particularly significant growth opportunity, with Cirrus Logic targeting a serviceable addressable market (SAM) of approximately $1.2 billion by 2029. The company has reported continued momentum in the PC market, securing its first mainstream consumer laptop design and expanding collaborations with leading PC platform vendors. Furthermore, strategic investments are being made in developing products for the PC market and in battery and voice technologies.
3. Introduction and Growth of New Products and Technologies: The launch and increasing adoption of Cirrus Logic's latest generation products are expected to fuel revenue growth. This includes the latest generation of their boosted amplifier and their first 22-nanometer smart codec, which began shipping in FY25. The company's rich portfolio of products and an exciting pipeline of innovations are aimed at broadening its technology and market reach. This also encompasses developing new products with enhanced audio and voice capture capabilities for the PC market.
4. Growth in General Market Components and New Applications: Beyond smartphones and PCs, Cirrus Logic is actively targeting growth in other applications and markets through its general market components. The company has introduced a series of general market components that expand its product portfolio and revenue opportunities across industrial, automotive, and professional audio end markets. Increased customer interest in these latest general market products indicates potential for revenue contribution from these diversified segments.

Share Repurchases

• Cirrus Logic utilized $40 million to repurchase approximately 362,000 shares in the second quarter of fiscal year 2026 (ended September 27, 2025), with $414 million remaining in its repurchase authorization at quarter's end.
• In fiscal year 2025, the company repurchased 2.3 million shares for approximately $261.0 million.
• In August 2022, an additional $500 million share repurchase program was authorized, supplementing the $136.1 million remaining from a January 2021 authorization.

Share Issuance

• The number of shares outstanding for Cirrus Logic has consistently declined, from 57.17 million in 2021 to 51.72 million in November 2025, indicating that share repurchases have outpaced any share issuances.

Outbound Investments

• In July 2021, Cirrus Logic acquired Lion Semiconductor, a developer of power management ICs, for $335 million.
• The company made a later-stage venture capital investment in Biolinq, a monitoring equipment company, in October 2022, for an undisclosed amount.

Capital Expenditures

• Capital expenditures in the second quarter of fiscal year 2026 (ended September 27, 2025) were $4.5 million.
• For the first nine months of fiscal year 2024, capital expenditures and technology investments totaled $30.7 million.
• Capital expenditures primarily focus on purchases of property, equipment, software, and investments in technology.