Is Cirrus Logic profitable in 2026?

Yes. Cirrus Logic reported record fiscal 2026 revenue of $2.0 billion, up 5% year over year, with non-GAAP operating margin of 27.5% and non-GAAP EPS of $9.26, up about 23% year over year, as of May 6, 2026.

What is Cirrus Logic's biggest risk?

Customer concentration. A single end customer, widely understood to be Apple, accounted for roughly 89 to 92% of Cirrus Logic's revenue as of May 21, 2026, per company disclosures, making any change in that customer's sourcing or product cycle existential to results.

Who is Cirrus Logic's biggest competitor?

Qualcomm and MediaTek pose the biggest structural threat: their integrated SoC roadmaps have already removed discrete audio sockets from many Android flagship phones as of November 2025. Synaptics, Realtek, and Knowles compete in adjacent audio and codec sockets.

Could AI replace Cirrus Logic?

No, not directly. Cirrus Logic makes physical analog and mixed-signal silicon (audio codecs, haptics, power ICs) protected by 3,900+ patents and multi-generation design wins; AI is currently a demand tailwind via AI-PC audio features rather than a substitute, per the company's May 2026 earnings commentary.

Does Cirrus Logic depend on Apple?

Heavily. Cirrus Logic does not name its top customer publicly, but disclosures show one end customer, widely reported as Apple, represented about 89 to 92% of revenue as of May 21, 2026, a concentration that has persisted for years.

What is Cirrus Logic's stock ticker and market value?

Cirrus Logic trades on Nasdaq as CRUS. As of July 24, 2026, its market capitalization was approximately $6.74 billion, with a 52-week share price range of $92.02 to $180.42.

Semiconductor companies · United States

Cirrus Logic

cirrus.com ↗

Cirrus Logic designs audio, haptic, and power chips, mostly for Apple's iPhone.

Defensible for now

Assessed 24 July 2026 · Evidence as of 24 July 2026

Real protection, with named pressure against it.

On the recordSince 24 July 2026 · Checkable from August 5, 2026 · Every call on the record Checkpoint: Q1 FY2027 earnings release, after market close

The call

Cirrus Logic is profitable and growing, but its fate is tied almost entirely to whether Apple keeps buying instead of building its own chips.

Cirrus Logic designs and sells specialized semiconductor chips (audio, haptics, power management) to phone makers, mostly Apple. The company is hard to copy because it has thousands of patents and deep design expertise built up over decades, but this advantage means almost nothing because Apple controls 90 percent of Cirrus Logic's business and could simply build these functions into its own chips instead, as it has already started doing on Android phones with Qualcomm and MediaTek. The one thing that matters: whether Apple decides to keep buying from Cirrus Logic or stops doing so and makes everything in-house, which would be devastating to the company since it has almost no other customers to fall back on.

Why

AI pressure: Apple's in-house silicon team using AI-assisted chip design tools. AI-assisted EDA tools lower Apple's cost to design its own audio, haptics, and power silicon, easing any in-sourcing path. Could AI do the core job? Unlikely.

Bigger players: Apple. About 90% of revenue rides on Apple not pulling Cirrus's audio, haptic, and power functions into its own silicon; no concrete sign of that yet. Could a giant copy it? Probably.

What protects it. Fifteen-plus years of design wins baked into Apple's audio, haptic, and power pipeline, backed by 3,900+ patents.

What would change this call

Apple job postings or acquisitions targeting analog IP for audio, haptics, or power management. Would show Apple building in-house capability to replace Cirrus content.
Cirrus BOM content per device in the next Apple iPhone generation. A drop would confirm Apple is reducing reliance on Cirrus chips.
Cirrus PC segment revenue for FY2027 versus the ~$60M diversification target. Falling short would show Cirrus remains trapped in near-total Apple dependence.

Key numbers

FY2026 revenue: $2.0B, up 5% YoY (2026-05-06)
Non-GAAP operating margin: 27.5% (2026-05-06)
Single customer concentration: ~89-92% of revenue (2026-05-21)

Named risks

Single customer, likely Apple, generates ~89-92% of revenue as of 2026-05-21. Severity: high
Potential future in-sourcing of audio, haptics, or power silicon by dominant customer. Severity: high
Qualcomm/MediaTek SoC integration eroding discrete audio sockets in Android phones. Severity: medium
Unresolved IRS transfer-pricing dispute with potential $232M liability for FY2017-2019. Severity: medium
~$180M remaining wafer purchase obligation to GlobalFoundries through end of 2026. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Qualcomm	gaining on	SoC integration erodes discrete audio sockets in Android flagships, as of 2025-11-23
MediaTek	gaining on	Integrated SoC roadmaps pressuring Cirrus audio-IC addressable market, 2025-11-23
Synaptics	contesting	Pivoting to Edge AI/Physical AI to compete in adjacent silicon markets, as of 2026-07-11
Realtek	contesting	Competes for cost-sensitive PC audio codec sockets
Knowles	contesting	Ongoing patent litigation, Knowles Electronics LLC v Cirrus Logic Inc, Federal Circuit case

Questions people ask

Is Cirrus Logic profitable in 2026?: Yes. Cirrus Logic reported record fiscal 2026 revenue of $2.0 billion, up 5% year over year, with non-GAAP operating margin of 27.5% and non-GAAP EPS of $9.26, up about 23% year over year, as of May 6, 2026.
What is Cirrus Logic's biggest risk?: Customer concentration. A single end customer, widely understood to be Apple, accounted for roughly 89 to 92% of Cirrus Logic's revenue as of May 21, 2026, per company disclosures, making any change in that customer's sourcing or product cycle existential to results.
Who is Cirrus Logic's biggest competitor?: Qualcomm and MediaTek pose the biggest structural threat: their integrated SoC roadmaps have already removed discrete audio sockets from many Android flagship phones as of November 2025. Synaptics, Realtek, and Knowles compete in adjacent audio and codec sockets.
Could AI replace Cirrus Logic?: No, not directly. Cirrus Logic makes physical analog and mixed-signal silicon (audio codecs, haptics, power ICs) protected by 3,900+ patents and multi-generation design wins; AI is currently a demand tailwind via AI-PC audio features rather than a substitute, per the company's May 2026 earnings commentary.
Does Cirrus Logic depend on Apple?: Heavily. Cirrus Logic does not name its top customer publicly, but disclosures show one end customer, widely reported as Apple, represented about 89 to 92% of revenue as of May 21, 2026, a concentration that has persisted for years.
What is Cirrus Logic's stock ticker and market value?: Cirrus Logic trades on Nasdaq as CRUS. As of July 24, 2026, its market capitalization was approximately $6.74 billion, with a 52-week share price range of $92.02 to $180.42.

Timeline

2026-07-24Market cap ~$6.74B, 52-week range $92.02-$180.42
2026-07-15PC segment revenue reaches ~$40M in FY2026, up from low tens of millions
2026-05-21Disclosed ~89-92% revenue concentration in one customer; IRS dispute ~$232M
2026-05-06FY2026 record revenue $2.0B, up 5% YoY; EPS $9.26
2025-11-23Analysts note Qualcomm/MediaTek SoC integration eroding Android audio sockets
2025-05-06FY2025 revenue $1.90B, up 6% YoY; board approves $500M buyback authorization
2021Acquired Lion Semiconductor for $335M
2014Acquired Wolfson Microelectronics for ~$467M
1989Cirrus Logic goes public
1984Company renamed from Patil Systems Inc to Cirrus Logic

Revision history

24 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

In the same band

Huawei HiSilicon Microchip Technology BE Semiconductor Industries (Besi)