Cirrus Logic's Apple dependence hits 91%, tax reform boosts margins, new FaceID chip disclosed

Filed May 21, 2026 · Period ending March 28, 2026 · Compared to 10-K May 23, 2025 · ~1 min read

Key Changes

• high

  Apple's share of total revenue rose from 89% to 91% in fiscal 2026, continuing a multi-year concentration trend (83% in FY2023 → 91% in FY2026). This deepens exposure to Apple-specific risks including pricing pressure, product-cycle volatility, and supplier displacement.

  Risk Factors: Customer Concentration verify on EDGAR →
• high

  Effective tax rate dropped from 25.5% to 16.6% after the One Big Beautiful Bill Act (enacted July 2025) permanently eliminated R&D capitalization requirements, reducing GILTI inclusions. This 8.9-point improvement directly boosted net income.

  Notes: Income Taxes verify on EDGAR →
• high

  Company announced first smart power IC for Apple's FaceID implementation, entering a new application space. This represents product diversification beyond traditional audio and HPMS components.

  Notes: Product Development verify on EDGAR →