CIRRUS LOGIC, INC., 10-Q filed on 11/4/2025
Quarterly Report
v3.25.3
Cover - shares
 6 Months Ended
Sep. 27, 2025
Oct. 31, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 27, 2025  
Document Transition Report false  
Entity File Number 0-17795  
Entity Registrant Name CIRRUS LOGIC, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 77-0024818  
Entity Address, Address Line One 800 W. 6th Street  
Entity Address, City or Town Austin,  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78701  
City Area Code (512)  
Local Phone Number 851-4000  
Title of 12(b) Security Common stock, $0.001 par value  
Trading Symbol CRUS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   51,030,389
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --03-28  
Entity Central Index Key 0000772406  
v3.25.3
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Current assets:    
Cash and cash equivalents $ 593,476 $ 539,620
Marketable securities 52,424 56,160
Accounts receivable, net 355,397 216,009
Inventories 236,409 299,092
Prepaid assets 51,657 48,236
Prepaid wafers 45,056 52,560
Other current assets 32,581 28,057
Total current assets 1,367,000 1,239,734
Long-term marketable securities 250,146 239,036
Right-of-use lease assets 125,315 126,688
Property and equipment, net 151,154 159,900
Intangibles, net 24,451 27,461
Goodwill 435,936 435,936
Deferred tax assets 46,511 48,150
Long-term prepaid wafers 0 15,512
Other assets 29,170 34,656
Total assets 2,429,683 2,327,073
Current liabilities:    
Accounts payable 79,974 63,162
Accrued salaries and benefits 52,689 52,075
Software license agreements 26,803 26,745
Current lease liabilities 19,481 21,811
Other accrued liabilities 31,376 31,395
Total current liabilities 210,323 195,188
Long-term liabilities:    
Non-current lease liabilities 120,985 121,908
Non-current income taxes 45,357 44,040
Software license agreements 10,576 16,488
Total long-term liabilities 176,918 182,436
Stockholders' equity:    
Capital stock 1,903,638 1,860,281
Accumulated earnings 139,025 90,351
Accumulated other comprehensive loss (221) (1,183)
Total stockholders' equity 2,042,442 1,949,449
Total liabilities and stockholders' equity $ 2,429,683 $ 2,327,073
v3.25.3
Consolidated Condensed Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Statement [Abstract]        
Net sales $ 560,960 $ 541,857 $ 968,232 $ 915,883
Cost of sales 266,586 259,267 459,828 444,368
Gross profit 294,374 282,590 508,404 471,515
Operating expenses        
Research and development 110,021 112,925 212,913 218,288
Selling, general and administrative 39,589 37,813 78,333 74,583
Total operating expenses 149,610 150,738 291,246 292,871
Income from operations 144,764 131,852 217,158 178,644
Interest income 8,938 8,378 17,779 16,798
Interest expense (243) (244) (462) (462)
Other income (expense) (63) 19 (451) 1,628
Income before income taxes 153,396 140,005 234,024 196,608
Provision for income taxes 21,800 37,865 41,731 52,373
Net income $ 131,596 $ 102,140 $ 192,293 $ 144,235
Basic earnings per share (in dollars per share) $ 2.57 $ 1.92 $ 3.74 $ 2.70
Diluted earnings per share (in dollars per share) $ 2.48 $ 1.83 $ 3.61 $ 2.59
Basic weighted average common shares outstanding (in shares) 51,175 53,275 51,451 53,354
Diluted weighted average common shares outstanding (in shares) 53,054 55,800 53,195 55,753
v3.25.3
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 131,596 $ 102,140 $ 192,293 $ 144,235
Other comprehensive loss, before tax        
Foreign currency translation gain (loss) (209) 717 560 359
Unrealized gain on marketable securities 267 4,851 509 4,493
Provision for income taxes (56) (1,019) (107) (944)
Comprehensive income $ 131,598 $ 106,689 $ 193,255 $ 148,143
v3.25.3
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Cash flows from operating activities:    
Net income $ 192,293 $ 144,235
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 25,877 24,977
Stock-based compensation expense 41,406 43,832
Deferred income taxes 1,532 (913)
Loss on retirement or write-off of long-lived assets 0 12
Other non-cash adjustments 52 1,191
Net change in operating assets and liabilities:    
Accounts receivable (139,388) (161,620)
Inventories 62,683 (44,517)
Prepaid wafers 23,016 37,885
Other assets (6,471) (5,800)
Accounts payable and other accrued liabilities 20,645 39,305
Income taxes payable (13,300) 16,805
Net cash provided by operating activities 208,345 95,392
Cash flows from investing activities:    
Maturities and sales of available-for-sale marketable securities 62,742 13,481
Purchases of available-for-sale marketable securities (69,606) (72,637)
Purchases of property, equipment and software (6,506) (12,660)
Investments in technology (774) (225)
Net cash used in investing activities (14,144) (72,041)
Cash flows from financing activities:    
Net proceeds from the issuance of common stock 1,950 15,055
Repurchase of stock to satisfy employee tax withholding obligations (2,310) (4,426)
Repurchase and retirement of common stock (139,985) (90,985)
Net cash used in financing activities (140,345) (80,356)
Net increase (decrease) in cash and cash equivalents 53,856 (57,005)
Cash and cash equivalents at beginning of period 539,620 502,764
Cash and cash equivalents at end of period $ 593,476 $ 445,759
v3.25.3
Consolidated Condensed Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Earnings (Deficit)
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Mar. 30, 2024   53,491      
Beginning balance at Mar. 30, 2024 $ 1,817,014 $ 53 $ 1,760,648 $ 58,916 $ (2,603)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 144,235     144,235  
Change in unrealized gain (loss) on marketable securities, net of tax 3,549       3,549
Change in foreign currency translation adjustments 359       359
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   359      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes 10,630   15,056 (4,426)  
Repurchase and retirement of common stock (in shares)   (718)      
Repurchase and retirement of common stock (91,492)     (91,492)  
Stock-based compensation 43,832   43,832    
Ending balance (in shares) at Sep. 28, 2024   53,132      
Ending balance at Sep. 28, 2024 1,928,127 $ 53 1,819,536 107,233 1,305
Beginning balance (in shares) at Jun. 29, 2024   53,335      
Beginning balance at Jun. 29, 2024 1,847,630 $ 53 1,792,230 58,591 (3,244)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 102,140     102,140  
Change in unrealized gain (loss) on marketable securities, net of tax 3,832       3,832
Change in foreign currency translation adjustments 717       717
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   154      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes 1,652   4,859 (3,207)  
Repurchase and retirement of common stock (in shares)   (357)      
Repurchase and retirement of common stock (50,291)     (50,291)  
Stock-based compensation 22,447   22,447    
Ending balance (in shares) at Sep. 28, 2024   53,132      
Ending balance at Sep. 28, 2024 1,928,127 $ 53 1,819,536 107,233 1,305
Beginning balance (in shares) at Mar. 29, 2025   52,291      
Beginning balance at Mar. 29, 2025 1,949,449 $ 52 1,860,229 90,351 (1,183)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 192,293     192,293  
Change in unrealized gain (loss) on marketable securities, net of tax 402       402
Change in foreign currency translation adjustments 560       560
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   103      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (359)   1,952 (2,311)  
Repurchase and retirement of common stock (in shares)   (1,376)      
Repurchase and retirement of common stock (141,309) $ (1)   (141,308)  
Stock-based compensation 41,406   41,406    
Ending balance (in shares) at Sep. 27, 2025   51,018      
Ending balance at Sep. 27, 2025 2,042,442 $ 51 1,903,587 139,025 (221)
Beginning balance (in shares) at Jun. 28, 2025   51,314      
Beginning balance at Jun. 28, 2025 1,930,284 $ 51 1,881,421 49,035 (223)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 131,596     131,596  
Change in unrealized gain (loss) on marketable securities, net of tax 211       211
Change in foreign currency translation adjustments (209)       (209)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   66      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes 307   1,569 (1,262)  
Repurchase and retirement of common stock (in shares)   (362)      
Repurchase and retirement of common stock (40,344)     (40,344)  
Stock-based compensation 20,597   20,597    
Ending balance (in shares) at Sep. 27, 2025   51,018      
Ending balance at Sep. 27, 2025 $ 2,042,442 $ 51 $ 1,903,587 $ 139,025 $ (221)
v3.25.3
Basis of Presentation
 6 Months Ended
Sep. 27, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of PresentationThe unaudited consolidated condensed financial statements have been prepared by Cirrus Logic, Inc. (“Cirrus Logic,” “we,” “us,” “our,” or the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “Commission”).  The accompanying unaudited consolidated condensed financial statements do not include complete footnotes and financial presentations.  As a result, these financial statements should be read along with the audited consolidated financial statements and notes thereto for the year ended March 29, 2025, included in our Annual Report on Form 10-K filed with the Commission on May 23, 2025.  In our opinion, the financial statements reflect all material adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial position, operating results and cash flows for those periods presented.  The preparation of financial statements in conformity with United States (“U.S.”) generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect reported assets, liabilities, revenues and expenses.  Actual results could differ from those estimates and assumptions.  Moreover, the results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the entire year.
v3.25.3
Recently Issued Accounting Pronouncements
 6 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures and expects to provide these disclosures in the fourth quarter of fiscal year 2026.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense categories in the notes to the financial statements in order to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to software development stages, or “project stages,” in assessing the timing of software cost capitalization. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted using the prospective, modified, or retrospective transition methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
v3.25.3
Marketable Securities
 6 Months Ended
Sep. 27, 2025
Marketable Securities [Abstract]  
Marketable Securities Marketable Securities
The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Condensed Balance Sheet as “Marketable securities,” within the short-term or long-term classification, as appropriate, based on the original maturity.

The following table is a summary of available-for-sale securities at September 27, 2025 (in thousands):
As of September 27, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$298,125 $2,143 $(35)$300,233 
U.S. Treasury securities2,314 23 — 2,337 
Total securities$300,439 $2,166 $(35)$302,570 

The Company typically invests in highly-rated securities with original maturities generally ranging from one to three years. The Company's specifically identified gross unrealized losses were immaterial related to securities with total amortized
costs of approximately $18.2 million at September 27, 2025. There were no securities in a continuous unrealized loss position for more than 12 months as of September 27, 2025. The Company may sell certain of its marketable securities prior to their stated maturities for strategic reasons including, but not limited to, anticipated or actual changes in credit rating and duration management.  The Company records an allowance for credit loss when a decline in investment market value is due to credit-related factors. When evaluating an investment for impairment, the Company reviews factors including the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, changes in market interest rates and whether it is more likely than not the Company will be required to sell the investment before recovery of the investment’s cost basis. As of September 27, 2025, the Company does not consider any of its investments to be impaired.

The following table is a summary of available-for-sale securities at March 29, 2025 (in thousands):
As of March 29, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$284,885 1,635 $(55)$286,465 
U.S. Treasury securities8,689 45 (3)8,731 
Total securities$293,574 $1,680 $(58)$295,196 

The Company's specifically identified gross unrealized losses of $0.1 million related to securities with total amortized costs of approximately $29.8 million at March 29, 2025. Securities in a continuous unrealized loss position for more than 12 months as of March 29, 2025 had an aggregate amortized cost of $1.9 million and an immaterial aggregate unrealized loss. As of March 29, 2025, the Company did not consider any of its investments to be impaired.

The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
September 27, 2025March 29, 2025
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$52,111 $52,424 $56,044 $56,160 
After 1 year248,328 250,146 237,530 239,036 
Total$300,439 $302,570 $293,574 $295,196 
v3.25.3
Fair Value of Financial Instruments
 6 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, and U.S Treasury securities, and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
The Company's long-term revolving credit facility, described in Note 8 - Revolving Credit Facility, bears interest at a base rate plus applicable margin or forward-looking secured overnight financing rate (“Term SOFR”) plus 10 basis points plus applicable margin. As of September 27, 2025, there are no amounts drawn under the facility and the fair value is zero.

As of September 27, 2025 and March 29, 2025, the Company has no Level 3 assets or liabilities.  There were no transfers between Level 1, Level 2, or Level 3 measurements for the three months ended September 27, 2025. 

The following summarizes the fair value of our financial instruments at September 27, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:    
Cash equivalents    
Money market funds$543,774 $— $— $543,774 
Available-for-sale securities    
Corporate debt securities$— $300,233 $— $300,233 
U.S. Treasury securities2,337 — — 2,337 
$2,337 $300,233 $— $302,570 

The following summarizes the fair value of our financial instruments at March 29, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents    
Money market funds491,467 — — 491,467 
Available-for-sale securities    
Corporate debt securities$— $286,465 $— $286,465 
U.S. Treasury securities8,731 — — 8,731 
$8,731 $286,465 $— $295,196 
v3.25.3
Derivative Financial Instruments
 6 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Foreign Currency Forward Contracts

The Company uses foreign currency forward contracts to reduce the earnings impact that exchange rate fluctuations have on non-functional currency balance sheet exposures. The Company recognizes both the gains and losses on foreign currency forward contracts and the gains and losses on the remeasurement of non-functional currency assets and liabilities within “Other income (expense)” in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of September 27, 2025, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $19.2 million. The fair value of this contract was not material as of September 27, 2025.
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):

Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024Location
Gain (loss) recognized in income:
Foreign currency forward contracts$(266)$684 $898 $652 Other income (expense)
v3.25.3
Accounts Receivable, net
 6 Months Ended
Sep. 27, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
September 27,March 29,
20252025
Gross accounts receivable$355,397 $216,009 
Allowance for doubtful accounts— — 
Accounts receivable, net$355,397 $216,009 

The increase in accounts receivable is due to the timing of collections and billings during the quarter.
v3.25.3
Inventories
 6 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are comprised of the following (in thousands):
September 27,March 29,
20252025
Work in process$182,307 $216,173 
Finished goods54,102 82,919 
$236,409 $299,092 
v3.25.3
Revolving Credit Facility
 6 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On July 8, 2021, the Company entered into a second amended and restated credit agreement (the “Second Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. The Second Amended Credit Agreement provides for a $300 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on July 8, 2026 (the “Maturity Date”). The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the “Subsidiary Guarantors”). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.

On March 20, 2023, the Company, entered into the First Amendment (the “Amendment”) to its Second Amended Credit Agreement, with the lending institutions party thereto and Wells Fargo Bank, National Association, as administrative agent. The Amendment updates the benchmark interest rate provisions to replace the London interbank offered rate (“LIBOR”) with Term SOFR, for the purposes of calculating interest under the terms of the Second Amended Credit Agreement.

Borrowings under the Revolving Credit Facility may bear interest, at Cirrus Logic’s election, at either (a) a base rate plus the applicable margin (“Base Rate Loans”) or (b) a Term SOFR rate plus a 10 basis point credit spread adjustment plus the applicable margin. The applicable margin ranges from 0% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for SOFR Loans based on the ratio of consolidated funded indebtedness to consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters (the “Consolidated Leverage Ratio”). A Commitment Fee accrues at a rate per annum ranging from 0.175% to 0.275% (based on the Consolidated Leverage Ratio) on the average daily unused portion of the commitment of the lenders.
The Revolving Credit Facility contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $200 million of unrestricted cash and cash equivalents available on such date) to consolidated EBITDA for the prior four consecutive quarters must not be greater than 3.00 to 1.00 (the “Consolidated Net Leverage Ratio”) and (b) the ratio of consolidated EBITDA for the prior four consecutive quarters to consolidated interest expense paid or payable in cash for the prior four consecutive quarters must not be less than 3.00 to 1.00 (the “Consolidated Interest Coverage Ratio”). The Second Amended Credit Agreement also contains customary negative covenants limiting the ability of Cirrus Logic or any Subsidiary to, among other things, incur debt, grant liens, make investments, effect certain fundamental changes, make certain asset dispositions, and make certain restricted payments. Further, the Second Amended Credit Agreement contains customary affirmative covenants, including, among others, covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements, and compliance with applicable laws and regulations.

As of September 27, 2025, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Second Amended Credit Agreement.
v3.25.3
Revenues
 6 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal (“HPMS”).

Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Audio Products$318,214 $316,588 $558,257 $535,558 
HPMS Products242,746 225,269 409,975 380,325 
$560,960 $541,857 $968,232 $915,883 

The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
China$302,950 $325,742 $492,905 $531,450 
United States3,033 2,471 7,681 7,687 
Rest of World254,977 213,644 467,646 376,746 
$560,960 $541,857 $968,232 $915,883 
v3.25.3
Income Taxes
 6 Months Ended
Sep. 27, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our provision for income taxes is based on estimated effective tax rates derived from an estimate of annual consolidated earnings before taxes, adjusted for nondeductible expenses, other permanent items, and any applicable income tax credits.
The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Income before income taxes$153,396 $140,005 $234,024 $196,608 
Provision for income taxes$21,800 $37,865 $41,731 $52,373 
Effective tax rate14.2 %27.0 %17.8 %26.6 %

Our income tax expense was $21.8 million and $37.9 million for the second quarters of fiscal years 2026 and 2025, respectively, resulting in effective tax rates of 14.2 percent and 27.0 percent, respectively. Our income tax expense was $41.7 million and $52.4 million for the first six months of fiscal years 2026 and 2025, respectively, resulting in effective tax rates of 17.8 percent and 26.6 percent, respectively.

Effective tax rates for fiscal year 2025 were unfavorably impacted by a provision in the Tax Cuts and Jobs Act of 2017 that required research and development (“R&D”) expenditures incurred in tax years beginning after December 31, 2021 to be capitalized and amortized ratably over five or fifteen years depending on the location in which the research activities are conducted, which resulted in increased GILTI inclusions in these periods. In addition, those periods were unfavorably impacted by U.S. tax rules related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, that reduce the amount of foreign tax credits available to offset GILTI.

The effective tax rates for the second quarter and first six months of fiscal year 2026 were lower than the prior periods presented due to the current quarter enactment of the legislation commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), which was signed into law on July 4, 2025. The OBBBA includes a broad range of tax reform provisions and extends or modifies several provisions initially enacted by the Tax Cuts and Jobs Act of 2017. Beginning with fiscal year 2026, the OBBBA permanently eliminates the requirement to capitalize and amortize U.S. R&D expenditures. A number of other provisions of the OBBBA, including modifications to existing international tax provisions, will take effect in fiscal year 2027.

In connection with its initial analysis of the OBBBA, the Company determined that its forecasted annual effective tax rate for fiscal year 2026 decreased, primarily due to U.S. R&D expenditures no longer being capitalized within GILTI (renamed by the OBBBA as net controlled foreign corporation tested income), which the Company has elected to treat as a period cost.

The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns.  At September 27, 2025, the Company had unrecognized tax benefits of $32.1 million, all of which would impact the effective tax rate if recognized.  The Company’s total unrecognized tax benefits are classified as “Non-current income taxes” in the Consolidated Condensed Balance Sheets. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes.  As of September 27, 2025, the balance of accrued interest and penalties, net of tax, was $13.3 million. 

On July 27, 2015, the U.S. Tax Court issued an opinion in Altera Corp. et al. v. Commissioner which concluded that the regulations relating to the treatment of stock-based compensation expense in intercompany cost-sharing arrangements were invalid. In 2016 the U.S. Internal Revenue Service appealed the decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit”). On June 7, 2019, the Ninth Circuit reversed the decision of the U.S. Tax Court and upheld the cost-sharing regulations. On February 10, 2020, Altera Corp. filed a Petition for a Writ of Certiorari with the Supreme Court of the United States, which was denied by the Supreme Court on June 22, 2020. Although the issue is now resolved in the Ninth Circuit, the Ninth Circuit's opinion is not binding in other circuits. The potential impact of this issue on the Company, which is not located within the jurisdiction of the Ninth Circuit, is unclear at this time. We will continue to monitor developments related to this issue and the potential impact of those developments on the Company's current and prior fiscal years.

The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in multiple state and foreign jurisdictions. Fiscal years 2017 through 2019 and 2022 through 2025 remain open to examination by the major taxing jurisdictions in which the Company operates.  

The Company's fiscal year 2017, 2018, and 2019 federal income tax returns are under examination by the U.S. Internal Revenue Service (“IRS”).  The IRS has proposed adjustments that would increase U.S. taxable income related to transfer pricing matters with respect to our U.S. and U.K. affiliated companies. The final Revenue Agent’s Report asserted additional tax of approximately $168.3 million, excluding interest, and imposed penalties of approximately $63.7 million. The Company does not agree with the IRS's positions and has not accrued an additional liability. In July 2024, the Company entered the administrative dispute process with the IRS Independent Office of Appeals (“IRS Appeals”). We intend to vigorously dispute
the proposed adjustments and pursue judicial remedies if an acceptable outcome cannot be reached with IRS Appeals. The Company expects it could take a number of years to reach resolution on these matters. Although the final resolution of these matters is uncertain, the Company believes adequate amounts have been reserved in accordance with ASC 740 for any adjustments to the provision for income taxes that may ultimately result. However, if the IRS prevails in these matters, the ultimate amount of assessed tax, interest, and penalties, if any, could be material and may have an adverse impact on our financial position, results of operations, and cash flows in future periods. The Company is not under an income tax audit in any other major taxing jurisdiction.
v3.25.3
Net Income Per Share
 6 Months Ended
Sep. 27, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
Basic net income per share is based on the weighted effect of common shares issued and outstanding and is calculated by dividing net income by the basic weighted average shares outstanding during the period.  Diluted net income per share is calculated by dividing net income by the weighted average number of common shares used in the basic net income per share calculation, plus the equivalent number of common shares that would be issued assuming exercise or conversion of all potentially dilutive common shares outstanding.  These potentially dilutive items consist primarily of outstanding stock options and restricted stock units.

The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 27, 2025 and September 28, 2024 (in thousands, except per share amounts):
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Numerator:    
Net income$131,596 $102,140 $192,293 $144,235 
Denominator:    
Weighted average shares outstanding51,175 53,275 51,451 53,354 
Effect of dilutive securities1,879 2,525 1,744 2,399 
Weighted average diluted shares53,054 55,800 53,195 55,753 
Basic earnings per share$2.57 $1.92 $3.74 $2.70 
Diluted earnings per share$2.48 $1.83 $3.61 $2.59 

The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 27, 2025 were 65 thousand and 252 thousand, respectively, as the shares were anti-dilutive. The weighted outstanding shares excluded from our diluted calculation for the three and six months ended September 28, 2024 were 8 thousand and 229 thousand, respectively, as the shares were anti-dilutive.
v3.25.3
Commitment and Contingencies
 6 Months Ended
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Capacity Reservation Agreement

On July 28, 2021, the Company entered into a Capacity Reservation and Wafer Supply Commitment Agreement (the “Capacity Reservation Agreement”) with GlobalFoundries to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2022-2026 (the “Commitment Period”). On February 18, 2025, the Capacity Reservation Agreement was amended (the “Amendment”) to define the quarterly spread of the remaining wafer quantities under the agreement.

The Capacity Reservation Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Commitment Period, subject to shortfall payments. In exchange for GlobalFoundries’ capacity commitment, the Company paid a $60 million non-refundable capacity reservation fee, which is amortized over the Commitment Period. The balance of this reservation fee is $12 million as of September 27, 2025, and is recorded in “Other current assets” and “Other assets” on the Consolidated Condensed Balance Sheets within the short-term or long-term classification, as appropriate. In addition, the Company pre-paid GlobalFoundries $195 million for future wafer purchases, which are credited back to the Company as a portion of the price of wafers purchased, which began in the Company's second fiscal quarter of 2024. The balance of the prepayment is $45 million at September 27, 2025, and is currently recorded in “Prepaid wafers” on the Consolidated Condensed Balance Sheets.
Lease Agreement

In the second quarter of fiscal year 2026, the Company commenced a 10-year operating lease for corporate office space in Greensboro, North Carolina. As a result, the Company recognized a liability of $4.8 million for future lease payments and a corresponding right-of-use lease asset. Lease liabilities and right-of-use lease assets are presented separately on the Consolidated Condensed Balance Sheets as of September 27, 2025.
v3.25.3
Legal Matters
 6 Months Ended
Sep. 27, 2025
Loss Contingency, Information about Litigation Matters [Abstract]  
Legal Matters Legal Matters
From time to time, we are involved in legal proceedings concerning matters arising in connection with the conduct of our business activities.  We regularly evaluate the status of legal proceedings in which we are involved in order to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred, and to determine if accruals are appropriate.  We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made.    

Based on current knowledge, management does not believe that there are any pending matters that could potentially have a material adverse effect on our business, financial condition, results of operations or cash flows.  However, we are engaged in various legal actions in the normal course of business.  There can be no assurances in light of the inherent uncertainties involved in any potential legal proceedings, some of which are beyond our control, and an adverse outcome in any legal proceeding could be material to our results of operations or cash flows for any particular reporting period.
v3.25.3
Stockholders' Equity
 6 Months Ended
Sep. 27, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock

The Company issued a net 0.1 million shares of common stock during the three and six months ended September 27, 2025, respectively, and issued a net 0.2 million and 0.4 million shares of common stock for the three and six months ended September 28, 2024, respectively, pursuant to the Company's equity incentive plans.

Share Repurchase Program 

The Company's net stock repurchases are subject to a 1 percent excise tax under the Inflation Reduction Act, which is included as a reduction to accumulated earnings in the Consolidated Condensed Statements of Stockholders' Equity. As of September 27, 2025, approximately $1.3 million is accrued related to this excise tax. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.
In July 2022, the Board of Directors authorized the repurchase of up to $500 million of the Company's stock. During the three months ended June 28, 2025, the Company completed share repurchases under the 2022 authorization. In March 2025, the Board of Directors authorized the repurchase of up to an additional $500 million of the Company's common stock. As of September 27, 2025, approximately $85.9 million of the Company's common stock has been repurchased, leaving approximately $414.1 million available for repurchase under the 2025 authorization. During the three months ended September 27, 2025, the Company repurchased 0.4 million shares of the Company's common stock for $40.0 million, at an average cost of $110.55 per share under the 2025 authorization. During the six months ended September 27, 2025, the Company repurchased 1.4 million of the Company's common stock for $140.0 million, at an average cost of $101.78 per share under the combined share authorizations.
v3.25.3
Segment Information
 6 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We determine our operating segments in accordance with FASB guidelines.  Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker (“CODM”) under these guidelines. 

The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Audio and HPMS.  Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources. Our product lines have similar characteristics and customers and share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no
complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.

The CODM evaluates Company performance based on net income, and this information is used to measure profitability, make budgeting and forecasting decisions, monitor performance trends, and to compare actual results to forecasts. The CODM regularly reviews the consolidated statement of income and a disaggregation of operating expenses, with a focus on personnel-related and product development expenses. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The table below presents the Company's significant segment operating expenses (in thousands):

Three Months EndedSix Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Personnel-related (1)$91,148 $89,280 $179,467 $173,778 
Product development (2)16,550 17,497 30,281 32,413 
Other segment items (3)41,912 43,961 81,498 86,680 
Total Operating Expense$149,610 $150,738 $291,246 $292,871 

(1) Personnel-related expenses include variable compensation and employee-related expenses, which primarily include employee base pay and benefit expenses.
(2) Product development costs include software, engineering mask sets, wafers, and boards, as well as outside design services.
(3) Other segment items primarily include stock-based compensation, facilities-related costs, depreciation and amortization, and non-recurring charges, offset by the benefit received from research and development expenditure credits.

Geographic Area
The Company's geographic details of revenue are included below.
The following illustrates net sales by ship to location of the customer (in thousands):
Three Months EndedSix Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
China$302,950 $325,742 $492,905 $531,450 
India69,765 41,650 145,194 79,682 
Hong Kong69,335 62,356 118,510 104,005 
Vietnam57,464 42,251 93,727 68,534 
South Korea34,238 46,709 67,131 85,592 
United States3,033 2,471 7,681 7,687 
Rest of World24,175 20,678 43,084 38,933 
Total consolidated sales$560,960 $541,857 $968,232 $915,883 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 27, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
The following table details contracts, instructions and written plans for the purchase or sale of securities, which were entered into during the second quarter of fiscal year 2026. None of our directors or Section 16 officers entered into or terminated a non-Rule 10b5-1 trading arrangement during the second quarter of fiscal year 2026.

Name and TitleAction
Trading Arrangement (1)
Date of AdoptionExpiration Date
Aggregate Number of Securities to be Purchased or Sold Pursuant to the Trading Arrangement (2)
Andrew BrannanAdoptionRule 10b5-1(c)August 15, 2025November 15, 2026
up to 8,913 to be sold
EVP, Worldwide Sales
John ForsythAdoptionRule 10b5-1(c)August 29, 2025August 31, 2026
up to 26,806 to be sold
CEO
(1) Except as indicated by footnote, each trading arrangement marked as “Rule 10b5-1(c)” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.
(2) Includes shares to be acquired upon the exercise of employee stock options.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Andrew Brannan [Member]  
Trading Arrangements, by Individual  
Name Andrew Brannan
Title EVP, Worldwide Sales
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 15, 2025
Expiration Date November 15, 2026
Arrangement Duration 457 days
Aggregate Available 8,913
John Forsyth [Member]  
Trading Arrangements, by Individual  
Name John Forsyth
Title CEO
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 29, 2025
Expiration Date August 31, 2026
Arrangement Duration 367 days
Aggregate Available 26,806
v3.25.3
Recently Issued Accounting Pronouncements (Policies)
 6 Months Ended
Sep. 27, 2025
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The guidance provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, requiring more consistent categories and greater disaggregation of information by jurisdiction. This ASU is effective for financial statements issued for annual periods beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, although retrospective application is also permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures and expects to provide these disclosures in the fourth quarter of fiscal year 2026.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense categories in the notes to the financial statements in order to provide enhanced transparency into the expense captions presented on the face of the income statement. The amendments are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption and prospective or retrospective application permitted. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Topic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to software development stages, or “project stages,” in assessing the timing of software cost capitalization. The amendments are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted using the prospective, modified, or retrospective transition methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
Marketable Securities The Company’s investments have been classified as available-for-sale securities in accordance with U.S. GAAP.  Marketable securities are categorized on the Consolidated Condensed Balance Sheet as “Marketable securities,” within the short-term or long-term classification, as appropriate, based on the original maturity.
Fair Value of Financial Instruments
The Company has determined that the only material assets and liabilities in the Company’s financial statements that are required to be measured at fair value on a recurring basis are the Company’s cash equivalents and marketable securities portfolio.  The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

•Level 1 - Quoted prices in active markets for identical assets or liabilities.
•Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s cash equivalents and marketable securities portfolio consist of money market funds, debt securities, and U.S Treasury securities, and are reflected on our Consolidated Condensed Balance Sheets under the headings cash and cash equivalents, marketable securities, and long-term marketable securities.  The Company determines the fair value of its marketable securities portfolio by obtaining non-binding market prices from third-party pricing providers on the last day of the quarter, whose sources may use quoted prices in active markets for identical assets (Level 1 inputs) or inputs other than quoted prices that are observable either directly or indirectly (Level 2 inputs) in determining fair value.
Revenues
Disaggregation of revenue

We disaggregate revenue from contracts with customers by product line and ship to location of the customer. Sales are designated in the respective product line categories of Audio and High-Performance Mixed-Signal (“HPMS”).
Segment Information
We determine our operating segments in accordance with FASB guidelines.  Our Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker (“CODM”) under these guidelines. 

The Company operates and tracks its results in one reportable segment, but reports revenue in two product lines, Audio and HPMS.  Our CEO receives and uses enterprise-wide financial information to assess financial performance and allocate resources. Our product lines have similar characteristics and customers and share operations support functions such as sales, public relations, supply chain management, various research and development and engineering support, in addition to the general and administrative functions of human resources, legal, finance and information technology. Therefore, there is no
complete, discrete financial information maintained for these product lines. Revenue by product line is disclosed in Note 9 - Revenues.
v3.25.3
Marketable Securities (Tables)
 6 Months Ended
Sep. 27, 2025
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities at September 27, 2025 (in thousands):
As of September 27, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$298,125 $2,143 $(35)$300,233 
U.S. Treasury securities2,314 23 — 2,337 
Total securities$300,439 $2,166 $(35)$302,570 
The following table is a summary of available-for-sale securities at March 29, 2025 (in thousands):
As of March 29, 2025Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$284,885 1,635 $(55)$286,465 
U.S. Treasury securities8,689 45 (3)8,731 
Total securities$293,574 $1,680 $(58)$295,196 
Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity
The cost and estimated fair value of available-for-sale securities by contractual maturities were as follows (in thousands):
September 27, 2025March 29, 2025
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$52,111 $52,424 $56,044 $56,160 
After 1 year248,328 250,146 237,530 239,036 
Total$300,439 $302,570 $293,574 $295,196 
v3.25.3
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Sep. 27, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at September 27, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:    
Cash equivalents    
Money market funds$543,774 $— $— $543,774 
Available-for-sale securities    
Corporate debt securities$— $300,233 $— $300,233 
U.S. Treasury securities2,337 — — 2,337 
$2,337 $300,233 $— $302,570 

The following summarizes the fair value of our financial instruments at March 29, 2025 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1		Significant
Other
Observable
Inputs
Level 2		Significant
Unobservable
Inputs
Level 3		Total
Assets:
Cash equivalents    
Money market funds491,467 — — 491,467 
Available-for-sale securities    
Corporate debt securities$— $286,465 $— $286,465 
U.S. Treasury securities8,731 — — 8,731 
$8,731 $286,465 $— $295,196 
v3.25.3
Derivative Financial Instruments (Tables)
 6 Months Ended
Sep. 27, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Before-Tax Effect of Derivative Instruments Not Designated as Hedging Instruments
The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):

Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024Location
Gain (loss) recognized in income:
Foreign currency forward contracts$(266)$684 $898 $652 Other income (expense)
v3.25.3
Accounts Receivable, net (Tables)
 6 Months Ended
Sep. 27, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Components of Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
September 27,March 29,
20252025
Gross accounts receivable$355,397 $216,009 
Allowance for doubtful accounts— — 
Accounts receivable, net$355,397 $216,009 
v3.25.3
Inventories (Tables)
 6 Months Ended
Sep. 27, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are comprised of the following (in thousands):
September 27,March 29,
20252025
Work in process$182,307 $216,173 
Finished goods54,102 82,919 
$236,409 $299,092 
v3.25.3
Revenues (Tables)
 6 Months Ended
Sep. 27, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
Total net sales based on the product line disaggregation criteria described above are shown in the table below (in thousands).
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Audio Products$318,214 $316,588 $558,257 $535,558 
HPMS Products242,746 225,269 409,975 380,325 
$560,960 $541,857 $968,232 $915,883 

The geographic regions that are reviewed are China, the United States, and the rest of the world. Total net sales based on the geographic disaggregation criteria described are as follows (in thousands):
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
China$302,950 $325,742 $492,905 $531,450 
United States3,033 2,471 7,681 7,687 
Rest of World254,977 213,644 467,646 376,746 
$560,960 $541,857 $968,232 $915,883 
v3.25.3
Income Taxes (Tables)
 6 Months Ended
Sep. 27, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes and Effective Tax Rates
The following table presents the provision for income taxes (in thousands) and the effective tax rates:
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Income before income taxes$153,396 $140,005 $234,024 $196,608 
Provision for income taxes$21,800 $37,865 $41,731 $52,373 
Effective tax rate14.2 %27.0 %17.8 %26.6 %
v3.25.3
Net Income Per Share (Tables)
 6 Months Ended
Sep. 27, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table details the calculation of basic and diluted earnings per share for the three and six months ended September 27, 2025 and September 28, 2024 (in thousands, except per share amounts):
Three Months EndedSix Months Ended
September 27,September 28,September 27,September 28,
2025202420252024
Numerator:    
Net income$131,596 $102,140 $192,293 $144,235 
Denominator:    
Weighted average shares outstanding51,175 53,275 51,451 53,354 
Effect of dilutive securities1,879 2,525 1,744 2,399 
Weighted average diluted shares53,054 55,800 53,195 55,753 
Basic earnings per share$2.57 $1.92 $3.74 $2.70 
Diluted earnings per share$2.48 $1.83 $3.61 $2.59 
v3.25.3
Segment Information (Tables)
 6 Months Ended
Sep. 27, 2025
Segment Reporting [Abstract]  
Schedule of Significant Segment Operating Expense
The table below presents the Company's significant segment operating expenses (in thousands):

Three Months EndedSix Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
Personnel-related (1)$91,148 $89,280 $179,467 $173,778 
Product development (2)16,550 17,497 30,281 32,413 
Other segment items (3)41,912 43,961 81,498 86,680 
Total Operating Expense$149,610 $150,738 $291,246 $292,871 

(1) Personnel-related expenses include variable compensation and employee-related expenses, which primarily include employee base pay and benefit expenses.
(2) Product development costs include software, engineering mask sets, wafers, and boards, as well as outside design services.
(3) Other segment items primarily include stock-based compensation, facilities-related costs, depreciation and amortization, and non-recurring charges, offset by the benefit received from research and development expenditure credits.
Schedule of Sales by Geographic Location Based on Customer Ship To Location
The following illustrates net sales by ship to location of the customer (in thousands):
Three Months EndedSix Months Ended
September 27, 2025September 28, 2024September 27, 2025September 28, 2024
China$302,950 $325,742 $492,905 $531,450 
India69,765 41,650 145,194 79,682 
Hong Kong69,335 62,356 118,510 104,005 
Vietnam57,464 42,251 93,727 68,534 
South Korea34,238 46,709 67,131 85,592 
United States3,033 2,471 7,681 7,687 
Rest of World24,175 20,678 43,084 38,933 
Total consolidated sales$560,960 $541,857 $968,232 $915,883 
v3.25.3
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 300,439 $ 293,574
Gross Unrealized Gains 2,166 1,680
Gross Unrealized Losses (35) (58)
Estimated Fair Value (Net Carrying Amount) 302,570 295,196
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 298,125 284,885
Gross Unrealized Gains 2,143 1,635
Gross Unrealized Losses (35) (55)
Estimated Fair Value (Net Carrying Amount) 300,233 286,465
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 2,314 8,689
Gross Unrealized Gains 23 45
Gross Unrealized Losses 0 (3)
Estimated Fair Value (Net Carrying Amount) $ 2,337 $ 8,731
v3.25.3
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Sep. 27, 2025
Mar. 29, 2025
Debt Securities, Available-for-sale [Line Items]    
Amortized cost on available for sale securities held at gross unrealized loss $ 18,200 $ 29,800
Gross unrealized losses $ 35 58
Securities in a continuous unrealized loss position for more than 12 months, amortized cost   $ 1,900
Minimum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 1 year  
Maximum    
Debt Securities, Available-for-sale [Line Items]    
Maturity period for highly-rated securities 3 years  
v3.25.3
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Amortized Cost    
Within 1 year $ 52,111 $ 56,044
After 1 year 248,328 237,530
Amortized Cost 300,439 293,574
Estimated Fair Value    
Within 1 year 52,424 56,160
After 1 year 250,146 239,036
Estimated Fair Value (Net Carrying Amount) $ 302,570 $ 295,196
v3.25.3
Fair Value of Financial Instruments (Narrative) (Details) - USD ($)
Mar. 20, 2023
Sep. 27, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Amounts drawn under the credit facility   $ 0
Credit facility, fair value   $ 0
Second Amended Credit Agreement Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Basis spread on variable rate 0.10%  
v3.25.3
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 302,570 $ 295,196
Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 2,337 8,731
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 300,233 286,465
Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 300,233 286,465
Corporate debt securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Corporate debt securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 300,233 286,465
Corporate debt securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 2,337 8,731
U.S. Treasury securities | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 2,337 8,731
U.S. Treasury securities | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
U.S. Treasury securities | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 543,774 491,467
Money market funds | Quoted Prices in Active Markets for Identical Assets Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 543,774 491,467
Money market funds | Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents 0 0
Money market funds | Significant Unobservable Inputs Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash equivalents $ 0 $ 0
v3.25.3
Derivative Financial Instruments (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
USD ($)
derivativeContract
Sep. 28, 2024
USD ($)
Sep. 27, 2025
USD ($)
derivativeContract
Sep. 28, 2024
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]        
Number of foreign currency derivatives held | derivativeContract 1   1  
Notional value of foreign currency forward contract $ 19,200   $ 19,200  
Foreign currency forward contracts | Not Designated as Hedging Instrument        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (loss) recognized in income $ (266) $ 684 $ 898 $ 652
v3.25.3
Accounts Receivable, net (Details) - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 355,397 $ 216,009
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 355,397 $ 216,009
v3.25.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 27, 2025
Mar. 29, 2025
Inventory Disclosure [Abstract]    
Work in process $ 182,307 $ 216,173
Finished goods 54,102 82,919
Total inventories $ 236,409 $ 299,092
v3.25.3
Revolving Credit Facility (Details) - Second Amended Credit Agreement Revolving Credit Facility - USD ($)
Mar. 20, 2023
Sep. 27, 2025
Jul. 08, 2021
Line of Credit Facility [Line Items]      
Line of credit facility maximum borrowing capacity     $ 300,000,000
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness $ 200,000,000    
Debt covenant, maximum consolidated net leverage ratio 3.00    
Debt covenant, minimum consolidated interest coverage ratio 3.00    
Amount outstanding   $ 0  
Minimum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.175%    
Maximum      
Line of Credit Facility [Line Items]      
Line of credit facility, unused capacity, commitment fee percentage 0.275%    
Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.10%    
Secured Overnight Financing Rate (SOFR) | Minimum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.00%    
Secured Overnight Financing Rate (SOFR) | Maximum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 1.75%    
Variable Rate Component Two | Minimum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.00%    
Variable Rate Component Two | Maximum | Revolving Credit Facility | Line of Credit      
Line of Credit Facility [Line Items]      
Basis spread on variable rate 0.75%    
v3.25.3
Revenues (Product Line Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 560,960 $ 541,857 $ 968,232 $ 915,883
Audio Products        
Disaggregation of Revenue [Line Items]        
Net sales 318,214 316,588 558,257 535,558
HPMS Products        
Disaggregation of Revenue [Line Items]        
Net sales $ 242,746 $ 225,269 $ 409,975 $ 380,325
v3.25.3
Revenues (Geographic Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Disaggregation of Revenue [Line Items]        
Net sales $ 560,960 $ 541,857 $ 968,232 $ 915,883
China        
Disaggregation of Revenue [Line Items]        
Net sales 302,950 325,742 492,905 531,450
United States        
Disaggregation of Revenue [Line Items]        
Net sales 3,033 2,471 7,681 7,687
Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales $ 254,977 $ 213,644 $ 467,646 $ 376,746
v3.25.3
Income Taxes (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Tax Disclosure [Abstract]        
Income before income taxes $ 153,396 $ 140,005 $ 234,024 $ 196,608
Provision for income taxes $ 21,800 $ 37,865 $ 41,731 $ 52,373
Effective tax rate 14.20% 27.00% 17.80% 26.60%
v3.25.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 21,800 $ 37,865 $ 41,731 $ 52,373
Effective tax rate 14.20% 27.00% 17.80% 26.60%
Gross unrecognized tax benefits $ 32,100   $ 32,100  
Penalties and interest accrued $ 13,300   13,300  
Estimate of possible loss     168,300  
Estimate of possible loss, penalties expense     $ 63,700  
v3.25.3
Net Income Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Numerator:        
Net income $ 131,596 $ 102,140 $ 192,293 $ 144,235
Denominator:        
Weighted average shares outstanding (in shares) 51,175 53,275 51,451 53,354
Effect of dilutive securities (in shares) 1,879 2,525 1,744 2,399
Weighted average diluted shares (in shares) 53,054 55,800 53,195 55,753
Basic earnings per share (in dollars per share) $ 2.57 $ 1.92 $ 3.74 $ 2.70
Diluted earnings per share (in dollars per share) $ 2.48 $ 1.83 $ 3.61 $ 2.59
v3.25.3
Net Income Per Share (Narrative) (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Earnings Per Share [Abstract]        
Weighted average shares outstanding excluded from diluted calculation (in shares) 65 8 252 229
v3.25.3
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Jul. 28, 2021
Sep. 27, 2025
Commitments and Contingencies Disclosure [Abstract]    
Capacity reservation fee $ 60.0  
Capacity reservation fee remaining   $ 12.0
Prepaid wafers $ 195.0  
Prepaid wafers balance   $ 45.0
Lease term   10 years
Liability for future lease payments   $ 4.8
v3.25.3
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 27, 2025
Sep. 28, 2024
Mar. 31, 2025
Jul. 31, 2022
Equity, Class of Treasury Stock [Line Items]              
Common stock issued as part of stock incentive plan (in shares) 0.1 0.2 0.1   0.4    
Accrued excise tax $ 1,300   $ 1,300 $ 1,300      
Common stock repurchased 40,344 $ 50,291 141,309   $ 91,492    
July 2022 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Repurchase and retirement of common stock, value             $ 500,000
2025 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Repurchase and retirement of common stock, value           $ 500,000  
Common stock repurchased 40,000     85,900      
Common stock available for repurchase $ 414,100   414,100 $ 414,100      
Common stock repurchased (in shares) 0.4            
Average cost per share repurchased (in dollars per share) $ 110.55            
2025 and 2022 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Common stock repurchased     $ 140,000        
Common stock repurchased (in shares)     1.4        
Average cost per share repurchased (in dollars per share)     $ 101.78        
v3.25.3
Segment Information (Narrative) (Details)
 6 Months Ended
Sep. 27, 2025
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.25.3
Segment Information (Schedule of Reconciliation of Operating Profit (Loss) from Segments to Consolidated) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information [Line Items]        
Total Operating Expense $ 149,610 $ 150,738 $ 291,246 $ 292,871
Reportable Segment        
Segment Reporting Information [Line Items]        
Personnel-related 91,148 89,280 179,467 173,778
Product development 16,550 17,497 30,281 32,413
Other segment items 41,912 43,961 81,498 86,680
Total Operating Expense $ 149,610 $ 150,738 $ 291,246 $ 292,871
v3.25.3
Segment Information (Schedule of Sales by Geographic Location Based on Customer Ship Location) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 27, 2025
Sep. 28, 2024
Segment Reporting Information [Line Items]        
Net sales $ 560,960 $ 541,857 $ 968,232 $ 915,883
China        
Segment Reporting Information [Line Items]        
Net sales 302,950 325,742 492,905 531,450
India        
Segment Reporting Information [Line Items]        
Net sales 69,765 41,650 145,194 79,682
Hong Kong        
Segment Reporting Information [Line Items]        
Net sales 69,335 62,356 118,510 104,005
Vietnam        
Segment Reporting Information [Line Items]        
Net sales 57,464 42,251 93,727 68,534
South Korea        
Segment Reporting Information [Line Items]        
Net sales 34,238 46,709 67,131 85,592
United States        
Segment Reporting Information [Line Items]        
Net sales 3,033 2,471 7,681 7,687
Rest of World        
Segment Reporting Information [Line Items]        
Net sales $ 24,175 $ 20,678 $ 43,084 $ 38,933