CIRRUS LOGIC, INC., 10-Q filed on 8/5/2026
Quarterly Report
v3.26.1
Cover - shares
3 Months Ended
Jun. 27, 2026
Aug. 03, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 27, 2026  
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, $0.001 par value  
Trading Symbol CRUS  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   50,117,561
Amendment Flag false  
Document Fiscal Year Focus 2027  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --03-28  
Entity Central Index Key 0000772406  
v3.26.1
Consolidated Condensed Balance Sheets - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Current assets:    
Cash and cash equivalents $ 810,666 $ 800,930
Marketable securities 80,596 86,697
Accounts receivable, net 253,971 220,149
Inventories 262,746 240,871
Prepaid assets 44,449 47,587
Prepaid wafers 0 14,733
Other current assets 21,040 22,741
Total current assets 1,473,468 1,433,708
Long-term marketable securities 276,056 266,160
Right-of-use lease assets 117,066 120,676
Property and equipment, net 149,845 143,975
Intangibles, net 19,168 20,727
Goodwill 435,936 435,936
Deferred tax assets 54,443 49,824
Other assets 34,298 18,368
Total assets 2,560,280 2,489,374
Current liabilities:    
Accounts payable 78,090 80,645
Accrued salaries and benefits 44,182 52,723
Software license agreements 22,091 22,229
Current lease liabilities 20,761 19,872
Other accrued liabilities 29,176 19,187
Total current liabilities 194,300 194,656
Long-term liabilities:    
Non-current lease liabilities 109,703 114,105
Non-current income taxes 47,320 46,721
Software license agreements 19,826 5,896
Total long-term liabilities 176,849 166,722
Stockholders' equity:    
Capital stock 1,967,875 1,945,958
Accumulated earnings 224,213 184,881
Accumulated other comprehensive loss (2,957) (2,843)
Total stockholders' equity 2,189,131 2,127,996
Total liabilities and stockholders' equity $ 2,560,280 $ 2,489,374
v3.26.1
Consolidated Condensed Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Income Statement [Abstract]    
Net sales $ 459,723 $ 407,272
Cost of sales 217,868 193,242
Gross profit 241,855 214,030
Operating expenses    
Research and development 115,013 102,892
Selling, general and administrative 42,406 38,744
Total operating expenses 157,419 141,636
Income from operations 84,436 72,394
Interest income 10,406 8,840
Interest expense (324) (218)
Other expense (363) (388)
Income before income taxes 94,155 80,628
Provision for income taxes 17,304 19,931
Net income $ 76,851 $ 60,697
Basic earnings per share (in dollars per share) $ 1.52 $ 1.17
Diluted earnings per share (in dollars per share) $ 1.47 $ 1.14
Basic weighted average common shares outstanding (in shares) 50,550 51,727
Diluted weighted average common shares outstanding (in shares) 52,353 53,319
v3.26.1
Consolidated Condensed Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 76,851 $ 60,697
Other comprehensive income (loss), before tax    
Foreign currency translation gain (loss) (42) 769
Unrealized gain (loss) on marketable securities (91) 242
Benefit (provision) for income taxes 19 (51)
Comprehensive income $ 76,737 $ 61,657
v3.26.1
Consolidated Condensed Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Cash flows from operating activities:    
Net income $ 76,851 $ 60,697
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 13,156 13,173
Stock-based compensation expense 20,589 20,809
Deferred income taxes (4,600) (5,938)
Gain on retirement or write-off of long-lived assets (67) 0
Other non-cash adjustments 152 (16)
Net change in operating assets and liabilities:    
Accounts receivable (33,822) 1,924
Inventories (21,875) 20,108
Prepaid wafers 14,733 6,138
Other assets 3,723 2,014
Accounts payable and other accrued liabilities (7,976) (8,806)
Income taxes payable 3,264 6,028
Net cash provided by operating activities 64,128 116,131
Cash flows from investing activities:    
Maturities and sales of available-for-sale marketable securities 47,044 22,990
Purchases of available-for-sale marketable securities (50,930) (26,435)
Purchases of property, equipment and software (15,143) (2,638)
Investments in technology (361) (132)
Net cash used in investing activities (19,390) (6,215)
Cash flows from financing activities:    
Debt issuance costs (2,057) 0
Net proceeds from the issuance of common stock 1,329 382
Repurchase of stock to satisfy employee tax withholding obligations (2,774) (1,049)
Repurchase and retirement of common stock (31,500) (99,999)
Net cash used in financing activities (35,002) (100,666)
Net increase in cash and cash equivalents 9,736 9,250
Cash and cash equivalents at beginning of period 800,930 539,620
Cash and cash equivalents at end of period $ 810,666 $ 548,870
v3.26.1
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. 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 60,697     60,697  
Change in unrealized gain (loss) on marketable securities, net of tax 191       191
Change in foreign currency translation adjustments 769       769
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   37      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (666) $ 0 383 (1,049)  
Repurchase and retirement of common stock (in shares)   (1,014)      
Repurchase and retirement of common stock (100,965) $ (1)   (100,964)  
Stock-based compensation 20,809   20,809    
Ending balance (in shares) at Jun. 28, 2025   51,314      
Ending balance at Jun. 28, 2025 1,930,284 $ 51 1,881,421 49,035 (223)
Beginning balance (in shares) at Mar. 28, 2026   50,596      
Beginning balance at Mar. 28, 2026 2,127,996 $ 51 1,945,907 184,881 (2,843)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net income 76,851     76,851  
Change in unrealized gain (loss) on marketable securities, net of tax (72)       (72)
Change in foreign currency translation adjustments (42)       (42)
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (in shares)   60      
Issuance of stock under stock option plans and other, net of shares withheld for employee taxes (1,445) $ 0 1,329 (2,774)  
Repurchase and retirement of common stock (in shares)   (211)      
Repurchase and retirement of common stock (34,746) $ (1)   (34,745)  
Stock-based compensation 20,589   20,589    
Ending balance (in shares) at Jun. 27, 2026   50,445      
Ending balance at Jun. 27, 2026 $ 2,189,131 $ 50 $ 1,967,825 $ 224,213 $ (2,957)
v3.26.1
Basis of Presentation
3 Months Ended
Jun. 27, 2026
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 28, 2026, included in our Annual Report on Form 10-K filed with the Commission on May 21, 2026.  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.
v3.26.1
Recently Issued Accounting Pronouncements
3 Months Ended
Jun. 27, 2026
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements Recently Issued Accounting Pronouncements
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 adoption methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides guidance on the recognition, measurement, and presentation of government grants. The amendments are effective for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted using the modified prospective, modified retrospective, or full retrospective adoption methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), to improve the financial accounting disclosure of environmental credits and environmental credit obligations, providing recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The guidance is to be applied retrospectively. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
v3.26.1
Marketable Securities
3 Months Ended
Jun. 27, 2026
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 June 27, 2026 (in thousands):
As of June 27, 2026Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$349,969 $421 $(1,497)$348,893 
U.S. Treasury securities7,776 (19)7,759 
Total securities$357,745 $423 $(1,516)$356,652 

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 $1.5 million related to securities with total amortized costs of approximately $221.8 million at June 27, 2026. There were no securities in a continuous unrealized loss position for more than 12 months as of June 27, 2026. 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 June 27, 2026, 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 28, 2026 (in thousands):
As of March 28, 2026Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$353,190 593 $(1,598)$352,185 
U.S. Treasury securities669 — 672 
Total securities$353,859 $596 $(1,598)$352,857 

The Company's specifically identified gross unrealized losses of $1.6 million related to securities with total amortized costs of approximately $197.4 million at March 28, 2026. There were no securities in a continuous unrealized loss position for more than 12 months as of March 28, 2026. As of March 28, 2026, 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):
June 27, 2026March 28, 2026
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$80,325 $80,596 $86,371 $86,697 
After 1 year277,420 276,056 267,488 266,160 
Total$357,745 $356,652 $353,859 $352,857 
v3.26.1
Fair Value of Financial Instruments
3 Months Ended
Jun. 27, 2026
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 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”). As of June 27, 2026, there are no amounts drawn under the facility and the fair value is zero.

As of June 27, 2026 and March 28, 2026, 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 June 27, 2026. 

The following summarizes the fair value of our financial instruments at June 27, 2026 (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$757,137 $— $— $757,137 
Available-for-sale securities
Corporate debt securities$— $348,893 $— $348,893 
U.S. Treasury securities7,759 — — 7,759 
$7,759 $348,893 $— $356,652 
The following summarizes the fair value of our financial instruments at March 28, 2026 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:
Cash equivalents
Money market funds748,675 — — 748,675 
Available-for-sale securities
Corporate debt securities$— $352,185 $— $352,185 
U.S. Treasury securities672 — — 672 
$672 $352,185 $— $352,857 
v3.26.1
Derivative Financial Instruments
3 Months Ended
Jun. 27, 2026
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 expense” in the Consolidated Condensed Statements of Income. The Company does not apply hedge accounting to these foreign currency derivative instruments.

As of June 27, 2026, the Company held one foreign currency forward contract denominated in British Pound Sterling with a notional value of $17.8 million. The fair value of this contract was not material as of June 27, 2026.

The before-tax effect of derivative instruments not designated as hedging instruments was as follows (in thousands):

Three Months Ended
June 27,June 28,
20262025Location
Gain (loss) recognized in income:
Foreign currency forward contracts$(399)$1,164 Other expense
v3.26.1
Accounts Receivable, net
3 Months Ended
Jun. 27, 2026
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):
June 27,March 28,
20262026
Gross accounts receivable$253,971 $220,149 
Allowance for doubtful accounts— — 
Accounts receivable, net$253,971 $220,149 
v3.26.1
Inventories
3 Months Ended
Jun. 27, 2026
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories are comprised of the following (in thousands):
June 27,March 28,
20262026
Work in process$174,313 $162,533 
Finished goods88,433 78,338 
$262,746 $240,871 
v3.26.1
Revolving Credit Facility
3 Months Ended
Jun. 27, 2026
Debt Disclosure [Abstract]  
Revolving Credit Facility Revolving Credit Facility
On May 4, 2026, the Company entered into a third amended and restated credit agreement (the “Third Amended Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, which amended and restated the Second Amended Credit Agreement. The Third Amended Credit Agreement provides for a $350 million senior secured revolving credit facility (the "Revolving Credit Facility"). The Revolving Credit Facility matures on May 4, 2031 (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.

Borrowings under the Revolving Credit Facility may, at Cirrus Logic’s election, bear interest, at either (a) a base rate plus the applicable margin ("Base Rate Loans") or (b) the forward-looking term rate based on the secured overnight financing rate ("Term SOFR") plus the applicable margin ("SOFR Loans"). 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 Third 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. Further, the Third Amended Credit Agreement 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. The Revolving Credit Facility also contains certain financial covenants providing that (a) the ratio of consolidated funded indebtedness (minus up to $300 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 3.50 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”).

As of June 27, 2026, the Company had no amounts outstanding under the Revolving Credit Facility and was in compliance with all covenants under the Third Amended Credit Agreement.
v3.26.1
Revenues
3 Months Ended
Jun. 27, 2026
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 Ended
June 27,June 28,
20262025
Audio Products$249,034 $240,043 
HPMS Products210,689 167,229 
$459,723 $407,272 
v3.26.1
Income Taxes
3 Months Ended
Jun. 27, 2026
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 Ended
June 27,June 28,
20262025
Income before income taxes$94,155 $80,628 
Provision for income taxes$17,304 $19,931 
Effective tax rate18.4 %24.7 %

Our income tax expense was $17.3 million and $19.9 million for the first quarters of fiscal years 2027 and 2026, respectively, resulting in effective tax rates of 18.4 percent and 24.7 percent, respectively.

The effective tax rate for the first quarter of fiscal year 2027 was lower than the prior period presented, primarily due to the July 4, 2025 enactment of the One Big Beautiful Bill Act that reinstated immediate expensing of U.S. R&D expenditures. The effective tax rate for the first quarter of fiscal year 2026 was unfavorably impacted by the Tax Cuts and Jobs Act of 2017 provision that required worldwide R&D expenditures to be capitalized and amortized, which resulted in increased GILTI inclusions in that period, and by U.S. tax rules related to refundable tax credits, including R&D expenditure credits available to us in the United Kingdom, that reduced the amount of foreign tax credits available to offset GILTI.

The Company records unrecognized tax benefits for the estimated risk associated with tax positions taken on tax returns.  At June 27, 2026, 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 June 27, 2026, the balance of accrued interest and penalties, net of tax, was $15.2 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 2023 through 2026 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”). The Company continues to vigorously dispute the proposed adjustments, including through ongoing discussions as part of the administrative process with IRS Appeals. If an acceptable outcome cannot be reached with IRS Appeals, the Company is prepared to pursue judicial remedies, which could take a number of years to resolve. 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, 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.
v3.26.1
Net Income Per Share
3 Months Ended
Jun. 27, 2026
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 equity awards.

The following table details the calculation of basic and diluted earnings per share for the three months ended June 27, 2026 and June 28, 2025 (in thousands, except per share amounts):
Three Months Ended
June 27,June 28,
20262025
Numerator:
Net income$76,851 $60,697 
Denominator:
Weighted average shares outstanding50,550 51,727 
Effect of dilutive securities1,803 1,592 
Weighted average diluted shares52,353 53,319 
Basic earnings per share$1.52 $1.17 
Diluted earnings per share$1.47 $1.14 
The weighted outstanding shares excluded from our diluted calculation for the three months ended June 27, 2026 and June 28, 2025 were 60 thousand and 253 thousand, respectively, as the shares were anti-dilutive.
v3.26.1
Commitment and Contingencies
3 Months Ended
Jun. 27, 2026
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 $3.9 million as of June 27, 2026, and is recorded in “Other current assets” on the Consolidated Condensed Balance Sheets. 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 prepayment is fully utilized at June 27, 2026.
Subsequent to quarter-end, on June 30, 2026, the Company entered into a new Capacity Reservation and Wafer Supply Commitment Agreement (the “Commitment Agreement”) with GlobalFoundries to provide the Company a wafer capacity commitment and wafer pricing for Company products for calendar years 2027-2028 (the “Period”). The Commitment Agreement requires GlobalFoundries to provide, and the Company to purchase, a defined number of wafers on a quarterly basis for the Period, subject to certain shortfall provisions. The Company currently estimates that it will purchase at least approximately $600 million of wafers from GlobalFoundries over the period of calendar years 2027 and 2028 under the Commitment Agreement.
v3.26.1
Legal Matters
3 Months Ended
Jun. 27, 2026
Commitments and Contingencies Disclosure [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.
v3.26.1
Stockholders' Equity
3 Months Ended
Jun. 27, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock

The Company issued immaterial amounts of shares of common stock during both the three months ended June 27, 2026, and June 28, 2025, respectively.

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 June 27, 2026, approximately $2.1 million is accrued related to this excise tax. Disclosure of repurchased amounts and related average costs exclude the impact of excise taxes.

In March 2025, the Board of Directors authorized the repurchase of up to $500 million of the Company's common stock. As of June 27, 2026, approximately $260.4 million of the Company's common stock has been repurchased, leaving
approximately $239.6 million available for repurchase under the 2025 authorization. During the three months ended June 27, 2026, the Company repurchased 0.2 million shares of the Company's common stock for $34.5 million, at an average cost of $163.43 per share under the 2025 authorization. During the quarter ended June 27, 2026, $3.0 million is included in "Other accrued liabilities" on the Consolidated Condensed Balance Sheets, related to repurchases executed but not settled as of quarter end. The related cash payments were made subsequent to quarter-end.

Additionally, subsequent to June 27, 2026, as of August 5, 2026, the Company utilized $50.5 million to repurchase 0.4 million shares at an average price of $140.53 under a Rule 10b5-1 trading plan.
v3.26.1
Segment Information
3 Months Ended
Jun. 27, 2026
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 Ended
June 27, 2026June 28, 2025
Personnel-related (1)$99,040 $88,318 
Product development (2)15,888 13,731 
Other segment items (3)42,491 39,587 
Total Operating Expense$157,419 $141,636 

(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 Ended
June 27, 2026June 28, 2025
China$216,710 $189,955 
India83,265 75,429 
Hong Kong56,429 49,175 
Vietnam54,738 36,263 
South Korea23,609 32,893 
United States5,544 4,648 
Rest of World19,428 18,909 
Total consolidated sales$459,723 $407,272 
v3.26.1
Insider Trading Arrangements
3 Months Ended
Jun. 27, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Recently Issued Accounting Pronouncements (Policies)
3 Months Ended
Jun. 27, 2026
Accounting Policies [Abstract]  
Recently Issued Accounting Pronouncements
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 adoption methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which provides guidance on the recognition, measurement, and presentation of government grants. The amendments are effective for annual reporting periods beginning after December 15, 2028, and interim periods within those annual reporting periods. Early adoption is permitted using the modified prospective, modified retrospective, or full retrospective adoption methods. The Company is currently evaluating the impact of this guidance on financial statement disclosures.
In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), to improve the financial accounting disclosure of environmental credits and environmental credit obligations, providing recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. The amendments are effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. The guidance is to be applied retrospectively. 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.
v3.26.1
Marketable Securities (Tables)
3 Months Ended
Jun. 27, 2026
Marketable Securities [Abstract]  
Schedule of Available-for-sale Securities
The following table is a summary of available-for-sale securities at June 27, 2026 (in thousands):
As of June 27, 2026Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$349,969 $421 $(1,497)$348,893 
U.S. Treasury securities7,776 (19)7,759 
Total securities$357,745 $423 $(1,516)$356,652 
The following table is a summary of available-for-sale securities at March 28, 2026 (in thousands):
As of March 28, 2026Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
(Net Carrying
Amount)
Corporate debt securities$353,190 593 $(1,598)$352,185 
U.S. Treasury securities669 — 672 
Total securities$353,859 $596 $(1,598)$352,857 
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):
June 27, 2026March 28, 2026
AmortizedEstimatedAmortizedEstimated
CostFair ValueCostFair Value
Within 1 year$80,325 $80,596 $86,371 $86,697 
After 1 year277,420 276,056 267,488 266,160 
Total$357,745 $356,652 $353,859 $352,857 
v3.26.1
Fair Value of Financial Instruments (Tables)
3 Months Ended
Jun. 27, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Assets and Liabilities
The following summarizes the fair value of our financial instruments at June 27, 2026 (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$757,137 $— $— $757,137 
Available-for-sale securities
Corporate debt securities$— $348,893 $— $348,893 
U.S. Treasury securities7,759 — — 7,759 
$7,759 $348,893 $— $356,652 
The following summarizes the fair value of our financial instruments at March 28, 2026 (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
Level 1
Significant
Other
Observable
Inputs
Level 2
Significant
Unobservable
Inputs
Level 3
Total
Assets:
Cash equivalents
Money market funds748,675 — — 748,675 
Available-for-sale securities
Corporate debt securities$— $352,185 $— $352,185 
U.S. Treasury securities672 — — 672 
$672 $352,185 $— $352,857 
v3.26.1
Derivative Financial Instruments (Tables)
3 Months Ended
Jun. 27, 2026
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 Ended
June 27,June 28,
20262025Location
Gain (loss) recognized in income:
Foreign currency forward contracts$(399)$1,164 Other expense
v3.26.1
Accounts Receivable, net (Tables)
3 Months Ended
Jun. 27, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable, net
The following are the components of accounts receivable, net (in thousands):
June 27,March 28,
20262026
Gross accounts receivable$253,971 $220,149 
Allowance for doubtful accounts— — 
Accounts receivable, net$253,971 $220,149 
v3.26.1
Inventories (Tables)
3 Months Ended
Jun. 27, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories are comprised of the following (in thousands):
June 27,March 28,
20262026
Work in process$174,313 $162,533 
Finished goods88,433 78,338 
$262,746 $240,871 
v3.26.1
Revenues (Tables)
3 Months Ended
Jun. 27, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of 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 Ended
June 27,June 28,
20262025
Audio Products$249,034 $240,043 
HPMS Products210,689 167,229 
$459,723 $407,272 
v3.26.1
Income Taxes (Tables)
3 Months Ended
Jun. 27, 2026
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 Ended
June 27,June 28,
20262025
Income before income taxes$94,155 $80,628 
Provision for income taxes$17,304 $19,931 
Effective tax rate18.4 %24.7 %
v3.26.1
Net Income Per Share (Tables)
3 Months Ended
Jun. 27, 2026
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 months ended June 27, 2026 and June 28, 2025 (in thousands, except per share amounts):
Three Months Ended
June 27,June 28,
20262025
Numerator:
Net income$76,851 $60,697 
Denominator:
Weighted average shares outstanding50,550 51,727 
Effect of dilutive securities1,803 1,592 
Weighted average diluted shares52,353 53,319 
Basic earnings per share$1.52 $1.17 
Diluted earnings per share$1.47 $1.14 
v3.26.1
Segment Information (Tables)
3 Months Ended
Jun. 27, 2026
Segment Reporting [Abstract]  
Schedule of Significant Segment Operating Expenses
The table below presents the Company's significant segment operating expenses (in thousands):

Three Months Ended
June 27, 2026June 28, 2025
Personnel-related (1)$99,040 $88,318 
Product development (2)15,888 13,731 
Other segment items (3)42,491 39,587 
Total Operating Expense$157,419 $141,636 

(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 Ended
June 27, 2026June 28, 2025
China$216,710 $189,955 
India83,265 75,429 
Hong Kong56,429 49,175 
Vietnam54,738 36,263 
South Korea23,609 32,893 
United States5,544 4,648 
Rest of World19,428 18,909 
Total consolidated sales$459,723 $407,272 
v3.26.1
Marketable Securities (Schedule of Available-for-sale Securities) (Details) - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 357,745 $ 353,859
Gross Unrealized Gains 423 596
Gross Unrealized Losses (1,516) (1,598)
Estimated Fair Value (Net Carrying Amount) 356,652 352,857
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 349,969 353,190
Gross Unrealized Gains 421 593
Gross Unrealized Losses (1,497) (1,598)
Estimated Fair Value (Net Carrying Amount) 348,893 352,185
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 7,776 669
Gross Unrealized Gains 2 3
Gross Unrealized Losses (19) 0
Estimated Fair Value (Net Carrying Amount) $ 7,759 $ 672
v3.26.1
Marketable Securities (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Mar. 28, 2026
Debt Securities, Available-for-sale [Line Items]    
Gross unrealized losses $ 1,516 $ 1,598
Amortized cost on available for sale securities held at gross unrealized loss $ 221,800 $ 197,400
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  
v3.26.1
Marketable Securities (Schedule of Cost and Estimated Fair Value of Available-for-sale Securities by Contractual Maturity) (Details) - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Amortized Cost    
Within 1 year $ 80,325 $ 86,371
After 1 year 277,420 267,488
Amortized Cost 357,745 353,859
Estimated Fair Value    
Within 1 year 80,596 86,697
After 1 year 276,056 266,160
Estimated Fair Value (Net Carrying Amount) $ 356,652 $ 352,857
v3.26.1
Fair Value of Financial Instruments (Narrative) (Details)
Jun. 27, 2026
USD ($)
Fair Value Disclosures [Abstract]  
Long-term line of credit $ 0
Long-term revolving facility, fair value $ 0
v3.26.1
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities $ 356,652 $ 352,857
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 7,759 672
Significant Other Observable Inputs Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Available-for-sale securities 348,893 352,185
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 348,893 352,185
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 348,893 352,185
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 7,759 672
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 7,759 672
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 757,137 748,675
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 757,137 748,675
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
v3.26.1
Derivative Financial Instruments (Details)
$ in Thousands
3 Months Ended
Jun. 27, 2026
USD ($)
derivativeContract
Jun. 28, 2025
USD ($)
Derivative Instruments, Gain (Loss) [Line Items]    
Number of foreign currency derivatives held | derivativeContract 1  
Notional value of foreign currency forward contract $ 17,800  
Foreign currency forward contracts | Not Designated as Hedging Instrument    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain (loss) recognized in income, foreign currency forward contracts $ (399) $ 1,164
v3.26.1
Accounts Receivable, net (Details) - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Accounts Receivable, after Allowance for Credit Loss [Abstract]    
Gross accounts receivable $ 253,971 $ 220,149
Allowance for doubtful accounts 0 0
Accounts receivable, net $ 253,971 $ 220,149
v3.26.1
Inventories (Details) - USD ($)
$ in Thousands
Jun. 27, 2026
Mar. 28, 2026
Inventory Disclosure [Abstract]    
Work in process $ 174,313 $ 162,533
Finished goods 88,433 78,338
Total inventories $ 262,746 $ 240,871
v3.26.1
Revolving Credit Facility (Details) - Revolving Credit Facility - Third Amended Credit Agreement Revolving Credit Facility - Line of Credit - USD ($)
May 04, 2026
Jun. 27, 2026
Line of Credit Facility [Line Items]    
Line of credit facility maximum borrowing capacity $ 350,000,000  
Debt covenant, exclusion of unrestricted cash and cash equivalents for ratio of consolidated funded indebtedness $ 300,000,000  
Debt covenant, maximum consolidated net leverage ratio 3.50  
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%  
Minimum | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 0.00%  
Minimum | SOFR    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.00%  
Maximum    
Line of Credit Facility [Line Items]    
Line of credit facility, unused capacity, commitment fee percentage 0.275%  
Maximum | Base Rate    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 0.75%  
Maximum | SOFR    
Line of Credit Facility [Line Items]    
Basis spread on variable interest rate 1.75%  
v3.26.1
Revenues (Schedule of Product Line Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Disaggregation of Revenue [Line Items]    
Net sales $ 459,723 $ 407,272
Audio Products    
Disaggregation of Revenue [Line Items]    
Net sales 249,034 240,043
HPMS Products    
Disaggregation of Revenue [Line Items]    
Net sales $ 210,689 $ 167,229
v3.26.1
Income Taxes (Schedule of Provision for Income Taxes and Effective Tax Rates) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Income Tax Disclosure [Abstract]    
Income before income taxes $ 94,155 $ 80,628
Provision for income taxes $ 17,304 $ 19,931
Effective tax rate 18.40% 24.70%
v3.26.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Income Tax Disclosure [Abstract]    
Income tax expense $ 17,304 $ 19,931
Effective tax rate 18.40% 24.70%
Gross unrecognized tax benefits $ 32,100  
Accrued penalties and interest 15,200  
Estimate of possible loss 168,300  
Estimate of possible loss, penalties expense $ 63,700  
v3.26.1
Net Income Per Share (Schedule of Calculation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Numerator:    
Net income $ 76,851 $ 60,697
Denominator:    
Weighted average shares outstanding (in shares) 50,550 51,727
Effect of dilutive securities (in shares) 1,803 1,592
Weighted average diluted shares (in shares) 52,353 53,319
Basic earnings per share (in dollars per share) $ 1.52 $ 1.17
Diluted earnings per share (in dollars per share) $ 1.47 $ 1.14
v3.26.1
Net Income Per Share (Narrative) (Details) - shares
shares in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Earnings Per Share [Abstract]    
Weighted average shares excluded from diluted calculation (in shares) 60 253
v3.26.1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Aug. 05, 2026
Jul. 28, 2021
Jun. 27, 2026
Other Commitments [Line Items]      
Capacity reservation fee paid   $ 60.0  
Reservation fees balance     $ 3.9
Prepayment for future wafer purchases   $ 195.0  
Subsequent Event      
Other Commitments [Line Items]      
Payments for purchase commitments, estimated amount $ 600.0    
v3.26.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
1 Months Ended 3 Months Ended 16 Months Ended
Aug. 05, 2026
Jun. 27, 2026
Jun. 28, 2025
Jun. 27, 2026
Mar. 28, 2026
Mar. 31, 2025
Share Repurchase Program [Line Items]            
Excise tax accrued on shares repurchased   $ 2,100   $ 2,100    
Common stock repurchased   34,746 $ 100,965      
Other accrued liabilities   29,176   29,176 $ 19,187  
Subsequent Event            
Share Repurchase Program [Line Items]            
Common stock repurchased $ 50,500          
Common stock repurchased (in shares) 0.4          
Average cost per share repurchased $ 140.53          
2025 Repurchase Program            
Share Repurchase Program [Line Items]            
Repurchase and retirement of common stock, value           $ 500,000
Common stock repurchased       260,400    
Common stock available for repurchase   $ 239,600   239,600    
Common stock repurchased (in shares)   0.2        
Repurchase and retirement of common stock, value   $ 34,500        
Average cost per share repurchased (in dollars per share)   $ 163.43        
Other accrued liabilities   $ 3,000   $ 3,000    
v3.26.1
Segment Information (Narrative) (Details)
3 Months Ended
Jun. 27, 2026
segment
product_line
Segment Reporting [Abstract]  
Number of reportable segments | segment 1
Number of product lines | product_line 2
v3.26.1
Segment Information (Schedule of Significant Segment Operating Expenses) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Segment Reporting [Line Items]    
Total operating expenses $ 157,419 $ 141,636
Reportable Segment    
Segment Reporting [Line Items]    
Personnel-related 99,040 88,318
Product development 15,888 13,731
Other segment items 42,491 39,587
Total operating expenses $ 157,419 $ 141,636
v3.26.1
Segment Information (Schedule of Sales by Geographic Location Based on Customer Ship Location) (Details) - USD ($)
$ in Thousands
3 Months Ended
Jun. 27, 2026
Jun. 28, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales $ 459,723 $ 407,272
CHINA    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 216,710 189,955
India    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 83,265 75,429
Hong Kong    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 56,429 49,175
Vietnam    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 54,738 36,263
South Korea    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 23,609 32,893
UNITED STATES    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales 5,544 4,648
Rest of World    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Net sales $ 19,428 $ 18,909