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Dec 31, 2025
Rambus Q4 2025 Earnings Report
Rambus reported strong growth in revenue and earnings for the fourth quarter and fiscal year 2025, achieving record product revenue and cash from operations.
Key Takeaways
Rambus Inc. announced record financial results for the fourth quarter and fiscal year ended December 31, 2025. The company achieved record quarterly product revenue of $96.8 million and record annual product revenue of $347.8 million, up 41% from 2024. Additionally, Rambus generated record quarterly and annual cash from operations of $99.8 million and $360.0 million, respectively.
Rambus achieved record revenue and earnings results for fiscal year 2025.
Quarterly product revenue reached a record $96.8 million, contributing to a record annual product revenue of $347.8 million, a 41% increase from 2024.
The company generated record quarterly cash from operations of $99.8 million and annual cash from operations of $360.0 million.
GAAP diluted net income per share for the quarter was $0.58, with non-GAAP diluted net income per share at $0.68.
Revenue by Segment
Forward Guidance
For the first quarter of 2026, Rambus expects licensing billings to be between $66 million and $72 million, royalty revenue between $61 million and $67 million, product revenue between $84 million and $90 million, and contract and other revenue between $21 million and $27 million. Total operating costs and expenses are projected to be between $121 million and $117 million, with non-GAAP operating costs and expenses between $104 million and $100 million.
Positive Outlook
- Expected licensing billings of $66-$72 million for Q1 2026.
- Anticipated product revenue of $84-$90 million for Q1 2026.
- Projected royalty revenue of $61-$67 million for Q1 2026.
- Forecasted contract and other revenue of $21-$27 million for Q1 2026.
- Diluted share count expected to remain stable at 110 million.
Challenges Ahead
- Achieving revenue in the projected range requires signing customer agreements for various product sales and solutions licensing.
- Operating costs and expenses are expected to be between $121 million and $117 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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