Rambus Inc

Latest Results (02.04.2026):

Rambus Inc. reported results for the fourth quarter of 2025, posting GAAP revenue of $190.2 million and record quarterly product revenue of $96.8 million; the company also delivered record 2025 full-year revenue and earnings, with product revenue of $347.8 million (up 41% year-over-year) and strong cash generation. GAAP net income for Q4 was $63.8 million ($0.58 diluted EPS) and non-GAAP diluted EPS was $0.68. Rambus finished the quarter with $761.8 million in cash, cash equivalents and marketable securities and generated $99.8 million of cash from operations in the quarter.

Revenue mix and growth

Q4 2025 total GAAP revenue was $190.2M, comprised of product revenue $96.8M (record quarterly), royalties $71.6M, and contract & other revenue $21.8M. Full-year 2025 total revenue was $707.6M versus $556.6M in 2024.

Record product and cash performance (2025)

Rambus achieved record annual product revenue of $347.8M (up 41% vs. 2024) and record cash from operations of $360.0M for 2025; quarterly cash from operations was $99.8M.

Profitability and EPS

GAAP operating income for Q4 was $70.8M (37% operating margin) and GAAP net income was $63.8M ($0.58 diluted EPS). On a non‑GAAP basis, operating income was $87.0M (46% margin) and non‑GAAP diluted EPS was $0.68.

Licensing activity and billings

Licensing billings (an operational metric) were $71.5M in Q4 2025. Management highlighted continued licensing momentum alongside product-led growth (noting leadership in DDR5 RCDs and new product contributions).

Balance sheet and liquidity

Cash, cash equivalents and marketable securities totaled $761.8M at December 31, 2025 (an $88.5M increase vs. Sept. 30, 2025), supported by strong operating cash flow and partially offset by $8.6M of Q4 capital expenditures.

Tax and one-time items

Provision for income taxes in Q4 was $13.4M (materially higher than Q4 2024) — management attributed the increase in part to tax legislation enacted in Q3 2025. Non‑GAAP measures exclude items such as stock‑based compensation, amortization of acquired intangibles and certain acquisition-related costs.

Q1 2026 outlook

For Q1 2026, Rambus expects licensing billings of $66–$72M, product revenue $84–$90M, royalty revenue $61–$67M, contract & other revenue $21–$27M, GAAP operating costs/expenses roughly $117–$121M (non‑GAAP $100–$104M), assumes a ~16% tax rate and 110M diluted shares.