LOGI · Logitech International S.A.

Logitech's FY2026 results demonstrate the effectiveness of its strategy focused on offense, cost discipline, and agility. Full-year sales reached $4.84 billion, up 6% in US dollars and 4% in constant currency, driven by strong performance in Gaming and a return to growth in the Americas. GAAP operating income grew 18% to $775 million, while non-GAAP operating income also rose 18% to $911 million, reflecting margin expansion. Non-GAAP gross margin of 43.6% and operating margin of 18.8% were the highest outside of pandemic peaks. GAAP diluted EPS increased 16% to $4.80, and non-GAAP diluted EPS grew 19% to $5.78. Cash flow from operations was $1.04 billion, ending the year with $1.7 billion in cash. The company returned $768 million to shareholders through dividends and share repurchases. For Q4 FY2026, sales were $1.09 billion, up 7% year-over-year, with GAAP operating income of $136 million and non-GAAP operating income of $167 million. Management expressed confidence in the momentum heading into Q1 FY2027, providing guidance for sales between $1.19 billion and $1.215 billion (4-6% growth in US dollars) and non-GAAP operating income of $195-$215 million. CEO Hanneke Faber highlighted rapid AI advancements as a unique opportunity for innovation and investment in the future of work and play. CFO Matteo Anversa noted the strong operating income growth and margin performance while acknowledging a volatile operating environment. The company's outlook suggests continued focus on growth and efficiency.