Investor Relations Update As of November 4, 2025 Safe Harbor Statement Except for historical information contained herein, the matters set forth in this presentation contain forward-looking statements, including industry market projections; our revenue growth opportunities; our ability to fuel product and application diversification; our ability to maintain our leadership position in smartphone audio; our ability to increase HPMS content in smartphones; our ability to leverage our strength in audio and HPMS ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 27, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from ____ to ____ Commission File Number 0-17795 CIRRUS LOGIC, INC. (Exact name of registrant as specified in its charter) | Delaware | | | 77-0024818 | | --- | --- | --- | ...

Exhibit 99.2 Q2 FY26 Letter to Shareholders November 4, 2025 November 4, 2025 Dear Shareholders, In Q2 FY26, Cirrus Logic delivered record September quarter revenue of $561.0 million, towards the top end of our guidance range, and GAAP and non-GAAP earnings per share of $2.48 and $2.83, respectively. During the quarter, we were delighted to see multiple smartphone customers introduce their latest-generation devices featuring our audio and high-performance mixed-signal (HPMS) components. Outside of smartphon ...

Core Insights - Cirrus Logic, Inc. is a semiconductor company specializing in audio and voice signal processing components, serving markets such as mobile communications, automotive, and consumer electronics [1] - The company is set to release its quarterly earnings on November 4, 2025, with analysts estimating an EPS of $2.37 and projected revenue of approximately $540.5 million, while the Zacks Consensus Estimate predicts a slightly higher EPS of $2.40 [2][6] - Cirrus Logic has been upgraded to a Zacks Rank 1 (Strong Buy), indicating increased optimism about its earnings prospects and potential upward movement in stock price [3][6] - Despite a projected decline in revenue, the company is expected to report a year-over-year increase in earnings for the quarter ending September 2025, with market attention on whether it can surpass these expectations [4] - Financial metrics indicate a P/E ratio of approximately 19.39, a price-to-sales ratio of about 3.49, and a strong current ratio of 6.58, reflecting the company's financial health and conservative debt usage [5][6]

Stock Analysis - Meta Platforms (MA): Zacks ranks it a buy with A for growth and D for value, despite a 12% drop after reporting earnings, the company has a market cap of $18 trillion [2][3][4] - Vertiv (VRT): Zacks ranks it a strong buy with B for growth and F for value, with a market cap of $77 billion, benefiting from the AI trend [7] - Cirrus Logic (CRUS): Zacks ranks it a strong buy with A for growth and C for value, with a market cap of $6 billion, trading at 18 times forward earnings, earnings are coming up on November 4th [11][12] Investment Strategy - The analysis suggests a "buy the dip" opportunity for Meta Platforms [5] - Vertiv is favored due to its strong earnings growth and position in a hot sector (AI) [8][9] - Cirrus Logic is appealing due to its valuation, especially considering the current chip market dynamics [12][13] Zacks' Services - Surprise Trader: A service run by David Bartosiac that identifies stocks with the best chance of beating earnings using the Earnings ESP and Zacks Rank [14][15] - The stocks discussed (Meta, Vertiv, and Cirrus Logic) are related to the Surprise Trader service, which focuses on earnings season and identifying companies likely to beat expectations [14][16]

Core Viewpoint - Cirrus Logic (CRUS) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - Changes in earnings estimates are strongly correlated with near-term stock price movements, largely due to institutional investors adjusting their valuations based on these estimates [4]. Recent Performance and Outlook - For the fiscal year ending March 2026, Cirrus Logic is expected to earn $7.11 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 7.6% over the past three months [8]. - The upgrade to Zacks Rank 1 suggests an improvement in Cirrus Logic's underlying business, which is likely to drive the stock price higher as investors respond to this trend [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions and potential for market-beating returns [9][10].

Core Viewpoint - Cirrus Logic (CRUS) has shown strong stock performance, with a 7.1% increase over the past month and a 33.4% gain since the beginning of the year, outperforming both the Zacks Computer and Technology sector and the Zacks Electronics - Semiconductors industry [1] Performance Metrics - The stock has consistently beaten earnings estimates, with the latest EPS reported at $1.51 against a consensus estimate of $1.07, and revenue exceeding estimates by 11.96% [2] - For the current fiscal year, earnings are projected at $7.11 per share with revenues of $1.82 billion, reflecting a -5.7% change in EPS and a -3.79% change in revenues [3] Valuation Metrics - Cirrus Logic has a Value Score of C, Growth Score of B, and Momentum Score of D, resulting in a VGM Score of B [6] - The stock trades at 18.7X current fiscal year EPS estimates, significantly lower than the peer industry average of 41.6X, and at 18.1X on a trailing cash flow basis compared to the peer group's average of 22.1X [7] Zacks Rank - Cirrus Logic holds a Zacks Rank of 1 (Strong Buy) due to rising earnings estimates, indicating potential for further gains [8]

Core Insights - The Cirrus Vision Jet is the world's first single-engine personal jet, achieving 700 deliveries and setting a best-selling record for seven consecutive years, marking its impact on personal and business aviation [1][2] Group 1: Product Overview - The Vision Jet has redefined personal aviation and jet ownership, appealing to charter operators, business owners, and entrepreneurs by offering dedicated ownership support and cost efficiency [2] - The jet's modern, fuel-efficient design contributes to lower insurance premiums and predictable operating costs, enhancing its appeal for personal and business travel [4] Group 2: Operational Efficiency - The Vision Jet significantly reduces travel time, taking approximately 3 hours to fly from Denver to Las Vegas compared to an 8-hour drive, showcasing its efficiency [4] - Cirrus provides a global Authorized Network of Service and Flight Training Centers to support Vision Jet owners, ensuring operational reliability [3] Group 3: Training and Support - Cirrus has committed to enhancing flight training for Vision Jet owners by adding a simulator in Scottsdale, capable of accommodating 45 pilots per month [5] - The Jetstream program simplifies jet management by consolidating maintenance, training, and other costs into a predictable package, reducing ownership stress [6] Group 4: Technology and Connectivity - Cirrus IQ PRO is a premium subscription plan that offers real-time insights into aircraft status, maintenance management, and flight data, streamlining aircraft management for owners [7] - A mobile unit service has been established in several states to assist owners in remote areas, enhancing customer support [8] Group 5: Company Background - Cirrus is a leader in personal aviation, known for its innovative safety features like the Cirrus Airframe Parachute System (CAPS), which has contributed to 280 safe returns [9] - The company operates seven locations across the United States, reinforcing its commitment to customer service and support [9]

Core Viewpoint - Cirrus Aircraft Ltd. is expanding its recurrent Vision Jet flight training capabilities at Cirrus Scottsdale, enhancing pilot training through a new simulator [1] Group 1: Company Developments - The new flight training simulator, constructed by CAE, replicates the flight deck environment for effective pilot training on procedures, maneuvers, and emergencies [1] - Cirrus Scottsdale will utilize the simulator for recurrent Vision Jet training, accommodating up to 45 pilots per month [1]

Industry Overview - The semiconductor industry is projected to reach $1.0 trillion in annual revenue by 2030, with an additional $300 billion potentially driven by generative AI computing needs [2][4] - Major industry players are increasing investments and innovation to support rising demand for advanced chips, particularly for AI applications [4] Company Summaries Cirrus Logic Inc. (CRUS) - Cirrus Logic designs and sells low-power, high-precision mixed-signal processing solutions, specializing in audio products and high-performance mixed-signal products for various applications [8] - The company has a Value Grade of C, with a shareholder yield of 3.2% and a price-to-earnings ratio of 19.6, ranking in the 36th percentile [9][10] - Cirrus Logic has a Momentum Grade of C, with a weighted four-quarter relative price strength of -0.6% [11][12] - The company boasts a strong Growth Grade of A, with a five-year annualized sales growth rate of 8.2% and positive cash from operations for the past five years [13] Penguin Solutions Inc. (PENG) - Penguin Solutions develops enterprise solutions across advanced computing, integrated memory, and optimized LED segments, focusing on high-performance computing and AI [14] - The company has a Quality Grade of C, with a Z-Score of 6.94 indicating low bankruptcy risk, but a return on invested capital of 8.6% ranks in the lowest 37th percentile [15][16] - Penguin Solutions has a Value Grade of B, with a price-to-sales ratio of 1.03 and an enterprise-value-to-EBITDA ratio of 9.6, ranking in the cheapest 32nd and 33rd percentiles respectively [17] - The company has a strong Momentum Grade of B, with a weighted four-quarter relative price strength of 6.0% [18] Photronics Inc. (PLAB) - Photronics manufactures and sells photomask products used in integrated circuits and flat panel displays, serving semiconductor and electronics manufacturers [19] - The company has a very strong Quality Grade of A, with a return on assets of 6.4% and a buyback yield of 6.3%, ranking in the 78th and 94th percentiles respectively [20][21] - Photronics also holds a Growth Grade of A, with a five-year annualized sales growth rate of 9.5% and positive cash from operations for the past five years [21] - The company has an Earnings Estimate Revisions Grade of B, with a positive earnings surprise of 32.5% reported for fiscal third-quarter 2025 [22][23]