Credo Technology
CRDO · NasdaqSemiconductors & Related Devices · Fiscal year ends Apr 29
Credo Technology reported revenue of $1.3B in the fiscal year ended May 2026, up 205.7% from the year before. Operating income was $445M, an operating margin of 33.3%, and net income was $472M. Operating cash flow of $464M less capital expenditure of $57M left free cash flow of $407M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | $106M | $184M | $193M | $437M | $1.3B |
| Cost of revenue | $42M | $78M | $74M | $154M | $427M |
| Gross profit | $64M | $106M | $119M | $283M | $908M |
| Research & development | $48M | $77M | $96M | $147M | $279M |
| Selling, general & admin | $35M | $48M | $60M | $99M | $184M |
| Operating income | −$22M | −$21M | −$37M | $37M | $445M |
| Pre-tax income | −$22M | −$18M | −$23M | $55M | $475M |
| Income tax | −$37,000 | −$1M | $6M | $3M | $3M |
| Net income | −$22M | −$17M | −$28M | $52M | $472M |
| Diluted EPS | −0.25 | −0.11 | −0.18 | 0.29 | 2.51 |
| Diluted shares | 88M | 147M | 155M | 181M | 188M |
Balance sheet
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $259M | $109M | $67M | $236M | $1.2B |
| Receivables | $30M | $50M | $60M | $162M | $233M |
| Inventory | $27M | $46M | $26M | $90M | $251M |
| Current assets | $332M | $328M | $530M | $714M | $2B |
| Net PP&E | $22M | $40M | $44M | $64M | $102M |
| Goodwill | – | – | – | $0 | $93M |
| Total assets | $376M | $397M | $602M | $809M | $2.3B |
| Payables | $8M | $6M | $13M | $56M | $107M |
| Deferred revenue | $1M | $4M | $4M | $2M | – |
| Current liabilities | $26M | $31M | $45M | $108M | $197M |
| Total liabilities | $42M | $50M | $62M | $128M | $232M |
| Shareholders' equity | $334M | $348M | $540M | $682M | $2.1B |
Cash flow
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −$31M | −$25M | $33M | $65M | $464M |
| Capital expenditure | $18M | $22M | $16M | $36M | $57M |
| Free cash flow | −$48M | −$46M | $17M | $29M | $407M |
| Depreciation & amortisation | $5M | $10M | $14M | $22M | $35M |
| Stock-based compensation | $9M | $24M | $39M | $77M | $183M |
| Acquisitions | – | – | $0 | $0 | $113M |
| Share buybacks | $0 | $0 | – | – | – |
Key ratios
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 73.0% | 4.8% | 126.3% | 205.7% |
| Operating income growth (YoY) | – | – | – | – | 1098.7% |
| EPS growth (YoY) | – | – | – | – | 765.5% |
| Gross margin | 60.1% | 57.7% | 61.9% | 64.8% | 68.0% |
| Operating margin | −20.6% | −11.5% | −19.2% | 8.5% | 33.3% |
| Net margin | −20.8% | −9.0% | −14.7% | 11.9% | 35.4% |
| Return on equityBlank when equity is negative | −6.6% | −4.8% | −5.3% | 7.7% | 22.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −6.3% | −5.8% | −6.6% | 5.3% | 21.2% |
| Free cash flow margin | −45.5% | −25.2% | 8.9% | 6.6% | 30.5% |
| Cash conversion (CFO ÷ net income) | 1.39x | 1.49x | −1.15x | 1.25x | 0.98x |
| Receivable days | 101 | 98 | 113 | 135 | 64 |
| Inventory days | 235 | 215 | 129 | 214 | 215 |
| Payable days | 73 | 28 | 67 | 133 | 92 |
| Current ratio | 12.5x | 10.6x | 11.9x | 6.62x | 10.2x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.