Rambus
RMBS · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
Rambus reported revenue of $708M in the fiscal year ended Dec 2025, up 27.1% from the year before. Operating income was $260M, an operating margin of 36.8%, and net income was $230M. Operating cash flow of $360M less capital expenditure of $27M left free cash flow of $333M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $328M | $455M | $461M | $557M | $708M |
| Cost of revenue | $70M | $108M | $103M | $110M | $144M |
| Gross profit | $258M | $347M | $358M | $447M | $563M |
| Research & development | $136M | $159M | $157M | $163M | $188M |
| Selling, general & admin | $91M | $107M | $108M | $104M | $115M |
| Operating income | $24M | $77M | $154M | $183M | $260M |
| Interest expense | $11M | $2M | $1M | $1M | $1M |
| Pre-tax income | $23M | −$8M | $187M | $200M | $282M |
| Income tax | $5M | $6M | −$147M | $20M | $52M |
| Net income | $18M | −$14M | $334M | $180M | $230M |
| Diluted EPS | 0.16 | −0.13 | 3.01 | 1.65 | 2.11 |
| Diluted shares | 115M | 109M | 111M | 109M | 109M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $108M | $125M | $95M | $100M | $183M |
| Receivables | $44M | $55M | $83M | $123M | $137M |
| Inventory | $8M | $21M | $36M | $45M | $44M |
| Current assets | $684M | $527M | $631M | $690M | $989M |
| Net PP&E | $56M | $86M | $68M | $76M | $113M |
| Goodwill | $279M | $292M | $287M | $287M | $287M |
| Total assets | $1.2B | $1B | $1.3B | $1.3B | $1.5B |
| Payables | $11M | $25M | $18M | $19M | $36M |
| Deferred revenue | $25M | $24M | $17M | $20M | $30M |
| Current liabilities | $267M | $127M | $89M | $82M | $121M |
| Total liabilities | $370M | $233M | $220M | $222M | $165M |
| Shareholders' equity | $862M | $779M | $1B | $1.1B | $1.4B |
| Backlog (remaining obligations) | $30M | $29M | $19M | $26M | $35M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $209M | $230M | $196M | $231M | $360M |
| Capital expenditure | $14M | $17M | $23M | $31M | $27M |
| Free cash flow | $195M | $213M | $173M | $200M | $333M |
| Depreciation & amortisation | $21M | $9M | $10M | $10M | $12M |
| Stock-based compensation | $27M | $36M | $45M | $45M | $54M |
| Acquisitions | $97M | $16M | $0 | $0 | – |
| Share buybacks | $100M | $100M | $101M | $113M | $7M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 38.5% | 1.4% | 20.7% | 27.1% |
| Operating income growth (YoY) | – | 216.9% | 99.7% | 19.1% | 42.2% |
| EPS growth (YoY) | – | −181.3% | – | −45.2% | 27.9% |
| Gross margin | 78.6% | 76.3% | 77.6% | 80.2% | 79.6% |
| Operating margin | 7.4% | 16.9% | 33.3% | 32.9% | 36.8% |
| Net margin | 5.6% | −3.1% | 72.4% | 32.3% | 32.6% |
| Return on equityBlank when equity is negative | 2.1% | −1.8% | 32.2% | 16.0% | 16.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.5% | 8.7% | 13.1% | 14.5% | 18.5% |
| Free cash flow margin | 59.5% | 46.8% | 37.4% | 35.9% | 47.1% |
| Cash conversion (CFO ÷ net income) | 11.4x | −16.1x | 0.59x | 1.28x | 1.56x |
| Receivable days | 49 | 44 | 66 | 81 | 71 |
| Inventory days | 44 | 71 | 128 | 148 | 111 |
| Payable days | 58 | 84 | 64 | 61 | 91 |
| Interest cover | 2.27x | 41.1x | 103x | 129x | 190x |
| Current ratio | 2.56x | 4.16x | 7.08x | 8.44x | 8.20x |
Recent filings
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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.