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Credo Technology Group Holding (CRDO) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Sep 2, 2026 · Credo Technology Group Holding (CRDO) Q1 FY27 earnings results →

Q1 FY27 Revenue up 115% year over year to $479M · 27¢ of every $1 of revenue kept as net profit · operating margin 25.2%

Credo Technology Group Holding made $479M in Q1 FY27 (+115% Y/Y). Operating margin 25.2%, net earnings $129M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$479M
Year over year+115%
Operating margin25.2%
Net earnings$129M
Operating cash flow$90.2M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $479.0M in Q1 FY27, up 115% year over year and up 10% from the previous quarter.

Gross margin was 64.5%, down 2.9 points from Q1 FY26. Operating profit was $120.7M, a 25.2% margin (down 2.0 points year over year). Of the extra revenue versus Q1 FY26, 23% reached operating profit, below the 27% margin then. Operating expenses grew 110% against revenue growth of 115%. The fastest-growing cost line was Research & development (+118%). Net earnings were $129.4M, up 104% year over year. The effective tax rate was -0.5%.

Operating cash flow was $90.2M (up 67% year over year), 70% of net earnings. Non-cash charges added back $8.6M of depreciation and amortization and $88.0M of share-based compensation. Working capital and other items used $135.8M. Capital expenditures of $7.3M left free cash flow of $82.9M.

Quarterly history

Credo Technology Group Holding revenue by quarterCredo Technology Group Holding revenue by quarter$135MQ3 FY25$170MQ4 FY25$223MQ1 FY26$268MQ2 FY26$407MQ3 FY26$437MQ4 FY26$479MQ1 FY27
Credo Technology Group Holding net earnings by quarterCredo Technology Group Holding net earnings by quarter$29.4MQ3 FY25$36.6MQ4 FY25$63.4MQ1 FY26$82.6MQ2 FY26$157MQ3 FY26$169MQ4 FY26$129MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QSep 2, 2026$479M+115%25.2%$129M$90.2M
Q4 FY2610-KJun 15, 2026$437M+157%35.7%$169M$182M
Q3 FY2610-QMar 3, 2026$407M+202%36.8%$157M$166M
Q2 FY2610-QDec 2, 2025$268M+272%29.4%$82.6M$61.7M
Q1 FY2610-QSep 4, 2025$223M+274%27.2%$63.4M$54.2M
Q4 FY2510-KJul 2, 2025$170M+180%19.9%$36.6M$57.8M
Q3 FY2510-QMar 10, 2025$135M+154%19.4%$29.4M$4.2M

Charts

Credo Technology Group Holding: revenue growth, year over year and quarter over quarterCredo Technology Group Holding: revenue growth, year over year and quarter over quarterY/YQ/Q+154%Q3 FY25+180%+26%Q4 FY25+274%+31%Q1 FY26+272%+20%Q2 FY26+202%+52%Q3 FY26+157%+7%Q4 FY26+115%+10%Q1 FY27
Latest (Q1 FY27): Y/Y +115%, Q/Q +10%.
Credo Technology Group Holding: where the cash came from (+) and went (−), TTM to Q1 FY27Credo Technology Group Holding: where the cash came from (+) and went (−), TTM to Q1 FY27Acquisitions−$849MOther financing$728MOperating cash flow$500MCash drawn (+) / kept (−)−$247MCapital spending−$61.8MTaxes on employees’ shares−$41.4MOther investing−$37.4MShares issued$6.9MExchange rates$600K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Credo Technology Group Holding: profit against cash, quarter by quarterCredo Technology Group Holding: profit against cash, quarter by quarterNet incomeOperating cash flow−$4.2M$10.3MQ2 FY25$29.4M$4.2MQ3 FY25$36.6M$57.8MQ4 FY25$63.4M$54.2MQ1 FY26$82.6M$61.7MQ2 FY26$157M$166MQ3 FY26$169M$182MQ4 FY26$129M$90.2MQ1 FY27
Latest (Q1 FY27): Net income $129M, Operating cash flow $90.2M.
Credo Technology Group Holding: diluted shares by fiscal yearCredo Technology Group Holding: diluted shares by fiscal year69MFY2188MFY22147MFY23155MFY24181MFY25188MFY26
+172.4% since FY21: more shares outstanding (issuance, stock pay).
Credo Technology Group Holding in its industry: growth against margin (80 companies, SIC 3674)Credo Technology Group Holding in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABRMBSMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRCRDO (+115%, 25%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

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Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Credo Technology Group Holding

At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions. The Company’s highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI. The Company’s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company’s PILOT diagnostic and analytics software platform. The Company’s innovations enable our customers to connect the systems that connect the world.

In its own words, from its 10-K, filed Jun 15, 2026.

Credo Technology Group Holding against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +115% against the peers' median +45%. Operating margin: 25.2% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
CRDO Credo Technology Group HoldingQ1 FY27$479M+115%25.2%
NVDA NVIDIAQ2 FY27$96.2B+106%66.2%
MU Micron TechnologyQ4 FY26$54.2B+379%80.7%
AVGO BroadcomQ3 FY26$29.6B+86%53.9%
INTC IntelQ3 2026$16.5B+21%15.3%
AMD Advanced Micro DevicesQ3 2026$13.4B+45%21.2%
AMAT Applied MaterialsQ3 FY26$9.1B+25%33.7%
TXN Texas InstrumentsQ3 2026$6.1B+28%47.5%
ADI Analog DevicesQ3 FY26$4.0B+40%40.1%

Source: Credo Technology Group Holding 10-Q on SEC EDGAR · CIK 1807794 · Semiconductors & Related Devices

Guidance and outlook

Credo Technology Group Holding Revenue: guidance against what was reportedCredo Technology Group Holding Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 FY25$135MQ4 FY25$170MQ1 FY26$223MQ2 FY26$268MQ4 FY26$437MQ1 FY27$479MQ2 FY27
Met or beat 6 of 6 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Credo Technology Group Holding GAAP gross margin: guidance against what was reportedCredo Technology Group Holding GAAP gross margin: guidance against what was reportedguided rangereported (above / within / below)Q2 FY25Q3 FY2563.6%Q4 FY2567.2%Q1 FY2667.4%Q2 FY2667.5%Q4 FY2668.2%Q1 FY2764.5%Q2 FY27
Met or beat 5 of 6 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

More on CRDO

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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