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Rambus (RMBS) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 26, 2026 · Rambus (RMBS) Q3 2026 earnings results →

Q3 2026 Revenue up 22% year over year to $218M · 34¢ of every $1 of revenue kept as net profit · operating margin 38.3%

Rambus made $218M in Q3 2026 (+22% Y/Y): Product Revenue $114M, Royalty $77.0M, Contractandother Revenue $27.0M. Operating margin 38.3%, net earnings $74.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 26, 2026.

Revenue$218M
Year over year+22%
Operating margin38.3%
Net earnings$74.6M
Operating cash flow$102M

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 $218.3M in Q3 2026, up 22% year over year and up 5% from the previous quarter. Product Revenue was the largest line at 52% of revenue. Product Revenue added $21.0M year over year (up 22%), 53% of the total change.

Gross margin was 78.3%, down 1.2 points from Q3 2025. Operating profit was $83.7M, a 38.3% margin (up 2.9 points year over year). Of the extra revenue versus Q3 2025, 51% reached operating profit, above the 35% margin then. Operating expenses grew 11% against revenue growth of 22%. The fastest-growing cost line was SG&A (+29%). Net earnings were $74.6M, up 54% year over year. The effective tax rate was 17.6%.

Operating cash flow was $102.5M (up 16% year over year), 137% of net earnings. Non-cash charges added back $3.0M of depreciation and amortization and $17.1M of share-based compensation. Working capital and other items added $7.7M. Capital expenditures of $6.6M left free cash flow of $95.9M.

Quarterly history

Rambus revenue by quarterRambus revenue by quarter$167MQ1 2025$172MQ2 2025$179MQ3 2025$190MQ4 2025$180MQ1 2026$207MQ2 2026$218MQ3 2026
Rambus net earnings by quarterRambus net earnings by quarter$60.3MQ1 2025$57.9MQ2 2025$48.4MQ3 2025$63.8MQ4 2025$59.9MQ1 2026$67.6MQ2 2026$74.6MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 26, 2026$218M+22%38.3%$74.6M$102M
Q2 202610-QJul 28, 2026$207M+20%35.1%$67.6M$61.2M
Q1 202610-QApr 28, 2026$180M+8%34.3%$59.9M$83.2M
Q4 202510-KFeb 18, 2026$190M+18%37.2%$63.8M$99.8M
Q3 202510-QOct 28, 2025$179M+23%35.4%$48.4M$88.4M
Q2 202510-QJul 29, 2025$172M+30%36.6%$57.9M$94.4M
Q1 202510-QApr 29, 2025$167M+41%37.9%$60.3M$77.4M

Charts

Rambus: revenue growth, year over year and quarter over quarterRambus: revenue growth, year over year and quarter over quarterY/YQ/Q+41%Q1 2025+30%+3%Q2 2025+23%+4%Q3 2025+18%+7%Q4 2025+8%-5%Q1 2026+20%+15%Q2 2026+22%+5%Q3 2026
Latest (Q3 2026): Y/Y +22%, Q/Q +5%.
Rambus: where the cash came from (+) and went (−), TTM to Q3 2026Rambus: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$347MBuybacks−$140MOther investing−$75.4MTaxes on employees’ shares−$59.6MCapital spending−$33.8MCash drawn (+) / kept (−)−$31.3MOther financing−$15.2MShares issued$8.5MExchange rates−$171K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Rambus: profit against cash, quarter by quarterRambus: profit against cash, quarter by quarterNet incomeOperating cash flow$62.2M$59.0MQ4 2024$60.3M$77.4MQ1 2025$57.9M$94.4MQ2 2025$48.4M$88.4MQ3 2025$63.8M$99.8MQ4 2025$59.9M$83.2MQ1 2026$67.6M$61.2MQ2 2026$74.6M$102MQ3 2026
Latest (Q3 2026): Net income $74.6M, Operating cash flow $102M.
Rambus: diluted shares by fiscal yearRambus: diluted shares by fiscal year113MFY2020115MFY2021109MFY2022111MFY2023109MFY2024109MFY2025
-3.5% since FY2020: buybacks shrank the count.
Rambus in its industry: growth against margin (80 companies, SIC 3674)Rambus in its industry: growth against margin (80 companies, SIC 3674)revenue growth, year over year →↑ operating marginmedian +36%median 11%NVDAMUAVGOINTCAMDAMATTXNADINXPIMRVLAMKRONMCHPQARMFSLRMPWRNXTSWKSQorvo, Inc.UCTTALABPENGCRUSDIODCRDOVIAVMTSIOSISSMTCKLICARRYICHRSEDGSITMSYNAENPHLSCCIPGPFORMALGMAAOITESLABMXLPLABSHLSCBRSAOSLSkyWater Technology, LLCWOLFPOWINLSTAMBALASRAXTIINDIMXAMBQFTCIAIPTYGOLPTHMRAMNVTSKOPNBZAIGUERLEDSGSITNVECSODIQUIKPRSOGCTSMOBXALMUASTIIPWRRMBS (+22%, 38%)
Semiconductors & Related Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵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 Rambus

Rambus is a global semiconductor company providing industry-leading chips and silicon IP for data-intensive computing systems, focusing on data center and artificial intelligence (“AI”) infrastructure. As a pioneer with over three decades of advanced semiconductor design experience, Rambus is at the forefront of enabling the next era of AI-driven computing, addressing the critical challenges of signal and power integrity at increasingly extreme data rates in the data center, edge and client markets. We are a leader in high-performance memory subsystems, offering a balanced and diverse portfolio of products, IP and patents that maximize performance and security in computationally intensive systems.

In its own words, from its 10-K, filed Feb 18, 2026.

Rambus against its Semiconductors & Related Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +40%. Operating margin: 38.3% against the peers' median 40.1%.

CompanyQuarterRevenueY/YOp. margin
RMBS RambusQ3 2026$218M+22%38.3%
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: Rambus 10-Q on SEC EDGAR · CIK 917273 · Semiconductors & Related Devices

Guidance and outlook

Rambus Revenue: guidance against what was reportedRambus Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 2026$218MQ4 2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Rambus GAAP operating expenses: guidance against what was reportedRambus GAAP operating expenses: guidance against what was reportedguided rangereported (above / within / below)FY2024$264MFY2025$303MFY2026Q4 2026
Met or beat 0 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Rambus: what its forward-looking statements are about (10-Q filed 2026-07-28)Rambus: what its forward-looking statements are about (10-Q filed 2026-07-28)Demand8Other2Deals1Supply chain1
12 statements; tone +0.00 (−1 all cautious, +1 all confident); 0 hedged.

13F: who owns RMBS and who is buying

Largest holders of RMBS (13F)Largest holders of RMBS (13F)BlackRock$1.9BFMR LLC$1.4BVanguard Group$1.1BInvesco$880MVanguard Portfolio Management LLC$806MVanguard Capital Management LLC$647MState Street$519MPrice T Rowe Associates$443MGeode Capital Management, LLC$305MDimensional Fund Advisors LP$228M
Funds' net buying of RMBS by quarter (13F)Funds' net buying of RMBS by quarter (13F)−$22.4M2024-09−$30.8M2024-12$247M2025-03−$117M2025-06$431M2025-09−$31.3M2025-12$383M2026-03−$549M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on RMBS

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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