Filing Flows › Rambus (RMBS) › Q1 2026
Rambus (RMBS) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Rambus (RMBS) reported revenue of $180M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -5% from the quarter before. Operating margin was 34.3%, net earnings $59.9M (33.2% of revenue).
Rambus, Q1 2026: revenue $180M (+8% year over year), operating margin 34.3%, net earnings $59.9M, operating cash flow $83.2M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $180M | -5% | +8% |
| Gross profit | $144M | -4% | +7% |
| Operating profit | $61.8M | -13% | -2% |
| Net earnings | $59.9M | -6% | -0.7% |
| Operating cash flow | $83.2M | -17% | +7% |
| Free cash flow | $71.6M | -23% | +3% |
What changed
Revenue was $180.2M in Q1 2026, up 8% year over year and down 5% from the previous quarter. Product Revenue was the largest line at 49% of revenue. Product Revenue added $11.7M year over year (up 15%), 86% of the total change. Royalty declined 6%.
Gross margin was 79.7%, down 0.6 points from Q1 2025. Operating profit was $61.8M, a 34.3% margin (down 3.6 points year over year). Operating profit fell $1.4M even though revenue rose $13.5M versus Q1 2025, so costs grew faster than sales. Operating expenses grew 16% against revenue growth of 8%. The fastest-growing cost line was Research & development (+18%). Net earnings were $59.9M, down 1% year over year. The effective tax rate was 12.8%.
Operating cash flow was $83.2M (up 7% year over year), 139% of net earnings. Non-cash charges added back $3.1M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items added $8.8M. Capital expenditures of $11.6M left free cash flow of $71.6M.
Questions
What was Rambus' revenue in the first quarter 2026?
Rambus (RMBS) reported revenue of $180M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -5% from the quarter before.
Was Rambus profitable in the first quarter 2026?
Operating profit was $61.8M (34.3% of revenue) and net earnings $59.9M.
Source: Rambus 10-Q on SEC EDGAR.