Revenue growth has normalized significantly, dropping to 8.1% in 2026Q1, yet the firm maintains structural resilience with gross margins consistently hovering near 79.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 721.15M | 707.63M | 556.62M | 461.12M | 454.79M | 328.3M | 246.32M | 224.03M | 231.2M | 393.1M | 336.6M | 296.28M | 296.56M | 271.5M | 234.05M | 312.36M | 323.39M | 113.01M | 142.49M | 179.94M | 195.32M | 157.2M | 144.87M | 118.2M | 96.56M | 117.16M | 72.31M | 43.4M | 37.9M | 26M | 11.3M |
| Revenue Growth % | 19.12% | 27.13% | 20.71% | 1.39% | 38.53% | 33.28% | 9.95% | -3.1% | -41.18% | 16.79% | 13.61% | -0.09% | 9.23% | 16% | -25.07% | -3.41% | 186.17% | -20.69% | -20.81% | -7.88% | 24.25% | 8.51% | 22.56% | 22.41% | -17.58% | 62.02% | 66.62% | 14.51% | 45.77% | 130.09% | 52.7% |
| Cost of Goods Sold | 165.64M | 170.07M | 136.71M | 142.34M | 140.77M | 98.43M | 91.58M | 77.64M | 59.34M | 86.01M | 74.53M | 47.82M | 45.66M | 51.67M | 71.91M | 56.17M | 22.1M | 20.52M | 21.3M | 27.12M | 30.39M | 23.73M | 20.25M | 15.95M | 7.61M | 9.86M | 8.05M | 9.1M | 6.2M | 3.4M | 3.6M |
| COGS % of Revenue | - | 24.03% | 24.56% | 30.87% | 30.95% | 29.98% | 37.18% | 34.66% | 25.67% | 21.88% | 22.14% | 16.14% | 15.4% | 19.03% | 30.72% | 17.98% | 6.84% | 18.16% | 14.95% | 15.07% | 15.56% | 15.1% | 13.97% | 13.49% | 7.88% | 8.42% | 11.13% | 20.97% | 16.36% | 13.08% | 31.86% |
| Gross Profit | 555.52M | 537.56M | 419.91M | 318.78M | 314.02M | 229.87M | 154.74M | 146.39M | 171.86M | 307.09M | 262.07M | 248.46M | 250.89M | 219.83M | 162.14M | 256.19M | 301.29M | 92.49M | 121.19M | 152.82M | 164.93M | 133.47M | 124.63M | 102.25M | 88.96M | 107.3M | 64.26M | 34.3M | 31.7M | 22.6M | 7.7M |
| Gross Margin % | 77.03% | 75.97% | 75.44% | 69.13% | 69.05% | 70.02% | 62.82% | 65.34% | 74.33% | 78.12% | 77.86% | 83.86% | 84.6% | 80.97% | 69.28% | 82.02% | 93.16% | 81.84% | 85.05% | 84.93% | 84.44% | 84.9% | 86.03% | 86.51% | 92.12% | 91.58% | 88.87% | 79.03% | 83.64% | 86.92% | 68.14% |
| Gross Profit Growth % | - | 28.02% | 31.73% | 1.51% | 36.61% | 48.55% | 5.71% | -14.82% | -44.04% | 17.18% | 5.48% | -0.97% | 14.13% | 35.57% | -36.71% | -14.97% | 225.76% | -23.69% | -20.69% | -7.35% | 23.58% | 7.09% | 21.88% | 14.94% | -17.09% | 66.97% | 87.36% | 8.2% | 40.27% | 193.51% | 250% |
| Operating Expenses | 296.69M | 277.34M | 240.88M | 227.28M | 233.97M | 199.93M | 196.5M | 230.87M | 256.61M | 250.11M | 214.45M | 179.19M | 180.28M | 178.57M | 196.36M | 182.84M | 174.31M | 126.31M | 144.6M | 183.43M | 148.07M | 91.33M | 62.01M | 74.96M | 57.54M | 66.58M | 36.69M | 24.7M | 23.7M | 20.7M | 12.2M |
| OpEx % of Revenue | - | 39.19% | 43.27% | 49.29% | 51.45% | 60.9% | 79.78% | 103.05% | 110.99% | 63.63% | 63.71% | 60.48% | 60.79% | 65.77% | 83.9% | 58.54% | 53.9% | 111.77% | 101.48% | 101.94% | 75.81% | 58.1% | 42.8% | 63.42% | 59.58% | 56.83% | 50.73% | 56.91% | 62.53% | 79.62% | 107.96% |
| Selling, General & Admin | 101.37M | 89.64M | 77.99M | 70.45M | 75.2M | 64.25M | 56.67M | 74.05M | 98.27M | 100.98M | 84.61M | 68.08M | 70.25M | 60.59M | 55.86M | 67.15M | 81.61M | 59.05M | 68.38M | 81.1M | 65.66M | 42.22M | 29.38M | 44.58M | 35.23M | 48.38M | 21.14M | 13.5M | 11.3M | 8.8M | 5.8M |
| SG&A % of Revenue | - | 12.67% | 14.01% | 15.28% | 16.54% | 19.57% | 23.01% | 33.05% | 42.5% | 25.69% | 25.14% | 22.98% | 23.69% | 22.32% | 23.87% | 21.5% | 25.24% | 52.26% | 47.99% | 45.07% | 33.62% | 26.86% | 20.28% | 37.72% | 36.49% | 41.29% | 29.23% | 31.11% | 29.82% | 33.85% | 51.33% |
| Research & Development | 195.32M | 187.71M | 162.88M | 156.83M | 158.77M | 135.68M | 139.84M | 156.81M | 158.34M | 149.13M | 129.84M | 111.11M | 110.03M | 117.98M | 140.5M | 115.7M | 92.71M | 67.25M | 76.22M | 82.88M | 68.98M | 49.12M | 32.63M | 30.38M | 22.31M | 18.2M | 11.5M | 8.1M | 9.6M | 9.8M | 5.2M |
| R&D % of Revenue | - | 26.53% | 29.26% | 34.01% | 34.91% | 41.33% | 56.77% | 70% | 68.49% | 37.94% | 38.58% | 37.5% | 37.1% | 43.46% | 60.03% | 37.04% | 28.67% | 59.51% | 53.49% | 46.06% | 35.31% | 31.24% | 22.52% | 25.7% | 23.1% | 15.54% | 15.9% | 18.66% | 25.33% | 37.69% | 46.02% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.46M | 13.44M | 0 | 0 | 0 | 0 | 0 | 4.04M | 3.1M | 2.8M | 2.1M | 1.2M |
| Operating Income | 258.83M | 260.22M | 179.04M | 91.5M | 80.05M | 29.95M | -41.77M | -84.48M | -84.75M | 56.97M | 47.62M | 69.27M | 70.62M | 41.26M | -34.22M | 73.35M | 126.97M | -33.82M | -23.41M | -30.61M | 16.86M | 42.13M | 62.62M | 27.29M | 31.42M | 40.72M | 27.58M | 9.6M | 8M | 1.9M | -4.5M |
| Operating Margin % | 35.89% | 36.77% | 32.16% | 19.84% | 17.6% | 9.12% | -16.96% | -37.71% | -36.66% | 14.49% | 14.15% | 23.38% | 23.81% | 15.2% | -14.62% | 23.48% | 39.26% | -29.93% | -16.43% | -17.01% | 8.63% | 26.8% | 43.22% | 23.09% | 32.54% | 34.75% | 38.14% | 22.12% | 21.11% | 7.31% | -39.82% |
| Operating Income Growth % | - | 45.34% | 95.66% | 14.3% | 167.3% | 171.71% | 50.56% | 0.32% | -248.75% | 19.65% | -31.26% | -1.91% | 71.16% | 220.57% | -146.65% | -42.23% | 475.43% | -44.48% | 23.54% | -281.61% | -59.99% | -32.72% | 129.45% | -13.15% | -22.82% | 47.64% | 187.26% | 20% | 321.05% | 142.22% | 25% |
| EBITDA | 288.19M | 291.03M | 216.85M | 143.94M | 127.18M | 74.23M | 6.42M | -43.91M | -44.66M | 112.21M | 97.72M | 106.72M | 110.86M | 85.62M | 37.02M | 105.44M | 142.14M | -20.18M | -7.74M | -14.13M | 36.52M | 56.64M | 70.76M | 32.93M | 36.55M | 46.07M | 31.62M | 12.7M | 10.8M | 4M | -3.3M |
| EBITDA Margin % | 39.96% | 41.13% | 38.96% | 31.22% | 27.96% | 22.61% | 2.61% | -19.6% | -19.32% | 28.55% | 29.03% | 36.02% | 37.38% | 31.53% | 15.82% | 33.75% | 43.95% | -17.85% | -5.43% | -7.85% | 18.69% | 36.03% | 48.85% | 27.86% | 37.85% | 39.32% | 43.73% | 29.26% | 28.5% | 15.38% | -29.2% |
| EBITDA Growth % | 16.19% | 34.21% | 50.65% | 13.18% | 71.34% | 1055.99% | 114.62% | 1.68% | -139.8% | 14.83% | -8.43% | -3.73% | 29.48% | 131.29% | -64.89% | -25.82% | 804.53% | -160.56% | 45.19% | -138.69% | -35.53% | -19.96% | 114.87% | -9.9% | -20.66% | 45.68% | 148.99% | 17.59% | 170% | 221.21% | 25% |
| D&A (Non-Cash Add-back) | 22.65M | 30.81M | 37.81M | 52.44M | 47.13M | 44.28M | 48.19M | 40.56M | 40.09M | 55.24M | 50.1M | 37.45M | 40.24M | 44.36M | 71.23M | 32.09M | 15.17M | 13.64M | 15.66M | 16.49M | 19.66M | 14.51M | 8.15M | 5.64M | 5.13M | 5.35M | 4.04M | 3.1M | 2.8M | 2.1M | 1.2M |
| EBIT | 277.09M | 283.33M | 201.46M | 188.65M | -5.95M | 33.99M | -26.2M | -77.16M | -54.35M | 54.71M | 35.38M | 72.64M | 75.07M | 20.87M | -90.38M | -4.55M | 227.74M | -71.78M | -71.67M | -48.36M | -22.5M | 39.86M | 47.88M | 27.29M | 31.42M | 40.72M | 27.58M | 9.6M | 8M | 1.9M | -4.5M |
| Net Interest Income | 14.04M | 18.8M | 17.03M | 9.84M | 5.9M | -995K | 7.51M | 17.59M | 16.34M | -12.34M | -11.01M | -11.19M | -24.82M | -32.88M | -27.45M | -24.27M | -18.84M | -16.86M | 3.39M | 10.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 15.31M | 20.17M | 18.45M | 11.33M | 7.77M | 9.71M | 17.86M | 27.38M | 32.62M | 1.38M | 1.74M | 1.22M | 0 | 0 | 59K | 563K | 861K | 4.08M | 17.04M | 21.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.27M | 1.37M | 1.42M | 1.49M | 1.87M | 10.71M | 10.34M | 9.85M | 16.28M | 13.72M | 12.74M | 12.41M | 24.82M | 32.88M | 27.51M | 21.25M | 19.7M | 20.95M | 17.04M | 11.01M | 0 | 0 | 0 | 0 | 0 | 0 | 166.37M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 24.13M | 21.74M | 21.01M | 95.66M | -87.88M | -6.66M | 5.23M | -2.54M | 14.12M | -15.98M | -24.98M | -9.04M | -20.37M | -53.27M | -83.67M | -99.15M | 81.07M | -58.91M | -48.26M | -17.74M | -42.56M | -3.37M | -14.73M | 6.86M | 6.58M | 8.93M | -166.37M | 4.2M | 3.3M | 1.4M | 400K |
| Pretax Income | 282.96M | 281.96M | 200.04M | 187.16M | -7.83M | 23.29M | -36.54M | -87.02M | -70.63M | 40.99M | 22.64M | 60.23M | 50.25M | -12.02M | -117.89M | -25.8M | 208.04M | -92.73M | -71.67M | -48.36M | -25.7M | 38.76M | 47.88M | 34.15M | 38.01M | 49.65M | -138.79M | 13.8M | 11.3M | 3.3M | -4.1M |
| Pretax Margin % | 39.24% | 39.85% | 35.94% | 40.59% | -1.72% | 7.09% | -14.83% | -38.84% | -30.55% | 10.43% | 6.73% | 20.33% | 16.94% | -4.43% | -50.37% | -8.26% | 64.33% | -82.05% | -50.3% | -26.87% | -13.16% | 24.66% | 33.05% | 28.89% | 39.36% | 42.38% | -191.94% | 31.8% | 29.82% | 12.69% | -36.28% |
| Income Tax | 52.95M | 51.5M | 20.22M | -146.74M | 6.49M | 4.95M | 3.93M | 3.4M | 87.33M | 63.85M | 15.82M | -151.16M | 24.05M | 21.73M | 16.45M | 17.25M | 57.13M | -541K | 124.25M | -20.69M | -11.89M | 9.82M | 14.33M | 10.93M | 13.3M | 18.38M | -32.67M | 5.1M | 4.5M | 1.3M | 300K |
| Effective Tax Rate % | 18.71% | 18.27% | 10.11% | -78.41% | -82.88% | 21.27% | -10.76% | -3.91% | -123.65% | 155.78% | 69.87% | -250.96% | 47.86% | -180.84% | -13.96% | -66.87% | 27.46% | 0.58% | -173.36% | 42.79% | 46.25% | 25.34% | 29.92% | 32% | 35% | 37.01% | 23.54% | 36.96% | 39.82% | 39.39% | -7.32% |
| Net Income | 230.01M | 230.46M | 179.82M | 333.9M | -14.31M | 18.33M | -40.47M | -90.42M | -157.96M | -22.86M | 6.82M | 211.39M | 26.2M | -33.75M | -134.34M | -43.05M | 150.92M | -92.19M | -195.92M | -27.66M | -13.82M | 28.94M | 33.56M | 23.22M | 24.7M | 31.27M | -106.13M | 8.7M | 6.8M | 2M | -4.4M |
| Net Margin % | 31.89% | 32.57% | 32.31% | 72.41% | -3.15% | 5.58% | -16.43% | -40.36% | -68.32% | -5.82% | 2.03% | 71.35% | 8.83% | -12.43% | -57.4% | -13.78% | 46.67% | -81.58% | -137.5% | -15.37% | -7.07% | 18.41% | 23.16% | 19.65% | 25.58% | 26.69% | -146.76% | 20.05% | 17.94% | 7.69% | -38.94% |
| Net Income Growth % | 10.99% | 28.16% | -46.15% | 2433.36% | -178.05% | 145.3% | 55.24% | 42.76% | -590.92% | -435.22% | -96.77% | 706.79% | 177.64% | 74.88% | -212.02% | -128.53% | 263.71% | 52.95% | -608.22% | -100.23% | -147.74% | -13.76% | 44.52% | -6% | -21% | 129.47% | -1319.85% | 27.94% | 240% | 145.45% | 37.14% |
| Net Income (Continuing) | 230.01M | 230.46M | 179.82M | 333.9M | -14.31M | 18.33M | -40.47M | -90.42M | -157.96M | -22.86M | 6.82M | 211.39M | 26.2M | -33.75M | -134.34M | -43.05M | 150.92M | -92.19M | -195.92M | -27.66M | -13.82M | 28.94M | 33.56M | 23.22M | 24.7M | 31.27M | -106.13M | 8.7M | 6.8M | 2M | -4.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.10 | 2.11 | 1.65 | 3.01 | -0.13 | 0.16 | -0.36 | -0.81 | -1.46 | -0.17 | 0.06 | 1.80 | 0.22 | -0.30 | -1.21 | -0.39 | -1.90 | -0.88 | -1.87 | -0.27 | -0.13 | 0.28 | 0.21 | 0.06 | 0.24 | 0.29 | -1.10 | 0.09 | 0.07 | 0.02 | -0.20 |
| EPS Growth % | 9.95% | 27.88% | -45.18% | 2415.38% | -181.25% | 144.44% | 55.56% | 44.52% | -758.82% | -383.33% | -96.67% | 718.18% | 173.33% | 75.21% | -210.26% | 79.47% | -115.91% | 52.94% | -592.59% | -107.69% | -146.43% | 33.33% | 250% | -75% | -17.24% | 126.36% | -1322.22% | 28.57% | 250% | 110% | 35.48% |
| EPS (Basic) | - | 2.14 | 1.67 | 3.09 | -0.13 | 0.17 | -0.36 | -0.81 | -1.46 | -0.17 | 0.06 | 1.84 | 0.23 | -0.30 | -1.21 | -0.39 | -1.90 | -0.88 | -1.87 | -0.27 | -0.13 | 0.29 | 0.22 | 0.06 | 0.25 | 0.31 | -1.10 | 0.09 | 0.08 | 0.03 | -0.20 |
| Diluted Shares Outstanding | 109.72M | 109.72M | 109.04M | 110.89M | 109.47M | 114.86M | 113.25M | 110.95M | 108.45M | 110.2M | 113.14M | 117.48M | 117.62M | 112.42M | 110.77M | 110.04M | 104.57M | 104.57M | 104.57M | 104.06M | 103.05M | 103.53M | 108.55M | 105.04M | 102.1M | 105.97M | 96.49M | 100.21M | 97.5M | 100M | 22M |
| Basic Shares Outstanding | 108.03M | 107.74M | 107.44M | 108.18M | 109.47M | 110.54M | 113.25M | 110.95M | 108.19M | 108.87M | 110.16M | 114.81M | 114.32M | 112.42M | 110.77M | 110.04M | 104.57M | 104.57M | 104.57M | 104.06M | 103.05M | 99.88M | 101.93M | 97.36M | 99.37M | 99.46M | 96.49M | 93.33M | 90.82M | 66.67M | 22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical semiconductor demand exposure
As reported in financial statements, Rambus experienced a significant deceleration in top-line growth, falling from a peak of 41.4% year-over-year in 2025Q1 to 8.1% by 2026Q1, suggesting that the initial tailwinds from the DDR5 server transition are beginning to moderate across the broader enterprise infrastructure market.
The rapid growth observed throughout 2024 and early 2025 appears to have been driven by a concentrated cycle of data center upgrades. Investors should monitor whether the current single-digit growth rate represents a sustainable baseline or a temporary digestion period as hyperscalers adjust their capital expenditure priorities.
Based on the company's reported figures, Rambus maintains a robust gross margin profile, consistently hovering near 75-80%, which underscores the high-margin contribution of its intellectual property licensing business despite the increasing revenue mix shift toward physical memory interface products that typically carry lower profitability profiles.
The ability to sustain gross margins above 75% despite the scaling of hardware products suggests significant pricing power and a successful integration of high-value IP into the product stack. This margin stability is a critical differentiator compared to pure-play semiconductor peers who often face severe margin compression during cyclical downturns.
According to recent SEC filings, Rambus has demonstrated effective operating leverage, with operating income expanding from $30.8 million in 2024Q1 to $61.8 million in 2026Q1, indicating that management has successfully managed SG&A expenses even as R&D investments remain elevated to support next-generation interconnect technologies.
The company's ability to scale operating income faster than revenue during periods of growth suggests a disciplined cost structure. However, the recent uptick in R&D spending warrants further investigation to ensure that these investments are yielding competitive advantages in the evolving CXL and high-speed signaling markets.
As indicated by the provided income statement data, stock-based compensation remains a recurring expense, frequently exceeding $11 million per quarter, which suggests that reported net income may be slightly inflated relative to cash-based earnings when accounting for the dilution and compensation costs inherent in the firm's talent-heavy model.
While the company remains consistently profitable, the reliance on stock-based compensation to attract specialized engineering talent is a structural reality that investors must adjust for when calculating true free cash flow. The absence of SBC in 2025Q4 appears to be an anomaly that likely masks the true ongoing cost of human capital.
Quick answers to the most common questions about buying RMBS stock.
For fiscal year 2025, Rambus Inc. (RMBS) reported total revenue of $707.6M. This represents a 6162.2% increase compared to $11.3M in 1996.
Rambus Inc. (RMBS) is profitable, generating $230.5M in net income for the fiscal year ending 2025 with a net profit margin of 32.6%.
Rambus Inc. (RMBS) reported an operating income of $260.2M, resulting in an operating profit margin of 36.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Rambus Inc. (RMBS) generated $537.6M in gross profit for the year, representing a gross profit margin of 76.0%. This demonstrates the company's core pricing power and production efficiency.