CRDO

MKT CAP:$36B

Credo Technology Group Holding Ltd

Market Cap

$36B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$197.38+$54.16 (+37.82%)

Apr 24, 2026

Company Details

Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integr...

CEO

William J. Brennan

IPO Date

Jan 27, 2022

Website

credosemi.com

Key Metrics TTM

Revenue

$1.1B

+226.1% YoY

Net Income

$340M

EPS (Diluted)

$1.80

Free Cash Flow

$284M

Revenue / Share

$5.72

Gross Margin

67.8%

Operating Margin

30.2%

Net Margin

31.8%

FCF Margin

26.6%

P/S

34.1x

P/E

107.2x

Earnings Reports

Q3 2026

Mar 3, 2026

$407M+201.5%EPS $0.82

Q2 2026

Dec 1, 2025

$268M+272.1%EPS $0.44

Q1 2026

Sep 4, 2025

$223M+273.6%EPS $0.34

FY 2025

Jul 1, 2025

$437M+126.3%EPS $0.29

Q4 2025

Jul 1, 2025

$170M+179.7%EPS $0.20

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$38M	$24M	-$6M
Q1 23	$46M	$28M	-$218.0K
Q2 23	$51M	$28M	-$2M
Q3 23	$54M	$32M	-$3M
Q4 23	$32M	$19M	-$16M
Q1 24	$35M	$21M	-$14M
Q2 24	$44M	$26M	-$9M
Q3 24	$53M	$33M	-$6M
Q4 24	$61M	$40M	-$8M
Q1 25	$60M	$37M	-$14M
Q2 25	$72M	$46M	-$8M
Q3 25	$135M	$86M	$26M
Q4 25	$170M	$114M	$34M
Q1 26	$223M	$150M	$61M
Q2 26	$268M	$181M	$79M
Q3 26	$407M	$279M	$150M

Valuation

Quarter	P/S	P/E
Q4 22	15.3x	—
Q1 23	15.2x	—
Q2 23	12.1x	—
Q3 23	13.2x	—
Q4 23	6.6x	—
Q1 24	14.8x	—
Q2 24	12.9x	—
Q3 24	21.1x	—
Q4 24	15.8x	—
Q1 25	18.8x	—
Q2 25	27.4x	—
Q3 25	37.4x	2390.9x
Q4 25	16.8x	140.5x
Q1 26	32.9x	157.6x
Q2 26	39.0x	146.5x
Q3 26	19.5x	61.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$2M	-$7M
Q1 23	-$12M	-$17M
Q2 23	$2M	-$4M
Q3 23	-$2M	-$9M
Q4 23	-$12M	-$16M
Q1 24	$25M	$19M
Q2 24	$5M	$3M
Q3 24	-$1M	-$6M
Q4 24	$4M	$962.0K
Q1 25	-$7M	-$13M
Q2 25	$10M	-$12M
Q3 25	$4M	-$383.0K
Q4 25	$58M	$54M
Q1 26	$54M	$51M
Q2 26	$62M	$38M
Q3 26	$166M	$140M

Capital Expenditures

Quarter	CapEx
Q4 22	$10M
Q1 23	$5M
Q2 23	$6M
Q3 23	$7M
Q4 23	$4M
Q1 24	$5M
Q2 24	$2M
Q3 24	$5M
Q4 24	$3M
Q1 25	$6M
Q2 25	$22M
Q3 25	$5M
Q4 25	$4M
Q1 26	$3M
Q2 26	$23M
Q3 26	$27M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+90.0%	+102.5%
Q1 23	+333.3%	+108.8%
Q2 23	+94.4%	+77.1%
Q3 23	+70.7%	+77.2%
Q4 23	-14.5%	+10.5%
Q1 24	-24.5%	+6.0%
Q2 24	-14.3%	-0.4%
Q3 24	-2.2%	+3.2%
Q4 24	+89.4%	+41.6%
Q1 25	+70.1%	+49.9%
Q2 25	+63.6%	+52.0%
Q3 25	+154.4%	+84.5%
Q4 25	+179.7%	+98.4%
Q1 26	+273.6%	+118.9%
Q2 26	+272.1%	+135.2%
Q3 26	+201.5%	+136.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$5M	14.3%
Q1 23	$6M	11.9%
Q2 23	$5M	9.5%
Q3 23	$5M	9.5%
Q4 23	$8M	24.7%
Q1 24	$8M	22.7%
Q2 24	$8M	18.5%
Q3 24	$8M	15.7%
Q4 24	$15M	24.0%
Q1 25	$17M	27.9%
Q2 25	$17M	23.1%
Q3 25	$16M	12.0%
Q4 25	$28M	16.4%
Q1 26	$35M	15.9%
Q2 26	$45M	16.9%
Q3 26	$52M	12.8%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 22	$15M	$12M
Q1 23	$17M	$11M
Q2 23	$18M	$12M
Q3 23	$21M	$12M
Q4 23	$21M	$14M
Q1 24	$23M	$13M
Q2 24	$22M	$13M
Q3 24	$24M	$14M
Q4 24	$27M	$20M
Q1 25	$30M	$21M
Q2 25	$32M	$22M
Q3 25	$36M	$23M
Q4 25	$48M	$32M
Q1 26	$52M	$37M
Q2 26	$58M	$44M
Q3 26	$78M	$51M

Revenue Segments

Quarter	License	Product	Product Engineering Services	IP License Engineering Services	Reportable Segment
Q4 22	$11M	$25M	$1M	—	—
Q1 23	$10M	$35M	$824.0K	—	—
Q2 23	$2M	$44M	$4M	$1M	—
Q3 23	$12M	$38M	$4M	$887.0K	—
Q1 24	$3M	$30M	$2M	—	—
Q2 24	$7M	$34M	$2M	—	—
Q3 24	$1M	$40M	$12M	—	—
Q1 25	$2M	$54M	$3M	—	—
Q2 25	$3M	$64M	$5M	—	—
Q3 25	$3M	$129M	$3M	—	—
Q1 26	$6M	$217M	—	—	—
Q2 26	$7M	$261M	—	—	—
Q3 26	—	—	—	—	$407M

Revenue by Geography

Quarter	China	Hong Kong	Mexico	Rest Of The World	Taiwan, Province Of China	United States	Taiwan
Q1 23	$23M	$5M	$2M	$5M	$67.0K	$12M	—
Q2 23	$31M	$2M	$3M	$5M	$3M	$6M	—
Q3 23	$29M	$2M	—	$7M	—	$17M	—
Q1 24	$16M	$2M	—	$5M	—	$6M	$5M
Q2 24	$5M	$19M	—	$7M	—	$8M	$5M
Q3 24	$798.0K	$28M	—	$5M	—	$15M	$3M
Q1 25	$10M	$29M	—	$9M	—	$11M	$758.0K
Q2 25	$14M	$30M	—	$7M	—	$22M	—
Q3 25	$25M	$93M	—	$8M	—	$8M	$1M
Q1 26	$52M	$75M	—	$14M	—	$83M	—
Q2 26	$24M	$118M	—	$23M	—	$104M	—
Q3 26	$4M	$104M	—	$32M	—	$267M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$259M	$0	$259M
Q1 23	$244M	$0	$244M
Q2 23	$191M	$50M	$241M
Q3 23	$124M	$109M	$233M
Q4 23	$109M	$109M	$218M
Q1 24	$127M	$111M	$238M
Q2 24	$129M	$112M	$241M
Q3 24	$96M	$313M	$409M
Q4 24	$67M	$343M	$410M
Q1 25	$104M	$295M	$399M
Q2 25	$239M	$144M	$383M
Q3 25	$299M	$80M	$379M
Q4 25	$236M	$195M	$431M
Q1 26	$220M	$260M	$480M
Q2 26	$568M	$246M	$814M
Q3 26	$1.2B	$81M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	145M	0.0%	+3.6%
Q1 23	145M	+0.0%	+3.7%
Q2 23	146M	+0.6%	+0.7%
Q3 23	157M	+7.2%	+7.9%
Q4 23	148M	-5.3%	+2.2%
Q1 24	149M	+0.7%	+2.9%
Q2 24	150M	+0.6%	+2.9%
Q3 24	167M	+11.3%	+6.8%
Q4 24	164M	-2.1%	+10.4%
Q1 25	165M	+0.9%	+10.6%
Q2 25	166M	+0.8%	+10.8%
Q3 25	182M	+9.6%	+9.2%
Q4 25	182M	-0.2%	+11.3%
Q1 26	185M	+1.3%	+11.8%
Q2 26	185M	+0.5%	+11.4%
Q3 26	187M	+0.6%	+2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$121.1K	310
Q1 23	$149.9K	310
Q2 23	$165.7K	310
Q3 23	$175.1K	310
Q4 23	$103.5K	310
Q1 24	$113.2K	310
Q2 24	$142.0K	310
Q3 24	$171.2K	310
Q4 24	$149.3K	407
Q1 25	$146.7K	407
Q2 25	$177.0K	407
Q3 25	$331.7K	407
Q4 25	$417.8K	407
Q1 26	$440.0K	507
Q2 26	$528.7K	507
Q3 26	$802.8K	507

Revenue / Employee