$103.32+2.33 (+2.30%)
At close: Oct 1, 2026, 4:00 PM ET
Logitech International S.A. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineChoppy: revenue compounds ~−3.1%/yr (FY22→FY26), net margin 14.7%, and free cash flow (~$975.6M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY22–FY26
Revenue ($M)▲6.3%
4,840.8
FY22→FY26CAGR −3.1%/yr
Net income ($M)▲12.6%
711.2
one-off year: see footnoteCAGR +2.5%/yr
Free cash flow ($M)▲24.1%
975.6
FY22→FY26CAGR +47.0%/yr
Diluted EPS▲16.2%
4.80
buyback-liftedCAGR +6.2%/yr
What the receipts whisper · what a headline number hides
Share count
−13.0%
170.4mn → 148.2mn diluted shares since FY22. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$61.6M
steady at 1.3% of revenue (+9.7% YoY).
Returns vs FCF
79%
$768.0M returned vs $975.6M of FCF in FY26. Buybacks + dividends covered by cash flow.
What the income statement says · FY22–FY26
Where every revenue dollar goes · FY26 ($M)
15¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 41.3% → 43.2%. Net margin 14.7% is more than double the sector median.
The receipt · income statement · FY22–FY26 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY26 | FY25 | FY24 | FY23 | FY22 | YoY | CAGR 22→26 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 4,920.3 | 4,840.8 | 4,554.9 | 4,298.5 | 4,538.8 | 5,481.1 | ▲6.3% | −3.1% |
Cost of revenue | 2,700.0 | 2,749.4 | 2,592.3 | 2,520.4 | 2,819.3 | 3,218.1 | ▲6.1% | −3.9% |
Gross profit | 2,220.3 | 2,091.3 | 1,962.6 | 1,778.0 | 1,719.5 | 2,263.0 | ▲6.6% | −2.0% |
Research & development | 326.3 | 316.2 | 309.0 | 287.2 | 280.8 | 291.8 | ▲2.3% | +2.0% |
Selling, general & admin | 168.9 | 167.2 | 164.0 | 155.1 | 124.7 | 148.6 | ▲1.9% | +3.0% |
Total operating expenses | 1,348.7 | 1,316.1 | 1,307.7 | 1,190.7 | 1,261.0 | 1,489.0 | ▲0.6% | −3.0% |
Operating incomefeeds ROC rank | 871.7 | 775.2 | 654.9 | 587.3 | 458.5 | 774.0 | ▲18.4% | +0.0% |
Other income, net | 56.0 | 51.3 | 52.0 | 34.3 | 5.1 | 1.8 | — | — |
Pretax income | 927.6 | 826.5 | 706.9 | 621.6 | 463.5 | 775.8 | ▲16.9% | +1.6% |
Income tax | 126.7 | 115.3 | 75.3 | 9.5 | 98.9 | 131.3 | ▲53.1% | −3.2% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 800.9 | 711.2 | 631.5 | 612.1 | 364.6 | 644.5 | ▲12.6% | +2.5% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 5.45 | 4.80 | 4.13 | 3.87 | 2.23 | 3.78 | ▲16.2% | +6.2% |
Diluted shares (mn) | 145.04 | 148.21 | 152.78 | 158.17 | 163.70 | 170.41 | ▼3.0% | −3.4% |
| Margins | ||||||||
Gross margin34th pct in Technology | 45.1% | 43.2% | 43.1% | 41.4% | 37.9% | 41.3% | ▲0.1pp | +1.9pp |
Operating margin | 17.7% | 16.0% | 14.4% | 13.7% | 10.1% | 14.1% | ▲1.6pp | +1.9pp |
Net margin71st pct in Technology | 16.3% | 14.7% | 13.9% | 14.2% | 8.0% | 11.8% | ▲0.8pp | +2.9pp |
† TTM = trailing four quarters through 2026-06-30.FY24 effective tax rate was 2% vs a 14% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-05-21 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.