Rambus (RMBS) financial statements
Rambus reported revenue of $708M in fiscal 2025, up 8.6% a year over 9 years.
Net income was $230M and the operating margin 36.8%, against 10.0% in 2016.
Free cash flow was $333M, and the company returned $7M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Rambus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $337M | $393M | $231M | $228M | $246M | $328M | $455M | $461M | $557M | $708M |
| Cost of revenue | $46M | $55M | $54M | $51M | $61M | $70M | $108M | $103M | $110M | $144M |
| Gross profit | $291M | $338M | $178M | $176M | $186M | $258M | $347M | $358M | $447M | $563M |
| Research and development | $130M | $149M | $158M | $157M | $140M | $136M | $159M | $157M | $163M | $188M |
| Selling, general and admin | $95M | $111M | $98M | $101M | $86M | $91M | $107M | $108M | $104M | $115M |
| Operating income | $34M | $54M | -$87M | -$100M | -$44M | $24M | $77M | $154M | $183M | $260M |
| Interest expense | $13M | $14M | $16M | $10M | $10M | $11M | $2M | $1M | $1M | $1M |
| Pre-tax income | $23M | $41M | -$71M | -$83M | -$37M | $23M | -$8M | $187M | $200M | $282M |
| Income tax | $16M | $64M | $87M | $3M | $4M | $5M | $6M | -$147M | $20M | $52M |
| Net income | $7M | -$23M | -$158M | -$86M | -$40M | $18M | -$14M | $334M | $180M | $230M |
| EPS (diluted) | $0.06 | -$0.21 | -$1.46 | -$0.77 | -$0.36 | $0.16 | -$0.13 | $3.01 | $1.65 | $2.11 |
| Diluted shares | 113M | 110M | 108M | 111M | 113M | 115M | 109M | 111M | 109M | 109M |
| Gross margin | 86.4% | 85.9% | 76.8% | 77.4% | 75.3% | 78.6% | 76.3% | 77.6% | 80.2% | 79.6% |
| Operating margin | 10.0% | 13.8% | -37.6% | -44.0% | -17.9% | 7.4% | 16.9% | 33.3% | 32.9% | 36.8% |
| Net margin | 2.0% | -5.8% | -68.3% | -37.8% | -16.4% | 5.6% | -3.1% | 72.4% | 32.3% | 32.6% |
Balance sheet
Fiscal years, from Rambus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $172M | $329M | $278M | $408M | $503M | $486M | $313M | $426M | $482M | $762M |
| Receivables | $21M | $25M | $51M | $44M | $28M | $44M | $55M | $83M | $123M | $137M |
| Inventory | $6M | $5M | $7M | $10M | $14M | $8M | $21M | $36M | $45M | $44M |
| Total current assets | $217M | $372M | $528M | $665M | $700M | $684M | $527M | $631M | $690M | $989M |
| Property, plant and equipment | $58M | $54M | $57M | $46M | $58M | $56M | $86M | $68M | $76M | $113M |
| Goodwill | $205M | $210M | $207M | $183M | $183M | $279M | $292M | $287M | $287M | $287M |
| Total assets | $783M | $891M | $1.4B | $1.3B | $1.3B | $1.2B | $1.0B | $1.3B | $1.3B | $1.5B |
| Total current liabilities | $51M | $133M | $69M | $86M | $86M | $267M | $127M | $89M | $82M | $121M |
| Total liabilities | $231M | $319M | $349M | $368M | $339M | $370M | $233M | $220M | $222M | $165M |
| Shareholders' equity | $553M | $572M | $1.0B | $975M | $913M | $862M | $779M | $1.0B | $1.1B | $1.4B |
| Net debt | -$135M | -$226M | -$116M | -$102M | -$129M | -$108M | -$125M | -$95M | -$100M | -$183M |
Cash flow
Fiscal years, from Rambus's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $96M | $117M | $86M | $129M | $185M | $209M | $230M | $196M | $231M | $360M |
| Capital spending | $9M | $9M | $11M | $6M | $30M | $14M | $17M | $23M | $31M | $27M |
| Free cash flow | $87M | $108M | $75M | $122M | $156M | $195M | $213M | $173M | $200M | $333M |
| Stock-based compensation | $21M | $27M | $22M | $26M | $26M | $27M | $36M | $45M | $45M | $54M |
| Share buybacks (net) | $0 | -$50M | -$50M | $0 | -$50M | -$100M | -$100M | -$101M | -$113M | -$7M |
| Free cash flow margin | 25.9% | 27.5% | 32.6% | 53.6% | 63.2% | 59.5% | 46.8% | 37.4% | 35.9% | 47.1% |
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Open RMBS in InvestinglyQuestions
What was Rambus's revenue in 2025?
$708M in fiscal 2025, from its 10-K filing.
How much free cash flow does Rambus generate?
$333M in fiscal 2025 (operating cash flow minus capital spending).
From Rambus's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.