US Market News
1月前
Dolby Laboratories Reports Second Quarter 2026 Financial ResultsApril 30, 2026 4:15 PM
PR Newswire (US)
SAN FRANCISCO, April 30, 2026 /PRNewswire/ -- Dolby Laboratories, Inc. (NYSE: DLB) today announced the company's financial results for the second quarter of fiscal 2026.
"We continue to strengthen our position and create growth opportunities across existing and new business areas," said Kevin Yeaman, President and CEO, Dolby Laboratories. "This quarter, we continued to expand our reach especially in sports with events like the Super Bowl, Winter Olympics and T20 Cricket World Cup available in Dolby and automotive with automakers including BMW and Lexus integrating Dolby into their in-car experiences."Second Quarter Fiscal 2026 Financial HighlightsTotal revenue was $396 million, compared to $370 million for the second quarter of fiscal 2025.GAAP net income was $95 million or $0.99 per diluted share, compared to GAAP net income of $92 million or $0.94 per diluted share for the second quarter of fiscal 2025. On a non-GAAP basis, second quarter net income was $131 million or $1.37 per diluted share, compared to $131 million or $1.34 per diluted share for the second quarter of fiscal 2025.Dolby repurchased approximately one million shares of its common stock for approximately $65 million, and ended the quarter with approximately $142 million of stock repurchase authorization available going forward.A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.Recent Business HighlightsVarious sporting events were shown in Dolby Atmos and/or Dolby Vision including the Super Bowl, the 2026 Olympic Winter Games, and the ICC Men's T20 Cricket World Cup. Apple TV is streaming Formula One in Dolby Vision.At the 2026 Beijing International Automotive Exhibition (Auto China 2026), BMW and Dolby announced the launch of Dolby Atmos in the new BMW 7 Series and the new BMW iX3 Long Wheelbase.Douyin, the Chinese version of TikTok, is fully supporting content in Dolby Vision.Hisense, TCL and Philips have announced plans to release a wide range of Dolby Vision 2 enabled TVs globally by the end of the year, with Peacock and Canal+ committed to delivering content.Sharp and SK Planet joined the Video Distribution Program, bringing the licensor total to 40.DividendToday, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on May 20, 2026, to stockholders of record as of the close of business on May 12, 2026.Financial OutlookDolby's financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced visibility into Dolby's future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see "Forward-Looking Statements" in this press release for a description of certain risks that Dolby faces, and the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q for the second quarter of fiscal 2026, to be filed on or around the date hereof.Dolby is providing the following estimates for its third quarter of fiscal 2026:Total revenue is estimated to range from $295 million to $325 million.Licensing revenue is estimated to range from $270 million to $300 million. Gross margins are anticipated to be approximately 86% on a GAAP basis and approximately 88% on a non-GAAP basis.Operating expenses are anticipated to range from $235 million to $245 million on a GAAP basis and from $200 million to $210 million on a non-GAAP basis.Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $0.19 to $0.34 on a GAAP basis and from $0.56 to $0.71 on a non-GAAP basis.Dolby is providing the following estimates for the full year of fiscal 2026:Total revenue is expected to range from $1.40 billion to $1.45 billion.Licensing revenue is estimated to range from $1.295 billion to $1.345 billion. Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis.Operating expenses are anticipated to range from $930 million to $950 million on a GAAP basis and from $780 million to $800 million on a non-GAAP basis.Dolby expects operating margins to be approximately 21% on a GAAP basis and to be approximately 34% on a non-GAAP basis.Effective tax rate is anticipated to be around 23% on a GAAP basis and around 20% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $2.66 to $2.81 on a GAAP basis and from $4.30 to $4.45 on a non-GAAP basis.Conference Call InformationMembers of Dolby management will lead a conference call open to all interested parties to discuss second quarter fiscal 2026 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, April 30, 2026.The conference call can be accessed by registering online at Dolby Laboratories Q2 Fiscal Year 2026 Financial Results, at which time registrants will receive dial-in information as well as a conference ID.A live audio webcast of the conference call will be available at http://investor.dolby.com where it will be archived for one year.Non-GAAP Financial InformationTo supplement Dolby's financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations and performance. We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby's management regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as adjustments from one or more of its non-GAAP financial measures:Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.Restructuring charges or credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs, including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective comparison of its past operating performance and to that of other companies.Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management and investors.Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby's business, including as a means to evaluate period-to-period comparisons. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website, http://investor.dolby.com. Forward-Looking StatementsCertain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the third quarter of fiscal 2026 and full year fiscal 2026, Dolby's ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are "forward-looking statements" that inherently involve substantial risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby's business operations, financial results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema market including adverse impact to Dolby's revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby's receipt of royalty reports and payments from its licensees, including recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby's ability to develop, maintain, and strengthen relationships with industry participants; Dolby's ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby's ability to increase its revenue streams and to expand its business generally, and to continue to expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby's SEC filings and reports, including the risks identified under the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.About Dolby Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView.Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks remain the property of their respective owners.DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts; unaudited)
Fiscal Quarter Ended
Fiscal Year-To-Date Ended
March 27,
2026March 28,
2025
March 27,
2026March 28,
2025Revenue:
Licensing$ 372,245$ 346,006
$ 692,016$ 676,485 Products and services23,38523,555
50,32050,075Total revenue395,630369,561
742,336726,560
Cost of revenue:
Cost of licensing24,04319,685
44,80540,795 Cost of products and services20,68816,152
43,13435,816Total cost of revenue44,73135,837
87,93976,611
Gross profit350,899333,724
654,397649,949
Operating expenses:
Research and development63,65161,707
132,728128,345 Sales and marketing96,16389,629
187,715184,028 General and administrative75,95570,415
146,198140,507 Restructuring charges2,1844,210
12,6509,426Total operating expenses237,953225,961
479,291462,306
Operating income112,946107,763
175,106187,643
Other income/(expense):
Interest income/(expense), net5,0243,559
9,1426,205 Other income, net1,7298,928
7,05312,453Total other income6,75312,487
16,19518,658
Income before income taxes119,699120,250
191,301206,301Provision for income taxes(24,245)(28,024)
(42,166)(46,005)Net income including noncontrolling interest95,45492,226
149,135160,296Less: net income attributable to noncontrolling interest(539)(433)
(893)(681)Net income attributable to Dolby Laboratories, Inc.$ 94,915$ 91,793
$ 148,242$ 159,615
Net income per share:
Basic$ 1.00$ 0.95
$ 1.55$ 1.66Diluted$ 0.99$ 0.94
$ 1.54$ 1.64Weighted-average shares outstanding:
Basic95,21896,329
95,34295,972Diluted95,51597,471
96,27397,581 DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands; unaudited)
March 27,
2026September 26,
2025ASSETS
Current assets:
Cash and cash equivalents$ 594,282$ 701,893Restricted cash79,52391,468Short-term investments460703Accounts receivable, net391,293331,096Contract assets, net238,924180,804Inventories, net31,92930,424Prepaid expenses and other current assets78,29851,873Total current assets1,414,7091,388,261Long-term investments81,22080,205Property, plant, and equipment, net461,841470,608Operating lease right-of-use assets44,75933,204Goodwill and intangible assets, net919,378926,957Deferred taxes209,321214,361Other non-current assets118,266114,164Total assets$ 3,249,494$ 3,227,760
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$ 20,688$ 17,840Accrued liabilities405,200369,256Income taxes payable158,928Contract liabilities 38,83731,382Operating lease liabilities9,86610,384Total current liabilities474,606437,790Non-current contract liabilities24,08429,687Non-current operating lease liabilities39,82628,494Other non-current liabilities83,84699,843Total liabilities622,362595,814
Stockholders' equity:
Class A common stock5354Class B common stock4040Retained earnings2,630,1752,634,980Accumulated other comprehensive loss(12,276)(12,517)Total stockholders' equity – Dolby Laboratories, Inc.2,617,9922,622,557Noncontrolling interest9,1409,389Total stockholders' equity2,627,1322,631,946Total liabilities and stockholders' equity$ 3,249,494$ 3,227,760 DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands; unaudited)
Fiscal Year-To-Date Ended
March 27,
2026March 28,
2025Operating activities:
Net income including noncontrolling interest$ 149,135$ 160,296Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization48,24243,899Stock-based compensation67,91966,734Amortization of operating lease right-of-use assets5,4175,725Provision for credit losses3,6911,967Deferred income taxes5,212(3,741)Share of net income of equity method investees, net of cash distributions(1,933)(1,325)Other non-cash items affecting net income(1,741)(443)Changes in operating assets and liabilities:
Accounts receivable, net(104,083)(420)Contract assets, net(60,474)(32,864)Inventories3,853(1,155)Operating lease right-of-use assets(17,177)(1,608)Prepaid expenses and other assets(33,842)26,577Accounts payable and accrued liabilities82,87327,267Income taxes, net(6,067)5,906Contract liabilities7,4783,282Operating lease liabilities11,029(5,682)Other non-current liabilities(12,227)(12,739)Net cash provided by operating activities147,305281,676
Investing activities:
Proceeds from sales of marketable securities—15,911Proceeds from sale of assets held for sale—16,881Proceeds from sale of intangible assets6,623—Purchases of property, plant, and equipment(13,690)(13,676)Business combinations, net of cash and restricted cash acquired, and other related payments—(1,362)Purchases of intangible assets(37,775)—Net cash provided by/(used in) investing activities(44,842)17,754
Financing activities:
Proceeds from issuance of common stock15,29326,124Repurchase of common stock(135,004)(49,999)Payment of excise tax on repurchase of common stock —(261)Payment of cash dividend(68,674)(63,377)Distributions to noncontrolling interest(1,106)(981)Shares repurchased for tax withholdings on vesting of restricted stock(32,222)(33,950)Net cash used in financing activities(221,713)(122,444)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash(306)(4,396)Net increase/(decrease) in cash, cash equivalents, and restricted cash(119,556)172,590Cash, cash equivalents, and restricted cash at beginning of period793,361577,752Cash, cash equivalents, and restricted cash at end of period$ 673,805$ 750,342 Licensing Revenue by Market(unaudited)
The following table presents the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands, except percentage amounts):
Fiscal Quarter Ended
Fiscal Year-To-Date EndedMarketMarch 27, 2026
March 28, 2025
March 27, 2026
March 28, 2025Broadcast$ 119,19932 %
$ 94,24927 %
$ 219,46232 %
$ 210,01131 %Mobile94,24025 %
100,12329 %
169,18924 %
161,64724 %CE40,94911 %
38,14011 %
86,55113 %
87,59713 %PC59,46316 %
58,40217 %
88,18013 %
89,65813 %Other58,39416 %
55,09216 %
128,63418 %
127,57219 %Total licensing revenue$ 372,245100 %
$ 346,006100 %
$ 692,016100 %
$ 676,485100 % GAAP to Non-GAAP Reconciliations(unaudited)
The following tables present Dolby's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the
second quarters of fiscal 2026 and fiscal 2025:
Net income:
Fiscal Quarter Ended(in thousands)
March 27,
2026March 28,
2025GAAP net income attributable to Dolby Laboratories, Inc.
$ 94,915$ 91,793Stock-based compensation (1)
30,70830,664Amortization of acquisition-related intangibles (2)
9,71310,078Restructuring charges
2,1844,210Income tax adjustments
(6,190)(6,017)Non-GAAP net income attributable to Dolby Laboratories, Inc.
$ 131,330$ 130,728
(1) Stock-based compensation included in above line items:
Cost of products and services
$ 424$ 414Research and development
9,8079,043Sales and marketing
10,21610,640General and administrative
10,26110,567
(2) Amortization of acquisition-related intangibles included in above line items:
Cost of licensing
$ 6,589$ 6,720Cost of products and services
772728Sales and marketing
356317General and administrative
1,5551,872Other income, net
441441
Diluted earnings per share:
Fiscal Quarter Ended
March 27,
2026March 28,
2025GAAP diluted earnings per share
$ 0.99$ 0.94Stock-based compensation
0.320.32Amortization of acquisition-related intangibles
0.100.10Restructuring charges
0.020.04Income tax adjustments
(0.06)(0.06)Non-GAAP diluted earnings per share
$ 1.37$ 1.34
Weighted-average shares outstanding - diluted (in thousands)
95,51597,471 The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the third quarter of
fiscal 2026 and full year fiscal 2026 included in this release:
Gross margin:
Q3 2026
Fiscal 2026GAAP gross margin
86.0 %
88.0 %Stock-based compensation
0.1 %
0.1 %Amortization of acquisition-related intangibles
1.9 %
1.9 %Non-GAAP gross margin
88.0 %
90.0 %
Operating expenses (in millions):
Q3 2026
Fiscal 2026GAAP operating expenses (low - high end of range)
$235 - $245
$930 - $950Stock-based compensation
(32)
(128)Amortization of acquisition-related intangibles
(3)
(9)Restructuring charges
—
(13)Non-GAAP operating expenses (low - high end of range)
$200 - $210
$780 - $800
Operating margin:
Fiscal 2026GAAP operating margin
21% +/-Stock-based compensation
9 %Amortization of acquisition-related intangibles
3 %Restructuring charges
1 %Non-GAAP operating margin
34% +/-
Effective tax rate:
Q3 2026
Fiscal 2026GAAP effective tax rate
23.0 %
23.0 %Stock-based compensation (low - high end of range)
(2%) - 1%
(2%) - 0%Amortization of acquisition-related intangibles (low - high end of range)
(1%) - 0%
(1%) - 0%Non-GAAP effective tax rate
21.0 %
20.0 %
Diluted earnings per share:
Q3 2026
Fiscal 2026
LowHigh
LowHighGAAP diluted earnings per share (low - high end of range)
$ 0.19$ 0.34
$ 2.66$ 2.81Stock-based compensation
0.340.34
1.341.34Amortization of acquisition-related intangibles
0.110.11
0.430.43Restructuring charges
——
0.130.13Income tax adjustments
(0.08)(0.08)
(0.26)(0.26)Non-GAAP diluted earnings per share (low - high end of range)
$ 0.56$ 0.71
$ 4.30$ 4.45
Weighted-average shares outstanding - diluted (in thousands)
95,00095,000
95,70095,700
Investor Contact:
Peter Goldmacher
415-254-7415
peter.goldmacher@dolby.com Media Contact:
media@dolby.com
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Original: Dolby Laboratories Reports Second Quarter 2026 Financial Results
US Market News
4月前
Dolby Laboratories Reports First Quarter 2026 Financial ResultsJanuary 29, 2026 4:15 PM
PR Newswire (US)
SAN FRANCISCO, Jan. 29, 2026 /PRNewswire/ -- Dolby Laboratories, Inc. (NYSE:DLB) today announced the company's financial results for the first quarter of fiscal 2026.
"With a good start to the fiscal year, we are optimistic about our position in the market and confident in our growth opportunities," said Kevin Yeaman, President and CEO, Dolby Laboratories. "We continue to have strong momentum with Dolby Atmos and Dolby Vision, while also expanding our addressable market with our imaging patent program for content streamers and Dolby OptiView."First Quarter Fiscal 2026 Financial HighlightsTotal revenue was $347 million, compared to $357 million for the first quarter of fiscal 2025.GAAP net income was $53 million or $0.55 per diluted share, compared to GAAP net income of $68 million or $0.70 per diluted share for the first quarter of fiscal 2025. On a non-GAAP basis, first quarter net income was $103 million or $1.06 per diluted share, compared to $111 million or $1.14 per diluted share for the first quarter of fiscal 2025.Dolby repurchased approximately one million shares of its common stock for approximately $70 million, and ended the quarter with approximately $207 million of stock repurchase authorization available going forward.A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.Recent Business HighlightsOver 35 auto OEMs now embrace Dolby Atmos – from luxury vehicles to entry level models with baseline audio systems.Mercedes-Benz is one of the first automakers to enable Spatial Audio with Dolby Atmos in Apple CarPlay, which will be supported across its latest line up, including the all-new electric GLC, CLA, and GLB.Mahindra announced the first vehicle in India to support Dolby Atmos and Dolby Vision.Qualcomm is integrating Dolby's latest technology into its Gen 5 Snapdragon Automotive platform.Peacock is the first streamer to embrace Dolby's full suite of advanced picture and sound innovations, including Dolby Vision 2. Peacock also announced that it is extending the availability of Dolby Vision and Dolby Atmos across live sports over the coming year, including Sunday Night Football, the NBA, and MLB.Hisense, TCL, and TP Vision announced various upcoming TV models that will support Dolby Vision 2.LG unveiled its LG Sound Suite, a modular home audio system powered by Dolby Atmos FlexConnect, including the world's first soundbar to feature the technology.Meta began supporting Dolby Vision on Facebook after recently announcing support for Dolby Vision on Instagram.DividendToday, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on February 18, 2026, to stockholders of record as of the close of business on February 10, 2026.Financial OutlookDolby's financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced visibility into Dolby's future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see "Forward-Looking Statements" in this press release for a description of certain risks that Dolby faces, and the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2026, to be filed on or around the date hereof.Dolby is providing the following estimates for its second quarter of fiscal 2026:Total revenue is estimated to range from $375 million to $405 million.Licensing revenue is estimated to range from $350 million to $380 million.Gross margins are anticipated to be approximately 90% on a GAAP basis and approximately 91% on a non-GAAP basis.Operating expenses are anticipated to range from $230 million to $240 million on a GAAP basis and from $195 million to $205 million on a non-GAAP basis.Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $0.94 to $1.09 on a GAAP basis and from $1.29 to $1.44 on a non-GAAP basis.Dolby is providing the following estimates for the full year of fiscal 2026:Total revenue is expected to range from $1.4 billion to $1.45 billion.Licensing revenue is estimated to range from $1.295 billion to $1.345 billion.Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis.Operating expenses are anticipated to range from $930 million to $950 million on a GAAP basis and from $780 million to $800 million on a non-GAAP basis.Dolby expects operating margins to be approximately 21% on a GAAP basis and to be approximately 34% on a non-GAAP basis.Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis.Diluted earnings per share is anticipated to range from $2.71 to $2.86 on a GAAP basis and from $4.30 to $4.45 on a non-GAAP basis.Conference Call InformationMembers of Dolby management will lead a conference call open to all interested parties to discuss first quarter fiscal 2026 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, January 29, 2026. Access to the teleconference will be available at http://investor.dolby.com or by dialing 1-888-210-2212 (+1-646-960-0390 for international callers) and entering confirmation code 5587811.A replay of the call will be available from 5:00 p.m. PT (8:00 p.m. ET) on Thursday, January 29, 2026, until 8:59 p.m. PT (11:59 p.m. ET) on Thursday, February 5, 2026 by dialing 1-800-770-2030 (+1-647-362-9199 for international callers) and entering the confirmation code 5587811. An archived version of the teleconference will also be available on the Dolby website, http://investor.dolby.com. Non-GAAP Financial InformationTo supplement Dolby's financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations and performance. We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby's management regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as adjustments from one or more of its non-GAAP financial measures:Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.Restructuring charges or credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs, including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective comparison of its past operating performance and to that of other companies.Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management and investors.Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby's business, includingas a means to evaluate period-to-period comparisons. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website, http://investor.dolby.com. Forward-Looking StatementsCertain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the second quarter of fiscal 2026 and full year fiscal 2026, Dolby's ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are "forward-looking statements" that inherently involve substantial risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby's business operations, financial results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema market including adverse impact to Dolby's revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby's receipt of royalty reports and payments from its licensees, including recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby's ability to develop, maintain, and strengthen relationships with industry participants; Dolby's ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby's ability to increase its revenue streams and to expand its business generally, and to continue to expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby's SEC filings and reports, including the risks identified under the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.About Dolby Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView.Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks remain the property of their respective owners. DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except per share amounts; unaudited)
Fiscal Quarter Ended
December 26,
2025December 27,
2024Revenue:
Licensing$ 319,771$ 330,479 Products and services26,93526,520Total revenue346,706356,999
Cost of revenue:
Cost of licensing20,76221,110 Cost of products and services22,44619,664Total cost of revenue43,20840,774
Gross profit303,498316,225
Operating expenses:
Research and development69,07766,638 Sales and marketing91,55294,399 General and administrative70,24370,092 Restructuring charges10,4665,216Total operating expenses241,338236,345
Operating income62,16079,880
Other income/(expense):
Interest income/(expense), net4,1182,646 Other income, net5,3243,525Total other income9,4426,171
Income before income taxes71,60286,051 Provision for income taxes(17,921)(17,981)Net income including noncontrolling interest53,68168,070 Less: net income attributable to noncontrolling interest(354)(248)Net income attributable to Dolby Laboratories, Inc.$ 53,327$ 67,822
Net income per share:
Basic$ 0.56$ 0.71 Diluted$ 0.55$ 0.70Weighted-average shares outstanding:
Basic95,46695,615 Diluted96,51897,147 DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands; unaudited)
December 26,
2025September 26,
2025ASSETS
Current assets:
Cash and cash equivalents$ 643,845$ 701,893Restricted cash83,72191,468Short-term investments739703Accounts receivable, net373,091331,096Contract assets, net198,266180,804Inventories, net31,26430,424Prepaid expenses and other current assets77,13651,873Total current assets1,408,0621,388,261Long-term investments85,02280,205Property, plant, and equipment, net466,720470,608Operating lease right-of-use assets35,56933,204Goodwill and intangible assets, net894,320926,957Deferred taxes214,346214,361Other non-current assets88,084114,164Total assets$ 3,192,123$ 3,227,760
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$ 8,668$ 17,840Accrued liabilities376,212369,256Income taxes payable11,2088,928Contract liabilities 37,09431,382Operating lease liabilities10,32510,384Total current liabilities443,507437,790Non-current contract liabilities25,15929,687Non-current operating lease liabilities30,31428,494Other non-current liabilities90,27299,843Total liabilities589,252595,814
Stockholders' equity:
Class A common stock5454Class B common stock4040Retained earnings2,604,3582,634,980Accumulated other comprehensive loss(10,777)(12,517)Total stockholders' equity – Dolby Laboratories, Inc.2,593,6752,622,557Noncontrolling interest9,1969,389Total stockholders' equity2,602,8712,631,946Total liabilities and stockholders' equity$ 3,192,123$ 3,227,760 DOLBY LABORATORIES, INC.INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands; unaudited)
Fiscal Quarter Ended
December 26,
2025December 27,
2024Operating activities:
Net income including noncontrolling interest$ 53,681$ 68,070Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization24,14522,362 Stock-based compensation37,21136,070 Amortization of operating lease right-of-use assets2,6682,835 Provision for credit losses792730 Deferred income taxes16(7,307) Share of net income of equity method investees, net of cash distributions(5,276)(911) Other non-cash items affecting net income(1,890)1,191 Changes in operating assets and liabilities:
Accounts receivable, net(82,956)(24,647) Contract assets, net(19,824)(23,416) Inventories8791,340 Operating lease right-of-use assets(4,810)(2,487) Prepaid expenses and other assets(3,152)13,528 Accounts payable and accrued liabilities43,5754,804 Income taxes, net4,39415,305 Contract liabilities6,8283,691 Operating lease liabilities1,552(798) Other non-current liabilities(3,034)(3,581)Net cash provided by operating activities54,799106,779
Investing activities:
Proceeds from sale of intangible assets6,623— Purchases of property, plant, and equipment(4,628)(6,779) Business combinations, net of cash and restricted cash acquired, and other related payments—(1,362) Purchases of intangible assets(750)—Net cash provided by/(used in) investing activities1,245(8,141)
Financing activities:
Proceeds from issuance of common stock14,25322,157 Repurchase of common stock(70,005)(15,000) Payment of cash dividend(34,339)(31,548) Distributions to noncontrolling interest(547)(740) Shares repurchased for tax withholdings on vesting of restricted stock(31,196)(32,440)Net cash used in financing activities(121,834)(57,571)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash(5)(7,162)Net increase/(decrease) in cash, cash equivalents, and restricted cash(65,795)33,905Cash, cash equivalents, and restricted cash at beginning of period793,361577,752Cash, cash equivalents, and restricted cash at end of period$ 727,566$ 611,657 Licensing Revenue by Market(unaudited) The following table presents the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands,
except percentage amounts):
Fiscal Quarter EndedMarketDecember 26, 2025
December 27, 2024Broadcast$ 100,26331 %
$ 115,76235 %Mobile74,94923 %
61,52419 %CE45,60214 %
49,45715 %PC28,7179 %
31,2569 %Other70,24023 %
72,48022 %Total licensing revenue$ 319,771100 %
$ 330,479100 % GAAP to Non-GAAP Reconciliations(unaudited)
The following tables present Dolby's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the first
quarters of fiscal 2026 and fiscal 2025:
Net income:
Fiscal Quarter Ended(in thousands)
December 26,
2025December 27,
2024GAAP net income attributable to Dolby Laboratories, Inc.
$ 53,327$ 67,822Stock-based compensation (1)
37,21136,070Amortization of acquisition-related intangibles (2)
9,86710,647Restructuring charges
10,4665,216Income tax adjustments
(8,370)(8,886)Non-GAAP net income attributable to Dolby Laboratories, Inc.
$ 102,501$ 110,869
(1) Stock-based compensation included in above line items:
Cost of products and services
$ 530$ 487Research and development
11,56810,984Sales and marketing
12,70512,645General and administrative
12,40811,954
(2) Amortization of acquisition-related intangibles included in above line items:
Cost of licensing
$ 6,590$ 6,704Cost of products and services
768834Sales and marketing
353754General and administrative
1,7151,872Other income, net
441483
Diluted earnings per share:
Fiscal Quarter Ended
December 26,
2025December 27,
2024GAAP diluted earnings per share
$ 0.55$ 0.70Stock-based compensation
0.390.37Amortization of acquisition-related intangibles
0.100.11Restructuring charges
0.110.05Income tax adjustments
(0.09)(0.09)Non-GAAP diluted earnings per share
$ 1.06$ 1.14
Weighted-average shares outstanding - diluted (in thousands)
96,51897,147
The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the second quarter of
fiscal 2026 and full year fiscal 2026 included in this release:
Gross margin:
Q2 2026
Fiscal 2026GAAP gross margin
90.0 %
88.0 %Stock-based compensation
0.1 %
0.1 %Amortization of acquisition-related intangibles
0.9 %
1.9 %Non-GAAP gross margin
91.0 %
90.0 %
Operating expenses (in millions):
Q2 2026
Fiscal 2026GAAP operating expenses (low - high end of range)
$230 - $240
$930 - $950Stock-based compensation
(31)
(128)Amortization of acquisition-related intangibles
(2)
(10)Restructuring charges
(2)
(12)Non-GAAP operating expenses (low - high end of range)
$195 - $205
$780 - $800
Operating margin:
Fiscal 2026GAAP operating margin
21% +/-Stock-based compensation
9 %Amortization of acquisition-related intangibles
3 %Restructuring charges
1 %Non-GAAP operating margin
34% +/-
Effective tax rate:
Q2 2026
Fiscal 2026GAAP effective tax rate
23.0 %
23.0 %Stock-based compensation (low - high end of range)
(2%) - 1%
(2%) - 0%Amortization of acquisition-related intangibles (low - high end of range)
(1%) - 0%
(1%) - 0%Non-GAAP effective tax rate
21.0 %
21.0 %
Diluted earnings per share:
Q2 2026
Fiscal 2026
LowHigh
LowHighGAAP diluted earnings per share (low - high end of range)
$ 0.94$ 1.09
$ 2.71$ 2.86Stock-based compensation
0.320.32
1.341.34Amortization of acquisition-related intangibles
0.110.11
0.430.43Restructuring charges
0.020.02
0.130.13Income tax adjustments
(0.10)(0.10)
(0.31)(0.31)Non-GAAP diluted earnings per share (low - high end of range)
$ 1.29$ 1.44
$ 4.30$ 4.45
Weighted-average shares outstanding - diluted (in thousands)
95,90095,900
95,70095,700Investor Contact:
Peter Goldmacher
415-254-7415
peter.goldmacher@dolby.com Media Contact:
media@dolby.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/dolby-laboratories-reports-first-quarter-2026-financial-results-302674379.htmlSOURCE Dolby Laboratories, Inc.
Original: Dolby Laboratories Reports First Quarter 2026 Financial Results
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