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Corsair Gaming, Inc. Financials

CRSR
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Corsair Gaming, Inc. (CRSR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CRSR FY2025

Gross margin recovery and steady deleveraging are rebuilding the business, but a heavier operating-cost base keeps profits near breakeven.

Between FY2024 and FY2025, gross profit rose by $98.3M, but operating income improved by only $52.0M. The gap tracks a much heavier overhead base: SG&A alone increased by $44.7M, so the business repaired product economics faster than it repaired earnings, a sign that the cost structure reset lagged the sales recovery.

Cash conversion has been better than accounting profit: across FY2023-FY2025, the company generated about $137.2M of free cash flow despite cumulative net losses. That matters because it suggests reported earnings were being weighed down more by non-cash charges and uneven overhead absorption than by outright cash strain.

The balance sheet is more self-funded than it was in FY2021, with long-term debt reduced from $242.9M to $115.2M. Still, inventory-heavy liquidity matters: inventory stood at $303.3M versus cash of $98.8M. So while the current ratio remains 1.5x, much of short-term flexibility is sitting on shelves rather than in cash.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 36 / 100
Financial Profile 36/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Corsair Gaming, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
20

Corsair Gaming, Inc. has an operating margin of 0.1%, meaning the company retains $0 of operating profit per $100 of revenue. This below-average margin results in a low score of 20/100, suggesting thin profitability after operating expenses. This is up from -3.8% the prior year.

Growth
34

Corsair Gaming, Inc.'s revenue grew 11.9% year-over-year to $1.5B, a solid pace of expansion. This earns a growth score of 34/100.

Leverage
98

Corsair Gaming, Inc. carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
26

Corsair Gaming, Inc.'s current ratio of 1.54 is below the typical benchmark, resulting in a score of 26/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow
32

Corsair Gaming, Inc. has a free cash flow margin of 2.4%, earning a moderate score of 32/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
4

Corsair Gaming, Inc. generates a 2.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 4/100. This is up from -14.1% the prior year.

Altman Z-Score Grey Zone
2.03

Corsair Gaming, Inc. scores 2.03, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Strong
7/9

Corsair Gaming, Inc. passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
3.13x

For every $1 of reported earnings, Corsair Gaming, Inc. generates $3.13 in operating cash flow ($50.1M OCF vs $16.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
0.2x

Corsair Gaming, Inc. earns $0.2 in operating income for every $1 of interest expense ($2.1M vs $9.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.5B
YoY+11.9%
5Y CAGR-2.9%

Corsair Gaming, Inc. generated $1.5B in revenue in fiscal year 2025. This represents an increase of 11.9% from the prior year.

EBITDA
$56.3M
YoY+2795.8%
5Y CAGR-22.5%

Corsair Gaming, Inc.'s EBITDA was $56.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2795.8% from the prior year.

Net Income
$16.0M
YoY+118.8%
5Y CAGR-31.1%

Corsair Gaming, Inc. reported $16.0M in net income in fiscal year 2025. This represents an increase of 118.8% from the prior year.

EPS (Diluted)
$-0.12
YoY+87.4%

Corsair Gaming, Inc. earned $-0.12 per diluted share (EPS) in fiscal year 2025. This represents an increase of 87.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$34.7M
YoY+33.5%
5Y CAGR-26.3%

Corsair Gaming, Inc. generated $34.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 33.5% from the prior year.

Cash & Debt
$98.8M
YoY-9.8%
5Y CAGR-5.8%

Corsair Gaming, Inc. held $98.8M in cash against $115.2M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
107M
YoY+1.7%
5Y CAGR+3.0%

Corsair Gaming, Inc. had 107M shares outstanding in fiscal year 2025. This represents an increase of 1.7% from the prior year.

Margins & Returns

Gross Margin
28.9%
YoY+4.0pp
5Y CAGR+1.6pp

Corsair Gaming, Inc.'s gross margin was 28.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.0 percentage points from the prior year.

Operating Margin
0.1%
YoY+3.9pp
5Y CAGR-9.2pp

Corsair Gaming, Inc.'s operating margin was 0.1% in fiscal year 2025, reflecting core business profitability. This is up 3.9 percentage points from the prior year.

Net Margin
1.1%
YoY+7.6pp
5Y CAGR-5.0pp

Corsair Gaming, Inc.'s net profit margin was 1.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.6 percentage points from the prior year.

Return on Equity
2.5%
YoY+16.6pp
5Y CAGR-21.1pp

Corsair Gaming, Inc.'s ROE was 2.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 16.6 percentage points from the prior year.

Capital Allocation

R&D Spending
$69.1M
YoY+2.4%
5Y CAGR+6.7%

Corsair Gaming, Inc. invested $69.1M in research and development in fiscal year 2025. This represents an increase of 2.4% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$15.4M
YoY+56.1%
5Y CAGR+11.3%

Corsair Gaming, Inc. invested $15.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 56.1% from the prior year.

CRSR Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $354.5M-18.8% $436.9M+26.3% $345.8M+8.0% $320.1M-13.4% $369.8M-10.6% $413.6M+36.0% $304.2M+16.4% $261.3M
Cost of Revenue $238.5M-18.4% $292.3M+15.7% $252.7M+7.9% $234.2M-12.4% $267.4M-12.4% $305.4M+30.2% $234.5M+18.3% $198.2M
Gross Profit $116.0M-19.7% $144.6M+55.3% $93.1M+8.4% $85.9M-16.1% $102.4M-5.4% $108.2M+55.3% $69.7M+10.4% $63.1M
R&D Expenses $17.2M-0.4% $17.3M+3.7% $16.7M-4.7% $17.5M-0.7% $17.6M+4.0% $17.0M+2.6% $16.5M-5.0% $17.4M
SG&A Expenses $85.0M-15.3% $100.4M+22.3% $82.0M-3.8% $85.3M-2.0% $87.0M+1.9% $85.3M+15.2% $74.1M+5.2% $70.4M
Operating Income $13.8M-48.7% $26.9M+577.9% -$5.6M+66.7% -$16.9M-647.8% -$2.3M-138.2% $5.9M+128.3% -$20.9M+15.3% -$24.7M
Interest Expense $1.7M-21.2% $2.1M+4.5% $2.1M-17.1% $2.5M-7.5% $2.7M-12.8% $3.1M+1.9% $3.0M-12.4% $3.4M
Income Tax -$157K+83.6% -$956K-146.0% $2.1M+663.7% -$369K-117.9% $2.1M+315.5% $496K-98.2% $27.0M+775.3% -$4.0M
Net Income $12.8M-77.9% $58.0M+645.2% -$10.6M+49.1% -$20.9M-99.5% -$10.5M-524.0% $2.5M+104.8% -$51.7M-113.7% -$24.2M
EPS (Diluted) $0.11 N/A $-0.09+43.8% $-0.16-60.0% $-0.10 N/A $-0.56-100.0% $-0.28

CRSR Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $1.2B-6.1% $1.3B+4.6% $1.2B-1.9% $1.2B-1.4% $1.2B+0.3% $1.2B+2.8% $1.2B-2.6% $1.2B
Current Assets $599.4M-9.9% $665.5M+9.5% $607.7M-1.5% $617.2M-2.5% $633.4M+1.6% $623.4M+9.1% $571.6M-1.4% $579.6M
Cash & Equivalents $119.7M+21.2% $98.8M+49.6% $66.1M-38.5% $107.4M+4.8% $102.5M-6.5% $109.6M+78.0% $61.6M-34.9% $94.6M
Inventory $273.5M-9.8% $303.3M-3.5% $314.5M+6.4% $295.6M+6.8% $276.8M+6.5% $260.0M-11.3% $293.0M+10.3% $265.5M
Accounts Receivable $178.4M-23.7% $233.9M+21.9% $191.9M+7.1% $179.2M-18.2% $219.2M+0.3% $218.6M+22.8% $178.1M-5.5% $188.6M
Goodwill $357.4M-0.1% $357.8M0.0% $357.8M-0.5% $359.7M+1.3% $355.0M+0.2% $354.2M-0.9% $357.5M+0.9% $354.4M
Total Liabilities $516.5M-15.0% $608.0M+3.4% $587.9M-3.1% $606.7M-1.5% $616.2M0.0% $616.4M+4.5% $589.8M+5.4% $559.8M
Current Liabilities $344.1M-20.2% $430.9M+5.1% $410.0M-3.8% $426.2M+2.2% $417.2M+5.3% $396.3M+9.7% $361.1M+11.9% $322.7M
Long-Term Debt $113.7M-1.3% $115.2M-1.3% $116.8M-1.3% $118.3M-13.3% $136.4M-15.4% $161.3M-2.2% $165.0M-1.8% $168.1M
Total Equity $647.6M+2.2% $633.6M+5.6% $600.2M-0.6% $603.9M-0.8% $608.8M+0.7% $604.3M+1.0% $598.5M-6.9% $642.7M
Retained Earnings -$59.4M+16.7% -$71.2M+25.3% -$95.4M-11.1% -$85.8M-24.7% -$68.8M-17.1% -$58.8M+2.2% -$60.1M-3416.7% -$1.7M

CRSR Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $29.7M-22.1% $38.2M+203.2% -$37.0M-222.5% $30.2M+61.0% $18.8M-66.2% $55.6M+121.3% $25.1M+236.0% -$18.5M
Capital Expenditures $3.7M-30.1% $5.3M+21.0% $4.3M+59.9% $2.7M-11.7% $3.1M+105.1% $1.5M-54.9% $3.3M+32.4% $2.5M
Free Cash Flow $26.1M-20.8% $32.9M+179.6% -$41.3M-250.4% $27.5M+75.3% $15.7M-71.0% $54.1M+148.2% $21.8M+203.9% -$21.0M
Investing Cash Flow -$3.7M+30.1% -$5.3M-21.0% -$4.3M-59.9% -$2.7M+11.7% -$3.1M-42.0% -$2.2M+93.7% -$34.1M-128.9% -$14.9M
Financing Cash Flow -$5.3M-260.7% -$1.5M-304.4% -$365K+98.5% -$24.8M-11.3% -$22.3M-447.6% -$4.1M+83.4% -$24.5M-1016.0% -$2.2M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $5.0M N/A N/A N/A N/A N/A N/A N/A

CRSR Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 32.7%-0.4pp 33.1%+6.2pp 26.9%+0.1pp 26.8%-0.9pp 27.7%+1.5pp 26.2%+3.3pp 22.9%-1.2pp 24.1%
Operating Margin 3.9%-2.3pp 6.2%+7.8pp -1.6%+3.7pp -5.3%-4.7pp -0.6%-2.0pp 1.4%+8.3pp -6.9%+2.6pp -9.5%
Net Margin 3.6%-9.7pp 13.3%+16.3pp -3.1%+3.4pp -6.5%-3.7pp -2.8%-3.4pp 0.6%+17.6pp -17.0%-7.7pp -9.3%
Return on Equity 2.0%-7.2pp 9.2%+10.9pp -1.8%+1.7pp -3.5%-1.7pp -1.7%-2.1pp 0.4%+9.1pp -8.6%-4.9pp -3.8%
Return on Assets 1.1%-3.5pp 4.6%+5.5pp -0.9%+0.8pp -1.7%-0.9pp -0.8%-1.0pp 0.2%+4.5pp -4.3%-2.3pp -2.0%
Current Ratio 1.74+0.2 1.54+0.1 1.48+0.0 1.45-0.1 1.52-0.1 1.570.0 1.58-0.2 1.80
Debt-to-Equity 0.180.0 0.18-0.0 0.190.0 0.20-0.0 0.22-0.0 0.270.0 0.28+0.0 0.26
FCF Margin 7.3%-0.2pp 7.5%+19.5pp -11.9%-20.5pp 8.6%+4.3pp 4.2%-8.8pp 13.1%+5.9pp 7.2%+15.2pp -8.0%

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Frequently Asked Questions

Corsair Gaming, Inc. (CRSR) reported $1.5B in total revenue for fiscal year 2025. This represents a 11.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Corsair Gaming, Inc. (CRSR) revenue grew by 11.9% year-over-year, from $1.3B to $1.5B in fiscal year 2025.

Yes, Corsair Gaming, Inc. (CRSR) reported a net income of $16.0M in fiscal year 2025, with a net profit margin of 1.1%.

Corsair Gaming, Inc. (CRSR) reported diluted earnings per share of $-0.12 for fiscal year 2025. This represents a 87.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Corsair Gaming, Inc. (CRSR) had EBITDA of $56.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Corsair Gaming, Inc. (CRSR) had $98.8M in cash and equivalents against $115.2M in long-term debt.

Corsair Gaming, Inc. (CRSR) had a gross margin of 28.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Corsair Gaming, Inc. (CRSR) had an operating margin of 0.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Corsair Gaming, Inc. (CRSR) had a net profit margin of 1.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Corsair Gaming, Inc. (CRSR) has a return on equity of 2.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Corsair Gaming, Inc. (CRSR) generated $34.7M in free cash flow during fiscal year 2025. This represents a 33.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Corsair Gaming, Inc. (CRSR) generated $50.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Corsair Gaming, Inc. (CRSR) had $1.3B in total assets as of fiscal year 2025, including both current and long-term assets.

Corsair Gaming, Inc. (CRSR) invested $15.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Corsair Gaming, Inc. (CRSR) invested $69.1M in research and development during fiscal year 2025.

Corsair Gaming, Inc. (CRSR) had 107M shares outstanding as of fiscal year 2025.

Corsair Gaming, Inc. (CRSR) had a current ratio of 1.54 as of fiscal year 2025, which is generally considered healthy.

Corsair Gaming, Inc. (CRSR) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Corsair Gaming, Inc. (CRSR) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Corsair Gaming, Inc. (CRSR) has an Altman Z-Score of 2.03, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Corsair Gaming, Inc. (CRSR) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Corsair Gaming, Inc. (CRSR) has an earnings quality ratio of 3.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Corsair Gaming, Inc. (CRSR) has an interest coverage ratio of 0.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Corsair Gaming, Inc. (CRSR) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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