[10-Q] LOGITECH INTERNATIONAL S.A. Quarterly Earnings Report

Rhea-AI Filing Summary

Logitech International (LOGI) reported Q2 FY26 results with net sales of $1,186.1 million, up 6% year over year. Gross margin was 43.4%, down 20 bps, as higher promotional spend and increased tariffs were partly offset by product cost reductions and North America pricing.

Operating income rose to $191.3 million from $160.9 million. Net income was $170.7 million versus $145.5 million, with diluted EPS of $1.15. Regionally, sales increased 20% in Asia Pacific and 9% in EMEA, and decreased 4% in the Americas. Product growth was led by Keyboards & Combos, Pointing Devices, and Gaming.

For the first half, operating cash flow was $353.9 million and cash and cash equivalents were $1,375.8 million. The company paid $233.1 million in dividends (CHF 1.26 per share) and repurchased shares for cancellation totaling $215.8 million, while canceling 8.2 million treasury shares. Logitech has an undrawn $750 million revolving credit facility and ended the quarter with total shareholders’ equity of $2.08 billion.

Insights

Equity research analyst

Solid top-line growth and stronger earnings, with disciplined cash returns.

Logitech delivered Q2 FY26 net sales of $1,186.1M (up 6%) and gross margin of 43.4%. Despite a 20 bps margin dip from promotions and tariffs, operating income improved to $191.3M as expenses scaled with revenue.

Net income reached $170.7M and diluted EPS was $1.15. Growth skewed to Asia Pacific (up 20%) and EMEA (up 9%), while Americas declined 4%. Category strength included Keyboards & Combos, Pointing Devices, and Gaming.

Cash generation remained healthy: first-half operating cash flow was $353.9M. Capital returns included dividends of $233.1M and share repurchases of $215.8M, plus cancellation of 8.2M shares. Liquidity is supported by $1,375.8M cash and an undrawn $750M revolver. Actual performance will depend on tariff impacts and promotional intensity disclosed for the period.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

Or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from                to                

Commission File Number: 0-29174

LOGITECH INTERNATIONAL S.A.

(Exact name of registrant as specified in its charter)

			Canton of Vaud,			Switzerland			None
			(State or other jurisdiction   of incorporation or organization)						(I.R.S. Employer Identification No.)

Logitech International S.A.

EPFL - Quartier de l'Innovation

1015 Lausanne, Switzerland

c/o Logitech Inc.

3930 North First Street

San Jose, California 95134

(Address of principal executive offices and zip code)

(510) 795-8500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Registered Shares			LOGN			SIX Swiss Exchange
Registered Shares			LOGI			Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes  ý  No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data file required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  ý  No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

ý

Smaller reporting company

☐

Accelerated filer

☐

Emerging Growth Company

☐

Non-accelerated filer

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ☐   No  ý

As of October 15, 2025, there were 146,857,663 shares of the Registrant’s share capital outstanding.

Table of Contents

TABLE OF CONTENTS

						Page
Part I			FINANCIAL INFORMATION
Item 1.			Financial Statements (Unaudited)			3
			Condensed Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2025 and 2024			3
			Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended September 30, 2025 and 2024			4
			Condensed Consolidated Balance Sheets as of September 30, 2025 and March 31, 2025			5
			Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2025 and 2024			6
			Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Six Months Ended September 30, 2025 and 2024			7
			Notes to the Condensed Consolidated Financial Statements			9
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			24
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			37
Item 4.			Controls and Procedures			39
Part II			OTHER INFORMATION
Item 1.			Legal Proceedings			40
Item 1A.			Risk Factors			40
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			42
Item 3.			Defaults Upon Senior Securities			42
Item 4.			Mine Safety Disclosures			42
Item 5.			Other Information			43
Item 6.			Exhibit Index			44
Signatures

In this document, unless otherwise indicated, references to the “Company,” “Logitech,” "we," "our," and "us" are to Logitech International S.A. and its consolidated subsidiaries. Unless otherwise specified, all references to U.S. Dollar, Dollar or $ are to the United States Dollar, the legal currency of the United States of America. All references to CHF are to the Swiss Franc, the legal currency of Switzerland.

Logitech, the Logitech logo, and the Logitech products referred to herein are either the trademarks or the registered trademarks of Logitech. All other trademarks are the property of their respective owners.

Our fiscal year ends on March 31. Interim quarters are generally thirteen-week periods, each ending on a Friday of each quarter. The second quarter of fiscal year 2026 ended on September 26, 2025. The same quarter in the prior fiscal year ended on September 27, 2024. For purposes of presentation, we have indicated our quarterly periods end on the last day of the calendar quarter.

The term “sales” means net sales, except as otherwise specified.

We make available, free of charge on our website, access to our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as soon as reasonably practicable after we file or furnish them electronically with the Securities and Exchange Commission ("SEC").

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Table of Contents

Recordings of our earnings videoconferences and certain events we participate in or host, with members of the investment community are posted on our investor relations website at https://ir.logitech.com. Additionally, we provide notifications of news or announcements regarding our operations and financial performance, including SEC filings, investor events, and press and earnings releases as part of our investor relations website. We intend to use our investor relations website as means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD. Our corporate governance information also is available on our investor relations website.

All references to our websites are intended to be inactive textual references only, and the contents of such websites do not constitute a part of and are not intended to be incorporated into this Quarterly Report on Form 10-Q.

2

Table of Contents

PART I — FINANCIAL INFORMATION 

ITEM 1.   FINANCIAL STATEMENTS (UNAUDITED) 

LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Net sales						$	1,186,056					$	1,116,034					$	2,333,759					$	2,204,251
Cost of goods sold						669,418						627,491						1,336,010						1,247,008
Amortization of intangible assets						2,182						2,452						4,331						4,894
Gross profit						514,456						486,091						993,418						952,349
Operating expenses:
Marketing and selling						198,993						201,863						394,789						398,768
Research and development						76,110						76,205						150,697						151,512
General and administrative						41,802						44,173						83,599						81,631
Amortization of intangible assets and acquisition-related costs						1,818						2,725						4,464						5,428
Restructuring charges, net						4,442						229						6,484						615
Total operating expenses						323,165						325,195						640,033						637,954
Operating income						191,291						160,896						353,385						314,395
Interest income						11,828						14,637						23,057						30,427
Other income (expense), net						(64)						533						1,098						(1,365)
Income before income taxes						203,055						176,066						377,540						343,457
Provision for income taxes						32,385						30,583						60,855						56,141
Net income						$	170,670					$	145,483					$	316,685					$	287,316
Net income per share:
Basic						$	1.16					$	0.95					$	2.15					$	1.88
Diluted						$	1.15					$	0.95					$	2.13					$	1.86
Weighted average shares used to compute net income per share:
Basic						147,123						152,460						147,487						152,875
Diluted						148,422						153,672						148,731						154,320

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(unaudited)

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Net income						$	170,670					$	145,483					$	316,685					$	287,316
Other comprehensive income (loss):
Currency translation gain (loss):
Currency translation gain (loss), net of taxes						(2,688)						20,789						24,605						15,570
Defined benefit plans:
Reclassification of amortization included in other income (expense), net						(193)						(552)						(350)						(752)
Hedging gain (loss):
Deferred hedging gain (loss), net of taxes						589						(2,931)						(11,760)						(1,349)
Reclassification of hedging loss (gain) included in cost of goods sold						5,961						(906)						7,963						(1,639)
Total other comprehensive income						3,669						16,400						20,458						11,830
Total comprehensive income						$	174,339					$	161,883					$	337,143					$	299,146

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amounts)

(unaudited)

						September 30, 2025						March 31, 2025
Assets
Current assets:
Cash and cash equivalents						$	1,375,807					$	1,503,205
Accounts receivable, net						703,895						454,546
Inventories						517,673						503,747
Other current assets						152,376						131,211
Total current assets						2,749,751						2,592,709
Non-current assets:
Property, plant and equipment, net						118,218						113,858
Goodwill						465,752						463,230
Other intangible assets, net						16,306						24,630
Other assets						357,198						344,077
Total assets						$	3,707,225					$	3,538,504
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable						$	583,308					$	414,586
Accrued and other current liabilities						698,055						686,503
Total current liabilities						1,281,363						1,101,089
Non-current liabilities:
Income taxes payable						103,206						88,483
Other non-current liabilities						239,643						221,512
Total liabilities						1,624,212						1,411,084
Commitments and contingencies (Note 10)
Shareholders’ equity:
Registered shares, CHF 0.25 par value Issued shares: 160,784 and 168,994 at September 30, 2025 and March 31, 2025, respectively						28,001						29,432
Additional paid-in capital						85,347						82,591
Shares in treasury, at cost Treasury shares: 13,889 and 20,485 at September 30, 2025 and March 31, 2025, respectively						(890,617)						(1,464,912)
Retained earnings						2,986,776						3,627,261
Accumulated other comprehensive loss						(126,494)						(146,952)
Total shareholders’ equity						2,083,013						2,127,420
Total liabilities and shareholders’ equity						$	3,707,225					$	3,538,504

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(unaudited)

						Six Months Ended September 30,
						2025						2024
Cash flows from operating activities:
Net income						$	316,685					$	287,316
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation						30,935						29,103
Amortization of intangible assets						8,795						10,171
Loss on investments						497						1,599
Share-based compensation expense						63,140						49,874
Deferred income taxes						22,196						16,489
Other						(12)						57
Changes in assets and liabilities:
Accounts receivable, net						(235,859)						(81,568)
Inventories						(1,780)						(93,907)
Other assets						(17,484)						2,241
Accounts payable						165,419						108,376
Accrued and other liabilities						1,350						12,280
Net cash provided by operating activities						353,882						342,031
Cash flows from investing activities:
Purchases of property, plant and equipment						(32,833)						(29,113)
Purchases of deferred compensation investments						(4,037)						(3,600)
Proceeds from sales of deferred compensation investments						3,559						2,299
Other investing activities						(983)						(912)
Net cash used in investing activities						(34,294)						(31,326)
Cash flows from financing activities:
Payment of cash dividends						(233,059)						(207,853)
Purchases of registered shares						(228,263)						(263,185)
Proceeds from exercises of stock options and purchase rights						21,713						20,235
Tax withholdings related to net share settlements of restricted stock units						(18,211)						(21,243)
Other financing activities						—						(2,908)
Net cash used in financing activities						(457,820)						(474,954)
Effect of exchange rate changes on cash and cash equivalents						10,834						6,683
Net decrease in cash and cash equivalents						(127,398)						(157,566)
Cash and cash equivalents, beginning of the period						1,503,205						1,520,842
Cash and cash equivalents, end of the period						$	1,375,807					$	1,363,276
Supplementary Cash Flow Disclosures:
Non-cash investing and financing activities:
Property, plant and equipment purchased during the period and included in period end liability accounts						$	10,444					$	6,207
Right-of-use assets obtained in exchange for operating lease liabilities						$	5,823					$	22,386
Supplemental cash flow information:
Income taxes paid, net						$	42,200					$	17,103

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands, except per share amounts)

(unaudited)

Three Months Ended September 30, 2025

															Additional Paid-in Capital																								Accumulated Other Comprehensive Loss						Total Shareholders’ Equity
			Registered Shares																		Treasury Shares												Retained Earnings
			Shares						Amount												Shares						Amount
June 30, 2025			168,994						$	29,432					$	64,604					21,443						$	(1,536,190)					$	3,759,569					$	(130,163)					$	2,187,252
Total comprehensive income			—						—						—						—						—						170,670						3,669						174,339
Purchases of registered shares			—						—						—						940						(91,667)						—						—						(91,667)
Sales of shares upon exercise of stock options and purchase rights			—						—						(2,313)						(233)						20,764						—						—						18,451
Issuance of shares upon vesting of restricted stock units			—						—						(6,484)						(51)						4,311						—						—						(2,173)
Cancellation of treasury shares			(8,210)						(1,431)						—						(8,210)						712,165						(710,734)						—						—
Share-based compensation			—						—						29,540						—						—						—						—						29,540
Cash dividends ($1.58 per share)			—						—						—						—						—						(232,729)						—						(232,729)
September 30, 2025			160,784						$	28,001					$	85,347					13,889						$	(890,617)					$	2,986,776					$	(126,494)					$	2,083,013
Six Months Ended September 30, 2025
															Additional Paid-in Capital																								Accumulated Other Comprehensive Loss						Total Shareholders’ Equity
			Registered Shares																		Treasury Shares												Retained Earnings
			Shares						Amount												Shares						Amount
March 31, 2025			168,994						$	29,432					$	82,591					20,485						$	(1,464,912)					$	3,627,261					$	(146,952)					$	2,127,420
Total comprehensive income			—						—						—						—						—						316,685						20,458						337,143
Purchases of registered shares			—						—						—						2,471						(215,802)						—						—						(215,802)
Sales of shares upon exercise of stock options and purchase rights			—						—						(2,792)						(274)						24,505						—						—						21,713
Issuance of shares upon vesting of restricted stock units			—						—						(57,931)						(583)						53,427						(13,707)						—						(18,211)
Cancellation of treasury shares			(8,210)						(1,431)						—						(8,210)						712,165						(710,734)						—						—
Share-based compensation			—						—						63,479						—						—						—						—						63,479
Cash dividends ($1.58 per share)			—						—						—						—						—						(232,729)						—						(232,729)
September 30, 2025			160,784						$	28,001					$	85,347					13,889						$	(890,617)					$	2,986,776					$	(126,494)					$	2,083,013

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Three Months Ended September 30, 2024

															Additional Paid-in Capital																								Accumulated Other Comprehensive Loss						Total Shareholders’ Equity
			Registered Shares																		Treasury Shares												Retained Earnings
			Shares						Amount												Shares						Amount
June 30, 2024			173,106						$	30,148					$	57,036					20,090						$	(1,418,051)					$	3,695,574					$	(115,772)					$	2,248,935
Total comprehensive income			—						—						—						—						—						145,483						16,400						161,883
Purchases of registered shares			—						—						—						1,456						(129,987)						—						—						(129,987)
Sales of shares upon exercise of stock options and purchase rights			—						—						(4,526)						(216)						23,410						(3,267)						—						15,617
Issuance of shares upon vesting of restricted stock units			—						—						(6,059)						(60)						6,479						(2,810)						—						(2,390)
Share-based compensation			—						—						25,817						—						—						—						—						25,817
Cash dividends ($1.37 per share)			—						—						—						—						—						(207,981)						—						(207,981)
September 30, 2024			173,106						$	30,148					$	72,268					21,270						$	(1,518,149)					$	3,626,999					$	(99,372)					$	2,111,894
Six Months Ended September 30, 2024
															Additional Paid-in Capital																								Accumulated Other Comprehensive Loss						Total Shareholders’ Equity
			Registered Shares																		Treasury Shares												Retained Earnings
			Shares						Amount												Shares						Amount
March 31, 2024			173,106						$	30,148					$	63,524					19,243						$	(1,351,336)					$	3,602,519					$	(111,202)					$	2,233,653
Total comprehensive income			—						—						—						—						—						287,316						11,830						299,146
Purchases of registered shares			—						—						—						2,900						(262,119)						—						—						(262,119)
Sales of shares upon exercise of stock options and purchase rights			—						—						(6,065)						(273)						29,567						(3,267)						—						20,235
Issuance of shares upon vesting of restricted stock units			—						—						(35,394)						(600)						65,739						(51,588)						—						(21,243)
Share-based compensation			—						—						50,203						—						—						—						—						50,203
Cash dividends ($1.37 per share)			—						—						—						—						—						(207,981)						—						(207,981)
September 30, 2024			173,106						$	30,148					$	72,268					21,270						$	(1,518,149)					$	3,626,999					$	(99,372)					$	2,111,894

The accompanying notes are an integral part of these condensed consolidated financial statements.

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LOGITECH INTERNATIONAL S.A.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 — The Company and Summary of Significant Accounting Policies and Estimates

The Company

Logitech International S.A., together with its consolidated subsidiaries ("Logitech" or the "Company"), designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, and gaming. As the point of connection between people and the digital world, the Company's mission is to extend human potential in work and play, in a way that is good for people and the planet.

The Company sells its products to a broad range of international customers, including direct sales to retailers, e-tailers, businesses large and small and end consumers through the Company's e-commerce platform, and indirect sales to end customers through distributors.

Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Hautemorges, Switzerland, and headquarters in Lausanne, Switzerland, which conducts its business through subsidiaries in the Americas, Europe, Middle East and Africa ("EMEA") and Asia Pacific. Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange under the trading symbol LOGN and the Nasdaq Global Select Market under the trading symbol LOGI.

Basis of Presentation

The condensed consolidated financial statements include the accounts of Logitech and its subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and therefore do not include all the information required by U.S. GAAP for complete financial statements. The condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the fiscal year ended March 31, 2025, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on May 23, 2025.

In the opinion of management, these condensed consolidated financial statements include all adjustments, consisting of only normal and recurring adjustments, necessary and in all material aspects, for a fair statement of the results of operations, comprehensive income, financial position, cash flows and changes in shareholders' equity for the periods presented. Operating results for the three and six months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2026, or any future periods.

Changes in Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies during the three and six months ended September 30, 2025 compared with the significant accounting policies described in its Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill and intangible assets acquired from business acquisitions, pension obligations, accruals for customer incentives, cooperative marketing, and pricing programs and related breakage when appropriate, inventory valuation, share-based compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management’s best knowledge of current events and actions that may impact the Company in the future, actual results could differ materially from those estimates.

9

Risks and Uncertainties

Impacts of Macroeconomic and Geopolitical Conditions on the Company's Business

In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions. These tariff policies in the U.S. and responsive policies enacted in other countries are evolving. The incremental tariffs have had and may continue to have an adverse impact on the Company's results of operations. In addition, the Company's business has continued to be impacted by ongoing macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, uncertainty in consumer and enterprise demand, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts.

The global and regional economic and political conditions, as well as changes in trade policies, have caused and may continue to cause volatility in demand for the Company's products as well as the cost of tariffs, materials and logistics, and transportation delays, and as a result have impacted and may continue to impact the pricing of the Company's products, product availability and the Company's results of operations.

New Accounting Pronouncements Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures related to rate reconciliation, income taxes paid, and other disclosures. Under ASU 2023-09, for each annual period presented, public entities are required to (1) disclose specific categories in the tabular rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires all reporting entities to disclose on an annual basis the amount of income taxes paid disaggregated by federal, state, and foreign taxes as well as the amount of income taxes paid by individual jurisdiction. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and can be applied on a prospective basis with an option to apply the standard retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 requires all public entities to disclose in the notes to the financial statements the amounts of purchases of inventory, employee compensation, depreciation, and intangible asset amortization included in each expense caption of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides a practical expedient that permits entities to assume that current conditions as of the balance sheet date will remain unchanged over the remaining life of current accounts receivable and current contract assets when estimating the expected credit losses. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. ASU 2025-05 should be applied on a prospective basis. The Company is currently evaluating the impact of ASU 2025-05 on its consolidated financial statements and related disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. ASU 2025-06 can be applied on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements and related disclosures.

10

Note 2 — Net Income Per Share

The following table summarizes the computations of basic and diluted net income per share for the three and six months ended September 30, 2025 and 2024 (in thousands, except per share amounts):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Net income						$	170,670					$	145,483					$	316,685					$	287,316
Shares used in net income per share computation:
Weighted average shares outstanding - basic						147,123						152,460						147,487						152,875
Effect of potentially dilutive equivalent shares						1,299						1,212						1,244						1,445
Weighted average shares outstanding - diluted						148,422						153,672						148,731						154,320
Net income per share:
Basic						$	1.16					$	0.95					$	2.15					$	1.88
Diluted						$	1.15					$	0.95					$	2.13					$	1.86

Share equivalents attributable to outstanding stock options, restricted stock units and employee share purchase plans totaling 0.2 million and 0.9 million for the three months ended September 30, 2025 and 2024, respectively, and 0.9 million and 1.0 million for the six months ended September 30, 2025 and 2024, respectively, were excluded from the calculation of diluted net income per share because their effect would have been antidilutive. A small number of performance-based restricted stock units were not included in the diluted net income per share calculation because all necessary conditions had not been satisfied by the end of the respective period, and those shares were not issuable if the end of the reporting period were the end of the performance contingency period.

Note 3 — Employee Benefit Plans

Employee Share Purchase Plans and Stock Incentive Plans

As of September 30, 2025, the Company offers the 2006 Employee Share Purchase Plan (Non-U.S.), as amended and restated, the 1996 Employee Share Purchase Plan (U.S.), as amended and restated, and the 2006 Stock Incentive Plan, as amended and restated. Shares issued to employees as a result of purchases or exercises under these plans are generally issued from shares held in treasury stock.

The following table summarizes share-based compensation expense and total income tax benefit recognized for the three and six months ended September 30, 2025 and 2024 (in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Cost of goods sold						$	3,359					$	3,902					$	5,739					$	6,500
Marketing and selling						12,141						10,469						26,071						22,320
Research and development						5,666						5,067						12,017						10,806
General and administrative						9,146						7,031						19,313						10,248
Total share-based compensation expense						30,312						26,469						63,140						49,874
Income tax benefit						(6,015)						(4,776)						(10,921)						(12,378)
Total share-based compensation expense, net of income tax benefit						$	24,297					$	21,693					$	52,219					$	37,496

The income tax benefit in the respective periods primarily consisted of tax benefits related to the share-based compensation expense for the period and direct tax benefit realized, including net excess tax benefits recognized from share-based awards vested or exercised during the period.

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Share-based compensation costs capitalized as part of inventory were $2.0 million and $1.8 million for the three months ended September 30, 2025 and 2024, respectively, and $4.8 million and $4.3 million for the six months ended September 30, 2025 and 2024, respectively.

Defined Benefit Plans

Certain subsidiaries of the Company sponsor defined benefit pension plans or non-retirement post-employment benefits covering substantially all of their employees. Benefits are provided based on employees’ years of service and earnings, or in accordance with applicable employee benefit regulations. The Company’s practice is to fund amounts sufficient to meet the requirements set forth in the applicable employee benefit and tax regulations. The costs of $1.8 million recorded for each of the three months ended September 30, 2025 and 2024, and $3.5 million recorded for each of the six months ended September 30, 2025 and 2024, were primarily related to service costs.

Note 4 — Income Taxes

The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates. Further, a portion of the Company’s income before taxes and the provision for income taxes is generated outside of Switzerland.

The income tax provision for the three and six months ended September 30, 2025 was $32.4 million and $60.9 million based on an effective income tax rate of 15.9% and 16.1% of pre-tax income, respectively. The income tax provision for the same periods ended September 30, 2024 was $30.6 million and $56.1 million based on an effective income tax rate of 17.4% and 16.3% of pre-tax income, respectively. The change in the effective income tax rate for the three and six months ended September 30, 2025, compared with the same periods ended September 30, 2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which the Company operates and less tax incentives for foreign derived intangible income and R&D as compared to prior period, offset by return to provision adjustments.

The change in the effective income tax rate for the three and six months ended September 30, 2025, compared with the same periods ended September 30, 2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which the Company operates and less tax incentives for foreign derived intangible income and R&D as compared to prior period, offset with a change in uncertain tax positions.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States and will be generally effective for the Company beginning in fiscal year 2027. The OBBBA includes numerous provisions that affect corporate taxation, impacting areas such as R&D expensing, bonus depreciation, and international tax provisions. The Company has reviewed the provisions of the OBBBA to determine the potential impact on the Company's financial statements. Based on this review, and considering the Company's current tax position and operations, at this time the Company does not expect the OBBBA to have a material impact on its income taxes, including current and deferred tax balances and the effective tax rate. However, the Company is still in the process of evaluating the full impact of the OBBBA and any material changes to the Company's assessment will be disclosed in future filings as required.

For the three months ended September 30, 2025, the Company assessed its exposure to the OECD Pillar Two global minimum tax rules. The Company has determined that, for the fiscal year 2026, most jurisdictions in which it operates should qualify for the transitional Country-by-Country Reporting ("CbCR") safe harbor, as outlined in the OECD Administrative Guidance and enacted domestic legislation. The Company's CbCR has been prepared in accordance with the requirements for a Qualified CbCR, using qualified financial statements. Based on this data, most jurisdictions continue to meet safe harbor qualifications at 16% tax rates, and therefore, the Company is only required to perform a detailed Pillar Two top-up tax calculation for limited jurisdictions. The estimated top up tax for fiscal year 2026 is not material and has been included in the calculation of the Company's annual effective tax rate. The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and the Company continues to monitor the relevant developments.

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Note 5 — Balance Sheet Components

The following table presents the components of certain balance sheet asset amounts (in thousands): 

						September 30, 2025						March 31, 2025
Accounts receivable, net:
Accounts receivable						$	1,017,821					$	708,693
Allowance for cooperative marketing arrangements						(56,844)						(44,457)
Allowance for customer incentive programs						(82,885)						(66,564)
Allowance for pricing programs						(135,138)						(105,876)
Other allowances						(39,059)						(37,250)
						$	703,895					$	454,546
Inventories:
Raw materials						$	38,232					$	48,699
Finished goods						479,441						455,048
						$	517,673					$	503,747
Other current assets:
Value-added tax ("VAT") receivables						$	50,515					$	46,332
Prepaid expenses and other assets						101,861						84,879
						$	152,376					$	131,211
Property, plant and equipment, net:
Property, plant and equipment						$	569,591					$	543,747
Less: accumulated depreciation and amortization						(451,373)						(429,889)
						$	118,218					$	113,858
Other assets:
Deferred tax assets						$	204,703					$	202,180
Right-of-use assets						77,639						75,239
Investments for deferred compensation plan						33,183						29,006
Investments in privately held companies						28,466						27,980
Other assets						13,207						9,672
						$	357,198					$	344,077

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The following table presents the components of certain balance sheet liability amounts (in thousands): 

						September 30, 2025						March 31, 2025
Accrued and other current liabilities:
Accrued customer marketing, pricing and incentive programs						$	229,938					$	173,401
Accrued personnel expenses						118,580						180,763
VAT payable						36,782						29,648
Warranty liabilities						35,738						34,428
Deferred revenue (1)						34,560						25,798
Accrued sales return liability						26,475						27,913
Accrued loss for inventory purchase commitments						26,422						19,614
Income taxes payable						20,663						26,841
Operating lease liabilities						17,542						15,780
Other current liabilities						151,355						152,317
						$	698,055					$	686,503
Other non-current liabilities:
Operating lease liabilities						$	77,712					$	76,622
Employee benefit plan obligations						60,441						57,338
Deferred revenue (1)						48,294						38,216
Obligation for deferred compensation plan						33,183						29,006
Warranty liabilities						14,453						14,756
Other non-current liabilities						5,560						5,574
						$	239,643					$	221,512

(1) Includes deferred revenue for post-contract customer support and other services.

Note 6 — Fair Value Measurements

Fair Value Measurements

The Company considers fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following three-level fair value hierarchy to establish the priorities of the inputs used to measure fair value:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

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The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis, excluding assets related to the Company’s defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands): 

						September 30, 2025																		March 31, 2025
						Level 1						Level 2						Level 3						Level 1						Level 2						Level 3
Assets:
Cash equivalents						$	550,128					$	—					$	—					$	852,467					$	—					$	—
Investments for deferred compensation plan included in other assets:
Cash						$	78					$	—					$	—					$	90					$	—					$	—
Common stock						839						—						—						540						—						—
Money market funds						7,863						—						—						7,359						—						—
Mutual funds						24,403						—						—						21,017						—						—
Total investments for deferred compensation plan						$	33,183					$	—					$	—					$	29,006					$	—					$	—
Currency derivative assets included in other current assets						$	—					$	—					$	—					$	—					$	90					$	—
Liabilities:
Currency derivative liabilities included in accrued and other current liabilities						$	—					$	3,857					$	—					$	—					$	2,849					$	—

Investments for Deferred Compensation Plan

The marketable securities for the Company's deferred compensation plan were recorded at a fair value of $33.2 million and $29.0 million, as of September 30, 2025 and March 31, 2025, respectively, based on quoted market prices. Quoted market prices are observable inputs that are classified as Level 1 within the fair value hierarchy. Unrealized gains (losses) related to marketable securities for the three and six months ended September 30, 2025 and 2024 were not material and are included in other income (expense), net and corresponding changes in the deferred compensation liability were included in operating expenses and cost of goods sold, in the Company's condensed consolidated statements of operations.

Equity Method Investments

The Company has certain non-marketable investments included in other assets that are accounted for as equity method investments, with a carrying value of $18.8 million and $18.4 million as of September 30, 2025 and March 31, 2025, respectively. Income (loss) related to equity method investments for the three and six months ended September 30, 2025 and 2024 were not material and are included in other income (expense), net in the Company's condensed consolidated statements of operations. There was no impairment of equity method investments during the three and six months ended September 30, 2025 and 2024.

Assets Measured at Fair Value on a Nonrecurring Basis

Financial Assets 

The Company has certain equity investments without readily determinable fair values due to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management's judgment. When certain events or circumstances indicate that impairment may exist, the Company revalues the investments using various assumptions, including the financial metrics and ratios of comparable public companies. The carrying value is also adjusted for observable price changes with the same or similar security from the same issuer. The amount of these equity investments without readily determinable fair value included in other assets was $8.8 million as of September 30, 2025 and March 31, 2025. There was no impairment of these equity investments during the three and six months ended September 30, 2025. The impairment charges related to the equity investments were not material during the three and six months ended September 30, 2024.

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Non-Financial Assets

Goodwill, intangible assets, and property, plant and equipment, are not required to be measured at fair value on a recurring basis. However, if the Company is required to evaluate these non-financial assets for impairment, whether due to certain triggering events or because of the required annual impairment test, and a resulting impairment is recorded to reduce the carrying value to the fair value, the non-financial assets are measured at fair value during such period. There was no impairment of non-financial assets during the three and six months ended September 30, 2025 and 2024.

Note 7 — Derivative Financial Instruments

Under certain agreements with the respective counterparties to the Company’s derivative contracts, subject to applicable requirements, the Company is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, the Company presents its derivative assets and derivative liabilities on a gross basis in other current assets and accrued and other current liabilities, respectively, on the condensed consolidated balance sheets as of September 30, 2025 and March 31, 2025. See Note 6 for the fair values of the Company’s derivative instruments as of September 30, 2025 and March 31, 2025.

Cash Flow Hedges

The Company enters into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. Previously, the hedge contracts covered inventory purchases within four months. Beginning in the first quarter of fiscal year 2026, they cover inventory purchases up to twelve months, with reduced coverage beyond four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Cash flows from such hedges are classified as operating activities in the condensed consolidated statements of cash flows. Hedging relationships are discontinued when the hedging contract is no longer eligible for hedge accounting, or is sold, terminated or exercised, or when the Company removes hedge designation for the contract. Gains and losses in the fair value of the effective portion of the discontinued hedges continue to be reported in accumulated other comprehensive income (loss) until the hedged inventory purchases are sold, unless it is probable that the forecasted inventory purchases will not occur by the end of the originally specified time period or within an additional two-month period of time thereafter.

The notional amounts of foreign currency exchange forward contracts outstanding related to forecasted inventory purchases were $301.0 million and $74.6 million as of September 30, 2025 and March 31, 2025, respectively. The Company had $6.8 million of net loss related to its cash flow hedges included in accumulated other comprehensive loss as of September 30, 2025, which will be reclassified into earnings within the next twelve months.

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The following table presents the amounts of gain (loss) on the Company’s derivative instruments designated as hedging instruments for the three and six months ended September 30, 2025 and 2024 and their locations on its condensed consolidated statements of operations and condensed consolidated statements of comprehensive income (in thousands):

						Three Months Ended September 30,
						Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss												Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold
						2025						2024						2025						2024
Cash flow hedges						$	589					$	(2,931)					$	5,961					$	(906)
						Six Months Ended September 30,
						Amount of Loss Deferred as a Component of Accumulated Other Comprehensive Loss												Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold
						2025						2024						2025						2024
Cash flow hedges						$	(11,760)					$	(1,349)					$	7,963					$	(1,639)

The Company presents the earnings impact from forward points in the same line item that is used to present the earnings impact of the hedged item, i.e., cost of goods sold, for hedging forecasted inventory purchases and such amount is not material for all periods presented.

Other Derivatives

The Company also enters into foreign currency exchange forward and swap contracts to reduce the short-term effects of currency exchange rate fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of its subsidiaries. These contracts generally mature within approximately one month. The primary risk managed by using forward and swap contracts is the currency exchange rate risk. The gains or losses on these contracts are not material and are included in other income (expense), net, in the condensed consolidated statements of operations based on the changes in fair value. The notional amounts of these contracts outstanding as of September 30, 2025 and March 31, 2025 were $129.5 million and $131.8 million, respectively.

The fair value of all foreign currency exchange forward and swap contracts is determined based on observable market transactions of spot currency rates and forward rates. Cash flows from these contracts are classified as operating activities in the condensed consolidated statements of cash flows.

Note 8 — Goodwill and Other Intangible Assets

The Company conducts its impairment analysis of goodwill annually at December 31 or more frequently if changes in facts and circumstances indicate that it is more likely than not that the fair value of the Company’s reporting unit may be less than its carrying amount. There have been no triggering events identified affecting the valuation of goodwill and intangible assets during the three and six months ended September 30, 2025 and 2024.

The following table summarizes the activities in the Company’s goodwill balance (in thousands):

As of March 31, 2025						$	463,230
Effects of foreign currency translation						2,522
As of September 30, 2025						$	465,752

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The Company's acquired intangible assets were as follows (in thousands):

						September 30, 2025																		March 31, 2025
						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Trademarks and trade names						$	32,390					$	(29,994)					$	2,396					$	32,390					$	(28,675)					$	3,715
Developed technology						107,421						(100,727)						6,694						107,421						(96,464)						10,957
Customer contracts/relationships						69,087						(61,766)						7,321						69,087						(58,646)						10,441
Effects of foreign currency translation						669						(774)						(105)						(620)						137						(483)
Total						$	209,567					$	(193,261)					$	16,306					$	208,278					$	(183,648)					$	24,630

Note 9 — Financing Arrangements

On January 27, 2025, the Company entered into an unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement"). The Credit Agreement provides a revolving line of credit of up to $750.0 million to the Company including the issuance of letters of credit of up to $100.0 million. The Credit Agreement terminates on January 27, 2030 unless extended in accordance with its terms. The Credit Agreement contains (1) an increase option allowing the Company to secure up to $250.0 million of additional commitments and (2) an extension option to extend the term by one-year which may be exercised no more than two times, subject to certain requirements. Loans under the Credit Agreement are available in U.S. Dollars, Euro, Sterling, Yen, Swiss Francs, Canadian Dollars, Australian Dollars and any other currency agreed to by each lender. Proceeds of loans made under the Credit Agreement may be used for general corporate purposes.

The Credit Agreement contains a maximum net debt to adjusted EBITDA ratio, compliance with which is a condition to the Company's ability to borrow. Borrowings under the Credit Agreement will bear interest at a rate determined by reference to benchmark rates plus an applicable spread (ranging from 0% to 1.5%) based on the Company's net leverage ratio or credit rating at the time of the borrowing. Undrawn balances available under the Credit Agreement are subject to commitment fees at the applicable rate determined by reference to the Company's net leverage ratio or credit rating. There has been no borrowing outstanding under the Credit Agreement as of September 30, 2025.

In addition, the Company had several uncommitted, unsecured bank lines of credit and letters of credit aggregating to $160.9 million and $172.2 million as of September 30, 2025 and March 31, 2025, respectively. There are no financial covenants under the lines of credit with which the Company must comply. There was no borrowing outstanding under the lines of credit as of September 30, 2025 or March 31, 2025. As of September 30, 2025 and March 31, 2025, the Company had outstanding bank guarantees of $11.7 million and $12.1 million, respectively.

Note 10 — Commitments and Contingencies

Product Warranties

Changes in the Company’s warranty liabilities for the three and six months ended September 30, 2025 and 2024 were as follows (in thousands): 

			Three Months Ended September 30,												Six Months Ended September 30,
			2025						2024						2025						2024
Beginning of the period			$	50,206					$	44,502					$	49,184					$	44,654
Provision			10,372						11,776						18,994						21,962
Settlements			(10,392)						(9,975)						(18,641)						(20,013)
Effects of foreign currency translation			5						530						654						230
End of the period			$	50,191					$	46,833					$	50,191					$	46,833

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Indemnifications

The Company indemnifies certain of its suppliers and customers for losses arising from matters such as intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable attorneys’ fees. As of September 30, 2025, no material amounts have been accrued for these indemnification provisions. The Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under its indemnification arrangements.

The Company also indemnifies its current and former directors and certain of its current and former officers. Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements because these exposures are not limited, the obligations are conditional in nature, and the facts and circumstances involved in any situation that might arise are variable.

Legal Proceedings

From time to time the Company is involved in claims and legal proceedings that arise in the ordinary course of its business. The Company is currently subject to several such claims and legal proceedings. The Company intends to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. The Company follows ASC ("Accounting Standards Codification") 450, Contingencies, in determining the accounting and disclosure for these contingencies. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows, and results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity, and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business.

Note 11 — Shareholders’ Equity

Share Capital

As of September 30, 2025, the Company's nominal share capital is CHF 40.2 million, consisting of 160,784,460 issued shares with a par value of CHF 0.25 each, of which 13,889,105 were held in treasury shares.

The capital band under Swiss law allows a company's board of directors to adjust the company's share capital within a predefined range based on a general authority granted by the company's shareholders. At the 2023 Annual General Meeting ("AGM"), the Company's shareholders approved an amendment to the Company’s Articles of Incorporation to introduce a capital band provision authorizing the Board of Directors to adjust the Company's share capital, without additional shareholder approval, within a range of 155,795,958 registered shares to 190,417,282 registered shares for a five-year period ending on September 13, 2028. At the 2025 AGM, the Company's shareholders approved a renewal of the capital band, setting a new range of 144,706,014 registered shares to 176,862,906 registered shares for a five-year period ending on September 9, 2030. The amendment became effective on October 1, 2025.

In addition, the Company has reserved conditional capital (1) up to 25,000,000 shares for potential issuance for the exercise of rights granted under the Company's employee equity incentive plans, and (2) up to 25,000,000 shares for issuance to cover any conversion rights under any potential future convertible bond issuance.

Share Repurchases

In June 2023, the Company's Board of Directors approved a three-year share repurchase program, which allows the Company to use up to $1.0 billion to repurchase its shares. The 2023 share repurchase program enables the Company to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. In March 2025, the Company's Board of Directors approved an

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increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025. As of September 30, 2025, $432.7 million was available for repurchase under the 2023 share repurchase program.

The following table summarizes the Company's share repurchase activities for the six months ended September 30, 2025 and 2024 were as follows (in thousands):

			Six Months Ended September 30,
			2025						2024
2023 Share Repurchase Program:
Number of shares repurchased (1)			2,471						2,900
Aggregate cost of shares repurchased (1) (2)			$	215,802					$	262,119

(1) All shares were repurchased for cancellation.

(2) Includes an aggregate cost of $6.3 million and $18.4 million, respectively, that was not yet paid as of September 30, 2025 and 2024.

Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by the Company and its subsidiaries may not exceed 10% of the share capital of the Company, which for the Company corresponds to approximately 16.1 million registered shares as of September 30, 2025. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors’ authority under the Company’s capital band set forth in the Company’s Articles of Incorporation. As of September 30, 2025, the Company had a total of 13.9 million shares held in treasury stock, which includes 0.9 million shares that have been repurchased for cancellation and 13.0 million shares that have been purchased to support equity incentive plans or potential acquisitions.

To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of SIX Swiss Exchange (“SIX”) and/or The Nasdaq Global Select Market (“Nasdaq”). Shares repurchased for cancellation purposes are repurchased on a second trading line on SIX. Shares may be repurchased from time to time on the open market or in privately negotiated transactions, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors and the program does not require the purchase of any minimum number of shares.

Share Cancellation

In June 2025, the Company's Board of Directors approved the cancellation of 8.2 million treasury shares, which were repurchased under the 2023 share repurchase program in fiscal year 2025 and the first quarter of fiscal year 2026, for an aggregate cost of $712.2 million. The cancellation became effective in the second quarter of fiscal year 2026, and as a result, both the number of registered shares issued and the number of treasury shares decreased by 8.2 million shares. Upon cancellation of these shares, the Company deducted the par value from registered shares and reflected the excess of share repurchase cost over par value as a reduction to retained earnings.

Dividends

During the three and six months ended September 30, 2025, the Company declared cash dividends of CHF 1.26 (USD equivalent of $1.58 based on the exchange rate on the date of declaration) per share and paid a total of $233.1 million on the Company's outstanding shares. During the three and six months ended September 30, 2024, the Company declared cash dividends of CHF 1.16 (USD equivalent of $1.37 based on the exchange rate on the date of declaration) per share and paid a total of $207.9 million on the Company's outstanding shares.

Any future dividends will be subject to approval of the Company's shareholders.

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Accumulated Other Comprehensive Loss

The components of accumulated other comprehensive loss were as follows (in thousands):

						Currency Translation Adjustment						Defined Benefit Plans						Deferred Hedging Losses						Total
March 31, 2025						$	(118,652)					$	(25,276)					$	(3,024)					$	(146,952)
Other comprehensive income (loss)						24,605						(350)						(3,797)						20,458
September 30, 2025						$	(94,047)					$	(25,626)					$	(6,821)					$	(126,494)

Note 12 — Segment Information

The Company manages its business activities on a consolidated basis and operates as a single operating segment: Peripherals. The operating segment encompasses the design, manufacturing and sales of peripherals for gaming, PCs, tablets, video conferencing, and other digital platforms. The Company's Chief Operating Decision Maker (the “CODM”) is the Chief Executive Officer. The CODM periodically reviews information such as sales and net income to make business decisions and evaluate performance. The CODM uses net income to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the Peripherals segment or into other parts of the entity, such as for acquisitions, share repurchase or to pay dividends. The CODM also monitors budget versus actual net income results.

The following table presents segment revenue, significant segment expenses, and net income (in thousands):

			Three Months Ended September 30,												Six Months Ended September 30,
			2025						2024						2025						2024
Net sales			$	1,186,056					$	1,116,034					$	2,333,759					$	2,204,251
Less: Significant segment expenses
Cost of goods sold (1)			666,059						623,589						1,330,271						1,240,508
Marketing and selling (1)			186,852						191,394						368,718						376,448
Research and development (1)			70,444						71,138						138,680						140,706
General and administrative (1)			32,656						37,142						64,286						71,383
Less: other segment items
Share-based compensation expense			30,312						26,469						63,140						49,874
Amortization of intangible assets and   acquisition-related costs			4,000						5,177						8,795						10,322
Interest income			(11,828)						(14,637)						(23,057)						(30,427)
Other (2)			4,506						(304)						5,386						1,980
Provision for income taxes			32,385						30,583						60,855						56,141
Net income			$	170,670					$	145,483					$	316,685					$	287,316

(1) The difference between the amounts included in the table above and the amounts included in the condensed consolidated statements of operations is related to share-based compensation expense (see Note 3).

(2) Includes restructuring charges, net, and other income (expense), net.

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Sales by product category for the three and six months ended September 30, 2025 and 2024 were as follows (in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Gaming (1)						$	323,305					$	300,470					$	639,180					$	609,945
Keyboards & Combos						235,870						209,936						458,362						425,269
Pointing Devices						221,094						195,936						416,874						385,882
Video Collaboration						167,677						159,660						334,393						306,702
Webcams						83,301						80,249						167,676						153,153
Tablet Accessories						85,061						85,614						176,288						164,153
Headsets						43,498						46,916						89,020						91,152
Other (2)						26,250						37,253						51,966						67,995
Total Sales						$	1,186,056					$	1,116,034					$	2,333,759					$	2,204,251

(1) Gaming includes streaming services revenue generated by Streamlabs.

(2) Other primarily consists of mobile speakers and PC speakers.

Sales by geographic region (based on the customers’ locations) for the three and six months ended September 30, 2025 and 2024 were as follows (in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Americas						$	462,736					$	480,081					$	924,426					$	965,370
EMEA						382,377						351,886						729,217						661,703
Asia Pacific						340,943						284,067						680,116						577,178
Total Sales						$	1,186,056					$	1,116,034					$	2,333,759					$	2,204,251

Revenue from sales to customers in the United States, Germany and China each represented 10% or more of the total consolidated sales for each of the three and six months ended September 30, 2025 and 2024. No other countries represented 10% or more of the Company’s total consolidated sales for the periods presented herein.

Switzerland, the Company’s country of domicile, represented 4% of the Company's total consolidated sales for each of the three and six months ended September 30, 2025, and 3% of the Company's total consolidated sales for each of the three and six months ended September 30, 2024.

Three customers of the Company each represented 10% or more of the total consolidated gross sales for each of the three and six months ended September 30, 2025 and 2024.

Property, plant and equipment, net (excluding software) and right-of-use assets by geographic region were as follows (in thousands):

						September 30, 2025						March 31, 2025
Americas						$	61,779					$	61,521
EMEA						50,919						47,874
Asia Pacific						65,792						60,710
Total						$	178,490					$	170,105

Property, plant and equipment, net (excluding software) and right-of-use assets in the United States and China, were $60.2 million and $48.3 million, respectively, as of September 30, 2025. Property, plant and equipment, net (excluding software) and right-of-use assets in the United States and China were $60.0 million and $43.4 million, respectively, as of March 31, 2025.

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Property, plant and equipment, net (excluding software) and right-of-use assets in Switzerland, the Company’s country of domicile, were $25.9 million and $24.1 million as of September 30, 2025 and March 31, 2025, respectively. No other countries represented more than 10% of the Company’s total property, plant and equipment, net (excluding software) and right-of-use assets as of September 30, 2025 or March 31, 2025.

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ITEM 2.   MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on beliefs of our management as of the filing date of this Quarterly Report on Form 10-Q. These forward-looking statements include, among other things, statements related to:

•Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position;

•Our business strategy and investment priorities in relation to evolving consumer and enterprise demand trends, competitive landscape and current and future worldwide geopolitical, economic and capital market conditions, including fluctuations in currency exchange rates, inflation, economic downturns, and disruptions in global logistics;

•Changes in trade regulations, policies and agreements and the imposition of tariffs or other trade restrictions that affect our products or operations, including potential new tariffs that may be imposed on U.S. imports, and our ability to mitigate;

•Long-term, secular trends that impact our product categories;

•The evolution and adoption of artificial intelligence (“AI”), its impact on our industry and related risks and opportunities for our business;

•Our expectations regarding any restructuring efforts, including the timing or effectiveness thereof;

•The scope, nature or impact of any acquisition, strategic alliance, and divestiture activities;

•Our expectations regarding the success of any strategic acquisitions, including integration of acquired operations, products, technology, internal controls, personnel and management teams;

•Our expectations regarding our effective tax rate, future tax benefits, tax settlements, and the adequacy of our provisions for uncertain tax positions;

•Our expectations regarding our potential indemnification obligations, and the outcome of pending or future legal proceedings and tax audits;

•Our business development, product development and innovation, and their impact on future operating results and anticipated operating costs for fiscal year 2026 and beyond;

•Opportunities for growth and our ability to execute on and take advantage of them, including our marketing initiatives and strategy and our expectations regarding the success thereof;

•Our expectations regarding our share repurchase and dividend programs;

•The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings under our Credit Agreement and our bank lines of credit to fund capital expenditures and working capital needs, and our ability to comply with our obligations under such debt agreements; and

•The effects of environmental and other laws and regulations in the United States and other countries in which we operate.

Forward-looking statements also include, among others, statements that include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and similar language. These statements reflect our views and assumptions as of the date of this Quarterly Report on Form 10-Q. All forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important information as to these factors can be found in this Quarterly Report on Form 10-Q under the headings of “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Company Overview,” “Critical Accounting Estimates,” and “Liquidity and Capital Resources,” among others. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under Part II, Item 1A “Risk Factors” as well as elsewhere in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended March 31, 2025, and in our other filings with the U.S. Securities and Exchange Commission, or “SEC.” You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update the forward-looking statements made in this document to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.

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You should read the following discussion in conjunction with the interim unaudited condensed consolidated financial statements and related notes.

Company Overview

Logitech designs software-enabled hardware solutions that help businesses thrive and bring people together when working, creating, and gaming. As the point of connection between people and the digital world, our mission is to extend human potential in work and play, in a way that is good for people and the planet. We sell the vast majority of our products under Logitech and Logitech G brand names.

Our diverse, innovative portfolio includes: Gaming, Keyboards & Combos, Pointing Devices, Video Collaboration, Webcams, Tablet Accessories, and Headsets. These products are all classified under a single operating segment: Peripherals (see Note 12 to our condensed consolidated financial statements).

We sell our products to a broad range of international customers, in the Americas, Europe, the Middle East and Africa (“EMEA”) and Asia Pacific. This includes direct sales to retailers, e-tailers, businesses large and small and end consumers through our e-commerce platform, and indirect sales to end customers through distributors.

From time to time, we may seek to partner with or acquire, when appropriate, companies that have products, personnel, and technologies that complement our strategic direction. We continually review our product offerings and our strategic direction in light of our profitability targets, competitive conditions, changing consumer trends and the evolving nature of the interface between the consumer and the digital world.

Impacts of Macroeconomic and Geopolitical Conditions on our Business

In 2025, the United States introduced trade policy actions that have increased import tariffs across a wide range of countries at various rates, with certain exemptions. These tariff policies in the U.S. and responsive policies enacted in other countries are evolving. The incremental tariffs have had and may continue to have an adverse impact on our results of operations. In addition, our business has continued to be impacted by ongoing macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations, uncertainty in consumer and enterprise demand, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts.

The global and regional economic and political conditions, as well as changes in trade policies, have caused and may continue to cause volatility in demand for our products as well as cost of tariffs, materials and logistics, and transportation delays, and as a result have impacted and may continue to impact the pricing of our products, product availability and our results of operations.

For additional information, see Part II, Item 1A "Risk Factors."

Trends and Uncertainties

Several long-term secular trends offer long-term structural growth opportunities across Logitech’s product portfolio. We design, create and sell products that benefit from these secular trends which include the following:

•AI: AI has reshaped expectations for productivity improvements, product innovation and technology ecosystem evolution. While we have used AI solutions and machine learning to enhance the features of different products in our portfolio, AI offers additional growth opportunities and risks as we work to integrate our capabilities with our ecosystem partners.

•New ways of working: The new ways of working that have emerged after the pandemic in which people are splitting time between working in the office, from home, and from other places while on the go, provide opportunities for Logitech to equip multiple workspaces with products across our portfolio including Pointing Devices, Keyboards & Combos, Tablet Accessories, Headsets and Webcams. The new ways of working also provide an opportunity for increased adoption of video conferencing by enterprises and consumers. Our video collaboration products are compatible with a variety of video conference platforms, including Zoom, Microsoft Teams and Google Meet.

•Gaming growth: The ongoing growth and evolution of gaming creates an opportunity for us to provide more tools to a wider community of gamers. In particular, social gaming continues to gain popularity through online gaming, multi-platform experiences and esports.

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While we believe we will further benefit from these secular trends, we have experienced and will continue to experience challenges that impact our business and financial results. These challenges include (i) uncertainty in tariffs on goods imported into the U.S. and responsive policies enacted by other countries, (ii) the macroeconomic environment, including inflation, interest rate and foreign currency fluctuations, low economic growth in certain regions, changes in fiscal policies and geopolitical conflicts, (iii) the uncertainty of overall consumer and enterprise demand, (iv) the uncertainty of timing of enterprise investments in infrastructure and technology, and (v) the timing of further development of our B2B go-to-market capabilities.

We expect these challenges to continue in the near-term. We have taken steps to mitigate the impact of these challenges, including but not limited to: (i) continued diversification of our manufacturing footprint and supplier ecosystem, (ii) maintaining discipline in our operating expenses, (iii) managing inventory levels to align with demand, (iv) continued investment in our B2B capabilities, and (v) continued release of new products to increase the value proposition of our portfolio.

For additional information, see Part II, Item 1A "Risk Factors."

Seasonality

We experience seasonal trends related to our product sales. Sales are generally highest during our third fiscal quarter (October to December) primarily due to increased consumer demand during the holiday season and increased spending by enterprises in the months nearing the calendar year-end. Cash flow is correspondingly lower in the first half of our fiscal year as we typically build inventories in advance of our third fiscal quarter and we also pay an annual dividend following our Annual General Meeting typically held in September.

Summary of Financial Results

Our sales were $1,186.1 million and $2,333.8 million for the three and six months ended September 30, 2025, respectively, an increase of 6% compared to $1,116.0 million and $2,204.3 million for the three and six months ended September 30, 2024, respectively, primarily due to an increase in sales for Keyboards & Combos, Pointing Devices, and Gaming. Our sales for the three and six months ended September 30, 2025, compared to the same periods ended September 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions.

Sales for the three months ended September 30, 2025 increased 20% and 9% in the Asia Pacific and EMEA regions, respectively, and decreased 4% in the Americas region, compared to the three months ended September 30, 2024. Sales for the six months ended September 30, 2025 increased 18% and 10% in the Asia Pacific and EMEA regions, respectively, and decreased 4% in the Americas region, compared to the six months ended September 30, 2024.

Gross margin was 43.4% for the three months ended September 30, 2025 and decreased by 20 basis points, compared to the three months ended September 30, 2024. Gross margin was 42.6% for the six months ended September 30, 2025 and decreased by 60 basis points, compared to the six months ended September 30, 2024. The decrease in gross margin for both the three-month and six-month periods was primarily driven by higher promotional spend and increased tariffs, partially offset by favorable impacts from product cost reductions and price increases in North America.

Operating expenses for the three months ended September 30, 2025 were $323.2 million, or 27.2% of sales, compared to $325.2 million, or 29.1% of sales, for the three months ended September 30, 2024. Operating expenses for the six months ended September 30, 2025 were $640.0 million, or 27.4% of sales, compared to $638.0 million, or 28.9% of sales, for the six months ended September 30, 2024.

We had an income tax provision of $32.4 million and $30.6 million for the three months ended September 30, 2025 and 2024, respectively. We had an income tax provision of $60.9 million and $56.1 million for the six months ended September 30, 2025 and 2024, respectively.

Net income for the three and six months ended September 30, 2025 was $170.7 million and $316.7 million, respectively, compared to $145.5 million and $287.3 million, for the three and six months ended September 30, 2024, respectively.

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires us to make assumptions, judgments, and estimates that affect reported amounts of assets, liabilities, sales and expenses, and the disclosure of contingent assets and liabilities.

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We consider an accounting estimate critical if it: (i) requires management to make judgments and estimates about matters that are inherently uncertain; and (ii) is important to an understanding of our financial condition and operating results.

We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions. On a regular basis, we evaluate our assumptions, judgments and estimates. We also discuss our critical accounting policies and estimates with the Audit Committee of the Board of Directors.

We believe that the assumptions, judgments and estimates involved in the accounting for accruals for customer incentives and related breakage, accrued sales return liability, inventory valuation, and uncertain tax positions, have the greatest potential impact on our condensed consolidated financial statements. These areas are key components of our results of operations and are based on complex rules requiring us to make judgments and estimates and consequently, we consider these to be our critical accounting policies.

There have been no material changes in our critical accounting estimates during the six months ended September 30, 2025 compared with the critical accounting estimates disclosed in Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

New Accounting Pronouncements

Refer to Note 1 to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for new accounting pronouncements to be adopted.

Constant Currency

We refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as "constant currency" sales growth rates. Percentage of constant currency sales growth is calculated by translating prior period sales in each local currency at the current period’s average exchange rate for that currency and comparing that to current period sales.

Given our global sales presence and the reporting of our financial results in U.S. Dollars, our financial results could be affected by significant shifts in currency exchange rates. See “Results of Operations” for information on the effect of currency exchange rate fluctuations on our sales. If the U.S. Dollar appreciates or depreciates in comparison to other currencies in future periods, this will affect our results of operations in future periods as well.

References to Sales

The term “sales” means net sales, except as otherwise specified and the sales growth discussion and sales growth rate percentages are in U.S. Dollars, except as otherwise specified.

Results of Operations

Net Sales

Our sales for the three and six months ended September 30, 2025 increased 6%, compared to the three and six months ended September 30, 2024, primarily due to an increase in sales for Keyboards & Combos, Pointing Devices, and Gaming. Our sales for the three and six months ended September 30, 2025, compared to the same periods ended September 30, 2024, benefited from improved demand in the Asia Pacific and EMEA regions. If currency exchange rates had been constant in the three and six months ended September 30, 2025 and 2024, our sales growth rates in constant currency would have been 4% for both the three-month and six-month periods.

Sales Denominated in Other Currencies

Although our financial results are reported in U.S. Dollars, a portion of our sales was generated in currencies other than the U.S. Dollar, such as the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound Sterling and Brazilian Real. During the three months ended September 30, 2025, approximately 53% of our sales were denominated in currencies other than the U.S. Dollar.

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Sales by Region

The following table presents the change in sales by region for the three and six months ended September 30, 2025, compared with the three and six months ended September 30, 2024:

						Sales Growth Rate												Constant Dollar Sales Growth Rate
						Three Months Ended September 30, 2025						Six Months Ended September 30, 2025						Three Months Ended September 30, 2025						Six Months Ended September 30, 2025
Americas						(4)%						(4)%						(4)%						(4)%
EMEA						9%						10%						3%						5%
Asia Pacific						20%						18%						19%						17%

Americas:

The decrease in sales in the Americas region for the three-month period presented above was primarily driven by a decrease in sales for Gaming and Tablet Accessories, offset by an increase in sales for Pointing Devices. The decrease in sales in the Americas region for the six-month period presented above was primarily driven by a decrease in sales for Gaming. The decline in Gaming sales in both the three-month and six-month periods resulted mainly from the competitive pricing environment in North America.

EMEA:

The increase in sales in the EMEA region for the three-month period presented above was primarily driven by an increase in sales for Keyboards & Combos, Pointing Devices, and Video Collaboration. The increase in sales in the EMEA region for the six-month period presented above was primarily driven by an increase in sales for Keyboards & Combos, Video Collaboration, Pointing Devices, and Gaming.

Asia Pacific:

The increase in sales in the Asia Pacific region for the three and six-month period presented above was primarily driven by an increase in sales for Gaming and Tablet Accessories.

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Sales by Product Category

Sales by product category for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):

						Three Months Ended September 30,																		Six Months Ended September 30,
						2025						2024						Change						2025						2024						Change
Gaming (1)						$	323,305					$	300,470					8		%				$	639,180					$	609,945					5		%
Keyboards & Combos						235,870						209,936						12						458,362						425,269						8
Pointing Devices						221,094						195,936						13						416,874						385,882						8
Video Collaboration						167,677						159,660						5						334,393						306,702						9
Webcams						83,301						80,249						4						167,676						153,153						9
Tablet Accessories						85,061						85,614						(1)						176,288						164,153						7
Headsets						43,498						46,916						(7)						89,020						91,152						(2)
Other (2)						26,250						37,253						(30)						51,966						67,995						(24)
Total Sales						$	1,186,056					$	1,116,034					6		%				$	2,333,759					$	2,204,251					6		%

(1) Gaming includes streaming services revenue generated by Streamlabs.

(2) Other primarily consists of mobile speakers and PC speakers.

Gaming

Our Gaming category includes gaming mice, steering wheels, headsets, keyboards, console gaming headsets, microphones and Streamlabs services.

Sales of Gaming increased 8% and 5% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of gaming mice, partially offset by decreases in other gaming products.

Keyboards & Combos

Our Keyboards & Combos category includes PC keyboards and keyboard/mice combo products.

Sales of Keyboards & Combos increased 12% and 8% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of cordless combo products.

Pointing Devices

Our Pointing Devices category includes PC- and Mac-related mice including trackballs and presentation tools.

Sales of Pointing Devices increased 13% and 8% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of cordless mice.

Video Collaboration

Our Video Collaboration category includes Logitech’s conference room cameras, which combine affordable enterprise-quality audio and high definition 4K video to bring video conferencing to a variety of room sizes.

Sales of Video Collaboration increased 5% and 9% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily due to an increase in sales of conference room cameras.

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Webcams

Our Webcams category includes PC-based webcams including streaming cameras and VC webcams that turn any desktop into an instant collaboration space.

Sales of Webcams increased 4% and 9% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by an increase in sales of our PC-based webcams, partially offset by a decrease in sales of our VC webcams and streaming cameras.

Tablet Accessories

Our Tablet Accessories category primarily includes tablet keyboards.

Sales of Tablet Accessories remained relatively flat for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. Sales of Tablet Accessories increased 7% for the six months ended September 30, 2025, compared to the six months ended September 30, 2024, primarily benefiting from strong demand from the education sector.

Headsets

Our Headsets category includes PC and VC headsets, in-ear headphones, and premium wireless earbuds.

Sales of Headsets decreased 7% and 2% for the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, respectively, primarily driven by a decrease in sales of corded PC headsets.

Other

Our Other category primarily consists of mobile speakers and PC speakers.

Sales in Other category decreased 30% and 24% for the three and six months ended September 30, 2025, respectively, compared to the three and six months ended September 30, 2024, primarily driven by a decline in sales of mobile speakers.

Gross Profit

Gross profit for the three and six months ended September 30, 2025 and 2024 was as follows (Dollars in thousands):

						Three Months Ended September 30,																		Six Months Ended September 30,
						2025						2024						Change						2025						2024						Change
Net sales						$	1,186,056					$	1,116,034					6		%				$	2,333,759					$	2,204,251					6		%
Gross profit						$	514,456					$	486,091					6		%				$	993,418					$	952,349					4		%
Gross margin						43.4		%				43.6		%										42.6		%				43.2		%

Gross profit consists of sales, less cost of goods sold (which includes materials, direct labor and related overhead costs, costs of manufacturing facilities, royalties, costs of purchasing components from outside suppliers, distribution costs, warranty costs, customer support costs, shipping and handling costs, outside processing costs and write-down of inventories), and amortization of intangible assets.

Gross margin was 43.4% for the three months ended September 30, 2025 and decreased by 20 basis points, compared to the three months ended September 30, 2024. Gross margin was 42.6% for the six months ended September 30, 2025 and decreased by 60 basis points, compared to the six months ended September 30, 2024. The decrease in gross margin for both the three-month and six-month periods was primarily driven by higher promotional spend and increased tariffs, partially offset by favorable impacts from product cost reductions and price increases in North America.

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Operating Expenses

Operating expenses for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Marketing and selling						$	198,993					$	201,863					$	394,789					$	398,768
% of sales						16.8		%				18.1		%				16.9		%				18.1		%
Research and development						76,110						76,205						150,697						151,512
% of sales						6.4		%				6.8		%				6.5		%				6.9		%
General and administrative						41,802						44,173						83,599						81,631
% of sales						3.5		%				4.0		%				3.6		%				3.7		%
Amortization of intangible assets and acquisition-related costs						1,818						2,725						4,464						5,428
% of sales						0.1		%				0.2		%				0.1		%				0.2		%
Restructuring charges, net						4,442						229						6,484						615
% of sales						0.4		%				—		%				0.3		%				—		%
Total operating expenses						$	323,165					$	325,195					$	640,033					$	637,954
% of sales						27.2		%				29.1		%				27.4		%				28.9		%

Operating expenses remained relatively flat during the three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, reflecting our efforts to reduce operating expenses in order to offset higher tariff costs.

Marketing and Selling

Marketing and selling expenses consist of personnel and related overhead costs, corporate and product marketing, promotions, advertising, trade shows, technical support for customer experiences and facilities costs.

During the three and six months ended September 30, 2025, marketing and selling expenses remained relatively flat, compared to the three and six months ended September 30, 2024, respectively.

Research and Development 

Research and development expenses consist of personnel and related overhead costs for contractors and outside consultants, supplies and materials, equipment depreciation and facilities costs, all associated with the design and development of new products and enhancements of existing products.

During the three and six months ended September 30, 2025, research and development expenses remained relatively flat, as we continued to invest in innovation at a similar level as compared to the three and six months ended September 30, 2024, respectively.

General and Administrative 

General and administrative expenses primarily consist of personnel and related overhead, information technology, and facilities costs for the infrastructure functions such as finance, information systems, executives, human resources and legal.

During the three months ended September 30, 2025, general and administrative expenses decreased $2.4 million, compared to the three months ended September 30, 2024, primarily driven by lower third-party spend resulting from our cost saving efforts. During the six months ended September 30, 2025, general and administrative expenses increased $2.0 million, compared to the six months ended September 30, 2024, primarily driven by higher performance-based stock compensation expense, partially offset by lower third-party spend.

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Amortization of Intangible Assets and Acquisition-Related Costs

Amortization of intangible assets consists of amortization of acquired intangible assets, including customer relationships and trademarks and trade names. Acquisition-related costs include legal expenses, due diligence costs, and other professional costs incurred for business acquisitions.

During the three and six months ended September 30, 2025, amortization of intangible assets and acquisition-related costs decreased $0.9 million and $1.0 million, respectively, compared to the three and six months ended September 30, 2024, driven by full amortization of certain intangible assets.

Restructuring Charges, Net

The restructuring charges, net, for the three and six months ended September 30, 2025 were related to costs incurred as a result of our restructuring plan initiated during the fourth quarter of fiscal year 2025, which is expected to be substantially completed in fiscal 2026. The restructuring charges, net, for the three and six months ended September 30, 2024, were related to costs incurred as a result of our restructuring plan initiated during fiscal year 2023, which was substantially completed during fiscal year 2024.

Interest Income

Interest income for the three and six months ended September 30, 2025 and 2024 was as follows (in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Interest income						$	11,828					$	14,637					$	23,057					$	30,427

We invest in highly liquid instruments with an original maturity of three months or less at the date of purchase, which are classified as cash equivalents. During the three and six months ended September 30, 2025, interest income decreased $2.8 million and $7.4 million, respectively, compared to the three and six months ended September 30, 2024, primarily driven by a decrease in interest rates.

Other Income (Expense), Net

Other income (expense), net, for the three and six months ended September 30, 2025 and 2024 was as follows (in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Investment gain related to the deferred compensation plan						$	1,890					$	1,613					$	3,950					$	2,060
Currency exchange loss, net						(3,110)						(1,473)						(5,113)						(3,791)
Loss on investments, net						(104)						(413)						(497)						(1,599)
Non-service cost net pension income and other						1,260						806						2,758						1,965
Total						$	(64)					$	533					$	1,098					$	(1,365)

Investment gain related to the deferred compensation plan represents earnings, gains, and losses on marketable securities related to a deferred compensation plan offered by one of our subsidiaries. The increase in investment gain for three and six months ended September 30, 2025, compared to the three and six months ended September 30, 2024, primarily relates to the change in market performance of the underlying securities.

Currency exchange loss, net, relates to balances denominated in currencies other than the functional currency in our subsidiaries, as well as the sale of currencies, and gains or losses recognized on currency exchange forward contracts. We do not speculate in currency positions, but we are alert to opportunities to maximize currency exchange gains and minimize currency exchange losses. The loss for the three and six months ended

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September 30, 2025 was primarily due to fluctuations in currency exchange rates of the New Taiwan dollar and Swiss Franc against the U.S. Dollar. The loss for the three months ended September 30, 2024 was primarily due to fluctuations in the currency exchange rates of the Chinese Renminbi against the U.S. Dollar. The loss for the six months ended September 30, 2024 was primarily due to fluctuations in currency exchange rates of the Chinese Renminbi and Mexican Peso against the U.S. Dollar.

Loss on investments, net, includes unrealized gain (loss) from the change in fair value of investments, income (loss) on equity-method investments and impairment of investments during the periods presented, as applicable. The loss on investments, net, for the three and six months ended September 30, 2025 and 2024 were not material.

Provision for Income Taxes

The provision for income taxes and effective income tax rates for the three and six months ended September 30, 2025 and 2024 were as follows (Dollars in thousands):

						Three Months Ended September 30,												Six Months Ended September 30,
						2025						2024						2025						2024
Provision for income taxes						$	32,385					$	30,583					$	60,855					$	56,141
Effective income tax rate						15.9		%				17.4		%				16.1		%				16.3		%

The change in the effective income tax rate for the three and six months ended September 30, 2025, compared with the three and six months ended September 30, 2024, was primarily due to the change in the mix of income and losses in the various tax jurisdictions in which we operate and less tax incentives for foreign derived intangible income and R&D as compared to prior period, offset by return to provision adjustments.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted into law in the United States and will be generally effective for us beginning in fiscal year 2027. The OBBBA includes numerous provisions that affect corporate taxation, impacting areas such as R&D expensing, bonus depreciation, and international tax provisions. We have reviewed the provisions of the OBBBA to determine the potential impact on our financial statements. Based on this review, and considering our current tax position and operations, at this time we do not expect the OBBBA to have a material impact on our income taxes, including current and deferred tax balances and the effective tax rate. However, we are still in the process of evaluating the full impact of the OBBBA and any material changes to our assessment will be disclosed in future filings as required.

For the three months ended September 30, 2025, we assessed our exposure to the OECD Pillar Two global minimum tax rules. We have determined that, for the fiscal year 2026, most jurisdictions in which we operate should qualify for the transitional Country-by-Country Reporting ("CbCR") safe harbor, as outlined in the OECD Administrative Guidance and enacted domestic legislation. Our CbCR has been prepared in accordance with the requirements for a Qualified CbCR, using qualified financial statements. Based on this data, most jurisdictions continue to meet safe harbor qualifications at 16% tax rates, and therefore, we are only required to perform a detailed Pillar Two top-up tax calculation for limited jurisdictions. The estimated top up tax for fiscal year 2026 is not material and has been included in the calculation of our annual effective tax rate. The OECD and participating countries continue to issue underlying rules and administrative guidance related to Pillar Two, and we continue to monitor the relevant developments.

Liquidity and Capital Resources

Cash Balances, Available Borrowings, and Capital Resources

As of September 30, 2025, we had cash and cash equivalents of $1,375.8 million, compared with $1,503.2 million as of March 31, 2025. Our cash and cash equivalents consist of bank demand deposits, short-term time deposits, and U.S. Treasury securities, of which 44% was held in the United States and 31% was held in Switzerland. We do not expect to incur any material adverse tax impact except for what has already been recognized, or to be significantly inhibited by any country in which we do business, from the repatriation of funds to Switzerland, our country of domicile.

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As of September 30, 2025, our working capital was $1,468.4 million, compared to $1,491.6 million as of March 31, 2025. The decrease was primarily driven by an increase in accounts payable and a decrease in cash and cash equivalents, partially offset by an increase in accounts receivable and other current assets.

On January 27, 2025, we entered into an unsecured revolving credit facility with a syndicate of banks (the "Credit Agreement"). The Credit Agreement provides a revolving line of credit of up to $750.0 million including the issuance of letters of credit of up to $100.0 million. The Credit Agreement terminates on January 27, 2030 unless extended in accordance with its terms. The Credit Agreement contains (1) an increase option allowing us to secure up to $250.0 million of additional commitments and (2) an extension option to extend the term by one-year which may be exercised no more than two times, subject to certain requirements. Loans under the Credit Agreement are available in U.S. Dollars, Euro, Sterling, Yen, Swiss Francs, Canadian Dollars, Australian Dollars and any other currency agreed to by each lender. Proceeds of loans made under the Credit Agreement may be used for general corporate purposes.

The Credit Agreement contains a maximum net debt to adjusted EBITDA ratio, compliance with which is a condition to our ability to borrow. Borrowings under the Credit Agreement will bear interest at a rate determined by reference to benchmark rates plus an applicable spread (ranging from 0% to 1.5%) based on our net leverage ratio or credit rating at the time of the borrowing. Undrawn balances available under the Credit Agreement are subject to commitment fees at the applicable rate determined by reference to our net leverage ratio or credit rating. There has been no borrowing outstanding under the Credit Agreement as of September 30, 2025.

In addition, we had several uncommitted, unsecured bank lines of credit and letters of credit aggregating to $160.9 million as of September 30, 2025. There are no financial covenants under these lines of credit with which we must comply. There was no borrowing outstanding under these lines of credit as of September 30, 2025. As of September 30, 2025, we had outstanding bank guarantees of $11.7 million.

The following tables present selected financial information and statistics as of and for the three months ended September 30, 2025 and 2024 (Dollars in thousands): 

						As of September 30,
						2025						2024
Accounts receivable, net						$	703,895					$	629,278
Accounts payable						$	583,308					$	555,490
Inventories						$	517,673					$	520,493

						Three Months Ended September 30,
						2025						2024
Days sales in accounts receivable (“DSO”) (Days)(1)						53						51
Days accounts payable outstanding (“DPO”) (Days)(2)						78						79
Inventory turnover (“ITO”) (x)(3)						5.2						4.8

(1) DSO is determined using ending accounts receivable, net, as of the most recent quarter-end and sales for the most recent quarter.

(2) DPO is determined using ending accounts payable as of the most recent quarter-end and cost of goods sold for the most recent quarter. 

(3) ITO is determined using ending inventories as of the most recent quarter-end and annualized cost of goods sold (based on the most recent quarterly cost of goods sold).

DSO for the three months ended September 30, 2025 increased by 2 days to 53 days, compared to 51 days for the three months ended September 30, 2024, primarily due to timing of sales within the quarter.

DPO for the three months ended September 30, 2025 decreased by 1 day to 78 days, compared to 79 days for the three months ended September 30, 2024, primarily due to improved demand which drove higher inventory purchases.

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ITO for the three months ended September 30, 2025 increased by 0.4 to 5.2, compared to 4.8 for the three months ended September 30, 2024, primarily due to improved demand.

If we are not successful in launching and phasing in our new products, or market competition increases, or we are not able to sell the new products at the prices planned, it could have a material impact on our sales, gross profit, operating results including operating cash flow, and inventory turnover in the future.

The following table summarizes our condensed consolidated statements of cash flows (in thousands):

						Six Months Ended September 30,
						2025						2024
Net cash provided by operating activities						$	353,882					$	342,031
Net cash used in investing activities						(34,294)						(31,326)
Net cash used in financing activities						(457,820)						(474,954)
Effect of exchange rate changes on cash and cash equivalents						10,834						6,683
Net decrease in cash and cash equivalents						$	(127,398)					$	(157,566)

For the six months ended September 30, 2025, net cash provided by operating activities was $353.9 million resulting from net income of $316.7 million, a favorable impact from adding back non-cash expenses totaling $125.6 million, partially offset by an unfavorable net change in operating assets and liabilities of $88.4 million. Non-cash adjustments were primarily related to share-based compensation expenses, depreciation and amortization, and deferred income taxes. The increase in accounts receivable, net, was primarily driven by higher sales as well as timing of sales within the quarter. The increase in accounts payable was driven by higher inventory purchases to align with demand as well as timing of inventory purchases.

For the six months ended September 30, 2025, net cash used in investing activities was $34.3 million, primarily resulting from $32.8 million of purchases of property, plant, and equipment.

For the six months ended September 30, 2025, net cash used in financing activities was $457.8 million, primarily resulting from payment of cash dividends of $233.1 million and payment for repurchases of our registered shares of $228.3 million.

For the six months ended September 30, 2025, the effect of exchange rate changes on cash and cash equivalents was primarily driven by the exchange rate fluctuations of Swiss Franc, Chinese Renminbi, and Euro, versus the U.S. Dollar.

Cash Outlook

Our principal sources of liquidity are our cash and cash equivalents, cash flow generated from operations and, to a much lesser extent, capital markets and borrowings. Our future working capital requirements and capital expenditures may increase to support investments in product innovations and growth opportunities or to acquire or invest in complementary businesses, products, services, and technologies. Our principal uses of cash, aside from operational needs and capital expenditures, include outlays for dividends and share repurchases reflecting our commitment to return value to our shareholders.

In fiscal year 2026, we paid a cash dividend of CHF 185.1 million (U.S. Dollar amount of $233.1 million based on the exchange rate on the date of payment) out of fiscal year 2025 retained earnings. In fiscal year 2025, we paid a cash dividend of CHF 176.3 million (U.S. Dollar amount of $207.9 million based on the exchange rate on the date of payment) out of fiscal year 2024 retained earnings.

In June 2023, our Board of Directors approved a three-year share repurchase program, which allows us to use up to $1.0 billion to repurchase our shares. The 2023 share repurchase program enables us to repurchase shares for cancellation, as well as to support equity incentive plans or potential acquisitions. The Swiss Takeover Board approved the 2023 share repurchase program in July 2023 and the program became effective on July 28, 2023. In March 2025, our Board of Directors approved an increase of $600.0 million to the 2023 share repurchase program, to an aggregate amount of $1.6 billion. The Swiss Takeover Board approved this increase in April 2025 and it became effective on April 2, 2025. During the six months ended September 30, 2025, we repurchased 2.5 million

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shares for an aggregate cost of $215.8 million for cancellation under this share repurchase program, of which $6.3 million of the aggregate cost was not paid yet as of September 30, 2025. As of September 30, 2025, $432.7 million was available for repurchase under the 2023 share repurchase program. We plan to target share repurchases of $2 billion over the three-year period ending March 31, 2028, subject to market conditions and regulatory approvals.

Swiss law limits a company’s ability to hold or repurchase its own shares. The aggregate par value of all shares held in treasury by us and our subsidiaries may not exceed 10% of our issued share capital, which corresponds to approximately 16.1 million registered shares as of September 30, 2025. This limitation does not apply to shares repurchased for cancellation, due to the Board of Directors' authority under the capital band set forth in the Company's Articles of Incorporation. As of September 30, 2025, we had a total of 13.9 million shares held in treasury stock, which includes 0.9 million shares that have been repurchased for cancellation and 13.0 million shares that have been purchased to support equity incentive plans or potential acquisitions.

Although we enter into trading plans for systematic repurchases (e.g., 10b5-1 trading plans) from time to time, our 2023 share repurchase program provides us with the opportunity to make opportunistic repurchases during periods of favorable market conditions and is expected to remain in effect for a period of three years through July 27, 2026. To the extent that the shares are repurchased to support equity incentive plans or potential acquisitions, the shares are repurchased on the ordinary trading line of Swiss Exchange ("SIX") and/or the Nasdaq Global Select Market ("Nasdaq"). Shares repurchased for cancellation purposes are repurchased via a second trading line on SIX. Opportunistic purchases may be started or stopped at any time without prior notice depending on market conditions and other factors.

If we do not generate sufficient operating cash flows to support our operations and future planned cash requirements, our operations could be harmed and our access to credit facilities could be restricted or eliminated. Although we believe that the trend of our historical cash flow generation, our projections of future operations and our available cash balances will provide sufficient liquidity to fund our operations for at least the next 12 months, market volatility driven by the current macroeconomic and geopolitical environment may increase our costs of capital and otherwise adversely affect our business, results of operations, financial condition and liquidity.

Operating Leases Obligations 

We lease facilities under operating leases, certain of which require us to pay property taxes, insurance and maintenance costs. Operating leases for facilities are generally renewable at our option and usually include escalation clauses linked to inflation. There have been no material changes to our contractual obligations as previously disclosed in our Annual Report on Form 10-K for the year ended March 31, 2025. The remaining terms of our non-cancelable operating leases expire in various years through 2036.

Purchase Commitments

As of September 30, 2025, we had non-cancelable purchase commitments of $461.8 million for inventory purchases made in the normal course of business from original design manufacturers, contract manufacturers and other suppliers, the majority of which are expected to be fulfilled within the next 12 months. We recorded a liability for firm, non-cancelable, and unhedged inventory purchase commitments in excess of anticipated demand or net realizable value consistent with our valuation of excess and obsolete inventory. As of September 30, 2025, the liability for these purchase commitments was $26.4 million and is recorded in accrued and other current liabilities in the condensed consolidated balance sheet.

As of September 30, 2025, we have firm purchase commitments of $19.7 million for capital expenditures primarily related to commitments for tooling and equipment for new and existing products. We expect to continue making capital expenditures in the future to support product development activities and ongoing and expanded operations. Although open purchase commitments are considered enforceable and legally binding, the terms generally allow us to reschedule or adjust our requirements based on business needs prior to delivery of goods or performance of services.

Other Contractual Obligations and Commitments

For further detail about our contractual obligations and commitments, refer to our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.

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Indemnifications

We indemnify certain suppliers and customers for losses arising from matters such as intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but in some instances includes indemnification for damages and expenses, including reasonable attorneys’ fees. As of September 30, 2025, no material amounts have been accrued for indemnification provisions. We do not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under our indemnification arrangements.

We also indemnify our current and former directors and certain current and former officers. Certain costs incurred for providing such indemnification may be recoverable under various insurance policies. We are unable to reasonably estimate the maximum amount that could be payable under these arrangements because these exposures are not capped, the obligations are conditional in nature, and the facts and circumstances involved in any situation that might arise are variable.

Legal Proceedings

From time to time, we are involved in claims and legal proceedings that arise in the ordinary course of our business. For more information about Legal Proceedings, see Part II Item 1 Legal Proceedings of this quarterly report on Form 10-Q for the period ended September 30, 2025.

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ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market Risk

Market risk represents the potential for loss due to adverse changes in the fair value of financial instruments. As a company with global operations, we face exposure to adverse movements in currency exchange rates and interest rates. These exposures may change over time as business practices evolve and could have a material adverse impact on our financial results.

Currency Exchange Rates

We report our results in U.S. Dollars. Changes in currency exchange rates compared to the U.S. Dollar can have a material impact on our results when the financial statements of our non-U.S. subsidiaries are translated into U.S. Dollars. The functional currency of our operations is primarily the U.S. Dollar. Certain operations use the Swiss Franc or the local currency of the country as their functional currencies. Accordingly, unrealized currency gains or losses resulting from the translation of net assets or liabilities denominated in other currencies to the U.S. Dollar are accumulated in the cumulative translation adjustment component of accumulated other comprehensive income (loss) ("AOCI") in shareholders' equity.

We are exposed to currency exchange rate risk as we transact business in multiple currencies, including exposure related to anticipated sales, anticipated purchases and assets and liabilities denominated in currencies other than the U.S. Dollar. We transact business in approximately 30 currencies worldwide, of which the most significant to operations are the Euro, Chinese Renminbi, Japanese Yen, Australian Dollar, Canadian Dollar, Pound Sterling, and Brazilian Real. For the three months ended September 30, 2025, approximately 53% of our sales were denominated in non-U.S. currencies, with 25% of our sales denominated in Euro. The mix of our costs of goods sold and operating expenses by currency are significantly different from the mix of our sales, with a larger portion denominated in U.S. Dollar and less denominated in Euro and other currencies. A strengthening U.S. Dollar has a more unfavorable impact on our sales compared to the favorable impact on our cost of goods sold and operating expenses, resulting in an adverse impact on our operating results. 

We enter into currency forward and swap contracts to reduce the short-term effects of currency fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of our subsidiaries. These contracts generally mature within approximately one month. The gains or losses on these contracts are recognized in earnings based on the changes in fair value.

If an adverse 10% foreign currency exchange rate change had been applied to total monetary assets and liabilities denominated in currencies other than the functional currencies at the balance sheet dates, it would have resulted in an adverse effect on income before income taxes of approximately $20.9 million and $17.2 million as of September 30, 2025 and March 31, 2025, respectively. The adverse effect as of September 30, 2025 and March 31, 2025 is after consideration of the offsetting effect of approximately $12.1 million and $12.4 million, respectively, from foreign exchange contracts in place as of such dates.

We enter into cash flow hedge contracts to protect against exchange rate exposure of forecasted inventory purchases. Previously, the hedge contracts covered inventory purchases within four months. Beginning in the first quarter of fiscal year 2026, they cover inventory purchases up to twelve months, with reduced coverage beyond four months. Gains and losses in the fair value of the effective portion of the hedges are deferred as a component of AOCI until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold.

If the U.S. Dollar had weakened by 10%, the amount recorded in AOCI related to our foreign exchange contracts before tax effect as of September 30, 2025 and March 31, 2025 would have been negatively impacted by approximately $30.1 million and $7.5 million, respectively. The change in the fair value recorded in AOCI would be expected to offset a corresponding foreign currency change in cost of goods sold when the hedged inventory purchases are sold. 

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ITEM 4.   CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Logitech's management, with the participation of the Chief Executive Officer ("CEO") and the Chief Financial Officer ("CFO"), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the CEO and the CFO have concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Definition of Disclosure Controls

Disclosure Controls are controls and procedures designed to reasonably assure that information required to be disclosed in the Company’s reports filed under the Exchange Act, such as this Quarterly Report on Form 10-Q, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure Controls are also designed to reasonably assure that such information is accumulated and communicated to the Company’s management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. The Company’s Disclosure Controls include components of its internal control over financial reporting, which consists of control processes designed to provide reasonable assurance regarding the reliability of its financial reporting and the preparation of financial statements in accordance with generally accepted accounting principles in the United States. To the extent that components of the Company’s internal control over financial reporting are included within its Disclosure Controls, they are included in the scope of the Company’s annual controls evaluation.

Limitations on the Effectiveness of Controls

The Company’s management, including the CEO and the CFO, does not expect that the Company’s Disclosure Controls or internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting during the fiscal quarter ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. 

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PART II — OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS

From time to time, the Company is involved in claims and legal proceedings that arise in the ordinary course of its business. The Company is currently subject to several such claims and legal proceedings. The Company intends to vigorously defend against them. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. The Company follows ASC ("Accounting Standards Codification") 450, Contingencies, in determining the accounting and disclosure for these contingencies. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial condition, cash flows, and results of operations. However, litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial condition, cash flows and results of operations in a particular period. Any claims or proceedings against the Company can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity, and other factors. Any failure to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business.

As a result of Regulation S-K disclosure requirements related to environmental proceedings to which the government is a party and such proceedings involve potential monetary sanctions, the Company selected the quantitative threshold of $1.0 million.

ITEM 1A.   RISK FACTORS

The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. In the second quarter of fiscal year 2026, there have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025, except as indicated below.

Changes in trade policy and regulations in the United States and other countries, including changes in trade agreements, the imposition of tariffs or other trade restrictions, and the resulting consequences, may have adverse impacts on our business, results of operations and financial condition.

The U.S. government has instituted or proposed changes to international trade policy through the renegotiation, and potential termination, of certain existing bilateral or multilateral trade agreements and treaties with, and the imposition of tariffs on a wide range of products and other goods from China, countries in EMEA and other countries. We have invested significantly in manufacturing facilities in China and Southeast Asia. Given our manufacturing is principally in those countries, policy or regulations changes in the United States or other countries present particular risks for us. Our business has been and continues to be impacted by the expansion of tariffs on goods imported from other countries. While the full extent of tariff changes remains uncertain, the risk of significant trade policy shifts could materially impact our operations, costs, and financial results.

New or increased tariffs or other trade restrictions, or other changes to trade policies and regulations, could adversely affect more or all of our products. There also are risks associated with retaliatory policies and resulting trade wars. We cannot predict future trade policy and regulations in the United States and other countries, the terms of any renegotiated trade agreements or treaties, or tariffs and their impact on our business. A trade war could have a significant adverse effect on world trade and the world economy. Tariffs and other trade restrictions have in the past increased and could in the future increase the price of, limit the amount of, or cause significant delays in our procurement of certain products or components or materials used in our products. For example, certain materials are primarily available in a limited number of countries, including rare earth elements, minerals and metals. Trade disputes, geopolitical tensions, economic circumstances, political conditions, or public health issues may limit our ability to obtain such materials. Although these rare earth and other materials are generally available from multiple suppliers, China is a predominant producer of these materials. China has in the past restricted export of certain of these materials and recently announced further restrictions. China may in the future further expand restrictions or stop exporting these or other materials, and as a result, our suppliers’ ability to obtain such supply may be

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constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner, or at a commercially reasonable cost. In any such event, the sales, cost or gross margin of our products may be adversely affected and the demand from our customers for products and services may be diminished. Uncertainty surrounding international trade policy and regulations as well as disputes and protectionist measures could also have an adverse effect on consumer confidence and spending. If we deem it necessary to alter all or a portion of our activities or operations in response to such policies, agreements or tariffs and other trade restrictions, our capital and operating costs may increase.

Our ongoing efforts to address these risks may not be effective and may have long-term adverse effects on our operations and operating results that we may not be able to reverse. Such efforts may also take time to implement or to have an effect and may result in adverse quarterly financial results or fluctuations in our quarterly financial results. As a result, changes in trade policy and regulations in the United States and other countries as well as changes in trade agreements and tariffs or other trade restrictions could adversely affect our business, results of operations and financial condition.

As a result of changes in tax laws, treaties, rulings, regulations or agreements, or their interpretation, of Switzerland or any other country in which we operate, the loss of a major tax dispute or a successful challenge to our operating structure, intercompany pricing policies or the taxable presence of our key subsidiaries in certain countries, or other factors, our effective income tax rates may increase, which could adversely affect our net income and cash flows.

We operate in multiple jurisdictions, and our profits are taxed pursuant to the tax laws of these jurisdictions. Our effective income tax rate may be affected by changes to existing tax laws, enactment of new tax laws, such as the recently enacted U.S. federal tax legislation commonly referred to as the One Big Beautiful Bill Act (the “OBBBA”), or changes to interpretations of tax laws, treaties, rulings, regulations or agreements in any given jurisdiction, or changes in international tax reform by the Organization for Economic Co-operation and Development (the "OECD") and similar organizations, utilization of net operating losses and tax credit carryforwards, changes in geographical allocation of income and expense, and changes in management’s assessment of matters such as the realizability of deferred tax assets. We have reviewed the provisions of the OBBBA to determine the potential impact on our financial statements. Based on this review, and considering our current tax position and operations, we do not expect the OBBBA to have a material impact on the Company's income taxes, including current and deferred tax balances and the effective tax rate; however, we are currently evaluating and will continue to evaluate the full impact of the OBBBA on us. In the past, we have experienced fluctuations in our effective income tax rate. Our effective income tax rate in a given fiscal year reflects a variety of factors that may not be present in the succeeding fiscal year or years. There is no assurance that our effective income tax rate will not change in future periods.

For example, as a result of the Federal Act on the Tax Reform and AHV Financing (“TRAF”), the canton of Vaud in Switzerland, where we are incorporated, enacted tax reforms that took effect as of January 1, 2020. As a result of the TRAF reform, Logitech will incur cash income taxes that will increase over time as the deferred income tax benefit established in connection with the reform diminishes. Implementation of any material change in tax laws or policies or the adoption of new interpretations of existing tax laws and rulings, or termination or replacement of our tax arrangements with the canton of Vaud may adversely affect our net income.

In addition, the Base Erosion and Profit Shifting Project (the “BEPS Project”) undertaken by the OECD recommended changes to numerous long-standing tax principles, including a proposal to reallocate profits among tax jurisdictions in which companies do business (“Pillar One”) and establishing a minimum tax on global income (“Pillar Two”). As many countries have proposed or enacted Pillar Two legislation in jurisdictions in which we operate, we continue to monitor the relevant developments. Although we continue to evaluate and assess the potential impact of Pillar Two on us, the minimum tax rules could result in tax increases in both Switzerland and many foreign jurisdictions where we operate or have a presence. In addition, the G7 released a joint statement on June 28, 2025 that it had reached an understanding with the United States for a side-by-side system based on certain accepted principles, including that U.S.-parented groups would be exempt from certain provisions of Pillar Two. However, it is unclear if this exemption would be extended, or if any other changes will be proposed to the Pillar Two rules that would apply to non-U.S. parented groups like us.

We file Swiss and foreign tax returns. We are frequently subject to tax audits, examinations and assessments in various jurisdictions. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our key subsidiaries in certain countries, if the terms of certain income tax

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treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective income tax rate could increase. For example, policy changes in Switzerland, the United States or China predicated on our presence in those countries could adversely affect where we recognize profit and our effective income tax rate. If our effective income tax rate increases in future periods, our net income and cash flows could be adversely affected.

ITEM 2.   UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Share Repurchases

In the second quarter of fiscal year 2026, the following approved share repurchase program was in place (in thousands):

Share Repurchase Program						Shares Approved						Approved Amounts
July 2023 (1)						17,311						$	1,600,000

(1) See Note 11 to the condensed consolidated financial statements for further information on this share repurchase program.

The following table presents certain information related to purchases made by Logitech of its equity securities under the 2023 share repurchase program (in thousands, except per share amounts):

						Total Number of Shares Repurchased (1)						Weighted Average Price Paid Per Share												Remaining Amount that May Yet Be Repurchased under the Programs
During the Three Months Ended September 30, 2025												CHF (LOGN)						USD (LOGI)
Month 1
June 28, 2025 to July 25, 2025
SIX						407			(1)			74.89						N/A						$	485,999
Nasdaq						—						N/A						N/A						485,999
Month 2
July 26, 2025 to August 22, 2025
SIX						364			(1)			78.26						N/A						450,721
Nasdaq						—						N/A						N/A						450,721
Month 3
August 23, 2025 to September 26, 2025
SIX						169			(1)			85.21						N/A						432,721
Nasdaq						—						N/A						N/A						432,721
						940						78.05						N/A						$	432,721

(1) Shares repurchased on the second trading line on SIX Swiss Exchange for cancellation under the 2023 share repurchase program.

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

Not applicable.

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ITEM 4.   MINE SAFETY DISCLOSURES

None.

ITEM 5.   OTHER INFORMATION

Securities Trading Plans of Directors and Executive Officers

During the second quarter of fiscal year 2026, no director or officer, as defined in Rule 16a-1(f), adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408.

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ITEM 6.   EXHIBITS

Exhibit Index

Exhibit No.						Description
3.1						Articles of Incorporation of Logitech International S.A., as amended (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on October 2, 2025 (File No. 000-29174)
31.1						Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
31.2						Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
32.1			*			Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer
101.INS						XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF						XBRL Taxonomy Definition Linkbase Document
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*                 This exhibit is furnished herewith, but not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that we explicitly incorporate it by reference.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

									LOGITECH INTERNATIONAL S.A.
October 29, 2025									/s/ Johanna (Hanneke) Faber
Date									Johanna (Hanneke) Faber
									Chief Executive Officer
October 29, 2025									/s/ Matteo Anversa
Date									Matteo Anversa
									Chief Financial Officer

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