Logitech FY2026 Q4 Earnings Release
Download PDFQ4 2026
Shareholder
Letter
May 5, 2026
FY26 HighlightsQ4 FY26 HighlightsNet Sales$1,010M$1,086M FY25FY26Q4 FY25Q4 FY26 +6% US $ +4% (cc)+7% US $ +3% (cc) GAAP Gross MarginGAAP Gross Margin43.1%43.2%43.1%44.5% FY25FY26Q4 FY25Q4 FY26 +10 bps+140 bps Non-GAAP Gross MarginNon-GAAP Gross Margin43.5%43.6%43.5%44.8% FY25FY26Q4 FY25Q4 FY26 +10 bps+130 bps GAAP Operating IncomeGAAP Operating Income$655M$775M$106M$136M FY25 +18% Non-GAAP Operating Income FY26 $911M Q4 FY25 +28% Non-GAAP Operating Income Q4 FY26
FY26 non-GAAP operating income
was $ 911 million, up 18% versus FY25,
driven by gross margin resilience, as
well as topline e xpansion and
disciplined cost management
delivering operating leverage.$775M$133M$167M FY25FY26Q4 FY25Q4 FY26 +18%+25%
Note:
1All market share data is calculated using proprietary commissioned third party data from Circana, GFK and Synergy Research. PWS and Gaming
share data from February, 2025 – February, 2026, and VC share data from December, 2024 – December, 2025.
2Core categories include Gaming, Pointing Devices, Keyboards & Combos, Video Collaboration, Tablet Accessories, Webcams, and Headsets.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 1Net Sales$4,555M$4,841M
FY26 net sales were $4.84 billion,
up 4% in constant currency (cc)
versus FY25. We grew net sales
across nearly all our core
categories2. Over the past twelve
months, we grew global market
share in Pointing Devices, Video
Collaboration, Tablet Accessories,
Non-Gaming PC Headsets and
Console Gaming Headsets1.
FY26 non-GAAP gross margin wa s
43.6%, up 10 basis points versu s
FY25, with U.S. pricing actions,
product cost reductions and
favorable currency e xchange rates
offsetting investment in strategic
promotions and higher tari ffs.
Dear Logitech Shareholder,
As we reflect on the past two years, we are grateful for the progress we have made and energized by the opportunities ahead.
Fiscal Year 2026 demonstrated what our model is capable of in any environment: successful innovation, best-in-class execution
and real earnings expansion. But it is only the beginning. In Fiscal Year 2027, we plan to use this momentum and invest to drive
long-term growth.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 2
Fiscal Year 2026: A Year of Playing Offense and Delivering Results
In reviewing our Fiscal Year 2026 performance, it is worth returning to the operating principles we declared last April. At the start of our fiscal
year, amidst a shifting landscape, we set out to: lean into market opportunities with an offensive mindset; apply rigorous cost discipline; and
leverage our global manufacturing footprint for real time agility.
I am pleased to share that, through the collective effort of our teams, we resolutely delivered on all three objectives.
We played offense. As a result, we delivered 6% net sales growth in U.S. dollars and 4% in constant currency, through a mix of higher volume
and price; and we captured significant new market share in key segments and geographies.
Simultaneously, we kept a firm hand on costs and operating expenses, and we strategically diversified our global manufacturing base.
As a result:
We delivered exceptional profitability with annual non-GAAP gross margin of 43.6% and operating margin of 18.8%, ahead of our long-
term model and a record high outside of the COVID years.
We continued to translate structural profitability into outstanding cash generation, with cash flow from operations exceeding $1 billion for
the fiscal year, well above 100% of operating income.
We returned $768 million of cash back to shareholders in the form of share repurchases and dividends. These outcomes demonstrate our ability to balance bold actions with operational rigor.Fiscal Year 2027: Moving Towards Our Long-term Model
As we transition into Fiscal Year 2027, we are amplifying our focus on future growth. Our plans aim to keep us tracking towards our long-term
model of mid-to-high single-digit topline organic growth, while maintaining margins at the high end of our 1 5-18% model.
The rapid advancements in AI will make the next 12-18 months a uni que period for a technology company like ours to innovate and invest for
a future in which both Work and Play will look different. Thus, in Fiscal Year 2027, we plan to:
‘ Up the tempo ’ on the offense. With structurally strong gross margins and a pristine balance sheet, we will invest in the business to
accelerate future growth.
At the same time, we will continue to apply our signature cost discipline and agility, with a focus on maintaining gross and operating
margins at the high end of our long-term targets and driving healthy operating cash flow. May 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 3
Track Record of Success
Logitech has a consistent history of delivering returns on strategic investments. In the last decade, our Gaming business has grown
from an approximately $250 million franchise to an industry leader with over $1.4 billion in revenue. Similarly, in Video
Collaboration (VC), we disrupted the incumbents to become a market leader in less than five years. And most recently, investment
in our “China for China” initiative has returned our business in China to robust growth in less than 18 months.
For Fiscal Year 2027, we are building on this track record by focusing investments in three strategic growth areas:
Superior Product Innovation and R&D. We plan to leverage AI as a catalyst for innovation. First, by enhancing superiority in
existing categories – for example, our new Rally AI Video Conferencing cameras, which will ship this summer. Second, by innovating
into new spaces, with products designed specifically to help people be more productive and improve their performance with AI,
across Work and Play. And finally, speed. AI is helping us deliver our annual suite of new products faster than ever. The PRO X2
SUPERSTRIKE gaming mouse, is a great example. It went from prototype to a hugely successful launch in under a year.
Logitech for Business: We are deepening our presence in B2B markets by building Enterprise-grade sales capabilities and
penetrating new verticals—prioritizing Education, Government and Healthcare. We are in the early innings of this plan – but the
investments are working. In Fiscal Year 2026, B2B demand outpaced B2C demand, with Video Collaboration net sales growth at
10% in U.S. dollars and 8% in constant currency. We believe Logitech for Business still holds significant untapped potential.
Building an Iconic Brand: We will use proven, high-ROAS1 marketing to generate more trial and awareness—especially of our
premium offerings—in order to accelerate topline growth.
These targeted investments are designed to capture market share, expand addressable markets, and support organic topline
growth that is aligned with the long-term financial model we laid out at our Analyst and Investor Day last year.
Note:
1Return on Ad SpendMay 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 4
Q1 FY27 Outlook
As we look forward, we expect the momentum from Q4 to carry into Q1 despite geopolitical and macroeconomic challenges.
More specifically, we expect Q1 revenue growth in the +2-4% (cc) range and non-GAAP operating income between $195 million
and $215 million.
For the full Fiscal Year 2027, including the planned investments, we are comfortable that operating margins will be at the high end
of our long-term financial model.Q1 FY27 Outlook ($ millions)Q1 FY27 OutlookNet sales$1,190 – $1,215 millionNet sales growth (USD, Y/Y)4% – 6%Net sales growth (CC, Y/Y)2% – 4%Non-GAAP operating income$195 – $215 millionNon-GAAP op. inc. (decline)/growth (USD, Y/Y)(3%) – 6%
In closing, we extend our sincere gratitude to the Logitech team for their dedication throughout Fiscal Year 2026. Our teams around
the world continue to demonstrate the unique “hunger and humility” required to deliver these strong results. Sincerely,Hanneke Faber / CEOMatteo Anversa / CFOMay 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 5
What’s new from LogitechLogitech for Business: Rally AI Camera
We introduced the Rally AI Camera and Rally AI Camera Pro, our most intelligent
cameras yet. Bringing powerful AI video intelligence into a nearly-invisible aesthetic
for large spaces, these cameras feature a custom-designed lens with a 1-inch imaging
sensor and a 115-degree field of view to capture every expression, even in low light. The
Pro model adds an optical camera with 15x hybrid zoom and AI-powered RightSight 2
framing, ensuring even large town halls feel intimate. Designed with sustainability in
mind, the cameras use low-carbon aluminum and responsibly sourced paper
packaging, delivering large-scale, multi-camera coverage at an exceptional value.Logitech G: Logitech G RS H-Shifter
We introduced the long-anticipated Logitech G RS H-Shifter, the latest
addition to our renowned Racing Series Ecosystem. Designed to help
sim-racing enthusiasts shift into realism, this advanced 7-speed plus
reverse manual shifter combines modern engineering with timeless
precision. Built for high performance with robust aluminum and steel
construction, it delivers an immersive, tactile racing experience with
seamless cross-platform compatibility across PC and consoles.Logitech G: Logitech G325 LIGHTSPEED
We launched the Logitech G325 LIGHTSPEED wireless gaming headset, proving
that gamers do not need premium pricing to get premium features. Delivering
affordable excellence at just $79.99, it features reliable, lag-free LIGHTSPEED
wireless, immersive 24-bit audio, and over 24 hours of battery life in a
comfortable, lightweight design. With seamless cross-platform compatibility
across PC, console, and mobile, the G325 allows players to easily transition
between intense gaming sessions and everyday listening on the go.Logitech G: PR O X 2 S U PERSTRI K E Shi pp ing
Our PR O X2 S UPERSTRI KE started shipping this quarter and is off to a record-
breaking start. The mouse features industry-first Haptic Induction Trigger System
(HITS ) technology that combines optical-mechanical precision with real-time
haptic feedback for the fastest, most customizable click experience. The mouse
was developed with feedback from top esports professionals, reinforce our
commitment to providing elite gamers with the tools they need to win. Logitech G: PRO X2 SUPE RSTRIKE May 5, 2 026 | Logitech Q4 FY26 Shareholder Letter | Page 6 Logitech G: Logitech G 325 LIGH TSPEED Logitech G: Logitech G RS H-ShifterLogitech for Business: Rally AI Camera
Sustainability
Logitech was selected for inclusion in the inaugural SPI ® ESG 25 Index by the SIX Swiss Exchange 1, an exclusive list of 25 companies
recognized for the highest combined scores in market capitalization, trading volume, and ESG Impact Ratings. This recognition is
driven by our strong overall performance and an “A-” ESG Rating — the highest tier awarded by the independent Swiss agency Inrate.
It reflects the dedication our teams bring to our Design for Sustainability approach, actively reducing our environmental impact,
increasing product longevity and ensuring transparent carbon labeling without ever compromising the user experience.
1https://www.six-group.com/en/newsroom/media-releases/2026/20260401-new-indices.htmlMay 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 7
Financial DiscussionFY26 Results
For FY26, net sales in constant currency increased by 4% year over year to $4.84 billion, driven by robust demand in both our enterprise
and consumer businesses. Non-GAAP gross margin for the fiscal year was 43.6%, up 10 bps year over year. Non-GAAP operating income
was $911 million, up 18% year over year, reflecting strong operating margin expansion driven by disciplined cost management.
In FY26, our global market share grew in Pointing Devices, Video Collaboration, Tablet Accessories, Non-Gaming PC Headsets and
Console Gaming Headsets1.
We generated $1.04 billion in operating cash flow, and ended the year with a cash balance of $1.7 billion. We returned a total of
$768 million to shareholders through our annual dividend payment ($233 million) and share repurchases ($535 million).Net Sales$5,481M$4,841MY/Y (CC)4%Y/Y (US$)4%Y/Y (CC)(13%)$4,539MY/Y (US$)(17%)Y/Y (CC)(6%)$4,298MY/Y (US$)(5%)Y/Y (CC)7%$4,555MY/Y (US$)6%Y/Y (CC)4%Y/Y (US$)6% FY22FY23FY24FY25FY26 Q4 FY26 Results
For Q4, net sales in constant currency increased by 3% year over year to $1.09 billion, driven by robust demand in both our enterprise
and consumer businesses. Non-GAAP gross margin for the quarter was exceptionally strong at 44.8%, up 130 bps year over year.
Non-GAAP operating income was $167 million, up 25% year over year, demonstrating outstanding leverage in the quarter.
In Q4, our global market share grew in Pointing Devices, Keyboards & Combos, Video Collaboration, Webcams, Non-Gaming PC
Headsets and Console Gaming Headsets 2.
The strong operational e xecution throughout Q4 generated operating cash flows of $203 million, with a strong ending cash
balance of appro ximately $1.7 billion. Net Sales$1,421M$1,010M$1,148M$1,186MY/Y (CC)Y/Y (US$)$1, 086M Y/Y (CC)2%Y/Y (US$)0%Y/Y (CC)5%Y/Y (US$)5%Y/Y (CC)4%Y/Y (US$)6%4%6%Y/Y (CC)3%Y/Y (US$)7% Q4 FY25Q1 FY26 Q2 FY26Q3 FY26Q4 FY26
Note:
1All market share data is calculated using proprietary commissioned third party data from Circana, GF K and Synergy Research. PW S and
Gaming share data from February, 2025 – February, 2026, and VC share data from December, 2024 – December, 2025.
2All market share data is calculated using proprietary commissioned third party data from Circana, GF K and Synergy Research. PW S and
Gaming share data from December, 2025 – February, 2026, and VC share data from October, 2025 – December, 2025.
Core categories include Gaming, Pointing Devices, Keyboards & Combos, Video Collaboration, Tablet Accessories, Webcams, and Headsets.
May 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 8
Financial DiscussionRevenue by Product Category $MFY26FY25Y/YY/Y (CC)Q4 FY26Q4 FY25Y/YY/Y (CC)Gaming11,4141,3386%4%29226212%7%Keyboards & Combos9388836%4%2252212%(2%)Pointing Devices8597899%6%2011868%4%Video Collaboration68962610%8%16114313%8%Tablet Accessories33630012%10%665814%10%Webcams3263163%2%7678(2%)(5%)Headsets1801800%(1%)45435%2%Other299124(20%)(22%)1920(6%)(11%)Net sales4,8414,5556%4%1,0861,0107%3%
Note:
1 Gaming includes streaming services generated by Streamlabs.
2 Other primarily consists of Mobile Speakers and PC Speakers.
Total net sales may not tie to the sum of product category net sales due to rounding.
May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 9
Gaming
Our Gaming category grew this fiscal year, driven by growth (cc)
in Asia Pacific & EMEA that helped offset a decline in the
Americas. Momentum picked up in Q4 as sales growth
accelerated, including a return to positive growth in the Americas
and double-digit growth in both Asia Pacific and EMEA.
Pointing Devices
Pointing Devices grew for the fiscal year, with growth across
all regions including double-digit growth in Asia Pacific.
Performance remained steady through the end of the year,
with Q4 sales remaining positive. In Q4, growth in Asia Pacific
and the Americas helped balance a decline in EMEA.
Keyboards & Combos
Keyboards & Combos net sales grew this fiscal year, fueled by
positive performance across all regions. While Q4 sales
decreased slightly due to declines in EMEA and Asia Pacific, the
Americas maintained positive momentum.
Tablet Accessories
Tablet Accessories sales grew double digits for the fiscal year,
driven by exceptional growth in Asia Pacific. This growth
momentum continued through Q4 across all regions, with
double-digit gains in Asia Pacific and EMEA.
W ebcams
W ebca ms sale s gre w for the fis cal year, with gai ns in the
Am erica s and EMEA hel ping to o ffs et a decli ne i n As ia
Paci fic. W hile Q4 sale s di pp ed d ue to decli nes in EMEA and
As ia Paci fic, the Am erica s m aintai ned positive gro wth .
Video Collaboration
Video Colla boratio n sale s gre w for the fis cal year, with
positive perfor m ance acro ss all regio ns led by do ub le-digit
gro wth i n EMEA. T his stre ngth co ntinu ed i nto Q4, a s
outsta nding gro wth i n the Am erica s and EMEA offs et a
decli ne i n As ia Paci fic.
Headsets
Head set sale s slightly decli ned for the fis cal year, a s gro wth
in both the Am erica s and EMEA was offs et by a decli ne i n
As ia Paci fic. Q4 i mp roved with a ret urn to positive gro wth,
dri ven by a n increa se i n the Am erica s. T his perfor m ance
reflect s a port folio tra ns itio n to ward next-ge neratio n, AI-
powered head sets as they begi n broader co mm ercial
ado ptio n. May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 10
Net Retail Sales by Region
For the fiscal year, sales grew in EMEA and Asia Pacific in constant currency, while the Americas experienced a slight decline. In the
quarter, sales grew in the Americas and Asia Pacific in constant currency.
Americas
Americas net sales decreased for the
fiscal year but achieved an increase in
Q4. This turnaround marks the second
consecutive quarter of regional growth,
building on momentum led by the
U.S. During the final quarter, the region
grew across all key product categories.
EMEA
EMEA net sales increased for the fiscal
year across nearly all key product
categories. In Q4, EMEA growth
decreased slightly, due to holiday
channel inventory alignment and
geopolitical volatility in the Middle East.
Asia Pacific
Asia Pacific net sales surged for the fiscal
year and grew in Q4. This marks the
region’s ninth consecutive quarter of
year-over-year growth. This Q4
performance was highlighted by double-
digit growth in Gaming, Pointing Devices
and Tablet Accessories.Fiscal 2026$MFY26Net Sales14,841Americas1,955EMEA1,539Asia Pacific1,347Q4 F Y 26 $MQ4 FY26 Q4 FY25Y/Y (US$)Y/Y (CC)
Sell-Through
Y/Y (US$)2Net Sales11,086 1,0107%3%11%Americas4754545%3%8%EMEA324 2979%(1%)16%Asia Pacific28 7 258 11%8%10%
Note:
1 Total net sales may not tie to the sum of region net sales due to rounding. Net sales include the impact of promotions.
2 Sell-through figures are gross and do not include the impact of promotions. See Appendix regarding sell-through data.FY254,5551,9731,4141,1 68 Y/Y (US$)6%(1%)9%15%Y/Y (CC)4%(1%)3%15%
Sell-Through
Y/Y (US$)29%3%12%16%May 5, 2026 | Logitech Q4 F Y26 Shareholder Letter | Page 11
Non-GAAP Gross Margin
For the fiscal year, non-GAAP gross margin was 43.6%, up 10 basis points versus FY25, with U.S. pricing actions, product cost
reductions and favorable currency exchange rates offsetting investment in strategic promotions and higher tariffs.
Q4 FY26 non-GAAP gross margin was exceptionally strong at 44.8%, up 130 basis points versus Q4 FY25. In the quarter, U.S.
pricing actions, and favorable currency exchange rates more than offset investment in strategic promotions and higher tariffs.Annual Non-GAAP Gross Margin43.6%43.5%41.8%41.7%38.3%FY22FY23FY24FY25FY26Quarterly Non-GAAP Gross Margin44.8%43.8%43.5%43.5%42.1%Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 12
Non-GAAP Operating Expenses
For the full fiscal year, non-GAAP operating expenses were $1.2 billion, a decrease of 1% year over year, delivering operating leverage of
170 bps. This reduction is driven by a non-recurring bad debt expense in prior year Sales & Marketing and our disciplined cost
management in the current year, particularly in G&A, partially offset by strategic investments in Sales & Marketing and R&D.
Total non-GAAP operating expenses were $320 million in the quarter, an increase of 5% year over year. This increase reflects strategic
investments in Sales & Marketing, as well as R&D. These investments were partially offset by a non-recurring bad debt expense recorded
in prior-year Sales & Marketing, as well as a reduction in current-year G&A spend driven by rigorous cost discipline.FY26FY25Y/YQ4 FY26Q4 FY25Y/YNon-GAAP Operating Expenses 1,1981,208(1%)3203065% % of sales24.8%26.5%(170 bps)29.5%30.3%(80 bps)Sales & Marketing7747740%2041926% % of sales16.0%17.0%(100 bps)18.8%19.0%(20 bps)Research & Development2932892%82758% % of sales6.1%6.3%(20 bps)7.5%7.4%+10 bpsGeneral & Administrative131145(10%)3438(11%) % of sales2.7%3.2%(50 bps)3.1%3.8%(70 bps)
Note:
Results are non-GAAP and exclude the impact of share-based compensation expense for the presented periods. For more information, see “Share-
Based Compensation Expense” table included in “Supplemental Financial Information” in our earnings press release posted to our website under
“Quarterly Results” at http://ir.logitech.com.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 13
Profitability
For the full Fiscal Year 2026, non-GAAP operating income was $911 million, up 18% year over year. Non-GAAP operating margin for
the year was 18.8%, up 180 basis points from 17.0% in the prior year.
Non-GAAP operating income in Q4 was $167 million, up 25% year over year. Non-GAAP operating margin in Q4 was 15.3%, versus
13.2% last year, an increase of 210 basis points. The significant operating margin increase was driven by gross margin expansion and
disciplined cost actions.$911M18.8%FY26$775M17.0%FY25$133M13.2%Q4 FY25$167M15.3%Q4 FY26$%Non-GAAP Operating MarginNon-GAAP Operating IncomeMay 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 14
Balance Sheet and Cash Flows
Our FY26 cash conversion cycle improved by 4 days year over year, strengthening our balance sheet while maintaining a strong
cash position of $1.7 billion. We returned $768 million of capital back to our shareholders in the form of $233 million of dividends
and $535 million of shares repurchased.
We generated operating cash flow of $1.04 billion in FY26 representing 114% of non-GAAP operating income, which brings us to
three consecutive years of strong cash generation through working capital discipline and profitable growth.
Cash flow from operations was positive $203 million in Q4. Accounts receivable were $506 million, up 11% versus last year.
Accounts payable were $531 million, up 28% versus last year.$MFY26FY25Y/YQ4 FY26Q4 FY25Y/YCash from operations1,03784319420313073Ending cash balance1,7421,5032391,7421,503239Inventory490504(14)490504(14) Inventory turns5.75.30.44.94.60.3 DOI6569(4 days)7379(6 days)Accounts receivable5064555150645551 DSO47461 day42402 daysAccounts payable531415116531415116 DPO74731 day796514 daysCash conversion cycle3842(4 days)3654(18 days)
Note:
Numbers in $ millions except inventory turns, DOI, DSO, DPO and cash conversion cycle.
Comparisons are in US$ unless otherwise specified.
Differences year-over-year may not tie due to rounding.Share count
Our weighted average diluted share count in Q4 was 147.0 million shares versus 150.7 million shares in Q4 of the previous fiscal year.
Our reduction in diluted share count contributed about 3% of EPS growth year-over-year, driven by our share repurchase program.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 15
Forward-Looking Statements
This presentation includes forward-looking statements within the meaning of the U.S. federal securities
laws, including, without limitation, statements regarding our preliminary financial results for the three
months and fiscal year ended March 31, 2026, our outlook for the first quarter of Fiscal Year 2027, including
for net sales and non-GAAP operating income; our outlook for Fiscal Year 2027, including operating
margins; our strategy, investments; marketing; cost reductions; profitability; sustainability goals, product
innovation, and related assumptions.
These statements are subject to risks and uncertainties that may cause actual results and events to differ
materially, including without limitation: macroeconomic and geopolitical conditions and other factors and their
impact, for example inflation, interest rate and foreign currency fluctuations, changes in fiscal policies,
government shutdowns, geopolitical conflicts and warfare, energy and transportation costs; low economic
growth in certain regions, and uncertainty in consumer and enterprise demand; our expectations regarding our
expense discipline efforts, including the timing thereof; changes in secular trends that impact our business; if our
product offerings, marketing activities and investment prioritization decisions do not result in the sales,
profitability or profitability growth we expect, or when we expect it; if we fail to innovate and develop new
products in a timely and cost-effective manner for our new and existing product categories; issues relating to
development and use of artificial intelligence; if we do not successfully execute on our growth opportunities or
our growth opportunities are more limited than we expect; the effect of demand variability, supply shortages
and other supply chain challenges; the effect of logistics challenges, including disruptions in logistics; the effect
of pricing, product, marketing and other initiatives by our competitors, and our reaction to them, on our sales,
gross margins and profitability; if we are not able to maintain and enhance our brands; if our products and
marketing strategies fail to separate our products from competitors’ products; if we do not efficiently manage
our spending; our expectations regarding our restructuring efforts, including the timing thereof; if there is a
deterioration of business and economic conditions in one or more of our sales regions or product categories, or
significant fluctuations in exchange rates; changes in trade regulations, policies and agreements and the
imposition of tariffs that affect our products or operations, including potential new tariffs that may be imposed
on U.S. imports, and our ability to mitigate; if we do not successfully execute on strategic acquisitions and
investments; risks associated with acquisitions; and the effect of changes to our effective income tax rates.
A detailed discussion of these and other risks and uncertainties that could cause actual results and events to
differ materially from such forward-looking statements is included in Logitech’s periodic filings with the
Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the fiscal year ended
March 31, 2025, our quarterly report on Form 10-Q for the quarter ended December 31, 2025, and other reports
filed with the SEC, available at www.sec.gov, under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to reflect new information or events or
circumstances occurring after the date of this presentation.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 16
Non-GAAP Financial Measures
To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a
number of financial measures, both GAAP and non-GAAP, in analyzing and assessing our overall business
performance for making operating decisions and forecasting and planning future periods. We consider the use
of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations, and
prospects for the future as well as understanding financial and business trends relating to our financial condition
and results of operations.
We have included non-GAAP adjusted measures in this presentation, which exclude share-based compensation
expense, amortization and impairment of intangible assets, acquisition-related costs, restructuring charges,
(credits) net, loss (gain) on investments, non-GAAP income tax adjustment, and other items detailed under
“Supplemental Financial Information” in our earnings press release posted to our website under “Quarterly
Results” at http://ir.logitech.com .
We also present percentage sales growth in constant currency (cc), a non-GAAP measure, to show performance
unaffected by fluctuations in currency exchange rates. Percentage sales growth in constant currency 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. Logitech believes this information will help
investors to evaluate its current period performance and trends in its business. With respect to our outlook for
non-GAAP operating income and non-GAAP gross margin, most of the excluded amounts pertain to events that
have not yet occurred and are not currently possible to estimate with a reasonable degree of accuracy.
Therefore, no reconciliation to the GAAP amounts has been provided for the first quarter of Fiscal Year 2027 non-
GAAP outlook.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 17
GAAP to Non-GAAP Reconciliation
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*(In thousands, except per share amounts) UnauditedSupplemental Financial InformationGAAP to non-GAAP reconciliation (A) Three months ended Mar 31Fiscal year ended Mar 31 2026202520262025 $483,280$435,811$2,091,337$1,962,6012,2561,34810,63110,0211,1132,2107,0179,554$486,649$439,369$2,108,985$1,982,17644.5%43.1%43.2%43.1%44.8%43.5%43.6%43.5%$347,485$329,907$1,316,143$1,307,74623,56112,498101,76179,8929192,6306,29810,6952,9148,8909,8609,615$320,091$305,889$1,198,224$1,207,54432.0%32.7%27.2%28.7%29.5%30.3%24.8%26.5%Gross profit – GAAPShare-based compensation expenseAmortization of intangible assetsGross profit – Non-GAAPGross margin – GAAPGross margin – Non-GAAPOperatin g expenses – GAAP Less : Share-based compensation expense
Less : Amortization of intangible assets
and ac quisition-related costs Less : Restructuring charges, net Operatin g expenses – Non-GAAP % of net sales – GAAP% of net sales – Non-GAAPMay 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 18
GAAP to Non-GAAP Reconciliation
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*(In thousands, except per share amounts) UnauditedSupplemental Financial InformationGAAP to non-GAAP reconciliation (A) Three months ended Mar 31Fiscal year ended Mar 31 2026202520262025 $135,795$105,904$775,194$654,85525,81713,846112,39289,9132,0324,84013,31520,2492,9148,8909,8609,615$166,558$133,480$910,761$774,63212.5% 10 .5% 16.0% 14 .4% 15.3% 13.2% 18.8% 17.0% $143,463$144,066$711,187$631,52925,81713,846112,39289,9132,0324,84013,31520,2492,9148,8909,8609,6153213116122,029(8,868)(32,225)9,076(13,405)$165,679$139,728$856,442$739,930Operating income – GAAPShare-based compensation expense
Amortization of intangible assets
and acquisition-related costsRestructuring charges, netOperating income – Non-GAAP% of net sales – GAAP% of net sales – Non-GAAP Net income – GAAPShare-based compensation expense
Amortization of intangible assets and
acquisition-related costsRestructuring charges, netLoss (gain) on in vestments Non-GAAP income tax ad justment Net income – Non-GAAPNet income per share : Diluted – GAAPDiluted – Non-GAAP
Sh are s us ed to comp ute
net income per sh are : Diluted – GAAP and Non-GAAP 147,002$0 .98 $1.13 150,709148,208152,784May 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 19$0 .96 $0 .93 $4 .80 $5 .78 $4 .13 $4 .84
GAAP to Non-GAAP Reconciliation
LOGITECH INTERNATIONAL S.A.
PRELIMINARY RESULTS*(In thousands) UnauditedSupplemental Financial InformationGAAP to non-GAAP reconciliation (A) Q4’25Q1’26Q2’26Q3’26Q4’26Gross profit – GAAP$435,811$478,962$514,456$614,639$483,280Share-based compensation expense1,3482,3803,3592,6362,256Amortization of intangible assets2,2102,1492,1821,5731,113Gross profit – Non-GAAP$439,369$483,491$519,997$618,848$486,649Gross margin – GAAP43.1%41.7%43.4%43.2%44.5%Gross margin – Non-GAAP43.5%42.1%43.8%43.5%44.8%GAAP to non-GAAP reconciliation (A) FY’22FY’23FY’24FY’25FY’26Gross profit – GAAP$2,263,006$1,719,515$1,778,021$1,962,601$2,091,337Share-based compensation expense6,6955,6358,00410,02110,631Amortization of intangible assets14,02312,86511,0289,5547,017Gross profit – Non-GAAP$2,283,724$1,738,015$1,797,053$1,982,176$2,108,985Gross margin – GAAP41.3%37.9%41.4%43.1%43.2%Gross margin – Non-GAAP41.7%38.3%41.8%43.5%43.6%
Note:
*These preliminary results for the three months and fiscal year ended March 31, 2026 are subject to adjustments, including subsequent events,
that may occur through the date of filing our Annual Report on Form 10-K.
(A) For full GAAP to non-GAAP reconciliation information and cautionary information regarding the use of non-GAAP measures, please refer to
“Supplemental Financial Information” in our earnings press release posted to our website under “Quarterly Reports” at http://ir.logitech.com.May 5, 2026 | Logitech Q4 FY26 Shareholder Letter | Page 20
Defining “Sell-Through”
Sell-through or end user demand is an estimate of sales of our products by our retailer customers to consumers and by our
distributor customers to their end customers. Sell-through estimates are primarily based on data supplied by Logitech’s
customers as well as internal data and assumptions when customer data is not provided. These estimates are subject to
limitations as the reliability of the data depends on accuracy and timeliness of information supplied to Logitech by our
customers, and the processes by which they collect their sell-through data are largely outside our control.
Logitech estimates whether sell-through data from distributors pertains to “Business” or “Consumer” end users based on internal
data and assumptions. Logitech is either able to specifically identify the end user within our tiered distribution process or applies
judgment to determine the end user based on a variety of internal data sources. Sell-through data does not include the impact
of promotions. May 5, 2026 | Logitech Q4 FY26 Shareholder Letter| Page 21
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