Rambus Inc filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $796.1 million, a 17.3% rise on the year before. This growth rate stood 0.2 percentage points higher than a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 20.7% | 32.9% | 35.9% |
| FY25 Q1 | 30.1% | 35.7% | 38.5% |
| FY25 Q2 | 35.2% | 37.0% | 40.6% |
| FY25 Q3 | 31.0% | 36.4% | 43.1% |
| FY25 Q4 | 27.1% | 36.8% | 47.1% |
| FY26 Q1 | 19.1% | 35.9% | 46.5% |
| FY26 Q2 | 17.2% | 35.5% | 39.6% |
| FY26 Q3 | 17.3% | 36.3% | 39.3% |
What stands out in the filings
Capital spending rose 26.1%, outpacing operating cash flow’s 8.6% increase, leaving less of the generated cash as surplus.
Profitability
The business is profitable. The trailing gross margin was 79.1%. Meanwhile, the trailing operating margin was 36.3%, down 0.1 percentage points from a year earlier. The trailing net margin stood at 33.4%. Net income over the twelve months was $265.9 million, rising 16.2% on the year before.
Cash flow
Spending is outrunning the cash the business brings in, reducing the leftover amount. Operating cash flow over the twelve months was $346.8 million, up 8.6% on the year before. Capital spending was $33.8 million, or 4.2% of revenue. Consequently, free cash flow, defined as operating cash flow less capital spending, was $312.9 million, up 7.0% on the year before. This represented a free-cash-flow margin of 39.3%, down 3.8 percentage points from a year earlier.
Shares outstanding
The average diluted share count rose 0.9% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 39.3% is higher than 60% of the company’s own past quarterly readings, which have ranged from −16.8% to 64.5%. Today’s operating margin of 36.3% is higher than 86% of past readings (−44.0% to 70.2%). Today’s twelve-month revenue growth rate of 17.3% is higher than 65% of past readings (−41.2% to 43.5%).
Guidance
The company gave its third quarter of 2026 guidance for revenue of $210.0 million to $216.0 million, for product revenue for Product of $110.0 million to $116.0 million, for royalties revenue for Royalties of $69.0 million to $75.0 million, and for contract and other revenue for Contract and other of $25.0 million to $31.0 million.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 22.6%, while 5 percentage points higher would raise it by 29.0%. A free-cash-flow margin 1 percentage point lower would reduce it by 2.4%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
