RMBS — Rambus Inc.
Quarterly Earnings Performance
Calendar 2025
| Quarter |
Period |
Report Date |
Revenue |
YoY Growth |
EPS |
Guidance (next qtr) |
Notes |
| Q1 2025 |
Jan–Mar 2025 |
2025-05-05 |
$166.7M |
+41.4% |
$0.56 (GAAP) |
— |
Product rev $76.3M; AI/DDR5 demand |
| Q2 2025 |
Apr–Jun 2025 |
2025-07-28 |
$172.2M |
+30.4% |
$0.53 (GAAP) |
— |
Product rev $81.3M |
| Q3 2025 |
Jul–Sep 2025 |
2025-10-27 |
$178.5M |
+22.7% |
$0.44 (GAAP) |
$0.64–$0.71 non-GAAP |
Supply chain headwinds; licensing strong |
| Q4 2025 |
Oct–Dec 2025 |
2026-02-02 |
$190.2M |
~+25% |
$0.68 (non-GAAP) |
$0.56–$0.64 non-GAAP |
Record product rev $96.8M; beat est. |
| FY 2025 |
Full Year |
— |
$707.6M |
~+32% |
— |
— |
Record rev; cash from ops $360M (+56%) |
Note: Q1–Q3 2025 EPS shown as GAAP (non-GAAP figures not retrieved). Q4 2025 YoY is estimated — Q4 2024 total revenue not confirmed. Full-year product revenue was $347.8M, up 41% from 2024.
Calendar 2026
| Quarter |
Period |
Report Date |
Revenue |
YoY Growth |
EPS |
Guidance (next qtr) |
Notes |
| Q1 2026 |
Jan–Mar 2026 |
2026-05-05 |
$180.2M |
+8.1% |
$0.63 (non-GAAP) |
$192–$198M rev; $0.65–$0.73 non-GAAP |
At top of guidance; prod rev $88.0M |
| Q2 2026 |
Apr–Jun 2026 |
~2026-07-28 |
$192–$198M (est.) |
~+12% (est.) |
$0.65–$0.73 (est.) |
— |
Upcoming; guidance from Q1 2026 call |
Analyst Price Targets
As of late May 2026. Current stock price approximately $127 (estimates vary by source).
| Analyst |
Firm |
Rating |
Price Target |
Date |
Implied Upside |
| — |
Evercore ISI |
Outperform |
$172 |
2026-04-28 |
~+35% |
| — |
Jefferies |
— |
$145 |
2026-04-28 |
~+14% |
| Kevin Cassidy |
Rosenblatt Securities |
Buy |
~$130 |
~2026 |
~+2% |
| — |
William Blair |
Outperform |
— |
~2026 |
— |
| Gary Mobley |
Wells Fargo |
Underweight |
~$90 |
~2026 |
−29% |
| Consensus |
6 analysts |
Strong Buy |
~$130 avg |
May 2026 |
5 Buy / 1 Hold / 0 Sell |
Price target range: $90 – $172. The wide spread reflects disagreement on pace of AI memory interface adoption and licensing renewal cycles. Evercore and Jefferies both raised targets after Q1 2026 earnings.
Upcoming
| Quarter |
Est. Report Date |
Est. Revenue |
Est. EPS |
Source |
| Q2 2026 |
~2026-07-28 |
$192–$198M |
$0.65–$0.73 |
Company Q2 2026 guidance |
Commentary
Rambus delivered a breakout 2025, with total revenue of ~$707.6M and record annual product revenue of $347.8M (+41% YoY), driven by surging demand for HBM memory controllers and DDR5 interface chips tied to AI data center buildouts. Q1 2026 came in at $180.2M with non-GAAP EPS of $0.63, meeting the top of guidance, though total revenue growth moderated to +8% YoY as the licensing base anniversaries some large 2025 renewals. The Q2 2026 midpoint guide of $195M implies sequential acceleration in product revenue (+~11%), suggesting continued momentum in AI memory silicon. Key upcoming catalyst: Q2 2026 earnings (~July 28, 2026), which will test whether the DDR5/HBM ramp is sustaining; the bull/bear split in analyst targets ($90 vs. $172) makes this a high-dispersion name.
Sources
Rambus Q4 2025 Earnings Call Transcript — The Motley Fool
Rambus Q4 2025 Earnings Highlights — Yahoo Finance
Rambus Q1 2026 Earnings & Q2 Outlook — StockTitan / SEC 8-K
RMBS Analyst Price Targets 2026 — MarketBeat
RMBS Stock Forecast & Analyst Ratings — StockAnalysis
RMBS Analyst Ratings — TipRanks
RMBS Analyst Ratings — Benzinga
William Blair Initiates Outperform on RMBS — Nasdaq
SEC EDGAR — RAMBUS INC Form 8-K FY2025 Q1
SEC EDGAR — RAMBUS INC Form 8-K FY2025 Q3
SEC EDGAR — RAMBUS INC Form 8-K FY2026 Q1
Generated: 2026-05-28