Logitech International S.A. (LOGI) Earnings
Logitech International S.A. is expected to report next earnings on October 27, 2026 (in NaN days), with a consensus EPS estimate of $1.35. LOGI has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +18.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 28, 2026 | $1.26 | $1.85 | +46.2% | $1.2B | +2.0% |
| May 5, 2026 | $1.10 | $1.13 | +2.7% | $1.1B | +0.5% |
| Jan 27, 2026 | $1.79 | $1.93 | +7.8% | $1.4B | +31.3% |
| Oct 28, 2025 | $1.22 | $1.45 | +18.9% | $1.2B | -15.6% |
| Jul 29, 2025 | $1.09 | $1.26 | +15.6% | $1.1B | -2.5% |
| Apr 29, 2025 | $0.86 | $0.93 | +8.1% | $1.0B | -9.8% |
| Jan 28, 2025 | $1.38 | $1.59 | +15.2% | $1.3B | +30.7% |
| Oct 21, 2024 | $1.11 | $1.20 | +8.1% | $1.1B | -0.4% |
| Jul 22, 2024 | $0.86 | $1.13 | +31.4% | $1.1B | +5.2% |
| Jan 22, 2024 | $1.16 | $1.53 | +31.9% | $1.3B | +0.6% |
| Jul 24, 2023 | $0.47 | $0.65 | +38.3% | $974M | +6.4% |
| May 1, 2023 | $0.42 | $0.50 | +19.0% | $960M | +2.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2027 · July 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Quarterly Results * Q1 2027 marked Logitech's 10th consecutive quarter of net sales growth, with overall net sales up 5% year-over-year in constant currency (7% in USD) to $1.2 billion. * Including a $61 million tariff refund, non-GAAP operating income was $290 million, up 44% year-over-year; excluding the refund, non-GAAP operating income was $229 million, up 14% year-over-year. * Non-GAAP operating margin excluding the tariff refund was 18.7%, up 110 basis points year-over-year. Non-GAAP gross margin including the tariff refund was 49.8%; excluding the refund it was 44.8%, above the company's 43%-44% structural range. * Operating cash flow increased over 30% year-over-year, ending the quarter with $1.75 billion in cash; $115 million was returned to shareholders via share repurchases. - Strategic Growth Pillars * Superior product innovation: New premium launches including MX Master 4 and Pro X2 Super Strike are already among the company's top-selling products just a few quarters post-launch. Four additional new products were launched in Q1, and the 40-year product innovation pipeline is supported by incremental growth investments now underway. * Doubledown on B2B growth: B2B demand remains healthy across both video collaboration and personal workspace, supported by long-term trends of hybrid work, low global meeting room video penetration, and AI-driven refresh demand. Logitech holds strong positioning as a preferred supplier for enterprise meeting room upgrades. * Geographic excellence: Geographic diversity offset weakness from the Middle East conflict, with the Americas growing 11% (driven by double-digit growth across multiple product categories), Asia-Pacific growing 5% (led by outperformance in China), and Logitech gained significant market share in EMEA despite a soft broader market and a 400 basis point negative impact from the Middle East conflict. * Operational excellence: Operational teams maintained disciplined execution even amid a volatile macro environment and supply chain constraints, delivering strong operating income growth despite headwinds.
Guidance
- Q2 2027 guidance: Revenue is expected to grow 0-3% year-over-year in constant currency, with a gross margin rate of approximately 44%. Excluding the estimated $20 million negative revenue impact from the supplier incident, implied growth would be 1.5-4.5%. Non-GAAP operating income is expected to be between $185 million and $210 million, down year-over-year due to planned growth investments. - Full year fiscal 2027 guidance: Absent the supplier incident, the company expected full-year top-line growth to match Q1's pace for the remainder of the year. The supplier incident is estimated to have a negative revenue impact of up to $200 million in Q3, with little to no impact expected in Q4 as the issue is expected to be fully resolved by then. Full-year non-GAAP operating margin is expected to track near the high end of the company's 15% to 18% long-term target range, supported by underlying operating performance and the Q1 tariff refund. - Long-term profitability commitment: The company remains committed to its 15-18% non-GAAP operating margin target range shared at Investor Day.
Segment performance
Product segment performance (all year-over-year in constant currency): - Pointing Devices: Net sales grew 14%, driven by the strong performance of the MX Master 4 premium mouse; marked the fifth consecutive quarter of growth, and contributed the largest share gains across the company's portfolio. - Video Collaboration: Net sales grew 9%, extending multi-quarter momentum, driven by sustained corporate investment in meeting room upgrades. Logitech's solutions are used by over 70% of Fortune 500 companies, and the segment delivered strong share gains in the quarter. - Gaming: Net sales grew 9%, accelerated from prior quarters, driven by double-digit growth in premium products led by the Pro X2 Super Strike gaming mouse. The segment outperformed a growing global gaming market and delivered share gains in the premium category. - Webcams and Headsets: Net sales declined, driven by soft end-market demand in the EMEA region.
Risks & headwinds
- A major semiconductor component supplier experienced a serious manufacturing incident in late June that has shuttered their facility, which remains closed as of the call with no definitive reopening date provided. This is expected to temporarily disrupt supply and reduce Q2 net sales by ~$20 million and Q3 net sales by up to $200 million. - Ongoing geopolitical instability from the conflict in the Middle East negatively impacted EMEA net sales by 400 basis points in Q1, and a similar impact is expected in Q2. - Tight global semiconductor supply conditions make it challenging to source alternative replacement supply quickly to offset the closed facility disruption, especially ahead of the holiday shopping season. - Macroeconomic uncertainty continues to create uneven demand across regions and product categories. - Elevated input, component, shipping and freight costs continue to pressure gross margins, partially offset by cost reduction efforts and premium product mix.
Analyst Q&A
Q: Jorn Effert (UBS) asked if the strong Q1 growth and slower projected Q2 growth (adjusted for the supplier incident) reflected pulled forward demand, and why the full-year operating margin is lower than last year even after excluding the tariff refund. /
A: CEO Hanneke Faber stated there was very little to no pull forward of demand, especially in video conferencing, as the May pricing increase had minimal impact in Q1 due to existing contracted deals honoring prior prices. The slower adjusted Q2 growth range reflects normal macro uncertainty, not hidden demand pull forward. CFO Matteo Anversa explained that after outsized fiscal 2026 profitability near 19%, the company intentionally planned to reinvest prior gains into future growth via higher sales & marketing and R&D spending, not unplanned cost increases; G&A remains disciplined as a percentage of sales, and gross margins are expected to stay strong. (399 characters)
Q: Asya Merchant (Citi) asked about current channel inventory health, and why management is confident the supplier incident will be fully resolved by Q4. /
A: CFO Matteo Anversa noted channel inventory remains healthy and in the desired range, with no abnormal buildup; higher Q1 promotional spend in Europe (to gain share in a subdued market) explains the gap between strong channel sell-through and reported net sales. CEO Hanneke Faber added the company has secondary suppliers for the affected component, but tight industry-wide semiconductor supply makes near-term alternative sourcing difficult. Pre-built inventory held to mitigate such disruptions limits Q2 impact to $20 million, and management expects the fab to reopen before Q4, resulting in little to no impact that quarter. (498 characters)
Q: Maya Newman (Morgan Stanley) asked how Logitech can grow mid-single digits even if full-year PC shipments decline low double digits, implying large attach rate growth per PC. /
A: CEO Hanneke Faber explained Logitech's growth is driven by the existing global PC installed base, not just new PC shipments. Less than 50% of existing PC users use an upgraded third-party mouse, and Logitech grows penetration by ~1 percentage point annually, in addition to consistent market share gains and premium ASP growth from high-end innovative products like the MX Master 4 and Pro X2 Super Strike. PC shipment declines do not impact this installed base growth dynamic. (347 characters)
Q: Lucas Glemzer (Berenberg) asked what drove the strong acceleration in pointing device growth, and what are the strategic goals of gaming partnerships like the Call of Duty collaboration. /
A: CEO Hanneke Faber noted pointing device growth is driven by sustained strength from the MX Master 4 plus new premium launches like the Mobi foldable mouse, which had a successful exclusive first launch on TikTok Shop that became the top-selling electronics product on the platform. For gaming partnerships, collaborations with brands like Call of Duty, NASCAR and McLaren are designed to enhance user immersion via Logitech's unique technologies (like True Force for racing games), and leverage co-marketing to drive premium product adoption. (395 characters)