Credo Technology (CRDO) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended August 1, 2026 and Credo Technology published the results on September 1, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Credo Technology reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Credo's fiscal year ends on the Saturday closest to April 30. Q1 fiscal 2027 ran from May 3 to August 1, 2026.
• Credo acquired DustPhotonics, a silicon photonics developer, on May 28, 2026, for total purchase consideration of $1.3 billion. Its results are included from that date.
• Credo reports one segment. The table shows revenue by the destination a product was shipped to, which may differ from where the customer is based.

Source: Credo Q1 fiscal 2027 results, September 1, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How Credo Technology splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Credo Technology's United States revenue was $255 million in Q1 fiscal 2027, up 208% from $82.8 million in Q1 fiscal 2026, 53% of total revenue.
• Credo Technology's Hong Kong revenue was $91.2 million in Q1 fiscal 2027, up 22% from $74.9 million in Q1 fiscal 2026, 19% of total revenue.
• Credo Technology's Malaysia revenue was $74.5 million in Q1 fiscal 2027, up 1066% from $6.4 million in Q1 fiscal 2026, 16% of total revenue.
• Credo Technology's Mainland China revenue was $1.1 million in Q1 fiscal 2027, down 98% from $51.8 million in Q1 fiscal 2026, under 1% of total revenue.
• Credo Technology's Rest of World revenue was $56.8 million in Q1 fiscal 2027, up 690% from $7.2 million in Q1 fiscal 2026, 12% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q1 fiscal 2027 release, Credo Technology said:

“Revenue is expected to be between $525 million and $535 million”

“GAAP gross margin is expected to be between 62.9% and 64.9%, and non-GAAP gross margin is expected to be between 67.0% and 69.0%”

“GAAP operating expenses are expected to be between $199 million and $204 million, and non-GAAP operating expenses are expected to be between $100 million and $105 million”

Source: Credo Q1 fiscal 2027 release, Sep 1, 2026.

This is the company's own guidance as of Sep 1, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the CRDO forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted net income per share, each as first reported in that quarter's release.

Credo Technology's next report is expected around November 30, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Sep 1, 2026

Credo Technology's revenue was $479.0 million in Q1 fiscal 2027, up 114.7% from $223.1 million a year earlier and up 9.6% from the previous quarter. Credo's 10-Q says unit shipments of Active Electrical Cables (AECs) contributed over 90% of the $255.9 million increase, driven by the ramp-up of AEC solutions at hyperscale data center customers. (Credo Q1 fiscal 2027 release, Sep 1, 2026; Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026)

Credo's 10-K describes a product line built on its own SerDes and DSP technology: ZeroFlap AECs and optical transceivers, OmniConnect memory solutions, and retimers and DSPs for optical and copper Ethernet and PCIe, with speeds from 32G to 200G per lane. It also licenses SerDes IP. In May 2026 Credo added silicon photonics by buying DustPhotonics for $1.3 billion, paid with $769.6 million in cash, $169.1 million in shares and $310.0 million of contingent consideration. (Credo Form 10-K, fiscal 2026, Jun 15, 2026; Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026)

Revenue is concentrated in two customers. Customer A accounted for 43% of revenue in the quarter, against 50% a year earlier, and Customer B for 28%, against 35%. Credo does not name them. For fiscal 2026 as a whole, Customer A was 49% of revenue and Customer B 32%. (Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026; Credo Form 10-K, fiscal 2026, Jun 15, 2026)

Shipments moved toward the United States. By destination of shipment, the United States took $255.4 million against $82.8 million a year earlier, Malaysia $74.5 million against $6.4 million, and Hong Kong $91.2 million against $74.9 million, while Mainland China fell to $1.1 million from $51.8 million. By customer location, 53% of revenue came from North America, against 37% a year earlier. (Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026)

Credo Technology's GAAP diluted EPS was $0.67 in Q1 fiscal 2027, against $0.34 a year earlier, and non-GAAP diluted EPS was $1.20, against $0.52. The gap is mostly share-based compensation, $88.0 million in the quarter against $35.5 million a year earlier. Non-GAAP results also exclude $10.4 million of acquisition and integration costs and $11.6 million of amortization of intangible assets acquired with DustPhotonics. (Credo Q1 fiscal 2027 release, Sep 1, 2026)

The DustPhotonics deal shows in gross margin. GAAP gross margin fell to 64.5% from 67.4% a year earlier and 68.2% in the prior quarter, because $11.0 million of intangible amortization and $5.7 million of share-based compensation landed in cost of revenue. Non-GAAP gross margin was 68.0%. GAAP operating expenses rose to $188.4 million from $89.6 million, and research and development alone rose $62.1 million, including $25.8 million more share-based compensation. (Credo Q1 fiscal 2027 release, Sep 1, 2026; Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026)

Diluted weighted-average shares rose to 194.4 million from 184.6 million. Credo recorded a tax benefit of $0.6 million, against a $1.3 million provision a year earlier. (Credo Q1 fiscal 2027 release, Sep 1, 2026; Credo Form 10-Q, Q1 fiscal 2027, Sep 2, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Credo Technology gives a one-quarter outlook in each release. For Q2 fiscal 2027, ending October 31, 2026, it expects revenue between $525 million and $535 million, GAAP gross margin of 62.9% to 64.9% and non-GAAP gross margin of 67.0% to 69.0%. It reconciles the two with 1.3 points of share-based compensation and 2.8 points of amortization of acquired intangibles. GAAP operating expenses are expected at $199 million to $204 million, including $97.0 million of share-based compensation. (Credo Q1 fiscal 2027 release, Sep 1, 2026)

A consensus figure is the average of the models published by the analysts who cover Credo Technology, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Credo Technology's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning CRDO is on is CRDO a buy or a sell?, what analysts expect next is on the CRDO forecast, and what the company does is on the Credo Technology (CRDO) stock page.

Every number on this page can be traced to a document Credo Technology published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.