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Why Is Logitech (LOGI) Up 15.1% Since Last Earnings Report?
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It has been about a month since the last earnings report for Logitech (LOGI - Free Report) . Shares have added about 15.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Logitech due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Logitech International S.A. reported fourth-quarter fiscal 2026 non-GAAP earnings of $1.13 per share, which beat the Zacks Consensus Estimate by 2.7%. The bottom line increased 22% on a year-over-year basis.
In the fourth quarter of fiscal 2026, LOGI reported revenues of $1.09 billion, which surpassed the consensus mark by 0.9%. Compared with the year-ago quarter, the top line increased 7% on a reported basis and 3% on a constant currency basis.
Logitech’s Q4 Segment Details
Revenues from Keyboards & Combos rose 2% year over year to $224.6 million. Revenues from the Pointing Devices category grew 8% to $200.9 million, while Webcams decreased 2% to $76.2 million.
Our model estimates for Keyboards & Combos, Pointing Devices and Webcams categories were pegged at $239 million, $206.3 million and $84.1 million, respectively.
Gaming revenues increased 12% year over year to $292.3 million, and Video Collaboration sales rose 13% to $161.4 million. Our model estimates for Gaming and Video Collaboration revenues were pegged at $272.8 million and $152.2 million, respectively.
Revenues from the Headsets product category increased 5% to $44.9 million, while Other categories’ sales plunged 6% to $18.9 million. Tablet Accessories sales increased 14% to $66.3 million. Our model estimates for Headsets, Tablet Accessories and Other categories were pegged at $42.8 million, $65.5 million and $19.8 million, respectively.
Logitech’s Margins & Operating Metrics
The non-GAAP gross profit increased 10.8% year over year to approximately $486.7 million. The non-GAAP gross margin expanded 130 basis points (bps) from the prior-year quarter to 44.8%.
Non-GAAP operating expenses increased 4.6% year over year to approximately $320 million. As a percentage of revenues, non-GAAP operating expenses contracted 80 bps to 21.6%.
Non-GAAP operating income increased 24.5% to $166.6 million from $133.5 million reported in the year-ago quarter. The operating margin expanded 210 basis points to 15.3%.
Logitech’s Liquidity and Shareholder Return
As of March 31, 2026, LOGI’s cash and cash equivalents were $1.74 billion, down from the previous quarter’s $1.82 billion. The company generated $203 million in cash from operational activities in the fourth quarter and $1.04 billion in fiscal 2026.
The company returned $280 million of cash to its shareholders through share repurchases during the fourth quarter. In fiscal 2026, the company returned approximately $768 million through share repurchases and dividend payments.
Logitech Initiates Q1 FY27 Guidance
For the first quarter of fiscal 2027, Logitech projects revenues between $1.19 billion and $1.22 billion. The top-line guidance range suggests year-over-year growth of 4-6% on a reported basis and 2-4% on a constant currency basis.
Logitech projects non-GAAP operating profit in the range of $195-$215 million during the first quarter of fiscal 2027.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
VGM Scores
At this time, Logitech has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Logitech has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is Logitech (LOGI) Up 15.1% Since Last Earnings Report?
It has been about a month since the last earnings report for Logitech (LOGI - Free Report) . Shares have added about 15.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Logitech due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
Logitech's Q4 Earnings Surpass Estimates, Revenues Rise Y/Y
Logitech International S.A. reported fourth-quarter fiscal 2026 non-GAAP earnings of $1.13 per share, which beat the Zacks Consensus Estimate by 2.7%. The bottom line increased 22% on a year-over-year basis.
In the fourth quarter of fiscal 2026, LOGI reported revenues of $1.09 billion, which surpassed the consensus mark by 0.9%. Compared with the year-ago quarter, the top line increased 7% on a reported basis and 3% on a constant currency basis.
Logitech’s Q4 Segment Details
Revenues from Keyboards & Combos rose 2% year over year to $224.6 million. Revenues from the Pointing Devices category grew 8% to $200.9 million, while Webcams decreased 2% to $76.2 million.
Our model estimates for Keyboards & Combos, Pointing Devices and Webcams categories were pegged at $239 million, $206.3 million and $84.1 million, respectively.
Gaming revenues increased 12% year over year to $292.3 million, and Video Collaboration sales rose 13% to $161.4 million. Our model estimates for Gaming and Video Collaboration revenues were pegged at $272.8 million and $152.2 million, respectively.
Revenues from the Headsets product category increased 5% to $44.9 million, while Other categories’ sales plunged 6% to $18.9 million. Tablet Accessories sales increased 14% to $66.3 million. Our model estimates for Headsets, Tablet Accessories and Other categories were pegged at $42.8 million, $65.5 million and $19.8 million, respectively.
Logitech’s Margins & Operating Metrics
The non-GAAP gross profit increased 10.8% year over year to approximately $486.7 million. The non-GAAP gross margin expanded 130 basis points (bps) from the prior-year quarter to 44.8%.
Non-GAAP operating expenses increased 4.6% year over year to approximately $320 million. As a percentage of revenues, non-GAAP operating expenses contracted 80 bps to 21.6%.
Non-GAAP operating income increased 24.5% to $166.6 million from $133.5 million reported in the year-ago quarter. The operating margin expanded 210 basis points to 15.3%.
Logitech’s Liquidity and Shareholder Return
As of March 31, 2026, LOGI’s cash and cash equivalents were $1.74 billion, down from the previous quarter’s $1.82 billion. The company generated $203 million in cash from operational activities in the fourth quarter and $1.04 billion in fiscal 2026.
The company returned $280 million of cash to its shareholders through share repurchases during the fourth quarter. In fiscal 2026, the company returned approximately $768 million through share repurchases and dividend payments.
Logitech Initiates Q1 FY27 Guidance
For the first quarter of fiscal 2027, Logitech projects revenues between $1.19 billion and $1.22 billion. The top-line guidance range suggests year-over-year growth of 4-6% on a reported basis and 2-4% on a constant currency basis.
Logitech projects non-GAAP operating profit in the range of $195-$215 million during the first quarter of fiscal 2027.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
VGM Scores
At this time, Logitech has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Logitech has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.