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SAN FRANCISCO, April 30, 2026 /PRNewswire/ -- Dolby Laboratories, Inc. (NYSE: DLB) today announced the company's financial results for the second quarter of fiscal 2026.
"We continue to strengthen our position and create growth opportunities across existing and new business areas," said Kevin Yeaman, President and CEO, Dolby Laboratories. "This quarter, we continued to expand our reach especially in sports with events like the Super Bowl, Winter Olympics and T20 Cricket World Cup available in Dolby and automotive with automakers including BMW and Lexus integrating Dolby into their in-car experiences."
Second Quarter Fiscal 2026 Financial Highlights
A complete listing of Dolby's non-GAAP measures are described and reconciled to the corresponding GAAP measures at the end of this release.
Recent Business Highlights
Dividend
Today, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on May 20, 2026, to stockholders of record as of the close of business on May 12, 2026.
Financial Outlook
Dolby's financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The uncertainty resulting from these factors has greatly reduced visibility into Dolby's future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see "Forward-Looking Statements" in this press release for a description of certain risks that Dolby faces, and the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q for the second quarter of fiscal 2026, to be filed on or around the date hereof.
Dolby is providing the following estimates for its third quarter of fiscal 2026:
Dolby is providing the following estimates for the full year of fiscal 2026:
Conference Call Information
Members of Dolby management will lead a conference call open to all interested parties to discuss second quarter fiscal 2026 financial results for Dolby Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, April 30, 2026.
The conference call can be accessed by registering online at Dolby Laboratories Q2 Fiscal Year 2026 Financial Results, at which time registrants will receive dial-in information as well as a conference ID.
A live audio webcast of the conference call will be available at http://investor.dolby.com where it will be archived for one year.
Non-GAAP Financial Information
To supplement Dolby's financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby's operating results in a manner that focuses on what Dolby's management believes to be its ongoing business operations and performance. We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby's management regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as adjustments from one or more of its non-GAAP financial measures:
Stock-based compensation expense: Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.
Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.
Restructuring charges or credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs, including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective comparison of its past operating performance and to that of other companies.
Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management and investors.
Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby's management believes it is useful for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby's business, including as a means to evaluate period-to-period comparisons. Dolby's management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby's GAAP financial statements as reported in its US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website, http://investor.dolby.com.
Forward-Looking Statements
Certain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the third quarter of fiscal 2026 and full year fiscal 2026, Dolby's ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are "forward-looking statements" that inherently involve substantial risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby's business operations, financial results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema market including adverse impact to Dolby's revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby's receipt of royalty reports and payments from its licensees, including recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby's ability to develop, maintain, and strengthen relationships with industry participants; Dolby's ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby's ability to increase its revenue streams and to expand its business generally, and to continue to expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby's SEC filings and reports, including the risks identified under the section captioned "Risk Factors" in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
About Dolby
Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView.
Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks remain the property of their respective owners.
| DOLBY LABORATORIES, INC. | |||||
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||
| (in thousands, except per share amounts; unaudited) | |||||
| | |||||
| | Fiscal Quarter Ended | | Fiscal Year-To-Date Ended | ||
| | March 27, 2026 | March 28, 2025 | | March 27, 2026 | March 28, 2025 |
| Revenue: | | | | | |
| Licensing | $ 372,245 | $ 346,006 | | $ 692,016 | $ 676,485 |
| Products and services | 23,385 | 23,555 | | 50,320 | 50,075 |
| Total revenue | 395,630 | 369,561 | | 742,336 | 726,560 |
| | | | | | |
| Cost of revenue: | | | | | |
| Cost of licensing | 24,043 | 19,685 | | 44,805 | 40,795 |
| Cost of products and services | 20,688 | 16,152 | | 43,134 | 35,816 |
| Total cost of revenue | 44,731 | 35,837 | | 87,939 | 76,611 |
| | | | | | |
| Gross profit | 350,899 | 333,724 | | 654,397 | 649,949 |
| | | | | | |
| Operating expenses: | | | | | |
| Research and development | 63,651 | 61,707 | | 132,728 | 128,345 |
| Sales and marketing | 96,163 | 89,629 | | 187,715 | 184,028 |
| General and administrative | 75,955 | 70,415 | | 146,198 | 140,507 |
| Restructuring charges | 2,184 | 4,210 | | 12,650 | 9,426 |
| Total operating expenses | 237,953 | 225,961 | | 479,291 | 462,306 |
| | | | | | |
| Operating income | 112,946 | 107,763 | | 175,106 | 187,643 |
| | | | | | |
| Other income/(expense): | | | | | |
| Interest income/(expense), net | 5,024 | 3,559 | | 9,142 | 6,205 |
| Other income, net | 1,729 | 8,928 | | 7,053 | 12,453 |
| Total other income | 6,753 | 12,487 | | 16,195 | 18,658 |
| | | | | | |
| Income before income taxes | 119,699 | 120,250 | | 191,301 | 206,301 |
| Provision for income taxes | (24,245) | (28,024) | | (42,166) | (46,005) |
| Net income including noncontrolling interest | 95,454 | 92,226 | | 149,135 | 160,296 |
| Less: net income attributable to noncontrolling interest | (539) | (433) | | (893) | (681) |
| Net income attributable to Dolby Laboratories, Inc. | $ 94,915 | $ 91,793 | | $ 148,242 | $ 159,615 |
| | | | | | |
| Net income per share: | | | | | |
| Basic | $ 1.00 | $ 0.95 | | $ 1.55 | $ 1.66 |
| Diluted | $ 0.99 | $ 0.94 | | $ 1.54 | $ 1.64 |
| Weighted-average shares outstanding: | | | | | |
| Basic | 95,218 | 96,329 | | 95,342 | 95,972 |
| Diluted | 95,515 | 97,471 | | 96,273 | 97,581 |
| DOLBY LABORATORIES, INC. | ||
| INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | ||
| (in thousands; unaudited) | ||
| | ||
| | March 27, 2026 | September 26, 2025 |
| ASSETS | | |
| Current assets: | | |
| Cash and cash equivalents | $ 594,282 | $ 701,893 |
| Restricted cash | 79,523 | 91,468 |
| Short-term investments | 460 | 703 |
| Accounts receivable, net | 391,293 | 331,096 |
| Contract assets, net | 238,924 | 180,804 |
| Inventories, net | 31,929 | 30,424 |
| Prepaid expenses and other current assets | 78,298 | 51,873 |
| Total current assets | 1,414,709 | 1,388,261 |
| Long-term investments | 81,220 | 80,205 |
| Property, plant, and equipment, net | 461,841 | 470,608 |
| Operating lease right-of-use assets | 44,759 | 33,204 |
| Goodwill and intangible assets, net | 919,378 | 926,957 |
| Deferred taxes | 209,321 | 214,361 |
| Other non-current assets | 118,266 | 114,164 |
| Total assets | $ 3,249,494 | $ 3,227,760 |
| | | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | |
| Current liabilities: | | |
| Accounts payable | $ 20,688 | $ 17,840 |
| Accrued liabilities | 405,200 | 369,256 |
| Income taxes payable | 15 | 8,928 |
| Contract liabilities | 38,837 | 31,382 |
| Operating lease liabilities | 9,866 | 10,384 |
| Total current liabilities | 474,606 | 437,790 |
| Non-current contract liabilities | 24,084 | 29,687 |
| Non-current operating lease liabilities | 39,826 | 28,494 |
| Other non-current liabilities | 83,846 | 99,843 |
| Total liabilities | 622,362 | 595,814 |
| | | |
| Stockholders' equity: | | |
| Class A common stock | 53 | 54 |
| Class B common stock | 40 | 40 |
| Retained earnings | 2,630,175 | 2,634,980 |
| Accumulated other comprehensive loss | (12,276) | (12,517) |
| Total stockholders' equity – Dolby Laboratories, Inc. | 2,617,992 | 2,622,557 |
| Noncontrolling interest | 9,140 | 9,389 |
| Total stockholders' equity | 2,627,132 | 2,631,946 |
| Total liabilities and stockholders' equity | $ 3,249,494 | $ 3,227,760 |
| DOLBY LABORATORIES, INC. | ||
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (in thousands; unaudited) | ||
| | ||
| | Fiscal Year-To-Date Ended | |
| | March 27, 2026 | March 28, 2025 |
| Operating activities: | | |
| Net income including noncontrolling interest | $ 149,135 | $ 160,296 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | |
| Depreciation and amortization | 48,242 | 43,899 |
| Stock-based compensation | 67,919 | 66,734 |
| Amortization of operating lease right-of-use assets | 5,417 | 5,725 |
| Provision for credit losses | 3,691 | 1,967 |
| Deferred income taxes | 5,212 | (3,741) |
| Share of net income of equity method investees, net of cash distributions | (1,933) | (1,325) |
| Other non-cash items affecting net income | (1,741) | (443) |
| Changes in operating assets and liabilities: | | |
| Accounts receivable, net | (104,083) | (420) |
| Contract assets, net | (60,474) | (32,864) |
| Inventories | 3,853 | (1,155) |
| Operating lease right-of-use assets | (17,177) | (1,608) |
| Prepaid expenses and other assets | (33,842) | 26,577 |
| Accounts payable and accrued liabilities | 82,873 | 27,267 |
| Income taxes, net | (6,067) | 5,906 |
| Contract liabilities | 7,478 | 3,282 |
| Operating lease liabilities | 11,029 | (5,682) |
| Other non-current liabilities | (12,227) | (12,739) |
| Net cash provided by operating activities | 147,305 | 281,676 |
| | | |
| Investing activities: | | |
| Proceeds from sales of marketable securities | — | 15,911 |
| Proceeds from sale of assets held for sale | — | 16,881 |
| Proceeds from sale of intangible assets | 6,623 | — |
| Purchases of property, plant, and equipment | (13,690) | (13,676) |
| Business combinations, net of cash and restricted cash acquired, and other related payments | — | (1,362) |
| Purchases of intangible assets | (37,775) | — |
| Net cash provided by/(used in) investing activities | (44,842) | 17,754 |
| | | |
| Financing activities: | | |
| Proceeds from issuance of common stock | 15,293 | 26,124 |
| Repurchase of common stock | (135,004) | (49,999) |
| Payment of excise tax on repurchase of common stock | — | (261) |
| Payment of cash dividend | (68,674) | (63,377) |
| Distributions to noncontrolling interest | (1,106) | (981) |
| Shares repurchased for tax withholdings on vesting of restricted stock | (32,222) | (33,950) |
| Net cash used in financing activities | (221,713) | (122,444) |
| | | |
| Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash | (306) | (4,396) |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | (119,556) | 172,590 |
| Cash, cash equivalents, and restricted cash at beginning of period | 793,361 | 577,752 |
| Cash, cash equivalents, and restricted cash at end of period | $ 673,805 | $ 750,342 |
| Licensing Revenue by Market | |||||||||||
| (unaudited) | |||||||||||
| | |||||||||||
| The following table presents the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands, except percentage amounts): | |||||||||||
| | |||||||||||
| | Fiscal Quarter Ended | | Fiscal Year-To-Date Ended | ||||||||
| Market | March 27, 2026 | | March 28, 2025 | | March 27, 2026 | | March 28, 2025 | ||||
| Broadcast | $ 119,199 | 32 % | | $ 94,249 | 27 % | | $ 219,462 | 32 % | | $ 210,011 | 31 % |
| Mobile | 94,240 | 25 % | | 100,123 | 29 % | | 169,189 | 24 % | | 161,647 | 24 % |
| CE | 40,949 | 11 % | | 38,140 | 11 % | | 86,551 | 13 % | | 87,597 | 13 % |
| PC | 59,463 | 16 % | | 58,402 | 17 % | | 88,180 | 13 % | | 89,658 | 13 % |
| Other | 58,394 | 16 % | | 55,092 | 16 % | | 128,634 | 18 % | | 127,572 | 19 % |
| Total licensing revenue | $ 372,245 | 100 % | | $ 346,006 | 100 % | | $ 692,016 | 100 % | | $ 676,485 | 100 % |
| GAAP to Non-GAAP Reconciliations | |||
| (unaudited) | |||
| | | | |
| The following tables present Dolby's GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the second quarters of fiscal 2026 and fiscal 2025: | |||
| | | | |
| Net income: | | Fiscal Quarter Ended | |
| (in thousands) | | March 27, 2026 | March 28, 2025 |
| GAAP net income attributable to Dolby Laboratories, Inc. | | $ 94,915 | $ 91,793 |
| Stock-based compensation (1) | | 30,708 | 30,664 |
| Amortization of acquisition-related intangibles (2) | | 9,713 | 10,078 |
| Restructuring charges | | 2,184 | 4,210 |
| Income tax adjustments | | (6,190) | (6,017) |
| Non-GAAP net income attributable to Dolby Laboratories, Inc. | | $ 131,330 | $ 130,728 |
| | | | |
| (1) Stock-based compensation included in above line items: | | | |
| Cost of products and services | | $ 424 | $ 414 |
| Research and development | | 9,807 | 9,043 |
| Sales and marketing | | 10,216 | 10,640 |
| General and administrative | | 10,261 | 10,567 |
| | | | |
| (2) Amortization of acquisition-related intangibles included in above line items: | | | |
| Cost of licensing | | $ 6,589 | $ 6,720 |
| Cost of products and services | | 772 | 728 |
| Sales and marketing | | 356 | 317 |
| General and administrative | | 1,555 | 1,872 |
| Other income, net | | 441 | 441 |
| | | | |
| Diluted earnings per share: | | Fiscal Quarter Ended | |
| | | March 27, 2026 | March 28, 2025 |
| GAAP diluted earnings per share | | $ 0.99 | $ 0.94 |
| Stock-based compensation | | 0.32 | 0.32 |
| Amortization of acquisition-related intangibles | | 0.10 | 0.10 |
| Restructuring charges | | 0.02 | 0.04 |
| Income tax adjustments | | (0.06) | (0.06) |
| Non-GAAP diluted earnings per share | | $ 1.37 | $ 1.34 |
| | | | |
| Weighted-average shares outstanding - diluted (in thousands) | | 95,515 | 97,471 |
| The following tables present a reconciliation between GAAP and non-GAAP versions of the estimated financial measures for the third quarter of fiscal 2026 and full year fiscal 2026 included in this release: | ||||||
| | | | | | | |
| Gross margin: | | | Q3 2026 | | | Fiscal 2026 |
| GAAP gross margin | | | 86.0 % | | | 88.0 % |
| Stock-based compensation | | | 0.1 % | | | 0.1 % |
| Amortization of acquisition-related intangibles | | | 1.9 % | | | 1.9 % |
| Non-GAAP gross margin | | | 88.0 % | | | 90.0 % |
| | | | | | | |
| Operating expenses (in millions): | | | Q3 2026 | | | Fiscal 2026 |
| GAAP operating expenses (low - high end of range) | | | $235 - $245 | | | $930 - $950 |
| Stock-based compensation | | | (32) | | | (128) |
| Amortization of acquisition-related intangibles | | | (3) | | | (9) |
| Restructuring charges | | | — | | | (13) |
| Non-GAAP operating expenses (low - high end of range) | | | $200 - $210 | | | $780 - $800 |
| | | | | | | |
| Operating margin: | | | | | Fiscal 2026 | |
| GAAP operating margin | | | | | | 21% +/- |
| Stock-based compensation | | | | | | 9 % |
| Amortization of acquisition-related intangibles | | | | | | 3 % |
| Restructuring charges | | | | | | 1 % |
| Non-GAAP operating margin | | | | | | 34% +/- |
| | | | | | | |
| Effective tax rate: | | | Q3 2026 | | | Fiscal 2026 |
| GAAP effective tax rate | | | 23.0 % | | | 23.0 % |
| Stock-based compensation (low - high end of range) | | | (2%) - 1% | | | (2%) - 0% |
| Amortization of acquisition-related intangibles (low - high end of range) | | | (1%) - 0% | | | (1%) - 0% |
| Non-GAAP effective tax rate | | | 21.0 % | | | 20.0 % |
| | | | | | | |
| Diluted earnings per share: | | Q3 2026 | | Fiscal 2026 | ||
| | | Low | High | | Low | High |
| GAAP diluted earnings per share (low - high end of range) | | $ 0.19 | $ 0.34 | | $ 2.66 | $ 2.81 |
| Stock-based compensation | | 0.34 | 0.34 | | 1.34 | 1.34 |
| Amortization of acquisition-related intangibles | | 0.11 | 0.11 | | 0.43 | 0.43 |
| Restructuring charges | | — | — | | 0.13 | 0.13 |
| Income tax adjustments | | (0.08) | (0.08) | | (0.26) | (0.26) |
| Non-GAAP diluted earnings per share (low - high end of range) | | $ 0.56 | $ 0.71 | | $ 4.30 | $ 4.45 |
| | | | | | | |
| Weighted-average shares outstanding - diluted (in thousands) | | 95,000 | 95,000 | | 95,700 | 95,700 |
| | | | | | | |
Investor Contact:
Peter Goldmacher
415-254-7415
peter.goldmacher@dolby.com
Media Contact:
media@dolby.com
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SOURCE Dolby Laboratories, Inc.
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