Companies /Technology

Rambus Inc

NASDAQ: RMBS Semiconductors
$91.11
â–² $1.08 (+1.20%) today
Markets closed · 12:45am ET

Q2 2025 Earnings

Reported Jul 28, 2025, 4:08pm ET · SEC source
$0.53
Beat +6.00%
EPS · est. $0.50
$172.2M
Beat +3.14%
Revenue · est. $167.0M
+8.7%
Beating market
RMBS vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
0+5%+10%Jul 28Jul 29report 4:08pm ETearnings−0.2%+12.3%
0+5%+10%Jul 28Jul 29earnings−0.2%+12.3%
RMBS +12.3%S&P 500 −0.2%
0+5%+10%Jul 28Jul 29report 4:08pm ETearnings−0.1%+10.8%
0+5%+10%Jul 28Jul 29earnings−0.1%+10.8%
RMBS +10.8%NASDAQ −0.1%
−6%0+6%+12%Jul 28Aug 5report 4:08pm ETearnings−1.4%+10.0%
−6%0+6%+12%Jul 28Aug 5earnings−1.4%+10.0%
RMBS +10.0%S&P 500 −1.4%
−6%0+6%+12%Jul 28Aug 5report 4:08pm ETearnings−1.5%+10.0%
−6%0+6%+12%Jul 28Aug 5earnings−1.5%+10.0%
RMBS +10.0%NASDAQ −1.5%
+13.87%
Day of report
+2.65%
Next session
+0.87%
One week
+10.85%
30 days

S&P 500 over the same 30 days: +2.15%.

Did RMBS Beat Earnings? Q2 2025 Results

Rambus posted a convincing beat across the board in Q2 2025, with earnings of $0.53 per diluted share topping the $0.50 consensus estimate by 6.00% and revenue of $172.21 million clearing Wall Street's $166.97 million forecast by 3.14%, representing 30.3% growth from the year-ago period. The primary driver was a surging chip business, where product revenue climbed 43% year over year to a quarterly record of $81.33 million, reflecting strong demand for DDR5 memory interface chips and growing adoption tied to high-performance computing and AI infrastructure buildout. Royalty revenue added $68.61 million, up from $56.38 million a year ago, rounding out a broad-based top-line performance. GAAP net income expanded to $57.94 million from $36.06 million in Q2 2024, with operating margin widening to 37% from 31%. Operating cash flow also reached a quarterly record of $94.40 million. Looking ahead, Rambus guided Q3 product revenue of $87 million to $93 million at the midpoint, signaling continued momentum in its chip segment as AI-driven memory demand persists.

Key Takeaways
  • Record product revenue of $81.3 million, up 43% year over year, driven by DDR5 memory interface chip leadership
  • Record quarterly cash from operations of $94.4 million
  • Accelerating demand for high-performance computing and AI infrastructure
  • Strong licensing billings of $66.4 million, up from $61.5 million year over year
  • Operating margin expanded to 37% from 31% year over year

“Rambus delivered a very strong Q2, with record product revenue and record cash generation reflecting the strength of our business model and execution.”

Rambus CEO, on the earnings call

Forward Guidance & Outlook

For Q3 2025, Rambus expects licensing billings of $58–$64 million, product revenue of $87–$93 million, royalty revenue of $57–$63 million, and contract and other revenue of $22–$28 million. GAAP total operating costs and expenses are expected between $111 million and $115 million, while non-GAAP operating costs and expenses are expected between $94 million and $98 million. The company assumes a 20% tax rate and 108.5 million diluted share count. Full revenue guidance for Q3 will be discussed during the conference call.

RMBS YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$50.0M$100.0M$150.0M$132.1M$172.2MRevenue$97.6M$137.4MGross Profit$40.2M$63.0MOperating Income$36.1M$57.9MNet Income
$0$50.0M$100.0M$150.0MRevenueGross ProfitOperating IncomeNet Income

RMBS Revenue by Segment

Product Revenue
Royalties$68.6M
Product Revenue (DDR5 Memory Interface Chips)$81.3M+43.0%
Contract and Other Revenue$22.3M

Figures from SEC filings and company reports. Not investment advice.