Companies /Technology

Rambus Inc

NASDAQ: RMBS Semiconductors
$91.11
â–² $1.08 (+1.20%) today
Markets closed · 1:26am ET

Q3 2025 Earnings

Reported Oct 27, 2025, 4:11pm ET · SEC source
$0.44
Miss −13.73%
EPS · est. $0.51
$178.5M
Beat +1.62%
Revenue · est. $175.7M
−7.3%
Trailing market
RMBS vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−14%−7%0+7%Oct 27Oct 28report 4:11pm ETearnings+0.3%−3.5%
−14%−7%0+7%Oct 27Oct 28earnings+0.3%−3.5%
RMBS −3.5%S&P 500 +0.3%
−14%−7%0+7%Oct 27Oct 28report 4:11pm ETearnings+0.8%−3.5%
−14%−7%0+7%Oct 27Oct 28earnings+0.8%−3.5%
RMBS −3.5%NASDAQ +0.8%
−7%0+7%Oct 27Nov 4report 4:11pm ETearnings−1.5%−4.3%
−7%0+7%Oct 27Nov 4earnings−1.5%−4.3%
RMBS −4.3%S&P 500 −1.5%
−7%0+7%Oct 27Nov 4report 4:11pm ETearnings−1.6%−4.3%
−7%0+7%Oct 27Nov 4earnings−1.6%−4.3%
RMBS −4.3%NASDAQ −1.6%
−8.71%
Day of report
+7.37%
Next session
−3.28%
One week
−7.86%
30 days

S&P 500 over the same 30 days: −0.53%.

Did RMBS Beat Earnings? Q3 2025 Results

Rambus posted a mixed third quarter for fiscal 2025, beating on revenue but falling short on the bottom line as a sharp jump in taxes weighed on earnings. The memory chip interface company reported revenue of $178.51 million, up 22.7% year over year and ahead of the $175.67 million consensus estimate, driven by a fourth consecutive quarterly record in product revenue of $93.34 million. Yet diluted EPS came in at $0.44, missing the $0.51 analyst consensus by 13.73%, with GAAP net income of $48.38 million barely changed from $48.66 million a year earlier despite the stronger top line. The culprit was a surge in the income tax provision to $20.91 million from $10.37 million, a direct result of tax legislation enacted during the quarter. Shares fell sharply in after-hours trading following the report, even as the company guided Q4 product revenue of $94 to $100 million and signaled continued momentum in data center and AI-driven demand for its DDR5 memory solutions.

Key Takeaways
  • Record product revenue of $93.3 million driven by sustained DDR5 product leadership
  • Strong cash from operations of $88.4 million
  • Revenue exceeded company expectations
  • Licensing billings of $66.1 million

“Rambus delivered a very strong third quarter, with record product revenue and excellent cash from operations, while continuing to execute on our strategic roadmap.”

Rambus CEO, on the earnings call

Forward Guidance & Outlook

For Q4 2025, Rambus expects licensing billings of $60–$66 million, royalty revenue of $59–$65 million, product revenue of $94–$100 million, and contract and other revenue of $25–$31 million. GAAP operating costs and expenses are expected to be $116–$120 million, and non-GAAP operating costs and expenses $99–$103 million. The company assumes a non-GAAP tax rate of 20% and a diluted share count of 109.5 million. Full revenue guidance was to be discussed on the conference call.

RMBS YoY Financials

Q3 2025 vs Q3 2024 · SEC filings Q3 2024 Q3 2025
$0$50.0M$100.0M$150.0M$145.5M$178.5MRevenue$109.6M$141.9MGross Profit$50.2M$63.3MOperating Income$48.7M$48.4MNet Income
$0$50.0M$100.0M$150.0MRevenueGross ProfitOperating IncomeNet Income

RMBS Revenue by Segment

Product Revenue$93.3M
Royalties$65.1M
Product Revenue (DDR5 Memory Interface Chips)
Contract and Other Revenue$20.1M

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