Corsair Gaming (NASDAQ:CRSR) executives said the company finished 2025 with revenue in line with expectations and profitability above the top end of its forecast, citing gross margin expansion and operating leverage in what management described as a “very dynamic” operating environment.
For the full year ended December 31, 2025, Corsair reported revenue growth of 12% to approximately $1.47 billion. Gross profit rose about 30% to roughly $426 million, while adjusted EBITDA increased more than 80% to approximately $101 million, which the company said exceeded the high end of its guidance. CEO Thi La said Corsair delivered its highest full-year gross margin as a public company.
Leadership update and segment commentary
On the operating side, La said Corsair saw strong full-year growth in its Gaming Components and Systems segment, led by memory and core components as enthusiasts continued to upgrade PCs. Management said Corsair made a strategic decision to invest in memory inventory to support consumer demand amid broader concerns about semiconductor supply constraints.
In Gamer and Creator Peripherals, La said full-year growth was driven by creators and sim racing enthusiasts, with Fanatec and Elgato highlighted as important contributors. Corsair also noted softer holiday demand in North America for gaming peripherals, which management said was offset by stronger international performance.
Fourth-quarter results and drivers
CFO Gordon Mattingly said fourth-quarter revenue increased 6% year over year to approximately $437 million. Gross profit rose more than 30% year over year, and adjusted EBITDA increased more than 60% year over year, which management attributed to supply chain execution and operating discipline.
By segment, Mattingly said Gaming Components and Systems delivered strong double-digit growth in both the fourth quarter and full year, driven by strength in memory and core components. Gamer and Creator Peripherals posted single-digit growth for the full year, but Mattingly said lower demand in North America contributed to a low single-digit revenue decline for the segment in the fourth quarter.
During the Q&A, management discussed component margin performance. La said memory was the “major” contributor to the margin lift in the quarter, citing a substantial price increase from October through December that Corsair said can create favorable inventory margin when prices accelerate. La also pointed to traction across other product lines, including new product introductions and mix shifts.
In response to a question about memory performance, La disclosed memory revenue grew 24% year over year to $156 million in the quarter, with gross margin of 35%.
Strategic initiatives: platforms, D2C, retail, and recurring revenue
La pointed to product announcements at CES 2026 as evidence of Corsair’s push toward an ecosystem and platform strategy. Management highlighted Stream Deck as a “control layer” spanning gaming, content creation, productivity, and emerging AI workflows. Corsair also introduced the Galleon 100 SD keyboard, which integrates Stream Deck into a mechanical keyboard and was described as a CES Innovation Award winner; La said it has become one of Corsair’s most successful launches and early validation of the company’s platform-based strategy.
Corsair also opened its first retail store during the quarter at Westfield Valley Fair Mall in Santa Clara, which La described as an “experience-driven” location showcasing gaming, sim racing, and creator workflows. La said the store saw strong opening day demand and has maintained healthy traffic and conversion.
For 2026, management laid out three priorities:
- Improving the quality of growth through mix, integrated platforms, and innovation, with an emphasis on higher-margin gaming, sim racing, creator categories, and ecosystem platforms.
- Driving margin expansion via inventory and manufacturing discipline, while scaling the Elgato Marketplace to grow recurring revenue.
- Scaling direct-to-consumer (D2C) to deepen engagement; La said D2C approached 20% of revenue in 2025, alongside double-digit web traffic growth and social engagement.
On Elgato Marketplace, La said the platform has more than 2 million active users posting and downloading content. However, management said it is still constructing the recurring revenue model and did not provide specific baseline figures or targets, noting more details may come in coming quarters.
Balance sheet, capital allocation, and 2026 outlook
Mattingly said Corsair increased its cash balance by just under $33 million in the fourth quarter while investing in inventory, which management believes positions the company for “profit momentum” in 2026. For the full year, Mattingly said Corsair reduced debt by more than $50 million.
The company also announced its first share repurchase authorization of up to $50 million. Mattingly said the program is effective immediately, has no expiration date, and will be subject to market conditions and regulatory guidelines. He characterized the authorization as reflecting management’s view that repurchasing shares is an attractive use of capital alongside investment in organic growth and potential acquisitions.
For 2026 guidance, Corsair forecast:
- Full-year 2026 net revenue of $1.33 billion to $1.47 billion
- Full-year adjusted EBITDA of $100 million to $115 million
- Full-year non-GAAP EPS of $0.58 to $0.74
- First-quarter 2026 net revenue of $335 million to $365 million
- First-quarter adjusted EBITDA of $25 million to $30 million
- First-quarter non-GAAP EPS of $0.18 to $0.22
At the midpoint of guidance, Mattingly said the company expects about a 5% year-over-year revenue decline, with double-digit growth in Gamer and Creator Peripherals offset by a more cautious outlook for Gaming Components and Systems due to the global semiconductor shortage. He said adjusted EBITDA is expected to grow year over year as Corsair focuses on margin expansion and operating expense management.
In the Q&A, management said it was taking a conservative posture on components given semiconductor constraints. Mattingly said the range between the low and high end of guidance largely reflects how those shortages play out. He also said Corsair expects about a 3% to 4% reduction in operating expenses year over year and cited an estimated $12 million year-over-year tariff headwind, which he said would be more than offset by mix benefits from faster growth in the higher-margin peripherals segment.
On memory margins, Mattingly said Corsair is forecasting roughly flat gross margin year over year for the components segment based on near-term visibility, assuming only modest lift compared with steady-state later in the year. On inventory positioning, management said it is comfortable with its outlook based on the projections provided, while La emphasized Corsair’s experience managing the memory business and its intent to continue acquiring inventory to meet enthusiast demand.
La also addressed the expected impact from the planned launch of Grand Theft Auto VI in the fourth quarter of 2026, saying Corsair expects potential lift primarily through SCUF controllers, which are largely console-focused, and through Elgato video capture products as streaming activity increases around major new releases.
About Corsair Gaming (NASDAQ:CRSR)
Corsair Gaming, Inc, headquartered in Fremont, California, is a leading manufacturer of high-performance gaming peripherals and PC components. Since its founding in 1994 by Andy Paul, Don Lieberman and John Beekley as Corsair Microsystems, the company has evolved from producing memory modules to a broad portfolio of gaming hardware. Its product range includes gaming keyboards, mice, headsets, PC chassis, power supplies, cooling solutions, memory modules, solid-state drives and streaming accessories under brands such as Corsair, Elgato and SCUF Gaming.
The company’s solutions cater to PC enthusiasts, competitive gamers and content creators, offering hardware and integrated software designed to optimize performance and user experience.
