Credo
At Credo, our mission is to transform connectivity at scale through fast, reliable and energy-efficient system solutions.
10-K, Jun 15, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Business
How does Credo make money?
Product is 94.4% of revenue.
Source and method
Revenue by revenue types, FY2025.
annual report FY2025 · 0001628280-25-033813 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($437M).
- Product: $412M · 94.4%
- License: $12.5M · 2.9%
- Product Engineering Services: $12.1M · 2.8%
What is left of every $100?
Of every $100 in revenue, $35 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $1.3B
- Gross profit: $908M
- Operating income: $445M
- Net income: $472M
- Free cash flow: $407M
Where do customers sit?
57.5% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001628280-26-043303 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“The Company’s highspeed copper and optical interconnect products deliver industry-leading power and performance at up to 1.6T to meet the ever-expanding data infrastructure demands of AI.”
“The Company’s product portfolio includes ZeroFlap (ZF) Active Electrical Cables (AECs) and ZF optical transceivers, OmniConnect memory solutions and a suite of retimers and DSPs for optical and copper Ethernet and PCIe, all leveraging the Company’s PILOT diagnostic and analytics software platform.”
“The Company’s innovations enable our customers to connect the systems that connect the world.”
Item 1 · Business · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Where did the growth actually come from?
Segments were redrawn between FY2020 and FY2025.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue growth
“Revenue for fiscal 2026 increased by $898.3 million as compared to fiscal 2025 primarily due to significant increase in volume unit shipments for AEC products.”
Item 7 · MD&A · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Number check (revenue): stated $898M matches the stored change ($898M, ±10%)
Revenue: $1.3B FY2026 · +205.7% vs FY2025 · KPIs
Position (in the company’s words)
“Our proprietary SerDes and DSP technologies enable us to achieve similar performance to leading competitors’ products but at a lower cost and more highly available legacy node (n-1 advantage).”
Item 1 · Business · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
R&D investment
“Research and development expenses for fiscal 2026 increased by $132.5 million compared to fiscal 2025.”
Item 7 · MD&A · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Number check (R&D expense): stated $132M matches the stored change ($133M, ±10%)
R&D expense: $279M FY2026 · +90.2% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 206% to $1.3B.
Revenue grew 115% YoY to $479M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 464.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
33.3% operating margin, up from 8.5%.
68.0% gross margin, up from 64.8%.
Operating income grew 1099% to $445M.
Net income grew 805% to $472M.
R&D: $279M in FY2026.
SG&A grew 86% to $184M.
EPS diluted grew 766% to $2.51.
25.2% operating margin, down from 27.2%.
64.5% gross margin, down from 67.4%.
Operating income grew 99% YoY to $121M.
Net income grew 104% YoY to $129M.
R&D grew 118% YoY to $115M.
SG&A grew 99% YoY to $73.9M.
EPS diluted grew 97% YoY to $0.67.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
- Note
- Prior year restated in a later filing.
How much cash does it make, and where does it go?
Keeps $30 of every $100 as free cash.
Operating cash flow grew 613% to $464M.
Capex grew 59% to $57.3M.
Stock-based compensation grew 136% to $183M.
Free cash flow grew 62% YoY to $82.9M.
Operating cash flow grew 67% YoY to $90.2M.
Capex grew 158% YoY to $7.3M.
Stock-based compensation grew 148% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $1.2B; debt not reported.
Total assets grew 184% to $2.3B.
Equity grew 203% to $2.1B.
Cash grew 113% YoY to $467M.
Total assets grew 233% YoY to $3.0B.
Equity grew 249% YoY to $2.7B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 49% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Credo annual report)
10-K · 0001628280-26-043303 · filed Jun 15, 2026
Suppliers named by Credo
Credo holds stakes in
No stake in a covered company found in SEC filings.
Others name Credo
2 competitor mentions (e.g. Astera Labs, Ciena) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 70 risk factors, one per theme.
Customer concentration
“We depend on a limited number of customers for a substantial portion of our revenue. The loss of, or a significant reduction in sales to, one or more of our major customers could negatively impact our revenue and operating results.”
Item 1A · Risk Factors · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Competition
“We face intense competition and expect competition to increase in the future.”
Item 1A · Risk Factors · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Trade, government policy and geopolitics
“Changes in global trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.”
Item 1A · Risk Factors · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Economic conditions
“We face macroeconomic risks, including, but not limited to, recessions, inflation, stagflation and other economic conditions.”
Item 1A · Risk Factors · 10-K · 0001628280-26-043303 · filed Jun 15, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 7.7%.
BlackRock, Inc.7.7%
13G/A · as of Jun 30, 2026 · filed Jul 27, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
6 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.13.4%
17.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.2%
8.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.6%
7.4M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Point72 Asset Management, L.P.4.6%
6.2M shares · 13F filed Aug 14, 2026 · share of 13F-reported
State Street Corp3.2%
4.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
981 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 2 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 668 sales · $438M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 27 SEC metrics, FY2017–FY2026
Income statement 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | |||||||
| D&A | not reported | not reported | not reported | |||||||
| Gross profit | not reported | not reported | not reported | |||||||
| Income taxes | not reported | not reported | not reported | |||||||
| Net income | not reported | not reported | not reported | |||||||
| Operating income | not reported | not reported | not reported | |||||||
| Research and development | not reported | not reported | not reported | |||||||
| Revenue | not reported | not reported | not reported | |||||||
| SG&A | not reported | not reported | not reported | |||||||
Balance sheet 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | not reported | not reported | not reported | ||||||
| Current liabilities | not reported | not reported | not reported | not reported | ||||||
| Equity | not reported | not reported | ||||||||
| Equity incl. NCI | not reported | not reported | ||||||||
| Total assets | not reported | not reported | not reported | not reported | ||||||
| Total liabilities & equity | not reported | not reported | not reported | not reported | ||||||
Cash flow 5
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Capex | not reported | not reported | not reported | |||||||
| Free cash flow calc. | not reported | not reported | not reported | |||||||
| Operating cash flow | not reported | not reported | not reported | |||||||
| Stock-based compensation | not reported | not reported | not reported | |||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | |||||||
| EPS diluted | not reported | not reported | not reported | |||||||
| Wtd. shares basic | not reported | not reported | not reported | |||||||
| Wtd. shares diluted | not reported | not reported | not reported | |||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | not reported | not reported | |||||||
| Pretax income | not reported | not reported | not reported | |||||||
| Total liabilities | not reported | not reported | not reported | not reported | ||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values