Corsair Gaming Q4 2025 Earnings Review

Corsair Gaming reported record Q4'25 profitability but provided cautious FY26 revenue guidance citing global semiconductor shortages. Goldman Sachs maintains its Neutral rating with a slightly higher price target of $7.00.

Key Takeaways

• 1.Corsair delivered record profitability in Q4'25, with Gaming Components and Systems revenue driven by strong demand for system upgrades and memory components.
• 2.Management issued a cautious FY26 revenue guidance below expectations due to global semiconductor shortages and softening demand in North America during the holidays.
• 3.Adjusted EBITDA margins surprised to the upside for the forward guidance, supported by favorable product mix shift and continued cost discipline.

Table of Contents

• Q4'25 Positives & Negatives
• Q1'26 & 2026 Estimate Changes
• Valuation: Maintain Neutral Rating and Increase PT to $7.00 (from $6.50)
• Key risks include
• Disclosure Appendix

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