杜比第三季收入3.05億美元按年跌3.5% 派息0.36美元並擴大回購3.5億美元

EX-99.1
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d165402dex991.htm
EX-99.1

EX-99.1

 

 Exhibit 99.1 

Dolby Laboratories Reports Third Quarter 2026 Financial Results 

SAN FRANCISCO, July 30, 2026 — Dolby Laboratories, Inc. (NYSE:DLB) today announced the company’s financial results for
the third quarter of fiscal 2026. 
 “We continue to execute against our full-year objectives, and we are building momentum across several of our key
growth areas,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We are expanding our total addressable market and creating new opportunities with content partners through the Video Distribution Program and Dolby OptiView, and
we continue to bring Dolby Atmos and Dolby Vision to more experiences from live sports, to music in the car, to user-generated content on mobile devices and more.” 

Third Quarter Fiscal 2026 Financial Highlights 
  

 
•
 
 Total revenue was $305 million, compared to $316 million for the third quarter of fiscal 2025.

  

 
•
 
 GAAP net income was $29 million or $0.30 per diluted share, compared to GAAP net income of $46 million
or $0.48 per diluted share for the third quarter of fiscal 2025. On a non-GAAP basis, third quarter net income was $65 million or $0.69 per diluted share, compared to $76 million or $0.78 per diluted
share for the third quarter of fiscal 2025. 

  

 
•
 
 Dolby repurchased 1.2 million shares of its common stock for approximately $65 million.

 A complete listing of Dolby’s non-GAAP measures is described and reconciled to the
corresponding GAAP measures at the end of this release. 
 Recent Business Highlights 

 

 
•
 
 The 2026 FIFA World Cup was shown in Dolby Atmos and/or Dolby Vision across broadcast, streaming, and pay TV,
including Peacock and Comcast in the U.S., Bell TV in Canada, and TV GLOBAL in Brazil. 

  

 
•
 
 On TVs, Dolby Vision 2 is now in market with some Hisense TVs, and by the end of this calendar year, TCL and
Philips will also be shipping TVs with Dolby Vision 2. 

  

 
•
 
 RayNeo, the leading provider of augmented reality glasses, launched the RayNeo GT Max, the first AR smart glasses
supporting Dolby Vision. 

  

 
•
 
 Insta360, a leader in the action and panoramic cameras segments, launched the Luna Ultra, which supports Dolby
Vision capture. 

  

 
•
 
 Google announced support for Dolby Atmos through Android Auto with partners including BMW, Genesis, Mahindra,
Mercedes, Renault, and Skoda. 

  

 
•
 
 Roberts Communications Network, the largest horse racing streaming provider in the U.S., is using Dolby OptiView
for ultra-low latency video streaming for horse racing. 

  

 
•
 
 Access Advance announced that Meta Platforms, Inc., one of the world’s largest distributors of video
content, joined the VDP program as a licensee. 

 Dividend 

Today, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on August 19, 2026, to stockholders of
record as of the close of business on August 11, 2026. 
 Stock Repurchase Program 

Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the
amount available for future repurchases of its Class A Common Stock to approximately $427 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at times and in
amounts that the company considers appropriate. 

 

 Financial Outlook 

Dolby’s financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to
uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain
conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The
uncertainty resulting from these factors has greatly reduced visibility into Dolby’s future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain
of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see “Forward-Looking Statements” in this press
release for a description of certain risks that Dolby faces, and the section captioned “Risk Factors” in its Quarterly Report on Form 10-Q for the third quarter of fiscal 2026, to be filed on or
around the date hereof. 
 Dolby is providing the following estimates for its fourth quarter of fiscal 2026: 

 

 
•
 
 Total revenue is expected to range from $362 million to $392 million. 

 

 
•
 
 Licensing revenue is expected to range from $335 million to $365 million. 

 

 
•
 
 Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis. 

  

 
•
 
 Operating expenses are anticipated to range from $227 million to $237 million on a GAAP basis and from
$195 million to $205 million on a non-GAAP basis. 

  

 
•
 
 Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis. 

  

 
•
 
 Diluted earnings per share is anticipated to range from $0.78 to $0.93 on a GAAP basis and from $1.13 to $1.28 on
a non-GAAP basis. 

 Dolby is providing the following estimates for the full year of fiscal 2026:

  

 
•
 
 Total revenue is expected to range from $1.41 billion to $1.44 billion. 

 

 
•
 
 Licensing revenue is expected to range from $1.31 billion to $1.34 billion. 

 

 
•
 
 Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis. 

  

 
•
 
 Operating expenses are anticipated to range from $937 million to $947 million on a GAAP basis and from
$785 million to $795 million on a non-GAAP basis. 

  

 
•
 
 Dolby expects operating margins to be approximately 21% on a GAAP basis and to be approximately 34% on a non-GAAP basis. 

  

 
•
 
 Effective tax rate is anticipated to be around 24% on a GAAP basis and around 21% on a non-GAAP basis. 

  

 
•
 
 Diluted earnings per share is anticipated to range from $2.62 to $2.77 on a GAAP basis and from $4.25 to $4.40 on
a non-GAAP basis. 

 Conference Call Information 

Members of Dolby management will lead a conference call open to all interested parties to discuss third quarter fiscal 2026 financial results for Dolby
Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, July 30, 2026. 
 The conference call can be accessed by registering online at Dolby
Laboratories Q3 Fiscal Year 2026 Financial Results, at which time registrants will receive dial-in information as well as a conference ID. 

 

 A live audio webcast of the conference call will be available at http://investor.dolby.com where it
will be archived for one year. 
 Non-GAAP Financial Information 

To supplement Dolby’s financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby’s operating results in a manner that focuses on what Dolby’s management believes to be its ongoing business operations and performance.
We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby’s management
regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as
adjustments from one or more of its non-GAAP financial measures: 
 Stock-based compensation expense:
Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To
facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense. 

Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible
assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes
these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded. 
 Restructuring charges or
credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs,
including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective
comparison of its past operating performance and to that of other companies. 
 Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management
and investors. 
 Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures
including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby’s management believes it is useful
for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby’s business, including as a means to evaluate period-to-period comparisons. Dolby’s management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation
from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby’s GAAP financial statements as reported in its
US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website,
http://investor.dolby.com. 

 

 Forward-Looking Statements 

Certain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the fourth quarter of fiscal
2026 and full year fiscal 2026, Dolby’s ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are “forward-looking statements” that
inherently involve substantial risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those
provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby’s business operations, financial
results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for
such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema
market including adverse impact to Dolby’s revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access
to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and
other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business
internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby’s receipt of royalty reports and payments from its licensees, including
recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby’s ability to develop, maintain, and strengthen relationships with industry participants; Dolby’s
ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of
intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby’s ability to increase its revenue streams and to expand its business generally, and to continue to
expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby’s SEC filings and reports, including the risks identified
under the section captioned “Risk Factors” in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed
in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may
be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these
forward-looking statements whether as a result of new information, future events, or otherwise. 
 About Dolby 

Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms
the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through
groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView. 
 Dolby, Dolby Atmos, Dolby
Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks
remain the property of their respective owners. 

 

 DOLBY LABORATORIES, INC. 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 

(in thousands, except per share amounts; unaudited) 
  

 
  
Fiscal Quarter Ended
 
 
Fiscal Year-To-Date Ended
 

 
  
June 26,2026
 
 
June 27,2025
 
 
June 26,2026
 
 
June 27,2025
 

 Revenue:

  

 

 

 

 Licensing

  
$
282,351
 
 
$
289,905
 
 
$
974,367
 
 
$
966,390
 

 Products and services

  
 
22,644
 
 
 
25,641
 
 
 
72,964
 
 
 
75,716
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total revenue

  
 
304,995
 
 
 
315,546
 
 
 
1,047,331
 
 
 
1,042,106
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Cost of revenue:

  

 

 

 

 Cost of licensing

  
 
22,718
 
 
 
21,713
 
 
 
67,523
 
 
 
62,508
 

 Cost of products and services

  
 
17,601
 
 
 
22,289
 
 
 
60,735
 
 
 
58,105
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total cost of revenue

  
 
40,319
 
 
 
44,002
 
 
 
128,258
 
 
 
120,613
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Gross profit

  
 
264,676
 
 
 
271,544
 
 
 
919,073
 
 
 
921,493
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Operating expenses:

  

 

 

 

 Research and development

  
 
65,749
 
 
 
65,982
 
 
 
198,477
 
 
 
194,327
 

 Sales and marketing

  
 
85,071
 
 
 
86,163
 
 
 
272,786
 
 
 
270,191
 

 General and administrative

  
 
75,585
 
 
 
72,307
 
 
 
221,783
 
 
 
212,814
 

 Restructuring charges/(credits)

  
 
3,955
 
 
 
(547
) 
 
 
16,605
 
 
 
8,879
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total operating expenses

  
 
230,360
 
 
 
223,905
 
 
 
709,651
 
 
 
686,211
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Operating income

  
 
34,316
 
 
 
47,639
 
 
 
209,422
 
 
 
235,282
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Other income/(expense):

  

 

 

 

 Interest income/(expense), net

  
 
3,453
 
 
 
4,111
 
 
 
12,595
 
 
 
10,316
 

 Other income, net

  
 
6,033
 
 
 
3,766
 
 
 
13,086
 
 
 
16,219
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Total other income

  
 
9,486
 
 
 
7,877
 
 
 
25,681
 
 
 
26,535
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Income before income taxes

  
 
43,802
 
 
 
55,516
 
 
 
235,103
 
 
 
261,817
 

 Provision for income taxes

  
 
(14,588
) 
 
 
(8,974
) 
 
 
(56,754
) 
 
 
(54,979
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income including noncontrolling interest

  
 
29,214
 
 
 
46,542
 
 
 
178,349
 
 
 
206,838
 

 Less: net income attributable to noncontrolling interest

  
 
(612
) 
 
 
(471
) 
 
 
(1,505
) 
 
 
(1,152
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income attributable to Dolby Laboratories, Inc.

  
$
28,602
 
 
$
46,071
 
 
$
176,844
 
 
$
205,686
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Net income per share:

  

 

 

 

 Basic

  
$
0.30
 
 
$
0.48
 
 
$
1.86
 
 
$
2.14
 

 Diluted

  
$
0.30
 
 
$
0.48
 
 
$
1.84
 
 
$
2.11
 

 Weighted-average shares outstanding:

  

 

 

 

 Basic

  
 
94,242
 
 
 
95,897
 
 
 
94,975
 
 
 
95,947
 

 Diluted

  
 
94,518
 
 
 
96,900
 
 
 
95,859
 
 
 
97,537
 

 

 DOLBY LABORATORIES, INC. 

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS 

(in thousands; unaudited) 
  

 
  
June 26,2026
 
 
September 26,2025
 

 ASSETS

  

 

 Current assets:

  

 

 Cash and cash equivalents

  
$
669,394
 
 
$
701,893
 

 Restricted cash

  
 
69,492
 
 
 
91,468
 

 Short-term investments

  
 
652
 
 
 
703
 

 Accounts receivable, net

  
 
285,148
 
 
 
331,096
 

 Contract assets, net

  
 
206,881
 
 
 
180,804
 

 Inventories, net

  
 
30,768
 
 
 
30,424
 

 Prepaid expenses and other current assets

  
 
63,706
 
 
 
51,873
 

  
  

  

 
 
  

  

 

 Total current assets

  
 
1,326,041
 
 
 
1,388,261
 

 Long-term investments

  
 
86,437
 
 
 
80,205
 

 Property, plant, and equipment, net

  
 
459,115
 
 
 
470,608
 

 Operating lease
right-of-use assets

  
 
42,401
 
 
 
33,204
 

 Goodwill and intangible assets, net

  
 
910,777
 
 
 
926,957
 

 Deferred taxes

  
 
213,171
 
 
 
214,361
 

 Other non-current assets

  
 
118,660
 
 
 
114,164
 

  
  

  

 
 
  

  

 

 Total assets

  
$
3,156,602
 
 
$
3,227,760
 

  
  

  

 
 
  

  

 

 LIABILITIES AND STOCKHOLDERS’ EQUITY

  

 

 Current liabilities:

  

 

 Accounts payable

  
$
12,470
 
 
$
17,840
 

 Accrued liabilities

  
 
360,407
 
 
 
369,256
 

 Income taxes payable

  
 
— 
 
 
 
8,928
 

 Contract liabilities

  
 
33,593
 
 
 
31,382
 

 Operating lease liabilities

  
 
9,859
 
 
 
10,384
 

  
  

  

 
 
  

  

 

 Total current liabilities

  
 
416,329
 
 
 
437,790
 

 Non-current contract liabilities

  
 
23,463
 
 
 
29,687
 

 Non-current operating lease liabilities

  
 
37,591
 
 
 
28,494
 

 Other non-current liabilities

  
 
86,504
 
 
 
99,843
 

  
  

  

 
 
  

  

 

 Total liabilities

  
 
563,887
 
 
 
595,814
 

 Stockholders’ equity:

  

 

 Class A common stock

  
 
52
 
 
 
54
 

 Class B common stock

  
 
40
 
 
 
40
 

 Retained earnings

  
 
2,598,923
 
 
 
2,634,980
 

 Accumulated other comprehensive loss

  
 
(15,468
) 
 
 
(12,517
) 

  
  

  

 
 
  

  

 

 Total stockholders’ equity – Dolby Laboratories, Inc.

  
 
2,583,547
 
 
 
2,622,557
 

 Noncontrolling interest

  
 
9,168
 
 
 
9,389
 

  
  

  

 
 
  

  

 

 Total stockholders’ equity

  
 
2,592,715
 
 
 
2,631,946
 

  
  

  

 
 
  

  

 

 Total liabilities and stockholders’ equity

  
$
3,156,602
 
 
$
3,227,760
 

  
  

  

 
 
  

  

 

 

 DOLBY LABORATORIES, INC. 

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 

(in thousands; unaudited) 
  

 
  
Fiscal Year-To-Date Ended
 

 
  
June 26,2026
 
 
June 27,2025
 

 Operating activities:

  

 

 Net income including noncontrolling interest

  
$
178,349
 
 
$
206,838
 

 Adjustments to reconcile net income to net cash provided by operating activities:

  

 

 Depreciation and amortization

  
 
70,842
 
 
 
65,829
 

 Stock-based compensation

  
 
98,883
 
 
 
97,462
 

 Amortization of operating lease
right-of-use assets

  
 
7,889
 
 
 
8,193
 

 Provision for credit losses

  
 
4,244
 
 
 
2,582
 

 Deferred income taxes

  
 
1,542
 
 
 
(9,146
) 

 Share of net income of equity method investees, net of cash distributions

  
 
(7,602
) 
 
 
1,845
 

 Other non-cash items affecting net income

  
 
(1,289
) 
 
 
(429
) 

 Changes in operating assets and liabilities:

  

 

 Accounts receivable, net

  
 
1,489
 
 
 
15,234
 

 Contract assets, net

  
 
(28,442
) 
 
 
(6,902
) 

 Inventories

  
 
6,512
 
 
 
4,020
 

 Operating lease
right-of-use assets

  
 
(17,547
) 
 
 
(1,717
) 

 Prepaid expenses and other assets

  
 
(31,999
) 
 
 
28,003
 

 Accounts payable and accrued liabilities

  
 
35,611
 
 
 
(48,979
) 

 Income taxes, net

  
 
(2,771
) 
 
 
1,895
 

 Contract liabilities

  
 
1,620
 
 
 
(1,061
) 

 Operating lease liabilities

  
 
9,036
 
 
 
(8,237
) 

 Other non-current liabilities

  
 
(11,600
) 
 
 
(6,063
) 

  
  

  

 
 
  

  

 

 Net cash provided by operating activities

  
 
314,767
 
 
 
349,367
 

  
  

  

 
 
  

  

 

 Investing activities:

  

 

 Proceeds from sales of marketable securities

  
 
— 
 
 
 
15,911
 

 Proceeds from sale of assets held for sale

  
 
— 
 
 
 
16,881
 

 Purchases of property, plant, and equipment

  
 
(28,681
) 
 
 
(20,104
) 

 Business combinations, net of cash and restricted cash acquired, and other related
payments

  
 
— 
 
 
 
(1,362
) 

 Purchases of intangible assets

  
 
(42,575
) 
 
 
— 
 

 Proceeds from sale of intangible assets

  
 
16,623
 
 
 
— 
 

  
  

  

 
 
  

  

 

 Net cash provided by/(used in) investing activities

  
 
(54,633
) 
 
 
11,326
 

  
  

  

 
 
  

  

 

 Financing activities:

  

 

 Proceeds from issuance of common stock

  
 
24,685
 
 
 
38,681
 

 Repurchase of common stock

  
 
(200,001
) 
 
 
(89,990
) 

 Payment of excise tax on repurchase of common stock

  
 
— 
 
 
 
(261
) 

 Payment of cash dividend

  
 
(102,659
) 
 
 
(95,010
) 

 Distributions to noncontrolling interest

  
 
(1,640
) 
 
 
(1,449
) 

 Shares repurchased for tax withholdings on vesting of restricted stock

  
 
(33,113
) 
 
 
(35,154
) 

  
  

  

 
 
  

  

 

 Net cash used in financing activities

  
 
(312,728
) 
 
 
(183,183
) 

  
  

  

 
 
  

  

 

 Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

  
 
(1,881
) 
 
 
1,302
 

  
  

  

 
 
  

  

 

 Net increase/(decrease) in cash, cash equivalents, and restricted cash

  
 
(54,475
) 
 
 
178,812
 

 Cash, cash equivalents, and restricted cash at beginning of period

  
 
793,361
 
 
 
577,752
 

  
  

  

 
 
  

  

 

 Cash, cash equivalents, and restricted cash at end of period

  
$
738,886
 
 
$
756,564
 

  
  

  

 
 
  

  

 

 

 Licensing Revenue by Market 

(unaudited) 
 The following table presents
the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands, except percentage amounts): 
  

 
  
Fiscal Quarter Ended
 
 
Fiscal Year-To-Date Ended
 

Market
  
June 26, 2026
 
 
June 27, 2025
 
 
June 26, 2026
 
 
June 27, 2025
 

 Broadcast

  
$
106,579
 
  
 
38
% 
 
$
111,286
 
  
 
38
% 
 
$
326,041
 
  
 
33
% 
 
$
321,297
 
  
 
33
% 

 Mobile

  
 
51,010
 
  
 
18
% 
 
 
56,295
 
  
 
19
% 
 
 
220,199
 
  
 
23
% 
 
 
217,942
 
  
 
23
% 

 CE

  
 
31,506
 
  
 
11
% 
 
 
28,071
 
  
 
10
% 
 
 
118,057
 
  
 
12
% 
 
 
115,668
 
  
 
12
% 

 PC

  
 
28,343
 
  
 
10
% 
 
 
33,589
 
  
 
12
% 
 
 
116,523
 
  
 
12
% 
 
 
123,247
 
  
 
13
% 

 Other

  
 
64,913
 
  
 
23
% 
 
 
60,664
 
  
 
21
% 
 
 
193,547
 
  
 
20
% 
 
 
188,236
 
  
 
19
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 Total licensing revenue

  
$
282,351
 
  
 
100
% 
 
$
289,905
 
  
 
100
% 
 
$
974,367
 
  
 
100
% 
 
$
966,390
 
  
 
100
% 

  
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 
 
  

  

 
  
  

  

 

 GAAP to Non-GAAP Reconciliations 

(unaudited) 
 The following tables present
Dolby’s GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the third quarters of fiscal 2026 and fiscal 2025: 

 

Net income:
  
Fiscal Quarter Ended
 

(in thousands)
  
June 26,2026
 
 
June 27,2025
 

 GAAP net income attributable to Dolby Laboratories, Inc.

  
$
28,602
 
 
$
46,071
 

 Stock-based compensation (1)

  
 
30,964
 
 
 
30,728
 

 Amortization of acquisition-related intangibles
(2)

  
 
9,705
 
 
 
10,016
 

 Restructuring charges/(credits)

  
 
3,955
 
 
 
(547
) 

 Income tax adjustments

  
 
(8,077
) 
 
 
(10,606
) 

  
  

  

 
 
  

  

 

 Non-GAAP net income attributable to Dolby Laboratories,
Inc.

  
$
65,149
 
 
$
75,662
 

  
  

  

 
 
  

  

 

 (1) Stock-based compensation included in above line items:

  

 

 Cost of products and services

  
$
440
 
 
$
420
 

 Research and development

  
 
9,695
 
 
 
9,188
 

 Sales and marketing

  
 
10,293
 
 
 
10,589
 

 General and administrative

  
 
10,536
 
 
 
10,531
 

 (2) Amortization of acquisition-related intangibles included in above line items:

  

 

 Cost of licensing

  
$
6,590
 
 
$
6,610
 

 Cost of products and services

  
 
768
 
 
 
753
 

 Sales and marketing

  
 
352
 
 
 
340
 

 General and administrative

  
 
1,554
 
 
 
1,872
 

 Other income, net

  
 
441
 
 
 
441
 

Diluted earnings per share:
  
Fiscal Quarter Ended
 

 
  
June 26,2026
 
 
June 27,2025
 

 GAAP diluted earnings per share

  
$
0.30
 
 
$
0.48
 

 Stock-based compensation

  
 
0.33
 
 
 
0.32
 

 Amortization of acquisition-related intangibles

  
 
0.10
 
 
 
0.10
 

 Restructuring charges/(credits)

  
 
0.04
 
 
 
(0.01
) 

 Income tax adjustments

  
 
(0.08
) 
 
 
(0.11
) 

  
  

  

 
 
  

  

 

 Non-GAAP diluted earnings per share

  
$
0.69
 
 
$
0.78
 

  
  

  

 
 
  

  

 

 Weighted-average shares outstanding - diluted (in thousands)

  
 
94,518
 
 
 
96,900
 

 

 The following tables present a reconciliation between GAAP and
non-GAAP versions of the estimated financial measures for the fourth quarter of fiscal 2026 and full year fiscal 2026 included in this release: 

 

Gross margin:
  
Q4 2026
 
 
Fiscal 2026
 

 GAAP gross margin

  
 
88.0
% 
 
 
88.0
% 

 Stock-based compensation

  
 
0.1
% 
 
 
0.1
% 

 Amortization of acquisition-related intangibles

  
 
1.9
% 
 
 
1.9
% 

  
  

  

 
 
  

  

 

 Non-GAAP gross margin

  
 
90.0
% 
 
 
90.0
% 

  
  

  

 
 
  

  

 

Operating expenses (in millions):
  
Q4 2026
 
 
Fiscal 2026
 

 GAAP operating expenses (low - high end of range)

  
$
227 - $237
 
 
$
937 - $947
 

 Stock-based compensation

  
 
(30
) 
 
 
(127
) 

 Amortization of acquisition-related intangibles

  
 
(2
) 
 
 
(8
) 

 Restructuring charges

  
 
— 
 
 
 
(17
) 

  
  

  

 
 
  

  

 

 Non-GAAP operating expenses (low - high end of
range)

  
$
195 - $205
 
 
$
785 - $795
 

  
  

  

 
 
  

  

 

Operating margin:
  
 
 
 
Fiscal 2026
 

 GAAP operating margin

  

 
 
21
% +/- 

 Stock-based compensation

  

 
 
9
% 

 Amortization of acquisition-related intangibles

  

 
 
3
% 

 Restructuring charges

  

 
 
1
% 

  

 
  

  

 

 Non-GAAP operating margin

  

 
 
34
% +/- 

  

 
  

  

 

Effective tax rate:
  
Q4 2026
 
 
Fiscal 2026
 

 GAAP effective tax rate

  
 
23.0
% 
 
 
24.0
% 

 Stock-based compensation (low - high end of range)

  
 
(2%) - 1
% 
 
 
(2%) - 0
% 

 Amortization of acquisition-related intangibles (low - high end of range)

  
 
(1%) - 0
 % 
 
 
(1%) - 0
% 

  
  

  

 
 
  

  

 

 Non-GAAP effective tax rate

  
 
21.0
% 
 
 
21.0
% 

  
  

  

 
 
  

  

 
  

Diluted earnings per share:
  
Q4 2026
 
 
Fiscal 2026
 

 
  
Low
 
 
High
 
 
Low
 
 
High
 

 GAAP diluted earnings per share (low - high end of range)

  
$
0.78
 
 
$
0.93
 
 
$
2.62
 
 
$
2.77
 

 Stock-based compensation (low - high end of range)

  
 
0.32
 
 
 
0.32
 
 
 
1.33
 
 
 
1.33
 

 Amortization of acquisition-related intangibles (low - high end of range)

  
 
0.10
 
 
 
0.10
 
 
 
0.41
 
 
 
0.41
 

 Restructuring charges (low - high end of range)

  
 
— 
 
 
 
— 
 
 
 
0.18
 
 
 
0.18
 

 Income tax adjustments (low - high end of range)

  
 
(0.07
) 
 
 
(0.07
) 
 
 
(0.29
) 
 
 
(0.29
) 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Non-GAAP diluted earnings per share (low - high end of
range)

  
$
1.13
 
 
$
1.28
 
 
$
4.25
 
 
$
4.40
 

  
  

  

 
 
  

  

 
 
  

  

 
 
  

  

 

 Weighted-average shares outstanding - diluted (in thousands)

  
 
93,600
 
 
 
93,600
 
 
 
95,200
 
 
 
95,200
 

 Investor Contact: 
 Peter
Goldmacher 
 415-254-7415 

[email protected] 
 Media Contact: 

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