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# Rambus Revenue Hits Record $218.3 Million, Topping Its Own Forecast — And Fourth-Quarter Guidance Is Higher
- URL: https://www.bullished.co/rambus-revenue-hits-record-218-3-million-topping-its-own-forecast-and-fourth-quarter-554efb69/
- Published: 2026-10-26T20:26:35.000Z
- Updated: 2026-10-26T20:26:35.000Z
- Description: Product sales and operating cash flow also set records, and the company guided fourth-quarter revenue to $227 million to $233 million.
- Author: Matteo Parrino
- Tags: Earnings, RMBS, Industry: Technology

[Rambus](https://www.bullished.co/tag/rmbs/), which makes memory interface chips and licenses chip designs and patents, reported record third-quarter revenue of [$218.3 million](https://www.sec.gov/Archives/edgar/data/0000917273/000119312526431918/rmbs-ex99%5F1.htm?ref=bullished.co), up 22% from a year earlier and above the $210 million to $216 million range it had forecast. Results came in a [Monday earnings release](https://www.sec.gov/Archives/edgar/data/0000917273/000119312526431918/rmbs-20261026.htm?ref=bullished.co), and CEO Luc Seraphin said he expects an even stronger fourth quarter.

## Product sales lead the record

Product revenue, the chip business, reached a record $114.3 million, up 15% from the second quarter and 22% from a year earlier. Royalties brought in $77.0 million and contract and other revenue added $27.0 million.

Net income was $74.6 million, or $0.69 per diluted share, against $48.4 million, or $0.44, a year earlier. On an adjusted basis, earnings were $0.84 per share, also above the company's forecast range. Operating margin was 38% on a standard-accounting basis and 47% adjusted.

Operating activities generated a record $102.5 million of cash. "Rambus delivered record quarterly revenue and earnings that exceeded our guidance, with strong customer demand driving record product revenue and record cash from operations," Seraphin said.

## Fourth-quarter targets and buybacks

For the fourth quarter, Rambus expects revenue of $227 million to $233 million, including product revenue of $127 million to $133 million, royalties of $68 million to $74 million and contract and other revenue of $26 million to $32 million. It guided adjusted earnings to $0.84 to $0.92 per share, and $0.68 to $0.76 on a standard-accounting basis. The company cautioned that hitting the revenue range requires signing customer agreements for product sales and licensing.

Cash and marketable securities ended September at $776.9 million, down $48.0 million from June 30\. The company paid $135.4 million to repurchase common stock and $11.2 million for capital spending, partly offset by the operating cash flow.

## A fabless chip and IP business

Rambus sells DDR5 and LPDDR5 memory interface chips to module makers, equipment manufacturers and large cloud companies, relying on outside foundries to build them. It also licenses reusable chip designs and patents, which generate royalties. As of December 31, 2025, it had 791 employees and held 2,049 US and foreign patents.

For the first nine months, revenue was $605.9 million against $517.4 million a year earlier, and net income was $202.0 million against $166.6 million.

Management discussed the quarter on a call at 2:00 p.m. PT on Monday, with slides posted at investor.rambus.com.

### Sources

- [8-K Filing — RAMBUS INC (RMBS)](https://www.sec.gov/Archives/edgar/data/0000917273/000119312526431918/rmbs-20261026.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit rmbs-ex99\_1.htm — RAMBUS INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000917273/000119312526431918/rmbs-ex99%5F1.htm?ref=bullished.co) — SEC EDGAR
- [Rambus Inc. (RMBS) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/RMBS/?ref=bullished.co) — Yahoo Finance
- [Rambus and ChipAgents Collaborate to Accelerate Chip Design with Agentic AI – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610221700BIZWIRE%5FUSPRX%5F%5F%5F%5F20261021%5FBW802252-1&ref=bullished.co) — Financial Times
- [Can Netlist's New LIGHTNING ULL DDR5 Boost Its AI Market Reach?](https://finance.yahoo.com/technology/ai/articles/netlists-lightning-ull-ddr5-boost-123000594.html?ref=bullished.co) — Yahoo Finance

### More on Rambus

- [Rambus Drops $82.7 Million Korean Tax Refund Claims At No Cost To Earnings, As Inventory Nearly Doubles](https://www.bullished.co/rambus-drops-82-7-million-korean-tax-refund-claims-at-no-cost-to-earnings-as-inventory-aa03cf0a/)

[All Rambus (RMBS) coverage →](https://www.bullished.co/tag/rmbs/)