Logitech International S.A. (LOGI) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

We're making these statements based on our views only as of today. Our actual results could differ materially, and we undertake no obligation to update or revise any of these statements. We will also discuss non-GAAP financial results, and you can find a reconciliation between GAAP and non-GAAP results and information about our use of non-GAAP measures and factors that could impact our financial results and forward-looking statements in our press release and in our filings with the SEC. These materials, as well as the shareholder letter and a webcast of this call, are all available at our investor relations page of our website. We encourage you to review these materials carefully. Unless noted otherwise, references to net sales growth are in constant currency and comparisons between periods are year over year. This call is being recorded and will be available for a replay on our website. With that, I will now turn the call over to Hanukkah. Hanukkah. Thanks, Nate, and welcome everyone to the call. Fiscal year 2025 was a year of outstanding results for Logitech. We delivered strong, profitable growth driven by progress against our strategic priorities. Specifically for the year, we delivered 7% constant currency net sales growth. That growth was broad-based across geographies, product categories, and customers. We expanded market share in key product categories and remained the number one or number two player in 11 of the 13 categories that we compete in. We also expanded non-GAAP gross margins by 170 basis points and non-GAAP operating margins by 70 basis points, growing our operating income to $775 million. And we continue to generate a very healthy amount of cash. We generated about $840 million of cash from operations in fiscal 25, more than one times operating in...