Analyst Consensus ?
ConsensusBuy16 ratings
Bullish1487.5%
Neutral212.5%
Bearish00.0%
Credo Technology Group Holding Ltd · CRDO · FY2025 Q4 · Calendar Q2 2025
Credo pairs raised FY26 outlook with higher capex and concentration risk
The supplied evidence supports the research hypothesis for Credo: strong AI-related connectivity demand, raised FY26 guidance, and planned customer expansion provide support. The thesis remains conditional because concentration, tariffs, higher capex, supply-chain execution, and possible mix-driven margin pressure could offset growth.
Reported After market closeNASDAQTechnology
$31.90B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.35
Consensus $0.27
EPS surprise
+27.8%
Reported versus consensus
Reported revenue
$170.0M
Consensus $159.6M
Revenue surprise
+6.5%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+14.8%
Event window
SPY move
+0.6%
Same window
Abnormal move
+14.2%
Stock minus SPY
Volume
5.8×
Versus trailing sessions
Subsequent drift
+24.3%
Up to 20 sessions
CRDOSPY benchmark
Ask FN2 about CRDO FY2025 Q4
Transcript, numbers and history already loaded
Why did CRDO rise 14.8% after beating EPS estimates in FY2025 Q4?What changed in CRDO's guidance and outlook in FY2025 Q4?Give me the bull and bear case for CRDO after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management moved from a prior-quarter focus on AEC growth, PCIe expansion, and additional hyperscaler qualification to a raised FY26 outlook above $800 million, a planned doubling of CapEx, and broader emphasis on 800Gb optical DSPs, 7-meter AECs, PCIe Gen6 retimers, and PILOT software.
Guidance delta
Raised: FY26 revenue guidance is above $800 million, with non-GAAP net margin approaching 40%.
Key takeaways
- FY25 revenue reached $437 million, up 126% year over year, according to the supplied transcript analysis.
- AEC cables, optical DSPs, and PCIe Gen6 retimers remain the main growth engines.
- Management plans to add two hyperscalers in FY26, but the largest customer accounted for 61% of Q4 revenue.
- CapEx is expected to roughly double for 3nm tape-outs and expanded production equipment.
Management priorities
- Scale AEC, optical DSP, and PCIe Gen6 retimer product families.
- Expand the customer base with two additional hyperscalers in FY26.
- Increase production capacity and fund 3nm silicon tape-outs.
- Extend PILOT software capabilities across the product portfolio.
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Analyst 52W Price Targets
$169.7Current
$15Low
$207.58Average
$325High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Rosenblatt | Neutral | Neutral | Maintain | Oct 15, 2026 |
| Stifel | Buy | Buy | Maintain | Oct 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 21, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 2, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 18, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 20, 2026 |
| Roth Capital | Buy | Buy | Maintain | Jun 2, 2026 |
| Needham | Buy | Buy | Maintain | Jun 2, 2026 |
| Jefferies | Buy | Buy | Maintain | Jun 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Apr 16, 2026 |
| Craig-Hallum | Buy | Buy | Maintain | Dec 3, 2024 |
| Roth MKM | Buy | Buy | Maintain | Oct 22, 2024 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Feb 15, 2023 |
Named analyst price targets
Upside is calculated against the persisted current price $169.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Analyst unavailable | $310 | $218.64 | +82.7% | Oct 5, 2026 |
| Mizuho Securities | Vijay Rakesh | $245 | $175.89 | +44.4% | Sep 21, 2026 |
| Evercore ISI | Analyst unavailable | $292 | $170.74 | +72.1% | Sep 2, 2026 |
| Rosenblatt Securities | Mike Genovese | $235 | $170.17 | +38.5% | Sep 2, 2026 |
| Wells Fargo | Analyst unavailable | $275 | $206.63 | +62.1% | Sep 2, 2026 |
| Susquehanna | Analyst unavailable | $250 | $216.66 | +47.3% | Jul 21, 2026 |
| Barclays | Tom O'Malley | $300 | $202.68 | +76.8% | Jul 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $350 | $271.83 | +106.2% | Jun 22, 2026 |
| Evercore ISI | Mark Lipacis | $325 | $271.83 | +91.5% | Jun 22, 2026 |
| Mizuho Securities | Vijay Rakesh | $290 | $211.95 | +70.9% | Jun 2, 2026 |
| Susquehanna | Analyst unavailable | $235 | $212.57 | +38.5% | Jun 2, 2026 |
| Goldman Sachs | Analyst unavailable | $250 | $226.1 | +47.3% | Jun 2, 2026 |
| Needham | Quinn Bolton | $275 | $226.1 | +62.1% | Jun 2, 2026 |
| Jefferies | Blayne Curtis | $270 | $226.1 | +59.1% | Jun 2, 2026 |
| Roth Capital | Analyst unavailable | $300 | $226.1 | +76.8% | Jun 2, 2026 |
| Mizuho Securities | Vijay Rakesh | $260 | $236.03 | +53.2% | Jun 1, 2026 |
| Stifel Nicolaus | Tore Svanberg | $250 | $221.23 | +47.3% | May 27, 2026 |
| Redburn Partners | Analyst unavailable | $206 | $174.01 | +21.4% | May 1, 2026 |
| Goldman Sachs | James Schneider | $170 | $168.35 | +0.2% | Apr 16, 2026 |
| Stifel Nicolaus | Tore Svanberg | $200 | $97.68 | +17.9% | Mar 3, 2026 |
| Craig-Hallum | Richard Shannon | $200 | $97.43 | +17.9% | Mar 3, 2026 |
| Goldman Sachs | Analyst unavailable | $165 | $127.91 | -2.8% | Feb 19, 2026 |
| Roth Capital | Analyst unavailable | $200 | $123.41 | +17.9% | Feb 10, 2026 |
| Barclays | Tom O'Malley | $260 | $156.84 | +53.2% | Jan 15, 2026 |
| Wolfe Research | Analyst unavailable | $240 | $196.95 | +41.4% | Dec 2, 2025 |
| KGI Securities | Rob Chang | $230 | $212.89 | +35.5% | Dec 2, 2025 |
| Mizuho Securities | Vijay Rakesh | $225 | $171.13 | +32.6% | Dec 2, 2025 |
| Roth Capital | Analyst unavailable | $250 | $171.13 | +47.3% | Dec 2, 2025 |
| New Street | Analyst unavailable | $240 | $171.13 | +41.4% | Dec 2, 2025 |
| Barclays | Tom O'Malley | $220 | $171.13 | +29.6% | Dec 2, 2025 |
| Susquehanna | Analyst unavailable | $175 | $144.17 | +3.1% | Oct 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $160 | $144.5 | -5.7% | Oct 1, 2025 |
| Roth Capital | Analyst unavailable | $170 | $143.52 | +0.2% | Sep 30, 2025 |
| Stifel Nicolaus | Tore Svanberg | $155 | $124.77 | -8.7% | Sep 4, 2025 |
| Barclays | Tom O'Malley | $165 | $124.77 | -2.8% | Sep 4, 2025 |
| Stifel Nicolaus | Tore Svanberg | $130 | $124.27 | -23.4% | Sep 2, 2025 |
| Mizuho Securities | Vijay Rakesh | $135 | $118.64 | -20.4% | Aug 14, 2025 |
| Roth Capital | Suji Desilva | $95 | $73.49 | -44.0% | Jun 13, 2025 |
| Barclays | Tom O'Malley | $85 | $71.92 | -49.9% | Jun 3, 2025 |
| Barclays | Tom O'Malley | $70 | $37.02 | -58.8% | Apr 22, 2025 |
| Mizuho Securities | Vijay Rakesh | $85 | $73.8 | -49.9% | Jan 10, 2025 |
| Stifel Nicolaus | Tore Svanberg | $85 | $73.02 | -49.9% | Jan 8, 2025 |
| Stifel Nicolaus | Tore Svanberg | $80 | $76.17 | -52.9% | Jan 6, 2025 |
| Susquehanna | Christopher Rolland | $80 | $66.26 | -52.9% | Dec 17, 2024 |
| Mizuho Securities | Vijay Rakesh | $49 | $47.88 | -71.1% | Dec 2, 2024 |
| Summit Redstone Partners | Suji Desilva | $45 | $38.79 | -73.5% | Oct 22, 2024 |
| Mizuho Securities | Vijay Rakesh | $41 | $38.26 | -75.8% | Oct 14, 2024 |
| Stifel Nicolaus | Tore Svanberg | $42 | $33.71 | -75.3% | Oct 9, 2024 |
| Craig-Hallum | Richard Shannon | $38 | $31.3 | -77.6% | Sep 5, 2024 |
| Needham | Quinn Bolton | $33 | $25.84 | -80.6% | Sep 5, 2024 |
| Barclays | Tom O'Malley | $32 | $31.3 | -81.1% | Sep 5, 2024 |
| Mizuho Securities | Vijay Rakesh | $35 | $31.63 | -79.4% | Sep 3, 2024 |
| Stifel Nicolaus | Tore Svanberg | $40 | $34.91 | -76.4% | Sep 3, 2024 |
| Stifel Nicolaus | Tore Svanberg | $36 | $30.45 | -78.8% | Jul 18, 2024 |
| Needham | Quinn Bolton | $29 | $20.22 | -82.9% | May 30, 2024 |
| Barclays | Tom O'Malley | $30 | $20.22 | -82.3% | May 30, 2024 |
| Craig-Hallum | Richard Shannon | $30 | $21.22 | -82.3% | Apr 15, 2024 |
| Mizuho Securities | Vijay Rakesh | $18 | $16.37 | -89.4% | Jun 1, 2023 |
| Goldman Sachs | Toshiya Hari | $19 | $13.98 | -88.8% | Jul 27, 2022 |
| Needham | Analyst unavailable | $15 | $10.25 | -91.2% | Jun 2, 2022 |
| Mizuho Securities | Analyst unavailable | $20 | $11.3 | -88.2% | Apr 26, 2022 |
Track every rating change on CRDO the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationCredo Technology Group Holding Ltd (CRDO) specializes in delivering advanced high-speed connectivity solutions for both optical and electrical Ethernet applications. Its operational reach extends globally, encompassing the United States, Mexico, Mainland China, Hong Kong, and various other international regions. The company's product offerings include integrated circuits (ICs), active electrical cables (AECs), and SerDes chiplets, all developed utilizing its proprietary serializer/deserializer (SerDes) and digital signal processor (DSP) technologies. Beyond hardware, Credo also provides intellectual property (IP) solutions, particularly focusing on SerDes IP licensing. Established in 2008, the firm's corporate headquarters are situated in San Jose, California.
Historical context
All CRDO earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
| ASML ASML Holding N.V. | FY2026 Q3 · Calendar Q4 2026 | +20.4% | -3.9% | ASML: Record Q3, strong AI demand and broader capacity plans |
Latest beats and misses
Who reports nextBeat on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-10-17T17:40:39.739985+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T17:40:39.737231+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.