Cerebras Systems Inc. (CBRS) financials
NASDAQ · Technology · Semiconductors · 708 employees · CEO Andrew D. Feldman
- Price
- $109.18 -5.19%
- Market cap
- $24.7B
- Enterprise value
- $18.8B
- Last report
- Q2 '26 filed 2026-08-12
- Next report
- 2026-11-12
Revenue (TTM)$681M+90.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-81.2%-40.4 pp vs a year agoOperating income -$552M
Net income (TTM)-$512M-296.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)–– vs a year agoCapex –
Diluted EPS (TTM)-$3.26-443.6% vs a year agoSum of the last 4 quarters
Net cash$7.12B– vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $24.7B EV $18.8B
- Revenue
- $681M Trailing 12 months
- Revenue growth
- +74% FY2026 consensus
- Profit margin
- -75.3% Net income / revenue, TTM
- P/E
- -33.5× Forward -210.0× (FY2026)
- P/S
- 36.3× Price / sales, TTM
- EV / EBITDA
- -39.9× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- -$512M Trailing 12 months
- Revenue estimate
- $885M FY2026 consensus
- Earnings
- 2026-11-12
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth slowing: 74.3% year on yearQ2 '26 revenue $180M, against an average of 85.9% over the four quarters before.
- Operating margin -81.2% (TTM), -40.4 pp on a year agoOperating income grew -280.3% while revenue grew 90.8%.
- Diluted share count down 29.9% in a year151M diluted shares in Q2 '26, 215M a year earlier.
- Net cash $7.12BCash + short-term investments $8.61B, debt incl. leases $1.49B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $180M | $103M | +74.3% |
| Gross margin | 14.2% | 31.1% | -16.9 pp |
| Operating income | -$477M | -$57.2M | -734.6% |
| Operating margin | -265.0% | -55.3% | -209.6 pp |
| Net income | -$451M | $310M | -245.6% |
| Diluted EPS | -$2.98 | $1.44 | -306.9% |
| Operating cash flow | -$59.8M | -$68.9M | +13.2% |
| Capex | $417M | $86.9M | +380.0% |
| Free cash flow | -$477M | -$156M | -206.1% |
| R&D | $320M | $0 | – |
| Stock-based compensation | $377M | $13.3M | +2,738.7% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Service | $126M | – | 70.0% | – | – | |
| Product | $54.1M | – | 30.0% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| EMEA | $95.7M | – | 53.2% | – | – | |
| United States | $84M | – | 46.6% | – | – | |
| Other Geographic Areas | $384K | – | 0.2% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -33.5× | 758.7× 1 of 4 years | 758.7× – 758.7× |
| EV / EBITDA | -39.9× | 375.6× 1 of 4 years | 375.6× – 375.6× |
| EV / Sales | 27.6× | 1,546.0× | 205.7× – 4,278.4× |
| Price / FCF | -32.9× | 156.2× 1 of 4 years | 156.2× – 156.2× |
| Price / Book | 1.8× | – | – |
| FCF yield | -3.0% | -0.1% | -0.6% – 0.6% |
| Return on invested capital | -5.1% | 9.9% | -78.2% – 195.1% |
| Return on equity | -11.6% | 17.4% | -41.1% – 49.8% |
Analysts
Consensus target $300.50 (+175.2%)
range $279.00 – $330.00 · rating Buy
Strong buy0
Buy9
Hold0
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $885M | +73.6% | -$0.52 | -226.8% | -210.0× | 6 |
| FY2027 | $2.93B | +231.0% | $1.24 | +338.5% | 88.0× | 6 |
| FY2028 | $7.54B | +157.5% | $7.97 | +542.8% | 13.7× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 145 figures Cerebras Systems Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $88.3M | – | – | – | – | – |
| Accounts Receivable, after Allowance for Credit Loss, Current | $123M | – | – | – | – | – |
| Accrued Liabilities, Current | $237M | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $91M | – | – | – | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $5.77M | – | – | – | – | – |
| Additional Paid in Capital | $10.5B | – | – | – | – | – |
| Adjustments to Additional Paid in Capital, Other | $329K2026-03-31 | $150K | +119.3% | – | – | – |
| Adjustments to Additional Paid in Capital, Warrant Issued | $657M | – | – | – | – | – |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -106M | -119M | +11.0% | – | – | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $377M | $13M | +2,789.2% | – | – | – |
| Assets | $11.6B | – | – | – | – | – |
| Assets, Current | $9.12B | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | $21.8M | $3.87M | +464.1% | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $6.74B | – | – | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $7.43B | $377M | +1,870.6% | – | – | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $4.68B | -$95.1M | +5,021.5% | – | – | – |
| Common Stock, Shares Authorized | 100M2026-05-15 | – | – | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$448M | $310M | -244.8% | – | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $4.8M | – | – | – | – | – |
| Contract with Customer, Liability, Current | $174M | – | – | – | – | – |
| Contract with Customer, Liability, Noncurrent | $245M | – | – | – | – | – |
| Contract with Customer, Liability, Revenue Recognized | $37.5M | $10.7M | +250.5% | – | – | – |
| Cost of Revenue | $155M | $71.2M | +117.0% | – | – | – |
| Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $0 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $5.62M | – | – | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | – | – | – | – | – |
| Debt Securities, Available-for-sale, Amortized Cost, Current | $1.17B | – | – | – | – | – |
| Debt Securities, Available-for-sale, Current | $1.18B | – | – | – | – | – |
| Debt, Current | $621M2026-03-31 | – | – | – | – | – |
| Depreciation | $24.4M | $5.6M | +335.3% | – | – | – |
| Depreciation, Depletion and Amortization | $24.4M | $5.4M | +351.1% | – | – | – |
| Earnings Per Share, Basic | -$2.98 | $2.28 | -230.7% | – | – | – |
| Earnings Per Share, Diluted | -$2.98 | $1.91 | -256.0% | – | – | – |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | -$273K | $732K | -137.3% | – | – | – |
| Effective Income Tax Rate Reconciliation, Percent | -0.1% | 0.5% | -120.0% | – | – | – |
| Employee-related Liabilities, Current | $48.6M | – | – | – | – | – |
| General and Administrative Expense | $95.7M | $10.3M | +830.2% | – | – | – |
| Gross Profit | $25.6M | $32.1M | -20.4% | – | – | – |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | -$450M | $311M | -244.7% | – | – | – |
| Income Tax Expense (Benefit) | $274K | $1.66M | -83.5% | – | – | – |
| Income Taxes Paid, Net | $9.33M | $1.36M | +584.3% | – | – | – |
| Income Taxes Receivable, Current | $21.5M | – | – | – | – | – |
| Increase (Decrease) in Accounts Payable | $10.6M | $12M | -11.1% | – | – | – |
| Increase (Decrease) in Accounts Receivable | $60.7M | -$68.7M | +188.4% | – | – | – |
| Increase (Decrease) in Contract with Customer, Liability | $89.7M | $1.47M | +6,000.1% | – | – | – |
| Increase (Decrease) in Inventories | -$52.8M | -$21.2M | -149.3% | – | – | – |
| Increase (Decrease) in Other Operating Liabilities | $57.5M | $23.7M | +142.8% | – | – | – |
| Increase (Decrease) in Prepaid Expense and Other Assets | $125M | $6.69M | +1,763.8% | – | – | – |
| Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 0 | 26.2M | -100.0% | – | – | – |
| Inventory Valuation Reserves | $20.1M | – | – | – | – | – |
| Inventory Write-down | $11.8M | $500K | +2,260.0% | – | – | – |
| Inventory, Finished Goods, Net of Reserves | $25.8M | – | – | – | – | – |
| Inventory, Net | $32.7M | – | – | – | – | – |
| Inventory, Raw Materials, Net of Reserves | $6.09M | – | – | – | – | – |
| Inventory, Work in Process, Net of Reserves | $753K | – | – | – | – | – |
| Investment Income, Interest and Dividend | $48.8M | $5.34M | +815.1% | – | – | – |
| Lease, Cost | $71.7M | $25.9M | +176.4% | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid | $690M | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $58.2M | – | – | – | – | – |
| Lessee, Operating Lease, Liability, to be Paid, Year Four | $123M | – | – | – | – | – |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31
Data as of 2026-11-02