Corsair Q3 Revenue Rises 6%, Adjusted EBITDA Climbs 38%

Corsair Gaming reported third-quarter 2026 revenue and adjusted earnings above its guidance ranges, supported by growth across both of its reporting segments. Revenue increased 6% year over year to $367.0 million, while adjusted EBITDA rose 38% to $22.4 million, reflecting stronger gross profit and operating leverage even as the company remained unprofitable on a GAAP basis.

Revenue for the quarter ended September 30 was $17 million above the top of Corsair’s $320 million to $350 million guidance range. Adjusted EBITDA exceeded the high end of its $18 million to $21 million forecast by $1.4 million, and non-GAAP diluted earnings of $0.13 per share topped the company’s guided range of $0.09 to $0.12.

Gross profit increased 5% to $97.8 million. For the first nine months of 2026, gross profit reached $318.1 million, up 13% from the comparable period.

On a GAAP basis, Corsair recorded a net loss of $2.4 million, or $0.02 per diluted share, compared with a loss of $10.4 million, or $0.09 per share, a year earlier. The GAAP operating loss narrowed to $1.6 million from $5.6 million. Non-GAAP adjusted operating income increased to $17.5 million from $13.5 million, with the adjusted operating margin expanding to 4.8% from 3.9%.

Adjusted net income more than doubled to $14.8 million from $6.8 million, while adjusted diluted EPS increased from $0.06. Adjusted EBITDA margin rose to 6.1% from 4.7%.

Corsair’s non-GAAP results exclude items including amortization, stock-based compensation, acquisition and integration expenses, certain legal costs and the accounting impact of acquired inventory. The company cautioned that its non-GAAP measures may not be comparable with similarly named metrics used by other businesses.

Growth Across Both Segments

Gaming Components and Systems remained Corsair’s largest business, generating $250.5 million of third-quarter revenue, up 7% year over year. Segment gross profit increased 8% to $52.8 million, while gross margin was 21.1%, compared with 20.9% in the prior-year quarter.

The Gamer and Creator Peripherals segment posted revenue of $116.5 million, an increase of 3%. Gross profit rose 2% to $45.0 million, with a gross margin of 38.7%. Corsair continues to identify this segment as a higher-margin part of its portfolio, spanning gaming peripherals, controllers and Elgato products for streamers and content creators.

During the quarter, the company expanded its product lineup with gaming mice, headsets, microphones and controllers, including the SABRE v3 PRO mouse and SCUF NEMESIS PRO controller. Elgato also entered a new product category with the Wave Go wireless mobile microphone, designed for creators working away from a desktop setup. In PC components, Corsair introduced the WARTHOG steel case for high-performance systems and professional AI workloads.

Corsair is positioning these products within a broader connected ecosystem covering gaming, content creation, simulation training and PC building. Its portfolio includes the Corsair, Elgato, SCUF Gaming, Fanatec, Origin PC and Corsair Pro brands, with Stream Deck and iCUE serving as software and control layers across parts of the platform.

Fourth-Quarter and Full-Year Outlook

For the fourth quarter of 2026, Corsair expects net revenue of $420 million to $450 million, adjusted EBITDA of $38 million to $42 million and non-GAAP diluted EPS of $0.26 to $0.31.

The company’s full-year outlook calls for revenue between $1.456 billion and $1.486 billion. Adjusted EBITDA is expected to range from $127 million to $131 million, with non-GAAP diluted EPS of $0.89 to $0.94.

Trailing 12-month revenue through September 30 was $1.473 billion, up 2% year over year. Gross profit for the same period increased 19% to $463 million. Trailing 12-month adjusted EBITDA, excluding a $14.3 million tariff-refund benefit recorded in the second quarter of 2026, rose 60% to $128 million.

Corsair ended the quarter with $134.6 million in cash, excluding restricted cash, and $117.2 million in total debt, leaving it with net cash of $17.4 million.

Management’s longer-term priorities include expanding Corsair’s connected hardware and software ecosystem and pursuing emerging categories such as simulation racing, mobile creator tools and AI workstations. The presentation indicated that the timing and scale of any contribution from AI-focused workstations remain subject to uncertainty.

The outlook is also exposed to semiconductor supply constraints, memory gross margins, tariffs and changes in trade policy, as well as demand tied to new processors, graphics hardware, video game launches and console gaming. Corsair additionally cited inflation, recession risk, consumer confidence, geopolitical disruption and potential interruptions at manufacturing and distribution facilities as factors that could cause actual results to differ from its expectations.