On this page of StockholderLetter.com we present the latest annual shareholder letter from SYNAPTICS Inc — ticker symbol SYNA. Reading current and past SYNA letters to shareholders can bring important insights into the investment thesis.

 •  9/16/2025 Letter Continued (Full PDF)
 •  9/5/2023 SYNA Stockholder Letter
 •  9/11/2024 SYNA Stockholder Letter
 •  More "Semiconductors" Category Stockholder Letters
 •  SYNA Benford's Law Stock Score = 61

SYNA Shareholder/Stockholder Letter Transcript:

SYNAPTICS FINANCIAL & OPERATING HIGHLIGHTS
OPERATING DATA - in millions (except per share amounts and percentages)
FISCAL YEAR ENDED JUNE
2021
2022
2023
2024
2025
$1,339.6
$1,739.7
$1,355.1
$959.4
$1,074.3
Gross Margin Percentage
45.6%
54.2%
52.8%
45.8%
44.7%
Non-GAAP Gross Margin Percentage*
53.6%
60.0%
60.1%
53.0%
53.6%
Operating lncome/(Loss)
$147.0
$350.4
$154.3
($101.6)
($94.1)
Non-GAAP Operating Income*
$366.4
$651.9
$418.9
$128.1
$177.5
$79.6
$257.5
$73.6
$125.6
($47.8)
GAAP
$2.08
$6.33
$1.83
$3.16
($1.22)
Non-GAAP*
$8.26
$13.54
$8.12
$2.25
$3.62
Net Revenue
Net lncome/(Loss)
Net lncome/(Loss) Per Share - Diluted
* Non-GAAP results presented exclude certain non-cash expenses and other items that may be either recurring or
non-recurring that we do not consider to be indicative of our core ongoing operating performance. See the Non-GAAP
financial information and the GAAP to non-GAAP reconciliation at the end of this report.
BALANCE SHEET AND CASH FLOW DATA - in millions (except per share amounts)
FISCAL YEAR ENDED JUNE
2021
2022
2023
2024
2025
$836.3
$824.0
$924.7
$876.9
$391.5
$2,226.8
$2,858.1
$2,611.4
$2,825.0
$2,584.4
Stockholders' Equity
$967.2
$1,266.4
$1,243.4
$1,466.8
$1,394.9
Book Value Per Diluted Share
$25.25
$31.12
$30.93
$36.95
$35.49
$1,222.6
$1,222.6
$1,406.1
$1,406.1
$1,534.4
$319.2
$462.7
$331.5
$135.9
$142.0
Cash and cash equivalents
Total Assets
Cumulative Cash Used For Share Repurchases
Cash Flow From Operating Activities

2025 Letter to Shareholders
Fiscal 2025 was a year of transition, progress in advancing our IoT strategy, and a modest recovery. I am honored to
write my first letter as Synaptics    CEO. With more than 30 years in semiconductors   including scaling Qualcomm   s
IoT business from under $1 billion to multiple billions and leading wireless connectivity at Broadcom   I look forward
to leveraging Synaptics    strengths in Processors, Wireless Connectivity, and Mixed-Signal Touch Sensing technologies
to accelerate growth in AI at the Edge.
Over the past three months, I   ve experienced firsthand the depth of our engineering talent and the passion that defines
our culture. With nearly four decades of semiconductor innovation, a broad technology portfolio, and a clear roadmap,
Synaptics is transforming into a leading provider of Edge AI IoT solutions. Over the last year, we strengthened our
capabilities by expanding our Processor and Wireless teams, adding world-class talent, and investing in go-to-market
initiatives to broaden our reach, elevate our brand, and deepen customer engagement across markets from industrial
automation to smart home.
In fiscal 2025, we advanced Core IoT through strategic initiatives. Our upcoming line of Synaptics Astra processors
will further strengthen our position in Edge AI by expanding performance and efficiency. In partnership with Google
Research, we are co-developing the AI accelerators for the next generation of Synaptics    Astra processors that we
believe will enhance our Edge AI leadership. This collaboration positions Synaptics Edge AI solutions for broad
adoption across diverse applications and high growth IoT markets. On the Connectivity front, we secured a highperformance Wi-Fi 7 and future technology agreement with Broadcom, strengthening our wireless leadership and
broadening our field of use into AR/VR, smartphones, and consumer audio. We also extended our roadmap with WiFi 8 solutions, advanced Bluetooth, ultra-wideband IP, next-generation GPS/GNSS, and combo front-end modules,
while adding a highly skilled R&D team. In addition, we acquired Packetcraft to accelerate our BLE capabilities.
These investments are driving results. Fiscal 2025 revenue grew 12% to $1.07 billion, with Core IoT product sales up
53%. We expanded non-GAAP operating margin by 310 basis points and delivered a 61% increase in non-GAAP
earnings per share1, while building a strong pipeline of new design wins.
As we enter fiscal 2026, our strategy is clear: accelerate Core IoT growth, deepen share in existing markets, and
expand into new ones. By combining our Mixed Signal, Processor, and Connectivity expertise, Synaptics is uniquely
positioned to deliver differentiated Edge AI products and solutions. We will execute our strategy with financial
discipline, prioritizing investments that drive sustainable, profitable growth.
I would like to thank you for your continued trust and support.
Rahul Patel
President and CEO
September 2025

1
A reconciliation of GAAP to Non-GAAP operating margin and earnings per share can be found at the end of this annual report.

Statement Regarding Forward-Looking Information
This 2025 Annual Report contains forward-looking statements that are subject to the safe harbors created
under the Securities Act of 1933, as amended (the    Securities Act   ), and the Securities Act of 1934, as amended (the
   Exchange Act   ). Forward-looking statements give our current expectations and projections relating to our financial
condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact
that they do not relate strictly to historical or current facts. Such forward-looking statements may include words such
as    expect,       anticipate,       intend,       believe,       estimate,       plan,       target,       strategy,       continue,       may,       will,   
   should,    variations of such words, or other words and terms of similar meaning. All forward-looking statements
reflect our best judgment and are based on several factors relating to our operations and business environment, all of
which are difficult to predict and many of which are beyond our control. Such factors include, but are not limited to,
the risks as identified in the    Risk Factors,       Management   s Discussion and Analysis of Financial Condition and
Results of Operations    and    Business    sections in this 2025 Annual Report, and other risks as identified from time to
time in our Securities and Exchange Commission reports. Forward-looking statements are based on information
available to us on the date hereof, and we do not have, and expressly disclaim, any obligation to publicly release any
updates or any changes in our expectations, or any change in events, conditions, or circumstances on which any
forward-looking statement is based. Our actual results and the timing of certain events could differ materially from
the forward-looking statements. These forward-looking statements do not reflect the potential impact of any mergers,
acquisitions, or other business combinations that had not been completed as of the date of this 2025 Annual Report.



 9/16/2025 Letter Continued (Full PDF)