Form 8-K

8-K — Dolby Laboratories, Inc.

Accession: 0001193125-26-326149

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0001308547

SIC: 6794 (PATENT OWNERS & LESSORS)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — d165402d8k.htm (Primary)

EX-99.1 (d165402dex991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d165402d8k.htm · Sequence: 1

8-K

false 0001308547 0001308547 2026-07-30 2026-07-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 30, 2026

DOLBY LABORATORIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-32431

90-0199783

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

1275 Market Street

San Francisco, CA 94103-1410

(Address of principal executive offices) (Zip Code)

(415) 558-0200

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Class A common stock, $0.001 par value

DLB

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 – Financial Information

ITEM 2.02

Results of Operations and Financial Condition.

The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On July 30, 2026, Dolby Laboratories, Inc. (the “Company”) issued a press release announcing its financial results for its fiscal quarter ended June 26, 2026. The full text of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

Section 8 – Other Events

ITEM 8.01

Other Events

Declaration of Dividend

On July 30, 2026, the Company announced a cash dividend of $0.36 per share of Class A and Class B Common Stock, payable on August 19, 2026 to stockholders of record as of the close of business on August 11, 2026.

Increase in Share Repurchase Authorization

On July 30, 2026, the Company also announced that its Board of Directors approved increasing the size of its stock repurchase program by $350 million, bringing the amount available for future repurchases of the Company’s Class A Common Stock to approximately $427 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company considers appropriate. The timing of repurchases and the number of shares repurchased will depend on a variety of factors including price, the rate of dilution from the Company’s equity compensation programs, regulatory requirements, and other market conditions. The program does not have a specified expiration date, and the Company may limit, suspend, or terminate the stock repurchase program at any time without prior notice. Any shares repurchased under the program will be retired and returned to the status of authorized, but unissued shares of Class A Common Stock.

Disclosure Channels to Disseminate Information

The Company disseminates information to the public about the Company, its products, services and other matters through various channels, including the Company’s website (www.dolby.com), investor relations website (http://investor.dolby.com), SEC filings, press releases, public conference calls and webcasts, in order to achieve broad, non-exclusionary distribution of information to the public. The Company encourages investors and others to review the information it makes public through these channels, as such information could be deemed to be material information.

Section 9 – Financial Statements and Exhibits

ITEM 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Press Release of Dolby Laboratories, Inc. dated July 30, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DOLBY LABORATORIES, INC.

By:

/s/ Robert Park

Robert Park

Senior Vice President and Chief Financial Officer (Principal Financial Officer)

Date: July 30, 2026

EX-99.1

Filename: d165402dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Dolby Laboratories Reports Third Quarter 2026 Financial Results

SAN FRANCISCO, July 30, 2026 — Dolby Laboratories, Inc. (NYSE:DLB) today announced the company’s financial results for

the third quarter of fiscal 2026.

“We continue to execute against our full-year objectives, and we are building momentum across several of our key

growth areas,” said Kevin Yeaman, President and CEO, Dolby Laboratories. “We are expanding our total addressable market and creating new opportunities with content partners through the Video Distribution Program and Dolby OptiView, and

we continue to bring Dolby Atmos and Dolby Vision to more experiences from live sports, to music in the car, to user-generated content on mobile devices and more.”

Third Quarter Fiscal 2026 Financial Highlights

•

Total revenue was $305 million, compared to $316 million for the third quarter of fiscal 2025.

•

GAAP net income was $29 million or $0.30 per diluted share, compared to GAAP net income of $46 million

or $0.48 per diluted share for the third quarter of fiscal 2025. On a non-GAAP basis, third quarter net income was $65 million or $0.69 per diluted share, compared to $76 million or $0.78 per diluted

share for the third quarter of fiscal 2025.

•

Dolby repurchased 1.2 million shares of its common stock for approximately $65 million.

A complete listing of Dolby’s non-GAAP measures is described and reconciled to the

corresponding GAAP measures at the end of this release.

Recent Business Highlights

•

The 2026 FIFA World Cup was shown in Dolby Atmos and/or Dolby Vision across broadcast, streaming, and pay TV,

including Peacock and Comcast in the U.S., Bell TV in Canada, and TV GLOBAL in Brazil.

•

On TVs, Dolby Vision 2 is now in market with some Hisense TVs, and by the end of this calendar year, TCL and

Philips will also be shipping TVs with Dolby Vision 2.

•

RayNeo, the leading provider of augmented reality glasses, launched the RayNeo GT Max, the first AR smart glasses

supporting Dolby Vision.

•

Insta360, a leader in the action and panoramic cameras segments, launched the Luna Ultra, which supports Dolby

Vision capture.

•

Google announced support for Dolby Atmos through Android Auto with partners including BMW, Genesis, Mahindra,

Mercedes, Renault, and Skoda.

•

Roberts Communications Network, the largest horse racing streaming provider in the U.S., is using Dolby OptiView

for ultra-low latency video streaming for horse racing.

•

Access Advance announced that Meta Platforms, Inc., one of the world’s largest distributors of video

content, joined the VDP program as a licensee.

Dividend

Today, Dolby announced a cash dividend of $0.36 per share of Class A and Class B common stock, payable on August 19, 2026, to stockholders of

record as of the close of business on August 11, 2026.

Stock Repurchase Program

Today, Dolby also announced that its Board of Directors has approved increasing the size of its stock repurchase program by $350 million, bringing the

amount available for future repurchases of its Class A Common Stock to approximately $427 million. Stock repurchases under this program may be made through open market transactions, negotiated purchases, or otherwise, at times and in

amounts that the company considers appropriate.

Financial Outlook

Dolby’s financial outlook relies, in part, on estimates of royalty-based revenue that take into consideration various factors that are subject to

uncertainty, including consumer demand for electronic products. In addition, actual results could differ materially from the estimates Dolby is providing herein due in part to uncertainty resulting from the macroeconomic effect of certain

conditions, including developments concerning trade restrictions and changes in trade or diplomatic relationships, supply chain constraints, international conflicts, geopolitical instability, and fluctuations in inflation and interest rates. The

uncertainty resulting from these factors has greatly reduced visibility into Dolby’s future outlook. To the extent possible, the estimates Dolby is providing for future periods reflect certain assumptions about the potential impact of certain

of these items, based upon a consideration of currently available external and internal data and information. These assumptions are subject to risks and uncertainties. For more information, see “Forward-Looking Statements” in this press

release for a description of certain risks that Dolby faces, and the section captioned “Risk Factors” in its Quarterly Report on Form 10-Q for the third quarter of fiscal 2026, to be filed on or

around the date hereof.

Dolby is providing the following estimates for its fourth quarter of fiscal 2026:

•

Total revenue is expected to range from $362 million to $392 million.

•

Licensing revenue is expected to range from $335 million to $365 million.

•

Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis.

•

Operating expenses are anticipated to range from $227 million to $237 million on a GAAP basis and from

$195 million to $205 million on a non-GAAP basis.

•

Effective tax rate is anticipated to be around 23% on a GAAP basis and around 21% on a non-GAAP basis.

•

Diluted earnings per share is anticipated to range from $0.78 to $0.93 on a GAAP basis and from $1.13 to $1.28 on

a non-GAAP basis.

Dolby is providing the following estimates for the full year of fiscal 2026:

•

Total revenue is expected to range from $1.41 billion to $1.44 billion.

•

Licensing revenue is expected to range from $1.31 billion to $1.34 billion.

•

Gross margins are anticipated to be approximately 88% on a GAAP basis and approximately 90% on a non-GAAP basis.

•

Operating expenses are anticipated to range from $937 million to $947 million on a GAAP basis and from

$785 million to $795 million on a non-GAAP basis.

•

Dolby expects operating margins to be approximately 21% on a GAAP basis and to be approximately 34% on a non-GAAP basis.

•

Effective tax rate is anticipated to be around 24% on a GAAP basis and around 21% on a non-GAAP basis.

•

Diluted earnings per share is anticipated to range from $2.62 to $2.77 on a GAAP basis and from $4.25 to $4.40 on

a non-GAAP basis.

Conference Call Information

Members of Dolby management will lead a conference call open to all interested parties to discuss third quarter fiscal 2026 financial results for Dolby

Laboratories at 2:00 p.m. PT (5:00 p.m. ET) on Thursday, July 30, 2026.

The conference call can be accessed by registering online at Dolby

Laboratories Q3 Fiscal Year 2026 Financial Results, at which time registrants will receive dial-in information as well as a conference ID.

A live audio webcast of the conference call will be available at http://investor.dolby.com where it

will be archived for one year.

Non-GAAP Financial Information

To supplement Dolby’s financial statements presented on a GAAP basis, Dolby management uses, and Dolby provides to investors, certain non-GAAP financial measures as an additional tool to evaluate Dolby’s operating results in a manner that focuses on what Dolby’s management believes to be its ongoing business operations and performance.

We believe these non-GAAP financial measures are also helpful to investors in enabling comparability of operating performance between periods and among peer companies. Additionally, Dolby’s management

regularly uses our supplemental non-GAAP financial measures to make operating decisions, for planning and forecasting purposes and determining bonus payouts. Specifically, Dolby excludes the following as

adjustments from one or more of its non-GAAP financial measures:

Stock-based compensation expense:

Stock-based compensation, unlike cash-based compensation, utilizes subjective assumptions in the methodologies used to value the various stock-based award types that Dolby grants. These assumptions may differ from those used by other companies. To

facilitate more meaningful comparisons between its underlying operating results and those of other companies, Dolby excludes stock-based compensation expense.

Amortization of acquisition-related intangibles: Dolby amortizes intangible assets acquired in connection with business combinations. These intangible

assets consist of patents and technology, customer relationships, and other intangibles. Dolby records amortization charges relating to these intangible assets in its GAAP financial statements, and Dolby views these charges as items arising from pre-acquisition activities that are determined by the timing and valuation of its acquisitions. As these amortization charges do not directly correlate to its operations during any particular period, Dolby excludes

these charges to facilitate an evaluation of its current operating performance and comparisons to its past operating results. In addition, while amortization expense of acquisition-related intangible assets is excluded from Non-GAAP Net Income, the revenue generated from those assets is not excluded.

Restructuring charges or

credits: Restructuring charges are costs associated with restructuring plans and primarily relate to costs associated with exit or disposal activities, employee severance benefits, and asset impairments. Dolby excludes restructuring costs,

including any adjustments to charges recorded in prior periods (which may be credits), as Dolby believes that these costs are not representative of its normal operating activities and therefore, excluding these amounts enables a more effective

comparison of its past operating performance and to that of other companies.

Income tax adjustments: The income tax effects of the aforementioned non-GAAP adjustments do not directly correlate to its operating performance so Dolby believes that excluding such income tax effects provides a more meaningful view of its underlying operating results to management

and investors.

Using the aforementioned adjustments, Dolby provides various non-GAAP financial measures

including, but not limited to: non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, and non-GAAP effective tax rate. Dolby’s management believes it is useful

for itself and investors to review both GAAP and non-GAAP measures to assess the performance of Dolby’s business, including as a means to evaluate period-to-period comparisons. Dolby’s management does not itself, nor does it suggest that investors should, consider non-GAAP financial measures in isolation

from, superior to, or as a substitute for, financial information prepared in accordance with GAAP. Whenever Dolby uses non-GAAP financial measures, it provides a reconciliation of the non-GAAP financial measures to the most closely applicable GAAP financial measures. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures as detailed above and below. Investors are also encouraged to review Dolby’s GAAP financial statements as reported in its

US Securities and Exchange Commission (SEC) filings. A reconciliation between GAAP and non-GAAP financial measures is provided at the end of this press release and on the Dolby investor relations website,

http://investor.dolby.com.

Forward-Looking Statements

Certain statements in this press release and in our earnings calls, including, but not limited to, expected financial results for the fourth quarter of fiscal

2026 and full year fiscal 2026, Dolby’s ability to expand existing business, navigate challenging periods, pursue its long-term growth opportunities, and advance its other long-term objectives are “forward-looking statements” that

inherently involve substantial risks and uncertainties. These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those

provided. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the potential impacts of economic conditions on Dolby’s business operations, financial

results, and financial position (including the impact to Dolby partners and disruption of the supply chain and delays in shipments of consumer products; the level at which Dolby technologies are incorporated into products and the consumer demand for

such products; delays in the development and release of new products or services that contain Dolby technologies; delays in royalty reporting or delinquent payment by partners or licensees; lengthening sales cycles; the impact to the overall cinema

market including adverse impact to Dolby’s revenue recognized on box-office sales and demand for cinema products and services; and macroeconomic conditions that affect discretionary spending and access

to products that contain Dolby technologies); risks associated with geopolitical issues and international conflicts; risks associated with trends in the markets in which Dolby operates, including the broadcast, mobile, consumer electronics, PC, and

other markets; the loss of, or reduction in sales by, a key customer, partner, or licensee; pricing pressures; risks relating to changing trends in the way that content is distributed and consumed; risks relating to conducting business

internationally, including trade restrictions and changes in diplomatic or trade relationships; risks relating to maintaining patent coverage; the timing of Dolby’s receipt of royalty reports and payments from its licensees, including

recoveries; changes in tax regulations; timing of revenue recognition under licensing agreements and other contractual arrangements; Dolby’s ability to develop, maintain, and strengthen relationships with industry participants; Dolby’s

ability to develop and deliver innovative products and technologies in response to new and growing markets; competitive risks; risks associated with conducting business in countries that have historically limited recognition and enforcement of

intellectual property and contractual rights; risks associated with the health of the motion picture and cinema industries generally; Dolby’s ability to increase its revenue streams and to expand its business generally, and to continue to

expand its business beyond its current technology offerings; risks associated with acquiring and successfully integrating businesses or technologies; and other risks detailed in Dolby’s SEC filings and reports, including the risks identified

under the section captioned “Risk Factors” in its Quarterly Report on Form 10-Q filed on or around the date hereof. Dolby may not actually achieve the plans, intentions, or expectations disclosed

in its forward-looking statements. Forward-looking statements are based upon information available to us as of the date of such statements, and while Dolby believes such information forms a reasonable basis for such statements, such information may

be limited or incomplete. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. Except as required by law, Dolby disclaims any obligation to update information contained in these

forward-looking statements whether as a result of new information, future events, or otherwise.

About Dolby

Dolby Laboratories (NYSE: DLB) is a world leader in immersive entertainment. From movies and TV, to music, sports, gaming, and beyond, Dolby transforms

the science of sight and sound into spectacular experiences for billions of people worldwide across all their favorite devices. We partner with artists, storytellers, and the brands you love to transform entertainment and digital experiences through

groundbreaking innovations like Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby OptiView.

Dolby, Dolby Atmos, Dolby

Vision, Dolby Cinema, Dolby OptiView, and the double-D symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries. Other trademarks

remain the property of their respective owners.

DOLBY LABORATORIES, INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts; unaudited)

Fiscal Quarter Ended

Fiscal Year-To-Date Ended

June 26,

2026

June 27,

2025

June 26,

2026

June 27,

2025

Revenue:

Licensing

282,351

289,905

974,367

966,390

Products and services

22,644

25,641

72,964

75,716

Total revenue

304,995

315,546

1,047,331

1,042,106

Cost of revenue:

Cost of licensing

22,718

21,713

67,523

62,508

Cost of products and services

17,601

22,289

60,735

58,105

Total cost of revenue

40,319

44,002

128,258

120,613

Gross profit

264,676

271,544

919,073

921,493

Operating expenses:

Research and development

65,749

65,982

198,477

194,327

Sales and marketing

85,071

86,163

272,786

270,191

General and administrative

75,585

72,307

221,783

212,814

Restructuring charges/(credits)

3,955

(547

)

16,605

8,879

Total operating expenses

230,360

223,905

709,651

686,211

Operating income

34,316

47,639

209,422

235,282

Other income/(expense):

Interest income/(expense), net

3,453

4,111

12,595

10,316

Other income, net

6,033

3,766

13,086

16,219

Total other income

9,486

7,877

25,681

26,535

Income before income taxes

43,802

55,516

235,103

261,817

Provision for income taxes

(14,588

)

(8,974

)

(56,754

)

(54,979

)

Net income including noncontrolling interest

29,214

46,542

178,349

206,838

Less: net income attributable to noncontrolling interest

(612

)

(471

)

(1,505

)

(1,152

)

Net income attributable to Dolby Laboratories, Inc.

28,602

46,071

176,844

205,686

Net income per share:

Basic

0.30

0.48

1.86

2.14

Diluted

0.30

0.48

1.84

2.11

Weighted-average shares outstanding:

Basic

94,242

95,897

94,975

95,947

Diluted

94,518

96,900

95,859

97,537

DOLBY LABORATORIES, INC.

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands; unaudited)

June 26,

2026

September 26,

2025

ASSETS

Current assets:

Cash and cash equivalents

669,394

701,893

Restricted cash

69,492

91,468

Short-term investments

652

703

Accounts receivable, net

285,148

331,096

Contract assets, net

206,881

180,804

Inventories, net

30,768

30,424

Prepaid expenses and other current assets

63,706

51,873

Total current assets

1,326,041

1,388,261

Long-term investments

86,437

80,205

Property, plant, and equipment, net

459,115

470,608

Operating lease

right-of-use assets

42,401

33,204

Goodwill and intangible assets, net

910,777

926,957

Deferred taxes

213,171

214,361

Other non-current assets

118,660

114,164

Total assets

3,156,602

3,227,760

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

12,470

17,840

Accrued liabilities

360,407

369,256

Income taxes payable

—

8,928

Contract liabilities

33,593

31,382

Operating lease liabilities

9,859

10,384

Total current liabilities

416,329

437,790

Non-current contract liabilities

23,463

29,687

Non-current operating lease liabilities

37,591

28,494

Other non-current liabilities

86,504

99,843

Total liabilities

563,887

595,814

Stockholders’ equity:

Class A common stock

Class B common stock

Retained earnings

2,598,923

2,634,980

Accumulated other comprehensive loss

(15,468

)

(12,517

)

Total stockholders’ equity – Dolby Laboratories, Inc.

2,583,547

2,622,557

Noncontrolling interest

9,168

9,389

Total stockholders’ equity

2,592,715

2,631,946

Total liabilities and stockholders’ equity

3,156,602

3,227,760

DOLBY LABORATORIES, INC.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands; unaudited)

Fiscal Year-To-Date Ended

June 26,

2026

June 27,

2025

Operating activities:

Net income including noncontrolling interest

178,349

206,838

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

70,842

65,829

Stock-based compensation

98,883

97,462

Amortization of operating lease

right-of-use assets

7,889

8,193

Provision for credit losses

4,244

2,582

Deferred income taxes

1,542

(9,146

)

Share of net income of equity method investees, net of cash distributions

(7,602

)

1,845

Other non-cash items affecting net income

(1,289

)

(429

)

Changes in operating assets and liabilities:

Accounts receivable, net

1,489

15,234

Contract assets, net

(28,442

)

(6,902

)

Inventories

6,512

4,020

Operating lease

right-of-use assets

(17,547

)

(1,717

)

Prepaid expenses and other assets

(31,999

)

28,003

Accounts payable and accrued liabilities

35,611

(48,979

)

Income taxes, net

(2,771

)

1,895

Contract liabilities

1,620

(1,061

)

Operating lease liabilities

9,036

(8,237

)

Other non-current liabilities

(11,600

)

(6,063

)

Net cash provided by operating activities

314,767

349,367

Investing activities:

Proceeds from sales of marketable securities

—

15,911

Proceeds from sale of assets held for sale

—

16,881

Purchases of property, plant, and equipment

(28,681

)

(20,104

)

Business combinations, net of cash and restricted cash acquired, and other related

payments

—

(1,362

)

Purchases of intangible assets

(42,575

)

—

Proceeds from sale of intangible assets

16,623

—

Net cash provided by/(used in) investing activities

(54,633

)

11,326

Financing activities:

Proceeds from issuance of common stock

24,685

38,681

Repurchase of common stock

(200,001

)

(89,990

)

Payment of excise tax on repurchase of common stock

—

(261

)

Payment of cash dividend

(102,659

)

(95,010

)

Distributions to noncontrolling interest

(1,640

)

(1,449

)

Shares repurchased for tax withholdings on vesting of restricted stock

(33,113

)

(35,154

)

Net cash used in financing activities

(312,728

)

(183,183

)

Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash

(1,881

)

1,302

Net increase/(decrease) in cash, cash equivalents, and restricted cash

(54,475

)

178,812

Cash, cash equivalents, and restricted cash at beginning of period

793,361

577,752

Cash, cash equivalents, and restricted cash at end of period

738,886

756,564

Licensing Revenue by Market

(unaudited)

The following table presents

the composition of our licensing revenue and percentage of total licensing revenue for all periods presented (in thousands, except percentage amounts):

Fiscal Quarter Ended

Fiscal Year-To-Date Ended

Market

June 26, 2026

June 27, 2025

June 26, 2026

June 27, 2025

Broadcast

106,579

111,286

326,041

321,297

Mobile

51,010

56,295

220,199

217,942

31,506

28,071

118,057

115,668

28,343

33,589

116,523

123,247

Other

64,913

60,664

193,547

188,236

Total licensing revenue

282,351

100

289,905

100

974,367

100

966,390

100

GAAP to Non-GAAP Reconciliations

(unaudited)

The following tables present

Dolby’s GAAP financial measures reconciled to the non-GAAP financial measures included in this release for the third quarters of fiscal 2026 and fiscal 2025:

Net income:

Fiscal Quarter Ended

(in thousands)

June 26,

2026

June 27,

2025

GAAP net income attributable to Dolby Laboratories, Inc.

28,602

46,071

Stock-based compensation (1)

30,964

30,728

Amortization of acquisition-related intangibles

(2)

9,705

10,016

Restructuring charges/(credits)

3,955

(547

)

Income tax adjustments

(8,077

)

(10,606

)

Non-GAAP net income attributable to Dolby Laboratories,

Inc.

65,149

75,662

(1) Stock-based compensation included in above line items:

Cost of products and services

440

420

Research and development

9,695

9,188

Sales and marketing

10,293

10,589

General and administrative

10,536

10,531

(2) Amortization of acquisition-related intangibles included in above line items:

Cost of licensing

6,590

6,610

Cost of products and services

768

753

Sales and marketing

352

340

General and administrative

1,554

1,872

Other income, net

441

Diluted earnings per share:

Fiscal Quarter Ended

June 26,

2026

June 27,

2025

GAAP diluted earnings per share

0.30

0.48

Stock-based compensation

0.33

0.32

Amortization of acquisition-related intangibles

0.10

Restructuring charges/(credits)

0.04

(0.01

)

Income tax adjustments

(0.08

)

(0.11

)

Non-GAAP diluted earnings per share

0.69

0.78

Weighted-average shares outstanding - diluted (in thousands)

94,518

96,900

The following tables present a reconciliation between GAAP and

non-GAAP versions of the estimated financial measures for the fourth quarter of fiscal 2026 and full year fiscal 2026 included in this release:

Gross margin:

Q4 2026

Fiscal 2026

GAAP gross margin

88.0

Stock-based compensation

0.1

Amortization of acquisition-related intangibles

1.9

Non-GAAP gross margin

90.0

Operating expenses (in millions):

Q4 2026

Fiscal 2026

GAAP operating expenses (low - high end of range)

227 - $237

937 - $947

Stock-based compensation

(30

)

(127

)

Amortization of acquisition-related intangibles

)

Restructuring charges

—

(17

)

Non-GAAP operating expenses (low - high end of

range)

195 - $205

785 - $795

Operating margin:

Fiscal 2026

GAAP operating margin

% +/-

Stock-based compensation

Amortization of acquisition-related intangibles

Restructuring charges

Non-GAAP operating margin

% +/-

Effective tax rate:

Q4 2026

Fiscal 2026

GAAP effective tax rate

23.0

24.0

Stock-based compensation (low - high end of range)

(2%) - 1

(2%) - 0

Amortization of acquisition-related intangibles (low - high end of range)

(1%) - 0

Non-GAAP effective tax rate

21.0

Diluted earnings per share:

Q4 2026

Fiscal 2026

Low

High

Low

High

GAAP diluted earnings per share (low - high end of range)

0.78

0.93

2.62

2.77

Stock-based compensation (low - high end of range)

0.32

1.33

Amortization of acquisition-related intangibles (low - high end of range)

0.10

0.41

Restructuring charges (low - high end of range)

—

0.18

Income tax adjustments (low - high end of range)

(0.07

)

(0.07

)

(0.29

)

(0.29

)

Non-GAAP diluted earnings per share (low - high end of

range)

1.13

1.28

4.25

4.40

Weighted-average shares outstanding - diluted (in thousands)

93,600

95,200

Investor Contact:

Peter

Goldmacher

415-254-7415

peter.goldmacher@dolby.com

Media Contact:

media@dolby.com

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