What is the market's earnings forecast for Dolby Laboratories next quarter?

What factors drove the changes in Dolby Laboratories's revenue and profit?

What guidance did Dolby Laboratories's management provide for the next earnings period?

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What were the key takeaways from Dolby Laboratories's earnings call?

What is the revenue and EPS growth rate for Dolby Laboratories year over year?

Did Dolby Laboratories beat or miss consensus estimates last quarter?

What is Dolby Laboratories's latest dividend and current dividend yield?

- **DAV/IP Growth**: 14% FY '25, targeting 15-20% annual growth over 3-5 years. New mobile partnerships (Instagram, Douyin) and auto signings (Maruti Suzuki, VinFast) drive expansion.
- **New Revenue Models**: Dolby OptiView (sports streaming SaaS) and Video Distribution Program (content streamers) launched, with FY '26 revenue contribution expected.
- **Financial Performance**: FY '25 revenue $1.35B (+6%), non-GAAP EPS $4.24. FY '26 guidance: Revenue $1.39B-$1.44B, EPS $4.19-$4.34. Q1 '26 down 8% YoY due to timing, but even H1/H2 distribution.
- **Cash Flow & Dividends**: Generated $123M cash flow, repurchased $35M shares. Dividend increased 9% to $0.36.

**【CEO Summary Section】**
- FY '25 revenue grew 6% to $1.35B, driven by the acquisition of GE Licensing and expansion of Dolby Atmos, Dolby Vision, and Imaging Patents (DAV/IP). DAV/IP revenue grew 14%, representing 45% of Licensing revenue.
- Introduced Dolby Vision 2, which Hisense and TCL plan to support, and expanded mobile partnerships with Instagram (iOS) and Douyin (China). Automotive signings include Maruti Suzuki, VinFast, and Li Auto, with in-car gaming content launching on Meta Quest and Samsung XR.
- Launched Dolby OptiView (SaaS for live sports streaming) and the Video Distribution Program (VDP) for content streamers, targeting 15-20% annual growth for DAV/IP over 3-5 years.

**【CFO Financial Commentary】**
- Q4 '25 revenue: $300M (vs. $285M midpoint guidance), non-GAAP EPS: $0.99 (vs. $0.71 midpoint guidance). FY '25 non-GAAP EPS: $4.24 (excluding $0.28 tax benefit), with 180bp margin expansion.
- FY '26 guidance: Revenue $1.39B-$1.44B (+3-7% YoY), non-GAAP EPS $4.19-$4.34. Q1 '26 revenue expected down 8% YoY due to true-ups and MCV timing, with more even H1/H2 distribution.
- Generated $123M operating cash flow, repurchased $35M shares, and ended with $783M cash. Declared 9% dividend increase to $0.36.

**【Q&A Highlights】**
- Imaging Patents: VDP signed 5 licensees in FY '25, starting to recognize revenue in FY '26. DAV/IP growth will come from mobile (Instagram, Douyin), auto (Dolby Atmos Music), and VDP.
- Automotive: Dolby Atmos Music in over 40 car models, targeting 15-20% DAV/IP growth. No plans to break out Auto as a separate segment yet.
- Macro environment: No direct tariff impact, but device market sluggish. Focused on DAV/IP growth and new consumption models.
- Capital allocation: $277M remaining on $300M buyback authorization. Prioritize dividend growth and offsetting dilution.


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