Corsair Gaming (CRSR) delivered the kind of earnings report that makes investors very happy. The gaming peripherals and components maker posted fourth-quarter results Thursday that beat expectations across the board, then topped it off with news of its first-ever share buyback. The stock predictably loved it.

The Numbers Tell a Good Story

Fourth-quarter revenue came in at $436.86 million, up 6% year-over-year and comfortably ahead of the Street's $421.99 million estimate. Earnings of 43 cents per share crushed the consensus of 27 cents, which is the kind of beat that gets attention.

The Gaming Components and Systems segment carried the quarter, with revenue up 11% year-over-year. Memory products saw particularly strong demand, and here's where it gets interesting: Corsair managed to secure enough supply in a tight semiconductor market to meet that demand.

"The Corsair team was able to successfully navigate a constrained global semiconductor market to secure supply for the robust global demand we saw for our memory products during the quarter, underlining our leadership position in the performance memory market," the company said.

Not everything was perfect. The Gamer and Creator Peripherals segment saw revenue slip 3% year-over-year in the fourth quarter, with softer demand in North America weighing on results.

For the full year, Corsair posted revenue of $1.47 billion, up 12% from 2024, and hit a record GAAP gross margin of 28.9%. Those are solid numbers for a company in the competitive gaming hardware space.

Looking Ahead

The real headline grabber was the $50 million share buyback authorization, Corsair's first repurchase program ever. That's a meaningful vote of confidence from management.

Guidance for the first quarter calls for revenue between $335 million and $365 million. For the full year, Corsair expects revenue in the range of $1.33 billion to $1.47 billion with earnings per share between 58 cents and 74 cents.

CEO Thi La struck an optimistic tone about the company's direction. "As we enter 2026, we remain focused on accelerating innovation in our premium categories, improving mix, and driving healthier, more consistent sell-through across channels," La said.

La added that Corsair has an exciting product roadmap for 2026 and plans to expand both its online and retail presence. "Strategically, we are focused on improving the quality of our growth by investing in platforms that can scale across our portfolio."

The Market Reaction

Corsair stock jumped 25.45% to $5.75 in after-hours trading Thursday. The stock trades in a 52-week range of $4.48 to $13.02, so there's still room to run if the company can execute on its 2026 plans.