IRVINE, Calif., Sept. 11, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) (“Skyworks”), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today announced that it has extended the expiration date of its previously announced offers to holders of Qorvo Notes (as defined herein) to exchange (the “Exchange Offers”) any and all outstanding 4.375% Senior Notes due 2029 (the “2029 Qorvo Notes”) and any and all outstanding 3.375% Senior Notes due 2031 (the “2031 Qorvo Notes” and, together with the 2029 Qorvo Notes, the “Qorvo Notes”) issued by Qorvo, Inc. (“Qorvo”) as set forth in the table below for (1) with respect to the 2029 Qorvo Notes, up to $850,000,000 aggregate principal amount of new 4.375% Senior Notes due 2029 (the “New 2029 Skyworks Notes”) issued by Skyworks and (2) with respect to the 2031 Qorvo Notes, up to $700,000,000 aggregate principal amount of new 3.375% Senior Notes due 2031 (together with the New 2029 Skyworks Notes, the “New Skyworks Notes”) issued by Skyworks.
Extension of Expiration Date
The Expiration Date of the Exchange Offers and the Withdrawal Deadline were previously extended to 5:00 p.m., New York City time, on September 11, 2026.
Skyworks has further extended the Expiration Date and the Withdrawal Deadline to 5:00 p.m., New York City time, on September 18, 2026, subject to further extension or earlier termination or other amendment. Skyworks is hopeful that the Mergers (as defined herein) will close within the calendar year (subject to satisfaction or waiver of all closing conditions) and is preparing to close as early as within the fiscal year. However, there can be no assurances that the closing will occur on this timeline. All other terms and conditions of the Exchange Offers as set forth in the Prospectus (as defined herein) remain in full force and effect. Capitalized terms used but not defined herein have the respective meanings set forth in the Prospectus.
Participation to Date
Global Bondholder Services Corporation, the information agent for the Exchange Offers, has advised Skyworks that as of 5:00 p.m., New York City time, on September 11, 2026, the last business day prior to the announcement of the further extension of the Exchange Offers, the following respective principal amounts of each series of Qorvo Notes have been validly tendered and not validly withdrawn:
Title of Qorvo Notes /
CUSIP / ISIN No.Principal Amount OutstandingPrincipal Amount TenderedPercentage4.375% Senior Notes due 2029Registered:
74736KAH4 /
US74736KAH41
144A:
74736KAG6 /
US74736KAG67
Regulation S:
U7471QAF1 /
USU7471QAF10
$850,000,000$772,253,00090.85%3.375% Senior Notes due 2031144A:
74736KAJ0 /
US74736KAJ07
Regulation S:
U7471QAJ3 /
USU7471QAJ32
$700,000,000$654,035,00093.43% Holders of Qorvo Notes who have already validly tendered and not validly withdrawn their Qorvo Notes do not need to re-tender their notes or take any other action as a result of the extension of the Expiration Date, and their tenders remain effective. Holders of Qorvo Notes who have not yet validly tendered, or who validly tendered and validly withdrew, may tender or re-tender, as applicable, their Qorvo Notes at any time at or prior to the Expiration Date and will be eligible to receive the applicable consideration as described in the Prospectus, subject to the terms and conditions set forth in the Prospectus, including, subject to submitting a valid Early Participation VOI Number with respect to such tendered or re-tendered Qorvo Notes, the Early Participation Premium with respect to such Qorvo Notes.
Settlement Date
Subject to the terms and conditions set forth in the Prospectus, the settlement date (the “Settlement Date”) will be promptly after the Expiration Date and is expected to occur no earlier than the second business day after the closing date of the Mergers.
Additional Information
The Exchange Offers are being made pursuant to the terms and subject to the conditions set forth in Skyworks’ registration statement on Form S-4, which was declared effective on May 29, 2026, and the related final prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 29, 2026 (as it may be amended or supplemented from time to time, the “Prospectus”). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Prospectus. Each Exchange Offer is conditioned upon the closing of the transactions pursuant to which Qorvo will merge with and into a subsidiary of Skyworks (the “Mergers”), with such subsidiary continuing as the surviving entity and a wholly-owned subsidiary of Skyworks, which condition may not be waived by Skyworks. The closing of the Mergers is not conditioned upon the results of the Exchange Offers.
Skyworks, in its sole discretion, may modify or terminate either Exchange Offer and may extend the Expiration Date and/or the Settlement Date with respect to either Exchange Offer, subject to applicable law. Any such modification, termination or extension by Skyworks with respect to an Exchange Offer will not automatically modify, terminate or extend the other Exchange Offer. The Exchange Offer with respect to a series of Qorvo Notes is not conditioned upon the consummation of the Exchange Offer with respect to the other series of Qorvo Notes.
The complete terms and conditions of the Exchange Offers are described in the Prospectus, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers, at (855) 654-2015 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or [email protected]. Questions regarding the terms and conditions of the Exchange Offers should be directed to the dealer manager, Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Collect: (212) 357-1452, Toll-Free: (800) 828-3182.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to purchase or sell, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers are being made solely pursuant to the Prospectus and only to such persons and in such jurisdictions as is permitted under applicable law.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Skyworks is a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS).
Safe Harbor Statement
This press release includes “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to, the Exchange Offers and the Mergers, as applicable. These forward-looking statements include information relating to future events, prospects, expectations and results of Skyworks (e.g., certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments). Forward-looking statements can often be identified by words such as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect Skyworks’ future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include: the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., Skyworks’ ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as Skyworks’ ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by Skyworks’, and Skyworks’ customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; Skyworks’ reliance on a small number of key customers for a large percentage of Skyworks’ sales; decreased gross margins and loss of market share as a result of increased competition; Skyworks’ ability to obtain design wins from customers; Skyworks’ ability to convert design wins into revenue; market acceptance of Skyworks’ products and Skyworks’ customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by Skyworks’ largest customer; the potential impacts on Skyworks’ business, reputation, relationships, results of operations, cash flows and financial condition as a result of the Mergers and related transactions with Qorvo; the possibility that expected benefits related to such transactions with Qorvo may not materialize as expected; such transactions with Qorvo being timely completed, if completed at all; regulatory approvals required for the Mergers and related transactions not being timely obtained, if obtained at all, or being obtained subject to conditions; Skyworks or Qorvo’s business experiencing disruptions as a result of the Mergers and related transactions or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Skyworks and Qorvo being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; the costs, fees, expenses and other charges related to the Mergers and related transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating Skyworks’ business as a result of the substantial amount of additional indebtedness Skyworks has incurred and expects to incur in connection with the Mergers and related transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of Skyworks’ stock price; changes in laws, regulations and/or policies that could adversely affect Skyworks’ operations and financial results, the economy and Skyworks’ customers’ demand for Skyworks’ products, or the financial markets and Skyworks’ ability to raise capital; fluctuations in Skyworks’ manufacturing yields due to Skyworks’ complex and specialized manufacturing processes; Skyworks’ ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition Skyworks’ products to smaller geometry process technologies and achieve higher levels of design integration; the quality of Skyworks’ products and any defect remediation costs; Skyworks’ products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on Skyworks’ customers’ ability to obtain such services and materials; risks that Skyworks may not be able to optimize Skyworks’ manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to Skyworks’ manufacturing processes, including relating to any relocation of Skyworks’ key facilities; Skyworks’ ability to successfully manage Skyworks’ senior management transitions; Skyworks’ ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement Skyworks’ business and product plans; the timing, rescheduling or cancellation of significant customer orders and Skyworks’ ability, as well as the ability of Skyworks’ customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which Skyworks, Skyworks’ customers or Skyworks’ suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in Skyworks’ industry, including the risk of significant disruptions to Skyworks’ business operations, as well as negative impacts to Skyworks’ financial condition; Skyworks’ ability to prevent theft of Skyworks’ intellectual property, disclosure of confidential information or breaches of Skyworks’ information technology systems; uncertainties of litigation, including Skyworks’ ongoing securities litigation, potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; Skyworks’ ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; Skyworks’ ability to make certain investments and acquisitions, integrate companies Skyworks acquires and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in Skyworks’ filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release are made only as of the date hereof, and Skyworks undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc., or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.
Additional Information about the Mergers and Where to Find It
In connection with the Mergers, Skyworks has filed with the SEC a registration statement on Form S-4, which includes a proxy statement of Qorvo that also constitutes a prospectus for the shares of Skyworks common stock to be offered in the Mergers (collectively, the “Mergers Registration Statement and Proxy Statement/Prospectus”). Each of Skyworks and Qorvo may also file other relevant documents with the SEC regarding the Mergers. This communication is not a substitute for the proxy statement/prospectus or registration statement or any other document that Skyworks or Qorvo may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE MERGERS REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
Investors and security holders can obtain free copies of the Mergers Registration Statement and Proxy Statement/Prospectus and other documents containing important information about Skyworks, Qorvo and the Mergers filed with the SEC through the website maintained by the SEC at www.sec.gov. The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected].
MarketBeat Week in Review – 06/23 - 6/27Skyworks Solutions NASDAQ: SWKS Chief Executive Officer Phil Brace said the company remains confident its proposed merger with Qorvo will close within the calendar year, with the combined business expected to pursue $500 million in cost synergies and expand its reach in mobile, aerospace and defense, data centers and other connectivity markets.
Speaking at the Goldman Sachs Communacopia + Technology Conference, Brace said the companies had cleared the expiration of Hart-Scott-Rodino and U.S. Federal Trade Commission waiting periods without further action. Skyworks also completed debt financing for the transaction. Brace said the companies were now awaiting remaining approvals and were “chomping at the bit” to begin work as a combined organization.
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Merger Targets Scale, Diversification and Margin Expansion Skyworks Stock Down 16% in 2025, Poised for AI Edge SurgeBrace described the proposed combination as a “transformative deal” built around scale and diversification. He said the combined company would have an approximately $5.5 billion mobile business and a non-mobile business of roughly $2.5 billion to $2.6 billion.
The company has outlined $500 million in synergies to be achieved over 24 to 36 months. Brace said operating-expense savings would likely be more front-loaded, while factory consolidation would take longer.
Cirrus Logic Stock Surges on Strong Apple iPhone Upgrade CycleOver the longer term, Skyworks is targeting gross margins of 50% to 55%, operating margins of 30% to 35%, and EBITDA margins of 35% to 40%. Brace said investors should monitor the closing of the deal, progress on expense synergies, factory consolidation, growth in broad markets relative to mobile, mobile-business stability and delivery against the company’s financial targets.
He added that his confidence in achieving the stated synergies has increased since the deal was announced. Both companies have also undertaken what Brace called “pre-synergizing work” intended to allow the combined company to begin operating at an improved run rate following the close.
Technology Portfolio Could Expand Into Defense Brace said Skyworks had not included revenue synergies in its transaction case, but he sees potential opportunities from bringing together the companies’ engineering teams and product portfolios.
On the handset side, he said Qorvo brings antenna tuning, envelope tracking and power-management integrated circuit technologies that Skyworks does not currently offer. Combining the companies’ RF engineering capabilities could create opportunities to approach the RF front end differently, particularly for customers where Skyworks already supplies the full RF front end.
Brace also highlighted gallium nitride technology as a significant opportunity. Skyworks’ technology currently “caps out” at about 12 GHz, he said, while power and RF GaN could extend capabilities into the 20 GHz to 25 GHz range. That could give the combined company greater exposure to radar and defense applications.
“There’s just a tremendous runway” for cost savings as well as innovation and new capabilities, Brace said.
In aerospace and defense, he said the combination could pair Qorvo’s GaN capabilities with Skyworks’ timing, power and bulk acoustic wave filter technologies. Although integration planning has not yet begun in detail, Brace said the companies may find cross-selling opportunities because defense customers also need timing and power products.
Data Center and Wi-Fi Growth Continue Brace said Skyworks’ data-center-related businesses are growing at least 50% year over year and are currently supply constrained, with book-to-bill above one. The company’s two principal data-center opportunities are power isolation and timing products.
Its power-isolation technology is designed to protect expensive graphics processing units as data-center power architectures transition from 400 volts toward 800 volts, Brace said. The company also supplies low-jitter timing products used in optical networking transitions from 400 gigabits and 800 gigabits toward 1.6 terabits.
Skyworks’ broad markets business represented about 43% of total revenue in its most recent quarter, according to Brace. About two-thirds of that business consists of strategic growth engines, while the remaining third is more consumer Internet-of-Things-focused and is weighing on growth, he said.
The strategic areas include Wi-Fi, automotive and data centers. Brace said Skyworks is in the “middle innings” of the Wi-Fi 7 transition, estimating the market is around the fifth or sixth inning of a nine-inning cycle. He said Wi-Fi 7 has produced a meaningful double-digit content increase per access point, driven by movement from two bands to three bands and higher power requirements.
Premium Smartphones Remain a Focus In mobile, Brace said Skyworks’ concentration in premium handsets has helped it avoid some of the turbulence seen elsewhere in the smartphone market. He said the company’s largest customer has gained share in the premium segment and that a larger installed base in the iOS ecosystem supports future device refresh opportunities.
Brace also said Skyworks is seeing rising RF complexity in handsets, including more filters, higher transmit power, additional uplink channels and direct-to-satellite links. He pointed to a previously disclosed multigenerational design win with a large U.S. Android provider, extending through 2030 and potentially into products shipping in 2031, as evidence of the company’s technology position.
Skyworks expects its mobile business to grow at a low- to mid-single-digit rate over time, based on nominal unit growth and content gains offset by average selling price pressure and Android declines. Broad markets are expected to grow at a low-double-digit pace, resulting in overall mid- to high-single-digit growth, Brace said.
The company recently announced a new capital allocation framework that includes $2 billion in new share repurchases and no quarterly dividend going forward. Brace said the board concluded that repurchases would be more accretive, while the company would also consider disciplined, measured acquisitions that could diversify its business and support gross-margin expansion.
About Skyworks Solutions (NASDAQ:SWKS)Skyworks Solutions, Inc NASDAQ: SWKS is a semiconductor company that develops and manufactures analog and mixed-signal products used to connect people, devices and networks. Its portfolio includes radio-frequency (RF) and wireless connectivity components such as amplifiers, attenuators, filters, switches, modulators, front-end modules and integrated solutions.
The company's products are designed for applications including smartphones and other mobile devices, automotive systems, broadband and wireless infrastructure, industrial equipment, medical devices, smart-home products and the Internet of Things.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Skyworks CEO Phil Brace just went on the record at an investor conference with a statement that sent both SWKS and QRVO surging, and it shifts the entire risk calculus on one of the biggest chip deals of the decade.
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Shares of Skyworks Solutions (NASDAQ:SWKS | SWKS Price Prediction) are up 7% to $89.64 in Friday morning trading, notching a second straight session of gains. The catalyst is a live update from chief executive Phil Brace, who told an investor conference audience that the pending combination with Qorvo (NASDAQ:QRVO) has reached its final stages.
Also higher, Qorvo stock is climbing 5% to $118.04 as the fixed exchange ratio pulls Qorvo along on a shorter expected path to close. Qualcomm (NASDAQ:QCOM) stock is up 1% to $179.50, riding the same broader chip bid across the U.S. session.
Meanwhile, the iShares Semiconductor ETF (NASDAQ:SOXX) is higher by 1%, leading the broader technology tape today. The Invesco QQQ Trust (NASDAQ:QQQ) is up 0.82%, so chips are outpacing large-cap tech generally, and the Skyworks-and-Qorvo pair is leading chips today.
Merger Update Named on the Record The two companies agreed last year to combine in a cash-and-stock transaction that Skyworks Solutions valued at $22 billion, creating a U.S.-based radio frequency (RF), analog and mixed-signal semiconductor company. Brace has now placed that deal in its final stages on the record, converting what had been an inferred outcome into a named one. He is also expected to serve as chief executive of the combined company after close.
Under the merger agreement, Skyworks Solutions will pay Qorvo shareholders $32.50 per share in cash at close, plus 0.96 Skyworks shares for each Qorvo share. That fixed exchange ratio is why Qorvo shares now tend to trade alongside Skyworks as the regulatory calendar narrows. The mechanical link tightens with every incremental piece of good news on timing.
Brace’s live comments also nudged the expected timing forward, from a calendar-year framing into potentially closing inside the current fiscal year for Skyworks. Two jurisdictions still sit on the outstanding regulatory checklist, so the remaining risk on the pair is procedural rather than existential. That framing is a meaningful shift in the story relative to where the deal narrative stood at the beginning of the summer.
Sector Setup Flips for Skyworks Thursday’s session had a different shape, with the broader chip complex falling while Skyworks jumped and Qorvo tracked it higher, a pattern that read as pure deal-odds repricing against a weak session. Today’s session has flipped, and semiconductors are broadly higher, so Skyworks is now leading a sector that is already rising. That’s a healthier structural setup for the current move in Skyworks than what showed up in the prior session.
The one-month picture is starker for Skyworks: the stock is up 26% over the past month, a run that has taken shares back into a leadership position within the semiconductor cohort. Apple (NASDAQ:AAPL) is the largest RF content customer for both Skyworks and Qorvo. That ties the combined company’s future revenue closely to iPhone unit volumes and to dollar content per device.
The move in Qualcomm stock is smaller in percentage terms, but it fits the same read on the session, with chip peers catching a bid rather than trading defensively. The takeaway for Skyworks and Qorvo is that today’s rally isn’t a lonely deal trade, it’s a full sector move with the merger pair sitting on top of it. That matters because it shifts the source of the bid away from a single, event-driven story.
The current setup gives Skyworks two supports underneath the move rather than one: a named catalyst on the Qorvo deal, and a rising cohort of chip peers led by names like Qualcomm. Either support could give way independently, so a stall in the semiconductor bid would not automatically break the Skyworks trade, and vice versa. That is a marginally different risk profile for Skyworks than the pair carried in the prior session.
What to Watch The remaining question for Skyworks shareholders is execution risk on getting the deal across the line, with approval risk on whether it clears at all now largely settled. Investors can watch for whether Qorvo stock continues to track Skyworks stock tick-for-tick on the fixed exchange ratio through the session, since a widening arbitrage spread would signal fresh timing doubts on the close.
The next scheduled catalysts for Skyworks are the seasonal iPhone build cycle at Apple and any formal notice of clearance from the outstanding regulators on the Qorvo combination. Momentum in the broader semiconductor tape has been strong for weeks, so a sustained rotation into chips could keep Skyworks and Qorvo firm even if the closing timeline drifts back toward the original calendar-year framing.
Traders considering new positions in Skyworks or Qorvo around a merger close still face real execution risk on timing, so they may want to keep their exposure calibrated to their own view of how quickly the remaining approvals arrive. The next informational reset for the Skyworks story would be another dated public update on the regulatory path.
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Shares of Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $114.28 and last traded at $112.36, with a volume of 2254209 shares. The stock had previously closed at $105.24.
Wall Street Analyst Weigh In QRVO has been the subject of several research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. TD Cowen restated a “hold” rating on shares of Qorvo in a research note on Wednesday, July 29th. UBS Group lifted their price target on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Citigroup reduced their price objective on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. Finally, Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a report on Sunday, August 2nd. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $94.00.
Get Our Latest Report on QRVO
Qorvo Trading Up 6.8% The company has a debt-to-equity ratio of 0.45, a current ratio of 3.54 and a quick ratio of 2.68. The business’s 50 day moving average price is $93.27 and its 200-day moving average price is $90.16. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of 26.07, a price-to-earnings-growth ratio of 1.86 and a beta of 1.45. Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. During the same quarter last year, the firm earned $0.92 earnings per share. The firm’s revenue was down 4.2% compared to the same quarter last year. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Equities analysts forecast that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.
Insider Transactions at Qorvo In other Qorvo news, CFO Grant Brown sold 5,179 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the transaction, the chief financial officer owned 49,268 shares in the company, valued at approximately $4,803,630. This represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Steven Creviston sold 4,810 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $100.87, for a total value of $485,184.70. Following the completion of the sale, the senior vice president directly owned 119,451 shares of the company’s stock, valued at approximately $12,049,022.37. This trade represents a 3.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,999 shares of company stock valued at $5,458,714 in the last three months. Insiders own 0.49% of the company’s stock.
Institutional Trading of Qorvo Several hedge funds and other institutional investors have recently made changes to their positions in QRVO. Fred Alger Management LLC grew its stake in shares of Qorvo by 5.3% in the third quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock valued at $290,000 after buying an additional 160 shares in the last quarter. Wedmont Private Capital raised its position in Qorvo by 1.6% during the second quarter. Wedmont Private Capital now owns 10,247 shares of the semiconductor company’s stock worth $879,000 after acquiring an additional 162 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its holdings in Qorvo by 4.4% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company’s stock worth $306,000 after purchasing an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in Qorvo by 60.0% during the 4th quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 180 shares during the last quarter. Finally, Larson Financial Group LLC boosted its stake in Qorvo by 14.6% in the 4th quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.
About Qorvo (Get Free Report)
Qorvo, Inc is a semiconductor company that develops and manufactures radio-frequency (RF) and related connectivity solutions. Its products are used to generate, filter, amplify and manage wireless signals in communications equipment and electronic devices.
The company supplies RF components, modules and integrated circuits for smartphones, cellular base stations, Wi-Fi equipment, automotive systems, Internet of Things devices, consumer electronics, and aerospace and defense applications.
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Skyworks and Qorvo are surging while the rest of the chip sector bleeds red, and the divergence points to something specific happening behind the scenes of their proposed merger. Here is what the market appears to be pricing in.
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Shares of Skyworks Solutions (NASDAQ:SWKS | SWKS Price Prediction) are up 10% to $84.24 in Thursday midday trade, while Qorvo (NASDAQ:QRVO) stock is climbing 6% to $111.49. The paired rally arrives on a session when the broader chip complex is red, which frames the move as merger-arb repricing driven by transaction odds.
The iShares Semiconductor ETF (NASDAQ:SOXX) is down 2%. Meanwhile, the Invesco QQQ Trust (NASDAQ:QQQ) is off 0.9%, so the divergence between the two RF names and the wider market isn’t subtle.
Merger Clearance Optimism Drives the Move Skyworks and Qorvo agreed last year to combine, and Reuters reported the pair would create a $22 billion radio-frequency chip company at signing. Skyworks shares have climbed 20% over the past month, a run that predates today and points to a steady repricing of closing odds over multiple sessions.
No same-day announcement, regulatory decision, or company disclosure has been published that accounts for this session’s move at Skyworks or Qorvo. On the July 28 call, Skyworks CEO Phil Brace stated the company is “optimistic that we can close within the calendar year, and we will be preparing to close as early as within this fiscal year.” Management also said the China review has “advanced to phase three with SAMR,” which the company described as the final stage of that process.
Skyworks also disclosed roughly $2 billion of acquisition debt financing, a new $2 billion share repurchase authorization, and the elimination of its quarterly dividend to redirect capital toward buybacks, deleveraging, and opportunistic M&A. Those steps were positioned as preparation to close as early as within the fiscal year.
Peers Diverge From the Rally Checking in on the peers, Qualcomm (NASDAQ:QCOM) stock is up 2% to $179.16, still holding a bid from its Amazon (NASDAQ:AMZN) AI infrastructure deal earlier this week. That gain isn’t rescuing the sector proxy, and SOXX weakness suggests the radio frequency (RF) pair is trading on transaction risk specific to the merger.
Apple (NASDAQ:AAPL) is the largest customer for both Skyworks and Qorvo mobile RF content. That tethers the combined company’s revenue to iPhone unit volumes and dollar content per device.
What to Watch Next No formal SAMR decision has been calendared publicly, so the next confirmed data points come through 8-K filings and any exchange-offer amendments tied to Qorvo’s senior notes. Investors could look for signs that either company files a merger-completion disclosure before quarter end.
The paired move has been building for weeks, which is the shape of a transaction grinding toward completion. Investors managing arb exposure may want to keep an eye on whether the SWKS-QRVO spread compresses further into the closing bell.
Contact [email protected] for any questions or corrections.
David Moadel
David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.
DALLAS & FORT WORTH, Texas--(BUSINESS WIRE)--Mouser Electronics, Inc., the New Product Introduction (NPI) leader™ empowering innovation, announces a new eBook in collaboration with Qorvo, exploring next-generation RF wireless designs for drones, satellite communications and industrial IoT. High-Performance RF Solutions for Agile New Markets addresses time-to-market pressures, coexistence issues, power-efficiency demands, and system complexity by leveraging wideband components and proven off-the.
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Stock to Watch: Qorvo (QRVO - Free Report) Qorvo, Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 12.73; value investors should take notice.
For fiscal 2027, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.72 to $7.57 per share. QRVO boasts an average earnings surprise of +28.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.
IRVINE, Calif., Sept. 01, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) (“Skyworks”), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today announced that it has extended the expiration date of its previously announced offers to holders of Qorvo Notes (as defined herein) to exchange (the “Exchange Offers”) any and all outstanding 4.375% Senior Notes due 2029 (the “2029 Qorvo Notes”) and any and all outstanding 3.375% Senior Notes due 2031 (the “2031 Qorvo Notes” and, together with the 2029 Qorvo Notes, the “Qorvo Notes”) issued by Qorvo, Inc. (“Qorvo”) as set forth in the table below for (1) with respect to the 2029 Qorvo Notes, up to $850,000,000 aggregate principal amount of new 4.375% Senior Notes due 2029 (the “New 2029 Skyworks Notes”) issued by Skyworks and (2) with respect to the 2031 Qorvo Notes, up to $700,000,000 aggregate principal amount of new 3.375% Senior Notes due 2031 (together with the New 2029 Skyworks Notes, the “New Skyworks Notes”) issued by Skyworks.
Extension of Expiration Date
The Exchange Offers were previously scheduled to expire at 5:00 p.m., New York City time, on September 1, 2026. Skyworks has extended the expiration date to 5:00 p.m., New York City time, on September 11, 2026, unless the Exchange Offers are further extended or earlier terminated or otherwise amended (as it may be extended or otherwise amended, the “Expiration Date”). Skyworks is hopeful that the Mergers (as defined herein) will close within the calendar year (subject to satisfaction or waiver of all closing conditions) and is preparing to close as early as within the fiscal year. However, there can be no assurances that the closing will occur on this timeline. All other terms and conditions of the Exchange Offers as set forth in the Prospectus (as defined herein) remain in full force and effect.
Participation to Date
Global Bondholder Services Corporation, the information agent for the Exchange Offers, has advised Skyworks that as of 5:00 p.m., New York City time, on September 1, 2026, the last business day prior to the announcement of the extension of the Exchange Offers, the following respective principal amounts of each series of Qorvo Notes have been validly tendered and not validly withdrawn:
Title of Qorvo Notes /
CUSIP / ISIN No.Principal Amount
OutstandingPrincipal Amount
TenderedPercentage4.375% Senior Notes due 2029Registered:
74736KAH4 /
US74736KAH41
144A:
74736KAG6 /
US74736KAG67
Regulation S:
U7471QAF1 /
USU7471QAF10
$850,000,000$769,651,00090.55%
3.375% Senior Notes due 2031144A:
74736KAJ0 /
US74736KAJ07
Regulation S:
U7471QAJ3 /
USU7471QAJ32
$700,000,000$653,535,00093.36%
Holders of Qorvo Notes who have already validly tendered and not validly withdrawn their Qorvo Notes do not need to re-tender their notes or take any other action as a result of the extension of the Expiration Date, and their tenders remain effective. Holders of Qorvo Notes who have not yet validly tendered, or who validly tendered and validly withdrew, may tender or re-tender, as applicable, their Qorvo Notes at any time at or prior to the Expiration Date and will be eligible to receive the applicable consideration as described in the Prospectus, subject to the terms and conditions set forth in the Prospectus, including, subject to submitting a valid Early Participation VOI Number with respect to such tendered or re-tendered Qorvo Notes, the Early Participation Premium with respect to such Qorvo Notes.
Settlement Date
The settlement date (the “Settlement Date”) will be promptly after the Expiration Date and is expected to occur no earlier than the second business day after the closing date of the Mergers.
Additional Information
The Exchange Offers are being made pursuant to the terms and subject to the conditions set forth in Skyworks’ registration statement on Form S-4, which was declared effective on May 29, 2026, and the related final prospectus filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 29, 2026 (as it may be amended or supplemented from time to time, the “Prospectus”). Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Prospectus. Each Exchange Offer is conditioned upon the closing of the transactions pursuant to which Qorvo will merge with and into a subsidiary of Skyworks (the “Mergers”), with such subsidiary continuing as the surviving entity and a wholly-owned subsidiary of Skyworks, which condition may not be waived by Skyworks. The closing of the Mergers is not conditioned upon the results of the Exchange Offers.
Skyworks, in its sole discretion, may modify or terminate either Exchange Offer and may extend the Expiration Date and/or the Settlement Date with respect to either Exchange Offer, subject to applicable law. Any such modification, termination or extension by Skyworks with respect to an Exchange Offer will not automatically modify, terminate or extend the other Exchange Offer. The Exchange Offer with respect to a series of Qorvo Notes is not conditioned upon the consummation of the Exchange Offer with respect to the other series of Qorvo Notes.
The complete terms and conditions of the Exchange Offers are described in the Prospectus, a copy of which may be obtained by contacting Global Bondholder Services Corporation, the exchange agent and information agent in connection with the Exchange Offers, at (855) 654-2015 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or [email protected]. Questions regarding the terms and conditions of the Exchange Offers should be directed to the dealer manager, Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Collect: (212) 357-1452, Toll-Free: (800) 828-3182.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to purchase or sell, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers are being made solely pursuant to the Prospectus and only to such persons and in such jurisdictions as is permitted under applicable law.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. Skyworks is a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS).
Safe Harbor Statement
This press release includes “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to, the Exchange Offers and the Mergers, as applicable. These forward-looking statements include information relating to future events, prospects, expectations and results of Skyworks (e.g., certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments). Forward-looking statements can often be identified by words such as “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, uncertainties and other important factors that could cause actual results to differ materially and adversely from those projected and may affect Skyworks’ future operating results, financial position and cash flows.
These risks, uncertainties and other important factors include: the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., Skyworks’ ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as Skyworks’ ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by Skyworks’, and Skyworks’ customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; Skyworks’ reliance on a small number of key customers for a large percentage of Skyworks’ sales; decreased gross margins and loss of market share as a result of increased competition; Skyworks’ ability to obtain design wins from customers; Skyworks’ ability to convert design wins into revenue; market acceptance of Skyworks’ products and Skyworks’ customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by Skyworks’ largest customer; the potential impacts on Skyworks’ business, reputation, relationships, results of operations, cash flows and financial condition as a result of the Mergers and related transactions with Qorvo; the possibility that expected benefits related to such transactions with Qorvo may not materialize as expected; such transactions with Qorvo being timely completed, if completed at all; regulatory approvals required for the Mergers and related transactions not being timely obtained, if obtained at all, or being obtained subject to conditions; Skyworks or Qorvo’s business experiencing disruptions as a result of the Mergers and related transactions or due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; Skyworks and Qorvo being unable to successfully implement integration strategies or to achieve expected synergies and operating efficiencies within the expected time-frames or at all; the costs, fees, expenses and other charges related to the Mergers and related transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating Skyworks’ business as a result of the substantial amount of additional indebtedness Skyworks has incurred and expects to incur in connection with the Mergers and related transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of Skyworks’ stock price; changes in laws, regulations and/or policies that could adversely affect Skyworks’ operations and financial results, the economy and Skyworks’ customers’ demand for Skyworks’ products, or the financial markets and Skyworks’ ability to raise capital; fluctuations in Skyworks’ manufacturing yields due to Skyworks’ complex and specialized manufacturing processes; Skyworks’ ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition Skyworks’ products to smaller geometry process technologies and achieve higher levels of design integration; the quality of Skyworks’ products and any defect remediation costs; Skyworks’ products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on Skyworks’ customers’ ability to obtain such services and materials; risks that Skyworks may not be able to optimize Skyworks’ manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to Skyworks’ manufacturing processes, including relating to any relocation of Skyworks’ key facilities; Skyworks’ ability to successfully manage Skyworks’ senior management transitions; Skyworks’ ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement Skyworks’ business and product plans; the timing, rescheduling or cancellation of significant customer orders and Skyworks’ ability, as well as the ability of Skyworks’ customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which Skyworks, Skyworks’ customers or Skyworks’ suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in Skyworks’ industry, including the risk of significant disruptions to Skyworks’ business operations, as well as negative impacts to Skyworks’ financial condition; Skyworks’ ability to prevent theft of Skyworks’ intellectual property, disclosure of confidential information or breaches of Skyworks’ information technology systems; uncertainties of litigation, including Skyworks’ ongoing securities litigation, potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; Skyworks’ ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; Skyworks’ ability to make certain investments and acquisitions, integrate companies Skyworks acquires and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in Skyworks’ filings with the Securities and Exchange Commission.
The forward-looking statements contained in this press release are made only as of the date hereof, and Skyworks undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc., or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.
Additional Information about the Mergers and Where to Find It
In connection with the Mergers, Skyworks has filed with the SEC a registration statement on Form S-4, which includes a proxy statement of Qorvo that also constitutes a prospectus for the shares of Skyworks common stock to be offered in the Mergers (collectively, the “Mergers Registration Statement and Proxy Statement/Prospectus”). Each of Skyworks and Qorvo may also file other relevant documents with the SEC regarding the Mergers. This communication is not a substitute for the proxy statement/prospectus or registration statement or any other document that Skyworks or Qorvo may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE MERGERS REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
Investors and security holders can obtain free copies of the Mergers Registration Statement and Proxy Statement/Prospectus and other documents containing important information about Skyworks, Qorvo and the Mergers filed with the SEC through the website maintained by the SEC at www.sec.gov. The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected].
It has been about a month since the last earnings report for Qorvo (QRVO - Free Report) . Shares have added about 6.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Qorvo due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Qorvo, Inc. before we dive into how investors and analysts have reacted as of late.
Qorvo reported strong first-quarter fiscal 2027 results, with both adjusted earnings and revenues surpassing the Zacks Consensus Estimate.
During the quarter, lower smartphone-related revenues weighed on the company’s overall sales. However, solid growth in the High-Performance Analog business, along with disciplined cost management, helped improve profitability and margins.
Net Income
On a GAAP basis, the company reported a net income of $85.8 million or 96 cents per share compared with $25.6 million or 27 cents per share in the prior-year quarter. Despite lower net sales, lower cost of goods sold boosted the bottom line during the quarter.
Non-GAAP net income was $146.6 million or $1.64 per share compared with $86.5 million or 92 cents per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate of $1.10 per share.
Revenues
Net sales during the quarter declined to $784.8 million from $818.8 million in the prior-year quarter, primarily due to soft demand in the Advanced Cellular Group segment. The top line beat the Zacks Consensus Estimate of $745.8 million.
Segmental Performance
The High-Performance Analog segment contributed $206.3 million in revenues, up from $137.4 million in the year-ago quarter, reflecting continued strength across its diversified portfolio, including defense and aerospace applications.
Revenues from the Connectivity and Sensors Group segment were $101.9 million compared with $110.2 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $476.6 million, down 16.6% year over year due to weaker demand from certain smartphone customers and changes in product mix.
Other Details
Non-GAAP gross profit was $414.3 million compared with $360 million in the year-ago quarter, with respective margins of 52.8% and 44%. Non-GAAP operating expenses decreased to $236.6 million from $251.8 million a year ago. Non-GAAP operating income was $177.6 million compared with $108.2 million in the year-ago quarter.
Cash Flow & Liquidity
As of June 27, 2026, QRVO had $1.33 billion in cash and cash equivalents and $1.55 billion of long-term debt. During the first quarter of fiscal 2027, the company generated $139.5 million in cash from operations compared with $182.9 million in the year-earlier quarter.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.
VGM ScoresAt this time, Qorvo has a average Growth Score of C, a grade with the same score on the momentum front. However, the stock was allocated a score of A on the value side, putting it in the top 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Qorvo has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Athos Capital Ltd bought a new position in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 120,000 shares of the semiconductor company’s stock, valued at approximately $11,192,000. Qorvo accounts for approximately 4.0% of Athos Capital Ltd’s holdings, making the stock its 8th biggest position. Athos Capital Ltd owned approximately 0.14% of Qorvo as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Fred Alger Management LLC grew its stake in Qorvo by 5.3% in the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock valued at $290,000 after acquiring an additional 160 shares during the period. Fifth Third Wealth Advisors LLC raised its position in Qorvo by 4.4% during the first quarter. Fifth Third Wealth Advisors LLC now owns 3,955 shares of the semiconductor company’s stock worth $306,000 after acquiring an additional 167 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA raised its position in Qorvo by 60.0% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 480 shares of the semiconductor company’s stock worth $41,000 after acquiring an additional 180 shares during the period. Larson Financial Group LLC lifted its holdings in Qorvo by 14.6% during the fourth quarter. Larson Financial Group LLC now owns 1,483 shares of the semiconductor company’s stock valued at $125,000 after purchasing an additional 189 shares in the last quarter. Finally, Lido Advisors LLC lifted its holdings in Qorvo by 4.1% during the fourth quarter. Lido Advisors LLC now owns 4,816 shares of the semiconductor company’s stock valued at $431,000 after purchasing an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 88.57% of the company’s stock.
Qorvo Price Performance Shares of NASDAQ QRVO opened at $95.56 on Monday. The stock has a market cap of $8.43 billion, a PE ratio of 22.17, a P/E/G ratio of 1.39 and a beta of 1.44. The company has a current ratio of 3.54, a quick ratio of 2.68 and a debt-to-equity ratio of 0.45. Qorvo, Inc. has a 12-month low of $74.92 and a 12-month high of $109.49. The company has a 50-day moving average of $92.19 and a 200 day moving average of $88.52.
Qorvo (NASDAQ:QRVO – Get Free Report) last released its earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.11 by $0.53. The business had revenue of $784.79 million for the quarter, compared to analyst estimates of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period last year, the company posted $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, sell-side analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year. Analyst Ratings Changes A number of research firms have recently commented on QRVO. Wall Street Zen raised shares of Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Craig Hallum restated a “buy” rating and set a $120.00 price target on shares of Qorvo in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Finally, UBS Group boosted their price objective on Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $94.00.
Read Our Latest Analysis on Qorvo
Insider Buying and Selling In related news, CFO Grant Brown sold 5,179 shares of the stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $97.50, for a total value of $504,952.50. Following the completion of the sale, the chief financial officer owned 49,268 shares of the company’s stock, valued at approximately $4,803,630. This trade represents a 9.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert A. Bruggeworth sold 57,957 shares of Qorvo stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $100.40, for a total value of $5,818,882.80. Following the transaction, the chief executive officer owned 319,880 shares in the company, valued at approximately $32,115,952. The trade was a 15.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,968,623 shares of company stock worth $199,138,818 in the last three months. Company insiders own 0.49% of the company’s stock.
Qorvo Profile (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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Deutsche Bank AG purchased a new stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 199,589 shares of the semiconductor company’s stock, valued at approximately $18,616,000. Deutsche Bank AG owned about 0.23% of Qorvo at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also made changes to their positions in the business. Bank of America Corp DE increased its stake in Qorvo by 801.4% during the 1st quarter. Bank of America Corp DE now owns 1,767,373 shares of the semiconductor company’s stock valued at $136,795,000 after buying an additional 1,571,303 shares during the period. LSV Asset Management lifted its stake in shares of Qorvo by 2.3% in the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after acquiring an additional 34,605 shares during the period. Credit Industriel ET Commercial acquired a new stake in shares of Qorvo in the 4th quarter worth approximately $5,223,000. Fieldview Capital Management LLC boosted its holdings in shares of Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock valued at $2,058,000 after acquiring an additional 20,718 shares in the last quarter. Finally, Amundi boosted its holdings in shares of Qorvo by 197.2% in the first quarter. Amundi now owns 772,352 shares of the semiconductor company’s stock valued at $59,780,000 after acquiring an additional 512,475 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling In other news, CEO Robert A. Bruggeworth sold 57,957 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $100.40, for a total transaction of $5,818,882.80. Following the sale, the chief executive officer directly owned 319,880 shares of the company’s stock, valued at $32,115,952. The trade was a 15.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter A. Feld sold 1,900,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the sale, the director directly owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,968,623 shares of company stock valued at $199,138,818 over the last ninety days. 0.49% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In A number of research firms recently commented on QRVO. Craig Hallum reiterated a “buy” rating and set a $120.00 price objective on shares of Qorvo in a research note on Wednesday, May 6th. Citigroup decreased their price target on Qorvo from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Wall Street Zen raised Qorvo from a “hold” rating to a “buy” rating in a research note on Sunday, August 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Qorvo currently has a consensus rating of “Hold” and an average price target of $94.00. Get Our Latest Stock Analysis on Qorvo
Qorvo Trading Down 0.8% Qorvo stock opened at $95.56 on Friday. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of 22.17, a price-to-earnings-growth ratio of 1.39 and a beta of 1.44. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The firm’s 50 day moving average price is $92.19 and its two-hundred day moving average price is $88.46. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.53. The company had revenue of $784.79 million during the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a return on equity of 17.23% and a net margin of 10.95%.The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.92 EPS. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.
Qorvo Profile (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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Empowered Funds LLC cut its holdings in Qorvo, Inc. (NASDAQ: QRVO) by 37.9% in the undefined quarter, according to its most recent 13F filing with the SEC. The firm owned 12,412 shares of the semiconductor company's stock after selling 7,563 shares during the quarter. Empowered Funds LLC's holdings in Qorvo were worth $961,000
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Stock to Watch: Qorvo (QRVO - Free Report) Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Computer and Technology stock. QRVO has a Momentum Style Score of A, and shares are up 17.2% over the past four weeks.
For fiscal 2027, five analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.72 to $7.57 per share. QRVO boasts an average earnings surprise of +28.5%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, QRVO should be on investors' short list.
Philip Chesley, the SVP of high-performance analog at Qorvo, Inc. (QRVO +3.93%), disposed of 2,999 shares of common stock on August 5, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$285,000Shares sold (direct)2,999Post-transaction shares (directly held)49,508Post-transaction value$4.72 millionTransaction value based on SEC Form 4 weighted average sale price ($95.04); post-transaction value based on the August 5 market close ($95.25).
Key questionsWhat was the nature of this transaction?
The disposal of 2,999 shares was a non-discretionary transaction executed to satisfy tax withholding obligations upon the vesting of restricted equity and does not reflect a change in the insider's market outlook.How does this affect Philip Chesley's remaining equity exposure?
Following this 6% reduction in direct holdings, Chesley continues to hold 49,508 shares directly, representing a total beneficial position valued at $4.72 million as of the August 5 market close.What is the broader valuation context for the firm?
As of the August 6 market close, the stock was priced at $95.33, with the company maintaining a market capitalization of $8.4 billion and a one-year return of 12% as of the transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$95.33Market Capitalization$8.4 billionRevenue (TTM)$3.6 billionNet Income (TTM)$399.2 millionCompany SnapshotQorvo designs and manufactures radio frequency, analog, and power semiconductor components for wireless, wired, and power applications across consumer electronics, infrastructure, and defense markets.The company operates through two primary business segments—Mobile Products and Infrastructure and Defense Products—generating revenue through the supply of critical semiconductor components to original equipment manufacturers and system integrators.Qorvo serves a diverse customer base, including smartphone manufacturers, telecommunications infrastructure providers, automotive suppliers, and defense contractors, with significant exposure to 5G deployment and mobile device proliferation globally.Qorvo is a global semiconductor specialist headquartered in Greensboro, North Carolina, with approximately 5,000 employees and an $8.4 billion market capitalization. The company maintains a diversified revenue base across consumer mobile devices and infrastructure markets, generating $3.6 billion in TTM revenue with net income of $399.2 million, reflecting its position as a critical supplier of RF and analog components in the semiconductor value chain. Qorvo's competitive advantage derives from its integrated design and manufacturing capabilities, extensive intellectual property portfolio, and established relationships with leading OEMs in high-growth wireless and defense sectors.
What this transaction means for investorsTwo main numbers are worth watching with Qorvo right now, and neither of them are in the filing. First is the gap between where the stock trades and what the takeover is set to pay, and second is Skyworks’ stock, since Qorvo is being bought in a deal that pays $32.50 in cash plus 0.960 of a Skyworks share for each Qorvo share. As of Friday, Skyworks stock is down about 12% since the October announcement.
Earlier this week, Skyworks filed an 8-K with the Securities and Exchange Commission that included an update on the merger, saying it and Qorvo “continue to work constructively with the State Administration for Market Regulation in China and the Korea Fair Trade Commission in South Korea, which are the only jurisdictions that remain open.” The firm also said it remains “hopeful” the transaction will close this calendar year.
Again, a tax-driven vesting sale by an executive does nothing to move Qorvo right now. Chesley's filing is one of seven from Qorvo insiders on the same vesting date, all the same routine withholding, which is what a shared grant calendar produces. More important for investors is the verdict on the merger.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Qorvo. The Motley Fool has a disclosure policy.
Robert A. Bruggeworth, the president and CEO of Qorvo, Inc. (QRVO +3.93%), disposed of 16,379 shares of common stock on August 5, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$1.6 millionShares sold16,379Post-transaction shares (directly held)354,000Post-transaction value$33.8 millionTransaction value based on SEC Form 4 weighted average sale price ($95.04); post-transaction value based on the August 5 market close ($95.25).
Key questionsWhat prompted the 16,379-share disposition?
The sale was non-discretionary, executed to satisfy tax withholding obligations associated with equity awards, and does not reflect the insider's personal view on the stock's future performance.What is the scale of the executive's remaining equity position?
Bruggeworth maintains significant exposure to the company, holding roughly 354,000 shares directly following this transaction.How has the stock performed leading up to this transaction?
Qorvo stock gained 12% over the 12 months ending on the August 5 transaction date.What was the recent market pricing for the common stock?
Shares were priced at $95.33 as of the August 6 market close, compared to the executive's execution price of $95.04 per share.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$95.33Market Capitalization$8.4 billionRevenue (TTM)$3.6 billionNet Income (TTM)$399.2 millionCompany SnapshotQorvo designs and manufactures semiconductor components and solutions for wireless, wired, and power applications, serving the mobile products market through radio frequency and power management solutions integrated into smartphones, wearables, laptops, and tablets.The company generates revenue through two primary business segments: Mobile Products, which supplies critical components for consumer electronics, and Infrastructure and Defense Products, which serves telecommunications and defense markets with specialized semiconductor solutions.Qorvo's customer base comprises leading original equipment manufacturers and service providers in the mobile communications, networking, and defense sectors, positioning the company as a critical supplier within the global semiconductor supply chain.Qorvo operates as a global semiconductor specialist with approximately 5,000 employees and maintains significant scale with $3.6 billion in TTM revenue and $8.4 billion in market capitalization. The company's competitive advantage stems from its specialized expertise in radio-frequency and power-management technologies, which are essential components of next-generation wireless and infrastructure applications. With a one-year stock gain of 12%, Qorvo demonstrates investor confidence in its strategic positioning within the high-growth semiconductor sector.
What this transaction means for investorsRoutine tax withholding on a stock says nothing about anyone's view of the price, and more important here is that Qorvo is being bought by Skyworks Solutions. Bruggeworth kept around 354,000 shares, and what happens to them is now mostly a function of the deal, not his decisions.
The pending deal reframes this as an investment. Qorvo has stopped holding earnings calls and issuing guidance while it awaits regulatory approval, so the usual quarterly signposts are gone. Its most recently reported results showed revenue slipping 7% to $808 million as smartphone demand softened, though sharp margin gains still drove non-GAAP earnings of $1.69 per share, well past the $1.21 Wall Street expected. Bruggeworth credited "operational excellence and the strategic optimization of business mix."
With the acquisition pending, Qorvo's stock trades far more on whether that deal closes than on any quarter it reports or any tax-driven sale its executives file along the way.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Qorvo. The Motley Fool has a disclosure policy.
The disposition involved 4,628 shares at $95.04 per share, representing a transaction value of roughly $440,000 on August 5. The automated move reduced the executive's direct equity holdings by 8%.
Paul J. Fego, the SVP of global operations at Qorvo, Inc. (QRVO +3.93%), disposed of 3,944 shares of common stock on August 5, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$374,838Shares sold3,944Post-transaction shares (directly held)79,460Post-transaction value$7.57 millionTransaction value based on SEC Form 4 weighted average sale price ($95.04); post-transaction value based on the August 5 market close ($95.25).
Key questionsWhat were the mechanics of this transaction?
This was a non-discretionary disposition in which the company withheld 3,944 shares to cover tax obligations. Such transactions are automated and do not reflect a change in the insider's investment outlook or discretionary trading activity.What is the status of the insider's remaining equity exposure?
Following this transaction, Paul J. Fego continues to hold 79,460 shares directly, representing a market value of $7.57 million as of the August 5 market close. The insider's total beneficial ownership remains concentrated in these direct common shares.How does the current stock price compare to the transaction level?
The shares were withheld at a weighted average price of $95.04 per share. As of the August 6 market close, the stock was priced at $95.33, while the one-year total return stood at 12% as of the transaction date.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$95.33Market Capitalization$8.4 billionRevenue (TTM)$3.6 billionNet Income (TTM)$399.2 millionCompany SnapshotQorvo designs and manufactures radio frequency, analog, and power semiconductor components for wireless, wired, and power applications across consumer electronics, infrastructure, and defense markets.The company operates through two primary business segments—Mobile Products and Infrastructure and Defense Products—generating revenue through the supply of critical semiconductor components to original equipment manufacturers and system integrators.Qorvo serves a diverse customer base, including smartphone manufacturers, telecommunications infrastructure providers, automotive suppliers, and defense contractors, with significant exposure to 5G deployment and mobile device proliferation globally.Qorvo is a global semiconductor specialist with approximately 5,000 employees headquartered in Greensboro, North Carolina, commanding an $8.4 billion market capitalization. The company maintains a diversified revenue base across consumer mobile devices and infrastructure markets, generating $3.6 billion in TTM revenue with net income of $399.2 million, reflecting its position as a critical supplier of RF and analog components in the semiconductor value chain. Qorvo's competitive advantage derives from its integrated design and manufacturing capabilities, extensive intellectual property portfolio, and established relationships with leading OEMs in high-growth wireless and defense sectors.
What this transaction means for investorsSeven Qorvo insiders had shares withheld for taxes on the same day this week, all off awards that appeared to vest together based on regulatory disclosures. Once that many filings land in lockstep, it really just seems like a shared vesting calendar, not seven people acting on a view. Fego still holds close to 80,000 shares, so nothing here bends his stake in any real direction.
What overshadows all of it is the pending sale to Skyworks Solutions, which has Qorvo operating without the usual earnings calls or forward guidance while the deal moves through regulatory review. The last quarter it reported before going quiet showed revenue down 7% to $808 million on softer smartphone demand, though tighter costs pushed non-GAAP earnings to $1.69 a share, ahead of the $1.21 Wall Street looked for. CEO Bob Bruggeworth credited "operational excellence and the strategic optimization of business mix."
The company’s share price is now tied to a merger, which is expected to close in early 2027. It’s part cash, part stock, so investors should keep an eye on Skyworks as well, as that will ultimately matter more for those holding on once the conversion happens.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Qorvo. The Motley Fool has a disclosure policy.
Steven E. Creviston, the SVP of connectivity and sensors at Qorvo, Inc. (QRVO +3.93%), disposed of 3,949 shares on August 5, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$375,313Shares sold3,949Post-transaction shares (directly held)124,261Post-transaction value$11.84 millionTransaction value based on SEC Form 4 weighted average sale price ($95.04); post-transaction value based on the August 5 market close ($95.25).
Key questionsWhat was the nature of this transaction?
The disposal of 3,949 shares was a non-discretionary transaction executed to satisfy tax withholding obligations associated with the vesting of equity awards. This type of automated disposal is part of standard executive compensation management and does not reflect a discretionary investment decision by the insider.What is the remaining equity exposure?
Creviston retains a direct position of 124,261 shares in the company. Following this 3% reduction in his direct holdings, he maintains a beneficial ownership stake of approximately 0.1% of the semiconductor firm, representing a total post-transaction value of $11.84 million as of the August 5 market close.What is the current market context for the company?
Qorvo reported trailing 12-month revenue of $3.6 billion and net income of $399.2 million. As of the August 5 transaction date, the stock has delivered a 12% return over the preceding year, with a total market capitalization of $8.4 billion.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$95.33Market Capitalization$8.4 billionRevenue (TTM)$3.6 billionNet Income (TTM)$399.2 millionCompany SnapshotQorvo designs and manufactures radio frequency, analog, and power semiconductor components for wireless, wired, and power applications across consumer electronics, infrastructure, and defense markets.The company operates through two primary business segments—Mobile Products and Infrastructure and Defense Products—generating revenue through the supply of critical semiconductor components to original equipment manufacturers and system integrators.Qorvo serves a diverse customer base, including smartphone manufacturers, telecommunications infrastructure providers, automotive suppliers, and defense contractors, with significant exposure to 5G deployment and mobile device proliferation globally.Qorvo is a global semiconductor specialist headquartered in Greensboro, North Carolina, with approximately 5,000 employees and an $8.4 billion market capitalization. The company maintains a diversified revenue base across consumer mobile devices and infrastructure markets, generating $3.6 billion in TTM revenue with net income of $399.2 million, reflecting its position as a critical supplier of RF and analog components in the semiconductor value chain. Qorvo's competitive advantage derives from its integrated design and manufacturing capabilities, extensive intellectual property portfolio, and established relationships with leading OEMs in high-growth wireless and defense sectors.
What this transaction means for investorsWhat Creviston's remaining shares end up worth has almost nothing to do with Qorvo's own results anymore because the company is being bought by Skyworks Solutions, and its holders are slated to receive a fixed mix of cash and acquirer stock for each share they own. That makes the tax withholding that trimmed his position this week, one of seven near-identical filings by Qorvo insiders on the same vesting date, essentially a formality.
As for the deal, the terms convert each Qorvo share into $32.50 in cash plus 0.96 of a Skyworks share, so part of the payout floats with how Skyworks trades. Meanwhile, Qorvo's fiscal fourth-quarter results showed revenue down 7% to $808 million, with non-GAAP earnings of $1.69 a share, beating the $1.21 expected.
Also important for investors, Skyworks CEO Phil Brace has said he is optimistic the companies can "close within the calendar year." Initially and formally slated to close by early 2027, the deal now looks like it could close sooner, and that timeline is the thing Qorvo holders should actually be tracking.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Qorvo. The Motley Fool has a disclosure policy.
Frank P. Stewart, SVP of advanced cellular at Qorvo (QRVO +3.93%), disposed of 2,262 shares of common stock on August 5 in a non-discretionary transaction, according to a recent SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$215,000Shares sold (direct)2,262Post-transaction shares (directly held)51,348Post-transaction value$4.89 millionTransaction value based on SEC Form 4 weighted average sale price ($95.04); post-transaction value based on the August 5 market close ($95.25).
Key questionsWhat was the nature of this transaction?
The disposition was a non-discretionary tax withholding event triggered by the vesting of restricted stock units. This is a routine administrative mechanism used to satisfy the insider's tax liabilities and does not indicate a shift in the executive's investment outlook or a decision to exit the position.What remains of the insider's equity stake?
Stewart continues to hold 51,348 shares directly, representing 96% of the holdings held prior to this filing. As of the August 6 market close price of $95.33, this direct equity position has a market value of approximately $4.9 million.How does the insider's remaining stake compare to the company's capitalization?
The executive's current direct holdings represent a 0.06% ownership interest in Qorvo. The company, a semiconductor firm with a $8.4 billion market capitalization, reported trailing-twelve-month revenue of $3.6 billion and net income of $399.2 million.What is the context of the stock's recent performance?
As of the transaction date on August 5, Qorvo shares had delivered a 12% return over the preceding 12-month period. The insider's non-discretionary disposal was executed at $95.04 per share, slightly below the market close of $95.25 on the same day.Company OverviewMetricValueShare Price (as of market close 2026-08-06)$95.33Market Capitalization$8.4 billionRevenue (TTM)$3.6 billionNet Income (TTM)$399.2 millionCompany SnapshotQorvo designs and manufactures radio frequency, analog, and power semiconductor components for wireless, wired, and power applications across consumer electronics, infrastructure, and defense markets.The company operates through two primary business segments—Mobile Products and Infrastructure and Defense Products—generating revenue through the supply of critical semiconductor components to original equipment manufacturers and system integrators.Qorvo serves a diverse customer base, including smartphone manufacturers, telecommunications infrastructure providers, automotive suppliers, and defense contractors, with significant exposure to 5G deployment and mobile device proliferation globally.Qorvo is a global semiconductor specialist headquartered in Greensboro, North Carolina, with approximately 5,000 employees and an $8.4 billion market capitalization. The company maintains a diversified revenue base across consumer mobile devices and infrastructure markets, generating $3.6 billion in TTM revenue with net income of $399.2 million, reflecting its position as a critical supplier of RF and analog components in the semiconductor value chain. Qorvo's competitive advantage derives from its integrated design and manufacturing capabilities, extensive intellectual property portfolio, and established relationships with leading OEMs in high-growth wireless and defense sectors.
What this transaction means for investorsFor Stewart, this is just a sliver of his vested stock being held back for taxes, one of seven such filings by Qorvo insiders on the same day, so it’s about as routine as an insider transaction can get.
Way more importantly, Qorvo is being acquired by Skyworks Solutions, with each share set to convert into $32.50 in cash plus 0.960 of a Skyworks share, a structure that ties part of the eventual payout to Skyworks stock, which is down about 12% since the deal was struck last October and currently trades at $70.62 after a nearly 6% bump on Friday. Qorvo’s fiscal fourth-quarter results showed revenue down 7% to $808 million with non-GAAP earnings of $1.69 a share, past the $1.21 expected. Investors should keep an eye on the acquisition’s closure, which could happen within the calendar year, according to Skyworks CEO Phil Brace late last month. The formal timeline gives the firms until early 2027.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Qorvo. The Motley Fool has a disclosure policy.
Bank of America Corp DE lifted its stake in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 801.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,767,373 shares of the semiconductor company’s stock after acquiring an additional 1,571,303 shares during the period. Bank of America Corp DE owned 2.01% of Qorvo worth $136,795,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. LSV Asset Management raised its stake in Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock worth $131,452,000 after buying an additional 34,605 shares during the period. M&T Bank Corp grew its stake in Qorvo by 3,397.3% in the fourth quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company’s stock valued at $12,691,000 after acquiring an additional 145,879 shares during the period. Fieldview Capital Management LLC grew its stake in Qorvo by 570.1% in the fourth quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock valued at $2,058,000 after acquiring an additional 20,718 shares during the period. Credit Industriel ET Commercial bought a new stake in shares of Qorvo during the fourth quarter valued at approximately $5,223,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Qorvo by 241.0% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,417 shares of the semiconductor company’s stock valued at $1,725,000 after acquiring an additional 14,429 shares in the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets In related news, SVP Paul J. Fego sold 2,500 shares of Qorvo stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $100.00, for a total transaction of $250,000.00. Following the sale, the senior vice president directly owned 71,038 shares in the company, valued at approximately $7,103,800. This trade represents a 3.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the completion of the transaction, the director directly owned 5,611,526 shares in the company, valued at approximately $567,886,431.20. This represents a 25.29% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. 0.49% of the stock is owned by insiders.
Qorvo Stock Up 0.1% Qorvo stock opened at $95.33 on Friday. Qorvo, Inc. has a fifty-two week low of $74.92 and a fifty-two week high of $109.49. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.68 and a current ratio of 3.54. The firm’s 50-day simple moving average is $92.88 and its 200 day simple moving average is $87.21. The stock has a market cap of $8.41 billion, a PE ratio of 22.12, a price-to-earnings-growth ratio of 1.38 and a beta of 1.44.
Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.11 by $0.53. Qorvo had a net margin of 10.95% and a return on equity of 17.23%. The firm had revenue of $784.79 million during the quarter, compared to analyst estimates of $743.28 million. During the same quarter last year, the business posted $0.92 EPS. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. Research analysts predict that Qorvo, Inc. will post 6.3 EPS for the current fiscal year.
Analyst Ratings Changes A number of equities analysts have recently weighed in on QRVO shares. Barclays raised Qorvo from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $95.00 to $100.00 in a research report on Wednesday, April 22nd. JPMorgan Chase & Co. boosted their price target on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. TD Cowen restated a “hold” rating on shares of Qorvo in a report on Wednesday, July 29th. Citigroup dropped their price objective on shares of Qorvo from $100.00 to $95.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Three investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $94.00.
Get Our Latest Research Report on Qorvo
About Qorvo (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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Key Takeaways Qorvo topped earnings and revenue estimates as margins and operating income improved despite softer demand.QRVO is expanding into defense, infrastructure and power to reduce reliance on smartphones.Qorvo expects non-GAAP gross margin above 50% and raised fiscal 2027 EPS outlook above $7.00. Shares of Qorvo Inc. (QRVO - Free Report) have rallied 11.6% over the past month as investors responded to improving profitability and signs that the company's strategic repositioning is gaining traction. The latest advance naturally raises the question of whether fundamentals can continue supporting the stock or whether much of the optimism has already been reflected in its valuation.
The recent quarter suggests Qorvo is making progress in improving its earnings profile. At the same time, exposure to the cyclical smartphone market, macroeconomic uncertainty and the pending Skyworks transaction remain important considerations for investors evaluating the stock's next move.
QRVO Earnings Momentum Builds ConfidenceQorvo reported first-quarter fiscal 2027 earnings of $1.64 per share, comfortably ahead of the Zacks Consensus Estimate of $1.10. Revenues of $784.8 million also exceeded the consensus estimate of $745.8 million, demonstrating better-than-expected execution despite a challenging demand environment.
Profitability was the biggest highlight. Non-GAAP gross margin expanded to 52.8% from 44.0% a year earlier, while non-GAAP operating income climbed to $177.6 million from $108.2 million. Non-GAAP earnings increased 78% year over year, reflecting disciplined cost controls and a richer product mix rather than broad-based revenue growth.
Image Source: Zacks Investment Research
The stronger profitability also compares favorably with many radio-frequency peers, where margin performance continues to fluctuate amid uneven handset demand. While companies such as Skyworks Solutions, Inc. (SWKS - Free Report) and QUALCOMM Incorporated (QCOM - Free Report) remain heavily exposed to the mobile ecosystem, Qorvo's recent execution suggests it is improving profitability even in a subdued smartphone market. That does not necessarily explain the stock's recent rally, but it provides investors with greater confidence in the company's operating trajectory.
Qorvo Shifts Toward Higher-Value MarketsA key part of Qorvo's strategy is expanding beyond smartphones into markets with stronger long-term growth opportunities. Management highlighted double-digit revenue growth across defense and aerospace, infrastructure and power markets during the latest quarter. The company also pointed to successful higher-value product placements within its Advanced Cellular Group, helping improve its overall business mix.
Qorvo's diversified RF portfolio now serves infrastructure, industrial, automotive, enterprise, defense and mobile customers through three operating segments. This broad exposure reduces reliance on any single end market while allowing the company to capitalize on increasing RF complexity across connected devices.
The strategy also differentiates Qorvo from more narrowly focused RF competitors. While Broadcom continues to benefit from its diversified semiconductor portfolio and AI networking exposure, Qorvo is building diversification through defense, infrastructure and power applications, areas that may provide steadier demand than consumer electronics over a full industry cycle.
QRVO Still Faces Mobile and Deal RisksThe company's progress does not eliminate several meaningful risks.Advanced Cellular Group still generated 60.7% of first-quarter fiscal 2027 revenues, leaving overall performance closely tied to smartphone demand and major customer purchasing decisions. During the latest quarter, weaker smartphone-related demand remained the primary reason overall revenues declined year over year.
Connectivity weakness also remains a headwind, while macroeconomic uncertainty, evolving trade policies and geopolitical developments could affect customer spending and supply-chain conditions. Meanwhile, the pending Skyworks Solutions transaction has reduced operating visibility. Management has suspended quarterly conference calls and detailed forward guidance until the transaction is completed, making it more difficult for investors to evaluate near-term business trends.
These factors suggest that although operational execution has improved, additional upside may depend on stronger demand across mobile markets and greater clarity surrounding the pending transaction.
Can Qorvo Sustain Margin Expansion?One of the strongest arguments supporting the stock is the company's emphasis on structural profitability improvements rather than relying solely on revenue growth. Management continues to expect non-GAAP gross margin above 50% throughout fiscal 2027 while focusing on improving business mix, reducing capital intensity and enhancing operating efficiency. It also raised its expectation for fiscal 2027 non-GAAP earnings to above $7.00 per share, reflecting confidence that recent profitability gains can continue.
If Qorvo maintains its focus on higher-value products and disciplined execution, margin expansion could remain sustainable even if smartphone demand recovers gradually. Continued improvements in capital efficiency would also provide additional financial flexibility over time.
How the Zacks Rank Fits QRVO's OutlookQorvo currently carries a Zacks Rank #2 (Buy), supported by a Value Score of A and Momentum Score of A, while its Growth Score of C indicates more moderate long-term growth expectations. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The combination of a favorable Zacks Rank and strong Value and Momentum Scores suggests the stock offers an attractive blend of valuation and positive price trends. At the same time, the average Growth Score reinforces that investors should continue monitoring smartphone demand, customer concentration, macro conditions and the pending Skyworks transaction. These operational risks remain relevant even as profitability improves.
After an 11.6% gain over the past month, Qorvo appears fundamentally stronger than it did just a few quarters ago. Better earnings execution, expanding exposure to defense and infrastructure markets, and sustained margin improvement support a constructive outlook. Whether the rally continues, however, will likely depend on the company's ability to maintain those operational gains while navigating the uncertainties that still surround its core mobile business.
Key Takeaways Qorvo topped earnings and revenue estimates despite lower year-over-year sales.QRVO grew High-Performance Analog revenue 50.1% on strength in defense, infrastructure and power.Qorvo reaffirmed gross margin above 50% for fiscal 2027 but deal uncertainty limits visibility. Qorvo Inc. (QRVO - Free Report) delivered a better-than-expected first quarter for fiscal 2027, offering investors fresh evidence that the company's profitability profile is improving even as smartphone demand remains under pressure. While revenues declined from a year ago, stronger margins, disciplined cost management and a more diversified business mix helped the company exceed earnings expectations.
The latest results suggest Qorvo's investment story is increasingly centered on operational execution rather than simply waiting for a recovery in the mobile market.
QRVO Beat Estimates Despite Lower RevenueQorvo reported adjusted earnings of $1.64 per share, comfortably ahead of the Zacks Consensus Estimate of $1.10. Revenues of $784.8 million also topped the consensus expectation of $745.8 million, despite declining from $818.8 million in the year-ago quarter.
The year-over-year revenue decline primarily reflected weaker demand in the Advanced Cellular Group, where smartphone-related sales remained soft. Even so, profitability improved substantially. Non-GAAP earnings increased 78% from the prior-year quarter as higher gross margins and disciplined operating execution more than offset lower sales.
The ability to generate stronger earnings during a period of weaker mobile demand highlights an important shift in Qorvo's operating model. Rather than relying entirely on revenue growth, the company is demonstrating that better business mix and cost discipline can support earnings growth even in a challenging demand environment.
Qorvo's Analog Business Takes the LeadThe High-Performance Analog ("HPA") segment was the standout performer during the quarter. HPA revenue increased 50.1% year over year to $206.3 million, supported by continued strength across defense, aerospace, infrastructure and power applications. Management also highlighted double-digit revenue growth in defense, infrastructure and power markets while noting successful higher-value product placements within the Advanced Cellular Group.
This diversification is becoming increasingly important for earnings quality. While competitors such as Skyworks Solutions, Inc. (SWKS - Free Report) remain closely tied to smartphone demand, Qorvo is gradually building a more balanced portfolio across industrial and infrastructure markets. The company also competes with Broadcom Inc. (AVGO - Free Report) , whose broader semiconductor exposure has long helped reduce dependence on any single end market. Qorvo's strategy reflects a similar effort to broaden its long-term earnings base.
QRVO Margins Tell the Bigger StoryThe strongest takeaway from the quarter may be the continued expansion in profitability. Non-GAAP gross margin improved to 52.8% from 44.0% a year earlier, while non-GAAP operating expenses declined to $236.6 million from $251.8 million. Non-GAAP operating income rose to $177.6 million, compared with $108.2 million in the prior-year quarter.
Management expects this trend to continue. The company reaffirmed its expectation for non-GAAP gross margin above 50% during fiscal 2027 and said it is improving business mix, reducing capital intensity and structurally enhancing profitability. It also increased its expectation for fiscal 2027 non-GAAP earnings to above $7.00 per share.
These developments suggest operating efficiency is becoming a more meaningful investment theme than short-term revenue fluctuations, particularly while smartphone demand remains uneven.
Pending Transaction Clouds Near-Term VisibilityDespite the encouraging operational performance, investors still face several sources of uncertainty. The pending Skyworks Solutions transaction has prompted management to discontinue quarterly conference calls and forward-looking guidance until the transaction process is completed. That limits visibility into near-term operating trends and makes it more difficult for investors to assess future quarterly performance.
The company also remains exposed to smartphone demand, customer concentration, macroeconomic uncertainty and geopolitical developments. Advanced Cellular Group still represented 60.7% of first-quarter revenues, underscoring that mobile devices continue to play a central role in Qorvo's business despite ongoing diversification efforts. As a result, improving operations are being balanced by external uncertainties that could continue influencing investor sentiment.
Using the Zacks Rank After the Earnings ReportFollowing the earnings release, Qorvo carries a Zacks Rank #2 (Buy) along with a Value Score of A, Momentum Score of A, Growth Score of C and an overall VGM Score of A. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The favorable Zacks Rank and Style Scores reinforce the company's improving earnings momentum and suggest that valuation and recent price performance remain supportive. The VGM Score is particularly noteworthy because it combines value, growth and momentum characteristics into a single measure, complementing the Zacks Rank in identifying fundamentally attractive stocks.
Even after a strong earnings report, however, investors should continue monitoring the operational and transaction risks that remain. The latest quarter demonstrated that Qorvo can expand margins and grow earnings despite softer smartphone demand, but sustained execution and greater visibility following the pending transaction will likely determine whether that profitability story continues to strengthen.
QRVO is improving profitability through stronger execution and diversification, but smartphone exposure and transaction uncertainty still cloud the outlook.
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Stock to Watch: Qorvo (QRVO - Free Report) Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 12.56; value investors should take notice.
Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2027. The Zacks Consensus Estimate has increased $0.72 to $7.57 per share. QRVO boasts an average earnings surprise of +28.5%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.
Qorvo (QRVO - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.
The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Qorvo is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Qorvo, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for QorvoThis chipmaker is expected to earn $6.84 per share for the fiscal year ending March 2027, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Qorvo. Over the past three months, the Zacks Consensus Estimate for the company has increased 1.1%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Qorvo to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
Qorvo delivered strong results with significant margin improvement and raised full-year EPS guidance above $7.00 for fiscal 2027. Despite operational progress, QRVO is now primarily a merger arbitrage play, with each share converting to 0.960 Skyworks shares plus $32.50 cash. The current deal spread is thin (~2%), while break risk exposes holders to a potential 26% downside if the merger fails.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Shares of Qorvo, Inc. (NASDAQ:QRVO – Get Free Report) gapped down before the market opened on Wednesday after Citigroup lowered their price target on the stock from $100.00 to $95.00. The stock had previously closed at $91.76, but opened at $86.41. Citigroup currently has a neutral rating on the stock. Qorvo shares last traded at $88.6530, with a volume of 536,097 shares changing hands.
A number of other brokerages also recently issued reports on QRVO. Wolfe Research downgraded shares of Qorvo from an “outperform” rating to a “peer perform” rating in a report on Friday, April 17th. Mizuho reaffirmed an “underperform” rating and set a $66.00 price objective (down from $70.00) on shares of Qorvo in a research note on Monday, April 20th. Zacks Research lowered shares of Qorvo from a “strong-buy” rating to a “hold” rating in a report on Thursday, April 16th. UBS Group increased their target price on shares of Qorvo from $91.00 to $96.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Qorvo in a report on Friday, July 24th. Three analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Qorvo has an average rating of “Hold” and an average target price of $94.00.
Check Out Our Latest Stock Report on Qorvo
Insiders Place Their Bets In other Qorvo news, SVP Paul J. Fego sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president owned 71,038 shares of the company’s stock, valued at $7,103,800. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter A. Feld sold 1,900,000 shares of Qorvo stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $101.20, for a total value of $192,280,000.00. Following the sale, the director owned 5,611,526 shares of the company’s stock, valued at approximately $567,886,431.20. This trade represents a 25.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,966,127 shares of company stock worth $198,911,103. 0.49% of the stock is currently owned by insiders.
Qorvo News Roundup Here are the key news stories impacting Qorvo this week:
Positive Sentiment: Qorvo reported adjusted earnings of $1.64 per share, well above the $1.11 consensus estimate, while revenue of approximately $784.8 million also exceeded expectations. Growth in High-Performance Analog products and cost controls helped improve profitability despite weaker smartphone-related sales. Qorvo Beats Q1 Earnings Estimates Despite Lower Year-over-Year Revenues Positive Sentiment: The company raised or reaffirmed its fiscal 2027 outlook at approximately $7.00 in EPS, above the roughly $6.69 analyst expectation, supporting the longer-term earnings case. Positive Sentiment: Qorvo and Skyworks unveiled a leadership team for their planned combination. The transaction could create scale and cost synergies, while regulatory approvals are reportedly progressing. Skyworks and Qorvo Unveil Leadership Team for Planned Merger Neutral Sentiment: Analysts broadly acknowledged the solid quarter but remain on the sidelines until the Skyworks merger closes. UBS raised its target to $96 while maintaining Hold, and Susquehanna reiterated Hold with an $80 target, citing valuation concerns. UBS Maintains Hold on Qorvo Negative Sentiment: Quarterly revenue declined about 4.2% from the prior year, reflecting softer mobile and smartphone demand. Citi lowered its price target from $100 to $95 and kept a Neutral rating, reinforcing concerns about near-term growth. Qorvo Beats Q1 Earnings and Revenue Estimates Negative Sentiment: The planned merger introduces execution, regulatory, financing, and integration risks. Continued insider selling reported over the past six months may also weigh on investor confidence. Hedge Funds Weigh In On Qorvo A number of institutional investors have recently made changes to their positions in the stock. LSV Asset Management increased its position in shares of Qorvo by 2.3% during the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after purchasing an additional 34,605 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Qorvo by 3,397.3% during the 4th quarter. M&T Bank Corp now owns 150,173 shares of the semiconductor company’s stock valued at $12,691,000 after buying an additional 145,879 shares in the last quarter. Fieldview Capital Management LLC lifted its position in Qorvo by 570.1% in the 4th quarter. Fieldview Capital Management LLC now owns 24,352 shares of the semiconductor company’s stock worth $2,058,000 after buying an additional 20,718 shares during the last quarter. Credit Industriel ET Commercial bought a new stake in Qorvo in the 4th quarter worth approximately $5,223,000. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Qorvo by 241.0% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,417 shares of the semiconductor company’s stock worth $1,725,000 after buying an additional 14,429 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.
Qorvo Stock Performance The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. The company has a 50 day simple moving average of $94.34 and a 200-day simple moving average of $86.71. The firm has a market cap of $7.90 billion, a PE ratio of 20.77, a price-to-earnings-growth ratio of 1.44 and a beta of 1.44.
Qorvo (NASDAQ:QRVO – Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $1.64 EPS for the quarter, topping the consensus estimate of $1.11 by $0.53. The firm had revenue of $784.79 million for the quarter, compared to the consensus estimate of $743.28 million. Qorvo had a net margin of 10.95% and a return on equity of 17.17%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same period last year, the firm posted $0.92 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. As a group, equities research analysts anticipate that Qorvo, Inc. will post 5.83 EPS for the current year.
About Qorvo (Get Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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Key Takeaways Qorvo beat Q1 earnings and revenue estimates despite lower smartphone-related sales.QRVO's High-Performance Analog revenues rose on strength in its diversified portfolio.QRVO expanded non-GAAP gross margin to 52.8% as operating expenses declined. Qorvo, Inc. (QRVO - Free Report) reported strong first-quarter fiscal 2027 results, with both adjusted earnings and revenues surpassing the Zacks Consensus Estimate.
During the quarter, lower smartphone-related revenues weighed on the company’s overall sales. However, solid growth in the High-Performance Analog business, along with disciplined cost management, helped improve profitability and margins.
Net IncomeOn a GAAP basis, the company reported a net income of $85.8 million or 96 cents per share compared with $25.6 million or 27 cents per share in the prior-year quarter. Despite lower net sales, lower cost of goods sold boosted the bottom line during the quarter.
Non-GAAP net income was $146.6 million or $1.64 per share compared with $86.5 million or 92 cents per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate of $1.10 per share.
RevenuesNet sales during the quarter declined to $784.8 million from $818.8 million in the prior-year quarter, primarily due to soft demand in the Advanced Cellular Group segment. The top line beat the Zacks Consensus Estimate of $745.8 million.
Segmental PerformanceThe High-Performance Analog segment contributed $206.3 million in revenues, up from $137.4 million in the year-ago quarter, reflecting continued strength across its diversified portfolio, including defense and aerospace applications.
Revenues from the Connectivity and Sensors Group segment were $101.9 million compared with $110.2 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $476.6 million, down 16.6% year over year due to weaker demand from certain smartphone customers and changes in product mix.
Other DetailsNon-GAAP gross profit was $414.3 million compared with $360 million in the year-ago quarter, with respective margins of 52.8% and 44%. Non-GAAP operating expenses decreased to $236.6 million from $251.8 million a year ago. Non-GAAP operating income was $177.6 million compared with $108.2 million in the year-ago quarter.
Cash Flow & LiquidityAs of June 27, 2026, QRVO had $1.33 billion in cash and cash equivalents and $1.55 billion of long-term debt. During the first quarter of fiscal 2027, the company generated $139.5 million in cash from operations compared with $182.9 million in the year-earlier quarter.
Zacks Rank Qorvo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming ReleasesArista Networks Inc. (ANET - Free Report) is scheduled to release second-quarter 2026 earnings on Aug.4. The Zacks Consensus Estimate for earnings is pegged at 89 cents per share, suggesting growth of 21.92% from the year-ago reported figure.
Arista has a long-term earnings growth expectation of 19.86%. The company delivered an average earnings surprise of 8.31% in the last four reported quarters.
Motorola Solutions, Inc. (MSI - Free Report) is set to release second-quarter 2026 earnings Aug.5. The Zacks Consensus Estimate for earnings is pegged at $3.86 per share, implying growth of 8.12% from the year-ago reported figure.
Motorola has a long-term earnings growth expectation of 9.47%. The company delivered an average earnings surprise of 5.17% in the last four reported quarters.
HubSpot, Inc. (HUBS - Free Report) is scheduled to release second-quarter 2026 earnings on Aug.5. The Zacks Consensus Estimate for earnings is pegged at $3.02 per share, suggesting growth of 37.9% from the year-ago reported figure.
HubSpot has a long-term earnings growth expectation of 20.84%. The company delivered an average earnings surprise of 4.97% in the last four reported quarters.
Qorvo (QRVO - Free Report) reported $784.8 million in revenue for the quarter ended June 2026, representing a year-over-year decline of 4.2%. EPS of $1.64 for the same period compares to $0.92 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $745.84 million, representing a surprise of +5.22%. The company delivered an EPS surprise of +49.09%, with the consensus EPS estimate being $1.10.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Qorvo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenue- HPA: $206.3 million compared to the $167.56 million average estimate based on three analysts. The reported number represents a change of +50.2% year over year.Revenue- ACG: $476.6 million versus the three-analyst average estimate of $468.75 million. The reported number represents a year-over-year change of -16.6%.Revenue- CSG: $101.9 million compared to the $93.94 million average estimate based on three analysts. The reported number represents a change of -7.5% year over year.View all Key Company Metrics for Qorvo here>>>
Shares of Qorvo have returned -4% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Qorvo (QRVO - Free Report) came out with quarterly earnings of $1.64 per share, beating the Zacks Consensus Estimate of $1.1 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +49.09%. A quarter ago, it was expected that this chipmaker would post earnings of $1.21 per share when it actually produced earnings of $1.69, delivering a surprise of +39.67%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Qorvo, which belongs to the Zacks Semiconductors - Radio Frequency industry, posted revenues of $784.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.22%. This compares to year-ago revenues of $818.78 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Qorvo shares have added about 6.2% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Qorvo?While Qorvo has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Qorvo was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.88 on $901.47 million in revenues for the coming quarter and $6.80 on $3.48 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductors - Radio Frequency is currently in the top 19% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Angi (ANGI - Free Report) , another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4.
This provider of a digital marketplace for home services is expected to post quarterly earnings of $0.20 per share in its upcoming report, which represents a year-over-year change of -13%. The consensus EPS estimate for the quarter has been revised 5.6% lower over the last 30 days to the current level.
Angi's revenues are expected to be $261.1 million, down 6.2% from the year-ago quarter.
IRVINE, Calif. and GREENSBORO, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS) and Qorvo, Inc. (Nasdaq: QRVO) today announced the expected executive leadership team for the combined company, effective upon the successful completion of the pending transaction.
"Our expected leadership team unites deep industry expertise, proven operating experience and a shared commitment to helping customers solve their most complex challenges,” said Phil Brace, president and chief executive officer of Skyworks, who will serve as chief executive officer of the combined company. “Identifying this team is an important step in preparing us to move with clarity and conviction after close. This group will play a critical role in bringing together the strengths of both organizations, supporting a smooth transition and positioning our combined company to realize the tremendous opportunities ahead."
The following executives are expected to report to Mr. Brace as of the closing:
Philip Carter - Chief Financial Officer and Senior Vice PresidentPhilip Chesley - Senior Vice President and President of High Performance AnalogKari Durham - Senior Vice President, Human ResourcesJ.K. Givens - Senior Vice President and General Counsel, SecretaryYusuf Jamal - Senior Vice President and General Manager of RF and Mixed-Signal Intelligence SolutionsReza Kasnavi - Executive Vice President, Chief Operations and Technology OfficerJoel King - Senior Vice President and General Manager of Mobile Solutions BusinessTodd Lepinski - Senior Vice President, Sales and MarketingFrank Stewart - Senior Vice President and President of Advanced Cellular
Bob Bruggeworth, president and chief executive officer of Qorvo, who is expected to join the board of directors of the combined company post-close, added, “Today’s announcement reflects the strong partnership that has shaped our integration planning efforts from the very beginning. I am confident these leaders will help foster collaboration across our teams as we build on the engineering excellence, innovation, and customer focus that have long distinguished both organizations.”
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. We are a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com.
About Qorvo
Qorvo (Nasdaq: QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers' most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
Important Information About the Proposed Transaction and Where to Find It
In connection with the mergers, Skyworks has filed with the SEC a registration statement on Form S-4 (File No. 333-291947) (the “Registration Statement”), which includes a prospectus with respect to the shares of Skyworks’ common stock to be issued in the mergers and a joint proxy statement for Skyworks’ and Qorvo’s respective stockholders (the “Joint Proxy Statement/Prospectus”). The Registration Statement was declared effective on December 23, 2025, and Skyworks filed a final prospectus on December 23, 2025, and Qorvo filed a definitive proxy statement on December 23, 2025. The Joint Proxy Statement/Prospectus was mailed to stockholders of Skyworks and Qorvo on or about December 23, 2025. Each of Skyworks and Qorvo may also file with or furnish to the SEC other relevant documents regarding the mergers. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document that Skyworks or Qorvo may mail to their respective stockholders in connection with the mergers.
INVESTORS AND SECURITY HOLDERS OF SKYWORKS AND QORVO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected]. These documents filed with the SEC are also available for free to the public at the website maintained by the SEC at www.sec.gov.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
This document contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Skyworks’ and Qorvo’s current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, their respective businesses and industries, management’s beliefs and certain assumptions made by Skyworks and Qorvo, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transaction or to make or take any filing or other action required to consummate the transaction in a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the proposed transaction on anticipated terms and timing, including obtaining regulatory approvals, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, expansion and growth of Skyworks’ and Qorvo’s businesses and other conditions to the completion of the proposed transaction; (ii) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the transaction or integrating the businesses of Skyworks and Qorvo; (iii) Skyworks’ and Qorvo’s ability to implement their business strategies; (iv) pricing trends; (v) potential litigation relating to the proposed transaction that has been or could be instituted against Skyworks, Qorvo or their respective directors; (vi) the risk that disruptions from the proposed transaction will harm Skyworks’ or Qorvo’s business, including current plans and operations; (vii) the ability of Skyworks or Qorvo to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (ix) uncertainty as to the long-term value of Skyworks’ common stock; (x) legislative, regulatory and economic developments affecting Skyworks’ and Qorvo’s businesses; (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which Skyworks and Qorvo operate; (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Skyworks’ or Qorvo’s financial performance; (xiv) restrictions during the pendency of the proposed transaction that may impact Skyworks’ or Qorvo’s ability to pursue certain business opportunities or strategic transactions; and (xv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as Skyworks’ and Qorvo’s response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the Joint Proxy Statement/Prospectus. While the list of factors presented here and in the Joint Proxy Statement/Prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Skyworks’ or Qorvo’s consolidated financial condition, results of operations or liquidity. Neither Skyworks nor Qorvo assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
GREENSBORO, N.C., July 28, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2027 first quarter ended June 27, 2026.
On a GAAP basis, revenue for Qorvo’s fiscal 2027 first quarter was $784.8 million, gross margin was 51.1%, operating income was $96.8 million, and diluted earnings per share was $0.96. On a non-GAAP basis, gross margin was 52.8%, operating income was $177.6 million, and diluted earnings per share was $1.64.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, "The Qorvo team delivered strong June quarterly financial results, supported by double-digit year-over-year revenue growth in D&A, infrastructure, and power, coupled with our successful pivot in ACG to higher value placements. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and now expect non-GAAP diluted earnings per share above $7.00."
Financial Commentary
Grant Brown, chief financial officer of Qorvo, said, "Qorvo is improving business mix within and across operating segments, reducing capital intensity, and structurally enhancing profitability. Compared to the prior-year June quarter, non-GAAP gross margin expanded 880 basis points to 52.8% and non-GAAP EPS increased 78% to $1.64. We expect continued strong financial performance throughout fiscal 2027."
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. Qorvo's fiscal 2027 is a 53-week year, and its fiscal second quarter, ending Saturday, October 3, 2026, will include 14 weeks.
See "Forward-looking non-GAAP financial measures" below. Qorvo's actual results may differ from these expectations and projections, and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.
SELECTED GAAP RESULTS(In millions, except for percentages and EPS)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue$784.8 $808.3 $818.8 $(23.5) $(34.0)Gross profit$401.0 $395.0 $331.8 $6.0 $69.2 Gross margin 51.1% 48.9% 40.5% 2.2 ppt 10.6 ppt Operating expenses$304.2 $363.5 $301.7 $(59.3) $2.5 Operating income$96.8 $31.5 $30.1 $65.3 $66.7 Net income$85.8 $29.7 $25.6 $56.1 $60.2 Weighted-average diluted shares 89.4 92.6 93.8 (3.2) (4.4)Diluted EPS$0.96 $0.32 $0.27 $0.64 $0.69 SELECTED NON-GAAP RESULTS(1)(In millions, except for percentages and EPS)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue$784.8 $808.3 $818.8 $(23.5) $(34.0)Gross profit$414.3 $425.2 $360.0 $(10.9) $54.3 Gross margin 52.8% 52.6% 44.0% 0.2 ppt 8.8 ppt Operating expenses$236.6 $235.0 $251.8 $1.6 $(15.2)Operating income$177.6 $190.2 $108.2 $(12.6) $69.4 Net income$146.6 $156.8 $86.5 $(10.2) $60.1 Weighted-average diluted shares 89.4 92.6 93.8 (3.2) (4.4)Diluted EPS$1.64 $1.69 $0.92 $(0.05) $0.72 (1) Adjusted for stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; investment gains and losses; and an adjustment of income taxes. SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q1 Fiscal 2027 Q4 Fiscal 2026 Q1 Fiscal 2026 Sequential Change Year-over-Year ChangeRevenue HPA$206.3 $202.7 $137.4 1.8% 50.1%CSG 101.9 93.3 110.2 9.2% (7.5)%ACG 476.6 512.3 571.2 (7.0)% (16.6)%Total revenue$784.8 $808.3 $818.8 (2.9)% (4.2)%Operating income (loss) HPA$70.0 $70.3 $21.6 (0.4)% 224.1%CSG 3.0 (6.9) (7.5) 143.5% 140.0%ACG 108.5 130.5 97.9 (16.9)% 10.8%Unallocated amounts(1) (84.7) (162.4) (81.9) 47.8% (3.4)%Total operating income$96.8 $31.5 $30.1 207.3% 221.6%Operating income (loss) as a % of revenue HPA 33.9% 34.7% 15.7% (0.8) ppt 18.2 ppt CSG 2.9 (7.4) (6.8) 10.3 ppt 9.7 ppt ACG 22.8 25.5 17.1 (2.7) ppt 5.7 ppt Total operating income as a % of revenue 12.3% 3.9% 3.7% 8.4 ppt 8.6 ppt (1) Includes stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; and start-up costs. Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.
In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance.
We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below:
Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of acquired intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other charges or income. We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.
We view amortization of acquired acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.
We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo's ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.
Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges. We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of acquired intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges, certain settlements, gains, losses and other charges, investment and debt-related gains and losses, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.
EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo's ongoing operations (including goodwill and intangible asset impairments, investment and debt-related gains and losses, acquisition-related costs, merger-related costs, restructuring-related costs and certain settlements, gains, losses and other charges) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes, among other items, changes in working capital and the effect of non-cash charges).
Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.
Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments, minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt.
Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.
Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking gross margin and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, merger-related costs, restructuring-related charges, goodwill and intangible asset impairments, certain settlements, gains, losses and other charges, investment and debt-related gains or losses and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.
Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; open source software risks, including risks related to licensing and security; compliance with evolving data privacy and cybersecurity laws and regulations; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 28, 2026, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
Financial Tables to Follow
QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended June 27, 2026 June 28, 2025Revenue$784,795 $818,778 Cost of goods sold 383,827 486,976 Gross profit 400,968 331,802 Operating expenses: Research and development 172,427 179,244 Marketing and selling 48,792 56,891 General and administrative 41,337 50,998 Other operating expense 41,642 14,583 Total operating expenses 304,198 301,716 Operating income 96,770 30,086 Interest expense (15,852) (18,787)Other income, net 19,608 20,386 Income before income taxes 100,526 31,685 Income tax expense (14,724) (6,091)Net income$85,802 $25,594 Net income per share: Basic$0.97 $0.28 Diluted$0.96 $0.27 Weighted-average shares of common stock outstanding: Basic 88,035 92,915 Diluted 89,360 93,770 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited) Three Months Ended June 27, 2026 March 28, 2026 June 28, 2025 GAAP operating income$96,770 $31,514 $30,086 Stock-based compensation expense 34,411 26,321 42,475 Amortization of acquired intangible assets 8,777 20,394 21,521 Restructuring-related charges 11,521 22,426 7,879 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,276 (898) 5,756 Non-GAAP operating income$177,640 $190,223 $108,182 GAAP net income$85,802 $29,730 $25,594 Stock-based compensation expense 34,411 26,321 42,475 Amortization of acquired intangible assets 8,777 20,394 21,521 Restructuring-related charges 11,521 22,426 7,879 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,276 (898) 5,756 Investment gains and losses (8,891) 4,053 (8,052)Adjustment of income taxes (11,151) (35,660) (9,164)Non-GAAP net income$146,630 $156,832 $86,474 GAAP weighted-average outstanding diluted shares 89,360 92,628 93,770 Dilutive stock-based awards — — — Non-GAAP weighted-average outstanding diluted shares 89,360 92,628 93,770 Non-GAAP net income per share, diluted$1.64 $1.69 $0.92 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended(in thousands, except percentages)June 27, 2026 March 28, 2026 June 28, 2025GAAP gross profit/margin$400,968 51.1% $395,021 48.9% $331,802 40.5%Stock-based compensation expense 5,923 0.8 5,252 0.6 5,641 0.7 Amortization of acquired intangible assets 8,046 1.0 18,448 2.3 19,165 2.3 Restructuring-related (adjustments) charges (153)— 7,084 0.9 3,725 0.5 Other income (516)(0.1) (621)(0.1) (339)— Non-GAAP gross profit/margin$414,268 52.8% $425,184 52.6% $359,994 44.0% Three Months EndedNon-GAAP Operating IncomeJune 27, 2026(as a percentage of revenue) GAAP operating income12.3%Stock-based compensation expense4.4 Amortization of acquired intangible assets1.1 Restructuring-related charges1.5 Merger-related costs1.9 Settlements, gains, losses and other charges1.4 Non-GAAP operating income22.6% Three Months EndedFree Cash Flow(1)June 27, 2026(in thousands) Net cash provided by operating activities$139,493 Purchases of property and equipment (24,144)Free cash flow$115,349 (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures. QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands)
(Unaudited)
Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP research and development expense$172,427 $170,388 $179,244 Less: Stock-based compensation expense 13,592 12,496 14,181 Amortization of acquired intangible assets — 402 — Other charges 2 2 2 Non-GAAP research and development expense$158,833 $157,488 $165,061 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP marketing and selling expense$48,792 $49,526 $56,891 Less: Stock-based compensation expense 3,579 3,327 4,679 Amortization of acquired intangible assets 731 1,543 2,356 Non-GAAP marketing and selling expense$44,482 $44,656 $49,856 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP general and administrative expense$41,337 $34,504 $50,998 Less: Stock-based compensation expense 11,891 5,379 17,908 Non-GAAP general and administrative expense$29,446 $29,125 $33,090 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP other operating expense (including goodwill and intangible asset impairment)$41,642 $109,089 $14,583 Less: Stock-based compensation (adjustment) expense (574) (132) 66 Restructuring-related charges 11,674 15,342 4,154 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,790 (279) 6,093 Non-GAAP other operating expense$3,867 $3,692 $3,805 Three Months Ended
June 27, 2026 March 28, 2026 June 28, 2025
GAAP total operating expense$304,198 $363,507 $301,716 Less: Stock-based compensation expense 28,488 21,070 36,834 Amortization of acquired intangible assets 731 1,945 2,356 Restructuring-related charges 11,674 15,342 4,154 Goodwill and intangible asset impairment — 82,369 — Merger-related costs 14,885 8,097 465 Settlements, gains, losses and other charges 11,792 (277) 6,095 Non-GAAP total operating expense$236,628 $234,961 $251,812 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
June 27, 2026
March 28, 2026
ASSETS Current assets: Cash and cash equivalents$1,328,943 $1,219,015 Accounts receivable, net 379,545 382,509 Inventories 592,492 553,718 Prepaid expenses 38,857 36,724 Other receivables 16,384 16,172 Other current assets 80,501 98,176 Total current assets 2,436,722 2,306,314 Property and equipment, net 680,308 710,392 Goodwill 2,353,226 2,353,226 Intangible assets, net 106,286 121,506 Long-term investments 14,759 16,295 Other non-current assets 348,155 317,857 Total assets$5,939,456 $5,825,590 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$253,233 $242,870 Accrued liabilities 213,593 248,160 Other current liabilities 220,861 221,727 Total current liabilities 687,687 712,757 Long-term debt 1,549,138 1,549,154 Other long-term liabilities 230,706 219,380 Total liabilities 2,467,531 2,481,291 Commitments and contingent liabilities Stockholders’ equity: Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding — — Common stock and additional paid-in capital, $0.0001 par value; 405,000 shares authorized; 88,218 and 87,741 shares issued and outstanding at June 27, 2026 and March 28, 2026, respectively 3,344,678 3,301,450 Accumulated other comprehensive income 2,657 4,061 Retained earnings 124,590 38,788 Total stockholders' equity 3,471,925 3,344,299 Total liabilities and stockholders’ equity$5,939,456 $5,825,590 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Three Months Ended June 27, 2026 June 28, 2025Cash flows from operating activities: Net income$85,802 $25,594 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 34,912 39,466 Amortization of intangible assets 15,225 27,994 Deferred income taxes (8,758) (3,756)Stock-based compensation expense 34,411 42,475 Other, net 2,666 (1,804)Changes in operating assets and liabilities: Accounts receivable, net 2,941 58,205 Inventories (39,000) 4,725 Prepaid expenses and other assets 15,538 2,389 Accounts payable and accrued liabilities (13,007) (2,881)Income taxes payable and receivable 4,672 (14,193)Other liabilities 4,091 4,731 Net cash provided by operating activities 139,493 182,945 Cash flows from investing activities: Purchase of property and equipment (24,144) (37,543)Other investing activities 1,298 4,212 Net cash used in investing activities (22,846) (33,331)Cash flows from financing activities: Repurchase of common stock, including transaction costs — (49,906)Proceeds from the issuance of common stock 8,731 9,833 Tax withholding paid on behalf of employees for restricted stock units (10,272) (7,290)Net (payments) proceeds from purchase and sale of inventories subject to repurchase (139) 45,599 Other financing activities (4,787) (5,171)Net cash used in financing activities (6,467) (6,935)Effect of exchange rate changes on cash and cash equivalents (252) 1,623 Net increase in cash and cash equivalents 109,928 144,302 Cash and cash equivalents at the beginning of the period 1,219,015 1,021,176 Cash and cash equivalents at the end of the period$1,328,943 $1,165,478 At Qorvo®
Doug DeLieto
VP, Investor Relations
1.336.678.7968
Revenue of $935 Million, GAAP Diluted EPS of $0.22 and Non-GAAP Diluted EPS of $1.08Continued Momentum Across Broad Markets Growth Engines, Led by Automotive and Data Center Qorvo Regulatory Approvals ProgressingAnnounces Expected Leadership Team for Combined CompanyAnticipates Raising Approximately $2 Billion of Acquisition Debt FinancingAnnounces New Capital Allocation Framework for Combined Company; New Stock Repurchase Authorization of $2 Billion IRVINE, Calif., July 28, 2026 (GLOBE NEWSWIRE) -- Skyworks Solutions, Inc. (Nasdaq: SWKS), a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, today reported third fiscal quarter results for the period ended July 3, 2026.
Revenue for the third fiscal quarter of 2026 was $935 million. On a GAAP basis, operating income for the third fiscal quarter was $49 million with diluted earnings per share of $0.22. On a non-GAAP basis, operating income was $182 million with non-GAAP diluted earnings per share of $1.08.
“We delivered a solid quarter with revenue and earnings above expectations, reflecting consistent execution across the portfolio,” said Phil Brace, chief executive officer and president of Skyworks. “Mobile performed well on healthy demand, and Broad Markets delivered another quarter of year-over-year growth, led by double-digit gains in automotive and data center.
“We continue to advance the regulatory process for our pending combination with Qorvo. We are now optimistic that we can close within the calendar year, and we will be preparing to close as early as within the fiscal year. The steps we’re announcing today - our financing plans, the combined company’s expected leadership team, and a new capital allocation framework are about being ready to execute from day one.”
Recent Business Highlights
Expanded automotive design win pipeline, securing telematics and in-vehicle infotainment engagements with leading global OEMsExpanded AI data center design win pipeline, including precision timing for a hyperscaler switch platform and isolation solutions for 800-volt HVDC power architecturesIntroduced latest power and gate driver technologies, targeting next-generation AI data centers, electric vehicle platforms and industrial high-power applications
Fourth Fiscal Quarter 2026 Outlook
We provide earnings guidance on a non-GAAP basis because certain information necessary to reconcile such guidance to GAAP is difficult to estimate and dependent on future events outside of our control. Please refer to the attached Discussion Regarding the Use of Non-GAAP Financial Measures in this earnings release for further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.
“For the September quarter, we anticipate revenue of $1,010 million to $1,060 million, with non-GAAP diluted earnings per share of $1.27 at the mid-point of the revenue range,” said Philip Carter, chief financial officer and senior vice president of Skyworks. “Our guidance includes approximately $5 million in incremental net interest expense, or approximately $0.03 per share, reflecting a partial quarter of financing costs associated with the pending Qorvo acquisition.
“We expect Mobile to grow sequentially in the high-teens range, supported by the seasonal ramp of new product launches at our largest customer, while Broad Markets is expected to grow approximately 5% year-over-year, representing approximately 39% of sales.”
Capital Allocation Framework
In conjunction with the pending Qorvo combination, Skyworks’ board of directors has approved a new capital allocation framework for the combined company. Reflecting the combined company’s expected robust free cash flow and adjusted EBITDA generation, the framework provides the flexibility to repurchase shares, de-lever the balance sheet, and pursue opportunistic, accretive M&A. Accordingly, the board has replaced the stock repurchase program expiring in February 2027 with a new $2 billion stock repurchase program, and the company has decided not to declare any quarterly dividends going forward, redirecting that capital toward these higher-return uses. Repurchases may be made from time to time in the open market or through privately negotiated transactions, subject to market conditions and other factors; the program does not obligate the company to repurchase any minimum number of shares and may be suspended or discontinued at any time.
Skyworks’ Third Quarter 2026 Conference Call
Skyworks will host a conference call with analysts to discuss its third quarter fiscal 2026 results and business outlook on July 28, 2026, at 4:30 p.m. EDT.
To listen to the conference call, please visit the investor relations section of Skyworks’ website at https://investors.skyworksinc.com/events-presentations. Playback of the conference call will be available on Skyworks’ website at www.skyworksinc.com/investors beginning at 9 p.m. EDT on July 28, 2026. Additionally, a transcript of the Company’s prepared remarks will be made available on our website promptly after their conclusion during the call.
About Skyworks
Skyworks Solutions, Inc. is empowering the wireless networking revolution. We are a leading developer, manufacturer and provider of analog and mixed-signal semiconductors and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet and wearables.
Skyworks is a global company with engineering, marketing, operations, sales and support facilities located throughout Asia, Europe and North America and is a member of the S&P 500® market index (Nasdaq: SWKS). For more information, please visit Skyworks’ website at: www.skyworksinc.com.
Important Information About the Proposed Transaction and Where to Find It
In connection with the proposed mergers (the “Mergers”) with Qorvo, Inc. (“Qorvo”), Skyworks has filed with the SEC a registration statement on Form S-4 (File No. 333-291947) (the “Registration Statement”), which includes a prospectus with respect to the shares of Skyworks’ common stock to be issued in the Mergers and a joint proxy statement for Skyworks’ and Qorvo’s respective stockholders (the “Joint Proxy Statement/Prospectus”). The Registration Statement was declared effective on December 23, 2025, and Skyworks filed a final prospectus on December 23, 2025, and Qorvo filed a definitive proxy statement on December 23, 2025. The Joint Proxy Statement/Prospectus was mailed to stockholders of Skyworks and Qorvo on or about December 23, 2025. Each of Skyworks and Qorvo may also file with or furnish to the SEC other relevant documents regarding the Mergers. This communication is not a substitute for the Registration Statement, the Joint Proxy Statement/Prospectus or any other document that Skyworks or Qorvo may mail to their respective stockholders in connection with the Mergers.
INVESTORS AND SECURITY HOLDERS OF SKYWORKS AND QORVO ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGERS OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING SKYWORKS, QORVO, THE MERGERS AND RELATED MATTERS.
The documents filed by Skyworks with the SEC also may be obtained free of charge at Skyworks’ website at https://www.skyworksinc.com/investors or upon written request to Skyworks at [email protected]. The documents filed by Qorvo with the SEC also may be obtained free of charge at Qorvo’s website at https://ir.qorvo.com/ or upon written request to Qorvo at [email protected]. These documents filed with the SEC are also available for free to the public at the website maintained by the SEC at www.sec.gov.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Safe Harbor Statement
This earnings release includes “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Skyworks’ and Qorvo’s current expectations, estimates and projections concerning future events, prospects and results, including the expected date of closing and potential benefits of the proposed transactions with Qorvo, their respective businesses and industries, management’s beliefs and certain assumptions, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, including certain projections and business trends, including with respect to future sales and revenue, as well as plans for dividend payments and stock repurchases, expected leadership of the combined company and expectations related to the closing of the pending transaction with Qorvo. Forward-looking statements can often be identified by words such as “expect,” “anticipate,” “forecast,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” and similar expressions and variations or negatives of these words, or other comparable terminology that conveys uncertainty regarding future events or outcomes. All such statements by their nature address matters that involve risks and uncertainties, many of which are beyond our control and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, including the failure to consummate the proposed transactions or to make or take any filing or other action required to consummate the transactions in a timely matter or at all, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and adversely from those projected and may affect our future operating results, financial position and cash flows, and, therefore, you should not place undue reliance on any such statements and should exercise caution in relying on forward-looking statements.
These risks, uncertainties and other important factors that may cause a difference include, but are not limited to: the risks of doing business internationally, including from trade war or trade protection measures (e.g., tariffs, retaliatory tariffs and other countermeasures or taxes), increased import/export restrictions and controls (e.g., our ability to obtain foreign-sourced raw materials, including from Chinese-based sources, as well as our ability to sell products to certain specified foreign entities only pursuant to a limited export license from the U.S. Department of Commerce), the susceptibility of the semiconductor industry and the markets addressed by our, and our customers’, products to economic cycles or changes in economic conditions, including inflation and recession that could result from trade war or trade protection measures; our reliance on a small number of key customers for a large percentage of our sales; decreased gross margins and loss of market share as a result of increased competition; our ability to obtain design wins from customers; our ability to convert design wins into revenue, including with respect to the design win with a leading Android OEM noted in this earnings release; market acceptance of our products and our customers’ products, including market acceptance of new, emerging technologies such as AI; the mix and volume of phone models sold by our largest customer; the completion of the proposed transactions with Qorvo on anticipated terms and timing, including obtaining required regulatory approvals, realizing the anticipated tax treatment; the potential impacts of the proposed transactions with Qorvo on the businesses of Skyworks and Qorvo, including unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies, and the expansion and growth of their businesses; the failure to realize the anticipated benefits of the proposed transactions with Qorvo, including as a result of delay in completing the transactions or integrating the businesses of Skyworks and Qorvo; Skyworks’ and Qorvo’s ability to implement their business strategies; pricing trends; potential litigation relating to the proposed transactions that has been or could be instituted against Skyworks, Qorvo or their respective directors; the risk that disruptions from the proposed transactions will harm Skyworks’ or Qorvo’s business, including current plans and operations; the ability of Skyworks and Qorvo to retain and hire key personnel; potential adverse reactions or changes to business relationships with employees, customers, other business partners or governmental entities resulting from the announcement, pendency or completion of the proposed transactions; uncertainty as to the long-term value of Skyworks’ common stock; legislative, regulatory and economic developments affecting Skyworks’ and Qorvo’s businesses; general economic and market developments and conditions; the evolving legal, regulatory and tax regimes under which Skyworks and Qorvo operate; potential business uncertainty, including changes to existing business relationships during the pendency of the proposed transactions, that could affect Skyworks’ or Qorvo’s financial performance; restrictions during the pendency of the proposed transactions that may impact Skyworks’ or Qorvo’s ability to pursue certain business opportunities or strategic transactions; the unpredictability and severity of catastrophic events, including acts of terrorism, outbreaks of war or hostilities, as well as Skyworks’ and Qorvo’s response to any of the aforementioned factors; the costs, fees, expenses and other charges related to the transactions with Qorvo, including with respect to any related litigation; reduced flexibility in operating our business as a result of the indebtedness incurred in connection with the transaction with Silicon Laboratories Inc. and the substantial amount of additional indebtedness we expect to incur in connection with the Qorvo transactions; delays in the deployment of commercial 5G networks or in consumer adoption of 5G-enabled devices; the volatility of our stock price; changes in laws, regulations and/or policies that could adversely affect our operations and financial results, the economy and our customers’ demand for our products, or the financial markets and our ability to raise capital; fluctuations in our manufacturing yields due to our complex and specialized manufacturing processes; our ability to develop, manufacture and market innovative products, avoid product obsolescence, reduce costs in a timely manner, transition our products to smaller geometry process technologies and achieve higher levels of design integration; the quality of our products and any defect remediation costs; our products’ ability to perform under stringent operating conditions; the availability and pricing of third-party semiconductor foundry, assembly and test capacity, raw materials, including rare earth and similar minerals, supplier components, equipment and shipping and logistics services, including limits on our customers’ ability to obtain such services and materials; risks that we may not be able to optimize our manufacturing footprint and achieve any financial and operational benefits from such efforts, including reducing fixed costs or improving utilization rates, disruptions to our manufacturing processes, including relating to any relocation of our key facilities; our ability to successfully manage our senior management transitions; our ability to retain, recruit and hire key executives or the departure of any such executives, technical personnel and other employees in the positions and numbers, with the experience and capabilities, and at the compensation levels needed to implement our business and product plans; the timing, rescheduling or cancellation of significant customer orders and our ability, as well as the ability of our customers, to manage inventory; other economic, social, military and geopolitical conditions in the countries in which we, our customers or our suppliers operate, including the conflicts in Ukraine, Iran and other regions in the Middle East, possible disruptions in transportation networks, and fluctuations in foreign currency exchange rates; the effects of global health crises on business conditions in our industry, including the risk of significant disruptions to our business operations, as well as negative impacts to our financial condition; our ability to prevent theft of our intellectual property, disclosure of confidential information or breaches of our information technology systems; uncertainties of litigation, including potential disputes over intellectual property infringement and rights, as well as payments related to the licensing and/or sale of such rights; our ability to continue to grow and maintain an intellectual property portfolio and obtain needed licenses from third parties; our ability to make certain investments and acquisitions, integrate companies we acquire and/or enter into strategic alliances; and other risks and uncertainties, including those detailed from time to time in our filings, including the Joint Proxy Statement/Prospectus, with the Securities and Exchange Commission. While the factors identified here and in the Joint Proxy Statement/Prospectus are considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on Skyworks’ or Qorvo’s consolidated financial condition, results of operations or liquidity.
The forward-looking statements contained in this earnings release are made only as of the date hereof, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, should circumstances change, except as otherwise required by securities or other applicable laws.
Note to Editors: Skyworks and the Skyworks symbol are trademarks or registered trademarks of Skyworks Solutions, Inc., or its subsidiaries in the United States and other countries. Third-party brands and names are for identification purposes only and are the property of their respective owners.
SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended(in millions, except per share amounts)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Net revenue$934.8 $965.0 $2,913.9 $2,986.7 Cost of goods sold 559.8 564.0 1,726.3 1,752.1 Gross profit 375.0 401.0 1,187.6 1,234.6 Operating expenses: Research and development 207.8 199.4 623.5 562.4 Selling, general, and administrative 98.7 89.3 326.8 259.9 Amortization of intangibles 0.2 0.2 0.7 0.7 Restructuring, impairment, and other charges 19.8 1.5 42.2 22.6 Total operating expenses 326.5 290.4 993.2 845.6 Operating income 48.5 110.6 194.4 389.0 Interest expense (5.9) (6.6) (19.8) (20.2)Other income, net 6.2 8.0 29.3 35.9 Income before income taxes 48.8 112.0 203.9 404.7 Provision for income taxes 14.9 7.0 55.2 69.0 Net income$33.9 $105.0 $148.7 $335.7 Earnings per share: Basic$0.23 $0.70 $0.99 $2.15 Diluted$0.22 $0.70 $0.99 $2.14 Weighted average shares: Basic 150.4 150.0 150.1 156.3 Diluted 151.4 150.3 150.8 156.9 SKYWORKS SOLUTIONS, INC.
UNAUDITED RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP gross profit$375.0 $401.0 $1,187.6 $1,234.6 Share-based compensation expense [a] 10.9 8.5 34.0 21.5 Amortization of acquisition-related intangibles 34.1 37.7 105.7 114.8 Restructuring and other charges — 7.0 — 25.1 Non-GAAP gross profit$420.0 $454.2 $1,327.3 $1,396.0 GAAP gross margin % 40.1% 41.6% 40.8% 41.3%Non-GAAP gross margin % 44.9% 47.1% 45.6% 46.7% Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP operating income$48.5 $110.6 $194.4 $389.0 Share-based compensation expense [a] 53.2 55.2 168.9 168.9 Acquisition-related expenses 25.7 2.8 97.2 3.4 Amortization of acquisition-related intangibles 34.2 37.9 106.4 115.5 Settlements, gains, losses, and impairments (2.0) — 1.5 (1.8)Restructuring and other charges 22.0 17.9 54.3 56.3 Non-GAAP operating income$181.6 $224.4 $622.7 $731.3 GAAP operating margin % 5.2% 11.5% 6.7% 13.0%Non-GAAP operating margin % 19.4% 23.3% 21.4% 24.5% Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net income$33.9 $105.0 $148.7 $335.7 Share-based compensation expense [a] 53.2 55.2 168.9 168.9 Acquisition-related expenses 25.7 2.8 97.2 3.4 Amortization of acquisition-related intangibles 34.2 37.9 106.4 115.5 Settlements, gains, losses, and impairments (2.0) — 1.5 (1.8)Restructuring and other charges 22.0 17.9 54.3 56.3 Tax adjustments (3.3) (18.4) (8.1) (22.6)Non-GAAP net income$163.7 $200.4 $568.9 $655.4 Three Months Ended Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net income per share, diluted$0.22 $0.70 $0.99 $2.14 Share-based compensation expense [a] 0.35 0.36 1.12 1.08 Acquisition-related expenses 0.17 0.02 0.64 0.02 Amortization of acquisition-related intangibles 0.23 0.25 0.70 0.74 Settlements, gains, losses, and impairments (0.01) — 0.01 (0.01)Restructuring and other charges 0.14 0.12 0.36 0.36 Tax adjustments (0.02) (0.12) (0.05) (0.15)Non-GAAP net income per share, diluted$1.08 $1.33 $3.77 $4.18 Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025GAAP net cash provided by operating activities$70.4 $314.1 $516.2 $1,100.8 Capital expenditures (87.1) (61.4) (226.0) (139.0)Non-GAAP free cash flow$(16.7) $252.7 $290.2 $961.8 GAAP net cash provided by operating activities margin % 7.5% 32.5% 17.7% 36.9%Non-GAAP free cash flow margin %(1.8)% 26.2% 10.0% 32.2% SKYWORKS SOLUTIONS, INC.
DISCUSSION REGARDING THE USE OF NON-GAAP FINANCIAL MEASURES
Our earnings release contains some or all of the following financial measures that have not been calculated in accordance with United States Generally Accepted Accounting Principles (“GAAP”): (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP diluted earnings per share, and (v) non-GAAP free cash flow and free cash flow margin. As set forth in the “Unaudited Reconciliations of Non-GAAP Financial Measures” table found above, we derive such non-GAAP financial measures by excluding certain expenses and other items from the respective GAAP financial measure that is most directly comparable to each non-GAAP financial measure. Management uses these non-GAAP financial measures to evaluate our operating performance and compare it against past periods, make operating decisions, forecast for future periods, compare our operating performance against peer companies, and determine payments under certain compensation programs. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in our ongoing business by eliminating certain non-recurring expenses and other items that management believes might otherwise make comparisons of our ongoing business with prior periods and competitors more difficult, obscure trends in ongoing operations, or reduce management’s ability to make forecasts.
We provide investors with non-GAAP gross profit and gross margin, non-GAAP operating income and operating margin, non-GAAP net income, non-GAAP diluted earnings per share, and non-GAAP free cash flow and free cash flow margin because we believe it is important for investors to be able to closely monitor and understand changes in our ability to generate income from ongoing business operations. We believe these non-GAAP financial measures give investors an additional method to evaluate historical operating performance and identify trends, an additional means of evaluating period-over-period operating performance and a method to facilitate certain comparisons of our operating results to those of our peer companies. We believe that providing non-GAAP operating income and operating margin allows investors to assess the extent to which our ongoing operations impact our overall financial performance. We also believe that providing non-GAAP net income and non-GAAP diluted earnings per share allows investors to assess the overall financial performance of our ongoing operations by eliminating the impact of share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, restructuring-related charges, and certain tax items which may not occur in each period presented and which may represent non-cash items unrelated to our ongoing operations. We further believe that providing non-GAAP free cash flow and free cash flow margin provide insight into our liquidity, our cash-generating capability, and the amount of cash potentially available to return to shareholders. We believe that disclosing these non-GAAP financial measures contributes to enhanced financial reporting transparency and provides investors with added clarity about complex financial performance measures.
We calculate non-GAAP gross profit by excluding from GAAP gross profit, share-based compensation expense, amortization of acquisition-related intangibles, and restructuring and other charges. We calculate non-GAAP operating income by excluding from GAAP operating income, share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, and restructuring-related charges. We calculate non-GAAP net income and diluted earnings per share by excluding from GAAP net income and diluted earnings per share, share-based compensation expense, acquisition-related expenses, amortization of acquisition-related intangibles, settlements, gains, losses, and impairments, restructuring-related charges, and certain tax items. We calculate non-GAAP free cash flow by deducting capital expenditures from GAAP net cash provided by operating activities. We exclude certain items identified above from the respective non-GAAP financial measure referenced above for the reasons set forth with respect to each such excluded item below:
Share-Based Compensation Expense - because (1) the total amount of expense is partially outside of our control because it is based on factors such as stock price volatility and interest rates, which may be unrelated to our performance during the period in which the expense is incurred, (2) it is an expense based upon a valuation methodology premised on assumptions that vary over time, and (3) the amount of the expense can vary significantly between companies due to factors that can be outside of the control of such companies.
Acquisition-Related Expenses and Amortization of Acquisition-Related Intangibles - including such items as, when applicable, fair value adjustments to contingent consideration, fair value charges incurred upon the sale of acquired inventory, acquisition-related expenses, and amortization of acquired intangible assets because they are not considered by management in making operating decisions and we believe that such expenses do not have a direct correlation to our future business operations and thereby including such charges does not necessarily reflect the performance of our ongoing operations for the period in which such charges or reversals are incurred.
Settlements, Gains, Losses, and Impairments - because such settlements, gains, losses, and impairments (1) are not considered by management in making operating decisions, (2) are infrequent in nature, (3) are generally not directly controlled by management, (4) do not necessarily reflect the performance of our ongoing operations for the period in which such charges are recognized, and/or (5) can vary significantly in amount between companies and make comparisons less reliable.
Restructuring and Other Charges - because these charges have no direct correlation to our future business operations and including such charges or reversals does not necessarily reflect the performance of our ongoing operations for the period in which such charges or reversals are incurred.
Certain Income Tax Items - including certain deferred tax charges and benefits that do not result in a current tax payment or tax refund and other adjustments, including but not limited to, items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. Skyworks uses a normalized tax rate in its computation of the non-GAAP income tax provision to provide better consistency across reporting periods and to align with its recent historical average of current taxes. For fiscal 2026, Skyworks will apply a non-GAAP tax rate of 10%, which reflects current taxes relative to non-GAAP pre-tax income after applying certain non-GAAP tax adjustments.
The non-GAAP financial measures presented in the table above should not be considered in isolation and are not an alternative for the respective GAAP financial measure that is most directly comparable to each such non-GAAP financial measure. Investors are cautioned against placing undue reliance on these non-GAAP financial measures and are urged to review and consider carefully the adjustments made by management to the most directly comparable GAAP financial measures to arrive at these non-GAAP financial measures. Non-GAAP financial measures may have limited value as analytical tools because they may exclude certain expenses that some investors consider important in evaluating our operating performance or ongoing business performance. Further, non-GAAP financial measures may have limited value for purposes of drawing comparisons between companies as a result of different companies potentially calculating similarly titled non-GAAP financial measures in different ways because non-GAAP measures are not based on any comprehensive set of accounting rules or principles.
Our earnings release contains forward-looking estimates of non-GAAP diluted earnings per share for the fourth quarter of our 2026 fiscal year (“Q4 2026”). We provide this non-GAAP measure to investors on a prospective basis for the same reasons (set forth above) that we provide it to investors on a historical basis. We are unable to provide a reconciliation of our forward-looking estimate of Q4 2026 GAAP diluted earnings per share to a forward-looking estimate of Q4 2026 non-GAAP diluted earnings per share because certain information needed to make a reasonable forward-looking estimate of GAAP diluted earnings per share for Q4 2026 (other than estimated share-based compensation expense of $0.20 to $0.40 per diluted share, estimated amortization of intangibles of $0.20 to $0.30 per diluted share and certain tax items of -$0.15 to $0.20 per diluted share) is difficult to predict and estimate and is often dependent on future events that may be uncertain or outside of our control. Such events may include unanticipated changes in our GAAP effective tax rate, unanticipated one-time charges related to asset impairments (fixed assets, inventory, intangibles, or goodwill), unanticipated acquisition-related expenses, unanticipated settlements, gains, losses, and impairments, and other unanticipated non-recurring items not reflective of ongoing operations. The probable significance of these unknown items, in the aggregate, is estimated to be in the range of $0.00 to $0.15 in quarterly earnings per diluted share on a GAAP basis. Our forward-looking estimates of both GAAP and non-GAAP measures of our financial performance may differ materially from our actual results and should not be relied upon as statements of fact.
[a] The following table summarizes the expense recognized in accordance with ASC 718 - Compensation, Stock Compensation (in millions):
Three Months Ended Nine Months Ended July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Cost of goods sold$10.9 $8.5 $34.0 $21.5Research and development 30.0 32.8 96.4 86.0Selling, general, and administrative 12.3 13.9 38.5 48.9Restructuring, impairment, and other charges — — — 12.5Total share-based compensation$53.2 $55.2 $168.9 $168.9 SKYWORKS SOLUTIONS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of(in millions)July 3, 2026 October 3, 2025Assets Cash, cash equivalents, and marketable securities$813.8 $1,388.4Accounts receivable, net 348.2 598.1Inventory 1,015.5 754.7Property, plant, and equipment, net 1,205.7 1,194.6Goodwill and intangible assets, net 2,855.5 2,985.7Other assets 1,186.3 995.5Total assets$7,425.0 $7,917.0 Liabilities and Equity Accounts payable$268.6 $236.0Accrued and other liabilities 921.2 928.1Debt 496.9 995.8Stockholders’ equity 5,738.3 5,757.1Total liabilities and equity$7,425.0 $7,917.0 SKYWORKS SOLUTIONS, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended Nine Months Ended(in millions)July 3, 2026 June 27, 2025 July 3, 2026 June 27, 2025Cash flows from operating activities: Net income$33.9 $105.0 $148.7 $335.7 Adjustments to reconcile net income to net cash provided by operating activities: Share-based compensation 53.2 55.2 168.9 168.9 Depreciation 73.8 70.1 216.1 206.3 Amortization of intangible assets 42.9 45.8 130.4 139.8 Deferred income taxes 17.7 1.4 7.6 21.1 Amortization of debt discount and issuance costs 0.4 0.5 1.4 1.5 Other, net (2.1) (1.6) (2.7) (5.2)Changes in assets and liabilities: Receivables, net (12.2) (24.3) 250.0 112.6 Inventory (133.3) (26.8) (268.1) 85.2 Accounts payable (2.9) 21.6 30.0 32.6 Other current and long-term assets and liabilities (1.0) 67.2 (166.1) 2.3 Net cash provided by operating activities 70.4 314.1 516.2 1,100.8 Cash flows from investing activities: Capital expenditures (87.1) (61.4) (226.0) (139.0)Purchased intangibles (0.2) (6.7) (19.8) (24.1)Purchases of marketable securities (0.9) (135.9) (28.6) (415.9)Sales and maturities of marketable securities 0.3 126.6 232.7 473.9 Other 2.6 — 3.3 2.2 Net cash used in investing activities (85.3) (77.4) (38.4) (102.9)Cash flows from financing activities: Repurchase of common stock - payroll tax withholdings on equity awards (1.5) (4.5) (41.6) (43.4)Repurchase of common stock - stock repurchase program — (330.2) (7.5) (830.2)Dividends paid (106.9) (103.9) (320.1) (327.0)Proceeds from employee stock purchase plan — — 21.2 20.0 Debt financing costs — — (1.1) — Payments of debt (500.0) — (500.0) — Net cash used in financing activities (608.4) (438.6) (849.1) (1,180.6)Net decrease in cash and cash equivalents (623.3) (201.9) (371.3) (182.7)Cash and cash equivalents at beginning of period 1,413.3 1,387.8 1,161.3 1,368.6 Cash and cash equivalents at end of period$790.0 $1,185.9 $790.0 $1,185.9
Bank of New York Mellon Corp decreased its position in shares of Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 522,415 shares of the semiconductor company’s stock after selling 10,171 shares during the quarter. Bank of New York Mellon Corp owned 0.56% of Qorvo worth $40,435,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. State Street Corp raised its position in Qorvo by 5.0% during the second quarter. State Street Corp now owns 3,704,113 shares of the semiconductor company’s stock valued at $314,516,000 after purchasing an additional 175,031 shares in the last quarter. FIL Ltd lifted its stake in Qorvo by 13.2% during the fourth quarter. FIL Ltd now owns 3,610,045 shares of the semiconductor company’s stock worth $305,085,000 after purchasing an additional 421,224 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Qorvo by 8.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,869,834 shares of the semiconductor company’s stock valued at $158,027,000 after purchasing an additional 142,731 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Qorvo by 2.3% in the 4th quarter. LSV Asset Management now owns 1,555,461 shares of the semiconductor company’s stock valued at $131,452,000 after purchasing an additional 34,605 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Qorvo by 20.2% in the 2nd quarter. Bank of America Corp DE now owns 1,518,964 shares of the semiconductor company’s stock valued at $128,975,000 after purchasing an additional 255,068 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling In other news, Director Peter A. Feld sold 1,900,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $101.20, for a total value of $192,280,000.00. Following the transaction, the director directly owned 5,611,526 shares of the company’s stock, valued at $567,886,431.20. The trade was a 25.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Paul J. Fego sold 2,500 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $100.00, for a total value of $250,000.00. Following the sale, the senior vice president owned 71,038 shares in the company, valued at approximately $7,103,800. The trade was a 3.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 1,966,127 shares of company stock valued at $198,911,103. Insiders own 0.49% of the company’s stock.
Analyst Ratings Changes QRVO has been the subject of several research analyst reports. Wolfe Research downgraded Qorvo from an “outperform” rating to a “peer perform” rating in a research note on Friday, April 17th. Barclays upgraded shares of Qorvo from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $95.00 to $100.00 in a research note on Wednesday, April 22nd. UBS Group lifted their price target on shares of Qorvo from $87.00 to $100.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Wall Street Zen cut shares of Qorvo from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Qorvo from $85.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Qorvo currently has an average rating of “Hold” and a consensus price target of $97.07.
Get Our Latest Analysis on Qorvo
Qorvo Stock Down 0.3% Shares of NASDAQ QRVO opened at $86.51 on Friday. The company has a 50 day simple moving average of $94.67 and a 200 day simple moving average of $86.58. The company has a debt-to-equity ratio of 0.46, a current ratio of 3.24 and a quick ratio of 2.46. Qorvo, Inc. has a 1 year low of $74.92 and a 1 year high of $109.49. The firm has a market cap of $7.63 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 1.36 and a beta of 1.44.
Qorvo (NASDAQ:QRVO – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The semiconductor company reported $1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.48. The firm had revenue of $808.28 million during the quarter, compared to the consensus estimate of $801.31 million. Qorvo had a net margin of 9.22% and a return on equity of 15.32%. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 earnings per share. Qorvo has set its FY 2027 guidance at 7.000-7.000 EPS. On average, research analysts forecast that Qorvo, Inc. will post 5.83 EPS for the current year.
Qorvo Profile (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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The next leg of the U.S. semiconductor trade may not be only about AI-chip speed. It may also be about who already has manufacturing capacity on American soil. Texas Instruments (Nasdaq: TXN), Intel (Nasdaq: INTC), and Qorvo (Nasdaq: QRVO), trading at $294.19, $102.62, and $89.48, respectively, stand out after KeyBanc recently highlighted them as leading U.S.-listed semiconductor names by domestic manufacturing footprint.
CHIPS Act incentives, tariff shifts, and a national security push to reshore wafer output have hardened into balance-sheet items.
TXN pulled in $850M in Q2 CHIPS incentives. Intel is ramping 18A high-volume manufacturing in Arizona and Oregon, backed by a US government equity stake and a $5B NVIDIA investment related to AI infrastructure. Qorvo keeps a large share of its RF production stateside while preparing to merge with Skyworks.
Reshoring Is Turning Into Real Revenue The demand backdrop is wider than AI alone. Texas Instruments posted Q2 revenue of $5.46 billion, up 22.8% year over year, with EPS of $2.14 beating estimates by 10.56%, led by industrial, data center, and automotive demand. Intel’s Data Center & AI segment grew 22% last quarter, while Intel Foundry rose 16%, and non-GAAP EPS of $0.29 cleared a $0.01 estimate.
Qorvo’s High Performance Analog unit grew 7.9%, with a 34.7% GAAP operating margin, while FY2026 free cash flow rose 40.2% to roughly $680 million. The takeaway is that customers are paying up for domestic and diversified supply chains as Asia exposure becomes harder to ignore.
The Prices Already Reflect a Lot Texas Instruments trades at 38 times forward earnings after a 69.5% YTD run, putting the stock well above its historical valuation band, even as capex is down 60.6% year over year and the factory buildout phase cools. Intel has surged 178.1% YTD and 341.57% over one year, but trailing earnings remain negative, the forward P/E sits near 119, and Foundry losses are still part of the story. Qorvo brings its own caveats: revenue declined 1.1% in FY2026, an $82.4 million goodwill impairment hit Q4, guidance remains suspended, and Apple concentration is still a structural risk.
Cycles Cut Both Ways Semiconductors remain cyclical, tariff and export rules can shift overnight, and Intel’s turnaround still depends on Foundry hitting yield milestones. Qorvo’s story also hinges on the Skyworks deal closing. Investors who want confirmation could wait for Q3 earnings reports, Intel 18A volume data, and regulatory clearance on the merger before adding.
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What the Street Sees Right Now TXN’s analyst target sits at $303.59 against $294.19, with 2 Strong Buy, 15 Buy, 17 Hold, and 2 Sell ratings. Intel’s target is $106.70 versus $102.62, with 2 Strong Buy, 11 Buy, 32 Hold, 2 Sell, and 2 Strong Sell. Qorvo’s $91.46 target sits just above $89.48, with 1 Strong Buy, 2 Buy, 16 Hold, and 1 Sell. Targets are just one data point. TXN and INTC have run far ahead of the S&P 500 year to date; Qorvo, up 5.88%, has lagged the broader index by a wide margin.
Why the Trio Stands Out at These Prices At $294.19, $102.62, and $89.48, Texas Instruments, Intel, and Qorvo look well-positioned for the reshoring cycle. Here is why.
The reshoring wave is showing up in Texas Instruments’ revenue mix, Intel’s selection as the host CPU for NVIDIA’s DGX Rubin NVL8 and its multi-year Google custom ASIC partnership, and Qorvo’s expanding margins. Texas Instruments offers the cleanest exposure at a premium price, backed by an already-built U.S. fab base, $6.53 billion in TTM free cash flow, and quarterly CHIPS Act inflows.
Intel is the highest-risk, highest-conviction play. A U.S. government equity stake, NVIDIA’s investment, the Terafab consortium with SpaceX, xAI, and Tesla, and the 18A ramp are all converging inside the same 12-month window. Qorvo is the value angle, priced near merger-arb levels, with CEO Bob Bruggeworth targeting FY2027 non-GAAP EPS approaching $7.00.
All three offer distinct exposure to the American-made chips theme for investors who view reshoring as a decade-long shift, not a headline cycle.
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GREENSBORO, N.C., July 15, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will distribute fiscal 2027 first quarter financial results at approximately 4:00 p.m. (ET) on Tuesday, July 28, 2026. The press release will be available on the Company's Investor Relations website at the following URL: https://ir.qorvo.com (under “Financial Releases”).
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; open source software risks, including risks related to licensing and security; compliance with evolving data privacy and cybersecurity laws and regulations; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 28, 2026, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
At Qorvo®
Doug DeLieto
VP, Investor Relations
1-336-678-7968
NEWBURYPORT, Mass.--(BUSINESS WIRE)-- #Electronics--Rochester Electronics and Qorvo team to extend RF component availability, ensuring long lifecycles and reliable supply for critical applications.
Rochester Electronics, LLC, a premier continuous source of authorized semiconductors, and QorvoÂ, a leading global provider of connectivity and power solution
GREENSBORO, N.C., July 13, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced it has been recognized by Northrop Grumman Corporation with a 2026 Supplier Excellence Award for Strategic Excellence.
Northrop Grumman acknowledged Qorvo for Strategic Excellence, underscoring the vital role suppliers play in delivering next-generation capabilities across defense systems, including aircraft, missile defense and space platforms.
“Northrop Grumman has a legacy of fostering strong partnerships, a network of hardworking innovators and collaborators striving toward a mutual goal of protecting the United States and its allies,” said Ken Brown, vice president and chief supply chain officer, Northrop Grumman. “From putting the first humans on the moon to introducing stealth technology that revolutionized defense, Northrop Grumman and our partners have continually pushed the boundaries of what is possible.”
“This recognition reflects the strength of our strategic partnership with Northrop Grumman and our shared commitment to advancing next-generation defense technologies,” said Philip Chesley, president of Qorvo’s High Performance Analog business. “We are proud to support mission-critical applications with high-performance RF solutions that help enable global security.”
Qorvo’s contributions include delivering high-performance RF solutions and services supporting mission-critical applications across radar, communications and electronic warfare systems, helping enable advanced capabilities that strengthen the defense industrial base.
Northrop Grumman’s Supplier Excellence Awards highlight the critical role suppliers play in supporting more than 100,000 jobs and generating significant economic impact across the United States.
About Qorvo
Qorvo (Nasdaq: QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
Qorvo (QRVO) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions may not translate into further price increase in the near term.
Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.
Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One stock to keep an eye on is Qorvo (QRVO - Free Report) . QRVO is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock has a Forward P/E ratio of 14.12. This compares to its industry's average Forward P/E of 14.28. Over the past year, QRVO's Forward P/E has been as high as 16.37 and as low as 9.06, with a median of 13.69.
We also note that QRVO holds a PEG ratio of 1.29. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. QRVO's industry has an average PEG of 1.31 right now. Over the past 52 weeks, QRVO's PEG has been as high as 12.38 and as low as 0.57, with a median of 1.87.
These are only a few of the key metrics included in Qorvo's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, QRVO looks like an impressive value stock at the moment.
Key Takeaways QRVO is benefiting from organic growth across defense, aerospace, infrastructure and connectivity.Defense demand is rising from radar, military communications, electronic warfare and satellites.Connectivity and power management traction is helping Qorvo diversify beyond smartphones. Qorvo Inc. (QRVO - Free Report) is benefiting from several organic growth drivers that are helping it diversify beyond its traditional smartphone business. The company is expanding its opportunities across markets, customers and product categories while maintaining its commitment to technology leadership and productivity gains. Qorvo continues to capitalize on robust demand trends across defense, aerospace, infrastructure and connectivity markets, which are emerging as important contributors to revenue growth.
The company offers a complete product portfolio targeting the highest-growth segments of its market, including filters, switches and tuners. A diversified product portfolio, systems-level expertise, R&D focus, manufacturing scale and internal assembly and test capabilities are key growth catalysts of Qorvo.
Defense and Aerospace Momentum Bodes WellQorvo's High Performance Analog segment has been witnessing strong traction from defense and aerospace customers. Growing investments in radar systems, military communications, electronic warfare and satellite applications are driving demand for the company's advanced RF solutions.
The defense market offers attractive growth characteristics, including long product cycles, high barriers to entry and resilient demand patterns. As global defense spending remains elevated, Qorvo is well-positioned to benefit from the increasing opportunities in next-generation defense platforms.
Network Infrastructure Upgrade Acts as a TailwindThe company is also benefiting from higher investments by carriers to upgrade network infrastructure. Continued investments in wireless networks and communication infrastructure are supporting sales of Qorvo's RF products used in base stations and related equipment. As data consumption continues to rise and network operators expand capacity, infrastructure-related demand is expected to remain a favorable growth driver for the company.
Qorvo has introduced highly integrated front-end solutions that simplify and accelerate the implementation of multimode, multi-band 5G smartphones and tablets. These new RF Fusion front-end solutions showcase the company's ability to help leading OEMs quickly launch their next-generation flagship devices. Qorvo's RF Flex solutions have been selected to support multiple upcoming leading 5G reference designs. RF Flex delivers best-in-class current consumption to enable superior device performance and leading-edge design flexibility to simplify regional customization.
Connectivity Portfolio Gaining TractionThe company is witnessing increased adoption of its connectivity solutions, particularly in Wi-Fi and ultra-wideband technologies. These solutions are being used across smartphones, smart home devices, automotive platforms and industrial markets. As connected devices become increasingly sophisticated, Qorvo stands to benefit from rising demand for high-performance connectivity solutions.
Qorvo has also taken giant strides in its power management business, which serves applications across storage, industrial and computing markets. Improving demand trends and healthier inventory levels are supporting growth in this business. The expanding adoption of power-efficient electronic systems across industries provides Qorvo with an opportunity to increase its market presence and diversify revenue streams.
Price PerformanceQorvo has surged 22.1% in the past year against the industry’s decline of 0.5%. It has outperformed peers like Skyworks Solutions, Inc. (SWKS - Free Report) but lagged RF Industries, Ltd. (RFIL - Free Report) . While Skyworks has gained 2.7%, RFIL soared 319.4% over this period.
One-Year Price Performance of QRVO
Image Source: Zacks Investment Research
Moving ForwardQorvo's expanding presence across defense and aerospace, infrastructure, power management and connectivity markets highlights the strength of its organic growth strategy. With multiple secular growth drivers supporting demand, the company appears well-positioned to deliver sustainable long-term growth while reducing its reliance on smartphone-related revenue streams.
Qorvo currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
With a favorable Zacks Rank and healthy growth dynamics, Qorvo appears primed for further stock price appreciation. Consequently, investors are likely to profit if they bet on this stock now.
Revolutionary Ku/Ka Fully Integrated Aero-Conformal Antenna System Sets a New Standard for Aircraft Connectivity and Paves the Way for Supersonic and Hypersonic Flight — Developed in Collaboration with Qorvo
ATLANTA, March 23, 2026 (GLOBE NEWSWIRE) -- NexSat Space Systems Corporation (NexSat) today announced its official company launch and unveiled its first groundbreaking product development, ACE (Aero Conformal ESA) — an industry-first fully integrated Ku/Ka-band electronically steered antenna (ESA), known as “The Invisible Antenna.”
“With NexSat’s launch, we’re on a mission to rewrite the antenna rulebook with our Aero Conformal Electronically Scanned Array (A.C.E.), bringing a smartphone-like simplicity to users and ubiquitous coverage anywhere in the world,” said David Horton, founder and CEO, NexSat.
Working with Qorvo, a leading provider of connectivity and power solutions, NexSat will deliver the next wave of global connectivity to the SATCOM and aero market.
ACE is a fully conformal, embedded Ku/Ka-band ESA, enabled through Qorvo beamformer IC (BFIC) technologies and SATCOM systems expertise in a resilient composite matrix.
Leveraging Qorvo’s latest advances in BFIC technology and phased-array systems expertise, the ultra-thin, conformal architecture minimizes aerodynamic drag while delivering continuous multi-orbit connectivity across dynamic flight envelopes, including high-G, supersonic, and hypersonic regimes. This revolutionary system seamlessly embeds the antenna into aircraft surfaces using a patented 3D robotic Additive Manufacturing and Compression Mold (AM-CM) process, eliminating the need for traditional radomes and external apertures.
“ACE’s fully integrated Ku/Ka capability, combined with our AM-CM process, delivers performance and reliability once considered impossible,” said Horton. “This technology revolutionizes connectivity for today’s business, commercial and defense aircraft, while establishing the foundation for the next generation of supersonic and hypersonic platforms.”
“The collaboration with NexSat highlights how Qorvo’s advanced beamforming IC technology can accelerate innovation across the aerospace communications market,” said Ryan Jennings, director of SATCOM and Systems Engineering at Qorvo. “Our proven capabilities in RF integration and system architectures are key enablers for high-performance, reliable connectivity across new flight domains.”
Serving Aircraft Connectivity Needs
ACE addresses the need for modern aircraft connectivity, targeting business jet aircraft first, with scaled versions for narrow-body and wide-body commercial aircraft in development. ACE supports multi-orbit, multi-network and multi-band requirements, including Ku/Ka and L-band.
Delivering Aerodynamic Advantage to Hypersonic, UAS Platforms
As the first “invisible,” structurally embedded antenna system engineered for speed and performance, ACE is also suitable for any platform across commercial and defense applications, unmanned aerial systems (UAS), and high-speed aerospace platforms such as hypersonic aircraft learn more about NexSat product capabilities.
Through ACE, NexSat Space Systems Corporation is redefining what’s possible in aerospace communications — delivering the world’s first truly invisible, structurally embedded, electronically steerable antenna system, engineered for the edge of speed, space and performance.
About NexSat
NexSat Space Systems Corporation is an advanced aerospace and communications technology company pioneering embedded, conformal, multi-band, multi-orbit and network-agnostic antenna systems better known as the Universal Antenna Layer (UAL). NexSat brings both multi-domain satellite antenna development experience and FAA certification expertise to redefine connectivity, sensing and intelligence across the defense, aerospace and commercial space sectors.
About Qorvo
Qorvo (Nasdaq: QRVO) is a global leader in radio-frequency (RF) and power solutions that connect, protect, and power the world. The company delivers advanced semiconductor technologies and high-performance RF systems for mobile devices, satellite and terrestrial communications, aerospace and defense, automotive, and Internet of Things applications.
Headquartered in Greensboro, North Carolina, Qorvo leverages expertise in GaN, GaAs, and advanced filtering technologies to enable next-generation communications across multi-band and high-reliability environments.
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Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
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As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.
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Stock to Watch: Qorvo (QRVO - Free Report) Qorvo Inc. is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications.
QRVO is a #1 (Strong Buy) on the Zacks Rank, with a VGM Score of B.
It also boasts a Value Style Score of B thanks to attractive valuation metrics like a forward P/E ratio of 11.85; value investors should take notice.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.17 to $6.53 per share. QRVO boasts an average earnings surprise of +28.6%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.
Mirae Asset Global Investments Co. Ltd. lifted its holdings in Qorvo, Inc. (NASDAQ:QRVO – Free Report) by 18.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 124,848 shares of the semiconductor company’s stock after buying an additional 19,849 shares during the period. Mirae Asset Global Investments Co. Ltd. owned about 0.14% of Qorvo worth $10,551,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the business. Sage Rhino Capital LLC increased its holdings in shares of Qorvo by 4.4% in the 3rd quarter. Sage Rhino Capital LLC now owns 3,758 shares of the semiconductor company’s stock worth $342,000 after buying an additional 160 shares during the last quarter. Fred Alger Management LLC increased its holdings in shares of Qorvo by 5.3% in the 3rd quarter. Fred Alger Management LLC now owns 3,179 shares of the semiconductor company’s stock worth $290,000 after buying an additional 160 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its holdings in shares of Qorvo by 5.7% in the 4th quarter. Beacon Investment Advisory Services Inc. now owns 3,001 shares of the semiconductor company’s stock worth $254,000 after buying an additional 161 shares during the last quarter. Versant Capital Management Inc increased its holdings in shares of Qorvo by 4.5% in the 3rd quarter. Versant Capital Management Inc now owns 4,139 shares of the semiconductor company’s stock worth $377,000 after buying an additional 177 shares during the last quarter. Finally, NorthCrest Asset Manangement LLC increased its holdings in shares of Qorvo by 0.3% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 62,938 shares of the semiconductor company’s stock worth $5,479,000 after buying an additional 194 shares during the last quarter. 88.57% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades A number of analysts have recently weighed in on QRVO shares. Barclays boosted their target price on shares of Qorvo from $90.00 to $95.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Craig Hallum dropped their price target on shares of Qorvo from $110.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, January 28th. Zacks Research cut shares of Qorvo from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Stifel Nicolaus dropped their price target on shares of Qorvo from $88.00 to $85.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Finally, TD Cowen dropped their price target on shares of Qorvo from $95.00 to $80.00 and set a “hold” rating for the company in a research note on Wednesday, January 28th. Two research analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $93.88.
View Our Latest Report on Qorvo
Qorvo Stock Performance Shares of QRVO opened at $81.90 on Monday. Qorvo, Inc. has a 1-year low of $56.00 and a 1-year high of $106.30. The company has a 50-day moving average of $80.35 and a 200 day moving average of $84.13. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 22.56, a PEG ratio of 1.29 and a beta of 1.34. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.67 and a quick ratio of 2.89.
Qorvo (NASDAQ:QRVO – Get Free Report) last announced its quarterly earnings data on Tuesday, January 27th. The semiconductor company reported $2.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.93 by $0.24. Qorvo had a net margin of 9.11% and a return on equity of 14.57%. The company had revenue of $993.00 million during the quarter, compared to analyst estimates of $984.10 million. During the same quarter last year, the business posted $1.61 EPS. The firm’s revenue for the quarter was up 8.4% on a year-over-year basis. Qorvo has set its Q4 2026 guidance at 1.050-1.350 EPS. On average, research analysts expect that Qorvo, Inc. will post 4.09 EPS for the current year.
Qorvo Profile (Free Report)
Qorvo, Inc is a leading provider of advanced radio-frequency (RF), analog and mixed-signal semiconductor solutions. The company designs, develops and manufactures a broad portfolio of components and modules that enable wireless and wired connectivity across mobile devices, network infrastructure, defense systems and Internet of Things (IoT) applications.
Qorvo’s product offerings include RF filters, power amplifiers, switches, integrated front-end modules and other custom mixed-signal devices.
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GREENSBORO, N.C., April 21, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, will distribute fiscal 2026 fourth quarter financial results at approximately 4:00 p.m. (ET) on Tuesday, May 5, 2026. The press release will be available on the Company's Investor Relations website at the following URL: https://ir.qorvo.com (under "Financial Releases").
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers' most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management's attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo's subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
At Qorvo®
Doug DeLieto
VP, Investor Relations
1-336-678-7968
GREENSBORO, N.C., May 05, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2026 fourth quarter ended March 28, 2026.
On a GAAP basis, revenue for Qorvo’s fiscal 2026 fourth quarter was $808.3 million, gross margin was 48.9%, operating income was $31.5 million, and diluted earnings per share was $0.32. On a non-GAAP basis, gross margin was 52.6%, operating income was $190.2 million, and diluted earnings per share was $1.69.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo’s fiscal fourth quarter performance reflects continued operational excellence and the strategic optimization of business mix within and across operating segments. March quarterly non-GAAP gross margin expanded by 670 basis points year-over-year, and full-year fiscal 2026 non-GAAP gross margin expanded by 370 basis points versus the prior fiscal year. Looking forward, we expect continued momentum reducing capital intensity and enhancing profitability. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and non-GAAP diluted earnings per share approaching $7.00.”
Financial Commentary
Grant Brown, chief financial officer of Qorvo, said, "During the fiscal fourth quarter, Qorvo generated $255 million of free cash flow and repurchased $400 million of shares outstanding, representing a reduction of approximately 5% of common stock outstanding versus the prior quarter. Qorvo completed its fiscal fourth quarter with a cash balance of $1.2 billion."
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. Qorvo's fiscal 2027 will be a 53-week year, and its fiscal second quarter, ending Saturday, October 3, 2026, will include 14 weeks.
See "Forward-looking non-GAAP financial measures" below. Qorvo's actual results may differ from these expectations and projections, and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.
SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q4 Fiscal 2026 Q3 Fiscal 2026 Q4 Fiscal 2025 Sequential Change Year-over-Year ChangeRevenue HPA$202.7 $190.9 $187.9 6.2% 7.9%CSG 93.3 111.3 101.3 (16.2)% (7.9)%ACG 512.3 690.8 580.3 (25.8)% (11.7)%Total revenue$808.3 $993.0 $869.5 (18.6)% (7.0)%Operating income (loss) HPA$70.3 $55.7 $58.4 26.2% 20.4%CSG (6.9) (6.2) (15.6) (11.3)% 55.8%ACG 130.5 202.2 109.7 (35.5)% 19.0%Unallocated amounts(1) (162.4) (59.6) (124.3) (172.5)% (30.7)%Total operating income$31.5 $192.1 $28.2 (83.6)% 11.7%Operating income (loss) as a % of revenue HPA 34.7% 29.2% 31.1% 5.5 ppt 3.6 pptCSG (7.4) (5.6) (15.4) (1.8) ppt 8.0 pptACG 25.5 29.3 18.9 (3.8) ppt 6.6 pptTotal operating income as a % of revenue 3.9% 19.4% 3.3% (15.5) ppt 0.6 ppt (1) Includes stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; costs associated with upgrading certain of the Company's core business systems; and start-up costs.
Non-GAAP Financial Measures
In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.
In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance.
We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.
Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below:
Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of acquired intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other charges or income. We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.
We view amortization of acquired acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.
We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo's ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.
Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges. We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of acquired intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges, certain settlements, gains, losses and other charges, investment and debt-related gains and losses, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.
Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.
EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo's ongoing operations (including goodwill and intangible asset impairments, investment and debt-related gains and losses, acquisition-related costs, merger-related costs, restructuring-related costs and certain settlements, gains, losses and other charges) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes, among other items, changes in working capital and the effect of non-cash charges).
Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.
Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments, minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt.
Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.
Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking gross margin and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, merger-related costs, restructuring-related charges, goodwill and intangible asset impairments, certain settlements, gains, losses and other charges, investment and debt-related gains or losses and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.
Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.
About Qorvo
Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.
Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.
Financial Tables to Follow
QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited) Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Revenue$808,277 $869,474 $3,678,517 $3,718,971 Cost of goods sold 413,256 502,911 1,990,415 2,183,382 Gross profit 395,021 366,563 1,688,102 1,535,589 Operating expenses: Research and development 170,388 179,931 726,122 747,709 Marketing and selling 49,526 55,517 215,485 231,912 General and administrative 34,504 35,064 165,189 171,712 Goodwill and intangible asset impairment 82,369 79,503 82,369 192,569 Other operating expense (income) 26,720 (11,673) 87,513 96,160 Total operating expenses 363,507 338,342 1,276,678 1,440,062 Operating income 31,514 28,221 411,424 95,527 Interest expense (17,840) (19,985) (73,134) (78,328)Other income, net 8,016 6,987 59,983 48,700 Income before income taxes 21,690 15,223 398,273 65,899 Income tax benefit (expense) 8,040 16,142 (59,284) (10,284)Net income$29,730 $31,365 $338,989 $55,615 Net income per share: Basic$0.32 $0.34 $3.66 $0.59 Diluted$0.32 $0.33 $3.62 $0.58 Weighted-average shares of common stock outstanding: Basic 91,636 93,249 92,592 94,586 Diluted 92,628 94,105 93,547 95,450 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited) Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025 GAAP operating income$31,514 $192,141 $28,221 Stock-based compensation expense 26,321 26,849 27,415 Amortization of acquired intangible assets 20,394 21,605 24,040 Restructuring-related charges (adjustments) 22,426 (10,396) (17,252)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (898) 2,670 9,922 Non-GAAP operating income$190,223 $247,585 $151,849 GAAP net income$29,730 $164,062 $31,365 Stock-based compensation expense 26,321 26,849 27,415 Amortization of acquired intangible assets 20,394 21,605 24,040 Restructuring-related charges (adjustments) 22,426 (10,396) (17,252)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (898) 2,670 9,922 Investment gains and losses 4,053 (6,108) 3,444 Adjustment of income taxes (35,660) (10,160) (25,095)Non-GAAP net income$156,832 $203,238 $133,342 GAAP weighted-average outstanding diluted shares 92,628 93,571 94,105 Dilutive stock-based awards — — — Non-GAAP weighted-average outstanding diluted shares 92,628 93,571 94,105 Non-GAAP net income per share, diluted$1.69 $2.17 $1.42 QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited) Three Months Ended(in thousands, except percentages)March 28, 2026 December 27, 2025 March 29, 2025GAAP gross profit/margin$395,021 48.9% $464,191 46.7% $366,563 42.2%Stock-based compensation expense 5,252 0.6 6,011 0.6 5,645 0.7 Amortization of acquired intangible assets 18,448 2.3 18,783 1.9 21,684 2.5 Restructuring-related charges (adjustments) 7,084 0.9 (1,015)(0.1) 5,492 0.6 Other income (621)(0.1) (461)— (719)(0.1)Non-GAAP gross profit/margin$425,184 52.6% $487,509 49.1% $398,665 45.9% Three Months EndedNon-GAAP Operating IncomeMarch 28, 2026(as a percentage of revenue) GAAP operating income3.9%Stock-based compensation expense3.2 Amortization of acquired intangible assets2.5 Restructuring-related charges2.8 Goodwill and intangible asset impairment10.2 Merger-related costs1.0 Settlements, gains, losses and other charges(0.1)Non-GAAP operating income23.5% Three Months EndedFree Cash Flow(1)March 28, 2026(in thousands) Net cash provided by operating activities$276,264 Purchases of property and equipment (21,235)Free cash flow$255,029 (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.
QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands) (Unaudited)Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP research and development expense$170,388 $178,066 $179,931 Less: Stock-based compensation expense 12,496 14,575 14,364 Amortization of acquired intangible assets 402 466 — Other charges 2 2 1 Non-GAAP research and development expense$157,488 $163,023 $165,566 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP marketing and selling expense$49,526 $49,424 $55,517 Less: Stock-based compensation expense 3,327 3,290 4,067 Amortization of acquired intangible assets 1,543 2,356 2,356 Non-GAAP marketing and selling expense$44,656 $43,778 $49,094 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP general and administrative expense$34,504 $32,007 $35,064 Less: Stock-based compensation expense 5,379 2,946 3,509 Non-GAAP general and administrative expense$29,125 $29,061 $31,555 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP other operating expense (including goodwill and intangible asset impairment)$109,089 $12,553 $67,830 Less: Stock-based compensation (adjustment) expense (132) 27 (170)Restructuring-related charges (adjustments) 15,342 (9,381) (22,744)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (279) 3,129 10,640 Non-GAAP other operating expense$3,692 $4,062 $601 Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP total operating expense$363,507 $272,050 $338,342 Less: Stock-based compensation expense 21,070 20,838 21,770 Amortization of acquired intangible assets 1,945 2,822 2,356 Restructuring-related charges (adjustments) 15,342 (9,381) (22,744)Goodwill and intangible asset impairment 82,369 — 79,503 Merger-related costs 8,097 14,716 — Settlements, gains, losses and other charges (277) 3,131 10,641 Non-GAAP total operating expense$234,961 $239,924 $246,816 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited) March 28, 2026 March 29, 2025ASSETS Current assets: Cash and cash equivalents$1,219,015 $1,021,176 Accounts receivable, net 382,509 386,719 Inventories 553,718 640,992 Prepaid expenses 36,724 32,808 Other receivables 16,172 11,023 Other current assets 98,176 74,557 Total current assets 2,306,314 2,167,275 Property and equipment, net 710,392 801,895 Goodwill 2,353,226 2,389,741 Intangible assets, net 121,506 273,478 Long-term investments 16,295 23,433 Other non-current assets 317,857 277,309 Total assets$5,825,590 $5,933,131 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable$242,870 $260,663 Accrued liabilities 248,160 287,981 Other current liabilities 221,727 234,538 Total current liabilities 712,757 783,182 Long-term debt 1,549,154 1,549,215 Other long-term liabilities 219,380 208,422 Total liabilities 2,481,291 2,540,819 Commitments and contingent liabilities Stockholders’ equity: Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding — — Common stock and additional paid-in capital, $0.0001 par value; 405,000 shares authorized; 87,741 and 92,920 shares issued and outstanding at March 28, 2026 and March 29, 2025, respectively 3,301,450 3,431,308 Accumulated other comprehensive income (loss) 4,061 (5,013)Retained earnings (accumulated deficit) 38,788 (33,983)Total stockholders' equity 3,344,299 3,392,312 Total liabilities and stockholders’ equity$5,825,590 $5,933,131 QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Cash flows from operating activities: Net income$29,730 $31,365 $338,989 $55,615 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 35,852 40,310 151,338 163,222 Intangible assets amortization 26,852 30,468 111,051 133,614 Deferred income taxes (14,580) (21,469) (39,384) (84,737)Goodwill and intangible asset impairment 82,369 79,503 82,369 192,569 Stock-based compensation expense 26,321 27,415 136,070 136,346 Other, net 3,235 (25,014) (13,421) 31,966 Changes in operating assets and liabilities: Accounts receivable, net 104,995 43,256 3,154 26,807 Inventories (24,428) 14,369 86,616 18,188 Prepaid expenses and other assets (2,077) 6,162 (18,510) (24,348)Accounts payable and accrued liabilities 5,981 (20,978) (50,211) (38,599)Income taxes payable and receivable 6,191 7,655 942 (4,103)Other liabilities (4,177) (13,859) 19,628 15,662 Net cash provided by operating activities 276,264 199,183 808,631 622,202 Cash flows from investing activities: Purchase of property and equipment (21,235) (28,513) (129,070) (137,600)Proceeds from sale of property and equipment 37,862 7,059 51,711 7,059 Proceeds from sales of businesses — 117,541 21,472 173,117 Other investing activities 1,507 (448) 12,287 (6,021)Net cash provided by (used in) investing activities 18,134 95,639 (43,600) 36,555 Cash flows from financing activities: Repurchase of common stock, including transaction costs (400,050) (49,981) (532,552) (356,336)Proceeds from the issuance of common stock 10,403 11,336 35,492 35,741 Tax withholding paid on behalf of employees for restricted stock units (2,863) (705) (32,018) (31,250)Repurchase of debt — — — (439,124)Net proceeds (payments) from purchase and sale of inventories subject to repurchase 7,367 897 (11,711) 130,204 Other financing activities (6,934) (4,968) (25,737) (23,597)Net cash used in financing activities (392,077) (43,421) (566,526) (684,362)Effect of exchange rate changes on cash and cash equivalents (1,816) 343 (666) (2,477)Net (decrease) increase in cash and cash equivalents (99,495) 251,744 197,839 (28,082)Cash and cash equivalents at the beginning of the period 1,318,510 769,432 1,021,176 1,049,258 Cash and cash equivalents at the end of the period$1,219,015 $1,021,176 $1,219,015 $1,021,176 At Qorvo®
Doug DeLieto
VP, Investor Relations
1.336.678.7968
Qorvo (QRVO - Free Report) came out with quarterly earnings of $1.69 per share, beating the Zacks Consensus Estimate of $1.21 per share. This compares to earnings of $1.42 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +40.17%. A quarter ago, it was expected that this chipmaker would post earnings of $1.87 per share when it actually produced earnings of $2.17, delivering a surprise of +16.04%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Qorvo, which belongs to the Zacks Semiconductors - Radio Frequency industry, posted revenues of $808.28 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 1.08%. This compares to year-ago revenues of $869.47 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Qorvo shares have added about 9.5% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Qorvo?While Qorvo has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Qorvo was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.04 on $751 million in revenues for the coming quarter and $6.77 on $3.52 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Semiconductors - Radio Frequency is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Perion Network (PERI - Free Report) , another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 20.
This digital media company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of -45.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Perion Network's revenues are expected to be $94.43 million, up 5.7% from the year-ago quarter.
