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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.

Posted by Defense World Staff on Jul 30th, 2026

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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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.

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.

Cautionary Statement Regarding Forward-Looking Statements

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.

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 

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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Contact [email protected] for any questions or corrections.

NEWBURYPORT, Mass.--(BUSINESS WIRE)-- #Electronics--Rochester Electronics and Qorvo team to extend RF component availability, ensuring long lifecycles and reliable supply for critical applications.

July 13, 2026 08:00 ET  | Source: Qorvo, Inc.

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.

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.

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.

Posted by Defense World Staff on Apr 20th, 2026

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.

See Also Five stocks we like better than Qorvo

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April 21, 2026 08:03 ET  | Source: Qorvo, Inc.

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

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.

Key Takeaways Qorvo reported Q4 fiscal 2026 earnings and revenues that beat estimates despite lower sales.QRVO offset weak smartphone demand with improved margins, cost control and product mix gains.QRVO saw higher non-GAAP profit and operating cash flow, with a stronger segment mix aiding results. Qorvo, Inc. (QRVO - Free Report) reported relatively healthy fourth-quarter fiscal 2026 results, with both top and bottom lines beating the Zacks Consensus Estimate.

During the quarter, the company’s weak smartphone demand continued to pressure revenues. However, the company managed to improve profitability through better cost control and a stronger product mix.

Net IncomeOn a GAAP basis, the company reported a net income of $29.7 million or 32 cents per share compared with $31.4 million or 33 cents per share in the prior-year quarter, primarily due to lower net sales and higher operating expenses.

Non-GAAP net income was $156.8 million or $1.69 per share compared with $133.3 million or $1.42 per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate by 48 cents.

For 2026, Qorvo reported GAAP net income of $339 million or $3.62 per share compared with $55.6 million or 58 cents per share in 2025.

RevenuesNet sales during the quarter declined to $808.3 million from $869.5 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $799.7 million. For 2026, revenues decreased to $3.68 billion from $3.72 billion in 2025.

Segmental PerformanceThe High-Performance Analog segment contributed $202.7 million in revenues compared with $187.9 million in the year-ago quarter, mainly driven by demand for 5G network equipment, defense and aerospace systems, Wi-Fi devices and industrial electronics.

Revenues from the Connectivity and Sensors Group segment were $93.3 million compared with $101.3 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $512.3 million, down 11.7% year over year.

Other DetailsNon-GAAP gross profit was $425.2 million compared with $398.7 million in the year-ago quarter, with respective margins of 52.6% and 45.9%. Non-GAAP operating expenses decreased to $235 million from $246.8 million a year ago. Non-GAAP operating income was $190.2 million compared with $151.8 million in the year-ago quarter.

Cash Flow & LiquidityAs of March 28, 2026, QRVO had $1.22 billion in cash and cash equivalents and $1.55 billion of long-term debt compared with respective tallies of $1.02 billion and $1.55 billion a year ago.

The company generated $276.3 million in cash from operations compared with $199.2 million in the year-earlier quarter. For 2026, the company generated $808.6 million of cash from operating activities compared with $622.2 million in 2025.

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 ReleasesHubSpot, Inc. (HUBS - Free Report) is scheduled to release first-quarter 2026 earnings on May 7. The Zacks Consensus Estimate for earnings is pegged at $2.47 per share, suggesting growth of 38.76% from the year-ago reported figure.

HubSpot has a long-term earnings growth expectation of 20%. The company delivered an average earnings surprise of 3.01% in the last four reported quarters.

Workday, Inc. (WDAY - Free Report) is set to release first-quarter fiscal 2027 earnings on May 21. The Zacks Consensus Estimate for earnings is pegged at $2.49 per share, implying growth of 11.7% from the year-ago reported figure.

Workday has a long-term earnings growth expectation of 20.16%. The company delivered an average earnings surprise of 8.53% in the last four reported quarters.

Motorola Solutions, Inc. (MSI - Free Report) is set to release first-quarter 2026 earnings on May 7. The Zacks Consensus Estimate for earnings is pegged at $3.25 per share, implying growth of 2.2% from the year-ago reported figure.

Motorola has a long-term earnings growth expectation of 9.4%. The company delivered an average earnings surprise of 5.66% in the last four reported quarters.

Qorvo is executing a recovery, with gross margins already at the FY2028 target of 47% and net debt set to vanish within a year. QRVO trades at a 2-turn EV/EBITDA discount to Qualcomm despite comparable or superior margin performance, offering a compelling re-rating opportunity. The base case price target is $120 (+43%), with bull and bear scenarios at $175 (+109%) and $54 (−35%), respectively, driven by DCF and peer multiples.

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Shares of Qualcomm (NASDAQ:QCOM | QCOM Price Prediction) are up 11% at midday Friday, with Skyworks Solutions (NASDAQ:SWKS) higher by 9% and Qorvo (NASDAQ:QRVO) tacking on 7%. The mobile and RF (radio frequency) chip trade is rallying broadly, but the bid is concentrated in the smaller, more focused names in the group. Investors are picking pure-play winners while passing on the diversified semiconductor giants.

The curious wrinkle: Broadcom (NASDAQ:AVGO), the long-term explosive winner of the broader chip complex, is essentially flat on the session. Money is rotating into the focused mobile and connectivity names rather than the diversified leader, an unusual pattern after years of the opposite trade dominating.

Qualcomm stock’s recent run has been remarkable. It’s up 76% over the past month and 40% year to date, closing Thursday at $213.41 with a market cap of roughly $251 billion.

Qualcomm Leads on Data Center and Auto Momentum Qualcomm stock is doing the heavy lifting today. The leadership reflects momentum across Snapdragon mobile SoCs, the automotive Snapdragon Digital Chassis, and AI-at-the-edge silicon. QCOM stock’s one-year gain sits at 62%, with the five-year return at 82%.

The April 29 earnings report set the table. Qualcomm posted Q2 FY2026 revenue of $10.6 billion and non-GAAP EPS of $2.65, marking a fourth consecutive beat. QCT Automotive hit a record $1.33 billion, up 38% year over year.

CEO Cristiano Amon stated that a hyperscaler custom silicon engagement remains “on track for initial shipments later this calendar year” as Qualcomm builds its data center push. The June 24 Investor Day on Data Center and Physical AI is the next near-term catalyst. Management also rolled out a $20 billion buyback authorization alongside the quarter.

Skyworks and Qorvo Catch a Mean-Reversion Bid Skyworks shares are riding a one-month gain of 30% and a year-to-date advance of 27%. The company delivered Q1 FY2026 revenue of $1.035 billion and non-GAAP EPS of $1.54, a fourth consecutive quarterly beat. Skyworks CEO Phil Brace observed accelerating broad-markets growth led by Wi-Fi 7 and data center infrastructure programs.

Qorvo stock is up 23% over the past month and 37% over the past year. Qorvo’s Q4 FY2026 non-GAAP EPS of $1.69 blew past the $1.21 consensus, while non-GAAP gross margin expanded 670 basis points year over year to 53%. Moreover, Qorvo returned $400 million through buybacks in the quarter.

The pending Skyworks-Qorvo merger has cleared a major hurdle, securing 81% shareholder approval. Combined with Qualcomm’s read-through on handset, automotive, and IoT recovery, the smaller RF pure-plays are catching a powerful sentiment bid today.

The Five-Year Picture Complicates the Story Today’s rotation doesn’t erase a difficult structural backdrop for the smaller names. Skyworks stock is still down 52% over five years, while Qorvo is down 41% over the same stretch.

Qualcomm has gained 82% over five years, a respectable but middling result. Broadcom, by contrast, has surged 818% over the same window, the kind of dispersion that argues the diversified-giant model has been the winning long-term strategy.

The pure-plays carry heavier customer-concentration risk, capex disadvantages, and less software exposure than Broadcom. One session of mean reversion doesn’t flip that scorecard. The bull case rests on AI-enabled phones lifting RF content per device, plus a sustained automotive radio frequency build-out.

What to Watch For Qualcomm stock, the June 24 Investor Day is the next major checkpoint, with management expected to detail Data Center and Physical AI roadmaps. Q3 FY2026 revenue guidance of $9.2 billion to $10 billion assumes Chinese handset revenues bottom this quarter, with sequential recovery in the following one. The relevant 8-K filing is available on sec.gov.

For Skyworks and Qorvo, regulatory progress on the merger could set the tone. Prudent investors can keep an eye on whether today’s gains hold into the close, since a single session of rotation rarely reprices five years of structural underperformance.

On May 27, 2026, Qorvo Inc QRVO shares fell 4.0% today, trading at $103.91. This decline comes after a strong performance over the past month, where the stock gained 21.1%. Over the last year, Qorvo’s stock has risen by 35.0%, and it has experienced a 52-week range between $74.03 and $109.49.

GF Value™ verdict: Current price is $103.91, compared to a GF Value™ of $93.91, indicating the stock is 10.6% overvalued.GF Score™: 68/100, categorized as Above Average, suggesting potential for long-term returns.Most notable signal: Insiders sold $3.5M in stock over the last 3 months, indicating a lack of insider confidence. Is QRVO Overvalued or Undervalued? Qorvo Inc QRVO is currently trading at $103.91, which is 10.6% higher than its calculated GF Value™ of $93.91. This indicates that the stock is overvalued at its current price. The GF Valuation label categorizes QRVO as Modestly Overvalued, suggesting that while the stock may not be excessively overvalued, there is limited margin of safety for potential investors. The risk associated with investing in QRVO at this price level lies in the possibility of a price correction as the market adjusts to align with its intrinsic value, which could lead to losses for shareholders if the stock price declines.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. When stocks are trading above their GF Value™, it may signal that they are priced optimistically, leading to potential downside risk for investors.

How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 28.7x 23.5x Forward P/E 15.0x N/A Qorvo's current P/E ratio of 28.7x is significantly above its 5-year median P/E of 23.5x, indicating that the stock is trading at a premium compared to its historical valuation. The forward P/E of 15.0x suggests a more favorable outlook, but the current high P/E ratio supports the GF Value™ verdict of being overvalued. This analysis aligns with the observation that the stock is currently priced higher than its historical averages, reinforcing concerns about its valuation.

What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 68 Financial Strength 7/10 Profitability 6/10 Growth 1/10 Valuation 6/10 Momentum 8/10 The GF Score™ of 68/100 reflects an Above Average rating, suggesting that Qorvo has the potential for favorable long-term returns. The strongest aspects of QRVO's score are its Financial Strength (7/10) and Momentum (8/10), indicating a solid financial position and positive recent performance. However, the weakest area is its Growth ranking (1/10), which could be a concern as it suggests limited potential for expansion in revenues or profits. Investors should consider these mixed signals when evaluating QRVO's long-term prospects.

What Are Insiders Doing with QRVO Stock? In the last three months, there has been notable insider selling amounting to $3.5 million, with no significant buying activity reported. This trend may suggest a lack of confidence among insiders regarding the future performance of the stock. The absence of insider buying could indicate a cautious outlook from those who are most familiar with the company's operations and prospects, which is often viewed as a red flag for potential investors.

What This Means for Investors Based on the current GF Value™ assessment, Qorvo Inc QRVO appears to be overvalued at its current price of $103.91. While the stock has shown strong performance over the past year, the valuation metrics and insider activity present potential risks that investors should carefully consider before making investment decisions.

For the complete analysis, visit the Qorvo Inc QRVO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is QRVO's GF Score™?

QRVO's GF Score™ is 68/100, indicating an Above Average rating, which suggests potential for favorable long-term returns based on various performance metrics.

Is QRVO overvalued or undervalued?

QRVO is considered overvalued based on its GF Value™ of $93.91 compared to the current price of $103.91, indicating a premium that may pose risks for investors.

What is QRVO's P/E ratio?

QRVO's P/E ratio is 28.7x, which is significantly above its 5-year median of 23.5x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

On June 01, 2026, Qorvo Inc QRVO shares fell 3.5% to close at $99.97. The stock has experienced a 52-week range of $74.77 to $109.49, indicating significant volatility over the past year.

GF Value™ verdict: QRVO is currently trading at $99.97, which is 6.5% above the GF Value™ estimate of $93.86.GF Score™: QRVO has a GF Score™ of 69/100, indicating it is above average in terms of quality and potential returns.Most notable signal: Insiders sold $3.5M worth of stock in the last three months, with no buying activity reported. Is QRVO Overvalued or Undervalued? The current price of Qorvo Inc QRVO is $99.97, which is above its GF Value™ estimate of $93.86, marking the stock as 6.5% overvalued. This suggests that the stock may carry a certain level of risk for new investors as the margin of safety is absent at this valuation level. The GF Valuation label indicates that QRVO is considered fairly valued based on current market conditions, but the discrepancy between the current price and the GF Value™ can raise concerns about potential corrections in stock price.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given that QRVO's shares are trading above the GF Value™, it is essential for potential investors to consider the risks associated with this overvaluation, particularly in light of recent insider selling, which may indicate a lack of confidence in the company's near-term performance.

How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 27.6x 23.5x Forward P/E 14.6x N/A Currently, QRVO's trailing P/E is 27.6x, which is 17% above its 5-year median P/E of 23.5x. The forward P/E of 14.6x indicates a more favorable valuation going forward; however, the current P/E suggests that the stock is trading above its historical valuation levels. This analysis aligns with the GF Value™ verdict, indicating that QRVO is indeed overvalued at its current price.

What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 69/100 Financial Strength 7/10 Profitability 6/10 Growth 1/10 Valuation 7/10 Momentum 8/10 The GF Score™ of 69/100 indicates a solid overall quality for Qorvo, with particular strengths in Financial Strength (7/10) and Valuation (7/10). However, the weakest area is Growth, where QRVO only scores 1/10. This suggests that while the company is financially stable and offers some value, it may not be positioned for significant growth in the near future. Momentum is rated highly at 8/10, indicating that the stock has been performing relatively well in the short term.

What Are Insiders Doing with QRVO Stock? In the last three months, insiders have sold approximately $3.5 million worth of Qorvo stock, with no reported buying activity. This pattern of selling may suggest a lack of confidence among insiders regarding the company's future performance or valuation, which can be a red flag for potential investors. The absence of insider buying further emphasizes caution, as it may indicate that those closest to the company do not view the current price as attractive for investment.

What This Means for Investors Based on the GF Value™ assessment, Qorvo Inc QRVO is currently overvalued. With its trading price above the estimated intrinsic value, investors may need to exercise caution and consider the implications of insider selling and market conditions before making any investment decisions.

For the complete analysis, visit the Qorvo Inc QRVO stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is QRVO's GF Score™?

QRVO's GF Score™ is 69/100, indicating that it is considered above average in terms of quality and potential returns based on key financial metrics.

Is QRVO overvalued or undervalued?

QRVO is currently overvalued, trading at a price that is 6.5% above its GF Value™ estimate, which suggests a lack of margin of safety for new investors.

What is QRVO's P/E ratio?

The trailing P/E ratio for QRVO is 27.6x, which is 17% higher than its 5-year median of 23.5x, indicating that the stock is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

IRVINE, Calif., June 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, in connection with 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, and related consent solicitations by Skyworks, on behalf of Qorvo (the “Consent Solicitations”), to adopt certain proposed amendments to each indenture governing the applicable series of Qorvo Notes to, among other things, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default (the “Proposed Amendments”), in exchange for the applicable Consent Payment (as defined herein), as of 5:00 p.m., New York City time, on June 11, 2026 (the “Early Participation Date” and the “Consent Revocation Deadline”), according to Global Bondholder Services Corporation, the information agent for the Exchange Offers and Consent Solicitations, the following respective principal amounts of each series of Qorvo Notes have been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked):

Title of Qorvo Notes /
CUSIP / ISIN No.
 Principal Amount Outstanding
 Qorvo Notes Tendered at the Early Participation Date and Consent Revocation Deadline Principal Amount Percentage4.375% Senior Notes due 2029Registered:

74736KAH4/
US74736KAH41

144A:
74736KAG6 /
US74736KAG67

Regulation S:
U7471QAF1 /
USU7471QAF10

 $850,000,000 $760,095,000 89.42%3.375% Senior Notes due 2031144A:
74736KAJ0 /
US74736KAJ07

Regulation S:
U7471QAJ3 /
USU7471QAJ32

 $700,000,000 $651,334,000 93.05%        As of the Consent Revocation Deadline, Skyworks, on behalf of Qorvo, has received the requisite consents to adopt the Proposed Amendments to each series of Qorvo Notes. On June 11, 2026, Qorvo entered into two supplemental indentures, one with respect to each series of Qorvo Notes, with the subsidiary guarantors party thereto and the trustee for the Qorvo Notes (the “Supplemental Indentures”) to effect the Proposed Amendments, which, among other changes, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default. Upon their respective executions, each Supplemental Indenture became effective and constitutes a binding agreement between Qorvo, the subsidiary guarantors party thereto and the trustee for the Qorvo Notes. However, the Proposed Amendments with respect to each series of Qorvo Notes will not become operative until (i) immediately prior to 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 or (ii) immediately upon the settlement of the Exchange Offer and Consent Solicitation with respect to such series, depending on the specific amendment, and will cease to be operative if the Mergers are not consummated.

As a result of the consents validly tendered and not validly withdrawn by the Consent Revocation Deadline, the consent payment for the 2029 Qorvo Notes will be approximately $2.80 per $1,000 in principal amount of such notes validly tendered and not validly withdrawn at or prior to the Consent Revocation Deadline. As a result of the consents validly tendered and not validly withdrawn by the Consent Revocation Deadline, the consent payment for the 2031 Qorvo Notes will be approximately $2.69 per $1,000 in principal amount of such notes validly tendered and not validly withdrawn at or prior to the Consent Revocation Deadline (the foregoing, with respect to each series, the applicable “Consent Payment”).

Revocation rights for the Consent Solicitations expired at 5:00 p.m., New York City time, on the Consent Revocation Deadline. Withdrawal rights for the Exchange Offers expire as of the Expiration Date (as defined herein). Holders of either series of Qorvo Notes who did not validly tender (or who validly tendered but withdrew) such Qorvo Notes at or prior to the 5:00 p.m., New York City time, deadline on the Consent Revocation Deadline will not be eligible to receive the applicable Consent Payment.

For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the Early Participation Date and accepted for exchange, holders of such series of Qorvo Notes will be eligible to receive, in addition to $950.00 principal amount of the corresponding series of New Skyworks Notes (the "Exchange Consideration"), an early participation premium, payable in principal amount of the applicable series of New Skyworks Notes, equal to $50.00 (the "Early Participation Premium"); provided that such Qorvo Notes held by the applicable holder have been validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date and either (A) such holder has not validly withdrawn such Qorvo Notes at or prior to the applicable Expiration Date or (B) if such Qorvo Notes held by such holder have been validly withdrawn at or prior to the applicable Expiration Date, such holder, prior to such Expiration Date shall have (i) validly re-tendered, and not validly withdrawn, such Qorvo Notes and (ii) submitted the Early Participation VOI Number (as defined in the Prospectus (as defined herein)) with respect to such tendered Qorvo Notes. Otherwise, for each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn after the Early Participation Date and at or prior to the applicable Expiration Date, holders of such series of Qorvo Notes will be eligible to receive only the Exchange Consideration (and not the Early Participation Premium).

The Exchange Offers will expire at 5:00 p.m., New York City time, on September 1, 2026, unless extended (as it may be extended, the “Expiration 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.

The Exchange Offers and Consent Solicitations 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”). Each Exchange Offer and Consent Solicitation is conditioned upon the closing of the Mergers, which condition may not be waived by Skyworks. The closing of the Mergers is not conditioned upon the results of the Exchange Offers and Consent Solicitations.

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 and Consent Solicitation with respect to a series of Qorvo Notes is not conditioned upon the consummation of the Exchange Offer or Consent Solicitation with respect to the other series of Qorvo Notes.

The complete terms and conditions of the Exchange Offers and Consent Solicitations 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 and Consent Solicitations, 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 and Consent Solicitations 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, or the solicitation of tenders or consents with respect to, 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 and Consent Solicitations 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, the Consent Solicitations 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 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].