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First-quarter second-lien withdrawals hit an 18-year high as borrowers seek to preserve lower interest rates

ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released its June 2026 ICE Mortgage Monitor report, which found that homeowners tapped equity at the highest first-quarter levels since 2021. The increase was driven in part by second-lien lending, which reached its strongest first-quarter volume in nearly two decades as more borrowers chose to preserve their existing low-rate first mortgages.

“The housing market continues to be defined by the lock-in effect,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Millions of homeowners are sitting on first mortgages with rates well below current market levels, making second liens and HELOCs an attractive way to access equity without giving up those loans. While higher mortgage rates have reduced refinance opportunities and softened affordability gains in recent months, home prices continue to firm across much of the country and affordability remains improved from year-ago levels.”

Key findings from the June Mortgage Monitor include:

Q1 equity withdrawals increased, and Q1 second-lien lending reached an 18-year high Equity withdrawals rose 2% year over year in Q1, reaching their highest first-quarter level since 2021. More than half (54%) of all equity extraction came through second liens as borrowers continued to preserve historically low first-mortgage rates. Cash-out refinance withdrawals reached their highest first-quarter level since 2022, while second-lien withdrawals posted their strongest first-quarter performance in nearly two decades. 3.9 million homeowners who took out primary loans from 2020–2022 now have a second lien Nearly two-thirds of Q1 second-lien originations came from 2020–2022 vintage borrowers seeking to preserve their below market first-lien rates. Now 3.9 million people who took out a primary mortgage from 2020–2022 have added second liens. Cash-out refinances showed a broader vintage mix, with nearly half coming from 2023-or-later borrowers and a quarter from 2020–2022 vintage borrowers. Falling HELOC rates are helping fuel demand for home equity products Average second-lien HELOC rates fell to 6.6% in March, their most attractive level since late 2022. At those rates, a borrower can access $50,000 in equity with a monthly payment of roughly $275, down significantly from early 2024 levels. Average introductory HELOC rates also dipped slightly below the prime rate, highlighting increasingly aggressive lender competition for home equity business. Affordability remains better than a year ago despite recent rate increases A roughly 50-basis-point increase in mortgage rates since February has reversed some of the affordability gains seen earlier this year. Even so, homebuyers still have roughly 3% more purchasing power than they did a year ago, and the monthly payment on the average-priced home remains $48 lower than last May. Purchasing the average-priced home now requires 29.8% of median household income, down from 31.6% a year ago. Home price growth has become more broad-based across the country Nearly 70% of major markets posted annual home price gains in May, the largest share since July 2025, while almost 90% recorded seasonally adjusted month-over-month appreciation, the strongest reading in two years. The spread between the nation’s strongest and weakest housing markets has narrowed to one of the smallest levels on record, suggesting increasingly synchronized home price performance. Northeastern markets continue to lead annual appreciation, while a handful of formerly high-growth Sun Belt markets remain under pressure. “As refinance opportunities become more limited, home equity products are playing a larger role in helping homeowners access liquidity and meet financial goals,” said Bob Hart, President of ICE Mortgage Technology. “Lenders that can effectively identify, engage and serve those borrowers across both mortgage and home equity channels will be best positioned to capitalize on evolving consumer demand.”

Further detail on mortgage origination, performance, equity and home price trends — including charts — can be found in the full Mortgage Monitor report at https://mortgagetech.ice.com/resources/data-reports.

About the ICE Mortgage Monitor

ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market. The ICE Home Price Index provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.

ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor report.

About Intercontinental Exchange

Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 5, 2026.

Source: Intercontinental Exchange
Category: Mortgage Technology

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Investors in Intercontinental Exchange, Inc. (ICE - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Jun 18, 2026 $90 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Intercontinental Exchange shares, but what is the fundamental picture for the company? Currently, Intercontinental Exchange is a Zacks Rank #3 (Hold) in the Securities and Exchanges industry that ranks in the Top 21% of our Zacks Industry Rank. Over the last 60 days, five analysts have increased their earnings estimates for the current quarter, while one analyst has revised the estimate downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.91 per share to $1.97 in that period.

Given the way analysts feel about Intercontinental Exchange right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Toronto, Ontario--(Newsfile Corp. - June 11, 2026) -

Canlan Ice Sports Corp. (TSX: ICE) ("Canlan Sports"), the operator of 15 sports complexes across Canada and the United States and home to the world's largest adult recreational hockey league, today announced Own Your Play™. The launch of this new narrative marks a significant evolution in how Canlan Sports tells stories — centred on the heroes of its communities and the joy, connection, and purpose that recreational sport creates for people of all ages and backgrounds.

"Own Your Play is a declaration of what we believe: play builds community. It reminds us that play has purpose, creates connection, and carries real power. We're proud to share this new brand story with the world."
- Joey St-Aubin, President and CEO, Canlan Sports

Renewed Mission & Vision
Alongside the Own Your Play™ launch, Canlan Sports has sharpened its Vision and Mission to reflect the company's evolution from facility operator to true community builder - and its enduring belief in the transformational power of play.

Vision
A world where everyone has a team.

Mission
We create experiences where people find their people through the power of play.

About Own Your Play™
Own Your Play™ replaces the previous "It's Where We Play" tagline and reflects how Canlan Sports has grown into something far greater than a facility operator. The new brand story celebrates the emotional connections forged through sport — teammates who bond weekly, families who spend weekends together, and friend groups that form new routines. It recognizes that Canlan Sports' complexes are "third places" — the gathering spots outside of home and work where people come for sport but stay for each other. Own Your Play also brings a new visual identity as play is personal. Our new look and feel reflects that — a bolder, more human creative identity that celebrates community, connection, and the joy of being in it together.

Launching on International Day of Play
The timing of the Own Your Play™ launch is no coincidence. June 11 marks International Day of Play, a United Nations-recognized observance that affirms every child's — and every person's — right to play. For Canlan Sports, a company built entirely around the belief that play is essential to human connection and wellbeing, there is no more fitting day to declare its new brand story to the world. International Day of Play is a global call to action to protect and promote play in all its forms — for children and adults alike. Research consistently shows that play reduces stress, strengthens social bonds, improves mental health, and keeps people physically active across every stage of life. These are values Canlan Sports has championed for more than 30 years through its leagues, programs, and community initiatives.

To mark the occasion, Canlan Sports is releasing its new brand video, launching a dedicated Own Your Play landing page at CanlanSports.com, and inviting customers, partners, and communities across North America to share what play means to them. The campaign celebrates the real people — the recreational athletes, the weekend warriors, the first-time skaters, the league veterans — who are the true heroes of the Canlan Sports community.

Watch the video here.

"International Day of Play is a reminder that play unites us. It's what keeps us human. At Canlan Sports, we've always known this. Own Your Play is our way of saying to every person in our community: this is your game, your place. Own it."
- Liana Guiry, Vice President, Sales, Marketing & Customer Experience, Canlan Sports

About Canlan Sports®
Canlan Sports exists to create experiences where people find their people through the power of play because we believe everyone deserves a team. As North America's largest private sector owner and operator of recreational sports complexes, Canlan Sports brings that belief to life across 15 multi-sport complexes and more than 70 playing surfaces spanning Canada and the United States. From ice and court to turf and digital, we offer a wide array of recreational sports experiences designed to build community, foster connection, and change lives for the better.

To learn more, please visit us at canlansports.com

Media Contacts:
Liana Guiry
Vice President, Sales, Marketing and Customer Experience Canlan Sports
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/300990

Source: Canlan Ice Sports Corp.

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With a solid Zacks Rank and top-tier Value and VGM Style Scores, QRVO should be on investors' short list.

Markets are finding their footing on Monday morning, but AST Spacemobile (ASTS) really came "down to Earth," says Diane King Hall. She explains why the company is de-orbiting BlueBird 7 and turns to the stark selling action in the space company.

GREENSBORO, N.C., May 05, 2026 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2026 fourth quarter ended March 28, 2026.

On a GAAP basis, revenue for Qorvo’s fiscal 2026 fourth quarter was $808.3 million, gross margin was 48.9%, operating income was $31.5 million, and diluted earnings per share was $0.32. On a non-GAAP basis, gross margin was 52.6%, operating income was $190.2 million, and diluted earnings per share was $1.69.

Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo’s fiscal fourth quarter performance reflects continued operational excellence and the strategic optimization of business mix within and across operating segments. March quarterly non-GAAP gross margin expanded by 670 basis points year-over-year, and full-year fiscal 2026 non-GAAP gross margin expanded by 370 basis points versus the prior fiscal year. Looking forward, we expect continued momentum reducing capital intensity and enhancing profitability. For full-year fiscal 2027, we continue to expect non-GAAP gross margin above 50% and non-GAAP diluted earnings per share approaching $7.00.” 

Financial Commentary

Grant Brown, chief financial officer of Qorvo, said, "During the fiscal fourth quarter, Qorvo generated $255 million of free cash flow and repurchased $400 million of shares outstanding, representing a reduction of approximately 5% of common stock outstanding versus the prior quarter. Qorvo completed its fiscal fourth quarter with a cash balance of $1.2 billion."

Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. Qorvo's fiscal 2027 will be a 53-week year, and its fiscal second quarter, ending Saturday, October 3, 2026, will include 14 weeks.

See "Forward-looking non-GAAP financial measures" below. Qorvo's actual results may differ from these expectations and projections, and such differences may be material.

Selected Financial Information

The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

SELECTED GAAP RESULTS(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2026 Q3 Fiscal 2026 Q4 Fiscal 2025 Sequential Change Year-over-Year ChangeRevenue$808.3  $993.0  $869.5  $(184.7) $(61.2)Gross profit$395.0  $464.2  $366.6  $(69.2) $28.4 Gross margin 48.9%  46.7%  42.2% 2.2 ppt 6.7 pptOperating expenses$363.5  $272.1  $338.3  $91.4  $25.2 Operating income$31.5  $192.1  $28.2  $(160.6) $3.3 Net income$29.7  $164.1  $31.4  $(134.4) $(1.7)Weighted-average diluted shares 92.6   93.6   94.1   (1.0)  (1.5)Diluted EPS$0.32  $1.75  $0.33  $(1.43) $(0.01)                        SELECTED NON-GAAP RESULTS(1)(In millions, except for percentages and EPS)(Unaudited)             Q4 Fiscal 2026 Q3 Fiscal 2026 Q4 Fiscal 2025 Sequential Change Year-over-Year ChangeRevenue$808.3  $993.0  $869.5  $(184.7) $(61.2)Gross profit$425.2  $487.5  $398.7  $(62.3) $26.5 Gross margin 52.6%  49.1%  45.9% 3.5 ppt 6.7 pptOperating expenses$235.0  $239.9  $246.8  $(4.9) $(11.8)Operating income$190.2  $247.6  $151.8  $(57.4) $38.4 Net income$156.8  $203.2  $133.3  $(46.4) $23.5 Weighted-average diluted shares 92.6   93.6   94.1   (1.0)  (1.5)Diluted EPS$1.69  $2.17  $1.42  $(0.48) $0.27  (1) Adjusted for stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; investment gains and losses; and an adjustment of income taxes.

 SELECTED GAAP RESULTS BY OPERATING SEGMENT(In millions, except percentages)(Unaudited) Q4 Fiscal 2026 Q3 Fiscal 2026 Q4 Fiscal 2025 Sequential Change Year-over-Year ChangeRevenue         HPA$202.7  $190.9  $187.9  6.2% 7.9%CSG 93.3   111.3   101.3  (16.2)% (7.9)%ACG 512.3   690.8   580.3  (25.8)% (11.7)%Total revenue$808.3  $993.0  $869.5  (18.6)% (7.0)%Operating income (loss)         HPA$70.3  $55.7  $58.4  26.2% 20.4%CSG (6.9)  (6.2)  (15.6) (11.3)% 55.8%ACG 130.5   202.2   109.7  (35.5)% 19.0%Unallocated amounts(1) (162.4)  (59.6)  (124.3) (172.5)% (30.7)%Total operating income$31.5  $192.1  $28.2  (83.6)% 11.7%Operating income (loss) as a % of revenue           HPA 34.7%  29.2%  31.1% 5.5 ppt 3.6 pptCSG (7.4)  (5.6)  (15.4) (1.8) ppt 8.0 pptACG 25.5   29.3   18.9  (3.8) ppt 6.6 pptTotal operating income as a % of revenue 3.9%  19.4%  3.3% (15.5) ppt 0.6 ppt (1) Includes stock-based compensation expense; amortization of acquired intangible assets; restructuring-related charges and adjustments; merger-related costs; goodwill and intangible asset impairments; settlements, gains, losses and other charges; costs associated with upgrading certain of the Company's core business systems; and start-up costs.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

In managing Qorvo's business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo's underlying performance.

We believe that these non-GAAP financial measures offer an additional view of Qorvo's operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo's results of operations and the factors and trends affecting Qorvo's business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo's operations, are outlined below:

Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of acquired intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other charges or income. We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

We view amortization of acquired acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo's ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo's gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo's ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges. We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of acquired intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges and certain settlements, gains, losses and other charges do not constitute part of Qorvo's ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of acquired intangible assets, acquisition and integration-related costs, merger-related costs, goodwill and intangible asset impairments, restructuring-related charges, certain settlements, gains, losses and other charges, investment and debt-related gains and losses, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo's ongoing operations (including goodwill and intangible asset impairments, investment and debt-related gains and losses, acquisition-related costs, merger-related costs, restructuring-related costs and certain settlements, gains, losses and other charges) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes, among other items, changes in working capital and the effect of non-cash charges).

Non-GAAP ROIC. ROIC is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations' use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments, minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo's indebtedness by reflecting cash and investments that could be used to repay debt.

Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking gross margin and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, merger-related costs, restructuring-related charges, goodwill and intangible asset impairments, certain settlements, gains, losses and other charges, investment and debt-related gains or losses and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

About Qorvo

Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "forecast," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management's current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers' forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to effectively execute on restructuring initiatives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; negative impacts from activist stockholders; volatility in the price of our common stock; risks and uncertainties relating to the Mergers, including the occurrence of any event, change or other circumstance that could give rise to the right of us or Skyworks to terminate the Merger Agreement; the outcome of any legal proceedings that may be instituted against us or Skyworks in connection with the Mergers; the possibility that the Mergers do not close when expected or at all because of required regulatory, stockholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers); that efforts to complete the Mergers may affect our business relationships with our existing and potential customers, suppliers, service providers and other business partners; that the expected synergies from the Mergers may not be fully realized or may take longer to realize than anticipated; any failure to promptly and effectively integrate the businesses of the Company and Skyworks; and that the Mergers may divert management’s attention and time from ongoing business operations and opportunities. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 29, 2025, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)     Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Revenue$808,277  $869,474  $3,678,517  $3,718,971 Cost of goods sold 413,256   502,911   1,990,415   2,183,382 Gross profit 395,021   366,563   1,688,102   1,535,589         Operating expenses:       Research and development 170,388   179,931   726,122   747,709 Marketing and selling 49,526   55,517   215,485   231,912 General and administrative 34,504   35,064   165,189   171,712 Goodwill and intangible asset impairment 82,369   79,503   82,369   192,569 Other operating expense (income) 26,720   (11,673)  87,513   96,160 Total operating expenses 363,507   338,342   1,276,678   1,440,062 Operating income 31,514   28,221   411,424   95,527         Interest expense (17,840)  (19,985)  (73,134)  (78,328)Other income, net 8,016   6,987   59,983   48,700 Income before income taxes 21,690   15,223   398,273   65,899         Income tax benefit (expense) 8,040   16,142   (59,284)  (10,284)Net income$29,730  $31,365  $338,989  $55,615         Net income per share:       Basic$0.32  $0.34  $3.66  $0.59 Diluted$0.32  $0.33  $3.62  $0.58         Weighted-average shares of common stock outstanding:       Basic 91,636   93,249   92,592   94,586 Diluted 92,628   94,105   93,547   95,450    QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)   Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025      GAAP operating income$31,514  $192,141  $28,221 Stock-based compensation expense 26,321   26,849   27,415 Amortization of acquired intangible assets 20,394   21,605   24,040 Restructuring-related charges (adjustments) 22,426   (10,396)  (17,252)Goodwill and intangible asset impairment 82,369   —   79,503 Merger-related costs 8,097   14,716   — Settlements, gains, losses and other charges (898)  2,670   9,922 Non-GAAP operating income$190,223  $247,585  $151,849       GAAP net income$29,730  $164,062  $31,365 Stock-based compensation expense 26,321   26,849   27,415 Amortization of acquired intangible assets 20,394   21,605   24,040 Restructuring-related charges (adjustments) 22,426   (10,396)  (17,252)Goodwill and intangible asset impairment 82,369   —   79,503 Merger-related costs 8,097   14,716   — Settlements, gains, losses and other charges (898)  2,670   9,922 Investment gains and losses 4,053   (6,108)  3,444 Adjustment of income taxes (35,660)  (10,160)  (25,095)Non-GAAP net income$156,832  $203,238  $133,342       GAAP weighted-average outstanding diluted shares 92,628   93,571   94,105 Dilutive stock-based awards —   —   — Non-GAAP weighted-average outstanding diluted shares 92,628   93,571   94,105       Non-GAAP net income per share, diluted$1.69  $2.17  $1.42    QORVO, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)   Three Months Ended(in thousands, except percentages)March 28, 2026 December 27, 2025 March 29, 2025GAAP gross profit/margin$395,021 48.9% $464,191 46.7% $366,563 42.2%Stock-based compensation expense 5,252 0.6   6,011 0.6   5,645 0.7 Amortization of acquired intangible assets 18,448 2.3   18,783 1.9   21,684 2.5 Restructuring-related charges (adjustments) 7,084 0.9   (1,015)(0.1)  5,492 0.6 Other income (621)(0.1)  (461)—   (719)(0.1)Non-GAAP gross profit/margin$425,184 52.6% $487,509 49.1% $398,665 45.9%    Three Months EndedNon-GAAP Operating IncomeMarch 28, 2026(as a percentage of revenue)   GAAP operating income3.9%Stock-based compensation expense3.2 Amortization of acquired intangible assets2.5 Restructuring-related charges2.8 Goodwill and intangible asset impairment10.2 Merger-related costs1.0 Settlements, gains, losses and other charges(0.1)Non-GAAP operating income23.5%    Three Months EndedFree Cash Flow(1)March 28, 2026(in thousands)   Net cash provided by operating activities$276,264 Purchases of property and equipment (21,235)Free cash flow$255,029  (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

  QORVO, INC. AND SUBSIDIARIES
ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(In thousands)  (Unaudited)Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP research and development expense$170,388  $178,066  $179,931 Less:     Stock-based compensation expense 12,496   14,575   14,364 Amortization of acquired intangible assets 402   466   — Other charges 2   2   1 Non-GAAP research and development expense$157,488  $163,023  $165,566        Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP marketing and selling expense$49,526  $49,424  $55,517 Less:     Stock-based compensation expense 3,327   3,290   4,067 Amortization of acquired intangible assets 1,543   2,356   2,356 Non-GAAP marketing and selling expense$44,656  $43,778  $49,094        Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP general and administrative expense$34,504  $32,007  $35,064 Less:     Stock-based compensation expense 5,379   2,946   3,509 Non-GAAP general and administrative expense$29,125  $29,061  $31,555        Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP other operating expense (including goodwill and intangible asset impairment)$109,089  $12,553  $67,830 Less:     Stock-based compensation (adjustment) expense (132)  27   (170)Restructuring-related charges (adjustments) 15,342   (9,381)  (22,744)Goodwill and intangible asset impairment 82,369   —   79,503 Merger-related costs 8,097   14,716   — Settlements, gains, losses and other charges (279)  3,129   10,640 Non-GAAP other operating expense$3,692  $4,062  $601        Three Months Ended March 28, 2026 December 27, 2025 March 29, 2025GAAP total operating expense$363,507  $272,050  $338,342 Less:     Stock-based compensation expense 21,070   20,838   21,770 Amortization of acquired intangible assets 1,945   2,822   2,356 Restructuring-related charges (adjustments) 15,342   (9,381)  (22,744)Goodwill and intangible asset impairment 82,369   —   79,503 Merger-related costs 8,097   14,716   — Settlements, gains, losses and other charges (277)  3,131   10,641 Non-GAAP total operating expense$234,961  $239,924  $246,816      QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)     March 28, 2026 March 29, 2025ASSETS   Current assets:   Cash and cash equivalents$1,219,015 $1,021,176 Accounts receivable, net 382,509  386,719 Inventories 553,718  640,992 Prepaid expenses 36,724  32,808 Other receivables 16,172  11,023 Other current assets 98,176  74,557 Total current assets 2,306,314  2,167,275 Property and equipment, net 710,392  801,895 Goodwill 2,353,226  2,389,741 Intangible assets, net 121,506  273,478 Long-term investments 16,295  23,433 Other non-current assets 317,857  277,309 Total assets$5,825,590 $5,933,131 LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Accounts payable$242,870 $260,663 Accrued liabilities 248,160  287,981 Other current liabilities 221,727  234,538 Total current liabilities 712,757  783,182 Long-term debt 1,549,154  1,549,215 Other long-term liabilities 219,380  208,422 Total liabilities 2,481,291  2,540,819 Commitments and contingent liabilities   Stockholders’ equity:   Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding —  — Common stock and additional paid-in capital, $0.0001 par value; 405,000 shares authorized; 87,741 and 92,920 shares issued and outstanding at March 28, 2026 and March 29, 2025, respectively 3,301,450  3,431,308 Accumulated other comprehensive income (loss) 4,061  (5,013)Retained earnings (accumulated deficit) 38,788  (33,983)Total stockholders' equity 3,344,299  3,392,312 Total liabilities and stockholders’ equity$5,825,590 $5,933,131      QORVO, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)     Three Months Ended Twelve Months Ended March 28, 2026 March 29, 2025 March 28, 2026 March 29, 2025Cash flows from operating activities:       Net income$29,730  $31,365  $338,989  $55,615 Adjustments to reconcile net income to net cash provided by operating activities:       Depreciation 35,852   40,310   151,338   163,222 Intangible assets amortization 26,852   30,468   111,051   133,614 Deferred income taxes (14,580)  (21,469)  (39,384)  (84,737)Goodwill and intangible asset impairment 82,369   79,503   82,369   192,569 Stock-based compensation expense 26,321   27,415   136,070   136,346 Other, net 3,235   (25,014)  (13,421)  31,966 Changes in operating assets and liabilities:       Accounts receivable, net 104,995   43,256   3,154   26,807 Inventories (24,428)  14,369   86,616   18,188 Prepaid expenses and other assets (2,077)  6,162   (18,510)  (24,348)Accounts payable and accrued liabilities 5,981   (20,978)  (50,211)  (38,599)Income taxes payable and receivable 6,191   7,655   942   (4,103)Other liabilities (4,177)  (13,859)  19,628   15,662 Net cash provided by operating activities 276,264   199,183   808,631   622,202 Cash flows from investing activities:       Purchase of property and equipment (21,235)  (28,513)  (129,070)  (137,600)Proceeds from sale of property and equipment 37,862   7,059   51,711   7,059 Proceeds from sales of businesses —   117,541   21,472   173,117 Other investing activities 1,507   (448)  12,287   (6,021)Net cash provided by (used in) investing activities 18,134   95,639   (43,600)  36,555 Cash flows from financing activities:       Repurchase of common stock, including transaction costs (400,050)  (49,981)  (532,552)  (356,336)Proceeds from the issuance of common stock 10,403   11,336   35,492   35,741 Tax withholding paid on behalf of employees for restricted stock units (2,863)  (705)  (32,018)  (31,250)Repurchase of debt —   —   —   (439,124)Net proceeds (payments) from purchase and sale of inventories subject to repurchase 7,367   897   (11,711)  130,204 Other financing activities (6,934)  (4,968)  (25,737)  (23,597)Net cash used in financing activities (392,077)  (43,421)  (566,526)  (684,362)Effect of exchange rate changes on cash and cash equivalents (1,816)  343   (666)  (2,477)Net (decrease) increase in cash and cash equivalents (99,495)  251,744   197,839   (28,082)Cash and cash equivalents at the beginning of the period 1,318,510   769,432   1,021,176   1,049,258 Cash and cash equivalents at the end of the period$1,219,015  $1,021,176  $1,219,015  $1,021,176  At Qorvo®
Doug DeLieto
VP, Investor Relations
1.336.678.7968

For the quarter ended March 2026, Qorvo (QRVO - Free Report) reported revenue of $808.28 million, down 7% over the same period last year. EPS came in at $1.69, compared to $1.42 in the year-ago quarter.

The reported revenue represents a surprise of +1.08% over the Zacks Consensus Estimate of $799.68 million. With the consensus EPS estimate being $1.21, the EPS surprise was +40.17%.

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.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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: $202.7 million compared to the $205.45 million average estimate based on four analysts. The reported number represents a change of +7.9% year over year.Revenue- ACG: $512.3 million versus the four-analyst average estimate of $482.36 million. The reported number represents a year-over-year change of -11.7%.Revenue- CSG: $93.3 million compared to the $111.74 million average estimate based on four analysts. The reported number represents a change of -7.9% year over year.View all Key Company Metrics for Qorvo here>>>

Shares of Qorvo have returned +16.5% over the past month versus the Zacks S&P 500 composite's +9.5% 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.

On May 12, 2026, Qorvo Inc QRVO shares rose 3.2% to a current price of $93.41. Over the past year, the stock has exhibited a notable price range, hitting a 52-week high of $106.30 and a low of $71.73.

GF Value™ verdict: Current price is $93.41, compared to GF Value™ of $94.12, indicating it is 0.8% undervalued.GF Score™ of 78/100 suggests that Qorvo Inc is rated above average in terms of its investment potential.Most notable signal: Insider activity shows that insiders sold $2.5 million worth of stock in the last 3 months with no buying activity reported. Is QRVO Overvalued or Undervalued? Qorvo Inc's current market price of $93.41 is slightly below the GF Value™ estimate of $94.12, suggesting that the stock is 0.8% undervalued. This small margin of safety presents a potential opportunity for investors, as it indicates that the stock is trading close to its intrinsic value. However, it is essential to consider that the GF Valuation label categorizes the stock as fairly valued, meaning that while the price is slightly below the estimated intrinsic value, the potential for substantial upside may be limited given the current market conditions.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The slight undervaluation could attract value-focused investors, but caution is warranted due to the recent insider selling, which might reflect management's sentiment about the stock's near-term prospects.

How Does QRVO's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 25.8x 23.5x Forward P/E 13.9x N/A Qorvo Inc's current P/E ratio of 25.8x is 10% above its 5-year median P/E of 23.5x, indicating that the stock may be trading above its historical valuation levels. In contrast, the forward P/E of 13.9x suggests a more favorable outlook when assessing future earnings potential. This P/E analysis aligns with the GF Value™ verdict, which suggests the stock is fairly valued, as the higher current P/E indicates that investors may be paying a premium compared to historical averages.

What Does QRVO's GF Score™ Tell Us? Metric Rating GF Score™ 78 Financial Strength 7/10 Profitability 6/10 Growth 4/10 Valuation 9/10 Momentum 7/10 The GF Score™ of 78/100 indicates that Qorvo Inc is performing above average when evaluated across five key aspects. Financial Strength ranks at 7/10, suggesting a solid financial position, while Profitability is rated 6/10, indicating reasonable profitability metrics. The Growth rank, at 4/10, reflects some challenges in growth potential, which is an area to watch. Valuation stands strong at 9/10, confirming that the stock is currently attractively priced relative to its value estimate. However, with a lower Growth rank, investors may need to be cautious about future performance expectations.

What Are Insiders Doing with QRVO Stock? Recent insider activity in Qorvo Inc has shown that insiders sold approximately $2.5 million worth of shares over the last three months, without any reported buying activity. This pattern of selling may suggest a lack of confidence among insiders in the stock's short-term performance. While insider selling does not always indicate a negative outlook, it is a factor that potential investors should consider when evaluating the stock's future prospects. The absence of insider buying could imply that management does not view the current price as an attractive entry point.

What This Means for Investors Based on the GF Value™ assessment, Qorvo Inc QRVO is fairly valued, with a slight undervaluation of 0.8% relative to its intrinsic value estimate. While this suggests a modest opportunity, the recent insider selling and mixed signals in the growth metrics warrant careful consideration 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 has a GF Score™ of 78/100, indicating that it is rated above average in terms of investment potential based on various key factors.

Is QRVO overvalued or undervalued?

According to GF Value™, Qorvo Inc is currently 0.8% undervalued, suggesting a slight opportunity for investors, although it is categorized as fairly valued overall.

What is QRVO's P/E ratio?

Qorvo Inc's P/E (TTM) is 25.8x, which is 10% above its 5-year median P/E 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., May 20, 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 anticipated acquisition of Qorvo, Inc. (“Qorvo”), Skyworks has commenced offers to holders of Qorvo Notes (as defined below) 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 issued by Qorvo (the “2031 Qorvo Notes” and, together with the 2029 Qorvo Notes, the “Qorvo Notes”), 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 or, (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. The Exchange Offers and Consent Solicitations (as defined herein) are being conducted in connection with, and are conditioned upon, among other things, the closing of the transactions pursuant to which Qorvo will merge with and into a subsidiary of Skyworks (the “Mergers”), with such subsidiary continuing as the surviving entity and a wholly-owned subsidiary of Skyworks, which condition may not be waived by Skyworks.

In conjunction with the Exchange Offers, Skyworks, on behalf of Qorvo, is soliciting consents (the “Consent Solicitations”) to adopt certain proposed amendments to each indenture governing the applicable series of Qorvo Notes to, among other changes, eliminate substantially all of the restrictive covenants, certain affirmative covenants and certain events of default (the “Proposed Amendments”) in exchange for the Consent Payment (as defined herein).

The New Skyworks Notes will have the same interest payment dates, maturity date and interest rate as the applicable series of Qorvo Notes. Each series of New Skyworks Notes will replace the fixed redemption schedule currently included in the corresponding series of Qorvo Notes with a customary investment grade redemption schedule, including a three-month par call date and make-whole mechanism as further described in the Registration Statement (as defined herein).

The following table sets forth the applicable Consent Payment, the Exchange Consideration (as defined below), the Early Participation Premium (as defined below) and the Total Consideration (as defined below) for the Qorvo Notes:

Title of Series CUSIP/ISIN No. Principal Amount Outstanding Consent Payment(1) Exchange Consideration(2) Early Participation Premium(3)
  Total Consideration(4)
 4.375% Senior Notes due 2029 Registered: 74736KAH4/
US74736KAH41 $850,000,000 $2.50 to $5.00 in cash $950.00 principal amount of Skyworks 4.375% Notes due 2029 $50.00 principal amount of Skyworks 4.375% Senior Notes due 2029  $1,000 principal amount of Skyworks 4.375% Notes due 2029 and $2.50 to $5.00 in cash         144A:
74736KAG6 /
US74736KAG67               Regulation S:
U7471QAF1 /
USU7471QAF10             3.375% Senior Notes due 2031 144A:
74736KAJ0 /
US74736KAJ07
 $700,000,000 $2.50 to $5.00 in cash $950.00 principal amount of Skyworks 3.375% Notes due 2031 $50.00 principal amount of Skyworks 3.375% Senior Notes due 2031  $1,000 principal amount of Skyworks 3.375% Notes due 2031 and $2.50 to $5.00 in cash         Regulation S:
U7471QAJ3 /
USU7471QAJ32        ____________________________

(1)Per $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date (as defined herein), the applicable Consent Payment will be an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series of Qorvo Notes outstanding as of such Early Participation Date and the denominator of which is the aggregate principal amount of such series of Qorvo Notes validly tendered and not validly withdrawn at or prior to such Early Participation Date. As a result, the applicable Consent Payment for a series of Qorvo Notes will range from $2.50 per $1,000 principal amount (if all holders of such series of Qorvo Notes tender) to approximately $5.00 per $1,000 principal amount (if holders tender a majority of the aggregate principal amount of such series of Qorvo Notes). Any Consent Payment will be paid on the applicable Settlement Date (as defined herein).
   For the avoidance of doubt, a holder that validly tenders Qorvo Notes and delivers (and does not validly revoke) a consent at or prior to the applicable Early Participation Date, but withdraws such Qorvo Notes after such Early Participation Date but prior to the applicable Expiration Date, will be eligible to receive the applicable Consent Payment, even if such holder has withdrawn their Qorvo Notes after the applicable Early Participation Date or such holder is no longer the beneficial owner of such Qorvo Notes at such Expiration Date.   Consents may not be revoked after the applicable Consent Revocation Deadline (as defined herein).  (2) For each $1,000 principal amount of the applicable series of Qorvo Notes accepted for exchange.    (3) For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date and accepted for exchange.   (4)For each $1,000 principal amount of the applicable series of Qorvo Notes. Includes the applicable Consent Payment, Exchange Consideration and Early Participation Premium. For the avoidance of doubt, (i) consents may not be revoked after the applicable Consent Revocation Deadline, and (ii) unless the applicable Exchange Offer is amended, in no event will any holder of Qorvo Notes be eligible to receive more than $1,000 aggregate principal amount of Skyworks Notes for each $1,000 aggregate principal amount of the applicable series of Qorvo Notes accepted for exchange.
The Exchange Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in Skyworks’ pre-effective registration statement on Form S-4 (including the prospectus contained therein, which is subject to change, the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 20, 2026.

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.

Each Exchange Offer and Consent Solicitation is conditioned upon, among other things, (i) a minimum of a majority of the aggregate principal amount of Qorvo Notes of such series having been validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date pursuant to the applicable Exchange Offer for such series, which may be waived by Skyworks in its sole discretion, (ii) the Registration Statement having been declared effective by the SEC, which condition may not be waived by Skyworks, and (iii) 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 Early Participation Date, 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, but will automatically modify, terminate or extend the respective Consent Solicitation, as applicable. Neither Exchange Offer nor Consent Solicitation is conditioned upon the respective consummation of the other. 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.

As indicated in the table above, for each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date, holders of such Qorvo Notes will be eligible to receive a cash payment of an amount equal to the product of $2.50 multiplied by a fraction, the numerator of which is the aggregate principal amount of such series Qorvo Notes outstanding as of such Early Participation Date and the denominator of which is the aggregate principal amount of such series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Early Participation Date (such amount for such series, the “Consent Payment”). With respect to a series of Qorvo Notes, consents may not be revoked after the earlier of (i) 5:00 p.m., New York City time, on June 11, 2026, unless extended or terminated, and (ii) the date the supplemental indenture to the applicable indenture governing such series of Qorvo Notes implementing the Proposed Amendments for such series of Qorvo Notes is executed (the earlier of (i) and (ii), the “Consent Revocation Deadline”).

For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on June 11, 2026, unless extended or terminated (such date and time, as the same may be extended, the “Early Participation Date”) and accepted for exchange, holders of such series of Qorvo Notes will be eligible to receive 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 must not have 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 must have (i) validly re-tendered, and not validly withdrawn, such Qorvo Notes and (ii) submitted the Early Participation VOI Number (as defined in the Registration Statement) with respect to such tendered Qorvo Notes.

For each $1,000 principal amount of the applicable series of Qorvo Notes validly tendered and not validly withdrawn at or prior to the applicable Expiration Date and accepted for exchange, holders of such Qorvo Notes will be eligible to receive $950 principal amount of the corresponding series of New Skyworks Notes (the “Exchange Consideration”).

Skyworks will pay a soliciting dealer fee of $2.50 for each note per $1,000 principal amount of Qorvo Notes that are validly tendered prior to the applicable Expiration Date and not validly withdrawn to retail brokers that are appropriately designated by their tendering holder clients to receive such fee, provided that such fee will only be paid with respect to tenders by holders whose aggregate principal amount of Qorvo Notes is $250,000 or less.

The complete terms and conditions of the Exchange Offers and Consent Solicitations are described in the Registration Statement, 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 Solicitation, 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 sell or purchase, 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 Registration Statement 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 our 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.

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].

A strong stock as of late has been Qorvo (QRVO - Free Report) . Shares have been marching higher, with the stock up 21.2% over the past month. The stock hit a new 52-week high of $106.46 in the previous session. Qorvo has gained 25.9% since the start of the year compared to the 17.5% gain for the Zacks Computer and Technology sector and the 28.9% return for the Zacks Semiconductors - Radio Frequency industry.

What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on May 5, 2026, Qorvo reported EPS of $1.69 versus consensus estimate of $1.21 while it beat the consensus revenue estimate by 1.08%.

For the current fiscal year, Qorvo is expected to post earnings of $6.84 per share on $3.49 in revenues. This represents a -2.29% change in EPS on a -5.12% change in revenues. For the next fiscal year, the company is expected to earn $7.77 per share on $3.58 in revenues. This represents a year-over-year change of 13.61% and 2.64%, respectively.

Valuation MetricsThough Qorvo has recently hit a 52-week high, what is next for Qorvo? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.

On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.

Qorvo has a Value Score of B. The stock's Growth and Momentum Scores are B and D, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 15.6X current fiscal year EPS estimates, which is not in-line with the peer industry average of 16.5X. On a trailing cash flow basis, the stock currently trades at 11.2X versus its peer group's average of 11.2X. Additionally, the stock has a PEG ratio of 1.43. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Qorvo currently has a Zacks Rank of #2 (Buy) thanks to a solid earnings estimate revision trend.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Qorvo passes the test. Thus, it seems as though Qorvo shares could have a bit more room to run in the near term.

From a technical perspective, Qorvo, Inc. (QRVO - Free Report) is looking like an interesting pick, as it just reached a key level of support. QRVO's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.

There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-term moving average. Typically, a golden cross involves the 50-day and the 200-day moving averages, since bigger time periods tend to form stronger breakouts.

There are three stages to a golden cross. First, there must be a downtrend in a stock's price that eventually bottoms out. Then, the stock's shorter moving average crosses over its longer moving average, triggering a positive trend reversal. The third stage is when a stock continues the upward momentum to higher prices.

A golden cross is the opposite of a death cross, another technical event that indicates bearish price movement may be on the horizon.

QRVO has rallied 20.2% over the past four weeks, and the company is a #2 (Buy) on the Zacks Rank at the moment. This combination indicates QRVO could be poised for a breakout.

The bullish case solidifies once investors consider QRVO's positive earnings outlook. For the current quarter, no earnings estimate has been cut compared to 3 revisions higher in the past 60 days. The Zacks Consensus Estimate has increased too.

Investors may want to watch QRVO for more gains in the near future given the company's key technical level and positive earnings estimate revisions.

It has been about a month since the last earnings report for Qorvo (QRVO - Free Report) . Shares have added about 17.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Qorvo due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Qorvo, Inc. before we dive into how investors and analysts have reacted as of late.

Qorvo Q4 Earnings Surpass Estimates Despite Lower Revenue Growth

Qorvo 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 Income

On 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.

Revenues

Net 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 Performance

The 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 Details

Non-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 & Liquidity

As 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.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.

VGM ScoresAt this time, Qorvo has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Qorvo has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Keysight Technologies NYSE: KEYS is a company sitting in the middle of two big economic trends: the artificial intelligence (AI) buildout and defense modernization.

Keysight Technologies Today

KEYS

Keysight Technologies

$349.99 +9.96 (+2.93%)

As of 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$152.85▼

$370.17P/E Ratio57.56

Price Target$371.92

With these forces behind it, Keysight shares have performed very well over the recent past. Since the start of 2025, the stock is up more than 100%, and in 2026, shares have gained about 70%.

Get Keysight Technologies alerts:

Keysight spiked 23% following its February earnings report, leading the stock to near $300 per share. Since then, Keysight has continued to climb, now trading closer to $350. Keysight just released its fiscal Q2 earnings, and the results were the best the company has ever seen. Although the stock did not receive a big boost from markets, the opposite was true for Wall Street price targets. After the report, analysts issued big-time price target increases, signaling support for the continuation of Keysight’s impressive run.

Keysight Wallops Adjusted EPS Estimates, Issues Large Guidance RaiseIn its report, Keysight posted revenue of $1.72 billion, or an increase of just over 31% year-over-year (YOY). (Note that Keysight reports its fiscal results slightly ahead of the calendar year.) This marked Keysight’s fastest revenue growth rate in five years since the company saw sales rise by 36% YOY in early 2021. Keysight’s revenue very slightly beat estimates of $1.71 billion.

The much larger beat came on the bottom line. Keysight saw its adjusted earnings per share (EPS) rise by a massive 69% YOY to $2.87. Meanwhile, analysts had forecasted a figure of $2.32, implying growth of only 36% YOY. Still, it is important to note that a $96 million tariff refund benefited adjusted EPS significantly. Without this benefit, the company still would have beat, but by a much smaller margin. The tariff refund still benefits Keystone, but it is a factor outside the firm’s control.

Orders grew even more impressively than sales, rising by 56% YOY to more than $2 billion—a strong sign for the company’s growth outlook. Considering these results, Keysight increased its full-year fiscal 2026 guidance, expecting revenue growth in the high 20% range. This is a significant boost over prior expectations of “growth just above 20%.”

Strength was broad-based across Keysight’s end markets. Commercial Communications, which houses much of its data center and AI-related revenue, rose 40% YOY. This was a solid acceleration over 33% YOY growth in the prior quarter. Meanwhile, Aerospace, Defense & Government saw sales rise 24% YOY, up from 18% YOY last quarter. Electronic Industrial Solutions, which houses some semiconductor revenue, rose 24% YOY, a nice move up compared to 15% growth last quarter.

Keysight Shares Didn’t Budge, But Price Targets Moved Way UpDespite its very strong earnings, Keysight shares were nearly unchanged afterward, falling 0.6%. This likely reflects the fact that the tariff benefit contributed significantly to its adjusted EPS beat. Furthermore, shares had risen 14% since the company’s last post-earnings spike, indicating that investors had already priced in Keysight’s record results.

Keysight Technologies Inc. (KEYS) Price Chart for Friday, June, 12, 2026

Nonetheless, after Keysight’s report, Wall Street analysts drastically upped their forecasts on the stock. Overall, among analysts for whom MarketBeat had previous price target data, the average price target moved up by a hefty 15% to $391. This figure sits notably higher than the MarketBeat consensus price target of $372. Using this updated average price target, the implied upside in Keysight stock is close to 10%.

10% upside isn’t something to write home about. However, the more important thing to note is that Keysight is consistently exceeding analysts' expectations. The firm has exceeded estimates on both sales and adjusted EPS in 11 out of its last 12 reports.

With this, Wall Street forecasters have had little choice but to move their targets higher as Keysight shows its business is firing on all cylinders. When a stock performs very well, analysts often have to play catch-up, and implied upside figures don’t necessarily tell the whole story.

Keysight: Strong Fundamental Improvement Versus Elevated ValuationKeysight currently trades at a forward price-to-earnings (P/E) ratio near 43x. This is significantly higher than its average forward P/E of 23x over the past three years. While this metric is clearly elevated compared to history, it is also difficult to argue with the results Keysight is putting up. The firm is growing at a rate not seen in years, and profits are rising rapidly even without the tariff benefit. Given the strong underlying tailwinds in AI and defense supporting Keysight’s growth, it would not be overly surprising to see the stock continue to perform.

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[url="]Keysight Technologies, Inc.[/url] (NYSE: KEYS) today announced a new capability within its RF Circuit Simulation Professional software which enables eng

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Achieving DEKRA validation for EN 18052:2025 empowers automakers to reduce compliance risk, streamline integration, and future-proof connected vehicle safety

SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS) today announced it has achieved a Hybrid eCall certification to the EN 18052:2025 standard from DEKRA. The validation reinforces Keysight’s commitment to standards‑based, real‑world‑ready test solutions that enable automotive manufacturers to navigate evolving safety regulations and accelerate time-to-market for next-generation connected vehicles.

As cellular networks transition away from legacy 2G and 3G infrastructure, automakers face mounting pressure to deliver compliant Next-Generation eCall (NG-eCall) implementations that utilize packet-switched 4G and 5G networks. Because regional network modernization moves at varying speeds, vehicles must operate reliably across mixed-network environments. Keysight’s certified Hybrid eCall solution addresses this challenge directly, enabling in-vehicle systems (IVS) to dynamically switch between legacy and NG-eCall systems based on real-world network availability.

DEKRA’s validation confirms that Keysight’s end-to-end test solution successfully de-risks integration across the entire safety ecosystem — spanning the IVS, mobile networks, and public safety answering points (PSAPs). By building on Keysight’s previously achieved EN 17240 validation, this milestone ensures continuous alignment with evolving international standards.

The certification covers critical real-world testing scenarios, including:

Emergency Call Setup: Validating rapid connection and stability across evolving network infrastructures. Minimum Set of Data (MSD) Transmission: Ensuring precise vehicle location and telemetry are accurately delivered to first responders. Voice Communication: Guaranteeing clear, uninterrupted voice quality under realistic network conditions. Network Fallback: Verifying fail-safe performance when transitioning between NG-eCall and legacy network environments. Keysight will demonstrate its Hybrid eCall and NG‑eCall testing leadership at the ETSI NG‑eCall Plugtests™ 2026, organized by ETSI’s Centre for Testing and Interoperability. This event will bring together automotive manufacturers, suppliers, network operators, and emergency-services stakeholders to verify multi-vendor interoperability using commercial infrastructure.

Through the DEKRA certification and active leadership in industry Plugtests, Keysight reinforces its role as a technology partner helping shape the future of automotive emergency communications, supporting safer, more connected vehicles.

Lourdes Sánchez, Connectivity Director of DEKRA, said: “At DEKRA, we are committed to supporting the automotive industry in the transition towards next-generation emergency communications through testing and certification services aligned with the latest European standards. Our collaboration with Keysight in validating its Hybrid eCall capabilities according to EN 18052:2025 has enabled the verification of critical aspects related to interoperability, reliability, and regulatory readiness, helping accelerate the adoption of safer and more connected vehicle solutions for the future.”

Thomas Goetzl, Vice President and General Manager of Keysight’s Automotive & Energy Solutions, said: “The automotive industry is at a critical juncture as cellular infrastructure evolves. Automakers need proven, reliable testing methodologies to avoid compliance bottlenecks and deployment delays. Achieving this DEKRA certification underscores our commitment to delivering real-world-ready solutions, giving manufacturers the confidence to scale their connected vehicle platforms globally while meeting the highest safety standards."

Resources

Product Page: Keysight E6950B eCall Conformance Test Solution

About Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product life cycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.

More News From Keysight Technologies, Inc.

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Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, June 1:

TTM Technologies, Inc. (TTMI - Free Report) : This company that manufactures and sells printed circuit boards has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 27.5% over the last 60 days.

TTM’s shares gained 53.7% over the last three months compared with the S&P 500’s advance of 10.2%. The company possesses a Momentum Score of A.

Elbit Systems Ltd. (ESLT - Free Report) : This developer of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.8% over the last 60 days.

Elbit’s shares gained 89.2% over the last six months compared with the S&P 500’s advance of 11%. The company possesses a Momentum Score of A.

Keysight Technologies, Inc. (KEYS - Free Report) : This electronic design and test solutions company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing nearly 6% over the last 60 days.

Keysight’s shares gained 68% over the last six months compared with the S&P 500’s advance of 11%. The company possesses a Momentum Score of A.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Learn more about the Momentum score and how it is calculated here.

Keysight Advances Realistic Channel Modeling and Wireless Simulation for 6G in Collaboration with NTT DOCOMO and NTT Keysight Technologies, Inc. (NYSE: KEYS) is collaborating with NTT DOCOMO, Inc. and NTT, Inc. to accelerate realistic 6G channel modeling and wireless communication simulation. The work is part of the companies’ ongoing memorandum of understanding (MoU) focused on 6G wireless communications design, testing, and measurement technologies. Initial milestones include progress in measurement‑driven channel modeling and distributed Multiple‑Input Multiple‑Output (MIMO) simulation, helping researchers evaluate next‑generation wireless concepts with greater confidence.

As 6G research progresses, the industry is placing greater emphasis on understanding how wireless systems perform in complex real-world environments, including urban areas, indoor venues, and transportation corridors. Accurately reproducing these conditions remains challenging. Field testing can be expensive and difficult to repeat, while simplified lab models may not fully capture propagation effects that influence beamforming, mobility, and reliability. More realistic channel modeling and scalable simulation are becoming increasingly important for evaluating next-generation wireless architectures with greater confidence before deployment.

In the collaboration, Keysight and DOCOMO are refining channel models using real‑world radio propagation measurements, including channel impulse response (CIR) data, to better represent complex environments in laboratory-based wireless simulation. At the same time, Keysight and NTT are advancing the simulation-based evaluation of distributed MIMO systems, where geographically distributed antennas cooperate to improve coverage, capacity, and reliability. By combining high‑fidelity channel models with advanced ray‑based propagation techniques, the teams aim to support more scalable and repeatable evaluation of next-generation 6G architectures. Initial results will be presented at EuCNC & 6G Summit 2026 in Malaga, Spain.

Peng Cao, Vice President and General Manager, Wireless Test Group, Keysight, said: “Keysight is helping the 6G ecosystem accelerate innovation with greater confidence. By combining real‑world measurement data with advanced modeling and simulation, this collaboration enables more repeatable validation of next‑generation architectures and helps reduce the risk of transitioning from research to deployment.”

Resources:

Web Page: 6G SolutionsAbout Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product life cycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260601714304/en/

For those looking to find strong Computer and Technology stocks, it is prudent to search for companies in the group that are outperforming their peers. Has Keysight (KEYS - Free Report) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Computer and Technology sector should help us answer this question.

Keysight is a member of the Computer and Technology sector. This group includes 592 individual stocks and currently holds a Zacks Sector Rank of #1. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Keysight is currently sporting a Zacks Rank of #2 (Buy).

Over the past three months, the Zacks Consensus Estimate for KEYS' full-year earnings has moved 8.8% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

Based on the most recent data, KEYS has returned 62.4% so far this year. Meanwhile, stocks in the Computer and Technology group have gained about 23.5% on average. This shows that Keysight is outperforming its peers so far this year.

Another stock in the Computer and Technology sector, Ambiq Micro, Inc. (AMBQ - Free Report) , has outperformed the sector so far this year. The stock's year-to-date return is 171.6%.

For Ambiq Micro, Inc., the consensus EPS estimate for the current year has increased 22.8% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Keysight belongs to the Electronics - Measuring Instruments industry, which includes 5 individual stocks and currently sits at #45 in the Zacks Industry Rank. On average, this group has gained an average of 64.9% so far this year, meaning that KEYS is slightly underperforming its industry in terms of year-to-date returns.

In contrast, Ambiq Micro, Inc. falls under the Electronics - Semiconductors industry. Currently, this industry has 47 stocks and is ranked #50. Since the beginning of the year, the industry has moved +60%.

Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to Keysight and Ambiq Micro, Inc. as they could maintain their solid performance.

Keysight Introduces RF Signal Analyzers to Accelerate Wideband Wireless Design and Validation Keysight Technologies, Inc. (NYSE: KEYS) today introduced the Pro XA6 SA6320A and Expert XA5 SA6210A signal analyzers, designed to help engineers design and validate increasingly complex wireless systems faster and with greater confidence.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260602402101/en/

Keysight Pro XA6 SA6320A signal analyzer.

As wireless systems evolve toward wider bandwidths, higher frequencies, and more advanced multi-antenna architectures, RF validation workflows are becoming more difficult and time-consuming. Even with multiple captures and repeated tests, engineers often lack complete visibility into signal behavior. These workflows can slow debugging, increase measurement uncertainty, and delay identification of signal impairments until late in development.

Keysight’s Pro XA6 SA6320A and Expert XA5 SA6210A signal analyzers address these challenges by enabling engineers to accelerate design, debugging, and validation workflows, reduce re-runs, and improve confidence when characterizing next-generation wireless, radar, and wideband systems.

The Pro XA6 SA6320A delivers up to 8 GHz analysis bandwidth, full preselection up to 67 GHz, and advanced RF measurement capabilities for demanding wideband, millimeter-wave, radar, and electromagnetic spectrum operations applications. The Expert XA5 SA6210A delivers fast swept measurements up to 32 GHz, wide analysis bandwidth up to 2 GHz, and dual-channel RF analysis in a single platform optimized for everyday wireless design and validation.

The Pro XA6 SA6320A enables engineers to validate demanding wideband and high-frequency systems with deeper signal insights. Key capabilities include:

Wideband Capture to 8 GHz: Up to 8 GHz analysis bandwidth captures wideband signals, enabling broader signal analysis and reducing workflow complexity. Extends High-Frequency Design and Validation: Frequency coverage up to 67 GHz supports next-generation wireless, millimeter-wave, radar, and spectrum operations applications. Improved Signal Clarity: Advanced displayed average noise level (DANL), phase noise, and EVM performance reveal low-level spurs, interferers, and wideband impairments. Accelerated 5G NR Analysis: Graphics processing unit (GPU)-accelerated demodulation speeds for wide bandwidth 5G NR error vector magnitude (EVM) measurements shortens analysis time. Regulatory Compliance with Wide RBW: Up to 80 MHz resolution bandwidth (RBW) supports standards-compliant signal measurements. The Expert XA5 SA6210A helps R&D, validation, and manufacturing teams accelerate 5G, wireless local area network (WLAN), ultra-wideband, radar, pulsed RF, and general-purpose wireless test workflows. Key capabilities include:

Accelerates Spur Detection: Fast, image-free swept measurements up to 32 GHz help engineers identify low-level signals and spurious emissions sooner. Simplified Validation: Dual-receiver architecture enables 5G NR and WLAN MIMO measurements and cross-correlated error vector magnitude (ccEVM), supporting single-instrument analysis of complex RF interactions. Broader Wireless Test Coverage: Up to 2 GHz analysis bandwidth supports advanced 5G, WLAN, radar, and general-purpose validation workflows. Greater Measurement Confidence: High RF measurement accuracy helps reduce EVM uncertainty and improve signal characterization. Streamlined RF Workflows: A larger display, redesigned user interface, and legacy X-Series SCPI compatibility help teams transition more quickly and efficiently. Jun Chie, Vice President, Keysight Core Product Management, said: “Wireless design and validation are becoming significantly more challenging as engineers work with wider bandwidths, higher frequencies, and more complex signal environments. The Pro XA6 SA6320A and Expert XA5 SA6210A signal analyzers are built to help engineering teams capture more signal behavior in less time, increase measurement speed, and move from design and debug to validation with greater confidence.”

Resources

Product Page: Expert XA5 SA6210A Signal AnalyzerProduct Page: Pro XA6 SA6320A Signal AnalyzerAbout Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product life cycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260602402101/en/

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Enables engineers to simulate photonic integrated circuits and validate optical link performance in a single environment

SANTA ROSA, Calif.--(BUSINESS WIRE)--Keysight Technologies, Inc. (NYSE: KEYS) announced support for GlobalFoundries’ (GF) silicon photonics process technology in its Advanced Design System (ADS) Photonic Designer, expanding its foundry ecosystem for photonic integrated circuit (PIC) development. Designers can move from PIC design to full electro-optical-electrical (EOE) system simulation within a single environment, validating how photonic circuits perform at the optical link level before tapeout.

As silicon photonics moves into volume production across data centers, AI infrastructure, and optical communications, designing a photonic integrated circuit is only part of the challenge. Engineers need to confirm its performance within an EOE system. Traditional workflows separate these steps, forcing teams to move between PIC design tools and system simulation platforms. This introduces risk and delays validation until late in the development cycle.

Keysight’s PDK for ADS Photonic Designer addresses this by connecting PIC design with system level EOE simulation. Engineers can now design photonic circuits on GF’s platform, then validate full optical link behavior, including eye diagram analysis and signal integrity metrics such as transmission dispersion eye closure quaternary (TDECQ), without switching tools. Built on physics based models aligned to GF’s silicon photonics process, the PDK ensures that PIC simulations correlate to fabricated silicon, while validation at the system level ensures the desired channel link performance is achieved.

These PIC and system performance are critical for high-speed optical interconnect architecture development, and further down the design process where photonic and electronic performance must be verified together. Engineers designing optical transceivers and co-packaged optics can use Keysight FlexDCA oscilloscope software during design to ensure the best possible simulation to measurements correlation and the best possible predictive results.

Key benefits include:

Faster time to first design: Foundry aligned, physics-based models for GF’s silicon photonics process are ready for immediate use, so teams can start working without building or calibrating component libraries from scratch. Achieve compliance before tapeout: By simulating with Keysight instrument software, FlexDCA based measurements and TDECQ analysis, engineers reduce design to test correlation variables ensuring the best possible predictive results. Earlier system level insight: By shifting left engineers can evaluate how PIC performance affects the optical link early during architecture development, which can reduce design iterations and time to market. Vikas Gupta, Senior Fellow, Silicon Photonics Product Line at GlobalFoundries, said: “As silicon photonics moves into broader deployment for AI infrastructure and high-speed optical communications, designers need workflows that connect device innovation with system-level performance from the start. By enabling our silicon photonics platform in Keysight’s ADS Photonic Designer, we’re helping customers accelerate development, reduce design risk and scale their optical interconnect solutions more effectively.”

Niels Faché, Senior Vice President, Keysight’s Design Engineering Software, said: “The silicon photonics industry has moved past the point where circuit design and system validation can live in separate workflows. Engineers building for AI and data center infrastructure need to see system-level link performance from day one, not after fabrication."

The GlobalFoundries CLO PDK for ADS Photonic Designer is available now.

Resources

Web Page: ADS Photonic Designer About Keysight Technologies

At Keysight (NYSE: KEYS), we inspire and empower innovators to bring world-changing technologies to life. As an S&P 500 company, we’re delivering market-leading design, emulation, and test solutions to help engineers develop and deploy faster, with less risk, throughout the entire product life cycle. We’re a global innovation partner enabling customers in communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics markets to accelerate innovation to connect and secure the world. Learn more at Keysight Newsroom and www.keysight.com.

More News From Keysight Technologies, Inc.

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Key Takeaways Keysight is seeing AI data center expansion drive demand for its test and measurement solutions.KEYS is gaining from NTN, 6G research, satellite communications and radar demand, supporting growth.SANM is growing on AI servers via ZT Systems integration, plus investments in capacity and cooling. Keysight Technologies, Inc. (KEYS - Free Report) and Sanmina Corporation (SANM - Free Report) are two key players serving the global technology and electronics ecosystem. Keysight provides electronic design, testing and measurement solutions that support the development of advanced technologies across semiconductor, communications, aerospace and defense, and enterprise markets.

Sanmina is a leading electronics manufacturing services provider that offers integrated design, manufacturing, logistics and supply chain solutions for customers across communications, cloud computing, industrial, medical and defense sectors.

With domain-specific expertise in their respective areas, both Keysight and Sanmina are well-positioned to benefit from increasing investments in artificial intelligence (AI)-driven technologies, digital infrastructure and next-generation networking solutions. Let us delve a little deeper into the companies' competitive dynamics to understand which of the two is relatively better placed to capitalize on these industry trends.

The Case for Keysight StockThe growing expansion of AI data centers is a key growth driver for Keysight. As AI systems become more advanced and require greater computing power, companies need testing and validation solutions to ensure reliable performance. The rising use of GPUs, CPUs, memory, networking equipment and high-speed interconnects is driving strong demand for Keysight’s test and measurement technologies. This momentum helped drive strong order growth, raising its fiscal 2026 revenue outlook.

The evolution of wireless communications is creating another significant growth opportunity. Demand related to non-terrestrial networks (NTN), 6G research, satellite communications and radar systems is supporting growth across its Communications Solutions Group. In addition, increasing adoption of software-defined vehicles, cybersecurity solutions and electric vehicle charging technologies is creating new opportunities for the company.

However, Keysight remains exposed to risks from changing trade policies and global economic conditions. The company has significant exposure to international markets, making it vulnerable to tariffs, export restrictions and geopolitical tensions. Fluctuations in customer spending and delays in large orders can create short-term volatility in its revenues and earnings.

The Case for Sanmina StockSanmina is benefiting from strong demand for cloud and AI infrastructure. Its end-to-end manufacturing model, covering design, engineering, production, testing and logistics, allows customers to work with a single trusted provider throughout the product lifecycle. Growth in AI servers and accelerated computing programs, supported by the ZT Systems business, is driving its revenue growth.

The company has a diversified presence across communications, cloud computing, medical, defense, industrial and automotive markets. Ongoing program wins, a strong order pipeline and investments in advanced manufacturing capabilities support future growth. It is strengthening its position in cloud and AI infrastructure with the integration of ZT Systems. Sanmina is investing in manufacturing capacity and cooling technologies to support growing demand for AI computing systems. Its strong cash position also gives it the flexibility to invest in new opportunities and return cash to shareholders.

However, Sanmina faces risks from global trade uncertainties and faces competition from major players such as Jabil Inc. (JBL - Free Report) and Celestica Inc. (CLS - Free Report) in a highly competitive electronics manufacturing services market. Its significant manufacturing presence in China makes it vulnerable to tariffs, export restrictions and geopolitical tensions. Customer concentration and supply chain challenges could create fluctuations in its revenues and profitability.

How Do Zacks Estimates Compare for KEYS & SANM?The Zacks Consensus Estimate for Keysight’s 2026 sales implies a year-over-year rise of 28.51%, while that for EPS indicates growth of 42.04%. EPS estimates have been trending northward (up 14%) on average over the past 60 days.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Sanmina’s 2026 sales implies a year-over-year rise of 75.51%, while that for EPS indicates growth of 85.76%. EPS estimates have been trending northward (up 10.1%) on average over the past 60 days.

Image Source: Zacks Investment Research

Price Performance & Valuation of KEYS & SANMOver the past year, Keysight has rallied 119.3% compared with the industry’s growth of 130.6%. Sanmina has surged 228.7% over the same period.

Image Source: Zacks Investment Research

Keysight looks more expensive compared to Sanmina from a valuation standpoint. Going by the price/earnings ratio, Keysight’s shares currently trade at 34x forward sales, significantly higher than 22.75x for Sanmina.

Image Source: Zacks Investment Research

KEYS or SANM: Which Is a Better Pick?Keysight stock currently sports a Zacks Rank #1 (Strong Buy). while Sanmina carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Both Keysight and Sanmina expect strong growth in fiscal 2026, supported by increasing investments in advanced technologies, digital infrastructure and next-generation computing solutions, which continue to drive demand across their key end markets. However, with a proprietary technology, stronger business and exposure to advanced technology trends over the next 5 to 10 years, Keysight seems to be a better investment option at the moment.

LOS ANGELES, May 10, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Check Point Software Technologies Ltd. (“Check Point” or “the Company”) (NASDAQ: CHKP) for violations of the securities laws.

The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Check Point released its Q1 2026 financial results on April 30, 2026. The Company claimed its product revenue suffered due to "go-to-market changes implemented at the beginning of the quarter." During the Company’s earnings call, executives disclosed that these changes would continue to have "a short-term impact on our business" and would also "negatively affect our 2026 revenue projections." Based on this news, shares of Check Point fell by more than 19.6% on the same day.

If you are a shareholder who suffered a loss, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:

The Schall Law Firm 
Brian Schall, Esq. 
310-301-3335
[email protected]

www.schallfirm.com

, /PRNewswire/ -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a leading provider of cyber security solutions globally, today announced that its board of directors has authorized a $2.0 billion expansion of the company's on-going share repurchase program.

As of March 31, 2026, Check Point had approximately 104,027,807 ordinary shares outstanding, and since the beginning of the share repurchase program, Check Point has repurchased approximately 230 million shares for a total purchase price of approximately $17.4 billion. The updated plan extends the company's existing repurchase authorization from July 2024, which was completed in the second quarter of 2026.

Under the extended repurchase authorization, shares may be repurchased from time to time in open-market transactions, in privately negotiated transactions or by other means in accordance with applicable securities laws and regulations. The actual timing, number and value of the shares repurchased will depend on market conditions, share price, trading volume and other factors. For all or a portion of the authorized repurchase amount, Check Point may enter into a plan that is compliant with Rule 10b5-1 of the U.S. Securities Exchange Act of 1934 that is designed to facilitate such purchases. The repurchase program does not require Check Point to acquire a specific number of shares and may be suspended from time to time, amended, or discontinued. The share repurchases are expected to be funded from available working capital.

About Check Point Software Technologies Ltd. 

Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, expectations regarding our utilization of the new expanded share repurchase program and our intention to continue to repurchase our shares. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; issues in the development and deployment of AI; competition from other products and services; appointments and departures of our executive officers; and general market, political, economic, and business conditions, including acts of terrorism or war. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2026. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

SOURCE Check Point Software Technologies

, /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Check Point Software Technologies Ltd. ("Check Point" or the "Company") (NASDAQ: CHKP).  Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.

The investigation concerns whether Check Point and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On April 30, 2026, Check Point reported first quarter 2026 financial results, disclosing that product revenue was impacted by "go-to-market changes implemented at the beginning of the quarter," which created near-term headwinds in its security appliance business.  During the accompanying earnings call, management further disclosed that these changes would have "a short-term impact on our business" and would "negatively affect our 2026 revenue projections." 

On this news, Check Point's stock price fell $27.49 per share, or 19.64%, to close at $112.47 per share on April 30, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising. Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

SOURCE Pomerantz LLP

As enterprise networks approach the limits of human-driven management, Check Point moves the industry from rules to intent, from fixed controls to dynamic prevention, and from fragmented consoles to unified orchestration

, /PRNewswire/ -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader in cyber security solutions, today launched its Agentic Network Security Orchestration Platform, a purpose-built autonomous agent architecture that executes network security operations across enterprise environments, without requiring constant human intervention. The launch continues the company's mission to fundamentally transform the way enterprise network security is managed, an approach that has remained largely unchanged since the early days of the firewall era.

Enterprise networks have grown beyond human capacity to manage. Hybrid cloud adoption, M&A-driven fragmentation, the explosion of connected devices, and the rapid proliferation of AI agents across infrastructure have created environments that no human team was designed to secure at this scale. A single change request can take two to four weeks to work through analysis, security review, and policy dependencies - only to break something else and restart the cycle. Segmentation projects sit on the board for years and never ship. Policies drift because workloads move faster than any team can follow. The result is predictable: Zero Trust projects stall, policy tightening never completes, and organisations are left exposed. Check Point's platform addresses this by beginning a transformation across three dimensions that have defined and constrained network security management for decades: moving from thousands of static rules to intent-based policy, from fixed threat prevention profiles to dynamic exposure-based controls, and from fragmented vendor consoles to a single orchestration layer across the entire network. Security teams set the business intent. The agents handle everything below it.

"For the first time, security teams can operate entirely at the level of business intent," said Jonathan Zanger, Chief Technology Officer at Check Point Software Technologies. "With Agentic Network Security Orchestration, teams define what needs to be protected and what the policy should achieve. Everything below that, the rule creation, the policy tightening, the virtual patching, is handed to AI agents to execute autonomously, within predefined guardrails and under continuous human oversight. We are turning projects that used to take months into days of auditable action."

"Enterprise network security has reached an inflection point. Layering agentic AI on top of modern hybrid environments creates complexity that outpaces the capabilities of what human teams can manage manually. The consequence is that critical security initiatives like Zero Trust and micro-segmentation languish in administrative density and stall before they deliver value. Agentic approaches like Check Point's ground autonomous execution in a live understanding of the actual network environment, representing a meaningful architectural shift in how organizations' can structurally close that gap." Frank Dickson, Group Vice President, Security and Trust, IDC.

At the center of the platform is a proprietary Network Knowledge Graph, a live, relational model of the customer's actual environment, continuously updated with topology, traffic flows, asset dependencies, and real-time configuration data. This is what separates Check Point's agents from generic AI applied to security problems. Rather than reasoning over static training data, agents reason over the customer's actual network as it exists right now, grounding every decision in the customer's specific reality.

The platform's semantic intelligence layer goes further, interpreting not just the syntax of existing firewall policies but the business intent behind them, including rules created years or decades ago. Once that intent is understood, agents act on it autonomously across four core capabilities:

Intent-to-Policy translates natural language business requirements into hardened, risk-validated firewall rules across multi-vendor environments. Zero Trust and Policy Tightening continuously analyses active traffic to identify shadow access and over-permissive configurations, autonomously applying validated tightening recommendations without risking connectivity breaks. Autonomous Troubleshooting conducts multi-step reasoning across topology, policy history, and logs to diagnose failures autonomously, reducing mean time to resolution from hours to minutes. Continuous Compliance maps every rule and configuration change to DORA, PCI-DSS, and NIST in real time, replacing annual audit fire drills with continuous automated enforcement. Security teams retain authority at the intent level, approving high-impact changes before execution, with full visibility into every agent's action through a complete execution trace. Underlying the platform are agent skills fine-tuned on more than 30 years of operational expertise protecting over 100,000 organisations, spanning the edge cases and configuration complexity that generic models have never encountered.

Accelerating the Roadmap: The Acquisition of Deepchecks's Team and Intellectual Property 

As part of the commitment to deliver on the Agentic Network Security Orchestration roadmap, Check Point has signed a definitive agreement to acquire the team and intellectual property of Deepchecks, a production-grade platform that unifies evaluation, observability, testing, and monitoring, giving teams the visibility and control needed to trust agents in production. The team is comprised of LLM experts, graduates of the prestigious Talpiot technological excellence program. Deepchecks' talent and intellectual property will significantly accelerate the execution of the Agentic Network Security Orchestration roadmap.

"Any multi-agent system must include a robust evaluation layer that enables continuous measurement, tuning, and improvement over time," explained Ofir Korzenyak, VP AI Technologies. "Deepchecks' team brings cutting-edge capabilities precisely in this area, strengthening our ability to deliver agents that continuously improve and can be fine-tuned to customers' specific needs."

Availability
Check Point's Agentic Security Management capabilities are available today - Policy Auditor prevents policy drift, Policy Insights drives zero-trust tightening, and AI Assist accelerates daily admin tasks. Playblocks Agents is available through our Early Availability program, with a broader customer preview introducing more agents, skills, and multi-vendor support launching in H2 2026. For more information and to request access, visit.

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About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a global cyber security leader protecting more than 100,000 organizations worldwide. Its mission is to secure enterprises' AI transformation. With a prevention-first approach and an open ecosystem architecture, Check Point helps organizations block advanced threats, prioritize exposures, and automate security operations across complex digital environments. The unified architecture simplifies protection across hybrid networks, multi-cloud environments, digital workspaces, and AI systems. Structured around four strategic pillars, Hybrid Mesh Network Security, Workspace Security, Exposure Management, and AI Security, Check Point delivers consistent protection and visibility across multivendor environments, enabling organizations to reduce risk, improve efficiency, and accelerate innovation without increasing complexity.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding our products and solutions, our expectations regarding future growth, the expansion of Check Point's industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2026. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

SOURCE Check Point Software Technologies