Qorvo (QRVO) Company Report

Q2 revenue was $1,059 million, non-GAAP gross margin 49.7%, and non-GAAP EPS $2.22.
Q3 guidance: revenue of $985 million ± $50 million, gross margin 47–49%, and non-GAAP EPS $1.85 ± $0.20.
Exiting low-margin mass-tier Android drives an expected $200 million revenue decline this fiscal year and next, while CSG restructuring will cut $70 million in annual OpEx by FY 2027.
HPA (defense & aerospace) grew 25% YoY in Q2, with double-digit YoY growth expected, supported by rising U.S. and allied defense spending.
Manufacturing footprint consolidation: sale of Chinese factories, GaN wafer shift to Oregon, SAW transfer to Texas, and Costa Rica facility closure to onshore U.S. output.

Nov 3, 2025, 9:30 PM

Transcript

Qorvo announces Q2 FY2026 results

QRVO

Earnings

Guidance Update

Qorvo reported on a GAAP basis revenue of $1.1 billion, gross margin of 47.0%, operating income of $157.7 million, and diluted EPS of $1.28.
On a non-GAAP basis, gross margin was 49.7%, operating income was $252.6 million, and diluted EPS was $2.22.
For the December 2025 quarter, Qorvo expects revenue of $985 million ± $50 million, non-GAAP gross margin of 47–49%, and non-GAAP diluted EPS of $1.85 ± $0.20.

Nov 3, 2025, 9:05 PM

8-K

Skyworks to acquire Qorvo in $7.7 billion merger

QRVO

M&A

Skyworks will acquire Qorvo for $32.50 in cash plus 0.960 Skyworks share(s) per Qorvo share, resulting in approximately 63% Skyworks and 37% Qorvo ownership post-close.
The combined company will have $7.7 billion in revenue and $2.1 billion in adjusted EBITDA (LTM to June 30, 2025), with annual cost synergies of at least $500 million within 24–36 months and immediate accretion to non-GAAP EPS.
Financing comprises ~$1.2 billion of new debt, targeting a net leverage of ~1.0x at close while maintaining an investment-grade rating.
The transaction is expected to close in early calendar year 2027, subject to customary shareholder and regulatory approvals.

Oct 28, 2025, 12:00 PM

Presentation

Skyworks and Qorvo to merge into $22B RF semiconductor leader

QRVO

M&A

Skyworks and Qorvo will combine to form a U.S.-based RF semiconductor leader with a combined enterprise value of $22 billion, with Skyworks shareholders owning ~63% and Qorvo shareholders ~37%; Qorvo holders receive 0.96 Skyworks shares plus $32.50 cash per share.
Pro forma 2025 revenue of $7.7 billion and adjusted EBITDA of $2.1 billion, split into a $5.1 billion mobile business and a $2.6 billion broad markets platform.
Expected $500 million+ of annual cost synergies within 24–36 months post-close, with immediate accretion to non-GAAP EPS.
Transaction is subject to shareholder and regulatory approvals, targeting close in early 2027.

Oct 28, 2025, 12:00 PM

Transcript

Skyworks and Qorvo to Merge in $22B RF Semiconductor Deal

QRVO

M&A

Skyworks and Qorvo will combine into a U.S.-based RF semiconductor leader with a combined enterprise value of $22 billion, with Skyworks shareholders owning ~63% and Qorvo shareholders ~37%; Qorvo investors receive 0.96 Skyworks shares plus $32.50 cash per share.
The merged company will have annual revenue of $7.7 billion and adjusted EBITDA of $2.1 billion, enhancing R&D scale and manufacturing capabilities.
Transaction is expected to deliver $500 million+ in annual cost synergies within 24–36 months, weighted slightly toward OPEX savings with the balance from COGS efficiencies, and will be immediately accretive to non-GAAP EPS.
Closing is targeted early calendar 2027, subject to regulatory and shareholder approvals; management cites strong customer support and a methodical approach to obtaining clearance.
The combination creates a $5.1 billion mobile business and a $2.6 billion broad markets platform spanning defense, aerospace, edge IoT, AI data center, and automotive.

Oct 28, 2025, 12:00 PM

Transcript

Skyworks and Qorvo announce merger to create $22 billion RF leader

QRVO

M&A

Skyworks and Qorvo will combine in a transaction valuing the pro forma company at $22 billion (enterprise value); Qorvo shareholders will receive 0.96 Skyworks shares and $32.50 cash per share, resulting in a 63%/37% ownership split for Skyworks and Qorvo shareholders, respectively.
The combined company will have pro forma FY revenue of $7.7 billion and adjusted EBITDA of $2.1 billion, featuring a $5.1 billion mobile business and a $2.6 billion diversified broad markets platform.
Management expects $500 million+ of annual cost synergies within 24–36 months post-close, with >50% from OPEX reductions and the remainder from COGS efficiencies.
The transaction is anticipated to close in early calendar 2027, subject to regulatory approvals (including U.S. HSR and China SAMR), shareholder votes, and customary conditions.

Oct 28, 2025, 12:00 PM

Transcript

Qorvo and Skyworks to combine in $22 billion RF deal

QRVO

M&A

Qorvo shareholders will receive $32.50 in cash and 0.960 Skyworks common shares per Qorvo share, valuing the combined enterprise at approximately $22 billion.
Upon closing, expected early 2027, Skyworks shareholders will own approximately 63 % and Qorvo shareholders 37 % of the combined company.
The combined entity delivers trailing twelve-month revenues of $7.7 billion and $2.1 billion of Adjusted EBITDA, with $500 million of annual cost synergies targeted within 24–36 months.
Phil Brace will serve as chief executive officer of the combined company, and Bob Bruggeworth will join its board of directors.

Oct 28, 2025, 11:10 AM

8-K

Qorvo reports preliminary Q2 FY2026 results and announces Skyworks merger

QRVO

Earnings

M&A

Preliminary fiscal Q2 2026 revenue of $1,058.5 million, GAAP gross margin 47.0%, GAAP EPS $1.28, and non-GAAP gross margin 49.7% with non-GAAP EPS $2.22.
Entered into a definitive cash-and-stock transaction to combine with Skyworks Solutions, valuing the combined enterprise at approximately $22 billion as of October 27, 2025.
Final Q2 2026 results to be released on November 3, 2025.

Oct 28, 2025, 11:01 AM

8-K

Qorvo in Talks to Be Acquired by Skyworks

QRVO

M&A

Board Change

Skyworks Solutions is in confidential discussions to acquire Qorvo, a deal that could reshape the semiconductor competitive landscape.
Both companies face slowing revenue growth and increased competition in their RF chip business with Apple.
Skyworks maintains a strong balance sheet, high institutional ownership, and has forecasted Q4 revenue and profit above Wall Street expectations.
Qorvo recently appointed Richard Clemmer and Christopher Koopmans as independent directors amid pressure from activist Starboard Value, which holds about 8.9% of the company.

Oct 28, 2025, 5:42 AM

CNBC

Qorvo reports Q1 2026 results

QRVO

Earnings

Guidance Update

Q1 non-GAAP revenue was $819 million, with a 44% gross margin and $0.92 diluted EPS; the company’s largest customer accounted for 41% of revenue.
Ended the quarter with $1.2 billion in cash and equivalents, $1.5 billion in long-term debt, net inventory of $638 million, operating cash flow of $183 million, and free cash flow of $145 million.
Q2 guidance calls for $1.025 billion ±$50 million in revenue, 48–50% non-GAAP gross margin, and $2.00 ±$0.25 non-GAAP diluted EPS.
Content at the largest customer grew >10% year-over-year on the new platform; ACG’s June Android revenue was $240 million (down 18% YoY), with China Android revenue at just under $100 million (down 29% YoY).
Announced closures of Costa Rica and Greensboro (NC) fabs, moving SAW filter production to Texas with $10–20 million startup costs in FY2026 and expected gross margin benefits by late FY2027.