SKYWORKS SOLUTIONS (SWKS) Company Report

Skyworks CEO Philip Brace detailed the strategic rationale for the proposed Skyworks-Qorvo combination, aiming to create a $7.7 billion company comprising a $5 billion mobile business and a $2.6 billion non-mobile segment including defense and GaN capabilities.
Major handset customers have expressed support for the merger, viewing Skyworks and Qorvo technologies as largely complementary, with minimal overlap and the potential to redirect duplicate R&D spend toward joint innovations.
The merger model assumes no revenue synergies or multiple expansion; management is focused on cost synergies, integration planning, and a methodical international regulatory approach—China approval is considered likely but not guaranteed and not a deal breaker.
Skyworks’ standalone Broad Markets business shows strong momentum, notably with Wi-Fi 7 adoption entering its “third inning” against supply constraints, automotive connectivity growth, and infrastructure timing/power demand; defense becomes a leading growth area when combined with Qorvo’s portfolio.
Self-help measures ahead of closing include consolidation of the Newbury Park site, reorganization of product marketing into business units, and leadership changes affecting ~25% of staff to improve operational efficiency.

Dec 2, 2025, 9:15 PM

Transcript

Skyworks outlines Qorvo merger rationale at UBS 2025 Global Tech & AI Conference

SWKS

M&A

CEO Phil Brace detailed the strategic rationale for combining Skyworks and Qorvo into a $7.7 billion revenue platform—split into a $5 billion mobile business and a $2.6 billion non-mobile business featuring GaN technology for defense and aerospace—with a strong capital structure to support future growth.
Major customers have expressed support for the merger, citing complementary technologies (e.g., envelope tracking, high-frequency components) and the opportunity to reallocate duplicate R&D spend, while Skyworks has not assumed any revenue synergies in its financial model.
Management plans a deliberate, step-by-step international regulatory process, with China clearance viewed as essential to closing the transaction; U.S. operations alone would not justify closing without full approval.
Skyworks is executing standalone self-help measures—such as consolidating a manufacturing site into Newbury Park and streamlining product-marketing and business unit structures—to drive cost efficiencies and target a 46.5% gross margin in fiscal Q4 ahead of deal close.

Dec 2, 2025, 9:15 PM

Transcript

Skyworks discusses Qorvo merger at UBS’s 2025 Global Tech & AI Conference

SWKS

M&A

Skyworks CEO Phil Brace outlined the strategic rationale for the Qorvo merger, creating a combined platform with $7.7 billion in annual revenue (split into $5 billion mobile and $2.6 billion non-mobile businesses) and adding GaN technology capabilities.
No revenue synergies are baked into the financial model; value creation relies on cost synergies, focused R&D, and a favorable capital structure to support future growth.
Major handset customers have strong support for the deal, citing minimal product overlap, complementary technologies (e.g., envelope tracking, antenna tuners), and potential to reduce duplicate R&D spend.
The international regulatory path, especially in China, will be approached methodically, and full jurisdictional approvals are required for the deal to close—not planned to proceed without China.
Skyworks highlighted Broad Markets momentum in Wi-Fi 7, automotive connectivity, defense electronics (via Qorvo’s GaN products), and infrastructure timing/power products, with Wi-Fi 7 adoption in its early innings.

Dec 2, 2025, 9:15 PM

Transcript

Skyworks reports Q4 FY2025 results

SWKS

Earnings

Guidance Update

CFO Change

Skyworks delivered Q4 FY2025 revenue of $1.1 billion and diluted EPS of $1.76; mobile constituted 65% of sales (up 21% QoQ) and broad markets grew 3% QoQ; gross margin was 46.5%, net income was $264 million.
For fiscal 2025, the company generated $1.3 billion of operating cash flow and $1.1 billion of free cash flow (27% margin) on $195 million of capex; ended Q4 with $1.4 billion in cash/investments and $1.0 billion in debt.
Q1 FY2026 guidance: revenue $975 million–$1.025 billion, diluted EPS of $1.40 at midpoint; mobile expected to decline low-to-mid teens sequentially, broad markets to rise slightly, with gross margin of 46–47% and OpEx of $230–$240 million.
Appointed Philip Carter as CFO and announced a transformative agreement to combine with Corvo, aiming to add scale and diversification to its wireless portfolio.

Nov 4, 2025, 9:30 PM

Transcript

Skyworks reports Q4 FY2025 results

SWKS

Earnings

Guidance Update

M&A

Posted $1.1 billion revenue and $1.76 EPS; delivered 46.5% gross margin and $1.1 billion free cash flow (27% FCF margin) in FY2025.
Mobile represented 65% of Q4 revenue, up 21% sequentially and 7% year-over-year; broad markets grew 3% sequentially and 7% YoY, led by edge IoT, automotive, and data center.
Provided Q1 FY2026 outlook of $975 M–$1.025 B revenue, 46%–47% gross margin, and $1.40 diluted EPS at midpoint; expects mobile to decline low-mid teens and broad markets to rise slightly sequentially.
Announced a transformative combination with Corvo to enhance scale, diversification, and expand its complementary wireless product portfolio upon closing.
Appointed Philip Carter as CFO and added a new head of global sales to strengthen customer-focused execution.

Nov 4, 2025, 9:30 PM

Transcript

Skyworks Solutions reports Q4 FY2025 results

SWKS

Earnings

Guidance Update

M&A

Skyworks delivered $1.1 billion in revenue and $1.76 non-GAAP EPS in Q4 FY2025.
For full FY2025, the company generated $1.1 billion of free cash flow (27% margin), ending the quarter with $1.4 billion in cash and investments and $1 billion in debt.
Q1 FY2026 guidance calls for $975 million–$1.025 billion in revenue, 46–47% gross margin, and $1.40 EPS at the midpoint.
Announced agreement to combine with Corvo, aiming to reduce customer concentration and broaden technology portfolio.
Appointed Philip Carter as CFO and streamlined sales and marketing to enhance customer focus and engineering alignment.

Nov 4, 2025, 9:30 PM

Transcript

Skyworks Solutions reports Q4 FY2025 earnings and guidance

SWKS

Earnings

Guidance Update

Dividends

Revenue of $1.10 billion in Q4 FY2025; GAAP diluted EPS of $0.94 and non-GAAP diluted EPS of $1.76 (period ended Oct. 3, 2025).
Full-year operating cash flow of $1.30 billion and free cash flow of $1.11 billion for FY2025.
Q1 FY2026 guidance: revenue of $975 million–$1,025 million and non-GAAP diluted EPS of $1.40 at midpoint.
Board declared a cash dividend of $0.71 per share, payable Dec. 9, 2025, to holders of record Nov. 18, 2025.

Nov 4, 2025, 9:08 PM

8-K

Skyworks announces merger agreement with Qorvo

SWKS

M&A

Skyworks will acquire Qorvo in a deal valuing Qorvo shareholders at $32.50 in cash and 0.960 Skyworks shares, resulting in approximately 63%/37% pro forma ownership for Skyworks/Qorvo shareholders.
The combined company will have $7.7 billion in pro forma revenue and $2.1 billion in adjusted EBITDA, and the transaction is expected to be immediately and meaningfully accretive to non-GAAP EPS.
Management anticipates $500 million or more in annual cost synergies within 24–36 months, financed by ~$1.2 billion of new debt and existing cash, targeting ~1.0x net leverage at close.
Closing is expected in early 2027, subject to shareholder and regulatory approvals.

Oct 28, 2025, 12:00 PM

Presentation

Skyworks and Qorvo announce transformational merger

SWKS

M&A

Skyworks and Qorvo to combine into a U.S.-based RF semiconductor leader with an enterprise value of ~$22 billion, with Skyworks and Qorvo shareholders owning 63% and 37% of the combined company, respectively; Qorvo shareholders receive 0.96 Skyworks shares plus $32.50 cash per share.
The combined company will target $7.7 billion in annual revenue and $2.1 billion in adjusted EBITDA, creating a $5.1 billion Mobile business and a $2.6 billion Broad Markets platform spanning defense, aerospace, IoT, AI data centers, and automotive.
Management projects $500 million+ of annual cost synergies within 24–36 months of closing, with over half from OpEx savings and the remainder from COGS efficiencies via manufacturing consolidation.
The boards of both companies have unanimously approved the deal, which is subject to customary closing conditions and regulatory approvals.

Oct 28, 2025, 12:00 PM

Transcript

Skyworks and Qorvo to merge in $22B deal

SWKS

M&A

Skyworks and Qorvo will combine to form a U.S.-based RF/analog/mixed-signal semiconductor leader with a combined enterprise value of $22 billion; existing shareholders to own approximately 63% (Skyworks) / 37% (Qorvo), and Qorvo shareholders will receive 0.96 Skyworks shares plus $32.50 cash per share.
The merged entity will command $7.7 billion in revenue and $2.1 billion in adjusted EBITDA, including a $5.1 billion mobile business and a $2.6 billion broad markets platform spanning defense, aerospace, IoT, AI data center, and automotive.
Leadership expects at least $500 million of annual cost synergies within 24–36 months, driven primarily by SG&A consolidation and manufacturing-footprint optimization.
The deal, unanimously approved by both boards, is targeted to close in early 2027, subject to regulatory (e.g., HSR, SAMR), shareholder and customary closing conditions.

Oct 28, 2025, 12:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for SKYWORKS SOLUTIONS.

Q4 2025

Nov 4, 2025

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Q3 2025

Aug 5, 2025

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Q2 2025

May 7, 2025

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SKYWORKS SOLUTIONS (SWKS)

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Executives

Philip Brace

Philip Carter

Reza Kasnavi

Robert Terry

Todd Lepinski

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Christine King

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Eric Guerin

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Robert Schriesheim

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