Revenue ($USD)

Q4 2025

no prior guidance

$1,000,000,000 to $1,030,000,000 "

no prior guidance

Mobile Revenue

Q4 2025

no prior guidance

Mid single-digit sequential growth "

no prior guidance

Broad Markets Revenue

Q4 2025

no prior guidance

Growth with year-over-year trends accelerating "

no prior guidance

Gross Margin (%)

Q4 2025

no prior guidance

47% ± 50 basis points "

no prior guidance

Operating Expenses ($USD)

Q4 2025

no prior guidance

$235,000,000 to $245,000,000, including $7,000,000 incremental expenses due to the fourteenth week in September "

no prior guidance

Other Income ($USD)

Q4 2025

no prior guidance

$4,000,000 "

no prior guidance

Effective Tax Rate (%)

Q4 2025

no prior guidance

13% "

no prior guidance

Diluted Share Count

Q4 2025

no prior guidance

149,500,000 shares "

no prior guidance

Diluted EPS ($USD)

Q4 2025

no prior guidance

$1.40 at the midpoint of the revenue outlook "

no prior guidance

Internal Modem Technology Transition

Q1 and Q2 discussions focused on challenges with the transition (turbulence with the largest customer " , incremental RF content opportunities and secular trends " , and design wins amid competition " ) while Q4 2024 had no mention [N/A].

Q3 emphasized increased content availability and a natural tailwind from the transition, with a focus on internal modem benefits and improved content access. " "

The sentiment has shifted from cautious challenge and incremental opportunity to a more positive view with clear benefits from increased content—indicating a maturing transition despite earlier turbulence. " " " " "

Automotive Segment Dynamics

Earlier periods were mixed: Q4 2024 described muted automotive demand and excess inventory pressure " " , while Q1 and Q2 noted modest growth with design wins in connected car tech and early signs of recovery. " "

Q3 shows robust growth with automotive revenue at around $60 million per quarter, secured key OEM design wins, and a bullish long-term outlook supported by long design cycles. " "

The trend has been upward—from earlier periods of soft demand and inventory challenges to stronger revenue growth and more consistent design wins, signaling an improving long-term outlook. " " " " " "

Manufacturing Consolidation and Operational Efficiency

Q1 discussions emphasized maintaining operational efficiencies and careful evaluation of the manufacturing footprint. " " Q2 focused on optimizing utilization and cost discipline across multiple sites. " " Q4 2024 did not have specific information on this topic [N/A].

Q3 detailed a planned consolidation by closing the Woburn facility and shifting production to Newbury Park to drive higher fab utilization, lower fixed costs, and improved gross margins, while noting potential execution challenges. " " "

There is a clear intensification of consolidation efforts in the current period, shifting from maintenance and evaluation to active restructuring for operational efficiency, albeit with recognized short-term risks. " " " " " " "

Customer Concentration Risk

Q1 highlighted heavy revenue dependence on the largest customer with concerns over dual-sourcing and potential decline in content. " " Q2 offered minimal detail, and Q4 described significant concentration with strong partnership sentiment despite risk. " " "

Q3 continued to acknowledge customer concentration risk, noting that the focus remains on executing well for the largest customer while simultaneously pursuing diversification strategies. "

The risk remains a consistent concern. While strategic efforts to diversify are noted, the ongoing reliance on the largest customer continues to temper sentiment. " " " " " "

Inventory Management Challenges and Excess Inventory

Q4 2024 and Q1 discussed persistent excess inventory issues and challenges in industrial and infrastructure segments ( " " and " " ); Q2 mentioned normalization and progress in reducing internal inventory. " " "

Q3 emphasized a disciplined approach with lean inventory levels, active channel monitoring, and normalization in broad markets, reflecting improved working capital management. " " "

There is notable improvement. The earlier periods featured severe excess inventory challenges while the current period reflects effective normalization and disciplined management practices. " " " " " " " " "

Mobile Business Performance and Competitive Environment

Q4 2024 demonstrated strong sequential growth and robust design wins with major Android players. " " " " Q1 and Q2 noted growth but also pointed to seasonal fluctuations, competitive pressures, and anticipated content declines with the largest customer. " " " " " " " "

Q3 reported modest sequential revenue growth (up 1% and 8% YoY), highlighted the impact of new product launches and early momentum from AI-capable phones, and maintained a focus on high-performance parts amid a competitive environment. " " "

The overall tone remains positive, with evolving dynamics: while competitive pressures and cyclical trends persist, the incorporation of AI-enabled features and strong product launches have provided renewed momentum. " " " " " " " "

Broad Markets Diversification, IoT Connectivity, and Infrastructure Networking

Q4 2024 reported modest sequential growth with excess inventory challenges in industrial and infrastructure. " " " " Q1 saw modest growth with subdued performance in industrial/infrastructure segments " " and Q2 depicted steady recovery with improvements in WiFi 7 adoption and IoT connectivity. " " " " "

Q3 depicted a more robust and diversified portfolio with stronger order flows, healthier book-to-bill ratios, and accelerated growth prospects in Edge IoT, automotive, and infrastructure networking with a double-digit long-term outlook. " "

The diversification narrative has strengthened, evolving from modest recovery to robust growth fueled by diverse end-markets and technological advancements—especially in IoT and connected infrastructure. " " " " " " " " " "

Technology Innovation, Design Wins, and Product Development

Q4 2024 and Q1 emphasized strong technology roadmaps, a focus on AI integration, and early design wins in RF and WiFi solutions. " " " " " " Q2 also highlighted significant investments in new products and WiFi 7/8 progress. " " "

Q3 reiterated a commitment to next-generation technology with accelerated WiFi 7/8 initiatives, significant design wins in automotive and broad markets, and opportunities stemming from internal modem adoption. " "

There is a consistent bullish narrative on innovation across periods. The current period builds on past momentum with further refinements in design wins and product development, reinforcing a solid and ongoing commitment to technological leadership. " " " " " " " " " " "

Strategic Partnerships with Major Android and AI-Enabled Smartphone Players

Q4 stressed robust partnerships with Google and Samsung with a focus on AI-enabled advancements. " " Q1 showcased significant design wins with premium Android brands such as Samsung, Xiaomi, and Asus " " " , while Q2 mentioned a selective, ROI-focused engagement. "

Q3 continued emphasizing strong partnerships, notably a ramp with Google and promising early demand for AI-capable phones, reinforcing its leadership in serving premium Android segments. " "

The partnerships have remained consistently strong with a subtle shift toward integrating AI-enabled smartphone trends. The current period reinforces existing high-value relationships while capitalizing on emerging AI opportunities. " " " " " " " "

Advancements in Wireless Connectivity (WiFi 6E/7)

Q4 highlighted the early stages of a multiyear upgrade cycle from WiFi 6E to WiFi 7 with new design wins. " " " Q1 discussed the emerging ramp-up of WiFi 7 shipments and integration of WiFi 6E and 7 for higher-value content. " Q2 focused on accelerating WiFi 7 adoption with early development on WiFi 8 to maintain leadership. " " "

Q3 reported accelerated WiFi 7 adoption across consumer, enterprise, and industrial applications, along with early investment in WiFi 8 to support next-wave performance. "

The trajectory remains positive with continuous acceleration in adoption and investment; the current period maintains the momentum with clear future-facing commitments to WiFi 8 alongside WiFi 7 growth. " " " " " " " "

Financial Strength, Free Cash Flow Generation, and Balance Sheet Robustness

Q4 demonstrated strong free cash flow generation (over $1.6 billion annually, 38–40% margin) and a robust balance sheet with solid cash and debt profiles. " " " " Q1 and Q2 also reported strong cash generation and disciplined capital allocation with healthy free cash flow margins. " "

Q3 reported free cash flow of $253 million (26% of revenue), maintained strong operating cash flow, and ended with $1.3 billion in cash/investments alongside manageable debt levels, underscoring financial robustness. " "

Financial performance has remained consistently robust across periods, with strong free cash flow generation and disciplined capital management; slight variations exist but overall sentiment is stable and supportive of strategic investments. " " " " " " " "