Qorvo Inc

Latest Results (13.05.2026):

Qorvo Inc's fiscal 2026 fourth quarter results (quarter ended March 28, 2026) showed revenue of $808.3 million, with GAAP diluted EPS of $0.32 and non‑GAAP diluted EPS of $1.69. The company reported materially higher non‑GAAP gross margin (52.6%) versus GAAP gross margin (48.9%), generated $255 million of free cash flow in the quarter, repurchased $400 million of stock (roughly a 5% reduction in outstanding shares versus the prior quarter), and finished the quarter with about $1.2 billion in cash.

Top-line and margins

Revenue: $808.3M (down 7.0% YoY, down 18.6% sequentially). GAAP gross margin was 48.9%; non‑GAAP gross margin was 52.6% (a 670‑basis‑point YoY expansion for the March quarter and a 370‑basis‑point expansion for full fiscal 2026 vs. prior year, per management).

Profitability — GAAP vs. non‑GAAP

GAAP operating income: $31.5M (3.9% of revenue); GAAP diluted EPS: $0.32. Non‑GAAP operating income: $190.2M (23.5% of revenue); non‑GAAP diluted EPS: $1.69. Large adjustments included stock‑based comp, amortization, restructuring and an $82.4M goodwill/intangible impairment recorded in the quarter.

Cash flow, buybacks and balance sheet

Free cash flow: $255.0M for the quarter (net cash from operations $276.3M less $21.2M capex). Share repurchases: $400M in the quarter (~5% reduction in common shares outstanding sequentially). Cash and cash equivalents: $1.219B at quarter end. Total long‑term debt remained ~ $1.55B.

Segment performance

By segment (Q4 fiscal 2026): ACG $512.3M (down 11.7% YoY) with $130.5M operating income (25.5% margin); HPA $202.7M (up 7.9% YoY) with $70.3M operating income (34.7% margin); CSG $93.3M (down 7.9% YoY) with an operating loss of $6.9M (-7.4% margin). Unallocated costs drove a sizable negative impact on consolidated GAAP operating income.

Outlook and corporate actions

Management reiterated a fiscal 2027 non‑GAAP gross margin target above 50% and non‑GAAP diluted EPS “approaching $7.00.” Given the pending Skyworks transaction, Qorvo has discontinued conference calls and (per the press release) “providing forward‑looking guidance,” though it did provide the non‑GAAP outlook noted above. Fiscal 2027 will be a 53‑week year (Q2 fiscal 2027 will include 14 weeks).

Other notable items

The quarter included significant non‑cash and one‑time items (notably the $82.4M goodwill/intangible impairment and merger‑related costs). Management emphasized operational execution and mix optimization as drivers of margin expansion; reconciliations between GAAP and non‑GAAP measures are included in the company release.