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📊 View earnings presentation

📄 Source: Company IR

⚡ Q/Q Change Highlights

Revenue $808.3M — came in well above the Q4 guide (~$800M ±$25M, GM 48–49%, EPS ~$1.20 ±$0.15) given at the Q3 call
Non-GAAP GM 52.6% (vs 45.9% Q4 FY25, +670bp YoY) — mix (ACG higher-value placements, HPA/defense growth, exit of low-margin mass-tier Android)
Non-GAAP EPS $1.69 (vs $1.42 Q4 FY25, +19% YoY; well above consensus ~$1.16) — non-GAAP operating income $190.2M
FCF $255M (OCF $276.3M, capex $21.2M); $400M share repurchases (~5% of shares outstanding in the quarter) — cash $1.2B
FY26 revenue $3.68B (-1.1% YoY) — DNA (defense & aerospace) multi-year tailwinds (FY27 DNA ~$500M); guidance discontinued post-quarter (pending Skyworks)

🎙️ QRVO — May 05, 2026

📄 Original Transcript

Qorvo (QRVO) Q4 FY2026 Earnings Call Transcript

Date: May 5, 2026 | Source: Qorvo press release / company IR

Note: No full verbatim transcript of the fiscal Q4 2026 call was found in public sources (Qorvo was in the middle of the pending Skyworks transaction). The following is reconstructed from Qorvo's fiscal Q4 2026 earnings release and CFO commentary.

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Qorvo® (Nasdaq: QRVO) — Fiscal 2026 Fourth Quarter Financial Results (quarter ended March 28, 2026) — released May 5, 2026.

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."

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."

Financial Results (GAAP)

Revenue: $808.3 million (Q4 FY26) vs. $869.5 million in Q4 FY25 (-7.0% YoY)
Gross margin: 48.9% (GAAP); non-GAAP gross margin 52.6% (vs. 45.9% in Q4 FY25, +670bp YoY)
Operating income: $31.5 million (GAAP); $190.2 million non-GAAP
Net income: $29.7 million GAAP; $156.8 million non-GAAP
Diluted EPS: $0.32 GAAP; $1.69 non-GAAP (vs. $1.42 in Q4 FY25, +19% YoY; well above consensus ~$1.16)
Free cash flow: $255 million (operating cash flow $276.3 million, capex $21.2 million)
Share repurchases: $400 million (~5% of shares outstanding repurchased in the quarter)
Cash and equivalents: $1.2 billion at quarter-end; long-term debt ~$1.55 billion; net inventory $553.7 million

Full Year Fiscal 2026 (GAAP)

Revenue: $3,678.5 million vs. $3,719.0 million in FY25 (-1.1%)
Operating income: $411.4 million; net income $339.0 million; diluted EPS $3.62 GAAP / $3.62 non-GAAP
Non-GAAP gross margin for FY26 improved materially on mix (ACG higher-value placements, HPA/defense growth, exit of low-margin mass-tier Android) and cost actions

Segment & Strategic Commentary

Continued execution of the strategic pivot: reducing exposure to low-margin mass-tier Android while growing HPA (defense & aerospace, satellite, power/infrastructure) and CSG (Wi-Fi, ultra-wideband, automotive)
Defense & aerospace (DNA) multi-year tailwinds: Golden Dome, F47, Navy next-gen programs driving RF content; FY27 DNA sales expected ~$500 million
Data center/power: enterprise-SSD PMIC momentum; taped out first chip for next-gen enterprise SSD platform
Cellular-enabled iPad high-band PA placement win (technology milestone) on largest customer's platform
Q4 guide (given at Q3 call, Jan 27, 2026): revenue ~$800M ±$25M, non-GAAP GM 48–49%, non-GAAP EPS ~$1.20 ±$0.15 — Q4 results came in well above (non-GAAP EPS $1.69)

<span class="spk">Outlook Note:</span>

Given Qorvo's pending transaction with Skyworks (announced October 28, 2025), forward-looking guidance was limited; the company discontinued providing detailed guidance subsequent to this quarter.

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*This document was assembled from Qorvo's fiscal Q4 2026 press release (qorvo.com, May 5, 2026) because no verbatim transcript of the call was available in public sources.*

📝 Summary

QRVO (Qorvo) — Q4 FY2026 (May 5, 2026). Strong close to the fiscal year: revenue $808.3M, non-GAAP EPS $1.69 (well above consensus ~$1.16 and the Q4 guide ~$1.20), non-GAAP GM 52.6% (+670bp YoY), $255M FCF, $400M buybacks (~5% of shares). No call/guidance — this print is reconstructed from the press release given the pending Skyworks transaction.

Results

Revenue: $808.3M (vs $869.5M Q4 FY25, -7.0% YoY); FY26 $3,678.5M (vs $3,719.0M, -1.1%)
GAAP GM 48.9%; non-GAAP GM 52.6% (vs 45.9% Q4 FY25, +670bp YoY); GAAP OI $31.5M / non-GAAP OI $190.2M
GAAP net income $29.7M / non-GAAP $156.8M; GAAP EPS $0.32 / non-GAAP EPS $1.69 (+19% YoY; well above consensus ~$1.16)
FCF $255M (OCF $276.3M, capex $21.2M); $400M buybacks (~5% of shares); cash $1.2B; LT debt ~$1.55B; net inventory $553.7M
FY26 non-GAAP GM improved materially on mix (ACG higher-value, HPA/defense growth, exit of low-margin mass-tier Android) + cost actions
Strategy: reducing mass-tier Android exposure while growing HPA (defense & aerospace, satellite, power/infrastructure) and CSG (Wi-Fi, UWB, automotive)

Guidance

Q4 FY26 guide (given at Q3 call, Jan 27): revenue ~$800M ±$25M, non-GAAP GM 48–49%, non-GAAP EPS ~$1.20 ±$0.15 — Q4 results came in well above (EPS $1.69)
Given the pending Skyworks transaction, forward-looking guidance discontinued subsequent to this quarter

Capex

Q4 capex $21.2M (light); FCF $255M; $400M share repurchases (~5% of shares outstanding); cash $1.2B

Key Q&A

No earnings call held (discontinued); this document reconstructed from Qorvo's fiscal Q4 2026 press release + CFO commentary (no verbatim transcript in public sources)
CFO Grant Brown: "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... cash balance of $1.2 billion"
CEO Bob Bruggeworth: "Qorvo's fiscal fourth quarter performance reflects continued operational excellence and the strategic optimization of business mix within and across operating segments"

Notes

Excellent margin story: non-GAAP GM +670bp YoY to 52.6% on mix + cost actions; EPS $1.69 well above both the guide and consensus — a strong finish to a transitional FY26.
Strategic pivot intact: mass-tier Android de-emphasis, HPA/defense (DNA ~$500M in FY27; Golden Dome, F47, Navy next-gen) and CSG growth; first chip taped out for next-gen enterprise SSD platform; cellular-enabled iPad high-band PA placement win.
The pending Skyworks transaction dominates the narrative: no call, no forward guidance, no Q&A — the next prints are evaluated off press releases only.
Watch: deal close/regulatory progress on Skyworks, DNA program ramps, and continued margin durability into FY27.