Date: July 28, 2026 | Source: Qorvo press release (SEC EX-99.1)
> NOTE: Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance. This file contains the company's prepared remarks / financial highlights from the fiscal Q1 2027 earnings release (period ended June 27, 2026).
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Press Release (Prepared Remarks / Financial Highlights):
GREENSBORO, N.C. — July 28, 2026 — Qorvo® (Nasdaq: QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company's fiscal 2027 first quarter ended June 27, 2026.
On a GAAP basis, revenue for Qorvo's fiscal 2027 first quarter was $784.8 million, gross margin was 51.1%, operating income was $96.8 million, and diluted earnings per share was $0.96. On a non-GAAP basis, gross margin was 52.8%, operating income was $177.6 million, and diluted earnings per share was $1.64.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, "The Qorvo team delivered strong June quarterly financial results, supported by double-digit year-over-year revenue growth in D&A, infrastructure, and power, coupled with our successful pivot in ACG to higher value placements."
Financial Commentary — Grant Brown, chief financial officer of Qorvo, said, "Qorvo is improving business mix within and across operating segments, reducing capital intensity, and structurally enhancing profitability. Compared to the prior-year June quarter, non-GAAP gross margin expanded 880 basis points to 52.8% and non-GAAP EPS increased 78% to $1.64. We expect continued strong financial performance throughout fiscal 2027."
Given Qorvo's pending transaction with Skyworks, Qorvo has discontinued conducting conference calls and providing forward-looking guidance.
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*(In thousands, except per share data)*
| Three Months Ended June 27, 2026 | Three Months Ended June 28, 2025 | |
|---|---|---|
| Revenue | $784,795 | $818,778 |
| Cost of goods sold | 383,827 | 486,976 |
| Gross profit | 400,968 | 331,802 |
| Research and development | 172,427 | 179,244 |
| Marketing and selling | 48,792 | 56,891 |
| General and administrative | 41,337 | 50,998 |
| Other operating expense | 41,642 | 14,583 |
| Total operating expenses | 304,198 | 301,716 |
| Operating income | 96,770 | 30,086 |
| Interest expense | (15,852) | (18,787) |
| Other income, net | 19,608 | 20,386 |
| Income before income taxes | 100,526 | 31,685 |
| Income tax expense | (14,724) | (6,091) |
| Net income | 85,802 | 25,594 |
| Net income per share, diluted | $0.96 | $0.27 |
| Q1 FY27 (Jun-2026) | Q4 FY26 (Mar-2026) | Q1 FY26 (Jun-2025) | |
|---|---|---|---|
| GAAP gross margin | 51.1% | 48.9% | 40.5% |
| Non-GAAP gross margin | 52.8% | 52.6% | 44.0% |
| GAAP operating income | $96,770K | $31,514K | $30,086K |
| Non-GAAP operating income | $177,640K | $190,223K | $108,182K |
| GAAP net income | $85,802K | $29,730K | $25,594K |
| Non-GAAP net income | $146,630K | $156,832K | $86,474K |
| Non-GAAP diluted EPS | $1.64 | $1.69 | $0.92 |
Balance sheet (June 27, 2026):Cash & equivalents $1,328.9M (vs $1,219.0M at Mar-2026); inventories $592.5M; long-term debt $1,549.1M; total assets $5,939.5M. Operating cash flow Q1 FY27: $139.5M; capex $24.1M.
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*Source: Qorvo, Inc. press release (SEC EX-99.1), "Qorvo Announces Fiscal 2027 First Quarter Financial Results," July 28, 2026. Conference call discontinued due to pending Skyworks transaction; no transcript or guidance provided.*
QRVO (Qorvo) — Q1 FY2027 (Jul 28, 2026). Stock ~$89–96 (up ~2% on the print); no earnings call held — results released via press release only due to the pending Skyworks transaction (guidance also discontinued).