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Company Research10 May 2024
The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Qorvo (QRVO) investor relations material
Qorvo Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Nov, 2025
Executive summary
Fiscal Q2 2026 revenue reached $1.06 billion, up 1.1% year-over-year, driven by flagship smartphones, defense, and broadband, while restructuring and cost initiatives improved profitability.
Gross margin rose to 47.0% (GAAP) and 49.7% (non-GAAP), reflecting a shift to higher-margin products and improved factory efficiency.
Operating income surged to $157.7 million (GAAP) and $252.6 million (non-GAAP), with diluted EPS at $1.28 (GAAP) and $2.22 (non-GAAP).
Announced a merger agreement with Skyworks Solutions, expected to close in early 2027, with shareholders to receive cash and Skyworks stock.
Divested or exited non-strategic businesses and consolidated organizational structure to improve focus and reduce costs.
Financial highlights
Q2 FY2026 revenue: $1.06B (+1.1% YoY); non-GAAP gross margin 49.7%; non-GAAP diluted EPS $2.22; GAAP net income $119.6M; non-GAAP net income $208.3M.
Operating cash flow was $84 million; free cash flow $42.2 million after $41.8 million in capital expenditures.
Ended quarter with $1.1 billion in cash and equivalents, $1.5 billion in long-term debt, and $605 million in inventory (down $33 million sequentially, $89 million year-over-year).
Repurchased 0.7M shares for $65.1M in Q2; $833.7M remains authorized for share repurchases.
Largest customer accounted for 55% of revenue.
Outlook and guidance
Fiscal Q3 2026 revenue guidance: $985 million ±$50 million; non-GAAP gross margin 47%-49%; non-GAAP diluted EPS $1.85 ±$0.20.
Q2 non-GAAP gross margin up 2.7 ppt year-over-year; Q3 expected to be up 1.5 ppt year-over-year at midpoint.
Non-GAAP operating expenses for Q3 projected at $255-$260 million, reflecting lower incentive compensation and ongoing restructuring.
Expects additional $30–$40M in restructuring charges related to facility consolidation and organizational realignment.
Non-GAAP tax rate for fiscal 2026 expected to be ~15%.
CSG segment profitability decline drivers?
Detail structural margin enhancement plans.
Accounts receivable increase impact on cash?
What drives gross margin improvement into FY27?
HPA D&A business size and growth drivers?
CSG's new UWB market focus and ramp status?
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Next Qorvo earnings date
Q3 202627 Jan, 2026
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Frequently asked questions
Radio Frequency Experts
Qorvo Inc. is an American company with global operations that specializes in the manufacturing of core technologies and radio frequency (RF) solutions for mobile, infrastructure, and aerospace/defense applications. The company plays a significant role in the semiconductor industry, providing components used in advanced wireless devices, wired and wireless networks, and radar and communication systems, as its products are integral in enabling fast and reliable connections across communication platforms. Qorvo is headquartered in Greensboro, North Carolina, and its shares are traded on the NYSE.
Merging Complimentary Product Portfolio
The modern form of the company was formed in 2015 through the merger of two well-established companies: RF Micro Devices (RFMD) and TriQuint Semiconductor. RFMD, founded in 1991, specialized in designing and manufacturing high-performance RF components, while TriQuint, established in 1985, was focused on RF, microwave, and millimeter-wave products. The new entity, Qorvo, was positioned to better serve the growing demand for advanced RF solutions in various sectors, including mobile devices, infrastructure, defense, and aerospace.
The Products
Qorvo specializes in the production of a broad range of semiconductor products, primarily focused on RF solutions. Their product lineup includes RF filters, amplifiers, switches, and integrated circuits (ICs), components that are essential in enabling and enhancing wireless communication. Qorvo's RF filters, such as Bulk Acoustic Wave (BAW) and Surface Acoustic Wave (SAW) filters, are pivotal in managing signal interference and ensuring clarity. Amplifiers from Qorvo are used to boost signal strength, while their switches are used to route RF signals in electronic devices. Furthermore, the company designs and manufactures advanced integrated circuits that integrate multiple RF functionalities into a single component, optimizing performance and reducing space requirements in electronic devices.
The Applications
The company’s products are used in a wide array of different fields and applications. In the telecommunications sector, their RF components are crucial for smartphones, tablets, and wireless network infrastructure, facilitating enhanced connectivity and communication. In the defense industry, Qorvo's technologies are employed in radar systems, communication equipment, and electronic warfare, contributing to advanced defense capabilities. Additionally, their solutions are used in the aerospace and automotive industry for satellite communications and navigation systems.
The ecosystem of semiconductor semiconductor companies is incredibly fascinating, and if you want to learn more about companies like Qorvo, ASML, TSMC.
Further reading: Understanding the Semiconductor Value Chain: Key Players & Dynamics
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