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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
Qorvo (QRVO) investor relations material
Qorvo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Jan, 2026
Executive summary
Q3 FY2026 revenue reached $993 million, up 8.4% year-over-year, with growth across all segments, especially in flagship smartphones, automotive, Wi-Fi, D&A, base station, and power management.
Gross margin improved to 46.7% GAAP and 49.1% non-GAAP, reflecting a shift to higher-margin products and favorable business mix.
Operating income surged to $192.1 million GAAP and $247.6 million non-GAAP, with diluted EPS of $1.75 GAAP and $2.17 non-GAAP, both up sharply year-over-year.
Strategic restructuring actions included facility closures, transition to external partners, and divestiture of the MEMS-based sensing business.
Continued execution on cost management and productivity initiatives to optimize profitability and reduce capital intensity.
Financial highlights
Q3 revenue was $993 million, with non-GAAP gross margin of 49.1% and non-GAAP EPS of $2.17, all above guidance.
Operating cash flow was $265 million; free cash flow reached $237 million.
Ended quarter with $1.32 billion in cash and $1.5 billion in long-term debt.
Net inventory reduced to $530 million, down $75 million sequentially and $111 million year-over-year.
Non-GAAP gross margin improved by 2.6 percentage points year-over-year to 49.1%.
Outlook and guidance
Q4 revenue guidance: $800 million ± $25 million; non-GAAP gross margin 48%-49%; non-GAAP EPS $1.20 ± $0.15.
FY27 revenue expected to decline mid-single digits as ACG declines, CSG remains flat, and HPA grows double digits.
FY27 gross margin projected above 50% and EPS approaching $7.
Additional restructuring charges of $30–40 million expected, mainly for employee termination and legal/consulting fees.
Management anticipates the merger with Skyworks to close in early 2027, subject to approvals.
What is the strategic rationale for Android resizing?
Describe key cost and productivity initiatives
What drives HPA segment's strong operating income?
What drives the accelerated Android exit?
Reconcile flat Apple revenue with content shifts?
Implications of D&A exceeding Android revenue?
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Next Qorvo earnings date
Q4 202630 Apr, 2026
Qorvo
Next Qorvo earnings date
Q4 202630 Apr, 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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