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Qorvo (QRVO) investor relations material
Qorvo Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q1 revenue was $818.8M–$819M, with non-GAAP EPS of $0.92 and GAAP EPS of $0.27, exceeding guidance due to broad-based demand and content gains at the largest customer.
Gross margin improved to 40.5% GAAP and 44% non-GAAP, driven by better product costs and lower inventory charges.
Strategic exits from low-margin businesses, factory consolidations, and restructuring initiatives are underway to enhance profitability.
Growth in defense, aerospace, and infrastructure segments offset declines in mass-market Android smartphones.
Operating income rose to $30.1M GAAP and $108.2M non-GAAP, with net income of $25.6M GAAP and $86.5M non-GAAP.
Financial highlights
Q1 revenue: $818.8M–$819M; largest customer accounted for 41% of revenue.
GAAP gross margin: 40.5%; non-GAAP gross margin: 44%.
GAAP operating income: $30.1M; non-GAAP operating income: $108.2M.
Free cash flow: $145M–$145.4M; operating cash flow: $182.9M.
Cash and equivalents: $1.17B–$1.2B; long-term debt: $1.5B–$1.55B.
Outlook and guidance
Q2 revenue guidance: $1.025B ± $50M; non-GAAP gross margin: 48–50%; non-GAAP EPS: $2.00 ± $0.25.
Full-year revenue expected roughly flat, excluding divested silicon carbide business.
Focus remains on flagship/premium smartphones and growth in defense, aerospace, and infrastructure.
Non-GAAP OpEx for Q2 projected at $265M ± 3%.
Sufficient liquidity is anticipated for both short- and long-term needs.
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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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