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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 Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary28 Jul, 2026
Executive summary
Revenue for Q1 FY2027 was $784.8 million, down 4.2% year-over-year, with declines in ACG and CSG partially offset by HPA growth.
GAAP gross margin improved to 51.1% from 40.5% year-over-year, and non-GAAP gross margin reached 52.8%.
Operating income rose to $96.8 million from $30.1 million, and GAAP diluted EPS increased to $0.96 from $0.27; non-GAAP diluted EPS rose 78% to $1.64.
Net cash provided by operating activities was $139.5 million, down from $182.9 million, while free cash flow was $115.3 million.
The company is progressing toward a merger with Skyworks Solutions, with regulatory approvals pending and expected closure within the calendar year.
Financial highlights
Revenue: $784.8 million, down 4.2% year-over-year.
GAAP net income: $85.8 million, up from $25.6 million; non-GAAP net income: $146.6 million, up from $86.5 million.
GAAP gross margin: 51.1%, up from 40.5%; non-GAAP gross margin: 52.8%, up from 44.0%.
GAAP operating income: $96.8 million, up 221.6%; non-GAAP operating margin: 22.6%.
Diluted EPS: $0.96, up from $0.27; non-GAAP diluted EPS: $1.64, up from $0.92.
Net cash from operations: $139.5 million, down from $182.9 million; free cash flow: $115.3 million.
Outlook and guidance
Management expects the merger with Skyworks to close within the calendar year, subject to regulatory approvals.
For full-year fiscal 2027, non-GAAP gross margin is expected to remain above 50%, and non-GAAP diluted EPS above $7.00.
No additional material restructuring charges are anticipated related to the 2026 Restructuring Initiatives.
No further forward-looking guidance will be provided due to the pending Skyworks transaction.
The company believes it has sufficient liquidity to meet both short- and long-term cash requirements.
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Latest events from Qorvo
- Proxy seeks votes on directors, pay, auditor, and a shareholder proposal, with Board opposing written consent.QRVO
Proxy filing - Key votes include director elections, executive pay, auditor ratification, and a written consent proposal.QRVOProxy filing
- Q4 2026 delivered strong margins and cash flow, with robust share repurchases and positive 2027 outlook.QRVOQ4 2026
- Q3 2026 saw strong growth, margin gains, and cash flow, with a positive FY27 outlook.QRVOQ3 2026
- Revenue and non-GAAP EPS exceeded guidance, with margin expansion and strong Q2 outlook.QRVOQ1 2026
- Q2 FY25 revenue rose sequentially to $1.047B, but margin and outlook pressured by Android mix shift.QRVOQ2 2025
- Q1 revenue rose 36% year-over-year to $887M, with strong margins and positive outlook.QRVOQ1 2025
- Double-digit growth and margin expansion are driven by diversification and technology innovation.QRVOInvestor Day 2024
- Q3 FY25 revenue was $916.3M with margin expansion and strong HPA growth.QRVOQ3 2025
Next Qorvo earnings date
Q2 20272 Nov, 2026
Qorvo
Next Qorvo earnings date
Q2 20272 Nov, 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