Qorvo (QRVO) Q4 2025 earnings summary

Executive summary

• Delivered strong March quarter with $869.5M revenue, achievements across all segments, and record defense/aerospace revenue.

• Non-GAAP diluted EPS reached $1.42, surpassing guidance midpoint by $0.42; GAAP diluted EPS was $0.33.

• Free cash flow for Q4 was $171M, totaling $485M for fiscal 2025.

• Strategic focus on content growth with the largest customer, diversification through CSG and HPA, and disciplined manufacturing operations.

• Ongoing restructuring actions, including facility closures and workforce reductions, are improving cost structure and margins.

Financial highlights

• March quarter revenue: $869.5M; non-GAAP diluted EPS: $1.42; non-GAAP gross margin: 45.9%.

• Fiscal 2025 revenue: $3.7B; non-GAAP gross margin: 45.2%, up 70 bps year-over-year.

• Q4 revenue declined 7.6% year-over-year and 5.1% sequentially; gross margin improved 1.6 ppt year-over-year.

• Free cash flow in Q4: $171M; fiscal 2025 free cash flow: $485M; free cash flow margin for Q4 was 19.6%.

• Returned over $350M to shareholders via share repurchases and retired over $400M of debt in fiscal 2025.

Outlook and guidance

• June quarter (Q1 FY26) guidance: revenue of ~$775M (+/- $25M), non-GAAP gross margin 42%-44%, non-GAAP diluted EPS $0.50-$0.75.

• Non-GAAP operating expenses expected at ~$250M for June quarter; tax rate for fiscal 2026 expected at 18%-19%.

• Fiscal 2026 focus on execution and margin improvement, with business repositioned for long-term diversification and growth.

• HPA and CSG expected to grow double digits in fiscal 2026; D&A business remains strong with a $5B design win funnel.