Qorvo (QRVO) Q4 2026 earnings summary

Executive summary

• Fiscal Q4 2026 revenue was $808.3 million, with GAAP gross margin at 48.9% and non-GAAP gross margin at 52.6%.

• Non-GAAP diluted EPS reached $1.69, up from $1.42 year-over-year, while GAAP diluted EPS was $0.32.

• Free cash flow for the quarter was $255 million, and $400 million of shares were repurchased, reducing outstanding shares by 5%.

• Cash balance at quarter-end was $1.2 billion.

Financial highlights

• GAAP revenue declined 7% year-over-year and 18.6% sequentially.

• Non-GAAP gross margin expanded by 6.7 percentage points year-over-year.

• Non-GAAP operating income was $190.2 million, up $38.4 million year-over-year but down $57.4 million sequentially.

• GAAP net income was $29.7 million, down slightly from $31.4 million year-over-year.

• Non-GAAP net income was $156.8 million, up from $133.3 million year-over-year.

Outlook and guidance

• Fiscal 2027 is expected to be a 53-week year, with Q2 including 14 weeks.

• Management expects non-GAAP gross margin above 50% and non-GAAP diluted EPS approaching $7.00 for fiscal 2027.