Qorvo, Inc.

qorvo.com

What Do They Do?

Sells cellular components and modules for smartphones, wearables, laptops and tablets to device makers.

How Do They Make Money?

Customers buy semiconductor products directly or through distributors. Most sales are made on shipment or delivery, and consigned goods are sold when customers take them; payment is due after invoicing.

revenue

Segment	Share	How money arrives
HPA Sold outright	19% FY2023: 20%	Sold outright
CSG Sold outright	11% FY2023: 13%	Sold outright
ACG Sold outright	69% FY2023: 66%	Sold outright

Who Are Their Customers?

Sells to U.S. and international device makers and original design manufacturers, both directly and through sales representatives and distributors; it also provides foundry services to defense primes and other defense and aerospace customers.

Customers above 10% of revenue, FY2026

of revenue from two customers (50%, 10%)

FY2025: 57% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 9 cents of every revenue dollar as net income in FY2026 and turned 18 cents into free cash flow.

Operating income, FY2026

11% of revenue

▲ +331% vs FY2025 ($95.5M, 3%)

Net income, FY2026

9% of revenue

▲ +510% vs FY2025 ($55.6M, 1%)

Free cash flow, FY2026

18% of revenue

▲ +40% vs FY2025 ($484.6M, 13%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Jun 27, 2026

Revenue: ▼ −4%; vs $818.8M in Q1 FY2026
Net income: ▲ +235%; vs $25.6M in Q1 FY2026

ACG share of revenue vs 69.8% in Q1 FY2026

Jul 28, 2026 Qorvo issued fiscal 2027 earnings guidance It continued to expect non-GAAP gross margin above 50% and now expected non-GAAP diluted earnings per share above $7.00 for fiscal 2027.

Shrinking. Revenue fell 21% in 4 years, from $4.6B in FY2022 to $3.7B in FY2026, about 6% a year.

Sold power and sensor businesses The older report described silicon-carbide power devices and microelectromechanical sensors among its products; the latest report says the SiC power-device and sensing businesses were sold.

Revenue over time

HPA CSG ACG

$5B$2.5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

Who Do They Compete With?

Competes with Analog Devices, Axiro Semiconductor, MACOM Technology Solutions Holdings, Monolithic Power Systems, Renesas Electronics, Scientific Components, Silergy, Texas Instruments, Broadcom, Murata Manufacturing, Nordic Semiconductor, NXP Semiconductors, Qualcomm Technologies, RichWave Technology, Silicon Laboratories, Skyworks Solutions, and Vanchip (Tianjin) Technology

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