Qorvo Inc. (QRVO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$1.21	$1.69	+39.7%	—	$808.3M	—
Q3 26	$1.86	$2.17	+16.7%	—	$993M	—
Q2 26	$2.11	$2.22	+5.2%	—	$1.1B	—
Q1 26	$0.63	$0.92	+46.0%	—	—	—
Q4 25	$1	$1.42	+42.0%	—	—	—
Q3 25	$1.21	$1.61	+33.1%	—	—	—
Q2 25	$1.85	$1.88	+1.6%	—	—	—
Q1 25	$0.71	$0.87	+22.5%	—	—	—
Q4 24	$1.22	$1.39	+13.9%	—	—	—
Q3 24	$1.66	$2.1	+26.5%	—	—	—
Q2 24	$1.77	$2.39	+35.0%	—	$1.1B	—
Q1 24	$0.15	$0.34	+126.7%	—	$651.2M	—
Q4 23	$0.13	$0.26	+100.0%	—	$632.7M	—
Q3 23	$0.64	$0.75	+17.2%	—	$743.3M	—
Q2 23	$2.54	$2.66	+4.7%	—	$1.2B	—
Q1 23	$2.12	$2.25	+6.1%	—	$1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$3.66	—	—	$3.7B	—
FY25	—	$0.59	—	—	$3.7B	—
FY24	—	-$0.73	—	—	$3.8B	—
FY23	—	$1.01	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$3B	$3B	$3.1B	$3.2B	$4B	$4.6B	$3.6B	$3.8B	$3.7B	$3.7B
YoY change	+16.2%	-1.95%	+3.93%	+4.82%	+24%	+15.7%	-23.2%	+5.61%	-1.34%	-1.09%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	3B	3B	3.1B	3.2B	4B	4.6B	3.6B	3.8B	3.7B	3.7B
Cost of revenue	1.9B	1.8B	1.9B	1.9B	2.1B	2.4B	2.3B	2.3B	2.2B	2B
Gross profit	1.1B	1.1B	1.2B	1.3B	1.9B	2.3B	1.3B	1.5B	1.5B	1.7B
Gross margin	37.4%	38.6%	38.7%	40.8%	46.9%	49.2%	36.3%	39.5%	41.3%	45.9%
Research & development	470.8M	445.1M	450.5M	484.4M	570.4M	623.6M	649.8M	682.2M	747.7M	726.1M
Selling, general & administrative	545.6M	527.8M	476.1M	343.6M	367.2M	349.7M	358.8M	389.1M	403.6M	380.7M
Operating expenses	1B	1.1B	978.7M	898.5M	976.9M	1B	1.1B	1.2B	1.2B	1.2B
Operating income	88.1M	70.3M	216.5M	423.2M	906.6M	1.3B	195.6M	313.1M	288.1M	493.8M
Operating margin	2.9%	2.36%	7%	13.1%	22.6%	27.4%	5.48%	8.31%	7.75%	13.4%
Non-operating income, net	-3.1M	-606K	-80.7M	32.3M	-24M	-29.7M	-2.5M	-170.3M	-143.9M	-22.4M
Pretax income	27.3M	17.1M	91.8M	395.1M	807.4M	1.2B	124.6M	73.6M	65.9M	398.3M
Income tax	43.9M	57.4M	-41.3M	60.8M	73.8M	147.7M	21.5M	143.9M	10.3M	59.3M
Net income	-16.6M	-40.3M	133.1M	334.3M	733.6M	1B	103.2M	-70.3M	55.6M	339M
Net margin	-0.55%	-1.35%	4.31%	10.3%	18.3%	22.2%	2.89%	-1.87%	1.5%	9.22%
EBITDA	790.8M	790.9M	798.9M	924.4M	1.3B	1.7B	544.4M	685.2M	633.6M	816.2M
EPS	-0.13	-0.32	1.12	2.92	6.48	9.53	1.01	-0.73	0.59	3.66
Diluted EPS	-0.13	-0.32	1.05	2.8	6.32	9.26	1	-0.73	0.58	3.62

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.1B	—	—	—	—	—	—	—	1.1B	993M	808.3M	784.8M
Cost of revenue	613.8M	686M	559.1M	554.4M	601.2M	524.9M	502.9M	487M	561.4M	528.8M	413.3M	383.8M
Gross profit	489.7M	—	—	—	—	—	—	—	497.1M	464.2M	395M	401M
Gross margin	44.4%	—	—	—	—	—	—	—	47%	46.7%	48.9%	51.1%
Research & development	174.9M	—	—	—	—	—	—	—	198.4M	178.1M	170.4M	172.4M
Selling, general & administrative	103.7M	—	—	—	—	—	—	—	107.3M	81.4M	84M	90.1M
Operating expenses	338.3M	—	—	—	—	—	—	—	339.4M	272.1M	281.1M	304.2M
Operating income	151.4M	—	—	—	—	—	—	—	157.7M	192.1M	113.9M	96.8M
Operating margin	13.7%	—	—	—	—	—	—	—	14.9%	19.4%	14.1%	12.3%
Non-operating income, net	5.2M	—	—	—	—	—	—	—	15.9M	15.7M	-74.4M	19.6M
Pretax income	139.5M	—	—	—	—	—	—	—	155.1M	189.8M	21.7M	100.5M
Income tax	42.1M	—	—	—	—	—	—	—	35.5M	25.7M	-8M	14.7M
Net income	97.5M	—	—	—	—	—	—	—	119.6M	164.1M	29.7M	85.8M
Net margin	8.83%	—	—	—	—	—	—	—	11.3%	16.5%	3.68%	10.9%
EBITDA	235.9M	—	—	—	—	—	—	—	240.3M	273.3M	184.6M	166.5M
EPS	1	-1.31	0.03	0	-0.18	0.44	0.34	0.28	1.29	1.77	0.32	0.97
Diluted EPS	0.99	-1.31	0.03	0	-0.18	0.43	0.33	0.27	1.28	1.75	0.32	0.96

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	—	8.9B	8.5B	9.2B	20.6B	13.2B	10.4B	11B	6.8B	7.2B	10.3B
Enterprise value	—	9B	8.8B	10.1B	20.9B	14.3B	11.6B	12B	7.4B	7.5B	10.6B
Shares outstanding	126.5M	126.3M	119.1M	114.6M	112.6M	106.3M	102.2M	95.8M	94.6M	92.6M	92.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	64.2	27.6	28	12.8	100.6	—	123.1	21.1	27.4
P/S	—	2.99	2.76	2.85	5.12	2.84	2.91	2.92	1.84	1.95	2.86
P/B	—	1.86	1.96	2.15	4.44	2.9	2.66	3.09	2.02	2.14	3
EV/EBITDA	—	11.3	11	10.9	15.6	8.63	21.3	17.5	11.6	9.19	12
EV/Sales	—	3.01	2.83	3.12	5.21	3.07	3.26	3.17	1.98	2.04	2.92
Earnings yield	—	—	1.56%	3.62%	3.57%	7.83%	0.99%	—	0.81%	4.73%	3.65%
FCF yield	—	6.55%	6.9%	8.46%	5.42%	6.34%	6.59%	6.42%	7.08%	9.48%	4.64%
PEG	—	—	—	—	—	—	—	—	—	—	0.11

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	37.4%	38.6%	38.7%	40.8%	46.9%	49.2%	36.3%	39.5%	41.3%	45.9%	51.1%
Operating margin	2.9%	2.36%	7%	13.1%	22.6%	27.4%	5.48%	8.31%	7.75%	13.4%	15.8%
Net margin	-0.55%	-1.35%	4.31%	10.3%	18.3%	22.2%	2.89%	-1.87%	1.5%	9.22%	11%
ROE	-0.34%	-0.84%	3.05%	7.79%	15.8%	22.7%	2.64%	-1.98%	1.64%	10.1%	11.6%
ROA	-0.25%	-0.63%	2.29%	5.1%	10.2%	13.8%	1.54%	-1.07%	0.94%	5.82%	6.71%
ROIC	0%	0%	4.74%	6.95%	16.5%	19.8%	3.15%	0%	6.2%	11.4%	13%
Return on tangible assets	2.64%	-12.9%	20.7%	-117%	102.8%	169.9%	108.7%	-15.1%	9.17%	38.7%	39.1%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	3.49	4.18	3.87	3.14	3.64	3.63	3.65	1.99	2.77	3.24	3.54
Quick ratio	2.46	3.11	2.69	2.18	2.9	2.51	2.22	1.41	1.95	2.46	2.68
Debt / equity	0.2	0.21	0.21	0.37	0.38	0.45	0.52	0.56	0.46	0.46	0.45
Debt / assets	0.15	0.15	0.16	0.24	0.24	0.27	0.31	0.3	0.26	0.27	0.26
Net debt / EBITDA	0.56	0.07	0.26	0.93	0.26	0.65	2.28	1.4	0.83	0.4	0.25
Interest coverage	1.46	1.29	3.09	7.54	11.7	19.7	2.82	2.06	1.84	6.45	7.65
Effective tax rate	100%	100%	0%	15.4%	9.14%	12.5%	17.2%	100%	15.6%	14.9%	14.5%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	24	23.5	26	28.3	35.7	43.7	34.9	39.3	39.3	39.7	39.9
EPS (basic)	-0.13	-0.32	1.12	2.92	6.48	9.53	1.01	-0.73	0.59	3.66	3.66
EPS (diluted)	-0.13	-0.32	1.05	2.8	6.32	9.26	1	-0.73	0.58	3.62	4.31
Book value per share	38.7	37.8	36.6	37.4	41.1	42.8	38.2	37.1	35.9	36.1	39.4
FCF per share	1.77	4.61	4.95	6.82	9.91	7.86	6.7	7.37	5.12	7.34	7.27
Cash per share	4.31	7.33	5.97	6.24	12.4	9.15	7.91	10.7	10.8	13.2	15.1
Capex per share	4.37	2.14	1.86	1.43	1.66	2	1.54	0.81	1.38	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	18.2%	9.07%	7.15%	5.07%	4.66%	4.58%	4.4%	2.06%	3.51%	—	—
Capex / operating cash flow	75.7%	34.7%	31.8%	17.5%	15.3%	17.9%	27.2%	18%	26.5%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.1B	—	—	—	—	—	—	—	$1.1B	$993M	$808.3M	$784.8M
YoY change	-4.71%	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	545.5M	926M	711M	714.9M	1.4B	972.6M	808.8M	1B	1B	1.2B
Receivables	357.9M	346M	378.2M	367.2M	457.4M	568.9M	304.5M	413M	386.7M	382.5M
Inventory	430.5M	472.3M	511.8M	517.2M	507.8M	755.7M	796.6M	710.6M	641M	553.7M
Total current assets	1.5B	1.8B	1.7B	1.7B	2.5B	2.4B	2B	2.4B	2.2B	2.3B
Property, plant & equipment	1B	984.9M	950.3M	855.1M	854.9M	821.3M	685.9M	516.9M	435.8M	371.5M
Goodwill & intangibles	7.1B	6.1B	5.2B	6.8B	6.5B	6.9B	6.6B	6.1B	5.3B	4.9B
Total assets	6.5B	6.4B	5.8B	6.6B	7.2B	7.5B	6.7B	6.6B	5.9B	5.8B
Accounts payable	216.2M	213.2M	233.3M	247M	313.9M	327.9M	210.7M	253M	260.7M	242.9M
Short-term debt	—	—	80K	6.9M	5.1M	—	310K	438.7M	—	—
Total current liabilities	418.8M	441.3M	435.6M	539M	681.6M	675.1M	555.8M	1.2B	783.2M	712.8M
Long-term debt	989.2M	983.3M	920.9M	1.6B	1.7B	2B	2B	1.5B	1.5B	1.5B
Total liabilities	1.6B	1.6B	1.4B	2.3B	2.6B	3B	2.8B	3B	2.5B	2.5B
Shareholders' equity	4.9B	4.8B	4.4B	4.3B	4.6B	4.6B	3.9B	3.6B	3.4B	3.3B
Total debt	989.2M	983.3M	921M	1.6B	1.7B	2B	2B	2B	1.5B	1.5B
Net debt	443.7M	57.3M	210M	859.2M	349.8M	1.1B	1.2B	958.8M	528M	330.1M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	706.8M	1.1B	1B	1.1B	1.1B	769.4M	1B	1.2B	1.1B	1.3B	1.2B	1.3B
Receivables	592.7M	483.8M	413M	424.6M	581M	427.9M	386.7M	328.3M	543.4M	487.7M	382.5M	379.5M
Inventory	839.9M	726.7M	710.6M	726.6M	694.5M	656.2M	641M	638M	605.3M	530.2M	553.7M	592.5M
Total current assets	2.3B	2.4B	2.4B	2.4B	2.5B	2.1B	2.2B	2.2B	2.4B	2.5B	2.3B	2.4B
Property, plant & equipment	-2B	-2B	516.9M	-1.7B	-1.8B	-1.8B	435.8M	-1.9B	-1.9B	-1.9B	371.5M	-1.8B
Goodwill & intangibles	6.4B	6.1B	6.1B	6B	5.8B	5.5B	5.3B	5.3B	5.2B	5.2B	4.9B	4.9B
Total assets	6.7B	6.7B	6.6B	6.4B	6.5B	6B	5.9B	6B	6.1B	6.2B	5.8B	5.9B
Accounts payable	275.3M	283M	253M	304.4M	321.9M	283.3M	260.7M	280.1M	284.8M	240.5M	242.9M	253.2M
Short-term debt	—	480M	438.7M	411.9M	412.2M	—	—	—	—	—	—	—
Total current liabilities	671.9M	1.3B	1.2B	1.2B	1.3B	807.9M	783.2M	798.3M	804.6M	675.7M	712.8M	687.7M
Long-term debt	2B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Total liabilities	2.9B	3.1B	3B	3B	3.1B	2.6B	2.5B	2.6B	2.6B	2.5B	2.5B	2.5B
Shareholders' equity	3.8B	3.6B	3.6B	3.5B	3.4B	3.4B	3.4B	3.4B	3.5B	3.7B	3.3B	3.5B
Total debt	2B	2B	2B	2B	2B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Net debt	1.3B	958.4M	958.8M	878.7M	865M	779.8M	528M	383.7M	445.9M	230.7M	330.1M	220.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	-16.6M	-40.3M	133.1M	334.3M	733.6M	1B	103.2M	-70.3M	55.6M	339M
Depreciation & amortization	704.6M	714.2M	663.1M	468.9M	456.1M	361.4M	338.8M	320.9M	296.8M	262.4M
Stock-based compensation	88.8M	68.2M	71.6M	76M	89.3M	83.5M	105.6M	120.8M	136.3M	136.1M
Change in working capital	-26.3M	65M	-105.5M	44.5M	-33.8M	-335.2M	71.4M	34.6M	63.7M	105.5M
Operating cash flow	729.7M	778.6M	694.8M	936.2M	1.2B	1.2B	578.1M	432M	493.3M	808.6M
Capital expenditure	-552.7M	-269.8M	-220.9M	-164.1M	-187M	-212.6M	-157.1M	-77.7M	-130.5M	—
Investing cash flow	-490.3M	-277.4M	-247.6M	-1.1B	-218.7M	-596M	-153.4M	-136.5M	36.6M	33.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-209.4M	-219.9M	-638.1M	-515.1M	-515.1M	-1.2B	-861.8M	-400.1M	-356.3M	-532.6M
Financing cash flow	-165.7M	-196.8M	-776.7M	165.6M	-401.9M	-875.5M	-853.4M	-459.6M	-684.4M	-566.5M
Net change in cash	73.7M	304.4M	-329.4M	-2.1M	601.8M	-281.7M	-428.7M	-164.1M	-154.5M	275.9M
Free cash flow	224.1M	582.7M	589.4M	781.5M	1.1B	835.8M	684.3M	706M	484.6M	679.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	97.5M	-126.9M	2.7M	414K	-17.4M	41.3M	31.4M	25.6M	119.6M	164.1M	29.7M	85.8M
Depreciation & amortization	79.3M	78.9M	81.8M	76.2M	76.1M	73.8M	70.8M	67.5M	66.7M	65.5M	62.7M	50.1M
Stock-based compensation	39.1M	21.8M	21.6M	42.4M	38.2M	28.4M	27.4M	42.5M	40.4M	26.8M	26.3M	34.4M
Change in working capital	-204.1M	250.3M	61M	-45M	-123.4M	173.5M	51.4M	53.5M	-171.5M	145.8M	82.6M	-27.3M
Operating cash flow	44.5M	292.8M	106.2M	64M	-13.1M	340.4M	111.4M	183.4M	84M	265.4M	276.3M	139.5M
Capital expenditure	-23M	-26.3M	-30.6M	-38.1M	-31.6M	-35.4M	-23.9M	-37.5M	—	—	—	—
Investing cash flow	-20.3M	902K	-30.2M	-17.2M	-34.8M	-7.1M	95.6M	-33.3M	9.1M	32.8M	-12.3M	1.3M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-100M	-100M	-100M	—	-81.4M	-100M	-50M	-49.9M	-65.1M	-17.5M	-400.1M	0
Financing cash flow	-109.1M	-113.5M	-131.7M	95.4M	-79.7M	-119.2M	-43.4M	-6.9M	-113.3M	-54.2M	-392.1M	-6.5M
Net change in cash	-84.9M	180.2M	-55.7M	142.2M	-127.7M	214.1M	163.6M	143.2M	-20.2M	244M	-128.2M	134.3M
Free cash flow	64.4M	466.5M	169.6M	42.9M	94.8M	176.2M	170.7M	145.4M	42.2M	236.9M	255M	115.3M

Qorvo Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement