Qorvo, Inc. (QRVO) financials

NASDAQ · Technology · Semiconductors · 5,200 employees · CEO Robert A. Bruggeworth

Price: $114.17 0.00%
Market cap: $10.1B
Enterprise value: $10.3B
Last report: Q1 '27 filed 2026-07-28

Revenue (TTM)$3.64B-0.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)13.1%+9.8 pp vs a year agoOperating income $478M

Net income (TTM)$399M+394.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$650M+10.6% vs a year agoCapex $116M

Diluted EPS (TTM)$4.31+407.1% vs a year agoSum of the last 4 quarters

Net cash-$220M+42.6% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $10.1B
Revenue: $3.64B
Revenue growth: -4%
Profit margin: 11.0%
P/E: 26.2×
P/S: 2.8×
EV / EBITDA: 13.2×
Free cash flow: $650M
Net income: $399M
Revenue estimate: $3.53B
Earnings: –
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-07-28): revenue beat by 5.6%, EPS beat by 47.7%Revenue $785M vs $743M expected (+5.6%); EPS $1.64 vs $1.11 (+47.7%).
Revenue growth slowing: -4.2% year on yearQ1 '27 revenue $785M, against an average of -1.3% over the four quarters before.
Operating margin 13.1% (TTM), +9.8 pp on a year agoOperating income grew 295.1% while revenue grew -0.2%.
Capex 3.2% of revenue (a year ago 3.7%)$116M invested in the last 4 quarters (-15.5% on a year earlier). Free cash flow $650M = 162.7% of net income.
Returned $483M to shareholders = 74.3% of free cash flowBuybacks $483M (a year earlier $281M), dividends $0, stock-based pay $128M (TTM).
Diluted share count down 4.7% in a year89.4M diluted shares in Q1 '27, 93.8M a year earlier.
Net debt $220MCash + short-term investments $1.33B, debt incl. leases $1.55B; a year ago net debt $384M.

Last quarter: Q1 '27

Quarter ended 2026-06-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q1 '27	Year ago	Change
Revenue	$785M	$819M	-4.2%
Gross margin	51.1%	40.5%	+10.6 pp
Operating income	$96.8M	$30.1M	+221.6%
Operating margin	12.3%	3.7%	+8.7 pp
Net income	$85.8M	$25.6M	+235.2%
Diluted EPS	$0.96	$0.27	+255.6%
Operating cash flow	$139M	$183M	-23.8%
Capex	$24.1M	$37.5M	-35.7%
Free cash flow	$115M	$145M	-20.7%
R&D	$172M	$179M	-3.8%
Stock-based compensation	$34.4M	$42.5M	-19.0%

Reported vs consensus

2026-07-28

	Actual	Consensus	vs consensus
Revenue	$785M	$743M	+5.6%
EPS (as estimated)	$1.64	$1.11	+47.7%

From the report of 2026-07-28 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
ACG	$477M	-16.6%	60.7%	$2.46B	-3.2%
HPA	$206M	+50.2%	26.3%	$775M	+20.1%
CSG	$102M	-7.5%	13.0%	$413M	-11.6%

Revenue by region

share of total

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
United States	$509M	+19.7%	64.9%	$2.4B	+8.8%
CHINA	$77M	-50.6%	9.8%	$396M	-31.7%
Other Asia	$81.2M	-33.6%	10.3%	$391M	-10.1%
Taiwan, Province Of China	$92.5M	-4.5%	11.8%	$353M	+2.3%
Europe	$25M	+35.7%	3.2%	$105M	+21.8%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q1 '27

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
HPA	–	–	$70M	+224.2%	–	–	$238M
CSG	–	–	$2.99M	+139.7%	–	–	-$31.7M
ACG	–	–	$109M	+10.8%	–	–	$678M
Corporate (unallocated)	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $765M
Capex: -$116M
Buybacks: -$483M
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $128M
Free cash flow: $650M
Returned to shareholders / FCF: 74.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	26.2×	64.0× 4 of 5 years	13.0× – 121.2×
EV / EBITDA	13.2×	16.8×	9.1× – 26.2×
EV / Sales	2.8×	2.7×	2.0× – 3.3×
Price / FCF	15.5×	14.4×	10.5× – 16.2×
Price / Book	2.9×	2.6×	2.0× – 3.1×
FCF yield	6.4%	7.1%	6.2% – 9.5%
Return on invested capital	7.8%	5.0%	-1.5% – 15.7%
Return on equity	11.4%	7.0%	-2.0% – 22.7%

Analysts

Consensus target $108.00 (-5.4%)
range $96.00 – $120.00 · rating Hold

Strong buy0

Buy12

Hold28

Sell2

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$3.53B	-4.1%	$7.65	+111.3%	14.9×	8
FY2028	$3.67B	+4.2%	$8.03	+5.0%	14.2×	5
FY2029	$3.88B	+5.7%	$9.03	+12.4%	12.6×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 245 figures Qorvo, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	-$340K	-$672K	+49.4%
	–	–	–	-0.1%	-1.0%	+90.0%
	–	–	–	$4.49M	$4.85M	-7.5%
	–	–	–	1.1%	7.4%	-85.1%
	–	–	–	$71.4M	$70.1M	+1.8%
	–	–	–	17.9%	106.4%	-83.2%
	–	–	–	$13.7M	$8.07M	+69.4%
	–	–	–	$1.09M	$444K	+145.3%
Accounts Payable, Current	$243M	$261M	-6.8%	$243M	$261M	-6.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$383M	$387M	-1.1%	$383M	$387M	-1.1%
Accounts Receivable, Allowance for Credit Loss, Current	$297K2025-12-27	$313K	-5.1%	$309K2025-03-29	$313K	-1.3%
Accrued Liabilities, Current	$248M	$288M	-13.8%	$248M	$288M	-13.8%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.78B	$1.85B	-3.5%	$1.78B	$1.85B	-3.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$4.06M	-$5.01M	+181.0%	$4.06M	-$5.01M	+181.0%
Amortization of Intangible Assets	$26.9M	$30.5M	-11.9%	$111M	$134M	-16.9%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	-100K	200K	-150.0%	1.1M	1M	+10.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$25.9M2025-12-27	$27.6M	-6.2%	–	–	–
Assets	$5.83B	$5.93B	-1.8%	$5.83B	$5.93B	-1.8%
Assets Held-in-trust	$66.4M	$58.4M	+13.7%	$66.4M	$58.4M	+13.7%
Assets Held-in-trust, Current	$3.9M	$2.9M	+34.5%	$3.9M	$2.9M	+34.5%
Assets Held-in-trust, Noncurrent	$62.5M	$55.5M	+12.6%	$62.5M	$55.5M	+12.6%
Assets, Current	$2.31B	$2.17B	+6.4%	$2.31B	$2.17B	+6.4%
Buildings and Improvements, Gross	$339M	$366M	-7.4%	$339M	$366M	-7.4%
Capital Expenditures Incurred but Not yet Paid	-$2.44M	$2.12M	-215.1%	$24.7M	$65.2M	-62.1%
Cash and Cash Equivalents, at Carrying Value	$1.22B	$1.02B	+19.4%	$1.22B	$1.02B	+19.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.22B	$1.02B	+19.4%	$1.22B	$1.02B	+19.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$99.5M	$252M	-139.5%	$198M	-$28.1M	+804.5%
Common Stock, Capital Shares Reserved for Future Issuance	11.8M	6.14M	+91.5%	11.8M	6.14M	+91.5%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	405M	405M	0.0%	405M	405M	0.0%
Common Stock, Shares, Issued	87.7M	92.9M	-5.6%	87.7M	92.9M	-5.6%
Common Stock, Shares, Outstanding	87.7M	92.9M	-5.6%	87.7M	92.9M	-5.6%
Common Stocks, Including Additional Paid in Capital	$3.3B	$3.43B	-3.8%	$3.3B	$3.43B	-3.8%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$27.4M	$36.4M	-24.7%	$348M	$55.7M	+524.9%
Construction in Progress, Gross	$105M	$98.2M	+6.6%	$105M	$98.2M	+6.6%
Contract with Customer, Liability, Current	$119M	$130M	-9.0%	$119M	$130M	-9.0%
Cost of Goods and Services Sold	$413M	$503M	-17.8%	$1.99B	$2.18B	-8.8%
Current Federal Tax Expense (Benefit)	–	–	–	$4.13M	$19.5M	-78.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$93.5M	$75.4M	+24.0%
Current Income Tax Expense (Benefit)	–	–	–	$98.7M	$95M	+3.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$1.02M	$92K	+1,012.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$830K2025-12-27	$770K	+7.8%	–	–	–
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$22.8M	-$91.1M	+75.0%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$14.1M	$6.32M	-323.7%
Deferred Income Tax Expense (Benefit)	-$14.6M	-$21.5M	+32.1%	-$39.4M	-$84.7M	+53.5%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$2.5M	$49K	-5,200.0%
Deferred Tax Assets, Capital Loss Carryforwards	$29.2M	$29.3M	-0.4%	$29.2M	$29.3M	-0.4%
Deferred Tax Assets, Deferred Income	$131M	$101M	+28.9%	$131M	$101M	+28.9%
Deferred Tax Assets, Gross	$290M	$272M	+6.6%	$290M	$272M	+6.6%
Deferred Tax Assets, Inventory	$17.6M	$17.5M	+0.6%	$17.6M	$17.5M	+0.6%
Deferred Tax Assets, Net	$130M	$90.6M	+42.9%	$130M	$90.6M	+42.9%
Deferred Tax Assets, Net of Valuation Allowance	$199M	$186M	+6.8%	$199M	$186M	+6.8%
Deferred Tax Assets, Operating Loss Carryforwards	$25.4M	$25M	+1.6%	$25.4M	$25M	+1.6%
Deferred Tax Assets, Other	$21.1M	$14M	+50.2%	$21.1M	$14M	+50.2%
Deferred Tax Assets, Tax Credit Carryforwards, Research	$43.3M	$42.1M	+3.0%	$43.3M	$42.1M	+3.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits	$37.4M	$34.3M	+9.0%	$37.4M	$34.3M	+9.0%
Deferred Tax Assets, Valuation Allowance	$90.9M	$85.7M	+6.0%	$90.9M	$85.7M	+6.0%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$17.9M	$34.3M	-47.8%	$17.9M	$34.3M	-47.8%
Deferred Tax Liabilities, Gross	$69.7M	$95.8M	-27.3%	$69.7M	$95.8M	-27.3%
Deferred Tax Liabilities, Leasing Arrangements	$11.8M	$13M	-9.0%	$11.8M	$13M	-9.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-K 2026-03-28, 10-Q 2025-12-27, 10-Q 2025-09-27, 10-Q 2025-06-28, 10-K 2025-03-29, 10-Q 2024-12-28, 10-Q 2024-09-28, 10-Q 2024-06-29

Data as of 2026-11-02