Skyworks Completes Qorvo Combination After Standalone Close

The Tip Desk · November 3, 2026 · 4 min read

Standalone revenue was $1.046 billion and non-GAAP diluted EPS $1.28 as the company guided December-quarter combined sales of $1.80 billion to $1.90 billion.

Skyworks Solutions, Inc. (SWKS) completed its combination with Qorvo after the close of its fiscal fourth quarter and reported standalone results for the period ended Oct. 2, 2026, with revenue of $1,046 million, GAAP diluted earnings of $0.15 a share and non-GAAP diluted earnings of $1.28 a share.

The RF front-end and mixed-signal semiconductor maker said combined September-quarter revenue was approximately $1.98 billion, including an extra week of about $70 million in Qorvo’s fiscal quarter. Beginning with the first fiscal quarter of 2027, it will report on a fully combined basis, with Smartphone and Diversified Growth Markets as its revenue categories.

Standalone revenue of $1,046 million compared with $935 million in the June quarter, after the company had guided the September quarter to $1,010 million to $1,060 million. Non-GAAP diluted EPS of $1.28 compared with $1.08 in the prior quarter; the company had guided non-GAAP EPS of $1.27 at the midpoint of its September revenue range.

GAAP operating income fell to $22.3 million from $111.0 million a year earlier, with GAAP operating margin at 2.1% versus 10.1%. Non-GAAP operating income was $227.2 million and non-GAAP operating margin 21.7%, versus 24.0% a year earlier. Restructuring, impairment, and other charges were $82.1 million in the September quarter versus $1.6 million a year earlier; the cash-flow statement showed $66.2 million of asset impairment charges in the quarter. Non-GAAP gross margin compressed to 44.4% from 46.5% a year earlier; GAAP gross margin was 40.9% versus 40.7%.

Non-GAAP free cash flow was negative $61.0 million versus $144.0 million a year earlier, with capital expenditures of $94.7 million versus $56.0 million. Debt rose to $2,472.8 million from $995.8 million a year earlier after $1,979.9 million of net long-term debt proceeds in the quarter; cash, cash equivalents, and marketable securities were $2,606.1 million versus $1,388.4 million.

Chief executive Phil Brace said the combination creates a full-stack RF front-end platform for next-generation smartphones and expands reach across Physical AI, Defense, Infrastructure, and Automotive, with a broader technology portfolio including RF GaN, low-voltage power and wired broadband. The company said it received favorable credit-rating actions after the close, including an upgrade to investment grade by Moody’s (Baa3) and an outlook revision to Stable from Negative by Fitch (BBB+ affirmed), and that it had begun realizing synergies through initial consolidation of the management team and HR systems.

For the December quarter, its first as a combined company, Skyworks guided revenue of $1.80 billion to $1.90 billion. At the midpoint, that includes approximately $1.07 billion from legacy Skyworks and approximately $780 million from legacy Qorvo; the company said this is the last quarter in which it will provide that split. The midpoint is down approximately 7% sequentially from combined September revenue, or approximately 3% excluding the extra week. At the midpoint of the revenue range, it expects non-GAAP diluted earnings of $1.25, based on approximately 241 million diluted shares and including approximately $50 million of other expense, primarily interest on the acquisition financing.

The company said it expects Smartphone revenue to decline in the low-teens percent sequentially, reflecting seasonality, well-known softness in the Android market as it remains focused on the premium tier, and the extra week in Qorvo’s September quarter. It expects Diversified Growth Markets revenue to grow in the low single digits sequentially, despite the extra week in the prior quarter, and in the high single to low double digits year-over-year on a combined basis, representing more than 40% of sales, led by data center and defense.

Skyworks said its December-quarter outlook reflects only the early stages of synergy realization. It expects to realize approximately $150 million of synergies in operating expenses within fiscal 2027, weighted to the second half of the year, and to exit fiscal 2027 at an annualized run-rate of approximately $250 million to $300 million. It remains fully committed to $500 million or more of annual cost synergies within 24 to 36 months of close.