Qorvo Stock Earnings Reports

Qorvo reported a strong fiscal Q1 2026: revenue of $819M, non-GAAP gross margin of 44% and non-GAAP diluted EPS of $0.92, with approximately $1.2B cash, $1.5B long-term debt and net inventory of $638M. Management reiterated broad momentum across its three segments: ACG (mobile/cellular) is seeing >10% content growth at its largest customer and multiple product placements (antenna tuners, filters, switches, integrated modules, envelope-tracking PMICs); HPA (high-performance analog) is benefiting from growing defense & aerospace demand and power-management opportunities; CSG (connectivity & sensors) is ramping Wi‑Fi 7/8 front-ends and scaling ultra-wideband (UWB) with a $2B+ qualified opportunity funnel. Strategic highlights include automotive UWB design wins (including EV and Japanese OEMs), Wi‑Fi 7 wins for AR glasses, new GaN and BAW product introductions for DOCSIS 4.0 and SATCOM, and a growing defense funnel (up ~$2B sequentially, now >$7B) aided by increased U.S. and allied defense funding. Operational actions: continuing portfolio optimization (exits/divestitures of lower-margin or non-core businesses), active factory consolidation (Costa Rica and Greensboro closures; SAW production moving to Richardson, TX; gas wafer transfer to Hillsboro, OR). Q2 guidance: revenue $1.025B ±$50M, non-GAAP gross margin 48%–50%, non-GAAP EPS $2.00 ±$0.25. Management expects continued margin improvement driven by mix, factory rationalization and cost actions, with fiscal‑26 non-GAAP tax rate ~15%. They continue to pursue strategic alternatives for the MEMS force-sensing business (~$5M quarterly OpEx) and remain opportunistic on defense-related M&A. Key risks called out: tariff and geopolitical uncertainty (some component buffering estimated $15M–$30M), seasonal handset dynamics and the planned shift away from low-margin mass-tier Android 5G business.