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Jun 28
Qorvo Q1 2026 Earnings Report
Qorvo posted solid Q1 2026 results, with earnings and margins exceeding expectations despite a year-over-year decline in revenue.
Key Takeaways
Qorvo exceeded high-end guidance on non-GAAP EPS and gross margin for Q1 2026. While revenue fell year-over-year, profitability improved due to cost initiatives and stronger mix.
Revenue was $818.8 million, down 7.7% year-over-year.
GAAP net income was $25.6 million with EPS of $0.27; non-GAAP EPS was $0.92.
Non-GAAP gross margin improved to 44.0%, from 40.9% a year ago.
Free cash flow for the quarter was $145.4 million.
Qorvo
Qorvo
Qorvo Revenue by Segment
Qorvo Revenue by Geographic Location
Revenue by Segment
HPA Revenue
CapyFin.comCSG Revenue
CapyFin.comACG Revenue
CapyFin.comRevenue by Geographic Location
Global Revenue
CapyFin.com Forward Guidance
For Q2 2026, Qorvo expects sequential growth with revenue around $1.025 billion and improved margins driven by increased customer program volumes.
Positive Outlook
- Revenue projected at $1.025 billion ± $50 million.
- Non-GAAP gross margin guidance between 48%–50%.
- Non-GAAP EPS expected at $2.00 ± $0.25.
- Profitability improvements supported by product mix and scale.
- Margin expansion expected vs. prior year and quarter.
Challenges Ahead
- Sequential revenue down $50.7 million vs. Q4 2025.
- ACG revenue declined 11.1% YoY.
- Non-GAAP operating income fell from Q4 2025.
- Operating expenses remain high at over $300 million GAAP.
- Global macroeconomic uncertainty persists.
Revenue & Expenses
Visualization of income flow from segment revenue to net income