Qorvo Inc (2QO.F) Q1 2026 Earnings Report

Qorvo delivered a solid first quarter of fiscal 2026 (Q1 FY2026) with revenue of $818.8 million and non-GAAP gross margin of 44%, along with non-GAAP diluted earnings per share of $0.92. The company flagged meaningful portfolio actions designed to lift profitability, including exiting low-margin Android 5G programs, consolidating manufacturing footprints (Costa Rica closure in 2026; Greensboro fab closure and SAW filter transfer to Richardson, TX), and bringing up a Texas SAW line. Management signaled continued strength in defense and infrastructure markets (DOCSIS 4.0) and ongoing content expansion with its largest customer (greater than 10% YoY content growth anticipated for the fall smartphone launch). However, revenue is still YoY down about 21.8% and QoQ down about 5.8% in the quarter, reflecting a deliberate pivot away from mass-tier Android 5G and some automotive program sequencing. The company provided a Q2 outlook of roughly $1.025 billion in revenue, 48–50% non-GAAP gross margin, and approximately $2.00 in non-GAAP diluted EPS, signaling confidence in earnings power as its strategic actions take hold. Investors should weigh the near-term volatility in Android content and macro headwinds against a multi-year margin-up trajectory and growing DoD/infrastructure opportunities.