Qorvo Inc (2QO.F) Q3 2026 Earnings Report

Qorvo reported solid QQ3 2026 results, with revenue of $993 million and non-GAAP gross margin of 49.1%, translating to non-GAAP EPS of $2.17 and net income of $164 million. The quarter showcased meaningful margin discipline and portfolio optimization as management advances its onshore manufacturing strategy and cash-flow generation remains robust. Management reaffirmed a strategic pivot away from lower-margin, mass-tier Android, targeting a mid-single-digit revenue decline in fiscal 2027 overall, while expecting double-digit growth in High Performance Analog (HPA) and continued DNA data-center momentum. This sets up a longer-term framework where gross margins trend toward the >50% level in FY2027, supported by mix and OpEx discipline, even as near-term revenue is pressured by Android exits and competitive dynamics in ultra-high-band (UHB) content. The quarter also included notable strategic actions, including divestiture of MEMS-based Sensing Solutions and ongoing onshore/onshore-transition initiatives (Costa Rica closure; SAW transfer to Greensboro and Texas), aimed at reducing capital intensity and improving profitability.