Qorvo Inc (2QO.F) Q4 2026 Earnings Report

Qorvo delivered Q4 of calendar 2026 with revenue of $808.3 million and a solid gross margin of 48.87%, delivering a net income of $29.7 million and earnings per share of $0.32. The quarter showed meaningful year-over-year (YoY) margin resilience even as top-line activity declined. Revenue declined 7.04% YoY and 18.60% QoQ, reflecting ongoing softness in end-market demand typical of a semiconductor cycle and seasonality in the RF front-end space. Despite the revenue headwinds, gross profit rose YoY by 7.76% to $395.0 million, indicating a favorable product mix or price discipline within the period, while operating income remained modest at $31.5 million (approx. 3.9% operating margin).

From a profitability standpoint, the company generated EBITDA of $31.5 million and a net income of $29.7 million, translating to an EBITDA margin of about 3.9% and a net margin of roughly 3.68%. The tax expense shows a tax benefit of $8.04 million in this quarter, contributing to the net income figure. Management commentary on the earnings call (not available in the provided transcript) typically emphasizes ongoing investments in high-growth initiatives across the HPA, CSG, and ACG segments to capitalize on 5G/6G infrastructure, IoT, and defense opportunities. Given the cash position and balance sheet strength, Qorvo remains in a comfortable liquidity position to fund R&D and potential strategic initiatives while navigating near-term cyclical softness.

Balance-sheet strength is notable: cash and cash equivalents of $1.22 billion against long-term debt of $1.55 billion leaves a remaining net debt position of about $0.33 billion. Total assets stand at $5.83 billion with stockholders’ equity of $3.34 billion, and a robust current ratio supported by $2.31 billion in current assets and $0.713 billion in current liabilities. The sizable goodwill (~$2.35 billion) and intangible assets (~$121 million) imply a history of acquisitions and integration efforts, which may carry impairment risk if the near-term demand environment remains weak. Overall, the quarter reflects a transitional period: growth investments and margin resilience exist alongside revenue headwinds that warrant close attention to end-market health and product mix dynamics.