Qorvo Inc
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.67%.
Did QRVO Beat Earnings? Q1 2026 Results
Qorvo delivered a clear beat on both lines in its fiscal first quarter of 2026, with non-GAAP EPS of $0.92 topping the $0.63 consensus estimate by 46.17% and revenue of $818.78 million edging past Wall Street's $776.47 million expectation by 5.45%, even as sales declined 7.7% year-over-year. The profitability story drove the narrative, with non-GAAP gross margin expanding 310 basis points to 44.0%, the result of what management described as broad-based structural initiatives across its product portfolio, business segments, and manufacturing footprint. The High Performance Analog segment offered a particularly sharp illustration of that progress, with operating income surging to $21.60 million from just $4.90 million a year ago. Shares rose roughly 7% in the aftermath, and the enthusiasm is easy to trace to the company's fiscal Q2 outlook, which calls for revenue of approximately $1.02 billion and non-GAAP EPS of $2.00, supported by higher content and unit volumes in large customer programs tied to upcoming smartphone launch cycles.
- Broad-based demand driving revenue and non-GAAP EPS above high-end of guidance
- Non-GAAP gross margin of 44% achieved high-end of guidance, representing meaningful year-over-year improvement of 310 basis points
- Structural profitability enhancement initiatives across product portfolio, business segments, and manufacturing footprint
- HPA segment operating income improved to $21.6M from $4.9M year-over-year with 340.8% growth
- CSG segment operating loss narrowed to $(7.5)M from $(19.5)M year-over-year
“The Qorvo team delivered a strong fiscal 2026 first quarter. We are undertaking a broad set of initiatives to structurally enhance profitability, and we are already seeing the positive effects of these strategic actions. In the September quarter, we expect sequential growth and margin expansion to be supported by increases in Qorvo content and unit volumes in large customer programs.”
Qorvo CEO, on the earnings call
Forward Guidance & Outlook
For the fiscal Q2 2026 (September 2025 quarter), Qorvo guided quarterly revenue of approximately $1.025 billion (±$50 million), non-GAAP gross margin between 48% and 50%, and non-GAAP diluted EPS of $2.00 (±$0.25). Management expects sequential growth and margin expansion to be supported by increases in Qorvo content and unit volumes in large customer programs. The CFO noted that the fiscal Q2 gross margin guidance of 48%–50% would represent a 200 basis-point improvement versus last year at the midpoint, demonstrating actions being undertaken across the product portfolio, business segments, and manufacturing footprint that will enable improved profitability through fiscal 2026 and into fiscal 2027.
QRVO YoY Financials
QRVO Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.