rfmd-20251227

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 27, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to _____

Commission File Number 001-36801

Qorvo, Inc.

(Exact name of registrant as specified in its charter)


Delaware		46-5288992
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7628 Thorndike Road
Greensboro,	North Carolina	27409-9421
(Address of principal executive offices)		(Zip Code)

(336) 664-1233

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value

QRVO

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of January 21, 2026, there were 92,705,679 shares of the registrant’s common stock outstanding.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

TABLE OF CONTENTS


			Page
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).
Condensed Consolidated Balance Sheets			4
Condensed Consolidated Statements of Income			5
Condensed Consolidated Statements of Comprehensive Income			6
Condensed Consolidated Statements of Stockholders' Equity			7
Condensed Consolidated Statements of Cash Flows			9
Notes to Condensed Consolidated Financial Statements			10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.			21
Item 3. Quantitative and Qualitative Disclosures About Market Risk.			31
Item 4. Controls and Procedures.			31

PART II — OTHER INFORMATION

Item 1A. Risk Factors.			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.			36
Item 5. Other Information.			37
Item 6. Exhibits.			38

SIGNATURES			39

Table of Contents

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)


	December 27, 2025		March 29, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	1,318,510	$	1,021,176
Accounts receivable, net of allowances of $297 and $309 as of December 27, 2025 and March 29, 2025, respectively	487,662		386,719
Inventories	530,178		640,992
Prepaid expenses	35,489		32,808
Other receivables	32,396		11,023
Other current assets	78,863		74,557
Total current assets	2,483,098		2,167,275
Property and equipment, net of accumulated depreciation of $1,918,253 and $1,845,365 as of December 27, 2025 and March 29, 2025, respectively	755,485		801,895
Goodwill	2,389,741		2,389,741
Intangible assets, net	196,903		273,478
Long-term investments	18,881		23,433
Other non-current assets	319,871		277,309
Total assets	$	6,163,979	$	5,933,131
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	240,518	$	260,663
Accrued liabilities	225,435		287,981
Other current liabilities	209,746		234,538
Total current liabilities	675,699		783,182
Long-term debt	1,549,170		1,549,215
Other long-term liabilities	240,802		208,422
Total liabilities	2,465,671		2,540,819
Commitments and contingent liabilities (Note 8)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 5,000 shares authorized; no shares issued and outstanding	—		—
Common stock and additional paid-in capital, $0.0001 par value; 405,000 shares authorized; 92,653 and 92,920 shares issued and outstanding at December 27, 2025 and March 29, 2025, respectively	3,465,194		3,431,308
Accumulated other comprehensive income (loss)	6,372		(5,013)
Retained earnings (accumulated deficit)	226,742		(33,983)
Total stockholders’ equity	3,698,308		3,392,312
Total liabilities and stockholders’ equity	$	6,163,979	$	5,933,131

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024
Revenue	$	992,959	$	916,317	$	2,870,240	$	2,849,497
Cost of goods sold	528,768		524,901		1,577,159		1,680,471
Gross profit	464,191		391,416		1,293,081		1,169,026

Operating expenses:
Research and development	178,066		179,126		555,734		567,778
Marketing and selling	49,424		56,525		165,959		176,395
General and administrative	32,007		33,835		130,685		136,648
Goodwill and intangible asset impairment	—		—		—		113,066
Other operating expense	12,553		68,905		60,793		107,833
Total operating expenses	272,050		338,391		913,171		1,101,720
Operating income	192,141		53,025		379,910		67,306

Interest expense	(18,024)		(18,655)		(55,294)		(58,343)
Other income, net	15,686		14,526		51,967		41,713
Income before income taxes	189,803		48,896		376,583		50,676

Income tax expense	(25,741)		(7,625)		(67,324)		(26,426)
Net income	$	164,062	$	41,271	$	309,259	$	24,250

Net income per share:
Basic	$	1.77	$	0.44	$	3.33	$	0.26
Diluted	$	1.75	$	0.43	$	3.30	$	0.25

Weighted-average shares of common stock outstanding:
Basic	92,586		94,341		92,827		94,942
Diluted	93,571		95,031		93,770		95,808

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)


	Three Months Ended				Nine Months Ended
	December 27, 2025		December 28, 2024		December 27, 2025		December 28, 2024
Net income	$	164,062	$	41,271	$	309,259	$	24,250
Other comprehensive income (loss), net of tax:
Change in pension liability	—		1		—		(229)
Foreign currency translation adjustment, including intra-entity foreign currency transactions that are of a long-term investment nature	896		(11,218)		11,405		(4,742)
Reclassification adjustments, net of tax:
Amortization of pension actuarial gain	(5)		—		(20)		(1)
Other comprehensive income (loss)	891		(11,217)		11,385		(4,972)
Total comprehensive income	$	164,953	$	30,054	$	320,644	$	19,278

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands)

(Unaudited)


				Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)
	Common Stock
Three Months Ended	Shares	Amount						Total
Balance, September 27, 2025	92,575	$	3,431,482	$	5,481	$	72,886	$	3,509,849
Net income	—	—		—		164,062		164,062
Other comprehensive income	—	—		891		—		891
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes	14	(566)		—		—		(566)
Issuance of common stock in connection with employee stock purchase plan	256	15,590		—		—		15,590
Repurchase of common stock, including transaction costs and excise tax	(192)	(7,172)		—		(10,206)		(17,378)
Stock-based compensation	—	25,860		—		—		25,860
Balance, December 27, 2025	92,653	$	3,465,194	$	6,372	$	226,742	$	3,698,308

Balance, September 28, 2024	94,664	$	3,515,640	$	1,148	$	(106,619)	$	3,410,169
Net income	—	—		—		41,271		41,271
Other comprehensive loss	—	—		(11,217)		—		(11,217)
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes	28	(994)		—		—		(994)
Issuance of common stock in connection with employee stock purchase plan	233	14,446		—		—		14,446
Repurchase of common stock, including transaction costs and excise tax	(1,366)	(100,825)		—		—		(100,825)
Stock-based compensation	—	27,583		—		—		27,583
Balance, December 28, 2024	93,559	$	3,455,850	$	(10,069)	$	(65,348)	$	3,380,433

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(In thousands)

(Unaudited)


				Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Accumulated Deficit)
	Common Stock
Nine Months Ended	Shares	Amount						Total
Balance, March 29, 2025	92,920	$	3,431,308	$	(5,013)	$	(33,983)	$	3,392,312
Net income	—	—		—		309,259		309,259
Other comprehensive income	—	—		11,385		—		11,385
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes	700	(29,155)		—		—		(29,155)
Issuance of common stock in connection with employee stock purchase plan	656	36,889		—		—		36,889
Repurchase of common stock, including transaction costs and excise tax	(1,623)	(84,211)		—		(48,534)		(132,745)
Stock-based compensation	—	110,363		—		—		110,363
Balance, December 27, 2025	92,653	$	3,465,194	$	6,372	$	226,742	$	3,698,308

Balance, March 30, 2024	95,798	$	3,651,067	$	(5,097)	$	(89,598)	$	3,556,372
Net income	—	—		—		24,250		24,250
Other comprehensive loss	—	—		(4,972)		—		(4,972)
Exercise of stock options and vesting of restricted stock units, net of shares withheld for employee taxes	605	(30,515)		—		—		(30,515)
Issuance of common stock in connection with employee stock purchase plan	499	34,233		—		—		34,233
Repurchase of common stock, including transaction costs and excise tax	(3,343)	(308,296)		—		—		(308,296)
Stock-based compensation	—	109,361		—		—		109,361
Balance, December 28, 2024	93,559	$	3,455,850	$	(10,069)	$	(65,348)	$	3,380,433

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

QORVO, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine Months Ended
	December 27, 2025		December 28, 2024
Cash flows from operating activities:
Net income	$	309,259	$	24,250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	115,486		122,912
Amortization of intangible assets	84,199		103,146
Deferred income taxes	(24,804)		(63,268)
Goodwill and intangible asset impairment	—		113,066
Stock-based compensation expense	109,749		108,931
Other, net	(16,656)		56,980
Changes in operating assets and liabilities:
Accounts receivable, net	(101,841)		(16,449)
Inventories	111,044

SEC Form 10-Q filed by Qorvo Inc.