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Qorvo Inc Financials

QRVO
Source SEC Filings (10-K/10-Q) Updated Mar 28, 2026 Currency USD FYE March

This page shows Qorvo Inc (QRVO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI QRVO FY2025

Gross-margin recovery is rebuilding Qorvo's cash engine, but heavy R&D reinvestment is keeping reported operating profit thin.

Across FY2024-FY2025, Qorvo generated about $1.2B of free cash flow while cumulative net income was roughly breakeven, so the cash profile is materially stronger than the earnings line suggests. That gap is consistent with noncash charges and working-capital release: FY2025 EBITDA was $392M versus net income of $55.6M, and lower inventory and receivables helped cash land well above profit.

Gross margin rebounded from 39.5% to 41.3% even though revenue was essentially flat, suggesting the recovery came from cost or mix rather than sales volume alone. Operating margin still sat near 2.6% because R&D rose to $747.7M, so the company used margin improvement to keep funding development instead of expanding near-term profit.

Inventory fell to $641.0M from $710.6M, which reduced cash tied up on the balance sheet and helped free cash flow remain meaningful. Shares outstanding slipped to 93.0M while long-term debt held near $1.55B, showing buybacks are being supported by internally generated cash rather than a new round of borrowing.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 52 / 100
Financial Profile 52/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Qorvo Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
37

Qorvo Inc has an operating margin of 11.2%, meaning the company retains $11 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from 2.6% the prior year.

Growth
31

Qorvo Inc's revenue declined 1.1% year-over-year, from $3.7B to $3.7B. This contraction results in a growth score of 31/100.

Leverage
93

Qorvo Inc carries a low D/E ratio of 0.46, meaning only $0.46 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
62

Qorvo Inc's current ratio of 3.24 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
67

Qorvo Inc converts 18.5% of revenue into free cash flow ($679.6M). This strong cash generation earns a score of 67/100.

Returns
23

Qorvo Inc generates a 10.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is up from 1.6% the prior year.

Altman Z-Score Safe
3.13

Qorvo Inc scores 3.13, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.0B) relative to total liabilities ($2.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
8/9

Qorvo Inc passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.39x

For every $1 of reported earnings, Qorvo Inc generates $2.39 in operating cash flow ($808.6M OCF vs $339.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
5.6x

Qorvo Inc earns $5.6 in operating income for every $1 of interest expense ($411.4M vs $73.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.7B
YoY-1.1%
5Y CAGR-1.7%
10Y CAGR+8.0%

Qorvo Inc generated $3.7B in revenue in fiscal year 2026. This represents a decrease of 1.1% from the prior year.

EBITDA
$673.8M
YoY+71.7%
5Y CAGR-13.1%
10Y CAGR+7.1%

Qorvo Inc's EBITDA was $673.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 71.7% from the prior year.

Net Income
$339.0M
YoY+509.5%
5Y CAGR-14.3%
10Y CAGR+5.6%

Qorvo Inc reported $339.0M in net income in fiscal year 2026. This represents an increase of 509.5% from the prior year.

EPS (Diluted)
$3.62
YoY+524.1%
5Y CAGR-10.5%
10Y CAGR+5.5%

Qorvo Inc earned $3.62 per diluted share (EPS) in fiscal year 2026. This represents an increase of 524.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$679.6M
YoY+40.2%
5Y CAGR-9.4%
10Y CAGR+17.5%

Qorvo Inc generated $679.6M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 40.2% from the prior year.

Cash & Debt
$1.2B
YoY+19.4%
5Y CAGR+0.3%
10Y CAGR+15.1%

Qorvo Inc held $1.2B in cash against $1.5B in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
88M
YoY-5.4%
5Y CAGR-4.6%
10Y CAGR-5.2%

Qorvo Inc had 88M shares outstanding in fiscal year 2026. This represents a decrease of 5.4% from the prior year.

Margins & Returns

Gross Margin
45.9%
YoY+4.6pp
5Y CAGR-1.0pp
10Y CAGR+5.6pp

Qorvo Inc's gross margin was 45.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 4.6 percentage points from the prior year.

Operating Margin
11.2%
YoY+8.6pp
5Y CAGR-11.4pp
10Y CAGR+4.0pp

Qorvo Inc's operating margin was 11.2% in fiscal year 2026, reflecting core business profitability. This is up 8.6 percentage points from the prior year.

Net Margin
9.2%
YoY+7.7pp
5Y CAGR-9.0pp
10Y CAGR-2.2pp

Qorvo Inc's net profit margin was 9.2% in fiscal year 2026, showing the share of revenue converted to profit. This is up 7.7 percentage points from the prior year.

Return on Equity
10.1%
YoY+8.5pp
5Y CAGR-5.6pp
10Y CAGR+7.0pp

Qorvo Inc's ROE was 10.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 8.5 percentage points from the prior year.

Capital Allocation

R&D Spending
$726.1M
YoY-2.9%
5Y CAGR+4.9%
10Y CAGR+10.9%

Qorvo Inc invested $726.1M in research and development in fiscal year 2026. This represents a decrease of 2.9% from the prior year.

Share Buybacks
$532.6M
YoY+49.5%
5Y CAGR+0.7%
10Y CAGR+26.5%

Qorvo Inc spent $532.6M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 49.5% from the prior year.

Capital Expenditures
$129.1M
YoY-6.2%
5Y CAGR-7.1%
10Y CAGR-2.7%

Qorvo Inc invested $129.1M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 6.2% from the prior year.

QRVO Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $808.3M-18.6% $993.0M-6.2% $1.1B+29.3% $818.8M-5.8% $869.5M-5.1% $916.3M-12.4% $1.0B+18.0% $886.7M
Cost of Revenue $413.3M-21.8% $528.8M-5.8% $561.4M+15.3% $487.0M-3.2% $502.9M-4.2% $524.9M-12.7% $601.2M+8.4% $554.4M
Gross Profit $395.0M-14.9% $464.2M-6.6% $497.1M+49.8% $331.8M-9.5% $366.6M-6.3% $391.4M-12.1% $445.3M+34.0% $332.3M
R&D Expenses $170.4M-4.3% $178.1M-10.3% $198.4M+10.7% $179.2M-0.4% $179.9M+0.4% $179.1M-10.9% $201.1M+7.2% $187.6M
SG&A Expenses $34.5M+7.8% $32.0M-32.9% $47.7M-6.5% $51.0M+136.1% -$141.3M-256.4% $90.4M-16.1% $107.8M-6.2% $114.9M
Operating Income $31.5M-83.6% $192.1M+21.9% $157.7M+424.1% $30.1M+6.6% $28.2M-46.8% $53.0M+448.1% $9.7M+110.1% $4.6M
Interest Expense $17.8M-1.0% $18.0M-2.5% $18.5M-1.6% $18.8M-6.0% $20.0M+7.1% $18.7M-17.4% $22.6M+32.2% $17.1M
Income Tax -$8.0M-131.2% $25.7M-27.5% $35.5M+482.7% $6.1M+137.7% -$16.1M-311.7% $7.6M-61.8% $19.9M+1853.6% -$1.1M
Net Income $29.7M-81.9% $164.1M+37.2% $119.6M+367.3% $25.6M-18.4% $31.4M-24.0% $41.3M+336.7% -$17.4M-4311.4% $414K
EPS (Diluted) N/A $1.75+36.7% $1.28+374.1% $0.27 N/A $0.43+338.9% $-0.18 $0.00

QRVO Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $5.8B-5.5% $6.2B+1.1% $6.1B+1.6% $6.0B+1.1% $5.9B-0.5% $6.0B-8.3% $6.5B+0.9% $6.4B
Current Assets $2.3B-7.1% $2.5B+4.5% $2.4B+5.8% $2.2B+3.6% $2.2B+3.4% $2.1B-17.2% $2.5B+6.5% $2.4B
Cash & Equivalents $1.2B-7.5% $1.3B+19.5% $1.1B-5.3% $1.2B+14.1% $1.0B+32.7% $769.4M-29.8% $1.1B+1.3% $1.1B
Inventory $553.7M+4.4% $530.2M-12.4% $605.3M-5.1% $638.0M-0.5% $641.0M-2.3% $656.2M-5.5% $694.5M-4.4% $726.6M
Accounts Receivable $382.5M-21.6% $487.7M-10.3% $543.4M+65.5% $328.3M-15.1% $386.7M-9.6% $427.9M-26.4% $581.0M+36.8% $424.6M
Goodwill $2.4B-1.5% $2.4B0.0% $2.4B0.0% $2.4B0.0% $2.4B-1.9% $2.4B0.0% $2.4B-3.8% $2.5B
Total Liabilities $2.5B+0.6% $2.5B-4.7% $2.6B+1.0% $2.6B+0.8% $2.5B-1.6% $2.6B-16.5% $3.1B+4.5% $3.0B
Current Liabilities $712.8M+5.5% $675.7M-16.0% $804.6M+0.8% $798.3M+1.9% $783.2M-3.1% $807.9M-39.4% $1.3B+9.6% $1.2B
Long-Term Debt $1.5B0.0% $1.5B0.0% $1.5B0.0% $1.5B0.0% $1.5B0.0% $1.5B0.0% $1.5B0.0% $1.5B
Total Equity $3.3B-9.6% $3.7B+5.4% $3.5B+2.1% $3.4B+1.3% $3.4B+0.4% $3.4B-0.9% $3.4B-2.2% $3.5B
Retained Earnings $38.8M-82.9% $226.7M+211.1% $72.9M+968.8% -$8.4M+75.3% -$34.0M+48.0% -$65.3M+38.7% -$106.6M-19.5% -$89.2M

QRVO Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $276.3M+4.1% $265.4M+216.0% $84.0M-54.1% $182.9M-8.2% $199.2M-7.0% $214.1M+67.5% $127.8M+57.7% $81.1M
Capital Expenditures $21.2M-25.5% $28.5M-31.8% $41.8M+11.3% $37.5M+31.7% $28.5M-24.7% $37.8M+14.6% $33.0M-13.7% $38.2M
Free Cash Flow $255.0M+7.6% $236.9M+461.6% $42.2M-71.0% $145.4M-14.8% $170.7M-3.2% $176.2M+85.8% $94.8M+121.3% $42.9M
Investing Cash Flow $18.1M+324.1% $4.3M+113.1% -$32.7M+2.0% -$33.3M-134.9% $95.6M+1452.0% -$7.1M+79.7% -$34.8M-102.6% -$17.2M
Financing Cash Flow -$392.1M-623.4% -$54.2M+52.2% -$113.3M-1534.0% -$6.9M+84.0% -$43.4M+91.8% -$531.7M-566.8% -$79.7M-170.0% -$29.5M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $400.1M+2191.0% $17.5M-73.2% $65.1M+30.5% $49.9M-0.2% $50.0M-50.0% $100.0M+22.9% $81.4M-34.8% $124.9M

QRVO Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 48.9%+2.1pp 46.8%-0.2pp 47.0%+6.4pp 40.5%-1.6pp 42.2%-0.6pp 42.7%+0.2pp 42.5%+5.1pp 37.5%
Operating Margin 3.9%-15.4pp 19.4%+4.5pp 14.9%+11.2pp 3.7%+0.4pp 3.3%-2.5pp 5.8%+4.9pp 0.9%+0.4pp 0.5%
Net Margin 3.7%-12.8pp 16.5%+5.2pp 11.3%+8.2pp 3.1%-0.5pp 3.6%-0.9pp 4.5%+6.2pp -1.7%-1.7pp 0.1%
Return on Equity 0.9%-3.6pp 4.4%+1.0pp 3.4%+2.7pp 0.7%-0.2pp 0.9%-0.3pp 1.2%+1.7pp -0.5%-0.5pp 0.0%
Return on Assets 0.5%-2.1pp 2.7%+0.7pp 2.0%+1.5pp 0.4%-0.1pp 0.5%-0.2pp 0.7%+1.0pp -0.3%-0.3pp 0.0%
Current Ratio 3.24-0.4 3.67+0.7 2.95+0.1 2.81+0.0 2.77+0.2 2.60+0.7 1.90-0.1 1.95
Debt-to-Equity 0.46+0.0 0.42-0.0 0.440.0 0.450.0 0.460.0 0.460.0 0.450.0 0.44
FCF Margin 31.6%+7.7pp 23.9%+19.9pp 4.0%-13.8pp 17.8%-1.9pp 19.6%+0.4pp 19.2%+10.2pp 9.1%+4.2pp 4.8%

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Frequently Asked Questions

Qorvo Inc (QRVO) reported $3.7B in total revenue for fiscal year 2026. This represents a -1.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Qorvo Inc (QRVO) revenue declined by 1.1% year-over-year, from $3.7B to $3.7B in fiscal year 2026.

Yes, Qorvo Inc (QRVO) reported a net income of $339.0M in fiscal year 2026, with a net profit margin of 9.2%.

Qorvo Inc (QRVO) reported diluted earnings per share of $3.62 for fiscal year 2026. This represents a 524.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Qorvo Inc (QRVO) had EBITDA of $673.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2026, Qorvo Inc (QRVO) had $1.2B in cash and equivalents against $1.5B in long-term debt.

Qorvo Inc (QRVO) had a gross margin of 45.9% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Qorvo Inc (QRVO) had an operating margin of 11.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Qorvo Inc (QRVO) had a net profit margin of 9.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Qorvo Inc (QRVO) has a return on equity of 10.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Qorvo Inc (QRVO) generated $679.6M in free cash flow during fiscal year 2026. This represents a 40.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Qorvo Inc (QRVO) generated $808.6M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Qorvo Inc (QRVO) had $5.8B in total assets as of fiscal year 2026, including both current and long-term assets.

Qorvo Inc (QRVO) invested $129.1M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Qorvo Inc (QRVO) invested $726.1M in research and development during fiscal year 2026.

Yes, Qorvo Inc (QRVO) spent $532.6M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Qorvo Inc (QRVO) had 88M shares outstanding as of fiscal year 2026.

Qorvo Inc (QRVO) had a current ratio of 3.24 as of fiscal year 2026, which is generally considered healthy.

Qorvo Inc (QRVO) had a debt-to-equity ratio of 0.46 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Qorvo Inc (QRVO) had a return on assets of 5.8% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Qorvo Inc (QRVO) has an Altman Z-Score of 3.13, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Qorvo Inc (QRVO) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Qorvo Inc (QRVO) has an earnings quality ratio of 2.39x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Qorvo Inc (QRVO) has an interest coverage ratio of 5.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Qorvo Inc (QRVO) scores 52 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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