Qorvo, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Qorvo, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	3,033	2,974	3,090	3,239	4,015	4,646	3,569	3,770	3,719	3,679
Cost of revenue	1,897	1,827	1,895	1,917	2,132	2,360	2,272	2,281	2,183	1,990
Gross profit	1,136	1,147	1,195	1,322	1,884	2,286	1,297	1,488	1,536	1,688
Research and development	471	445	450	484	570	624	650	682	748	726
Selling, general and administrative	546	528	476	344	367	350	359	389
Selling and marketing							211	217	232	215
General and administrative							148	172	172	165
Operating expenses	1,047	1,077	979	899	977	1,060	1,114	1,397	1,440	1,277
Operating income	88.1	70.3	216	423	907	1,226	183	91.7	95.5	411
Interest expense	58.9	59.5	44	60.4	75.2	63.3	68.5	69.2	78.3	73.1
Interest income		7.02	11	12.1
Other non-operating income	-3.09	-0.61	-80.7	32.3	-24	18.3	9.92	51.1	48.7	60
Pre-tax income	27.3	17.1	91.8	395	807	1,181	125	73.6	65.9	398
Income tax	43.9	57.4	-41.3	60.8	73.8	148	21.5	144	10.3	59.3
Net income	-16.6	-40.3	133	334	734	1,033	103	-70.3	55.6	339
EBITDA	298	245	425	645	1,110	1,437	390	285	259	563
EPS, basic	-0.13	-0.32	1.07	2.86	6.43	9.38	1.01	-0.72	0.59	3.66
EPS, diluted	-0.13	-0.32	1.05	2.80	6.32	9.26	1.00	-0.72	0.58	3.62
Shares, basic (weighted)	127	127	125	117	114	110	102	97.6	94.6	92.6
Shares, diluted (weighted)	127	127	127	119	116	112	103	97.6	95.5	93.5

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	545	926	711	715	1,398	973	809	1,029	1,021	1,219
Short-term investments	0	0
Receivables	358	346	378	367	457	569	305	413	387	383
Inventory	430	472	512	517	508	756	797	711	641	554
Other current assets	26.3	30.8	36.1	38.3	51.8	70.7	46.7	79	74.6	98.2
Total current assets	1,462	1,844	1,685	1,691	2,484	2,450	2,030	2,446	2,167	2,306
Property, plant and equipment	1,392	1,374	1,367	1,259	1,266	1,254	1,150	871	802	710
Lease right-of-use assets				65.1			83.5	61.3	58.5	52.4
Goodwill	2,174	2,174	2,174	2,614	2,643	2,776	2,761	2,535	2,390	2,353
Intangible assets	1,401	860	408	809	611	675	538	509	273	122
Long-term investments	35.5	63.8	97.8	22.5	35.4	31.1	20.4	23.3	23.4	16.3
Other non-current assets	58.8	65.6	76.8	165	182	324	193	170	277	318
Total assets	6,522	6,382	5,808	6,561	7,221	7,509	6,692	6,555	5,933	5,826
Accounts payable	216	213	233	247	314	328	211	253	261	243
Accrued liabilities	171	167	161	218	255	240	222	337	288	248
Deferred revenue									130	119
Short-term debt			0.08	6.89	5.09	0.79	0.31	439	0
Total current liabilities	419	441	436	539	682	675	556	1,230	783	713
Long-term debt						2,047	2,048	1,549	1,549
Lease liabilities				58.1			69.2	50.6	45.3	40.6
Other non-current liabilities	86.1	118	91.8	162	168	234	185	219	208	219
Total liabilities	1,626	1,606	1,448	2,268	2,592	2,956	2,789	2,998	2,541	2,481
Total debt	989	983	921	1,567	1,743	2,047	2,048	1,549	1,549	1,549
Paid-in capital	5,357	5,237	4,687	4,290	4,245	4,036	3,821	3,651	3,431	3,301
Retained earnings	-456	-459	-321	0	355	512	84.5	-89.6	-34	38.8
Other comprehensive income	-4.31	-2.75	-6.62	2.29	29.6	5.23	-3.18	-5.1	-5.01	4.06
Shareholders' equity	4,897	4,776	4,360	4,293	4,629	4,553	3,903	3,556	3,392	3,344
Total equity	4,897	4,776	4,360	4,293	4,629	4,553	3,903	3,556	3,392	3,344
Total liabilities and equity	6,522	6,382	5,808	6,561	7,221	7,509	6,692	6,555	5,933	5,826
Shares outstanding	126	126	119	115	113	106	98.6	95.8	92.9	87.7

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-16.6	-40.3	133	334	734	1,033	103	-70.3	55.6	339
Depreciation and amortization	210	174	209	222	203	211	206	193	163	151
Stock-based compensation	88.8	68.2	71.6	76	89.3	83.5	106	121	136	136
Deferred income tax	-28	-32.2	-70.2	-11.1	-18.1	31.9	-66.1	19.4	-84.7	-39.4
Change in receivables	-36.9	12.9	-32.1	21	-91.3	-108	265	-106	26.8	3.15
Change in inventory	-6.44	-41.9	-39.6	10.3	9.39	-236	-81.5	92.9	18.2	86.6
Change in payables	-1.04	39	15.2	15.4	34.2	34	-115	89.1	7.18	-4.89
Cash from operations	777	853	810	946	1,302	1,049	843	833	622	809
Capital expenditures	-553	-270	-221	-164	-187	-213	-159	-127	-138	-129
Acquisitions	-118	0	0	-946	-47.1	-389	-0.1	-83	-0.79	0
Purchases of investments	-0.47	0	-133	0	0
Cash from investing	-490	-277	-248	-1,106	-219	-596	-153	-136	36.6	-43.6
Debt issued						499	0	0
Debt repaid	0	-108	-1,051	0	-1,088	-198	0	-58.3	-439	0
Stock issued		57.5	40.8	49.5	40.9	36.9	32.7	36.4	34.2	36.9
Share buybacks	-209	-220	-638	-515	-515	-1,152	-862	-400	-356	-533
Cash from financing	-166	-197	-777	166	-402	-876	-853	-460	-684	-567
Exchange rate effect	-1.11	2.36	-1.17	-1.23	1.43	-3.28	-0.33	3.17	-2.48	-0.67
Net change in cash	120	381	-215	4.23	683	-426	-164	240	-28.1	198
Free cash flow	224	583	589	782	1,115	836	684	706	485	680
Interest paid	71.2	70.2	56	48.9	81.2	59.4	66.1	55.3	76.3	73.2
Income taxes paid	52.7	41.5	69.5	55.5	53.2	125	106	105	89.2	55.9

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $117.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	45.9%	Gross profit / revenue.
Operating margin	11.2%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.8%	Pre-tax income / revenue.
Net margin	9.2%	Net income / revenue.
FCF margin	18.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.0%	Cash from operations / revenue.
Effective tax rate	14.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.8%	Net income / average total assets.
Return on invested capital (ROIC)	9.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	19.7%	Research and development expense / revenue.
Stock-based pay / revenue	3.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.5%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-1.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-2.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	330.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	31.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-14.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	117.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-12.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	509.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	48.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-14.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	524.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	53.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-10.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-9.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-6.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.24x	Current assets / current liabilities.
Quick ratio	2.25x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.71x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.6%	Total debt / total assets.
Liabilities / assets	42.6%	Total liabilities / total assets.
Net debt	$330.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.59x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	5.63x	Operating income / interest expense.
Working capital	$1.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	42.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$869.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
Fixed asset turnover	4.86x	Revenue / average property, plant and equipment.
Inventory turnover	3.33x	Cost of revenue / average inventory.
Days inventory	110 days	365 x average inventory / cost of revenue.
Receivables turnover	9.56x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	46 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	102 days	Days inventory + days sales outstanding - days payables.
FCF conversion	200.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.62	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$3.66	Net income per basic share, as reported (split-adjusted).
Revenue per share	$39.32	Revenue / diluted weighted shares.
FCF per share	$7.26	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.64	Cash from operations / diluted weighted shares.
Book value per share	$38.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$9.91	Tangible book value / shares outstanding.
Cash per share	$13.89	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	78.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.41B	Share price x shares outstanding.
Enterprise value	$10.74B	Market cap + total debt - cash - short-term investments.
P/E	30.7x	Market cap / net income. Only when net income is positive.
P/S	2.83x	Market cap / revenue.
P/B	3.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.0x	Market cap / tangible book value, when positive.
P/FCF	15.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.9x	Market cap / cash from operations, when positive.
EV/Sales	2.92x	Enterprise value / revenue.
EV/EBIT	26.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	19.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	15.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.5%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.1%	(Dividends paid + share buybacks) / market cap.
PEG	0.57x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Qorvo, Inc.'s revenue in fiscal 2026?

Qorvo, Inc. reported revenue of $3.68B for fiscal 2026, 1.1% lower than the year before.

Was Qorvo, Inc. profitable in fiscal 2026?

Yes. Net income was $339.0M, a net margin of 9.2%.

How much free cash flow did Qorvo, Inc. generate in fiscal 2026?

Cash from operations of $808.6M minus capital expenditures of $129.1M left free cash flow of $679.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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