QRVO is no longer listed. Its last trade on record was Oct 5, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Free cash flow margin improved to 14.7% in 2027Q1 from 4.8% in 2025Q1, but remains below the 31.6% peak in 2026Q4, with cumulative operating cash flow of $1.77B exceeding net income by $1.29B over ten quarters.
Qorvo, Inc. (QRVO) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Apr'23 | Apr'22 | Apr'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Cash from Operations | 765.18M | 808.63M | 622.2M | 833.19M | 843.23M | 1.05B | 1.3B | 945.65M | 810.36M | 852.52M | 776.82M | 687.93M | 305.62M | 130.85M | 71.25M |
| Operating CF Margin % | - | 21.98% | 16.73% | 22.1% | 23.62% | 22.59% | 32.42% | 29.19% | 26.22% | 28.67% | 25.62% | 26.35% | 17.86% | 11.4% | 7.39% |
| Operating CF Growth % | 4.63% | 29.96% | -25.32% | -1.19% | -19.63% | -19.4% | 37.67% | 16.69% | -4.94% | 9.74% | 12.92% | 125.09% | 133.57% | 83.64% | - |
| Net Income | 399.2M | 338.99M | 55.62M | -70.32M | 103.15M | 1.03B | 733.61M | 334.32M | 133.13M | -40.29M | -16.56M | -28.84M | 196.3M | 12.64M | -53M |
| Depreciation & Amortization | 241.32M | 258.65M | 296.84M | 320.93M | 338.85M | 361.42M | 456.1M | 468.93M | 663.1M | 714.22M | 704.58M | 674.95M | 216.99M | 74.34M | 72.46M |
| Stock-Based Compensation | 128.01M | 136.07M | 136.35M | 120.83M | 105.58M | 83.51M | 89.32M | 75.98M | 71.58M | 68.16M | 88.84M | 139.52M | 64.94M | 29.9M | 30.82M |
| Deferred Taxes | -44.39M | -39.38M | -84.74M | 19.41M | -66.14M | 31.88M | -18.14M | -11.1M | -70.17M | -32.25M | -28.03M | -12.19M | -109.97M | 441K | 16.8M |
| Other Non-Cash Items | 78M | 72.69M | 224.53M | 299.94M | 264.81M | 62.89M | 62.62M | -14.73M | 108.81M | 51.99M | 7.09M | -3.81M | -4.4M | 16.84M | 12.84M |
| Working Capital Changes | -36.96M | 41.62M | -6.39M | 142.4M | 96.98M | -523.8M | -21.66M | 92.25M | -96.08M | 90.69M | 20.9M | -81.69M | -58.24M | -3.31M | -8.67M |
| Change in Receivables | -52.11M | 3.15M | 26.81M | -105.78M | 264.78M | -107.9M | -91.28M | 21.03M | -32.12M | 12.91M | -36.87M | 36.68M | -30.37M | 6.16M | -38.4M |
| Change in Inventory | 42.89M | 86.62M | 18.19M | 92.91M | -81.45M | -236.2M | 9.39M | 10.25M | -39.59M | -41.89M | -6.44M | -84.12M | 10.42M | 35.27M | -19.07M |
| Change in Payables | -60.34M | -50.21M | 7.18M | 89.14M | -115.5M | 33.95M | 34.2M | 15.43M | 15.17M | 38.95M | -1.03M | -461K | -30.11M | -43.39M | 46.82M |
| Cash from Investing | -33.12M | -43.6M | 36.55M | -136.47M | -153.41M | -595.96M | -218.66M | -1.11B | -247.55M | -277.41M | -490.49M | -278.71M | -63.94M | -57.03M | -14.48M |
| Capital Expenditures | -115.67M | -129.07M | -137.6M | -127.23M | -158.95M | -213.47M | -186.96M | -164.1M | -220.94M | -269.83M | -552.7M | -315.62M | -170.96M | -68.08M | -54.64M |
| CapEx % of Revenue | 3.17% | 3.51% | 3.7% | 3.38% | 4.45% | 4.59% | 4.66% | 5.07% | 7.15% | 9.07% | 18.23% | 12.09% | 9.99% | 5.93% | 5.67% |
| Acquisitions | 0 | 0 | 0 | -62.97M | -95K | -389.14M | -47.07M | -946.04M | 0 | 0 | -118.13M | 853K | 225.82M | 1.33M | -47.7M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 82.56M | 85.47M | 174.16M | 53.73M | 5.64M | 6.65M | 15.37M | 2.46M | -27.02M | -7.57M | -5.98M | 853K | 7.45M | 1.17M | 840K |
| Cash from Financing | -566.06M | -566.53M | -684.36M | -459.57M | -853.35M | -875.51M | -401.92M | 165.56M | -776.66M | -196.85M | -165.65M | -282.85M | -112.9M | -4.25M | -89.67M |
| Debt Issued (Net) | 0 | 0 | -439.12M | -58.31M | 0 | 301.57M | 118.76M | 659M | -145.33M | -9.64M | 0 | 1B | -87.5M | 0 | -79.43M |
| Equity Issued (Net) | -448.26M | -497.06M | -320.6M | -363.14M | -829.24M | -1.11B | -472.49M | -464.93M | -596.78M | -162.5M | -150.21M | -1.25B | -4.8M | 4.7M | -3.01M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -482.65M | -532.55M | -356.34M | -400.05M | -861.75M | -1.15B | -515.08M | -515.13M | -638.07M | -219.91M | -209.36M | -1.3B | -50.87M | -12.78M | -7M |
| Other Financing | -117.8M | -69.47M | 75.36M | -38.13M | -24.11M | -63.1M | -48.19M | -28.51M | -34.55M | -24.71M | -15.44M | -34.72M | -20.59M | -8.95M | -7.23M |
| Net Change in Cash | 163.47M | 197.84M | -28.08M | 240.31M | -163.86M | -425.5M | 682.7M | 4.23M | -215.02M | 380.62M | 119.58M | 126.07M | 127.92M | 70.24M | -33.86M |
| Free Cash Flow | 649.51M | 679.56M | 484.6M | 705.96M | 684.28M | 835.78M | 1.11B | 781.54M | 589.43M | 582.68M | 224.12M | 372.3M | 134.66M | 62.77M | 16.62M |
| FCF Margin % | 17.82% | 18.47% | 13.03% | 18.73% | 19.17% | 17.99% | 27.77% | 24.13% | 19.07% | 19.6% | 7.39% | 14.26% | 7.87% | 5.47% | 1.72% |
| FCF Growth % | 10.62% | 40.23% | -31.36% | 3.17% | -18.13% | -25.04% | 42.65% | 32.59% | 1.16% | 159.99% | -39.8% | 176.47% | 114.54% | 277.76% | - |
| FCF per Share | 7.27 | 7.26 | 5.08 | 7.24 | 6.64 | 7.49 | 9.61 | 6.55 | 4.63 | 4.59 | 1.76 | 2.62 | 0.90 | 0.42 | 0.23 |
| FCF Conversion (FCF/Net Income) | 1.63x | 2.39x | 11.19x | -11.85x | 8.17x | 1.02x | 1.77x | 2.83x | 6.09x | -21.16x | -46.92x | -23.85x | 1.56x | 10.35x | -1.34x |
| Interest Paid | 0 | 0 | 76.34M | 55.27M | 66.11M | 59.39M | 81.23M | 48.87M | 56.04M | 70.21M | 71.17M | 2.16M | 930K | 1.21M | -1.41M |
| Taxes Paid | 0 | 0 | 87.26M | 103.06M | 105.79M | 125.32M | 53.24M | 55.51M | 69.45M | 41.48M | 52.66M | 34.94M | 34.59M | 15.35M | -8.94M |
Quick answers to the most common questions about buying QRVO stock.
Qorvo, Inc. (QRVO) generated $808.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Qorvo, Inc. (QRVO) generated $679.6M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Qorvo, Inc. (QRVO) spent $129.1M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Qorvo, Inc. (QRVO) spent $532.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Customer concentration and China exposure
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Earnings Quality
Qorvo's operating cash flow to net income ratio swung from 0.70 in 2026Q2 to 9.29 in 2026Q4, indicating significant timing effects. According to the cash flow statement, this volatility suggests earnings quality is influenced by working capital swings.
The OCF/NI ratio of 9.29 in 2026Q4 is inflated by a low net income base, while the 0.70 in 2026Q2 reflects a working capital drain. This inconsistency implies that reported net income is not a reliable predictor of cash generation on a quarterly basis. Investors should focus on the cumulative relationship over multiple quarters to assess true conversion quality.
Free Cash Flow Recovery Remains Uneven
Free cash flow margin improved to 14.7% in 2027Q1 from 4.8% in 2025Q1, but remains below the 31.6% peak in 2026Q4. As reported in the cash flow data, the trajectory is volatile, reflecting seasonal and working capital dynamics.
The FCF margin of 14.7% in 2027Q1 is a solid improvement from the trough, but the 31.6% in 2026Q4 was likely boosted by a large working capital release. The underlying trend suggests a normalized FCF margin in the mid-teens, which is still below the company's historical highs. This indicates that capital intensity and working capital needs continue to pressure cash generation relative to revenue.
Capital Expenditures Reflect Disciplined Investment
Capital expenditures as a percentage of revenue have remained in a tight 2.6% to 4.6% range over the past ten quarters, with 2027Q1 at 3.1%. Based on the cash flow data, this suggests a mature asset base with limited expansionary spending.
The consistent CapEx/Revenue ratio around 3% indicates that Qorvo is investing primarily in maintenance and modest growth, rather than large-scale capacity expansion. This aligns with the company's focus on margin improvement over volume growth. However, the low capital intensity may limit the company's ability to support future growth in high-performance analog and defense segments without increased investment.
Working Capital Swings Drive Cash Flow Variability
Working capital changes ranged from a $135.9M drain in 2026Q2 to a $86.5M source in 2026Q4, creating significant quarterly cash flow volatility. According to the cash flow statement, these swings are a primary driver of the uneven OCF/NI ratio.
The large working capital swings suggest that Qorvo's cash conversion is heavily influenced by inventory build-ups and customer payment timing, likely tied to smartphone launch cycles. The $135.9M drain in 2026Q2 may indicate inventory accumulation ahead of a product ramp, while the $86.5M source in 2026Q4 reflects collection of receivables. This pattern is typical for a company with high customer concentration and seasonal demand.
Buybacks Dominate Capital Deployment
Qorvo allocated $400.1M to share repurchases in 2026Q4, the largest quarterly buyback in the period, while paying no dividends. As reported in the cash flow data, this aggressive buyback activity suggests management's confidence in the stock's value.
The $400.1M buyback in 2026Q4 is a significant deployment of cash, representing over 100% of that quarter's operating cash flow. This aggressive repurchase activity, combined with smaller buybacks in other quarters, indicates a strategy to return capital to shareholders. However, the lack of dividends and the timing of buybacks may warrant monitoring to ensure they are not masking operational challenges.
Cumulative Cash Generation Exceeds Net Income
Over the ten quarters, cumulative operating cash flow of $1.77B exceeds cumulative net income of $482.8M, a gap of $1.29B. Based on the cash flow data, this suggests that reported earnings understate the company's cash-generating ability.
The large cumulative gap between operating cash flow and net income is primarily due to non-cash charges like depreciation and stock-based compensation, which are added back in the cash flow statement. This indicates that Qorvo's earnings quality is high, as cash generation is stronger than accounting profits. However, the gap also reflects working capital management, which can be volatile, so investors should monitor whether this trend persists.
Cash Flow Statement Obscures Stock Compensation Impact
Stock-based compensation averaged $32.8M per quarter over the period, totaling $328.1M, which is not reflected in operating cash flow. As per the cash flow data, this non-cash expense inflates reported operating cash flow relative to true cash earnings.
While SBC is a non-cash charge, it represents a real economic cost to shareholders through dilution. The consistent SBC expense of around $30-40M per quarter suggests that a portion of operating cash flow is not available to shareholders. Investors should adjust for SBC when evaluating the sustainability of cash returns and the true cash-generating ability of the business.