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 The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Revenue declined 4.2% year-over-year to $784.8M in 2027Q1, but gross margin expanded to 51.1% from 40.5% a year earlier, driving operating margin to 12.3% from 0.5%.
Qorvo, Inc. (QRVO) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 3.64B | 3.68B | 3.72B | 3.77B | 3.57B | 4.65B | 4.02B | 3.24B | 3.09B | 2.97B | 3.03B | 2.61B | 1.71B | 1.15B | 964.15M |
| Revenue Growth % | -0.18% | -1.09% | -1.34% | 5.61% | -23.17% | 15.7% | 23.96% | 4.82% | 3.93% | -1.95% | 16.16% | 52.59% | 49.01% | 19.09% | - |
| Cost of Goods Sold | 1.89B | 1.99B | 2.18B | 2.28B | 2.27B | 2.36B | 2.13B | 1.92B | 1.9B | 1.83B | 1.9B | 1.56B | 1.02B | 743.3M | 658.33M |
| COGS % of Revenue | - | 54.11% | 58.71% | 60.51% | 63.67% | 50.79% | 53.09% | 59.19% | 61.32% | 61.43% | 62.56% | 59.8% | 59.71% | 64.73% | 68.28% |
| Gross Profit | 1.76B | 1.69B | 1.54B | 1.49B | 1.3B | 2.29B | 1.88B | 1.32B | 1.2B | 1.15B | 1.14B | 1.05B | 689.31M | 404.93M | 305.81M |
| Gross Margin % | 48.22% | 45.89% | 41.29% | 39.49% | 36.34% | 49.21% | 46.91% | 40.81% | 38.67% | 38.57% | 37.44% | 40.2% | 40.29% | 35.27% | 31.72% |
| Gross Profit Growth % | - | 9.93% | 3.16% | 14.77% | -43.27% | 21.37% | 42.5% | 10.59% | 4.2% | 1.01% | 8.19% | 52.26% | 70.23% | 32.41% | - |
| Operating Expenses | 1.28B | 1.28B | 1.44B | 1.4B | 1.11B | 1.06B | 976.94M | 898.55M | 978.72M | 1.08B | 1.05B | 1.04B | 566.84M | 377.59M | 321.5M |
| OpEx % of Revenue | - | 34.71% | 38.72% | 37.06% | 31.2% | 22.82% | 24.33% | 27.74% | 31.67% | 36.21% | 34.54% | 39.74% | 33.13% | 32.88% | 33.34% |
| Selling, General & Admin | 362.91M | 380.67M | 403.62M | 389.14M | 358.79M | 349.72M | 367.24M | 343.57M | 476.07M | 527.75M | 545.59M | 534.1M | 249.89M | 151.4M | 132.92M |
| SG&A % of Revenue | - | 10.35% | 10.85% | 10.32% | 10.05% | 7.53% | 9.15% | 10.61% | 15.41% | 17.75% | 17.99% | 20.46% | 14.61% | 13.19% | 13.79% |
| Research & Development | 719.3M | 726.12M | 747.71M | 682.25M | 649.84M | 623.64M | 570.39M | 484.41M | 450.48M | 445.1M | 470.84M | 448.76M | 257.49M | 197.27M | 178.79M |
| R&D % of Revenue | - | 19.74% | 20.11% | 18.1% | 18.21% | 13.42% | 14.21% | 14.95% | 14.58% | 14.97% | 15.53% | 17.19% | 15.05% | 17.18% | 18.54% |
| Other Operating Expenses | 4M | 169.88M | 288.73M | 325.4M | 105.14M | 86.75M | 39.31M | 70.56M | 52.16M | 103.83M | -1.88M | 6.42M | -1.23M | 2.34M | -1.18M |
| Operating Income | 478.11M | 411.42M | 95.53M | 91.7M | 183.17M | 1.23B | 906.63M | 423.22M | 216.47M | -637.52M | 88.06M | 11.97M | 122.47M | 27.34M | -15.68M |
| Operating Margin % | 13.12% | 11.18% | 2.57% | 2.43% | 5.13% | 26.39% | 22.58% | 13.07% | 7% | -21.44% | 2.9% | 0.46% | 7.16% | 2.38% | -1.63% |
| Operating Income Growth % | - | 330.69% | 4.17% | -49.94% | -85.06% | 35.23% | 114.22% | 95.51% | 133.95% | -823.97% | 635.79% | -90.23% | 347.92% | 274.37% | - |
| EBITDA | 719.43M | 670.07M | 392.36M | 412.63M | 522.02M | 1.59B | 1.36B | 892.15M | 879.56M | 76.69M | 792.64M | 686.92M | 339.45M | 101.68M | 56.78M |
| EBITDA Margin % | 19.74% | 18.22% | 10.55% | 10.95% | 14.62% | 34.17% | 33.94% | 27.54% | 28.46% | 2.58% | 26.14% | 26.31% | 19.84% | 8.86% | 5.89% |
| EBITDA Growth % | 75.83% | 70.78% | -4.91% | -20.95% | -67.12% | 16.49% | 52.75% | 1.43% | 1046.86% | -90.32% | 15.39% | 102.36% | 233.86% | 79.06% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 537.31M | 471.41M | 144.23M | 142.81M | 193.09M | 1.24B | 882.58M | 455.48M | 135.75M | 76.69M | 86.18M | 20.45M | 122.66M | 29.86M | -19.37M |
| Net Interest Income | -59.8M | -73.13M | -78.33M | -69.25M | -68.46M | -63.33M | -75.2M | -48.33M | -32.99M | -52.53M | -57.67M | -21.25M | -971K | -5.8M | -6.28M |
| Interest Income | 10.4M | 0 | 0 | 0 | 0 | 0 | 0 | 12.07M | 10.97M | 7.02M | 1.21M | 2.07M | 450K | 179K | 249K |
| Interest Expense | 70.2M | 73.13M | 78.33M | 69.25M | 68.46M | 63.33M | 75.2M | 60.39M | 43.96M | 59.55M | 58.88M | 23.32M | 1.42M | 5.98M | 6.53M |
| Other Income/Expense | -10.99M | -13.15M | -29.63M | -18.14M | -58.54M | -44.98M | -99.25M | -28.13M | -124.67M | -53.14M | -60.75M | -14.83M | -1.23M | -3.47M | -10.22M |
| Pretax Income | 467.11M | 398.27M | 65.9M | 73.56M | 124.63M | 1.18B | 807.38M | 395.09M | 91.79M | 17.14M | 27.3M | -2.86M | 121.24M | 23.87M | -25.9M |
| Pretax Margin % | 12.82% | 10.83% | 1.77% | 1.95% | 3.49% | 25.42% | 20.11% | 12.2% | 2.97% | 0.58% | 0.9% | -0.11% | 7.09% | 2.08% | -2.69% |
| Income Tax | 67.92M | 59.28M | 10.28M | 143.88M | 21.48M | 147.73M | 73.77M | 60.76M | -41.33M | 57.43M | 43.86M | 25.98M | -75.06M | 11.23M | 27.1M |
| Effective Tax Rate % | 14.54% | 14.89% | 15.61% | 195.6% | 17.23% | 12.51% | 9.14% | 15.38% | -45.03% | 334.98% | 160.64% | -907.86% | -61.91% | 47.04% | -104.64% |
| 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 |
| Net Margin % | 10.95% | 9.22% | 1.5% | -1.87% | 2.89% | 22.24% | 18.27% | 10.32% | 4.31% | -1.35% | -0.55% | -1.1% | 11.47% | 1.1% | -5.5% |
| Net Income Growth % | 394.09% | 509.53% | 179.09% | -168.17% | -90.02% | 40.86% | 119.43% | 151.14% | 430.43% | -143.31% | 42.6% | -114.69% | 1452.78% | 123.85% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.47 | 3.62 | 0.58 | -0.72 | 1.00 | 9.26 | 6.32 | 2.80 | 1.05 | -0.32 | -0.13 | -0.20 | 1.32 | 0.09 | -0.75 |
| EPS Growth % | 407.06% | 524.14% | 180.56% | -172% | -89.2% | 46.52% | 125.71% | 166.67% | 428.13% | -146.15% | 35% | -115.15% | 1451.12% | 111.35% | - |
| EPS (Basic) | - | 3.66 | 0.59 | -0.72 | 1.01 | 9.38 | 6.43 | 2.86 | 1.07 | -0.32 | -0.13 | -0.20 | 1.32 | 0.09 | -0.36 |
| Diluted Shares Outstanding | 89.36M | 93.55M | 95.45M | 97.56M | 103.02M | 111.55M | 116.02M | 119.29M | 127.36M | 126.95M | 127.12M | 141.94M | 149.06M | 148.47M | 70.84M |
| Basic Shares Outstanding | 88.03M | 92.59M | 94.59M | 97.56M | 102.21M | 111.55M | 114.03M | 117.01M | 124.53M | 126.32M | 126.46M | 141.94M | 149.06M | 148.47M | 148.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying QRVO stock.
For fiscal year 2026, Qorvo, Inc. (QRVO) reported total revenue of $3.68B. This represents a 281.5% increase compared to $964.1M in 2013.
Qorvo, Inc. (QRVO) is profitable, generating $339.0M in net income for the fiscal year ending 2026 with a net profit margin of 9.2%.
Qorvo, Inc. (QRVO) reported an operating income of $411.4M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Qorvo, Inc. (QRVO) generated $1.69B in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Customer concentration and China exposure
Metrics are mathematically derived from official filings.
Revenue Recovery Tempered by Mixed Signals
Qorvo's revenue has shown a volatile trajectory, with the latest quarter declining 4.2% year-over-year to $784.8M, though sequential growth from the trough suggests a tentative recovery. According to the income statement data, the company's growth remains uneven across quarters.
The revenue trend over the past ten quarters reveals a cyclical pattern, with a sharp decline in early 2025 followed by a rebound in mid-2025, but the most recent quarter (2027Q1) shows a year-over-year contraction of 4.2%. This suggests that while the company may be past the worst of the downturn, the recovery is not yet consistent. The sequential improvement from 2026Q4's $808.3M to 2027Q1's $784.8M is actually a decline, indicating that the company is still facing demand headwinds, likely from the mobile segment. Investors should monitor whether the company can achieve sustained growth, especially given the mixed signals from the Chinese Android market and the potential for content gains in 5G Advanced.
Gross Margin Expansion Signals Mix Shift
Gross margin improved to 51.1% in 2027Q1, up from 40.5% a year earlier, reflecting a favorable product mix and cost discipline. As reported in the financial statements, this marks the highest gross margin in the ten-quarter period, suggesting a structural improvement.
The gross margin trajectory shows a clear upward trend from the trough of 37.5% in 2025Q1 to 51.1% in 2027Q1, a significant expansion of over 13 percentage points. This improvement appears to be driven by a shift toward higher-margin products, particularly in the Infrastructure and Defense (IDP) segment and the strategic pivot in the Advanced Cellular Solutions (ACS) segment toward higher-value placements. However, the sustainability of this margin level is uncertain, as it may be partly due to a favorable mix during a period of lower volume. If the company can maintain this margin while growing revenue, it would indicate a structural improvement, but investors should watch for potential pressure from competitive pricing in the mobile market.
Operating Leverage Emerges with Cost Control
Operating income swung from a mere $4.6M in 2025Q1 to $96.8M in 2027Q1, with operating margin expanding to 12.3% from 0.5%. This demonstrates significant operating leverage as revenue recovered and expenses were kept in check.
The operating margin improvement is striking, rising from near-zero levels in early 2025 to 12.3% in 2027Q1. This was achieved despite revenue being lower than the peak quarters, indicating that the company has effectively controlled its fixed costs and R&D spending. Notably, R&D expenses have remained relatively stable around $170-200M per quarter, while SG&A has been reduced from over $100M in some quarters to $90.1M in 2027Q1. This suggests that management has been disciplined in managing overhead, allowing for a higher conversion of gross profit to operating income. However, the operating margin is still below the levels seen in 2026Q3 (19.4%), so the leverage may be cyclical rather than structural.
Earnings Quality Boosted by Tax and SBC Effects
Net income of $85.8M in 2027Q1 translates to EPS of $0.96, but stock-based compensation of $34.4M represents a significant non-cash charge. The effective tax rate appears low, potentially inflating reported earnings relative to cash generation.
The quality of earnings is a mixed picture. On one hand, the company reported a net margin of 10.9% in 2027Q1, which is respectable, but this is partly due to a low effective tax rate, as evidenced by the gap between pre-tax income and net income. Additionally, stock-based compensation of $34.4M is a substantial expense that reduces reported earnings but is non-cash, so cash earnings are higher. However, the company's EPS of $0.96 is below the consensus estimate of $2.11 for the quarter, indicating that the reported earnings may not fully reflect the underlying operational performance. Investors should adjust for SBC and tax effects to assess the true earnings power, and monitor whether the low tax rate is sustainable.
R&D and SG&A Discipline Drive Margin Gains
R&D spending has been held steady at roughly $170-180M per quarter, while SG&A has been cut from $114.9M in 2025Q1 to $90.1M in 2027Q1. This cost discipline, as per the income statement, has been pivotal in expanding operating margins.
The cost structure reveals a deliberate effort to control operating expenses. R&D remains a significant investment, averaging around $180M per quarter, which is necessary to maintain competitiveness in RF technology. However, SG&A has been reduced by over 20% from its peak, indicating a focus on efficiency. This has allowed the company to translate gross margin improvements into operating profit more effectively. The question is whether these cost cuts are sustainable without hampering growth initiatives, particularly in areas like SiC and defense. If the company can maintain this discipline while growing revenue, it could lead to further margin expansion.
2025Q1 Marks the Trough and Turning Point
The quarter ending 2025Q1 was the operational low point, with revenue of $886.7M and operating income of just $4.6M, but it also marked the beginning of a margin recovery. Since then, gross margin has expanded by over 13 percentage points, signaling a strategic shift.
The inflection point in Qorvo's recent history appears to be 2025Q1, when the company reported its lowest gross margin (37.5%) and near-zero operating income. This was likely a period of inventory digestion and weak demand in the mobile market. Following that quarter, the company has steadily improved its margins, driven by a mix shift toward higher-value products and cost reductions. This inflection suggests that management has made strategic changes to prioritize profitability over volume, which is reflected in the raised full-year guidance. The lasting impact is a more resilient margin profile, but it remains to be seen if this can be sustained as revenue grows.
Margin Gains May Mask Volume Vulnerability
Despite impressive margin expansion, revenue remains below prior peaks, and the company's heavy reliance on a few smartphone customers poses a risk. If volume does not recover, the current margin levels may be unsustainable, as fixed costs will weigh on profitability.
The bear case for Qorvo centers on the sustainability of its margin improvements. The company has achieved a 51.1% gross margin, but this is partly due to a favorable product mix and cost cuts, which may not be repeatable if revenue growth remains sluggish. The June quarter EPS miss of $1.64 versus $2.11 consensus suggests that there may be underlying cost pressures or mix issues that are not fully reflected in the full-year guidance. Additionally, the company's high customer concentration, with one customer likely accounting for over 30% of revenue, makes it vulnerable to design losses or in-house RF development by major OEMs. If the Chinese Android market does not recover, the company may face a double-digit revenue decline, which would quickly erode operating leverage.