Free cash flow generation has deteriorated sharply, shifting to a negative $32.0 million in 2026Q2, while capital expenditures remain elevated at 8.7% of revenue.
| Metric | TTM | Oct'25 | Sep'24 | Sep'23 | Sep'22 | Oct'21 | Oct'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Oct'15 | Oct'14 | Sep'13 | Sep'12 | Sep'11 | Oct'10 | Oct'09 | Oct'08 | Sep'07 | Sep'06 | Sep'05 | Oct'04 | Sep'03 | Sep'02 | Mar'02 | Apr'00 | Mar'99 | Mar'98 | Mar'97 | Mar'96 |
|---|
| Cash from Operations | 960M | 1.3B | 1.82B | 1.86B | 1.42B | 1.77B | 1.2B | 1.37B | 1.26B | 1.47B | 1.1B | 992.8M | 772.4M | 499.7M | 285.24M | 365.82M | 222.96M | 210.15M | 173.68M | 84.78M | 27.23M | 54.2M | 91.91M | -72.05M | -99.09M | 57.59M | 38.92M | 25.53M | 21.75M | -5.47M | 1.3M |
| Operating CF Margin % | - | 31.83% | 43.67% | 38.9% | 25.97% | 34.68% | 35.89% | 40.49% | 32.59% | 40.29% | 33.31% | 30.47% | 33.71% | 27.88% | 18.18% | 25.78% | 20.8% | 26.18% | 20.19% | 11.43% | 3.52% | 6.84% | 11.72% | -11.66% | -21.65% | 45.53% | 14.33% | 20.2% | 17.21% | -4.68% | 1.52% |
| Operating CF Growth % | -125.93% | -28.71% | -1.71% | 30.31% | -19.61% | 47.12% | -11.91% | 8.47% | -14.32% | 34.28% | 10.36% | 28.53% | 54.57% | 75.19% | -22.03% | 64.07% | 6.1% | 21% | 104.86% | 211.39% | -49.76% | -41.03% | 227.56% | 27.29% | -272.06% | 47.97% | 52.48% | 17.37% | 497.22% | -521.15% | -74% |
| Net Income | 361.2M | 477.1M | 596M | 982.8M | 1.28B | 1.5B | 814.8M | 853.6M | 918.4M | 1.01B | 995.2M | 798.3M | 457.7M | 278.1M | 202.08M | 226.59M | 137.29M | 93.29M | 111.01M | 57.65M | -88.15M | 25.61M | 22.41M | -451.42M | -236.06M | 33.37M | 24.38M | 21.49M | 10.3M | -15.57M | 3.8M |
| Depreciation & Amortization | 462.6M | 463M | 451.3M | 613.7M | 690.1M | 436.7M | 364.3M | 371.6M | 299.2M | 254.8M | 247.8M | 195.8M | 122.7M | 103.4M | 102.75M | 76.53M | 52.71M | 50.53M | 53.4M | 43.69M | 42.35M | 41.23M | 41.05M | 43.45M | 60.63M | 16.01M | 9.9M | 7.94M | 6.77M | 5.92M | 4.7M |
| Stock-Based Compensation | 234.3M | 232.4M | 180.3M | 185.1M | 195.2M | 191.9M | 156.6M | 80.1M | 107.8M | 88.5M | 78M | 99.8M | 86M | 71.7M | 72.17M | 58.34M | 40.74M | 23.47M | 23.21M | 13.74M | 14.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -85.6M | -55.8M | -108.4M | -151.2M | 68.4M | -59.5M | -14.5M | -6.1M | 27.3M | 2.2M | -25.7M | -3.9M | 3.3M | 13.7M | 12.91M | 12.37M | 38.54M | -27.18M | -36.65M | -1.74M | 16.55M | 3.25M | 3.39M | 351K | -23.12M | -1.9M | 10.86M | -2.63M | 0 | 0 | 0 |
| Other Non-Cash Items | -6M | -9.1M | 141.6M | 65M | 23.2M | 8.4M | 15.6M | 13.7M | -12.6M | -25.5M | 300K | -35.9M | -22.7M | 6.6M | 4.38M | 2.66M | 9.11M | 21.68M | 17.65M | 11.41M | 49.97M | 26.7M | 19.43M | 445.42M | 179.96M | 575K | 1.25M | -57K | 2.32M | 1.85M | -600K |
| Working Capital Changes | -6.5M | 193.2M | 563.9M | 161M | -827.5M | -303.8M | -132.3M | 54.5M | -79.5M | 142.4M | -199.9M | -61.3M | 125.4M | 26.2M | -109.05M | -10.66M | -55.43M | 48.36M | 5.06M | -39.97M | -7.71M | -42.59M | 5.63M | -109.86M | -80.5M | 9.53M | -7.48M | -1.22M | 2.35M | 2.33M | -6.6M |
| Change in Receivables | 35.9M | -89.3M | 355.4M | 229.8M | -337.8M | -397.7M | 71.7M | 190.5M | -193.8M | -37.1M | 121.4M | -222.2M | -12.4M | 4.9M | -109.2M | -220K | -60.9M | 29.95M | -614K | 2.2M | 31.21M | 0 | 0 | 1.16M | 0 | 26.8M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -204.9M | 41.8M | 330.4M | 90.8M | -337.3M | -41.2M | -190.4M | -119.6M | 11.9M | -69.2M | -147.3M | 3.6M | -6.1M | 3.4M | -19.31M | -49.69M | -38.82M | 15.68M | -16.08M | -247K | -3.45M | 2.17M | -21.4M | -12.1M | -4.41M | -3.75M | -3.26M | -832K | 2.33M | 770K | -2.6M |
| Change in Payables | 89.1M | 67.1M | 10.4M | -87.1M | 31.3M | 59.6M | 61.1M | -33M | -126M | 147.8M | -181.5M | 90.5M | 74.2M | -14.1M | 15.24M | -14.35M | 42.87M | 9.22M | 2.11M | -16.65M | 795K | 0 | 0 | 5.02M | 0 | 2.5M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -161.8M | -234M | -355.9M | -224.4M | -378.9M | -3.13B | -581.4M | -336.9M | -1.15B | -325.9M | -250.9M | -454.7M | -357.1M | -123M | -302.86M | -349.94M | -95.33M | -49.53M | -94.96M | -20.15M | 42.38M | -66.42M | -61.01M | -44.28M | 70.04M | -14.62M | -143.92M | -25.93M | -11.21M | -3.83M | -13.6M |
| Capital Expenditures | -263.1M | -195M | -183.1M | -236.1M | -509.7M | -652.1M | -398.5M | -423.4M | -430.9M | -315.4M | -195.3M | -430.1M | -208.6M | -123.8M | -94.13M | -100.66M | -88.93M | -39.17M | -64.83M | -42.6M | -49.36M | -38.13M | -60M | -40.29M | -29.41M | -54.75M | -34.58M | -17.73M | -11.04M | -7.95M | -12M |
| CapEx % of Revenue | 6.51% | 4.77% | 4.38% | 4.95% | 9.29% | 12.76% | 11.88% | 12.54% | 11.14% | 8.64% | 5.94% | 13.2% | 9.1% | 6.91% | 6% | 7.09% | 8.3% | 4.88% | 7.54% | 5.74% | 6.38% | 4.81% | 7.65% | 6.52% | 6.43% | 43.28% | 12.73% | 14.03% | 8.74% | 6.8% | 14.08% |
| Acquisitions | 0 | 0 | 0 | 0 | 7.7M | -2.75B | 398.5M | 423.4M | -404M | -13.7M | -55.6M | -24.6M | -148.5M | 0 | -229.63M | -249.28M | -6.4M | -10.36M | -32.63M | 0 | 0 | 0 | 61.01M | 0 | 67.1M | -7.04M | 0 | 0 | 0 | 0 | 2.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -20.9M | -23.8M | 11.6M | 6.5M | 0 | 0 | -398.5M | -423.4M | 0 | -12.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.57M | 0 | -61.01M | 0 | -3.07M | 171K | 0 | 34K | 109K | 1.19M | -100K |
| Cash from Financing | -772.7M | -1.27B | -819M | -1.48B | -1.36B | 1.68B | -907.7M | -912.5M | -993.7M | -612.4M | -804.6M | -300.3M | -120.6M | -172.7M | -86.18M | -59.04M | -38.6M | -21.5M | -95.19M | 40.2M | -49.38M | 5.24M | 11.13M | 224.48M | 80.41M | 4.21M | 111.86M | 81K | -2M | 3.8M | 20.2M |
| Debt Issued (Net) | 0 | 0 | -300M | -900M | -50M | 2.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48.1M | -50M | -80.71M | -57.88M | -111.72M | 70M | -50.66M | 0 | 8.32M | 136.51M | 29.97M | -129K | -2.99M | 0 | -1.87M | -3.27M | 3.23M |
| Equity Issued (Net) | -362M | -44.4M | -113.6M | -211.2M | -975.3M | -250.8M | -680.6M | -680.4M | -807.5M | -481.5M | -598.9M | -291.5M | -187.8M | -203.5M | -31M | -26.95M | 36.09M | 36.28M | 15.99M | -23.41M | 1.57M | 5.24M | 3.51M | 103.75M | 42K | 4.79M | 7.2M | 0 | 1.95M | 1.27M | 570K |
| Dividends Paid | -422.7M | -432.6M | -439.1M | -405.2M | -373.1M | -340.6M | -307M | -273.9M | -243.2M | -214.6M | -201M | -123.1M | -41.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -383.2M | -44.4M | -113.6M | -211.2M | -975.3M | -250.8M | -680.6M | -680.4M | -807.5M | -481.5M | -598.9M | -291.5M | -187.8M | -203.5M | -31M | -90.1M | -4.41M | -2.39M | -2.06M | -31.68M | -173K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -268K | 0 |
| Other Financing | 12M | -797.1M | 33.7M | 37.2M | 35.8M | 30.6M | 79.9M | 41.8M | 57M | 83.7M | -4.7M | 114.3M | 108.6M | 30.8M | -7M | 12.49M | 6.02M | -8.56M | 541K | -6.39M | -290K | 0 | -701K | -15.79M | 50.4M | 0 | 0 | 81K | -2.08M | 5.8M | 0 |
| Net Change in Cash | 25.5M | -207.3M | 649.8M | 152.8M | -316.9M | 316.2M | -284.6M | 118M | -883.5M | 533M | 40.2M | 237.8M | 294.7M | 204M | -103.79M | -43.17M | 89.04M | 139.12M | -16.47M | 104.83M | 20.23M | -6.98M | 42.03M | 108.15M | 51.36M | 47.18M | 6.86M | -327K | 8.54M | -5.51M | 7.9M |
| Free Cash Flow | 697M | 1.11B | 1.67B | 1.62B | 914.9M | 1.12B | 806M | 944M | 829.7M | 1.16B | 900.4M | 562.7M | 563.8M | 375.9M | 191.11M | 265.16M | 134.03M | 170.98M | 108.85M | 42.18M | -22.13M | 16.06M | 31.91M | -112.35M | -128.51M | 2.85M | 4.34M | 7.8M | 10.71M | -13.43M | -10.7M |
| FCF Margin % | 17.23% | 27.06% | 39.92% | 33.95% | 16.68% | 21.92% | 24.02% | 27.96% | 21.45% | 31.66% | 27.38% | 17.27% | 24.6% | 20.98% | 12.18% | 18.69% | 12.5% | 21.3% | 12.66% | 5.69% | -2.86% | 2.03% | 4.07% | -18.19% | -28.07% | 2.25% | 1.6% | 6.17% | 8.48% | -11.49% | -12.55% |
| FCF Growth % | -47.71% | -33.69% | 2.93% | 77.1% | -18.31% | 38.95% | -14.62% | 13.78% | -28.22% | 28.38% | 60.01% | -0.2% | 49.99% | 96.69% | -27.93% | 97.83% | -21.61% | 57.08% | 158.04% | 290.58% | -237.8% | -49.67% | 128.41% | 12.58% | -4616.91% | -34.4% | -44.37% | -27.2% | 179.76% | -25.48% | - |
| FCF per Share | 4.63 | 7.13 | 10.33 | 10.11 | 5.60 | 6.71 | 4.74 | 5.41 | 4.53 | 6.19 | 4.69 | 2.89 | 2.93 | 1.96 | 1.00 | 1.39 | 0.73 | 1.01 | 0.66 | 0.26 | -0.14 | 0.10 | 0.21 | -0.81 | -0.94 | 0.06 | 0.13 | 0.23 | 0.31 | -0.39 | -0.31 |
| FCF Conversion (FCF/Net Income) | 1.93x | 2.73x | 3.06x | 1.89x | 1.12x | 1.18x | 1.48x | 1.60x | 1.37x | 1.46x | 1.10x | 1.24x | 1.69x | 1.80x | 1.41x | 1.61x | 1.62x | 2.21x | 1.56x | 1.47x | -0.31x | 2.12x | 4.10x | 0.16x | 0.42x | -3.15x | 1.17x | 1.19x | 1.01x | -0.53x | -0.08x |
| Interest Paid | 13M | 25.4M | 28.3M | 62.3M | 44.4M | 2.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 500K | 715K | 2.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -115M | 147.1M | 181.2M | 228.9M | 230M | 184M | 110.8M | 124.4M | 135.9M | 163.2M | 165.9M | 126.1M | 63.2M | 26.2M | 19.8M | 16.1M | 14.76M | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Customer Concentration
According to recent quarterly filings, Skyworks' operating cash flow to net income ratio reached 1.41 in 2026Q2, highlighting a persistent disconnect where reported earnings fail to capture the underlying cash-generative capacity of the business due to significant non-cash charges and stock-based compensation expenses.
The consistent gap between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash items, particularly depreciation and stock-based compensation. Investors should monitor whether this divergence indicates a structural decline in the quality of earnings as the company struggles to convert its top-line performance into actual cash flow.
As reported in financial statements, Skyworks' free cash flow margin plummeted to -3.4% in 2026Q2, a sharp reversal from the 62.0% margin observed in 2024Q1, signaling that the company's ability to generate surplus cash is currently under severe pressure from declining operational efficiency.
The rapid deterioration in free cash flow margins suggests that the company's current cost structure is ill-suited for the prevailing revenue environment. This trend warrants further investigation into whether the recent negative cash flow is a temporary seasonal anomaly or a more permanent shift in the company's ability to fund operations internally.
Based on reported figures, Skyworks' capital expenditure as a percentage of revenue rose to 8.7% in 2026Q2, indicating that the firm is maintaining high levels of investment in its fabrication facilities despite a contracting top-line environment and weakening demand for its core RF modules.
The decision to maintain elevated capital spending while revenue growth is negative suggests a commitment to long-term manufacturing capacity that may be currently underutilized. This capital intensity appears to be a significant drag on free cash flow, potentially limiting the company's flexibility to navigate cyclical downturns.
Data from recent quarterly reports indicates that working capital changes swung to a negative $146.1 million in 2026Q2, reflecting significant fluctuations in inventory and receivables management that have historically served as a primary source of volatility in the company's quarterly cash flow profile.
The erratic nature of working capital changes suggests that the company may be struggling to align its production cycles with the unpredictable demand from its primary smartphone OEM customers. This volatility complicates cash flow forecasting and may indicate that inventory levels are not being optimized effectively during periods of slowing sales.
Quick answers to the most common questions about buying SWKS stock.
Skyworks Solutions, Inc. (SWKS) generated $1.30B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Skyworks Solutions, Inc. (SWKS) generated $1.11B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Skyworks Solutions, Inc. (SWKS) spent $195.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Skyworks Solutions, Inc. (SWKS) returned $432.6M to shareholders via cash dividends and spent $44.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.