Operating cash flow turned negative at -$167.6M in 2026Q3, and free cash flow plunged to -$254.7M, a dramatic swing from +$339.0M in 2026Q1.
Skyworks Solutions, Inc. (SWKS) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 478.2M | 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 % | -294.2% | -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 | 290.1M | 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 | 463.4M | 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 | 232.4M | 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 | -69.3M | -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 | -160.9M | -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 | -277.5M | 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 | -201.9M | -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 | -311.4M | 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 | 64.5M | 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 | -169.6M | -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 | -282M | -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 | 7.03% | 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 | -18.5M | -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 | -936.6M | -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) | -21.4M | -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 | -425.7M | -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 | -42.6M | -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 | -489.5M | -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 | -628M | -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 | 196.3M | 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 % | 4.89% | 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 % | -85.29% | -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 | 1.30 | 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) | 0.68x | 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 | -42.2M | 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 |
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.
Key Metrics
Top Statement Risk
Customer concentration and margin pressure
Metrics are mathematically derived from official filings.
Earnings Quality Deteriorates Sharply
In 2026Q3, operating cash flow turned negative at -$167.6M against net income of $33.9M, yielding an OCF/NI ratio of -4.94, as reported in the cash flow statement. This suggests a severe disconnect between reported earnings and cash generation.
The negative operating cash flow in 2026Q3 appears driven by a substantial working capital outflow of -$233.1M, likely reflecting inventory builds or receivable timing. Historically, OCF/NI has been volatile, ranging from 1.41 to 7.87, but the latest quarter marks a stark reversal. This may indicate that earnings quality is under pressure, with accruals playing a larger role in reported profitability.
Free Cash Flow Turns Negative
Free cash flow plunged to -$254.7M in 2026Q3, a dramatic swing from +$339.0M in 2026Q1, as per the cash flow statement. The FCF margin fell to -27.2%, reflecting both weak operating cash flow and sustained capital expenditures.
The FCF trajectory shows a sharp deterioration in the most recent quarter, with cumulative FCF over the last four quarters turning negative. This appears consistent with the income statement's revenue decline and margin compression, suggesting that the company is not generating sufficient cash to cover its investment needs. Investors should monitor whether this is a seasonal trough or a more prolonged downturn.
Capital Intensity Rises Amid Downturn
Capital expenditures rose to $87.1M in 2026Q3, representing 9.3% of revenue, up from 3.2% in 2024Q2, according to recent filings. This increased capital intensity suggests ongoing investment in fabrication capacity despite weak demand.
The elevated capex/revenue ratio indicates that Skyworks is maintaining its capital spending even as revenue contracts, likely to support future RF content growth. However, this may strain cash flow in the near term, especially if utilization remains low. The company's high fixed-cost model means that underutilized capacity could lead to further margin erosion.
Working Capital Swing Drives Cash Volatility
Working capital changes swung from +$141.2M in 2026Q1 to -$233.1M in 2026Q3, a $374.3M reversal, as per the cash flow statement. This volatility appears to be a primary driver of the recent cash flow deterioration.
The large working capital outflow in 2026Q3 suggests a significant build in inventory or a slowdown in collections, possibly reflecting softer demand or channel adjustments. This pattern is consistent with the semiconductor cycle, where inventory builds precede revenue declines. The company's ability to manage working capital efficiently will be critical to stabilizing cash flow.
Capital Returns Persist Despite Cash Strain
Dividends totaled $106.9M in 2026Q3, while buybacks were minimal at $5.9M, according to the cash flow statement. Despite negative free cash flow, the company continued to return capital to shareholders, suggesting a commitment to shareholder returns.
The dividend payout appears well-covered by historical cash flows, but the recent negative FCF raises questions about sustainability if the downturn persists. Buybacks have been sporadic, with large repurchases in 2025Q1 and Q2, but minimal activity recently. This may indicate management is preserving cash while maintaining the dividend.
Cumulative Cash Generation Lags Earnings
Over the last ten quarters, cumulative net income was $990.5M, while cumulative operating cash flow was $2.67B, as per the cash flow statement. This positive divergence suggests that earnings have been conservative relative to cash generation.
The cumulative OCF exceeding net income by a wide margin indicates that non-cash charges like depreciation and stock-based compensation have boosted cash flow relative to earnings. However, the recent quarter's negative OCF may signal a reversal of this trend. Investors should watch whether this divergence narrows or widens in coming quarters.
Cash Flow Obscures Stock Compensation Impact
Stock-based compensation reached $53.2M in 2026Q3, exceeding net income of $33.9M, as reported in the cash flow statement. This suggests that reported earnings are significantly supported by non-cash charges, potentially overstating underlying profitability.
While SBC is added back to operating cash flow, it represents a real economic cost to shareholders. The fact that SBC exceeds net income in the latest quarter implies that the company's cash earnings are weaker than reported. Additionally, the cash flow statement does not fully capture the dilutive impact of SBC, which may warrant further investigation.