Qorvo (QRVO) financial statements
Qorvo reported revenue of $3.7B in fiscal 2026, up 2.2% a year over 9 years.
Net income was $339M and the operating margin 11.2%, against 2.9% in 2017.
Free cash flow was $680M, and the company returned $533M in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Qorvo's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B | $3.0B | $3.1B | $3.2B | $4.0B | $4.6B | $3.6B | $3.8B | $3.7B | $3.7B |
| Cost of revenue | $1.9B | $1.8B | $1.9B | $1.9B | $2.1B | $2.4B | $2.3B | $2.3B | $2.2B | $2.0B |
| Gross profit | $1.1B | $1.1B | $1.2B | $1.3B | $1.9B | $2.3B | $1.3B | $1.5B | $1.5B | $1.7B |
| Research and development | $471M | $445M | $450M | $484M | $570M | $624M | $650M | $682M | $748M | $726M |
| Selling, general and admin | $546M | $528M | $476M | $344M | $367M | $350M | $359M | $389M | $404M | $381M |
| Operating income | $88M | $70M | $216M | $423M | $907M | $1.2B | $183M | $92M | $96M | $411M |
| Interest expense | $59M | $60M | $44M | $60M | $75M | $63M | $68M | $69M | $78M | $73M |
| Pre-tax income | $27M | $17M | $92M | $395M | $807M | $1.2B | $125M | $74M | $66M | $398M |
| Income tax | $44M | $57M | -$41M | $61M | $74M | $148M | $21M | $144M | $10M | $59M |
| Net income | -$17M | -$40M | $133M | $334M | $734M | $1.0B | $103M | -$70M | $56M | $339M |
| EPS (diluted) | -$0.13 | -$0.32 | $1.05 | $2.80 | $6.32 | $9.26 | $1.00 | -$0.72 | $0.58 | $3.62 |
| Diluted shares | 127M | 127M | 127M | 119M | 116M | 112M | 103M | 98M | 95M | 94M |
| Gross margin | 37.4% | 38.6% | 38.7% | 40.8% | 46.9% | 49.2% | 36.3% | 39.5% | 41.3% | 45.9% |
| Operating margin | 2.9% | 2.4% | 7.0% | 13.1% | 22.6% | 26.4% | 5.1% | 2.4% | 2.6% | 11.2% |
| Net margin | -0.5% | -1.4% | 4.3% | 10.3% | 18.3% | 22.2% | 2.9% | -1.9% | 1.5% | 9.2% |
Balance sheet
Fiscal years, from Qorvo's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $545M | $926M | $711M | $715M | $1.4B | $973M | $809M | $1.0B | $1.0B | $1.2B |
| Receivables | $358M | $346M | $378M | $367M | $457M | $569M | $305M | $413M | $387M | $383M |
| Inventory | $430M | $472M | $512M | $517M | $508M | $756M | $797M | $711M | $641M | $554M |
| Total current assets | $1.5B | $1.8B | $1.7B | $1.7B | $2.5B | $2.4B | $2.0B | $2.4B | $2.2B | $2.3B |
| Property, plant and equipment | $1.4B | $1.4B | $1.4B | $1.3B | $1.3B | $1.3B | $1.1B | $871M | $802M | $710M |
| Goodwill | $2.2B | $2.2B | $2.2B | $2.6B | $2.6B | $2.8B | $2.8B | $2.5B | $2.4B | $2.4B |
| Total assets | $6.5B | $6.4B | $5.8B | $6.6B | $7.2B | $7.5B | $6.7B | $6.6B | $5.9B | $5.8B |
| Total current liabilities | $419M | $441M | $436M | $539M | $682M | $675M | $556M | $1.2B | $783M | $713M |
| Long-term debt | — | — | — | — | — | $2.0B | $2.0B | $1.5B | $1.5B | — |
| Total liabilities | $1.6B | $1.6B | $1.4B | $2.3B | $2.6B | $3.0B | $2.8B | $3.0B | $2.5B | $2.5B |
| Shareholders' equity | $4.9B | $4.8B | $4.4B | $4.3B | $4.6B | $4.6B | $3.9B | $3.6B | $3.4B | $3.3B |
| Net debt | -$545M | -$926M | -$711M | -$708M | -$1.4B | $1.1B | $1.2B | $959M | $528M | -$1.2B |
Cash flow
Fiscal years, from Qorvo's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $777M | $853M | $810M | $946M | $1.3B | $1.0B | $843M | $833M | $622M | $809M |
| Capital spending | $553M | $270M | $221M | $164M | $187M | $213M | $159M | $127M | $138M | $129M |
| Free cash flow | $224M | $583M | $589M | $782M | $1.1B | $836M | $684M | $706M | $485M | $680M |
| Stock-based compensation | $89M | $68M | $72M | $76M | $89M | $84M | $106M | $121M | $136M | $136M |
| Share buybacks (net) | -$209M | -$220M | -$638M | -$515M | -$515M | -$1.2B | -$862M | -$400M | -$356M | -$533M |
| Net borrowing | $0 | -$108M | -$1.1B | $0 | -$1.1B | $302M | $0 | -$58M | -$439M | $0 |
| Free cash flow margin | 7.4% | 19.6% | 19.1% | 24.1% | 27.8% | 18.0% | 19.2% | 18.7% | 13.0% | 18.5% |
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Open QRVO in InvestinglyQuestions
What was Qorvo's revenue in 2026?
$3.7B in fiscal 2026, from its 10-K filing.
How much free cash flow does Qorvo generate?
$680M in fiscal 2026 (operating cash flow minus capital spending).
From Qorvo's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.