Skyworks Solutions Q4 FY2026 earnings review

Q4 non-GAAP EPS beat consensus, but Q1 guidance came in below it and shares fell 17.4% after hours.

Skyworks Solutions · Q4 FY2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Skyworks Solutions Q4 FY2026 earnings review

Fiscal quarter ended October 2, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Skyworks Solutions (SWKS) Q4 FY2026 earnings review

Q4 non-GAAP EPS beat consensus, but Q1 guidance came in below it and shares fell 17.4% after hours

  1. 1.Revenue of $1,045.7M beat the Zacks consensus by 1.5%
  2. 2.Non-GAAP diluted EPS of $1.28 beat the Zacks consensus of $1.27
  3. 3.GAAP diluted EPS fell 84.0% to $0.15 on $66.4M of impairments
  4. 4.Q1 FY2027 revenue guidance of $1,850M sits 7.0% below LSEG
  5. 5.Shares closed at $85.40 on Nov 3 and fell to $70.58 after hours
  6. 6.Reuters tied the drop to Q1 guidance below LSEG estimates

Note: Q4 results are Skyworks standalone; Qorvo closed on Oct 5, 2026. Q1 guidance is for the combined company. After-hours is not a close.Source: Skyworks Form 8-K, Nov 3, 2026; Zacks via Yahoo Finance; LSEG via Reuters; Yahoo Finance prices, Nov 3, 2026

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2 · Executive summary

Q4 revenue beat the Zacks consensus by 1.5%, and non-GAAP EPS beat by 0.8%

Q4 FY2026 results vs. Zacks consensus (Nov 3, 2026)

MetricActualConsensusVarianceResult
Net revenue$1,045.7M$1,030.0M+$15.7M / +1.5%Beat
Non-GAAP diluted EPS$1.28$1.27+$0.01 / +0.8%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

Skyworks (Nasdaq)Nov 3 closeNov 3 after-hoursNov 4 pre-marketAfter-hours change
SWKS$85.40$70.58$72.40-17.4%

Reuters tied the drop to Q1 revenue and EPS guidance below LSEG estimates and weak smartphone demand.

Note: Zacks revenue consensus is $1.03B as rounded by AP. Close is 4:00 PM ET, after-hours 7:59 PM ET, pre-market Nov 4, 6:10 AM ET.Source: Skyworks Form 8-K, Nov 3, 2026; Zacks and AP via Yahoo Finance, Nov 3, 2026; Reuters, Nov 3, 2026; Yahoo Finance prices

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3 · Q4 results vs. consensus

Q1 FY2027 revenue guidance midpoint sits 7.0% below LSEG, and EPS guidance 17.8% below

Q1 FY2027 guidance vs. LSEG consensus (Nov 3, 2026)

MetricGuidanceConsensusVariancevs. Street
Revenue, midpoint$1,850M$1,990M-$140M / -7.0%Below
Non-GAAP diluted EPS$1.25$1.52-$0.27 / -17.8%Below

Q1 FY2027 guidance, combined company

MetricLowHighMidpoint
Revenue ($M)$1,800M$1,900M$1,850M
Non-GAAP gross margin46%48%n.a.
Non-GAAP opex ($M)$465M$505Mn.a.

Note: LSEG figures are approximate, as reported by Reuters. Q1 FY2027 is the December quarter, the first with Qorvo.Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; LSEG via Reuters, Nov 3, 2026; analysis of company data

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4 · Q1 guidance vs. consensus

Standalone revenue fell 5.0% and non-GAAP diluted EPS fell 27.3% YoY

  1. Non-GAAP operating income fellNon-GAAP operating income fell 13.9% to $227.2M.
  2. GAAP operating income fell furtherGAAP operating income fell to $22.3M from $111.0M.
  3. Both periods are standaloneQorvo is not in either quarter; the deal closed on Oct 5, 2026.

Key figures, Skyworks standalone

$M unless notedQ4 FY2025Q4 FY2026YoY
Net revenue$1,100.2M$1,045.7M(5.0%)
Non-GAAP gross profit$511.3M$464.6M(9.1%)
Non-GAAP operating income$264.0M$227.2M(13.9%)
GAAP diluted EPS$0.94$0.15(84.0%)
Non-GAAP diluted EPS$1.76$1.28(27.3%)

Note: Q4 FY2026 is the quarter ended Oct 2, 2026; Q4 FY2025 ended Oct 3, 2025.Source: Skyworks Form 8-K, Nov 3, 2026; analysis of company data

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5 · Q4 key financials

Broad Markets revenue rose 9% to about $416M, or 39.8% of revenue

Standalone revenue by market

$M unless noted, Q4 FY2026

MarketRevenueShare of revenueYoY
Broad Markets$416.0M39.8%+9.0%
Mobile, derived$629.7M60.2%n.a.
Total net revenue$1,045.7M-5.0%
The largest customer was about 62% of revenue“Combining with Qorvo gives us the scale and the technology breadth to lead the next era of wireless.” Phil Brace, CEO

Note: Broad Markets revenue and growth are approximate, as stated on the call. Mobile is net revenue less Broad Markets.Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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6 · Revenue by market

Q1 FY2027 revenue guidance midpoint is 6.7% below combined September-quarter revenue

Combined revenue bridge

$M, September quarter 2026 to Q1 FY2027 midpoint

$M · Sep qtr combined: $1,983M$M · Skyworks change: $24M$M · Qorvo extra week: -$70M$M · Qorvo other: -$87M$M · Q1 midpoint: $1,850MSep qtrcombinedSkyworks changeQorvo extraweekQorvo otherQ1 midpoint$0.0M$500.0M$1,000.0M$1,500.0M$2,200.0M$1,983M$24M-$70M-$87M$1,850M
Excluding Qorvo’s extra week of about $70M, the decline is 3.3%

Note: Company-provided figures. Combined is Skyworks plus Qorvo reported revenue; Qorvo’s quarter ended Oct 3, 2026.Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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7 · Combined revenue bridge

Pro forma Diversified Growth Markets revenue rose about 12% to about $2,900M in FY2026

Pro forma revenue by market

$M, FY2026, combined company

$M · Smartphone: $4,600M$M · Physical AI: $1,600M$M · Defense: $500M$M · Data center: $400M$M · Automotive: $340MSmartphonePhysical AIDefenseData centerAutomotive$0M$1,000M$2,000M$3,000M$4,000M$5,000M$4,600M$1,600M$500M$400M$340M
Pro forma Smartphone revenue fell about 11% to about $4,600M

Note: Company-provided, approximate pro forma figures; not reported results. Physical AI includes Connected Edge; DGM is the other four bars.Source: Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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8 · Pro forma revenue by market

GAAP net income fell 83.5% to $23.4M, with $66.4M of settlements and impairments

GAAP to non-GAAP net income

$M, Q4 FY2026

$M · GAAP net income: $23.4M$M · Stock awards: $49.5M$M · Deal: $35.7M$M · Intangible assets: $34.2M$M · Impairment: $66.4M$M · Other charges: $19.1M$M · Tax: -$35.0M$M · Non-GAAP net income: $193.3MGAAP netincomeStockawardsDealIntangibleassetsImpairmentOtherchargesTaxNon-GAAPnet income$0.0M$50.0M$100.0M$150.0M$200.0M$250.0M$23.4M$49.5M$35.7M$34.2M$66.4M$19.1M-$35.0M$193.3M
Non-GAAP net income was $193.3M, down 26.7%

Note: Steps are the company’s GAAP-to-non-GAAP items: stock awards is stock-based compensation; deal is acquisition costs; intangible assets is amortization; impairment includes settlements; other charges are restructuring.Source: Skyworks Form 8-K, Nov 3, 2026; analysis of company data

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9 · GAAP vs. non-GAAP net income

Non-GAAP operating margin fell 227 bps to 21.7%, while GAAP operating margin fell to 2.1%

Gross and operating margins

% of revenue, Q4 FY2025 vs. Q4 FY2026

Non-GAAP gross margin · Q4 FY2025: 46.5%Non-GAAP gross margin · Q4 FY2026: 44.4%Non-GAAP operating margin · Q4 FY2025: 24.0%Non-GAAP operating margin · Q4 FY2026: 21.7%GAAP operating margin · Q4 FY2025: 10.1%GAAP operating margin · Q4 FY2026: 2.1%Q4 FY2025Q4 FY20260.0%10.0%20.0%30.0%40.0%50.0%46.5%44.4%24.0%21.7%10.1%2.1%

Non-GAAP gross marginNon-GAAP operating marginGAAP operating margin

Non-GAAP gross margin fell 204 bps to 44.4%

Note: Margins are profit divided by net revenue.Source: Skyworks Form 8-K, Nov 3, 2026; analysis of company data

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10 · Margin analysis

11 · Free cash flow

Q4 revenue came in 1.0% above the guidance midpoint, and non-GAAP EPS beat it by $0.01

Q4 FY2026 results vs. company guidance of Jul 28, 2026

$M unless noted, Q4 FY2026

MetricGuidanceActualVariance
Net revenue, low end$1,010.0M$1,045.7M+3.5%
Net revenue, midpoint$1,035.0M$1,045.7M+1.0%
Net revenue, high end$1,060.0M$1,045.7M-1.3%
Non-GAAP diluted EPS$1.27$1.28+0.8%
Revenue was $10.7M above the guidance midpoint

Note: Guidance is from the Q3 FY2026 release of Jul 28, 2026.Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks Form 8-K, Jul 28, 2026 (prior guidance); analysis of company data

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12 · Results vs. company guidance

13 · Balance sheet and debt

Q1 guidance needs non-GAAP gross margin to rise at least 157 bps from Q4 while input costs rise

Indicator
What to watch
Implication
Latest reading
Gross margin
Q1 guide of 46% to 48%
Input costs stay a headwind
Q4 non-GAAP 44.4%
Smartphone
Low-teens sequential decline
Android softness persists
Pro forma FY2026 -11% YoY
Customer concentration
Largest customer mix
Volumes swing revenue
About 62% of Q4 revenue
Synergies and interest
Opex synergies in FY2027
Other expense of about $50M
About $150M expected

Note: These are analytical watch points, not company targets.Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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14 · Key risks to guidance

Appendix: market and customer detail

ClaimEvidenceCalculation
Broad Markets grew for the yearFY2026 Broad Markets revenue 10% YoYAs stated on the call, approximate
Diversified Growth Markets is about a third of pro forma revenuePro forma share 38.7%DGM divided by Smartphone plus DGM
Data center is the smallest market shownAbout $400M in FY2026Company-provided pro forma figure

Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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15 · Appendix: Market detail

Appendix: profit and margin detail

ClaimEvidenceCalculation
Restructuring, impairment and other charges rose$1.6M to $82.1MStatements of operations
GAAP gross margin edged up40.7% to 40.9%Gross profit divided by net revenue
Non-GAAP opex fell slightly$247.3M to $237.4MNon-GAAP gross profit less non-GAAP operating income
Interest expense rose with new debt$6.8M to $21.5MStatements of operations

Source: Skyworks Form 8-K, Nov 3, 2026; analysis of company data

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16 · Appendix: Profit and margins

Appendix: synergy and target model detail

ClaimEvidenceCalculation
Annual cost synergy target$500M or more within 24 to 36 monthsAbout two-thirds opex, one-third COGS
FY2027 exit run-rate$250M to $300M annualizedAs stated in the release
Target non-GAAP gross margin50% to 55%Once fully integrated
FY2027 opex synergiesAbout $150M within FY2027As stated in the release
Q1 FY2027 other expense and taxAbout $50M; tax rate about 10%Q1 FY2027 guidance
Target non-GAAP operating margin30% to 35%Once fully integrated

Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; analysis of company data

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17 · Appendix: Synergies and targets

Appendix: capital return and share count detail

ClaimEvidenceCalculation
Buybacks resumed in Q4$107.0M at an average $66.27Statements of cash flows; call remarks
No dividend was paid in Q4$105.6M in Q4 FY2025; none in Q4 FY2026Dividends ended under the Jul 28 framework
A new buyback program replaced the old one$2,000M program from Jul 28, 2026Q3 FY2026 release
Diluted shares rise with the Qorvo shares151.5M in Q4 to about 241M in Q1Q1 FY2027 guidance

Source: Skyworks Form 8-K, Nov 3, 2026; Skyworks prepared remarks, Nov 3, 2026; Skyworks Form 8-K, Jul 28, 2026 (prior guidance)

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18 · Appendix: Capital returns

Appendix: operating expense and non-GAAP item detail

GAAP operating expenses, $M and YoY %

$M unless notedQ4 FY2025Q4 FY2026YoY
Research and development$223.1M$213.5M(4.3%)
Selling, general and administrative$111.7M$109.3M(2.1%)
Restructuring, impairment and other$1.6M$82.1Mn.m.
Total operating expenses$336.6M$405.1M20.4%

GAAP-to-non-GAAP items, $M

$MQ4 FY2025Q4 FY2026
SBC expense$63.5M$49.5M
Acquisition-related expenses$1.9M$35.7M
Amortization of acquired intangibles$37.8M$34.2M
Tax adjustments-$30.7M-$35.0M

Note: SBC is stock-based compensation. Amortization of intangibles in opex ($0.2M) is not shown. n.m. is not meaningful.Source: Skyworks Form 8-K, Nov 3, 2026; analysis of company data

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19 · Appendix: Opex and non-GAAP

Appendix: sources

  • Filing: Skyworks Form 8-K, Nov 3, 2026 — https://www.sec.gov/Archives/edgar/data/4127/000000412726000052/0000004127-26-000052-index.html
  • Earnings release, Q4 FY2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/4127/000000412726000052/q426earningsreleaseformex9.htm
  • Conference call prepared remarks, Nov 3, 2026 — https://www.skyworksinc.com/-/media/SkyWorks/Documents/Press-Releases/FY26Q4-Earnings-Call-Prepared-Remarks.pdf
  • Prior guidance: Q3 FY2026 earnings release (Ex. 99.1), Jul 28, 2026 — https://www.sec.gov/Archives/edgar/data/4127/000000412726000047/q3268-kex991earningsrelease.htm
  • Q4 consensus: Zacks via Yahoo Finance, Nov 3, 2026 — https://finance.yahoo.com/markets/stocks/articles/skyworks-solutions-swks-tops-q4-215008179.html; revenue: AP via Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/skyworks-fiscal-q4-earnings-snapshot-211859435.html
  • Q1 FY2027 consensus: LSEG data via Reuters, “Skyworks tumbles as sluggish smartphone market weighs on forecast”, Nov 3, 2026
  • Share price: Yahoo Finance SWKS, Nov 3 close and after-hours, Nov 4 pre-market — https://finance.yahoo.com/quote/SWKS/
  • No Form 10-K for fiscal 2026 was on EDGAR when this deck was built.

Built with DeepCell / deepcell.net

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20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Skyworks' Form 8-K of November 3, 2026 (Exhibit 99.1), its prepared conference call remarks of the same date and, for prior guidance, its Form 8-K of July 28, 2026. Consensus estimates (Zacks, LSEG) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Q4 FY2026 and Q4 FY2025 results are Skyworks standalone. Combined and pro forma figures that include Qorvo are company-provided, approximate and unaudited.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Non-GAAP gross profit, operating income, net income, EPS and free cash flow follow Skyworks' own definitions and are reconciled to GAAP in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Skyworks Solutions, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 4, 2026, before the US market open. The November 4 close was not yet available.

Built with DeepCell / deepcell.net

21

21 · Disclosures

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