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GREENSBORO, N.C., April 29, 2025 (GLOBE NEWSWIRE) -- Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company's fiscal 2025 fourth quarter ended March 29, 2025.
On a GAAP basis, revenue for Qorvo's fiscal 2025 fourth quarter was $869.5 million, gross margin was 42.2%, operating income was $28.2 million, and diluted earnings per share was $0.33. On a non-GAAP basis, gross margin was 45.9%, operating income was $151.8 million, and diluted earnings per share was $1.42.
Bob Bruggeworth, president and chief executive officer of Qorvo, said, "During the March quarter, Qorvo achieved stronger than seasonal sequential revenue while surpassing the midpoint of EPS guidance by 42 cents and expanding gross margin year-over-year. Looking across our business segments, our growth and margin targets are anchored in a multi-year strategy focused on winning content with our largest customer and building on our core RF and power expertise to drive diversification through CSG and HPA. We are on a path to continue to improve our business mix and our manufacturing footprint.”
Financial Commentary and Outlook
Grant Brown, chief financial officer of Qorvo, said, "Qorvo's fiscal fourth quarter results exceeded the midpoint of our guidance on revenue, gross margin and EPS. Furthermore, we generated $171 million of free cash flow in the fourth quarter and $485 million during fiscal 2025. While we continue to monitor ongoing macroeconomic factors, including tariff and trade policy uncertainty, we remain focused on our operational objectives - including portfolio optimization, factory consolidation, and continued cost discipline - that position us to expand margins, enhance operational efficiency, and drive shareholder value.”
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Qorvo's current outlook for the June 2025 quarter is:
- Quarterly revenue of approximately $775 million, plus or minus $25 million
- Non-GAAP gross margin between 42% and 44%
- Non-GAAP diluted earnings per share between $0.50 and $0.75
See "Forward-looking non-GAAP financial measures” below. Qorvo's actual quarterly results may differ from these expectations and projections, and such differences may be material.
Selected Financial Information
The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.
| SELECTED GAAP RESULTS | ||||||||||||||||||||||||||
| (In millions, except for percentages and EPS) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Q4 Fiscal 2025 | Q3 Fiscal 2025 | Q4 Fiscal 2024 | Sequential Change | Year-over-Year Change | ||||||||||||||||||||||
| Revenue | $ | 869.5 | $ | 916.3 | $ | 941.0 | $ | (46.8 | ) | $ | (71.5 | ) | ||||||||||||||
| Gross profit | $ | 366.6 | $ | 391.4 | $ | 381.9 | $ | (24.8 | ) | $ | (15.3 | ) | ||||||||||||||
| Gross margin | 42.2 | % | 42.7 | % | 40.6 | % | (0.5 | ) | ppt | 1.6 | ppt | |||||||||||||||
| Operating expenses | $ | 338.3 | $ | 338.4 | $ | 351.9 | $ | (0.1 | ) | $ | (13.6 | ) | ||||||||||||||
| Operating income | $ | 28.2 | $ | 53.0 | $ | 30.0 | $ | (24.8 | ) | $ | (1.8 | ) | ||||||||||||||
| Net income | $ | 31.4 | $ | 41.3 | $ | 2.7 | $ | (9.9 | ) | $ | 28.7 | |||||||||||||||
| Weighted-average diluted shares | 94.1 | 95.0 | 97.3 | (0.9 | ) | (3.2 | ) | |||||||||||||||||||
| Diluted EPS | $ | 0.33 | $ | 0.43 | $ | 0.03 | $ | (0.10 | ) | $ | 0.30 | |||||||||||||||
| SELECTED NON-GAAP RESULTS (1) | ||||||||||||||||||||||||||
| (In millions, except for percentages and EPS) | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| Q4 Fiscal 2025 | Q3 Fiscal 2025 | Q4 Fiscal 2024 | Sequential Change | Year-over-Year Change | ||||||||||||||||||||||
| Revenue | $ | 869.5 | $ | 916.3 | $ | 941.0 | $ | (46.8 | ) | $ | (71.5 | ) | ||||||||||||||
| Gross profit | $ | 398.7 | $ | 426.3 | $ | 400.4 | $ | (27.6 | ) | $ | (1.7 | ) | ||||||||||||||
| Gross margin | 45.9 | % | 46.5 | % | 42.5 | % | (0.6 | ) | ppt | 3.4 | ppt | |||||||||||||||
| Operating expenses | $ | 246.8 | $ | 248.4 | $ | 253.2 | $ | (1.6 | ) | $ | (6.4 | ) | ||||||||||||||
| Operating income | $ | 151.8 | $ | 177.9 | $ | 147.2 | $ | (26.1 | ) | $ | 4.6 | |||||||||||||||
| Net income | $ | 133.3 | $ | 152.8 | $ | 135.5 | $ | (19.5 | ) | $ | (2.2 | ) | ||||||||||||||
| Weighted-average diluted shares | 94.1 | 95.0 | 97.3 | (0.9 | ) | (3.2 | ) | |||||||||||||||||||
| Diluted EPS | $ | 1.42 | $ | 1.61 | $ | 1.39 | $ | (0.19 | ) | $ | 0.03 | |||||||||||||||
| (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes. | ||||||||||||||||||||||||||
| SELECTED GAAP RESULTS BY OPERATING SEGMENT | ||||||||||||||||||||||||
| (In millions, except percentages) | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| Q4 Fiscal 2025 | Q3 Fiscal 2025 | Q4 Fiscal 2024 | Sequential Change | Year-over-Year Change | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| HPA | $ | 187.9 | $ | 171.7 | $ | 164.6 | 9.4 | % | 14.2 | % | ||||||||||||||
| CSG | 101.3 | 109.5 | 122.8 | (7.5 | ) | % | (17.5 | ) | % | |||||||||||||||
| ACG | 580.3 | 635.1 | 653.6 | (8.6 | ) | % | (11.2 | ) | % | |||||||||||||||
| Total revenue | $ | 869.5 | $ | 916.3 | $ | 941.0 | (5.1 | ) | % | (7.6 | ) | % | ||||||||||||
| Operating income (loss) |
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