$SWKS · SKYWORKS SOLUTIONS, INC.
Skyworks filed its FY2026 10-K (year ended Oct 2, 2026). Net revenue fell 3.1% to $3,959.6M from $4,086.9M, and net income dropped 64% to $172.1M from $477.1M. Diluted EPS fell to $1.14 from $3.08. The decline was driven by market share loss at a significant customer (Apple), partially offset by automotive, data center, and Wi-Fi demand. The Qorvo combination closed Oct 5, 2026, after fiscal year-end, so results exclude Qorvo.
- Net income fell 64% to $172.1M in FY2026 from $477.1M in FY2025.
- Revenue declined 3.1% to $3,959.6M, driven by market share loss at Apple.
- Apple accounted for 61% of net revenue in FY2026, down from 67% in FY2025.
- Operating income fell to $216.7M from $500.0M; restructuring/impairment charges rose to $124.2M.
- Cash and marketable securities rose 87.7% to $2,606.1M, funded by $2.0B in new notes for the Qorvo deal.
Extended-hours last trade $81.28, down 1.73% vs regular close of $82.71. The decline reflects the sharp earnings contraction and Apple concentration risk.
A 64% profit collapse and shrinking Apple share underscore why Skyworks pursued the Qorvo merger to diversify.
RF semiconductor peers face similar Apple concentration; the Qorvo combination aims to diversify into defense, data center, and automotive markets.
Apple concentration remains the dominant risk at 61% of revenue. The Qorvo integration carries execution risk around synergies and technology consolidation.