Skyworks Solutions, Inc.

Skyworks Solutions, Inc. (Nasdaq: SWKS) supplies radio-frequency, timing, power-management and mixed-signal chips. Following its combination with Qorvo, it serves smartphone manufacturers and markets including defense, data centers, communications infrastructure and automotive electronics.

The Qorvo transaction closed on October 5, 2026. The September-quarter results released in November cover standalone Skyworks, whose fiscal year ended October 2. The December outlook is the first for the combined company.

The first combined forecast

Management expects December-quarter revenue of $1.80 billion to $1.90 billion. At the midpoint, approximately $1.07 billion comes from legacy Skyworks and $780 million from legacy Qorvo. Adjusted diluted EPS is forecast at $1.25, based on approximately 241 million shares.

Our comparison puts legacy Skyworks about 2% above its September revenue. Qorvo's $937 million September quarter included an extra week worth approximately $70 million. Against an estimated $867 million comparison without that week, its $780 million forecast is about 10% lower.

The resulting combined decline is approximately 3%, consistent with management's stated week-adjusted comparison. The historical baseline adds different issuer periods and is not an audited combined revenue statement. Skyworks says this is the last quarter in which it will provide the legacy-business forecast split.

Future revenue categories are Smartphone and Diversified Growth Markets. Management expects smartphone revenue to fall in the low teens sequentially, while Diversified Growth Markets grows in the low single digits and represents more than 40% of combined sales.

Reported earnings before the combination

Adjusted earnings remove share-based compensation, acquisition expenses, acquired-intangible amortization, restructuring, settlement and impairment items, with related tax adjustments. The current quarter included a $66.2 million asset impairment in the cash-flow reconciliation and $35.7 million of acquisition-related expense.

July's standalone forecast was $1.010 billion to $1.060 billion revenue and adjusted EPS of $1.27 at the revenue midpoint. The reported quarter broadly met that outlook. The original promise that the merger would immediately lift adjusted EPS compares it with the businesses remaining separate over the same period. The $1.25 forecast and the preceding standalone quarter's $1.28 do not make that comparison.

Integration and financing

Skyworks forecasts approximately $150 million of operating-expense synergies within fiscal 2027, weighted to its second half. The expected exit run-rate is $250 million to $300 million annually. Its target of at least $500 million annually within 24 to 36 months after closing was already announced in October 2025.

Qorvo shareholders received $32.50 cash and 0.960 Skyworks share for each Qorvo share. Skyworks issued $2 billion of acquisition notes in August. The December forecast includes approximately $50 million of other expense, primarily interest on acquisition financing.

October 2 cash, equivalents and marketable securities totaled $2.606 billion, with $2.473 billion of debt carrying amounts. These balances predate the acquisition payment and assumed Qorvo debt, so they are not the combined company's post-closing balances.

Standalone quarterly operating cash was $33.7 million. Subtracting $94.7 million of capital spending gives negative $61 million of free cash flow. Program share purchases were $107 million. The dividend halt and new optional $2 billion repurchase authorization were announced in July.

Read our analysis of the first combined outlook for the legacy-business split and integration timetable.