Skyworks reported solid Q3 FY2026 results with revenue and EPS above guidance. The call focused heavily on the pending Corvo acquisition (regulatory progress, financing, leadership, new $2B buyback, dividend elimination). Mobile demand is steady heading into the fall ramp, while broad markets data center growth accelerated beyond 50% but remains supply-constrained. Gross margin is under pressure from rising input costs, partially offset by selective price increases. Q3 FY2026 revenue $935M, EPS $1.08; Q4 guide revenue $1.01-$1.06B, EPS $1.27 at midpoint.
Вывод BuzzbergRevenue and EPS above guidance midpointSkyworks reported solid Q3 FY2026 results with revenue and EPS above guidance. The call focused heavily on the pending Corvo acquisition (regulatory progress, financing, leadership, new $2B buyback, dividend elimination). Mobile demand is steady heading into the fall ramp, while broad markets data center growth accelerated beyond 50% but remains supply-constrained. Gross margin is under pressure from rising input costs, partially offset by selective price increases. Q3 FY2026 revenue $935M, EPS $1.08; Q4 guide revenue $1.01-$1.06B, EPS $1.27 at midpoint.Читать полный анализСвернуть анализ
Skyworks reported solid Q3 FY2026 results with revenue and EPS above guidance. The call focused heavily on the pending Corvo acquisition (regulatory progress, financing, leadership, new $2B buyback, dividend elimination). Mobile demand is steady heading into the fall ramp, while broad markets data center growth accelerated beyond 50% but remains supply-constrained. Gross margin is under pressure from rising input costs, partially offset by selective price increases. Q3 FY2026 revenue $935M, EPS $1.08; Q4 guide revenue $1.01-$1.06B, EPS $1.27 at midpoint.
Corvo transaction progressing: SAMR in final phase, optimistic to close within calendar year; $2B debt financing planned.
Capital allocation: $2B buyback authorized, quarterly dividend eliminated, focus on share repurchases, delevering, and strategic M&A.
Mobile: healthy demand at largest customer, strong Android ramp in Q3 but normalizing in Q4; content roughly flat year-over-year.
Revenue$0.9348B
-1% QoQ
EPS$1.08
-6% QoQ
Gross margin40.12%
reported
Op margin5.19%
reported
Что изменилось в этом квартале
01
Guidance
Revenue and EPS above guidance midpoint
Guidance · revenue to $1.035B
02
Other
Corvo deal closure optimistic within calendar year
Corvo transaction progressing: SAMR in final phase, optimistic to close within calendar year; $2B debt financing planned.
04
AI
AI data center growing faster than 50% annually
Management highlighted that their AI data center business is the fastest growing and tracking ahead of the 50% annual growth outlined last quarter, even with supply constraints, and noted that AI workloads moving to the endpoint are driving increased RF complexity in mobile…
AI, капзатраты и спрос
AI
Платформа и монетизация
Management highlighted that their AI data center business is the fastest growing and tracking ahead of the 50% annual growth outlined last quarter, even with supply constraints, and noted that AI workloads moving to the endpoint are driving increased RF complexity in mobile devices.
Спрос
Заказы и конверсия
RF content expected to increase after years of decline. Management expressed confidence in the business execution (revenue and EPS above midpoint), optimism about closing the Corvo transaction within the calendar year, and a positive long-term outlook driven by content growth and broad markets, while acknowledging input cost headwinds on gross margins.
Капзатраты
Инвестиции и мощности
Management indicated that capex is increasing to build internal capacity and buffer inventory due to prior stock-outs and supply constraints, with Phil Carter stating 'increasing internal capacity is definitely some of the increasing capex' as they shift toward third-party manufacturers.
Тон · confident
Management expressed confidence in the business execution (revenue and EPS above midpoint), optimism about closing the Corvo transaction within the calendar year, and a positive long-term outlook driven by content growth and broad markets, while acknowledging input cost headwinds on gross margins.
Альфа цепочки поставок
A1
Data center business is growing faster than the previously guided 50% annual rate, yet supply constraints cap shipments.
“Our fastest growing business is tracking ahead of the 50% annual growth we outlined last quarter, even with supply constraints.”
Input costs are rising faster than Skyworks can offset via cost reductions and selective price increases, pressuring gross margins.
“The flip side of that is we don't have the ability to adjust when input costs go up as well. So what you're seeing there is a little bit of pressure on the gross margin side.”
Skyworks declines to comment on Qorvo's long-term supply agreement with Apple, signaling no direct impact but competitive positioning remains unchanged.
“Obviously, we can't really comment on peers or terms of agreement between our customers and third parties. Frankly, we can't comment because we don't know the details.”
Yes, I have two. Thank you, Cameron. One of your competitors in mobile, Intracorder, announced a long-term supply agreement with your largest customer. How do you see their long-term supply agreement impacting your ability, if at all, to regain content opportunities within mobile? Another follow-up, please.
Yeah, thanks for the question. Obviously, we can't really comment on peers or terms of agreement between our customers and third parties. Frankly, we can't comment because we don't know the details. So that's number one. Number two, you know what to observe, right, just from what you can get disclosed. So this seems to be consistent with similar multi-year agreements that they've had in the past. Our position is earned design win by design win, platform by platform, and actually our engagement and design win pipeline with that customer remain unchanged. So I think what I can say as a combined company, we're going to have the broadest RF portfolio. I think nobody has shipped more RF components across the board than we have, and we're going to continue to invest in that, and I think that that breadth gives us a wider range of platforms that we'll be able to compete for, and frankly, some more improved revenue stability that I think is going to be important for us going forward as well.
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