SKYWORKS SOLUTIONS, INC.
For the period ended Apr 3, 2026. Filed May 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Apr 3, 2026 · Filed May 5, 2026
SWKS$82.19+1.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-01-02; filed 2026-02-05.
0000004127-26-000008
ITEM 2. : MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-04-03; filed 2026-05-05.
0000004127-26-000015
ITEM 2. : MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 64 previous paragraphs and 63 current paragraphs.
39 unchanged; 23 reworded; 1 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Restructuring, impairment, and other charges for the three and six months ended March 28, 2025, was primarily due to charges incurred in connection with the transition of our chief executive officer.
Removed paragraphs (2)
Previous report
Amortization of Intangibles
Previous report
Amortization of intangible assets was consistent for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025.
Reworded paragraphs (23)
Previous wording
Three Months Ended January 2, 2026, and December 27, 2024
Current wording
Three and Six Months Ended April 3, 2026, and March 28, 2025
Previous wording
Each of Skyworks’ special meeting of stockholders and Qorvo’s special meeting of stockholders will be held virtually on February 11, 2026 at 11:30 AM, Pacific Time (unless adjourned or postponed to a later date).
Current wording
Each of Skyworks’ special meeting of stockholders and Qorvo’s special meeting of stockholders were held virtually on February 11, 2026 at 11:30 AM, Pacific Time, and the stockholders of each respective company approved the ballot measures at each of their respective special meetings.
Previous wording
In connection with the execution of the Merger Agreement, we entered into the Bridge Commitment Letter on October 27, 2025, with Goldman Sachs Bank USA, which committed to provide, subject to the satisfaction of customary closing conditions, up to $3,050.0 million of senior unsecured bridge term loans for the purpose of financing a portion of the cash portion of the consideration to be paid to Qorvo stockholders, paying related fees and expenses in connection with the Mergers and the other transactions contemplated by the Merger Agreement and, in certain circumstances, to refinance certain of Qorvo’s senior notes. The receipt of financing by us is not a condition to our obligation to consummate the Mergers.
Current wording
In connection with the execution of the Merger Agreement, we entered into the Bridge Commitment Letter on October 27, 2025, with Goldman Sachs Bank USA, which committed to provide, subject to the satisfaction of customary closing conditions, up to $3,050.0 million of senior unsecured bridge term loans for the purpose of financing a portion of the cash portion of the consideration to be paid to Qorvo stockholders, paying related fees and expenses in connection with the Mergers and the other transactions contemplated by the Merger Agreement and, in certain circumstances, to refinance certain of Qorvo’s senior notes. Depending on market conditions, we may choose to opportunistically put in place the financing for the transactions contemplated by the Merger Agreement well in advance of any expected closing, including to partially pay the cash portion of the consideration to be paid to Qorvo stockholders and to pay fees and expenses, as well as potential transactions to refinance and/or exchange Qorvo’s senior notes. The receipt of financing by us is not a condition to our obligation to consummate the Mergers.
Previous wording
•Net revenue decreased to $1,035.4 million for the three months ended January 2, 2026, as compared to $1,068.5 million for the corresponding period in fiscal 2025, driven primarily by a decrease in market share at a significant customer, partially offset by an increase in demand for our Wi-Fi products.
Current wording
•Net revenue decreased to $943.7 million for the three months ended April 3, 2026, as compared to $953.2 million for the corresponding period in fiscal 2025, driven primarily by a decrease in market share at a significant customer, partially offset by an increase in demand for our Wi-Fi products.
Previous wording
•Our ending cash, cash equivalents, and marketable securities balance increased to $1,568.6 million. The increase in cash, cash equivalents, and marketable securities during the three months ended January 2, 2026 was primarily due to cash generated from operations of $395.5 million, partially offset by dividend payments of $106.4 million and capital expenditures of $56.5 million.
Current wording
•Our ending cash, cash equivalents, and marketable securities balance decreased to $1,436.4 million. The decrease in cash, cash equivalents, and marketable securities during the three months ended April 3, 2026 was primarily due to dividend payments of $106.8 million and capital expenditures of $82.3 million, partially offset by cash generated from operations of $50.3 million.
Previous wording
The decrease in net revenue for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was driven primarily by a decrease in market share at a significant customer, partially offset by an increase in demand for our Wi-Fi products.
Current wording
The decrease in net revenue for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was driven primarily by a decrease in market share at a significant customer, partially offset by an increase in demand for our Wi-Fi products.
Previous wording
The decrease in gross profit for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily the result of unfavorable product mix, partially offset by higher unit volumes.
Current wording
The decrease in gross profit for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was primarily the result of unfavorable product mix, partially offset by higher unit volumes.
Previous wording
The increase in research and development expenses for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to increases in headcount-related expenses, including share-based compensation and costs for engineering prototypes as a result of our increased investment in developing new technologies and products.
Current wording
The increase in research and development expenses for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was primarily related to increases in headcount-related expenses, including share-based compensation, as a result of our increased investment in developing new technologies and products.
Previous wording
The increase in selling, general, and administrative expenses for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to increases in professional services costs related to the ongoing Qorvo transaction, partially offset by decreases in headcount-related expenses, including share-based compensation.
Current wording
The increase in selling, general, and administrative expenses for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was primarily related to increases in professional services costs related to the ongoing Qorvo transaction, partially offset by decreases in headcount-related expenses.
Previous wording
The increase in restructuring, impairment, and other charges for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was due to an increase in costs associated with facility consolidation and closure.
Current wording
Restructuring, impairment, and other charges for the three and six months ended April 3, 2026, was primarily due to costs associated with facility consolidation and closure.
Previous wording
Interest expense was consistent for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025.
Current wording
Interest expense was consistent for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025.
Previous wording
The decrease in other income, net for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily due to a decrease in interest income generated from cash, cash equivalents, and marketable securities.
Current wording
The decrease in other income, net for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was primarily due to a decrease in interest income generated from cash, cash equivalents, and marketable securities.
Previous wording
We recorded a provision for income taxes of $30.5 million for the three months ended January 2, 2026.
Current wording
We recorded a provision for income taxes of $9.8 million and $40.2 million for the three and six months ended April 3, 2026, respectively.
Previous wording
The increase in income tax expense for the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily due to higher foreign taxes, share-based compensation shortfalls, uncertain tax positions, transaction costs related to the pending transaction with Qorvo, and a lower FDII benefit, partially offset by an increase in research and development credits.
Current wording
The decrease in income tax expense for the three and six months ended April 3, 2026, as compared with the corresponding periods in fiscal 2025, was primarily due to lower foreign taxes, partially offset by share-based compensation shortfalls, uncertain tax positions, transaction costs related to the pending transaction with Qorvo, and a lower FDII benefit.
Previous wording
In December 2021, the OECD Inclusive Framework on BEPS released GloBE rules under Pillar Two. Many countries have implemented laws based on Pillar Two, which became effective for us beginning in fiscal 2025. In January 2026, the OECD Inclusive Framework released significant administrative guidance including the side-by-side safe harbor package that will apply to U.S. multinational enterprise groups. The tax impact associated with Pillar Two was immaterial to the financial statements for the three months ended January 2, 2026 and December 27, 2024. We continue to evaluate the impact of proposed and enacted legislative changes as new guidance becomes available.
Current wording
In December 2021, the OECD Inclusive Framework on BEPS released GloBE rules under Pillar Two. Many countries have implemented laws based on Pillar Two, which became effective for us beginning in fiscal 2025. In January 2026, the OECD Inclusive Framework released significant administrative guidance including the side-by-side safe harbor package that will apply to U.S. multinational enterprise groups. The tax impact associated with Pillar Two was immaterial to the financial statements for the three and six months ended April 3, 2026 and March 28, 2025, respectively. We continue to evaluate the impact of proposed and enacted legislative changes as new guidance becomes available.
Previous wording
In July 2025, the U.S. government enacted the OBBBA. The OBBBA did not have a material impact to the financials for the three months ended January 2, 2026. We continue to evaluate the impact of the OBBBA on our business for future periods.
Current wording
In July 2025, the U.S. government enacted the OBBBA. The OBBBA did not have a material impact to the financials for the three and six months ended April 3, 2026. We continue to evaluate the impact of the OBBBA on our business for future periods.
Previous wording
Cash provided by operating activities consists of net income for the period adjusted for certain non-cash items and changes in certain operating assets and liabilities. The $18.3 million increase in cash provided by operating activities during the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to an increase in cash inflows as a result of changes to working capital (net of cash) of $90.0 million, due primarily to accounts receivable, partially offset by a lower net income.
Current wording
Cash provided by operating activities consists of net income for the period adjusted for certain non-cash items and changes in certain operating assets and liabilities. The $340.8 million decrease in cash provided by operating activities during the six months ended April 3, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to a decrease in cash inflows as a result of changes to working capital (net of cash) of $199.7 million, due primarily to inventory and lower net income.
Previous wording
Cash provided by investing activities consists primarily of cash received related to the sale or maturity of marketable securities, partially offset by cash paid to purchase marketable securities, capital expenditures, and cash paid to acquire intangible assets. The $131.5 million increase in cash provided by investing activities during the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to a decrease of $139.9 million in purchases of marketable securities and an increase of $15.5 million in the sale or maturity of marketable securities, partially offset by an increase of $17.5 million in capital expenditures purchases.
Current wording
Cash provided by investing activities consists primarily of cash received related to the sale or maturity of marketable securities, partially offset by cash paid to purchase marketable securities, capital expenditures, and cash paid to acquire intangible assets. The $72.2 million increase in cash provided by investing activities during the six months ended April 3, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to a decrease of $252.3 million in purchases of marketable securities, partially offset by a decrease of $114.9 million in the sale or maturity of marketable securities and an increase of $61.4 million in capital expenditures purchases.
Previous wording
Cash used in financing activities consists primarily of cash transactions related to equity and proceeds and payments related to our long-term borrowings. The $5.4 million decrease in cash used in financing activities during the three months ended January 2, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to a decrease of $6.1 million in dividend payments.
Current wording
Cash used in financing activities consists primarily of cash transactions related to equity and proceeds and payments related to our long-term borrowings. The $501.4 million decrease in cash used in financing activities during the six months ended April 3, 2026, as compared with the corresponding period in fiscal 2025, was primarily related to a decrease of $492.5 million in share repurchases, net of excise tax paid, and a decrease of $9.9 million in dividend payments.
Previous wording
Cash, cash equivalents, and marketable securities totaled $1,568.6 million as of January 2, 2026, representing an increase of $180.2 million from October 3, 2025.
Current wording
Cash, cash equivalents, and marketable securities totaled $1,436.4 million as of April 3, 2026, representing an increase of $48.0 million from October 3, 2025.
Previous wording
We have outstanding $500.0 million of Notes Due 2026 and $500.0 million of Notes Due 2031 (the “Notes”). We have a Revolving Credit Agreement under which we may borrow up to $750.0 million for general corporate purposes and working capital needs of the Company and its subsidiaries. As of January 2, 2026, there were no borrowings outstanding under the Revolver. The Revolving Credit Agreement expires on November 18, 2030.
Current wording
We have outstanding $500.0 million of Notes Due 2026 and $500.0 million of Notes Due 2031 (the “Notes”). We have a Revolving Credit Agreement under which we may borrow up to $750.0 million for general corporate purposes and working capital. As of April 3, 2026, there were no borrowings outstanding under the Revolver. The Revolving Credit Agreement expires on November 18, 2030.
Previous wording
In connection with the execution of the Merger Agreement, we entered into a commitment letter on October 27, 2025, with Goldman Sachs Bank USA, which committed to provide, subject to the satisfaction of customary closing conditions, up to $3,050.0 million of senior unsecured bridge term loans for the purpose of financing a portion of the cash portion of the consideration to be paid to Qorvo stockholders, paying related fees and expenses in connection with the Mergers and the other transactions contemplated by the Merger Agreement and, in certain circumstances, to refinance certain of Qorvo’s senior notes.
Current wording
In connection with the execution of the Merger Agreement, we entered into a commitment letter on October 27, 2025, with Goldman Sachs Bank USA, which committed to provide, subject to the satisfaction of customary closing conditions, senior unsecured bridge term loans for the purpose of financing a portion of the cash portion of the consideration to be paid to Qorvo stockholders, paying related fees and expenses in connection with the Mergers and the other transactions contemplated by the Merger Agreement and, in certain circumstances, to refinance certain of Qorvo’s senior notes. As of April 3, 2026, Goldman Sachs Bank USA has committed to provide up to $1,500.0 million of senior unsecured bridge term loans. Depending on market conditions, we may choose to opportunistically put in place the financing for the transactions contemplated by the Merger Agreement well in advance of any expected closing, including to partially pay the cash portion of the consideration to be paid to Qorvo stockholders and to pay fees and expenses, as well as potential transactions to refinance and/or exchange Qorvo’s senior notes.
Previous wording
Our invested cash balances primarily consist of highly liquid marketable securities that are available to meet near-term cash requirements including: money market funds, U.S. Treasury and government securities, and corporate bonds and notes.
Current wording
Our invested cash balances primarily consist of highly liquid marketable securities that are available to meet near-term cash requirements including: money market funds, U.S. Treasury and government securities, corporate bonds and notes, and municipal bonds.