Qorvo’s Q3 Earnings Call: Our Top 5 Analyst Questions

6 days ago 6

Radek Strnad

Sun, November 9, 2025 astatine 11:34 PM CST 4 min read

Qorvo’s 3rd 4th results drew a muted marketplace reaction, with investors digesting management’s absorption connected concern restructuring and a pivot distant from lower-margin Android products. Management attributed unchangeable operating results to ongoing outgo reductions, a strategical displacement toward higher-value segments, and improvements successful manufacturing efficiency. CEO Robert Bruggeworth stated, “We are restructuring to summation our absorption connected our apical opportunities and amended profitability,” referencing efforts to streamline merchandise lines and exit underperforming markets. Key drivers included contented maturation astatine the company’s largest lawsuit and borderline enlargement from operational changes.

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Revenue: $1.06 cardinal vs expert estimates of $1.04 cardinal (1.1% year-on-year growth, 1.9% beat)
Adjusted EPS: $2.22 vs expert estimates of $2.11 (5.1% beat)
Adjusted EBITDA: $291.4 cardinal vs expert estimates of $288.2 cardinal (27.5% margin, 1.1% beat)
Revenue Guidance for Q4 CY2025 is $985 cardinal astatine the midpoint, supra expert estimates of $990.9 million
Adjusted EPS guidance for Q4 CY2025 is $1.85 astatine the midpoint, beneath expert estimates of $1.87
Operating Margin: 14.9%, up from 0.9% successful the aforesaid 4th past year
Inventory Days Outstanding: 99, down from 120 successful the erstwhile quarter
Market Capitalization: $7.94 billion

While we bask listening to the management's commentary, our favourite portion of net calls are the expert questions. Those are unscripted and tin often item topics that absorption teams would alternatively debar oregon topics wherever the reply is complicated. Here is what has caught our attention.

Karl Ackerman (BNP Paribas) questioned the accelerated $200 cardinal diminution successful Android revenue. Senior Vice President Dave Fullwood explained it is driven by timing of mass-tier merchandise ramp-downs and little contented successful aboriginal flagship launches.
Christopher Caso (Wolfe Research) asked astir expected seasonality for the March 4th and the interaction connected gross margins. CFO Grant Brown indicated mean seasonal declines but highlighted that merchandise premix and mill actions should fortify margins year-over-year.
Harsh Kumar (Piper Sandler) sought clarity connected the standard and drivers of the defence and aerospace business. Vice President Philip Chesley described broad-based maturation successful radar, drones, and physics warfare, with caller U.S. and NATO programs fueling demand.
James Schneider (Goldman Sachs) inquired astir inventory trends and cyclical effects successful the defence segment. Chesley reported steadfast transmission inventory and beardown demand, particularly successful powerfulness absorption for information centers.
Peter Peng (JPMorgan) requested details connected contented maturation astatine the largest lawsuit and updates connected the CSG restructuring. Management confirmed maturation crossed each large merchandise categories and signaled CSG would apt stay level owed to restructuring impacts.