The beat vs company guidance and large design win are positive, but the sharp GAAP earnings decline and cash flow deterioration warrant caution. Watch for operating cash flow recovery and margin improvement in coming quarters. The design win provides long-term revenue visibility through 2030.
Price Chart
Executive Summary
Skyworks reported Q2 FY2026 revenue of $944M (above guidance of $875-925M) and non-GAAP EPS of $1.15 (above $1.04 midpoint guidance), but GAAP EPS collapsed 44% YoY to $0.24 on higher acquisition/restructuring costs. Broad Markets grew double-digits and the company secured a $1B+ multi-generational Android design win, but total revenue declined ~1% YoY and operating cash flow turned negative.
Key Financial Metrics
Key Facts
- Revenue $943.7M, slightly below $953.2M YoY (-1%) but above guidance high-end of $925M
- GAAP diluted EPS $0.24 vs $0.43 YoY (-44%); non-GAAP diluted EPS $1.15 vs $1.24 YoY (-7%)
- Non-GAAP EPS beat guidance midpoint of $1.04 by 10.6%
- Secured multi-generational Android OEM design win expected to generate >$1B revenue through 2030
- Broad Markets delivered double-digit YoY growth; Mobile outperformed expectations
- Q3 FY2026 guidance: revenue $900-950M, non-GAAP EPS $1.03 at midpoint (slightly below Q2 actual of $1.15)
- Operating cash flow plummeted to $50.3M from $409.5M YoY; free cash flow negative -$32.0M
- Dividend maintained at $0.71 per share
Financial Impact
Revenue beat guidance by $19M (2.1%) at the high end; non-GAAP EPS beat midpoint by $0.11 (10.6%)
Risk Factors
- Continued margin pressure from acquisition-related amortization and restructuring charges
- Customer concentration with large mobile OEMs
- Negative free cash flow and weak operating cash flow could limit capital returns
- Sequential guidance suggests Q3 revenue midpoint $925M below Q2's $944M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000004127-26-000014 |
| Document: swks-20260505.htm | 0000004127-26-000014 |
| Document: 0000004127-26-000014-index-headers.html | 0000004127-26-000014 |
| Document: 0000004127-26-000014-index.html | 0000004127-26-000014 |
| Document: 0000004127-26-000014.txt | 0000004127-26-000014 |
| 8-K Data (Synthetic) | 0000004127-26-000014 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | 8-K | $71.68 $85.48 | ▲ +19.26% | ▲ +19.59% | $85.03 (+18.63%) |
Sep 2, 2026 4w ago | Press Release | $71.68 $85.48 | ▲ +19.26% | ▲ +19.59% | $85.03 (+18.63%) |
Aug 10, 2026 7w ago | 8-K | $68.33 $76.54 | ▼ −12.02% | ▼ −13.07% | $85.03 (−24.44%) |
Aug 6, 2026 8w ago | 424B5 | $70.62 $74.02 | ▼ −4.81% | ▼ −5.21% | $85.03 (−20.40%) |
Aug 3, 2026 8w ago | S-3ASR | $61.29 $67.01 | ▲ +9.33% | ▲ +8.09% | $85.03 (+38.73%) |
Aug 3, 2026 8w ago | 8-K | $61.29 $67.01 | ▲ +9.33% | ▲ +8.09% | $85.03 (+38.73%) |
Jun 12, 2026 16w ago | 8-K | $73.97 $60.38 | ▼ −18.37% | ▼ −20.15% | $85.03 (+14.95%) |
Jun 12, 2026 16w ago | Press Release | $73.97 $60.38 | ▼ −18.37% | ▼ −20.15% | $85.03 (+14.95%) |
Jun 1, 2026 17w ago | EFFECT | $74.98 $67.71 | ▼ −9.69% | ▼ −7.38% | $85.03 (+13.41%) |
May 20, 2026 19w ago | Press Release | $73.45 $72.45 | ▼ −1.35% | ▼ −1.90% | $85.03 (+15.77%) |
US Market Status
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