01—Abstract
Summary
Summary of the 10-K filed November 7, 2025. Cited figures are marked; the original filing is the authoritative source.
Skyworks Solutions, Inc. reported fiscal 2025 (53 weeks ended October 3, 2025) net revenue of $4,086.9 milliona, down 2.2% from $4,178.0 million in fiscal 2024, which the company attributed primarily to a decrease in market share at a significant customer, partially offset by higher demand for mobile and Wi-Fi products.
Gross profit was $1,682.1 millionb, with gross margin holding at 41.2% as unfavorable product mix, lower average selling prices and facility consolidation costs offset higher unit volumes. Net income fell to $477.1 million, or $3.08 per diluted share, from $596.0 million, or $3.69 per diluted share, in fiscal 2024. Research and development rose 24.3% to $785.5 million.
The dominant event in the filing is the October 27, 2025 Merger Agreement with Qorvo, Inc., a cash-and-stock combination that values the combined company at approximately $22.0 billionc. Qorvo holders would receive 0.960 Skyworks shares plus $32.50 in cash per share, with Qorvo holders owning about 37% and Skyworks holders about 63% of the combined company. The Mergers are expected to close in early calendar 2027, and termination fees are $298.7 million in certain cases and $100.0 million in others.
Skyworks has a $3,050.0 milliond bridge commitment from Goldman Sachs Bank USA to help fund the cash consideration. Liquidity remained solid but declined over the year: cash, cash equivalents and marketable securities fell to $1,388.4 million from $1,574.1 million, after $830.2 million of share repurchases and $432.6 million of dividends.
Operating cash flow was $1,300.8 million, down from $1,824.7 million. Debt totals $995.8 million in senior notes, with $499.4 million classified as current due to the 1.80% notes maturing in 2026, and the Revolving Credit Facility was undrawn.
02—Key points
Key Highlights
- Net revenue declined 2.2% to $4,086.9 million, driven primarily by lower market share at a significant customer, partly offset by mobile and Wi-Fi demand.
- Net income was $477.1 million (diluted EPS $3.08), down from $596.0 million (diluted EPS $3.69) in fiscal 2024.
- Gross profit margin held at 41.2%, while operating margin fell to 12.2% from 15.3%, reflecting higher R&D of $785.5 million (19.2% of revenue).
- Pending Qorvo merger values the combined company at about $22.0 billion, with Skyworks holders expected to own about 63% post-closing and closing expected in early calendar 2027.
- Termination fees of $298.7 million (mutual, in certain cases) and $100.0 million (payable by Skyworks in certain antitrust or regulatory failures) apply under the Merger Agreement.
- Cash, cash equivalents and marketable securities declined to $1,388.4 million, with $1,300.8 million of operating cash flow funding $830.2 million of buybacks and $432.6 million of dividends.
- Apple accounted for 67% of fiscal 2025 net revenue, and three customers represented 82% of gross accounts receivable, highlighting significant customer concentration.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, Skyworks Solutions kept $0.12.
- Revenue$4.09B100.0%
- Cost of revenue−$2.40B58.8%
- Gross profit$1.68B41.2%
- Operating costs−$1.18B28.9%
- Operating income$500.0M12.2%
- Interest, other & tax−$22.9M0.6%
- Net income$477.1M11.7%
Where FY2025 revenue went
$4.09B- Cost of revenue: $2.40B, 59% of revenue
- R&D: $785.5M, 19% of revenue
- Net income: $477.1M, 12% of revenue
- SG&A: $371.5M, 9.1% of revenue
- Other operating costs: $25.1M, 0.6% of revenue
- Interest, other & tax: $22.9M, 0.6% of revenue
Kept 12% as net incomeOther operating costs $25.1M · 0.6%Interest, other & tax $22.9M · 0.6%
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed November 7, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $4.09B$4.18B | −2.2% |
| Cost of Revenue | $2.40B$2.46B | −2.1% |
| Gross Profit | $1.68B$1.72B | −2.2% |
| R&D Expenses | $785.50M$631.70M | +24.3% |
| SG&A Expenses | $371.50M$300.80M | +23.5% |
| Operating Expenses | $1.18B$1.08B | +9.1% |
| Operating Income | $500.00M$637.40M | −21.6% |
| Interest Expense | $27.10M$30.70M | −11.7% |
| Net Income | $477.10M$596.00M | −19.9% |
| EPS (Basic) | $3.09$3.72 | −16.9% |
| EPS (Diluted) | $3.08$3.69 | −16.5% |
| Shares Outstanding (Basic) | 154.40M160.10M | −3.6% |
| Shares Outstanding (Diluted) | 155.10M161.50M | −4.0% |
05—Questions
Frequently Asked Questions
What is the Qorvo transaction and when is it expected to close?
On October 27, 2025, Skyworks agreed to combine with Qorvo in a cash-and-stock deal valuing the combined company at approximately $22.0 billion. Qorvo stockholders would receive 0.960 Skyworks shares and $32.50 in cash per share. The Mergers are expected to close early in calendar year 2027, subject to regulatory approvals, stockholder approvals and other customary conditions.
What financing supports the Qorvo deal?
Skyworks entered a commitment letter with Goldman Sachs Bank USA for up to $3,050.0 million of senior unsecured bridge term loans to finance part of the cash consideration, fees and expenses, and possibly to refinance certain Qorvo senior notes. The filing states that receipt of financing is not a condition to Skyworks' obligation to complete the Mergers.
Why did revenue and profitability decline in fiscal 2025?
Net revenue fell 2.2% to $4,086.9 million, primarily due to a decrease in market share at a significant customer, partially offset by higher demand for mobile and Wi-Fi products. Net income declined to $477.1 million from $596.0 million, with gross profit impacted by unfavorable product mix, lower average selling prices and facility consolidation costs, while research and development expenses rose 24.3%.
How much debt does Skyworks carry and what are its near-term maturities?
Skyworks had $995.8 million of total debt under senior notes at October 3, 2025: $500.0 million of 1.80% Senior Notes due 2026, classified as current with a carrying amount of $499.4 million, and $500.0 million of 3.00% Senior Notes due 2031. The $750.0 million Revolving Credit Facility had no borrowings outstanding and expires July 26, 2026.
How much capital did Skyworks return to shareholders?
In fiscal 2025 Skyworks repurchased 12.7 million shares for $837.6 million under its February 4, 2025 program, leaving approximately $1.2 billion available. It paid $432.6 million in dividends, totaling $2.81 per share for the year, and declared a $0.71 quarterly dividend payable December 9, 2025. The filing notes that the Merger Agreement restricts the company's ability to declare dividends or repurchase stock.
06—Continue