Preliminary brief— based on press release only. Full analysis including management tone and Q&A will be added when the transcript is available.

SWKS · Q2 2026 Earnings

Skyworks Solutions

Reported May 5, 2026

30-second summary

Skyworks delivered $944M in Q2 FY2026 revenue and $1.15 non-GAAP EPS, beating the prior $875–925M / $1.04 midpoint guide by ~4.9% on revenue (or ~2.1% above the $925M high end) and ~11% on EPS, with broad markets +10% YoY (above the high-single-digit guide). The June guide of $900–950M and $1.03 EPS implies revenue down ~2.0% QoQ at the midpoint versus the Q2 FY2026 $944M print, gross margin held at 44.5–45.5%, and opex stepped up $5M to $235–245M — a third consecutive quarter where 46%+ gross margin remains out of reach. The Android $1B-through-2030 disclosure is the headline structural signal; the margin range is the headline near-term cost.

Headline numbers

EPS

Q2 FY2026

$1.15

Revenue

Q2 FY2026

$0.94B

-0.9% YoY

Gross margin

Q2 FY2026

40.8%

Free cash flow

Q2 FY2026

$-0.03B

Operating margin

Q2 FY2026

4.5%

Key financials

Q2 FY2026

Metric	Q2 FY2026	YoY	Q1 FY2026	QoQ
Revenue	$0.94B	-0.9%	$1.03B	-8.8%
EPS	$1.15	—	$1.54	-25.3%
Gross margin	40.8%	—	41.3%	-50bps
Operating margin	4.5%	—	10.0%	-550bps
Free cash flow	$-0.03B	—	$0.34B	-109.4%

Guidance

Q2 FY2026 beat revenue and non-GAAP EPS guidance; Q3 FY2026 guidance implies seasonal revenue decline with operating expense increase, reflecting disciplined cost management during slower quarter.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q2 FY2026	$875 million to $925 million	$944 million	+$19 million above guide high end	Beat
Non-GAAP EPS	Q2 FY2026	$1.04 at midpoint	$1.15	+$0.11 above midpoint	Beat
Gross Margin	Q2 FY2026	44.5% to 45.5%	45.0% (Non-GAAP)	in-line with guide range	Beat
Operating Expenses	Q2 FY2026	$230 million to $240 million	Not disclosed	—	Met
Broad Markets YoY Growth	Q2 FY2026	up high-single-digits year-over-year	10% YoY	above high-single-digit range (≤9%)	Beat

New guidance

Metric	Period	Guide	YoY
Revenue	Q3 FY2026	$900 million to $950 million	-6% to -1% YoY
Non-GAAP EPS	Q3 FY2026	$1.03 at midpoint	—
Gross Margin	Q3 FY2026	44.5% to 45.5%	—
Operating Expenses	Q3 FY2026	$235 million to $245 million	—
Broad Markets as % of Sales	Q3 FY2026	approximately 43%	—
Broad Markets YoY Growth	Q3 FY2026	up high-single-digits year-over-year	—

Capacity & utilization

Q2 FY2026

Segment	Q2 FY2026
Android OEM Design Win	$1B+ through 2030
Wi-Fi 7 Momentum	Secured enterprise and OEM engagements
Automotive Infotainment	BYD and Tier-1 German supplier engagements

Profitability

Q2 FY2026

Segment	Q2 FY2026
Non-GAAP Gross Margin	45.0%
Non-GAAP Operating Margin	20.0%

Management tone

Narrative arc: Q3 FY2025 "mobile is healthy + concentration discount acknowledged" → Q4 FY2025 "mobile reversal + Qorvo announcement" → Q1 FY2026 "fourth-straight beat with deeper March trough" → Q2 FY2026 "Android sticks through 2030 + content inflection thesis."

The Android segment is being reframed from volatile to strategic. Three quarters ago, management's Android commentary centered on the segment's historic bounce between Skyworks and Qorvo and on selective participation in the premium tier. This quarter, Brace disclosed $1B+ in revenue from a leading Android OEM through 2030 and stated explicitly, "I wouldn't say anything out to 2030 unless I was confident about the stickiness of it." The shift signals management is willing to anchor public commitments to specific dollar figures on Android — a structural change in disclosure posture that did not exist two quarters ago.

Content per device is being reframed from "blended flat YoY" to a multi-tailwind setup. Last quarter, Brace held the line on "blended mobile content roughly flat year over year." This quarter, the language is "more units, more RF content per device, AI-driven workloads, new form factors" — with explicit reference to 6G driving more RF content. The "roughly flat" anchor is still present, but the framing around it is now structurally bullish where it was deliberately understated in Q1 FY2026.

Broad markets has crossed from emerging contributor to core engine. Three quarters ago Wi-Fi, data center, and automotive were three pillars management was building toward. This quarter Brace highlighted nine consecutive quarters of broad markets growth at ~$400M/quarter run rate with those same three pillars at +30% YoY and accounting for nearly two-thirds of the segment. Data center is now being framed as a 50% YoY growth opportunity tied to AI infrastructure — a new, more aggressive growth-rate disclosure than Q4 FY2025's "rebounding with 800G design wins."

Memory supply was downgraded from monitored risk to non-impacting. Q1 FY2026 commentary treated memory pricing as a watch item; this quarter Brace stated "we have not seen an impact on our business to date" and that current outlook "remains supported by what we're seeing across the customer base today." A risk has been removed from the framing without quantified replacement.

Recurring themes management leaned on this quarter:

Multi-generational Android design win expanding RF content platform visibility to 2030Broad markets diversification accelerating with 30% YoY growth in Wi-Fi, data center, and automotiveRF content per device poised to inflect upward driven by 6G, AI edge inference, and new form factorsPremium segment focus mitigating memory supply and pricing pressures affecting lower-tier competitorsData center AI infrastructure as emerging high-growth segment with 50% YoY growth expectedCorvo merger proceeding on track with Phase 2 China SAMR review; potential late 2026 close

Risks management surfaced:

Input cost headwinds across supply chain including gold prices and expedite feesSeasonal demand modulation and potential for customer forecast volatility despite long lead timesCorvo merger regulatory approval risk, though Phase 2 SAMR review described as progressing 'as expected'Memory pricing and supply dynamics, though currently assessed as non-impactingExecution risk on sustaining multi-generational Android design win economics and technology differentiation

Answers to last quarter's watch list

Whether Q2 FY2026 mobile lands at the ~20% decline midpoint or deeper — Resolved better than the watch implied. Mobile was 58% of revenue, or ~$547M, and management explicitly described it as coming in higher than expectations. Status: Resolved positively

Gross margin in Q3 FY2026 rebuilding toward 46%+ — Resolved negatively. The Q3 FY2026 guide reaffirms 44.5–45.5%, flat sequentially to Q2 FY2026's 45.0% print. Three consecutive quarters now expected at or below 45.5%, with no path back to 46% disclosed. The Android-mix headwind is sustaining, not rolling off with seasonality. Status: Resolved negatively

Broad markets sequential growth resuming in Q3 FY2026 — Resolved positively. Q3 FY2026 guide is "modest sequential growth" at ~43% of sales, extending the streak to a tenth consecutive quarter. Broad markets is the segment delivering against expectations cleanly. Status: Resolved positively

Qorvo deal regulatory milestones — Partial resolution. Regulatory reviews described by management as "progressing as expected"; the company has entered Phase 2 of the China SAMR review and is now "increasingly hopeful that we could close in late 2026" versus the prior early-2027 framing. Shareholder vote outcome not disclosed. Status: Resolved positively (close timeline pulled forward).

Capital allocation during the pendency period — Partially addressed. Management noted Skyworks supported Qorvo's $400M share repurchase during the quarter per merger covenants; Skyworks' own buyback activity was minimal at $7.5M in H1 FY2026 per the cash flow statement. No disclosure on debt issuance timing. Status: Partially resolved

Android mix trajectory and GM impact — Resolved with clarity. Android is now framed as a $1B+ multi-generational win through 2030 — sustained, not moderating as Carter had flagged. The corresponding GM cost is now visible in the Q3 FY2026 guide holding at 44.5–45.5%. The trade-off (revenue stickiness vs structural margin compression) is now explicit. Status: Resolved negatively on the margin watch; the underlying Android trajectory is the bull case.

First FY2026 FCF dollar framing — Not resolved. No FY2026 FCF dollar anchor disclosed. Q2 FY2026 FCF of -$32M plus Q1 FY2026's $339M puts first-half FCF at ~$307M; a full-year framing is still absent. Status: Not resolved

What to watch into next quarter

Whether Q3 FY2026 mobile lands at low-single-digit sequential decline or deeper — a mid-single-digit or worse print would signal the Android $1B framing has not yet translated to near-term volume support.

Gross margin path beyond Q3 FY2026 — Q4 FY2026 commentary on whether 44.5–45.5% is the new normal or whether September quarter volume recovery rebuilds toward 46%. A fourth consecutive quarter at the lower range would confirm Android mix has reset the margin band structurally.

Operating expense trajectory — Q3 FY2026 opex of $235–245M is +$5M vs Q2 FY2026 guide; whether this is a one-quarter step-up or a new baseline matters for FY2026 operating margin trajectory.

Data center revenue contribution — Brace flagged 50% YoY growth expected; first quantified disclosure of the data center revenue line would validate the new growth-rate framing.

Qorvo regulatory timeline confirmation — whether the "increasingly hopeful late 2026" framing converts to a firm pulled-forward close date.

FY2026 FCF anchor — second-half FCF will need to materially exceed the first half's ~$307M to approach an annual figure that management can defend against the FY2025 $1.105B baseline.

Capital allocation disclosure during pendency — Skyworks repo deployment beyond the $7.5M H1 level, debt issuance timing, and any change to the ~$1.4B cash / $1B debt position disclosed this quarter.

Sources

Skyworks Solutions Q2 FY2026 Earnings Release, filed with SEC (https://www.sec.gov/Archives/edgar/data/4127/000000412726000014/q2268-kex991earningsrelease.htm)
Skyworks Solutions Q2 FY2026 earnings call, prepared remarks transcript
Skyworks Solutions Q2 FY2026 earnings call, Q&A transcript

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