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Qorvo cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$255M in Q4 FY26

Operating cash flow$276M
Capital spending−$21.2M
Free cash flow+$255M
Cash / net income9.3×
Cash conversion cycle115 days

Analysis

In Q4 FY26, Qorvo generated $276M of operating cash flow and spent $21.2M on capital projects, leaving free cash flow of $255M.

Operating cash flow was $276M against net income of $29.7M — 9.3× profit, cash ran ahead of reported earnings. The largest differences: receivables +$105M, impairments +$82.4M, depreciation & amortization +$62.7M.

Its cash conversion cycle was 115 days (receivables 49 + inventory 119 − payables 53).

Free cash flow

Qorvo: free cash flow by quarterQorvo: free cash flow by quarter$42.9MQ1 FY25$94.8MQ2 FY25$176MQ3 FY25$171MQ4 FY25$145MQ1 FY26$42.2MQ2 FY26$237MQ3 FY26$255MQ4 FY26
Operating cash flow less capital spending.
Qorvo: operating cash flow against capital spendingQorvo: operating cash flow against capital spendingOperating cash flowCapital spending$81.1M$38.2MQ1 FY25$128M$33.0MQ2 FY25$214M$37.8MQ3 FY25$199M$28.5MQ4 FY25$183M$37.5MQ1 FY26$84.0M$41.8MQ2 FY26$265M$28.5MQ3 FY26$276M$21.2MQ4 FY26
Latest (Q4 FY26): Operating cash flow $276M, Capital spending $21.2M.

Capital allocation, year by year

Qorvo: where the cash came from (up) and went (down), by fiscal yearQorvo: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY22: Operating cash flow $1.0BFY22: Net borrowing $302MFY22: Shares issued $36.9MFY22: Asset sales $898KFY22: Capital spending −$213MFY22: Acquisitions −$389MFY22: Buybacks −$1.2B$1.4BFY22FY23: Operating cash flow $843MFY23: Shares issued $32.7MFY23: Capital spending −$159MFY23: Acquisitions −$95KFY23: Buybacks −$862M$876MFY23FY24: Operating cash flow $833MFY24: Net borrowing −$58.3MFY24: Shares issued $36.4MFY24: Asset sales $20.0MFY24: Capital spending −$127MFY24: Acquisitions −$83.0MFY24: Buybacks −$400M$890MFY24FY25: Operating cash flow $622MFY25: Net borrowing −$439MFY25: Shares issued $34.2MFY25: Asset sales $173MFY25: Capital spending −$138MFY25: Acquisitions −$791KFY25: Buybacks −$356M$830MFY25FY26: Operating cash flow $809MFY26: Shares issued $36.9MFY26: Asset sales $21.5MFY26: Capital spending −$129MFY26: Buybacks −$533M$867MFY26
Over these 5 years operating cash flow totalled $4.2B; the largest uses were buybacks ($3.3B) and capital spending ($766M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.2B
Debt$1.5B
Net debt$330M

Qorvo funds itself: free cash flow was — over the last twelve months, and $1.2B of cash and investments stands against $1.5B of debt.

Where the cash came from and went

Qorvo: sources (+) and uses (−) of cash, Q4 FY26Qorvo: sources (+) and uses (−) of cash, Q4 FY26Buybacks−$400MOperating cash flow$276MCash drawn (+) / kept (−)$99.5MOther investing$39.4MCapital spending−$21.2MShares issued$10.4MTaxes on employees’ shares−$2.9MExchange rates−$1.8MOther financing$433K

From profit to cash

Qorvo: net income to operating cash flow, Q4 FY26Qorvo: net income to operating cash flow, Q4 FY26Net income$29.7MDepreciation & amortization$62.7MStock-based pay$26.3MDeferred taxes−$14.6MImpairments$82.4MReceivables$105MInventory−$24.4MPrepaid and other assets−$2.1MOther liabilities−$4.2MIncome taxes payable$6.2MOperating cash flow$276M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY264911953115
Q3 FY26479845100
Q2 FY26371014692
Q1 FY264011951109
Q4 FY254311749111
Q3 FY255011752115
Q2 FY254410847104
Q1 FY254311846115

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$276M−$21.2M−$400M—$10.4M$99.5M$255M
Q3 FY26$265M−$28.5M−$17.5M—$3.6M−$215M$237M
Q2 FY26$84.0M−$41.8M−$65.1M—$11.7M$62.2M$42.2M
Q1 FY26$183M−$37.5M−$49.9M—$9.8M−$144M$145M
Q4 FY25$199M−$28.5M−$50.0M—$11.3M−$252M$171M
Q3 FY25$214M−$37.8M−$100M−$412M$3.3M$327M$176M
Q2 FY25$128M−$33.0M−$81.4M—$11.5M−$14.0M$94.8M
Q1 FY25$81.1M−$38.2M−$125M−$26.7M$9.5M−$33.2M$42.9M

Qorvo: income statement and cash flow

Qorvo, Q1 FY27: revenue $785M (-4% year over year), operating margin 12.3%. The chart follows the revenue to costs, profit and cash.

Qorvo: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.