swks-20250627

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________to__________

Commission file number 001-05560

Skyworks Solutions, Inc.

(Exact name of registrant as specified in its charter)


Delaware			04-2302115
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5260 California Avenue			92617
Irvine, California
(Address of principal executive offices)			(Zip Code)


	(949)	231-3000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.25 per share	SWKS	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes þ No

As of July 31, 2025, the registrant had 148,427,568 shares of common stock, par value $0.25 per share, outstanding.

SKYWORKS SOLUTIONS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED JUNE 27, 2025

TABLE OF CONTENTS


			PAGE NO.
PART I. FINANCIAL INFORMATION

ITEM 1: FINANCIAL STATEMENTS (UNAUDITED)			2

CONSOLIDATED STATEMENTS OF OPERATIONS			2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME			3

CONSOLIDATED BALANCE SHEETS			4

CONSOLIDATED STATEMENTS OF CASH FLOWS			5

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY			6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS			7

ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			15

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			20

ITEM 4: CONTROLS AND PROCEDURES			21

PART II. OTHER INFORMATION			22

ITEM 1: LEGAL PROCEEDINGS			22

ITEM 1A: RISK FACTORS			22

ITEM 2: UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			26



ITEM 6: EXHIBITS			27

SIGNATURES			28

Table of Contents

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

SKYWORKS SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except per share amounts)


	Three Months Ended				Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Net revenue	$	965.0	$	905.5	$	2,986.7	$	3,153.0
Cost of goods sold	564.0		541.4		1,752.1		1,862.0
Gross profit	401.0		364.1		1,234.6		1,291.0
Operating expenses:
Research and development	199.4		160.7		562.4		468.1
Selling, general, and administrative	89.3		71.2		259.9		226.7
Amortization of intangibles	0.2		0.2		0.7		0.7
Restructuring, impairment, and other charges	1.5		1.6		22.6		17.5
Total operating expenses	290.4		233.7		845.6		713.0
Operating income	110.6		130.4		389.0		578.0
Interest expense	(6.6)		(6.6)		(20.2)		(23.8)
Other income, net	8.0		9.6		35.9		23.8
Income before income taxes	112.0		133.4		404.7		578.0
Provision for income taxes	7.0		12.5		69.0		42.5
Net income	$	105.0	$	120.9	$	335.7	$	535.5
Earnings per share:
Basic	$	0.70	$	0.75	$	2.15	$	3.34
Diluted	$	0.70	$	0.75	$	2.14	$	3.32
Weighted average shares:
Basic	150.0		160.4		156.3		160.2
Diluted	150.3		161.4		156.9		161.4

See accompanying Notes to Consolidated Financial Statements.

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SKYWORKS SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited, in millions)


	Three Months Ended				Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
Net income	$	105.0	$	120.9	$	335.7	$	535.5
Other comprehensive loss, net of tax:
Fair value of investments	—		—		(0.1)		—
Pension adjustments	—		—		—		(0.1)
Comprehensive income	$	105.0	$	120.9	$	335.6	$	535.4

See accompanying Notes to Consolidated Financial Statements.

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SKYWORKS SOLUTIONS, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except per share amounts)


	As of
	June 27, 2025		September 27, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,185.9	$	1,368.6
Marketable securities	132.0		194.1
Receivables, net of allowances of $0.9 and $0.9, respectively	396.2		508.8
Inventory	706.5		784.8
Other current assets	455.8		484.7
Total current assets	2,876.4		3,341.0
Property, plant, and equipment, net	1,213.8		1,280.3
Operating lease right-of-use assets	196.1		191.6
Goodwill	2,176.7		2,176.7
Intangible assets, net	852.2		900.5
Deferred tax assets, net	303.4		303.5
Marketable securities	18.8		11.4
Other long-term assets	77.2		78.3
Total assets	$	7,714.6	$	8,283.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	205.5	$	171.8
Accrued compensation and benefits	146.6		127.9
Current portion of long-term debt	499.2		—
Other current liabilities	353.7		303.0
Total current liabilities	1,205.0		602.7
Long-term debt	496.2		994.3
Long-term tax liabilities	98.3		127.9
Long-term operating lease liabilities	176.4		185.9
Other long-term liabilities	86.2		35.8
Total liabilities	2,062.1		1,946.6
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, no par value: 25.0 shares authorized, no shares issued	—		—
Common stock, $0.25 par value: 525.0 shares authorized; 148.4 shares issued and outstanding at June 27, 2025, and 159.9 shares issued and outstanding at September 27, 2024	37.1		40.0
Additional paid-in capital	—		269.4
Retained earnings	5,621.1		6,032.9
Accumulated other comprehensive loss	(5.7)		(5.6)
Total stockholders’ equity	5,652.5		6,336.7
Total liabilities and stockholders’ equity	$	7,714.6	$	8,283.3

See accompanying Notes to Consolidated Financial Statements.

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SKYWORKS SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, in millions)


	Nine Months Ended
	June 27, 2025		June 28, 2024
Cash flows from operating activities:
Net income	$	335.7	$	535.5
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	168.9		142.1
Depreciation	206.3		196.3
Amortization of intangible assets	139.8		139.6
Deferred income taxes	21.1		(2.2)
Asset impairment charges	—		16.8
Amortization of debt discount and issuance costs	1.5		2.0
Other, net	(5.2)		(6.6)
Changes in assets and liabilities:
Receivables, net	112.6		256.9
Inventory	85.2		291.5
Accounts payable	32.6		0.4
Other current and long-term assets and liabilities	2.3		(223.7)
Net cash provided by operating activities	1,100.8		1,348.6
Cash flows from investing activities:
Capital expenditures	(139.0)		(74.2)
Purchased intangibles	(24.1)		(20.2)
Purchases of marketable securities	(415.9)		(25.7)
Sales and maturities of marketable securities	473.9		25.3
Other	2.2		10.3
Net cash used in investing activities	(102.9)		(84.5)
Cash flows from financing activities:
Repurchase of common stock - payroll tax withholdings on equity awards	(43.4)		(34.4)
Repurchase of common stock - stock repurchase program	(830.2)		(77.3)
Dividends paid	(327.0)		(327.1)
Net proceeds from exercise of stock options	—		1.1
Proceeds from employee stock purchase plan	20.0		18.2
Payments of debt	—		(300.0)
Net cash used in financing activities	(1,180.6)		(719.5)
Net (decrease) increase in cash and cash equivalents	(182.7)		544.6
Cash and cash equivalents at beginning of period	1,368.6		718.8
Cash and cash equivalents at end of period	$	1,185.9	$	1,263.4
Supplemental cash flow disclosures:
Income taxes paid	$	137.5	$	154.3
Interest paid	$	24.7	$	27.7
Incentives paid in common stock	$	—	$	1.2
Non-cash investing in purchased intangibles, accrued but not paid	$	84.9	$	21.7
Non-cash investing in capital expenditures, accrued but not paid	$	35.9	$	34.3
Operating lease assets obtained in exchange for new lease liabilities	$	27.1	$	14.5

See accompanying Notes to Consolidated Financial Statements.

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SKYWORKS SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, in millions)


	Shares of common stock	Par value of common stock		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Total stockholders’ equity
Balance at September 27, 2024	159.9	$	40.0	$	269.4	$	6,032.9	$	(5.6)	$	6,336.7
Net income	—	—		—		162.0		—		162.0
Exercise and settlement of share-based awards, net of shares withheld for taxes	0.8	0.2		(38.5)		—		—		(38.3)
Share-based compensation expense	—	—		52.8		—		—		52.8

Dividends declared	—	—		—		(112.5)		—		(112.5)

Balance at December 27, 2024	160.7	$	40.2	$	283.7	$	6,082.4	$	(5.6)	$	6,400.7
Net income	—	$	—	$	—	$	68.7	$	—	$	68.7
Exercise and settlement of share-based awards, net of shares withheld for taxes	0.3	0.1		19.4		—		—		19.5
Share-based compensation expense	—	—		66.4		—		—		66.4
Repurchase of common stock	(7.4)	(1.9)		(369.5)		(132.9)		—		(504.3)
Dividends declared	—	—		—		(110.6)		—		(110.6)
Other comprehensive loss	—	—		—		—		(0.1)		(0.1)
Balance at March 28, 2025	153.6	$	38.4	$	—	$	5,907.6	$	(5.7)	$	5,940.3
Net income	—	$	—	$	—	$	105.0	$	—	$	105.0
Exercise and settlement of share-based awards, net of shares withheld for taxes	—	—		(4.5)		—		—		(4.5)
Share-based compensation expense	—	—		49.0		—		—		49.0
Repurchase of common stock	(5.2)	(1.3)		(44.5)		(287.6)		—		(333.4)
Dividends declared	—	—		—		(103.9)		—		(103.9)

Balance at June 27, 2025	148.4	$	37.1	$	—	$	5,621.1	$	(5.7)	$	5,652.5

Balance at September 29, 2023	159.5	$	39.9	$	172.4	$	5,876.0	$	(5.6)	$	6,082.7
Net income	—	—		—		231.3		—		231.3
Exercise and settlement of share-based awards, net of shares withheld for taxes	0.7	0.2		(30.6)		—		—		(30.4)
Share-based compensation expense	—	—		52.6		—		—		52.6

Dividends declared	—	—		—		(108.9)		—		(108.9)
Other comprehensive loss	—	—		—		—		(0.1)		(0.1)
Balance at December 29, 2023	160.2	$	40.1	$	194.4	$	5,998.4	$	(5.7)	$	6,227.2
Net income	—	$	—	$	—	$	183.3	$	—	$	183.3
Exercise and settlement of share-based awards, net of shares withheld for taxes	0.2	—		17.5		—		—		17.5
Share-based compensation expense	—	—		40.3		—		—		40.3

Dividends declared	—	—		—		(109.1)		—		(109.1)

Balance at March 29, 2024	160.4	$	40.1	$	252.2	$	6,072.6	$	(5.7)	$	6,359.2
Net income	—	$	—	$	—	$	120.9	$	—	$	120.9
Exercise and settlement of share-based awards, net of shares withheld for taxes	0.1	—		(1.0)		—		—		(1.0)
Share-based compensation expense	—	—		43.8		—		—		43.8
Repurchase of common stock	(0.8)	(0.2)		(77.2)		—		—		(77.4)
Dividends declared	—	—		—		(109.1)		—		(109.1)

Balance at June 28, 2024	159.7	$	39.9	$	217.8	$	6,084.4	$	(5.7)	$	6,336.4

See accompanying Notes to Consolidated Financial Statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Skyworks Solutions, Inc., together with its consolidated subsidiaries (“Skyworks” or the “Company”), is a leading developer, manufacturer and provider of analog and mixed-signal semiconductor products and solutions for numerous applications, including aerospace, automotive, broadband, cellular infrastructure, connected home, defense, entertainment and gaming, industrial, medical, smartphone, tablet, and wearables.

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), have been condensed or omitted pursuant to those rules and regulations. However, in management’s opinion, the financial information reflects all adjustments, including those of a normal recurring nature, necessary to present fairly the results of operations, financial position, and cash flows of the Company for the periods presented. The results of operations, financial position, and cash flows for the Company during the interim periods are not necessarily indicative of those expected for the full year. This information should be read in conjunction with the Company’s financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 27, 2024, filed with the SEC on November 15, 2024, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 24, 2025 (“2024 10-K”). Certain items in the prior period financial statements have been reclassified to conform to the current period presentation.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, revenue, expenses, comprehensive income, and accumulated other comprehensive loss that are reported during the reporting period. The Company evaluates its estimates on an ongoing basis using historical experience and other factors, including the current economic environment. Judgment is required in determining the reserves for, and fair value of, items such as overall fair value assessments of assets and liabilities, particularly those classified as Level 2 or Level 3 in the fair value hierarchy, marketable securities, inventory, intangible assets associated with business combinations, share-based compensation, revenue reserves, loss contingencies, and income taxes. In addition, judgment is required in determining whether a potential indicator of impairment of long-lived assets, indefinite-lived intangible assets, and goodwill exists and in estimating future cash flows for any necessary impairment testing. Actual results could differ significantly from these estimates.

The Company’s fiscal year ends on the Friday closest to September 30. The fiscal year ending on October 3, 2025 consists of 53 weeks (“fiscal 2025”). The fiscal year ended on September 27, 2024 consisted of 52 weeks (“fiscal 2024”). The three and nine months ended June 27, 2025, and June 28, 2024, each consisted of 13 weeks and 39 weeks, respectively.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure” (“ASU 2023-07”). ASU 2023-07 requires disclosure of incremental segment information on an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”). ASU 2023-09 includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires disaggregated disclosure of certain expense captions into specified categories in the notes to financial statements on an annual and interim basis. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027, on either a prospective or retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements and related disclosures.

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2. REVENUE RECOGNITION

The Company presents net revenue by geographic area, based upon the location of the original equipment manufacturers’ (“OEMs”) headquarters, and by sales channel, as it believes that doing so best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Individually insignificant OEMs are presented based upon the location of the Company’s direct customer, which is typically a distributor.

Net revenue by geographic area is as follows (in millions):


	Three Months Ended				Nine Months Ended
	June 27, 2025		June 28, 2024		June 27, 2025		June 28, 2024
United States	$	724.7	$	658.5	$	2,295.5	$	2,422.8
Taiwan	75.8		80.7		195.6		226.1
China	64.6		75.9		193.7		232.7
South Korea	45.5		52.9		140.0		158.1
Europe, Middle East, and Africa	44.4		31.3		133.1		87.6
Other Asia-Pacific	10.0		6.2		28.8		25.7

SEC Form 10-Q filed by Skyworks Solutions Inc.