TLDR
- Skyworks posted Q2 non-GAAP EPS of $1.15, beating the $1.04 consensus by $0.11
- Revenue came in at $943.7M, topping estimates of ~$902M
- SWKS stock rose 5.4% to $72.56 on Tuesday on strong volume
- A multi-generational Android OEM design win is expected to generate over $1 billion through 2030
- Q3 guidance set at EPS of $1.03 and revenue of $900M–$950M, well above prior consensus
Skyworks Solutions (SWKS) beat Wall Street expectations on both the top and bottom lines in its Q2 2026 earnings report, sending the stock up 5.4% to $72.56 on Tuesday.
Skyworks Solutions, Inc., SWKS
The chipmaker reported non-GAAP EPS of $1.15 against a consensus estimate of $1.04 — a beat of $0.11, or roughly 10.7%. Revenue landed at $943.7 million, clearing the ~$902 million estimate by nearly 5%.
It marks the fourth straight quarter Skyworks has beaten both EPS and revenue estimates.
$SWKS Q2 2026 earnings: Blockbuster Android Win Masked by Sudden Cash Burn
Skyworks beat top-and-bottom line expectations in Q2 FY26 and announced a massive $1B+ design win with a leading Android OEM, answering long-standing investor concerns about its reliance on a single… pic.twitter.com/KDJbI9tkza
— Finsee (@Finsee_main) May 5, 2026
That said, it wasn’t all green. Revenue was down about 1% year-over-year from $953.2 million, and EPS fell from $1.24 in the same quarter last year. Growth is still in recovery mode.
The company finished the quarter with around $1.4 billion in cash and $1 billion in debt, and paid out $107 million in dividends during the period.
Android Design Win a Key Story
The headline beyond the earnings beat was a multi-generational design win with a leading Android OEM. Skyworks said the deal is expected to generate more than $1 billion in revenue through 2030 and is described as incremental, premium RF content.
Management said they expect that content to grow year-over-year, giving the company better long-term revenue visibility than it’s had in recent quarters.
For Q3, Skyworks guided EPS to $1.03 and revenue in the $900M–$950M range. That midpoint is well above what analysts had penciled in, and implies stronger sequential demand than the street expected.
The stock has gained about 8.6% year-to-date, outpacing the S&P 500’s 5.2% gain over the same period.
Qorvo Merger Moving Through Regulatory Review
Skyworks is also working through regulatory approval for its proposed merger with Qorvo. The deal is currently in phase two review with China’s SAMR.
Management said they’re hopeful for a late-2026 close, though the official timeline points to early 2027. Projected synergies of $500 million or more remain unchanged.
On the margin side, the company flagged higher input costs — including expediting fees and gold — as near-term pressure points. Q3 gross margin is guided flat at roughly 44.5%–45.5%.
Inventories also rose during the quarter, which could weigh on near-term margins depending on how channel demand plays out.
Analyst sentiment is currently mixed. Barclays upgraded the stock to “overweight” with a $70 price target in late April. Morgan Stanley, Citigroup, and UBS all carry neutral ratings. The consensus target sits at $70.28.
Trading volume on Tuesday hit 6.77 million, more than double the average of 3.14 million, reflecting strong reaction to the results.
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