Qorvo, Inc.

QRVO

Financial Statements

Income Statement (Annual)

Amounts in millions

2025

3/29/2025

Revenue

3,719

Cost of Revenue

2,183

Gross Profit

1,536

Gross Margin

41.3%

Operating Income

Operating Margin

2.6%

Net Income

Net Margin

1.5%

EPS (Basic)

$0.59

EPS (Diluted)

$0.58

EBITDA

441

EBITDA Margin

11.9%

2024

3/31/2024

Revenue

3,770

Cost of Revenue

2,281

Gross Profit

1,488

Gross Margin

39.5%

Operating Income

Operating Margin

2.4%

Net Income

-70

Net Margin

-1.9%

EPS (Basic)

$-0.73

EPS (Diluted)

$-0.72

EBITDA

464

EBITDA Margin

12.3%

2023

3/31/2023

Revenue

3,569

Cost of Revenue

2,272

Gross Profit

1,297

Gross Margin

36.3%

Operating Income

183

Operating Margin

5.1%

Net Income

103

Net Margin

2.9%

EPS (Basic)

$1.01

EPS (Diluted)

$1.00

EBITDA

532

EBITDA Margin

14.9%

2022

3/31/2022

Revenue

4,646

Cost of Revenue

2,360

Gross Profit

2,286

Gross Margin

49.2%

Operating Income

1,226

Operating Margin

26.4%

Net Income

1,033

Net Margin

22.2%

EPS (Basic)

$9.38

EPS (Diluted)

$9.26

EBITDA

1,606

EBITDA Margin

34.6%

2021

3/31/2021

Revenue

4,015

Cost of Revenue

2,132

Gross Profit

1,884

Gross Margin

46.9%

Operating Income

907

Operating Margin

22.6%

Net Income

734

Net Margin

18.3%

EPS (Basic)

$6.43

EPS (Diluted)

$6.32

EBITDA

1,339

EBITDA Margin

33.3%

Income Statement (Annual)

Financial performance (amounts in millions)

Item	2025	2024	2023	2022	2021
Revenue	3,719	3,770	3,569	4,646	4,015
Cost of Revenue	2,183	2,281	2,272	2,360	2,132
Gross Profit	1,536	1,488	1,297	2,286	1,884
Gross Margin	41.3%	39.5%	36.3%	49.2%	46.9%
Operating Income	96	92	183	1,226	907
Operating Margin	2.6%	2.4%	5.1%	26.4%	22.6%
Net Income	56	-70	103	1,033	734
Net Margin	1.5%	-1.9%	2.9%	22.2%	18.3%
EPS (Basic)	$0.59	$-0.73	$1.01	$9.38	$6.43
EPS (Diluted)	$0.58	$-0.72	$1.00	$9.26	$6.32
EBITDA	441	464	532	1,606	1,339
EBITDA Margin	11.9%	12.3%	14.9%	34.6%	33.3%