It has been about a month since the last earnings report for Qorvo (QRVO Quick QuoteQRVO - Free Report) . Shares have added about 17.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Qorvo due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Qorvo, Inc. before we dive into how investors and analysts have reacted as of late.

Qorvo Q4 Earnings Surpass Estimates Despite Lower Revenue Growth

Qorvo reported relatively healthy fourth-quarter fiscal 2026 results, with both top and bottom lines beating the Zacks Consensus Estimate.

During the quarter, the company’s weak smartphone demand continued to pressure revenues. However, the company managed to improve profitability through better cost control and a stronger product mix.

Net Income

On a GAAP basis, the company reported a net income of $29.7 million or 32 cents per share compared with $31.4 million or 33 cents per share in the prior-year quarter, primarily due to lower net sales and higher operating expenses.

Non-GAAP net income was $156.8 million or $1.69 per share compared with $133.3 million or $1.42 per share in the year-ago quarter. The bottom line surpassed the Zacks Consensus Estimate by 48 cents.

For 2026, Qorvo reported GAAP net income of $339 million or $3.62 per share compared with $55.6 million or 58 cents per share in 2025.

Revenues

Net sales during the quarter declined to $808.3 million from $869.5 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $799.7 million. For 2026, revenues decreased to $3.68 billion from $3.72 billion in 2025.

Segmental Performance

The High-Performance Analog segment contributed $202.7 million in revenues compared with $187.9 million in the year-ago quarter, mainly driven by demand for 5G network equipment, defense and aerospace systems, Wi-Fi devices and industrial electronics.

Revenues from the Connectivity and Sensors Group segment were $93.3 million compared with $101.3 million in the year-earlier quarter. Net sales in the Advanced Cellular Group segment were $512.3 million, down 11.7% year over year.

Other Details

Non-GAAP gross profit was $425.2 million compared with $398.7 million in the year-ago quarter, with respective margins of 52.6% and 45.9%. Non-GAAP operating expenses decreased to $235 million from $246.8 million a year ago. Non-GAAP operating income was $190.2 million compared with $151.8 million in the year-ago quarter.

Cash Flow & Liquidity

As of March 28, 2026, QRVO had $1.22 billion in cash and cash equivalents and $1.55 billion of long-term debt compared with respective tallies of $1.02 billion and $1.55 billion a year ago.

The company generated $276.3 million in cash from operations compared with $199.2 million in the year-earlier quarter. For 2026, the company generated $808.6 million of cash from operating activities compared with $622.2 million in 2025.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a upward trend in fresh estimates.

VGM Scores

At this time, Qorvo has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Qorvo has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.