I'll research SWKS before writing the preview. Let me gather recent earnings, guidance, and news in parallel.Let me read the most recent earnings call (Q2 2026) which contains the Q3 guidance, plus the release and recent price action.The earnings release fileptr returned a Qorvo 10-K (merger partner data) — useful context. Now let me get recent stock price action and any recent merger/news developments.Let me quickly grab the prior-year Q3 (FY2025) figures for a YoY comparison and check the debt-exchange 8-K context.I have what I need. Here's the earnings preview.
This is a "prove the transition" quarter reported through the lens of a pending mega-merger. Skyworks is being acquired by/merging with Qorvo, and management has said it will not discuss the transaction on the call — so the print itself comes down to (1) whether standalone June-quarter execution holds, and (2) the September-quarter (Q4) guide, which is the seasonally critical iPhone-ramp quarter. Everything else is secondary to merger timing headlines.
On the May 5 call, Skyworks guided fiscal Q3 (this report) to:
| Metric | Q3 FY26 Guide (midpoint) | Q2 FY26 Actual | Q3 FY25 (YoY comp) |
|---|---|---|---|
| Revenue | $900–950M ($925M) | $944M | $965M |
| Non-GAAP EPS | $1.03 | $1.15 | $1.33 |
| Gross margin | 44.5%–45.5% | 45.0% | 47.1% |
| Operating expenses | $235–245M | $236M | $230M |
| Tax rate / shares | 10% / 151M | 10% / — | — |
Two things stand out. First, the guide is a year-over-year decline — roughly -4% on revenue, ~-23% on EPS, and ~200bps of gross-margin compression versus the June quarter a year ago. That reflects a lower content position at the largest customer plus rising input costs. Second, within the guide, mobile was expected down low-single-digits sequentially (normal seasonality) while broad markets was guided up modestly sequentially and up high-single-digits YoY. Skyworks beat the high end by ~$20M last quarter, so the buy-side bar likely sits toward/above the top of the range.
Announced Oct 27, 2025, this is a cash-and-stock combination: each Qorvo share converts to 0.960 Skyworks shares + $32.50 cash, leaving Skyworks holders with ~63% and Qorvo holders ~37% of the combined company. Key status points as of the last update:
Practical implication: SWKS now trades substantially as a merger-arb name — its price is mechanically linked to QRVO via the exchange ratio. Fundamental beats/misses matter less to the stock than deal probability and timing.
SWKS is a volatile setup into the print. Shares ran from ~$53 in early April to a peak near $83 in late May (post-Q2 beat + merger/AI enthusiasm), then faded to the low-$60s through July, closing around $63.46 on July 27. QRVO has tracked it closely (~$90) given the fixed exchange ratio. That round-trip means expectations have reset lower, but it also signals the market is trading merger-timing and macro headlines more than the quarterly numbers.
Expect an in-line-to-modest-beat June quarter (management has a habit of clearing its own bar), with the stock reaction driven by (1) the September guide — is the iPhone ramp normal-seasonal or soft? — and (2) any signal on merger timing (the late-2026 vs early-2027 question). The longer-term narrative hinges on whether the $1B Android win + broad-markets (WiFi/data-center/auto) diversification can offset flat-to-declining Apple content and defend gross margin. Given the pending deal, treat SWKS primarily as a merger-arb position with an embedded fundamental option, not a clean fundamental trade.
Note: management has stated it will not take questions on the Qorvo transaction during the call, so merger updates are more likely to come via press release/8-K than Q&A.