Earnings Call Intelligence Subscribe
Home › Call Sheets › SWKS › Q4'25
Call sheet · Q4'25

Skyworks Solutions (SWKS)

Q4'25 earnings call · held November 4, 2025 · compared with the Q3'25 call · management-credibility review
9/12
Disclosure score
3 medium, 3 low flags
Financial quality
Bottom line
SLEEPER STORY: Android is quietly becoming a $400M+ annual business with Google Pixel ramp accelerating and continued Q1 growth guided - this wasn't in anyone's model a year ago. The obvious headline is mobile strength, but the real story is SWKS caught a perfect storm of Apple unit upside AND mix favoring their content, masking ongoing socket losses. The binding constraint is still customer concentration - despite Qorvo diversification talk, Apple dependency hit 67%. Management quote that matters: 'We do expect free cash flow to remain solid in fiscal '26 but below fiscal '25' - rare honest warning that the 27% FCF margin was artificially boosted. My view changes if Android growth accelerates beyond Google or if they start winning back Apple content sockets.

The 30-second version

  • SLEEPER STORY: Android business quietly surged 50% YoY to ~$100M+ with Google ramp still accelerating
  • Content losses at Apple were MORE than offset by unit/mix tailwinds this cycle
  • RED FLAG: Free cash flow guidance soft despite record $1.1B generation in FY25

What changed this quarter

MetricQ3'25Q4'25Change
Revenue$965M (8% YoY)$1.1B (11% YoY)14% sequential beat driven by mobile upside
Mobile Revenue~$598M (8% YoY)~$715M (7% YoY)21% sequential surge vs seasonal decline
Broad Markets Revenue~$367M (5% YoY)~$385M (7% YoY)3% sequential, now $1.5B annual run rate
Android RevenueJust under $100M$100M+ (up sequentially)Continued Google Pixel ramp acceleration
Largest Customer %63% of revenue67% of revenue400bps concentration increase
Gross Margin47.1%46.5%60bps compression despite mix improvement
Operating Margin23.3%24.0%70bps expansion on revenue leverage
EPS$1.33$1.7632% sequential beat on volume
Free Cash Flow$253M (26% margin)$1.1B annual (27% margin)Record annual generation but guided lower
Q1 Revenue Guide$1.0-1.03B guide given$975M-1.025B midpoint $1BSequential decline guided vs Q4 strength

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
Read the full SWKS Q4'25 report Subscribe
About Research ↗Call SheetsCredibility IndexMissed PromisesScreens13F BooksData & InstitutionalPrivacyTermsSubscribe
This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

Follow what management promises next

Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.

Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.