Is Skyworks Solutions profitable in 2026?

Yes. Skyworks reported Q1 FY2026 revenue of $1.035B and non-GAAP EPS of $1.54, beating guidance, as of February 3, 2026. It remains cash-flow positive despite Apple content losses and merger-related uncertainty.

Is Skyworks losing Apple business to Broadcom?

Yes. Apple began dual-sourcing RF components to Broadcom starting with the iPhone 16/17 generations, cutting Skyworks' mobile content by an estimated 20-25%, according to a February 6, 2025 report. Apple was still 67% of Skyworks revenue as of Q1 FY2026.

Is the Skyworks-Qorvo merger going to close?

Uncertain. The $22B deal was announced October 28, 2025 targeting an early-2027 close, but the FTC issued a Second Request on February 5, 2026 and South Korea's KFTC sought more information in late January 2026, extending antitrust review timelines.

Can AI replace Skyworks Solutions' chips?

No. Skyworks makes physical RF front-end semiconductors requiring fabs, IP, and multi-year OEM qualification, which frontier AI cannot replicate. Management instead frames on-device AI in phones as a demand driver for more RF content, per its February 2026 earnings call.

Who is Skyworks Solutions' biggest competitor?

Broadcom, which won dual-source RF business at Apple starting with the iPhone 16/17 cycle (disclosed February 6, 2025), and Qorvo, which Skyworks is trying to merge with in a $22B deal announced October 28, 2025.

Who owns Skyworks Solutions?

Skyworks Solutions is publicly traded on Nasdaq under ticker SWKS with no controlling parent. Market cap was approximately $9.1 billion as of July 24, 2026, with shares around $60.46, down from a 52-week high of $90.90.

Semiconductor companies · acquisition pending · United States

Skyworks Solutions

skyworksinc.com ↗

Makes RF chips that let phones and other devices connect to wireless networks.

Losing its protection

Assessed 24 July 2026 · Evidence as of 24 July 2026

The structural protection is eroding.

On the recordSince 24 July 2026 · Checkable from 2026-2027 · Every call on the record Checkpoint: FTC Second Request review outcome on the Qorvo merger and Apple's next iPhone RF sourcing decision

The call

Skyworks still makes real money from a real customer base, but Broadcom is already inside its main account and the Qorvo merger that's meant to offset that sits stuck in antitrust review.

Skyworks Solutions designs and sells radio frequency chips that go into iPhones and other devices. The company has real advantages, like relationships with big manufacturers and expensive factories that take years to build, but these protections work against new startups, not against established competitors like Broadcom. Broadcom has already started shipping competing products and winning business from Skyworks' biggest customer, Apple, which accounts for two-thirds of Skyworks' sales. The next iPhone generation and whether Apple sticks with Skyworks or picks more Broadcom chips will decide if Skyworks' business stabilizes or keeps shrinking over the next few years.

Why

AI pressure: None apparent. AI models don't design around RF front-end chips; any AI effect here runs through device demand, not model substitution. Could AI do the core job? Unlikely.

Bigger players: Broadcom. Apple added Broadcom as a second RF source starting with iPhone 16/17, cutting into Skyworks' content on its biggest customer. Could a giant copy it? Probably.

What protects it. Owns fabs, holds RF patents, and survives long Apple qualification cycles that keep new entrants out even as Broadcom eats into its share.

What would change this call

Apple's RF supplier split for the iPhone 18/19 generation. Shows whether Skyworks stabilizes content or keeps losing share to Broadcom.
FTC and Korean KFTC rulings on the Skyworks-Qorvo merger. Determines if the $22B deal closes or gets blocked, reshaping competitive position.
Skyworks' Broad Markets revenue share in upcoming quarterly earnings. Indicates progress diversifying away from Apple concentration risk.

Key numbers

Apple made up about 67% of Skyworks revenue (2026-02-03)
FY2025 revenue fell ~2.2% to about $4.09B (2025-10-03)
$22B Skyworks-Qorvo merger announced (2025-10-28)

Named risks

Extreme customer concentration with Apple at 67% of revenue amid active dual-sourcing to Broadcom. Severity: high
Qorvo merger faces FTC Second Request and KFTC review, creating close-timing uncertainty into 2027. Severity: high
Ongoing securities class action over Apple relationship disclosures survived motion to dismiss as of July 2026. Severity: medium
New shareholder investigation into officers and directors announced July 17, 2026. Severity: medium
Multiple analyst downgrades (Mizuho, KeyBanc, CFRA) in 2025-2026 signal fragile market sentiment. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Broadcom	losing to	Won Apple RF dual-source business starting iPhone 16/17, cutting Skyworks mobile content 20-25% as of Feb 2025
Qorvo	contesting	Pending $22B merger announced Oct 28, 2025, under FTC and KFTC antitrust review as of Feb 2026
Qualcomm	losing to	Previously took some Apple RF/modem business from Skyworks, per Feb 2025 reporting

Questions people ask

Is Skyworks Solutions profitable in 2026?: Yes. Skyworks reported Q1 FY2026 revenue of $1.035B and non-GAAP EPS of $1.54, beating guidance, as of February 3, 2026. It remains cash-flow positive despite Apple content losses and merger-related uncertainty.
Is Skyworks losing Apple business to Broadcom?: Yes. Apple began dual-sourcing RF components to Broadcom starting with the iPhone 16/17 generations, cutting Skyworks' mobile content by an estimated 20-25%, according to a February 6, 2025 report. Apple was still 67% of Skyworks revenue as of Q1 FY2026.
Is the Skyworks-Qorvo merger going to close?: Uncertain. The $22B deal was announced October 28, 2025 targeting an early-2027 close, but the FTC issued a Second Request on February 5, 2026 and South Korea's KFTC sought more information in late January 2026, extending antitrust review timelines.
Can AI replace Skyworks Solutions' chips?: No. Skyworks makes physical RF front-end semiconductors requiring fabs, IP, and multi-year OEM qualification, which frontier AI cannot replicate. Management instead frames on-device AI in phones as a demand driver for more RF content, per its February 2026 earnings call.
Who is Skyworks Solutions' biggest competitor?: Broadcom, which won dual-source RF business at Apple starting with the iPhone 16/17 cycle (disclosed February 6, 2025), and Qorvo, which Skyworks is trying to merge with in a $22B deal announced October 28, 2025.
Who owns Skyworks Solutions?: Skyworks Solutions is publicly traded on Nasdaq under ticker SWKS with no controlling parent. Market cap was approximately $9.1 billion as of July 24, 2026, with shares around $60.46, down from a 52-week high of $90.90.

Timeline

2026-07-17Kahn Swick & Foti announces investigation into Skyworks officers and directors
2026-07-15Securities class action over Apple relationship disclosures survives motion to dismiss
2026-05-14Skyworks discloses multi-year Android OEM design win worth over $1B through 2030
2026-02-13Skyworks stockholders approve stock issuance for Qorvo merger at special meeting
2026-02-05FTC issues Second Request to Skyworks and Qorvo, extending antitrust review
2026-02-03Skyworks reports Q1 FY2026 revenue of $1.035B, Apple at 67% of revenue
2026-01South Korea's KFTC requests additional information on Qorvo-Skyworks deal
2025-12-23Skyworks S-4 registration for Qorvo merger declared effective
2025-10-28Skyworks announces $22B merger agreement with Qorvo
2025-02-06Reports confirm Apple dual-sourcing RF components to Broadcom starting iPhone 16/17

Revision history

24 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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