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Technology · Semiconductors · Nasdaq

SWKSSkyworks Solutions

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The 10-K against last year's

175 changes: 41 added, 69 removed, 63 reworded, 2 quiet changes

10-K Nov 10, 2026 vs Nov 7, 2025
Risk FactorsRedline ↓
28.1%
of the text changed · 16,865 words now
MD&ARedline ↓
32.4%
of the text changed · 3,268 words now
Legal ProceedingsRedline ↓
31.7%
of the text changed · 834 words now
Accounting PoliciesRedline ↓
15.0%
of the text changed · 4,030 words now

10-K 0000004127-26-000055 (Nov 10, 2026) vs 10-K 0000004127-25-000085 (Nov 7, 2025)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 265 words changed in this paragraph; it is 30% similar to last year's version.
During fiscal 2022, 2026 [and subsequent to the end of fiscal 2026], in reaction to market demand factors impacting capacity at a number of our vendors, including increased demand that foundries have faced associated with data center and AI-related buildouts, we entered into or continued to perform under long-term capacity reservation and supply agreements with certain third-party foundries, foundries and OSATs, under which we agreed to certain minimum purchase commitments. As a result of reduced overall commitments and/or upfront cash payments. We currently expect that market demand, we recorded impairment charges during fiscal 2023 forces will require us to enter into additional long-term capacity reservation and renegotiated certain of these agreements in fiscal 2024. supply agreements. These long-term capacity reservation agreements may have an additional adverse effect on our operating results in the event our future supply needs are reduced below the minimum purchase expectations requirements as a result of further a reduction in overall market demand. demand for our products. In addition, we may not be able to enter into new long-term capacity reservation and supply agreements. If we are unable to secure such supply agreements or even with such supply agreements, we are still subject to risks that a supplier will prioritize other customers’ capacity demands or be unable to meet its supply commitments, achieve anticipated manufacturing yields, produce wafers or other components on a timely basis, or provide additional capacity beyond its commitments sufficient to meet our supply needs. If so, we may experience delays in product launches or supply shortages for certain products, which could cause an unanticipated decline in our sales and damage our existing customer relationships and our ability to establish new customer relationships. In addition, if a supplier experiences financial difficulties or goes into bankruptcy, it could be difficult or impossible, or may require substantial time and expense, for us to recover any or all of our payments and deposits made as part of any supply agreement.

Source: Item 1A, 10-K 0000004127-26-000055 vs Item 1A, 10-K 0000004127-25-000085

Accounting Policies 120 words changed in this paragraph; it is 41% similar to last year's version.
In November 2023, May 2026, the Financial Accounting Standards Board (“FASB”) FASB issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting ASU 2026-02, “Environmental Credits and Environmental Credit Obligations (Topic 280): Improvements to Reportable Segment Disclosure” 818)” (“ASU 2023-07”). 2026-02”). ASU 2023-07 requires 2026-02 provides specific guidance on the recognition, measurement, presentation, and disclosure of incremental segment information on an annual and interim basis. requirements for entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. ASU 2023-07 2026-02 is effective for fiscal years annual periods beginning after December 15, 2023, 2027, and interim periods within fiscal years beginning after December 15, 2024, those annual periods, on a retrospective basis. Early adoption is permitted. The Company adopted ASU 2023-07 during is currently evaluating the fourth quarter of fiscal 2025. Refer to Note 14 for additional information. The adoption impact of ASU 2023-07 did not have a significant impact 2026-02 on the Company’s its consolidated financial statements and related disclosures.

Source: Item 8, Note 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000004127-26-000055 vs Item 8, Note 2 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000004127-25-000085

Legal Proceedings 101 words changed in this paragraph; it is 54% similar to last year's version.
The Company monitors the status of legal proceedings and other contingencies on an ongoing basis to assess whether loss contingencies should be recognized and disclosed in its financial statements and footnotes. Other than as described below, the Company does not believe there are any pending legal proceedings that are at least reasonably possible to result in a material loss. On June 20, 2025, Denso Corporation filed patent infringement litigation against the Company in the U.S. (United States District Court for the Central District of California) and Japan (Civil Division of the Osaka District Court). Denso alleges that the Company has and is willfully infringing Denso’s U.S. patent (7,758,979) and Japan patent (JP5190841), each relating to piezoelectric thin film. Denso is seeking monetary damages, including enhanced damages, interest, fees and costs, and injunctive relief. While the Company is unable to determine the ultimate outcome of these suits, the Company believes it has substantial defenses and intends to vigorously oppose the suits.

Source: Item 3, via Note 11 – COMMITMENTS AND CONTINGENCIES, 10-K 0000004127-26-000055 vs Item 3, via Note 11 – COMMITMENTS AND CONTINGENCIES, 10-K 0000004127-25-000085

MD&A 98 words changed in this paragraph; it is 53% similar to last year's version.
Under the terms of the Merger Agreement, at the effective time of the Mergers, transaction, each share of Qorvo common stock issued and outstanding immediately prior thereto (with to the effective time, subject to certain exceptions set forth in the Merger Agreement) will be Agreement, was converted into the right to receive 0.960 (the “Exchange Ratio”) of a share of Skyworks common stock and $32.50 per share in cash, without interest, interest and subject to applicable withholding taxes. The Exchange Ratio is expected to result Qorvo stockholders received approximately $2.9 billion in Qorvo equityholders cash and 85.3 million shares of Skyworks equityholders owning approximately 37% and 63%, respectively, of common stock in the combined company on a pro forma basis following the closing. The Merger Agreement also provides for Skyworks’ assumption of certain Qorvo equity awards, subject to certain adjustments thereto in respect of, among other things, performance-based vesting conditions. aggregate.

Source: Item 7, 10-K 0000004127-26-000055 vs Item 7, 10-K 0000004127-25-000085

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of SWKS's Risk Factors and MD&A, 10-K Nov 10, 2026 against 10-K Nov 7, 2025. Each links to the text at sec.gov.

All 175 Added 41Removed 69Reworded 63Quiet changes 2
RewordedRisk Factors
If we cannot, fail, or elect not to, comply with the conditions for the tax holiday, not, to satisfy these conditions, we could be required to refund repay certain previously realized tax benefits for fiscal years 2021 through 2025, over which period we enjoyed a tax holiday that decreased our taxes by a cumulative $336.4 million, and we may benefits, become subject to clawback taxes, or lose the benefits of the tax holiday earlier than scheduled.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
Violations of one or more of these legal regimes’ laws and regulations in the conduct of our business could result in significant fines, penalties, or monetary damages, criminal sanctions against us or our officers, prohibitions on doing business, negative action taken by our customers and partners, unfavorable publicity and other reputational damage, restrictions on our ability to process information, and allegations by our counterparties that we have not performed our contractual obligations.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
In May 2021, August 2026, the Company issued in a public offering $500 $800 million of 1.80% 5.00% Senior Notes due 2026 and $500 2028 (the “2028 Notes”), $600 million of 3.00% 5.75% Senior Notes due 2031 (collectively, the “Notes”), which 2032 (the “2032 Notes”) and $600 million of 6.25% Senior Notes remain outstanding. due 2036 (the “2036 Notes”).

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
(United States District Court for the Central District of California) and in Japan (Civil Division of the Osaka District Court). Court), alleging that the Company willfully infringed Denso’s U.S. and Japanese patents relating to piezoelectric thin film and seeking monetary damages and injunctive relief.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
The jurisdictions in which we conduct business have and may adopt laws and regulations related to AI that could cause us to incur greater compliance costs, limit our use of AI tools, or subject us to legal liabilities.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
Further, China has certain countries and industries have implemented, and other countries countries, regions or regions industries may implement, cybersecurity cybersecurity, product security, and privacy laws that require companies’ overall information disclosure, processing practices, and technology security environment environment, and other practices to meet certain standards and/or be certified.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
Various jurisdictions in which we do business have implemented, or in the future could implement or amend, restrictions on emissions of carbon dioxide or other greenhouse gases, limitations or restrictions on water use, regulations on energy management and waste management, regulations on product packaging materials and product packaging waste reduction, and other climate change-based rules and regulations, which may increase our expenses and limit our ability to supply certain customers or geographic markets and adversely affect our operating results.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
We have expended, and continue to expend, significant management time and resources in an effort to complete on the Mergers and now, following the closing of the Mergers, on integrating Qorvo’s business with ours, which may have a negative impact on our ongoing business and operations.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

Show the other 16
RewordedRisk Factors
Efforts to complete the Mergers integrate Qorvo could disrupt our relationships with third parties and employees, employees and divert management’s attention, or result in negative publicity or legal proceedings, any of which could adversely impact our operating results and ongoing business.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
In addition, certain of our products that we use contain firmware that incorporates or is derived from “open source” software that generally is made publicly available by its developers or other third parties.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
Additionally, on May 21, 2021, the Company entered into a revolving credit agreement with various financial institutions, as lenders, and JPMorgan Chase Bank, N.A., as administrative agent, providing for a $750 million revolving credit facility (the “Revolving Credit Facility”). Facility”), which was amended in November 2025 to extend its maturity date to November 18, 2030.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedRisk Factors
In May 2021, the Company issued in a public offering $500 million of 1.80% Senior Notes due 2026 and $500 million of 3.00% Senior Notes due 2031 (collectively, the “Notes”), (the “2031 Notes”), which 2031 Notes remain outstanding.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
We recorded a provision for income taxes of $41.6 million (which consisted of a benefit of $43.9 million and $0.1 million related to United States federal and state income taxes, respectively, and a provision of $85.6 million related to foreign income taxes) and $49.6 million (which consisted of a benefit of $35.5 million and a provision of $0.1 million related to United States federal and state income taxes, respectively, and a provision of $85.0 million related to foreign income taxes) and $40.4 million (which consisted of benefits of $41.5 million and $0.3 million related to United States federal and state income taxes, respectively, and a provision of $82.2 million related to foreign income taxes) in fiscal 2025 2026 and fiscal 2024, 2025, respectively.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
The $455.1 $2,303.3 million increase in cash used in provided by financing activities for fiscal 2025, 2026, as compared to fiscal 2024, 2025, was primarily related to an increase of $752.9 $1,979.9 million in long-term debt issued, a decrease of $715.7 million in share repurchases, net of excise tax paid, and a decrease of $112.5 million in dividend payments, partially offset by a decrease an increase of $300.0 $500.0 million for the repayment of debt.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
The $121.9 $99.7 million decrease in cash used in investing activities for fiscal 2025, 2026, as compared to fiscal 2024, 2025, was primarily related to an increase a decrease of $531.8 $585.8 million in purchases of marketable securities, partially offset by a decrease of $358.1 million in the sale or maturity of marketable securities, partially offset by an increase of $362.6 million in purchases of marketable securities and an increase of $38.0 $125.6 million in capital expenditures.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
We have outstanding $800.0 million of 2028 Notes, $500.0 million of Notes Due 2026 and $500.0 due 2031 (the “2031 Notes”), $600.0 million of Notes Due 2031 (the “Notes”). 2032 Notes, and $600.0 million of 2036 Notes.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
Research and development 21.1 19.2 15.1 12.7 Selling, general, and administrative 11.0 9.1 7.2 6.6 Amortization of intangibles — — 0.7 — Restructuring, impairment, and other charges 3.1 0.6 3.6 0.6 Total operating expenses 35.2 28.9 25.9 20.6 Operating income 5.5 12.2 15.3 23.6 Interest expense (1.0) (0.7) (0.7) (1.3) Other income, net 1.0 1.3 0.7 0.4 Income before income taxes 5.4 12.9 15.2 22.6 Provision for income taxes 1.1 1.2 1.0 2.0 Net income 4.3 % 11.7 % 14.3 % 20.6% 14.3%

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
Fiscal Years Ended (in millions) October 2, 2026 October 3, 2025 September 27, 2024 September 29, 2023 Cash and cash equivalents at beginning of period $ 1,161.3 $ 1,368.6 $ 718.8 $ 566.0 Net cash provided by operating activities 549.9 1,300.8 1,824.7 1,856.4 Net cash used in investing activities (134.3) (234.0) (355.9) (224.4) Net cash used in provided by (used in) financing activities 1,029.2 (1,274.1) (819.0) (1,479.2) Cash and cash equivalents at end of period $ 2,606.1 $ 1,161.3 $ 1,368.6 $ 718.8

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
The increase in selling, general, and administrative expenses in fiscal 2025, 2026, as compared to fiscal 2024, 2025, was primarily related to increases in professional services costs related to the Qorvo transaction, partially offset by decreases in headcount-related expenses, including share-based compensation and increases in professional services costs. compensation.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
The decrease in gross profit in fiscal 2025, 2026, as compared to fiscal 2024, 2025, was primarily the result of increases in input costs and unfavorable product mix, lower average selling prices, and an increase in costs associated with facility consolidation and closure, partially offset by higher unit volumes.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
Under the terms of the Merger Agreement, at the effective time of the Mergers, transaction, each share of Qorvo common stock issued and outstanding immediately prior thereto (with to the effective time, subject to certain exceptions set forth in the Merger Agreement) will be Agreement, was converted into the right to receive 0.960 (the “Exchange Ratio”) of a share of Skyworks common stock and $32.50 per share in cash, without interest, interest and subject to applicable withholding taxes.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
The $523.9 $750.9 million decrease in cash provided by operating activities for fiscal 2025, 2026, as compared to fiscal 2024, 2025, was primarily related to a decrease in cash inflows as a result of changes to working capital (net of $370.7 cash) of $470.8 million, due primarily to inventory and accounts receivable, and lower net income.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
Based on our historical results of operations, we expect that our cash, cash equivalents, and marketable securities cash equivalents on hand, the cash we expect to generate from operations, and funds from our Revolver, will be sufficient to fund our short-term and long-term liquidity requirements primarily arising from: research and development, capital expenditures, potential acquisitions, working capital, quarterly cash dividend payments (if such dividends are declared by the Board of Directors), share stock repurchases, outstanding commitments, and other liquidity requirements associated with existing operations.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

RewordedMD&A
See Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September 27, 2024, October 3, 2025, filed with the SEC on November 15, 2024, 7, 2025, as amended by Amendment No. 1 to such Annual Report on Form 10-K, filed with the SEC on January 24, 2025 30, 2026 (the “2024 “2025 10-K”), for Management’s Discussion and Analysis of Financial Condition and Results of Operations for the fiscal year ended September 29, 2023. 27, 2024.

Read it in 10-K Nov 10, 2026 at sec.gov ↗

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