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• The **Texas Instruments** for wireless communication chips.
• The **Intel** for the wireless connectivity components inside your smartphone and other devices.

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• RF Front-end Modules (FEMs): Integrated circuits that manage the radio frequency signals, enabling wireless communication in mobile devices and infrastructure.
• Power Amplifiers (PAs): Components that boost the power of radio signals for reliable transmission across various wireless applications.
• Filters and Switches: Devices used to selectively pass or block specific frequencies and to route radio signals within electronic systems.
• Connectivity Solutions: Integrated circuits enabling Wi-Fi, Bluetooth, Zigbee, and other wireless communication standards for IoT, automotive, and smart home applications.

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Skyworks Solutions (SWKS) primarily sells its products to other companies (B2B). Its integrated circuits and components are critical for various applications, especially in the mobile, automotive, and infrastructure markets. Historically, a significant portion of its revenue has been derived from a concentrated customer base.

Based on recent financial reports and industry analysis, the major customer of Skyworks Solutions is:

• Apple Inc. (Symbol: AAPL) - Apple has consistently been Skyworks' largest customer, accounting for a substantial percentage of its revenue, primarily for components used in iPhones and other Apple devices.

While Apple is the most prominent, Skyworks also serves a broad range of other customers across various market segments, including:

• Other major smartphone manufacturers
• Automotive companies
• Infrastructure providers
• Broadband and home appliance manufacturers
• Industrial and medical device companies

However, Apple remains the single largest identifiable major customer by a significant margin.

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• Taiwan Semiconductor Manufacturing Company (TSM)

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Philip Brace, Chief Executive Officer and President

Philip Brace was appointed CEO and President of Skyworks Solutions in February 2025. He has extensive experience in the semiconductor, server, IoT, and storage industries, with a background spanning software, hardware, engineering, marketing, and sales. Prior to joining Skyworks, Mr. Brace served as CEO and President of Sierra Wireless Inc. from July 2021 to January 2023. He was also Executive Vice President of Veritas Technologies from 2019 to 2021 and President of the Cloud Systems and Silicon Group at Seagate Technology from 2015 to 2017. His career began at Intel Corp and LSI Corporation, where he held various engineering and management roles.

Philip Carter, Chief Financial Officer and Senior Vice President

Philip Carter was appointed Senior Vice President and Chief Financial Officer of Skyworks Solutions, effective September 8, 2025. He is responsible for the company's financial strategy, investor relations, treasury, and leadership of the global finance and information technology organizations. Mr. Carter previously served as Corporate Vice President and Chief Accounting Officer at Advanced Micro Devices, Inc. (AMD) since November 2024. Before his time at AMD, he spent over seven years at Skyworks as Vice President, Corporate Controller, and Principal Accounting Officer, from 2017 to 2024, where he led enterprise-wide strategic operational initiatives. He also spent over eight years at Broadcom Inc. Mr. Carter holds a bachelor's degree in accounting from California State University, Fullerton, and an MBA from the University of Southern California, and is a certified public accountant and Chartered Financial Analyst.

Reza Kasnavi, Executive Vice President, Chief Operations and Technology Officer

Reza Kasnavi has served as Executive Vice President, Chief Operations and Technology Officer of Skyworks Solutions since 2025. He previously held the role of Senior Vice President, Technology and Manufacturing from 2018 to March 2025. From 2010 to 2018, Mr. Kasnavi was the Vice President and General Manager of the open market platforms business unit. Before joining Skyworks in 2010, he spent a decade as an investor and executive with various companies including Tallwood Venture Capital, Inphi (IPHI), Axiom Microdevices, Sequoia Communications, and Quintic Corporation.

Robert J. Terry, Senior Vice President, General Counsel and Secretary

Robert J. Terry has been Senior Vice President, General Counsel and Secretary of Skyworks Solutions since November 2017, having initially joined the company in 2003. He has held positions of increasing responsibility within Skyworks' legal department, including Vice President, Associate General Counsel, and Assistant Secretary from June 2011 to November 2016. Prior to Skyworks, Mr. Terry served as General Counsel and Secretary for Day Software, Inc., an enterprise content management software company. He began his career as a Senior Accountant at Arthur Andersen and worked at law firms Robins Kaplan and Brobeck Phleger & Harrison. He holds a Juris Doctor from the University of Minnesota Law School and a Bachelor of Science in Finance from the University of Illinois Urbana-Champaign.

Kari Durham, Senior Vice President, Human Resources

Kari Durham serves as the Senior Vice President of Human Resources for Skyworks Solutions, Inc. She previously held the role of Vice President of Human Resources at Skyworks Solutions.

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For Skyworks Solutions (SWKS), three key risks to the business can be identified:

1. Customer Concentration Risks: A substantial portion of Skyworks Solutions' revenue is derived from a limited number of key customers, most notably Apple. Any shift in demand, reduction in orders, or loss of market share with these primary clients could significantly impact the company's revenue and overall profitability. This risk is particularly pronounced given the maturing global smartphone market, which could pressure revenue growth from mobile radio frequency (RF) components.
2. Intense Competition and Market Share Pressure: Skyworks Solutions operates within a highly competitive semiconductor industry, facing formidable rivals such as Qualcomm, Broadcom, and NXP Semiconductors. This intense competition exerts continuous pressure on market share, pricing strategies, and the necessity for ongoing research and development investments to innovate and differentiate its product portfolio. The company also faces execution risks in diversifying into non-smartphone segments, which could erode its market share against more established competitors in areas like automotive or IoT.
3. Price Erosion and Product Mix: The semiconductor industry is characterized by rapid price erosion for established products. Skyworks Solutions faces the ongoing challenge of managing this erosion while striving to maintain profitability. To counter this, the company must continuously focus on improving manufacturing efficiencies and introducing higher value-added products to remain competitive and mitigate the impact of declining average selling prices.

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Increased vertical integration by major customers, particularly Apple, into the design and manufacturing of radio frequency (RF) front-end modules and other connectivity components, potentially reducing their reliance on Skyworks' specialized solutions.

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Skyworks Solutions (SWKS) operates within several significant addressable markets for its main products and services, primarily focusing on radio frequency (RF) solutions for various applications.

The company's key markets and their addressable sizes are:

• Global RF Semiconductor Market: This market, which encompasses many of Skyworks' core products like power amplifiers, filters, and switches used in mobile devices and other wireless applications, was valued at approximately USD 23.72 billion in 2024. It is projected to grow to about USD 50.26 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.1% during the forecast period. Another estimate places the global RF semiconductor market at USD 25.7 billion in 2024, anticipating growth to around USD 41.6 billion by 2030, with a CAGR of 8.4%. The Asia Pacific region held the largest share of the global RF semiconductor market in 2024. The global market for RF front-end modules specifically was estimated at approximately USD 23.3 billion in 2023, with projections to reach USD 44 billion by 2032 at an approximate CAGR of 11.7%.
• Global Internet of Things (IoT) Market: Skyworks provides connectivity solutions for smart home devices, wearables, and industrial applications within the IoT ecosystem. The global IoT market was valued at USD 825.7 billion in 2023 and is poised to grow from USD 1005.8 billion in 2024 to USD 2615.8 billion by 2032, growing at a CAGR of 23.6%. Another report estimates the IoT market at USD 1,350 billion in 2025, with a forecast to reach USD 2,720 billion by 2030 at a 15.04% CAGR. Asia Pacific is identified as both the largest and fastest-growing market for IoT.
• Global 5G Infrastructure Market: Skyworks offers solutions for wireless base stations and 5G infrastructure. The global 5G infrastructure market was valued at USD 6.65 billion in 2023 and is anticipated to grow at a CAGR of over 45% between 2024 and 2032, reaching approximately USD 200 billion by 2032. Another source indicates the global 5G infrastructure market was valued at USD 34.23 billion in 2024 and is projected to reach USD 540.34 billion by 2032, showing a CAGR of 41.6%. Asia Pacific held the largest market share in 2024 for 5G infrastructure.
• Diversified Broad Markets Platform (Global): This segment includes automotive, defense & aerospace, edge IoT, and AI data center markets. Following a merger announcement, the combined Broad Markets platform of Skyworks and Qorvo is estimated to have a total addressable market (TAM) of USD 2.6 billion.

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Skyworks Solutions (SWKS) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

1. Qorvo Merger and Diversification: The announced $22 billion merger with Qorvo is expected to create a diversified leader in high-performance RF, analog, and mixed-signal semiconductors. This strategic consolidation will expand Skyworks' product portfolio, diversify its customer base, and enhance its presence in high-growth segments such as defense & aerospace, AI data centers, 5G infrastructure, and automotive, alongside a strengthened mobile business.
2. Expansion in Broad Markets (Automotive, IoT, Data Center): Skyworks anticipates continued strong growth in its Broad Markets segment. This includes significant momentum in the automotive sector, with design activity at a record run rate and strong program wins. Additionally, the company is benefiting from growth in edge IoT applications and a rebound in data center infrastructure, particularly with increasing timing design win activity for next-generation 800-gig platforms.
3. Accelerated Adoption of Wi-Fi 7 and Future Wi-Fi 8: The company is capitalizing on the accelerating adoption of Wi-Fi 7 across home, enterprise, and industrial applications. Skyworks has introduced an expanded Wi-Fi 7 portfolio with next-generation front-end modules and filters, positioning it to benefit from these evolving connectivity standards and future advancements like Wi-Fi 8.
4. Increased RF Content and AI Integration in Smartphones: Skyworks expects that the rising complexity of RF solutions and the global adoption of Generative AI in smartphones will be a multi-year trend, driving smartphone upgrades and increasing the demand for their high-performance RF content. The company is strategically positioned to benefit from internal modem adoption and greater RF complexity within smartphones.
5. Sustained Demand in Premium Mobile and Android Ecosystem: The company continues to see strong demand from its largest mobile customer and is experiencing continued traction and growth within the Android ecosystem, including securing 5G content in premium Android smartphones like Google Pixel 10 and Samsung Galaxy S25. Skyworks is focused on participating in the premium segments of the mobile market.

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Share Repurchases

• Skyworks' board of directors authorized a new $2 billion stock repurchase program on February 5, 2025, extending through February 3, 2027.
• This recent authorization succeeded a previous $2 billion program approved on January 31, 2023, which itself followed a similar $2 billion program from January 26, 2021.
• The company plans to fund these repurchases using its working capital, with approximately $1.75 billion in cash and marketable securities as of December 27, 2024.

Outbound Investments

• On October 28, 2025, Skyworks Solutions and Qorvo announced a definitive agreement to combine in a cash-and-stock transaction, valuing the combined enterprise at approximately $22 billion.
• Under the terms of the agreement, Qorvo shareholders will receive $32.50 in cash and 0.960 of a Skyworks common share for each Qorvo share.
• The transaction, anticipated to close in early calendar year 2027, is expected to result in Skyworks shareholders owning approximately 63% and Qorvo shareholders owning approximately 37% of the combined company.

Capital Expenditures

• Skyworks Solutions' capital expenditures averaged $376.8 million for fiscal years ending October 2020 to 2024.
• Capital expenditures for the first quarter of fiscal year 2025 were $39 million, with the latest twelve months showing $221.8 million.
• The primary focus of these expenditures includes ongoing investments in technology and product roadmaps, supporting areas such as generative AI adoption, Wi-Fi 7 integration, and the expansion of RF content in automotive applications.