Skyworks Solutions, Inc.'s 10-K, read.

Skyworks completed its merger with Qorvo on October 5, 2026, which expands its scope and product range but adds substantial debt, integration complexity, and new exposure on top of the cyclical, customer-concentrated, China-exposed business described in the 10-K. The filing's risks now center on whether the combined company can deliver the expected synergies while servicing a larger debt load.

• Merger closed October 5, 2026, so the business is now a combined Skyworks-Qorvo company; the 10-K's own merger risks (integration, synergy shortfalls, management distraction, customer and employee disruption) are now live rather than prospective.
• Significant new indebtedness: the 8-K shows Skyworks exchanged $779.4 million of Qorvo 4.375% notes due 2029 and $647.1 million of Qorvo 3.375% notes due 2031 into new Skyworks notes, on top of its existing $500M 1.80% notes due 2026, $500M 3.00% notes due 2031, and $750M revolver, raising interest expense and reducing financial flexibility.
• Cash consideration of $32.50 per Qorvo share plus a 0.960 exchange ratio in Skyworks stock means the deal is partly cash-funded, and the 10-K notes that the merger financing is not conditioned on obtaining new debt, creating funding and refinancing risk.
• Customer concentration remains high: one customer exceeded 10% of revenue in each of fiscal 2023 through 2025, and three customers represented 82% of gross accounts receivable as of October 3, 2025, so any loss or reduction of orders would hit results hard.
• Exposure to China and US-China trade actions, including tariffs, Entity List restrictions, rare-earth and gallium/germanium supply constraints, and China's push to reduce reliance on foreign chipmakers, which the filing says has likely already reduced demand for its products and expects will continue to do so.

Not investment advice — general research, the same for every reader. You make your own calls.