Q4 2025 NXP Semiconductors NV Earnings Call

February 3, 2026

Operator: Ladies and gentlemen, thank you for standing by. Welcome to NXP Fourth Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you would need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Jeff Palmer, Senior Vice President, Investor Relations. Please go ahead.

Speaker #1: Ladies and gentlemen , thank you for standing by . Welcome to Next . Fourth quarter , 2020 Earnings Conference Call . At this time , all participants are in a listen only mode .

Speaker #1: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star one one on your telephone.

Speaker #1: You will then hear an automated message of fires in your hand . Is raised . To withdraw your question , please press star one one again .

Speaker #1: Please be advised that today's conference is being recorded . I would now like to turn your conference over to Jeff Palmer Senior Vice President , Investor Please go Relations .

Jeff Palmer: Thank you, Michelle, and good morning, everyone. Welcome to NXP Semiconductors earnings call today. With me on the call today is Rafael Sotomayor, NXP's President and CEO, and Bill Betz, our CFO. The call today is being recorded and will be available for replay from our corporate website. The call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the specific end markets in which we operate, the sale of new and existing products, and our expectations for the financial results for Q1 2026. NXP undertakes no obligation to revise or update publicly any forward-looking statements. For a full disclosure of forward-looking statements, please refer to our press release.

Q4 2025 NXP Semiconductors NV Earnings Call

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Q4 2025 NXP Semiconductors NV Earnings Call

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Tuesday, February 3rd, 2026 at 1:00 PM

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Speaker #1: . ahead

Speaker #2: Thank you, Michel. Good morning, everyone. Welcome to the NXP Semiconductors earnings call today. With me on the call today is Rafael Sotomayor.

Speaker #2: And President and CEO Kurt Sievers, and Bill Betz, our CFO. The call today is being recorded and will be available for replay from our corporate website.

Speaker #2: The call will include forward-looking statements that involve risks and uncertainties that could cause NXP's results to differ materially from management's current expectations.

Speaker #2: These risks and uncertainties include, but are not limited to, statements regarding the macroeconomic impact on the specific markets in which we operate.

Speaker #2: The sale of new and existing products , and our expectations for the financial results for the first quarter of 2026 , NXP undertakes no obligation to revise or update publicly any forward looking statements for a full disclosure of forward statements , looking please refer to our press release .

Jeff Palmer: Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our Q4 2025 earnings press release, which will be furnished to the SEC on a Form 8-K and available from NXP's website in the investor relations section. Now, I'd like to pass the call to Rafael.

Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to NXP's underlying core operating performance. Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our Q4 2025 earnings press release, which will be furnished to the SEC on a Form 8-K and available from NXP's website in the investor relations section. Now, I'd like to pass the call to Rafael.

Speaker #2: Additionally, we will refer to certain non-GAAP financial measures, which are driven primarily by discrete events that management does not consider to be directly related to the underlying core operating performance.

Speaker #2: Pursuant to Regulation G, NXP has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP measures in our fourth quarter 2020 earnings.

Speaker #2: Press release , which will be furnished to the SEC on form 8-K and available from website Nsp's in the Investor Relations section . Now , I'd like to pass the call to Rafael .

Rafael Sotomayor: Thank you, Jeff, and good morning. We appreciate you joining our call today. Our overall performance during the fourth quarter was solid, with all end markets performing either in line or better than expected. All regions were up on a year-on-year basis. Turning to the specifics, NXP delivered fourth quarter revenue of $3.34 billion, an increase of 7% year-on-year and up 5% sequentially. This was $35 million better than the midpoint of our guidance. Non-GAAP operating margin in the fourth quarter was about 35%, 40 basis points above the same period a year ago, and in line with the midpoint of our guidance. Taken together, we drove non-GAAP earnings per share of $3.35, seven cents better than guidance. Distribution inventory was 10 weeks, consistent with our guidance.

Speaker #2: Thank you, Jeff, and good morning. We...

Speaker #3: Appreciate you joining our call today. Our overall performance during the fourth quarter was solid, with all in markets performing either in line or better than expected.

Speaker #3: All regions were up on a year on year basis . Turning to the specifics , NXP delivered fourth quarter revenue of $3.34 billion , an increase of 7% year on year , and up 5% sequentially .

Speaker #3: This was $35 million better than the midpoint of our guidance. Non-GAAP operating margin in the fourth quarter was about 35%, 40 basis points above the same period a year ago.

Speaker #3: And in line with the midpoint of our guidance. Taken together, we drove non-GAAP earnings per share of $3.35, $0.07 better than guidance.

Speaker #3: Distribution inventory was ten weeks . Consistent with our guidance . We remain disciplined on channel health prioritizing sell through of high demand products rather than broad based restocking .

Rafael Sotomayor: We remain disciplined on channel health, prioritizing sell-through of high-demand products rather than broad-based restocking. Now, I would like to reflect on our performance in 2025. The year was a tale of two halves, with the first half of the year exhibiting weaker demand trends, while in the second half of the year, demand began to accelerate in support of our long-term revenue growth model. Looking at the specifics, automotive revenue was $7.1 billion, flat year-over-year, due to slower inventory digestion at direct customers in the first half of 2025. With the inventory digestion behind us, the second half performance aligns with our eight to twelve long-term growth outlook, reflecting the underlying strength of our auto portfolio.

We remain disciplined on channel health, prioritizing sell-through of high-demand products rather than broad-based restocking. Now, I would like to reflect on our performance in 2025. The year was a tale of two halves, with the first half of the year exhibiting weaker demand trends, while in the second half of the year, demand began to accelerate in support of our long-term revenue growth model. Looking at the specifics, automotive revenue was $7.1 billion, flat year-over-year, due to slower inventory digestion at direct customers in the first half of 2025. With the inventory digestion behind us, the second half performance aligns with our eight to twelve long-term growth outlook, reflecting the underlying strength of our auto portfolio.

Speaker #3: Now , I would like to reflect on our performance in 2025 . The year was a tale of two halves , with the first half of the year exhibiting weaker demand trends , while in the second half of the year demand began to accelerate in support of our long term revenue growth model .

Speaker #3: Looking at the specifics, automotive revenue was $7.1 billion, flat year on year due to slower inventory digestion at direct customers in the first half of 2025, when the inventory digestion was...

Speaker #3: behind The second half performance aligns with our our 8 to 12 long term growth outlook , reflecting the underlying strength of our auto portfolio .

Rafael Sotomayor: A few examples which underpin our optimism include our efforts in software-defined vehicles, where we have seen strong global adoption of NXP products. These include design win rates for our S32N family of 5 nanometer vehicle compute processors, the newly introduced S32K family of 16 nanometer zonal processors, and continued adoption of automotive Ethernet products. These efforts are now material and global in nature, with most auto OEMs undertaking SDV platform initiatives. Additionally, the early conversations with customers on the recently acquired technologies from TTTech Auto and Aviva Links are accelerating interest in NXP's SDV portfolio. The potential revenue contribution from these engagements should materialize beyond 2027. This multiyear SDV platforms deepen customer commitment and support mix improvement over time. Turning to the industrial and IoT end market, revenue was $2.3 billion, flat year-over-year.

A few examples which underpin our optimism include our efforts in software-defined vehicles, where we have seen strong global adoption of NXP products. These include design win rates for our S32N family of 5 nanometer vehicle compute processors, the newly introduced S32K family of 16 nanometer zonal processors, and continued adoption of automotive Ethernet products. These efforts are now material and global in nature, with most auto OEMs undertaking SDV platform initiatives. Additionally, the early conversations with customers on the recently acquired technologies from TTTech Auto and Aviva Links are accelerating interest in NXP's SDV portfolio. The potential revenue contribution from these engagements should materialize beyond 2027. This multiyear SDV platforms deepen customer commitment and support mix improvement over time. Turning to the industrial and IoT end market, revenue was $2.3 billion, flat year-over-year.

Speaker #3: A few examples which underpin our optimism include our efforts in software defined vehicles where we have been , where we have seen strong global adoption of NXP products .

Speaker #3: These include design win rates for S32 and family of five nanometer vehicle compute processors . The newly introduced S32 K family of 60 nanometer processors , and continued adoption of Automotive Ethernet products .

Speaker #3: These efforts are now material and global in nature , with most auto OEMs undertaking SDV platform initiatives . Additionally , the early conversations with customers on the recently acquired technologies from tech , Auto and Aviva are accelerating interest in Nxp's .

Speaker #3: SDV portfolio. The potential revenue contribution from this engagement should materialize beyond 2027. These multi-year SDV platforms deepen customer commitment and support mix improvement over time.

Speaker #3: Turning to the industrial and IoT and market revenue was $2.3 billion flat year on year . The second half growth was materially above our 8 to 12% long term growth outlook across both core industrial and consumer and IoT , supporting our ambition to lead in intelligent systems at the edge .

Rafael Sotomayor: The second half growth was materially above our 8% to 12% long-term growth outlook across both core industrial and consumer and IoT. Supporting our ambition to lead in intelligent systems at the edge, we continue to see strong customer engagements in the emerging market for physical AI. By combining the industry-leading i.MX family of industrial application processors with the recently acquired Kinara NPU, we can deliver complete and scalable AI platforms that accelerate deployment at the edge. A few examples of applications include medical imaging systems, camera-based workplace safety system in the industrial market, logistic automation systems, and robotics. Customer interest has been exceptionally strong, and these engagements reinforce our vision of physical AI and the power of the NXP platform. These opportunities expand our addressable market, support sustainable growth, and validate the unique competitive nature of our complete system portfolio.

The second half growth was materially above our 8% to 12% long-term growth outlook across both core industrial and consumer and IoT. Supporting our ambition to lead in intelligent systems at the edge, we continue to see strong customer engagements in the emerging market for physical AI. By combining the industry-leading i.MX family of industrial application processors with the recently acquired Kinara NPU, we can deliver complete and scalable AI platforms that accelerate deployment at the edge. A few examples of applications include medical imaging systems, camera-based workplace safety system in the industrial market, logistic automation systems, and robotics. Customer interest has been exceptionally strong, and these engagements reinforce our vision of physical AI and the power of the NXP platform. These opportunities expand our addressable market, support sustainable growth, and validate the unique competitive nature of our complete system portfolio.

Speaker #3: We continue to see strong customer engagements in the emerging markets for physical AI by combining the industry leading IMX family of industrial application processors with the recently acquired Kinnara NPU .

Speaker #3: We can deliver complete and scalable platforms that AI accelerate deployment at the edge . A few examples of applications include medical imaging systems , camera based workplace safety system , and industrial market logistics , automation systems , and robotics .

Speaker #3: Customer interest has been exceptionally strong, and these engagements reinforce our vision of physical AI and the power of the NXP platform. These opportunities expand our addressable market, support sustainable growth, and validate the unique competitive nature of our complete system portfolio.

Rafael Sotomayor: Looking at our mobile business, revenue in 2025 was solid at $1.6 billion, up 6% year-on-year. We saw stronger demand and content gains in the premium mobile market. Overall, NXP remains a specialty supplier in the mobile market, with a unique and defensible franchise center on secure mobile transactions. Finally, the revenue in the communications infrastructure market was $1.3 billion, down 24% year-on-year. As we have said in the past, we anticipate flat growth over the longer term as the digital networking and RF power business decelerate, which will be offset by growth in our Secure Card business, which includes our UCODE RFID tagging solutions. Now, I will turn to our expectations for the first quarter. Our forecast for Q1 is better than we anticipated 90 days ago.

Looking at our mobile business, revenue in 2025 was solid at $1.6 billion, up 6% year-on-year. We saw stronger demand and content gains in the premium mobile market. Overall, NXP remains a specialty supplier in the mobile market, with a unique and defensible franchise center on secure mobile transactions. Finally, the revenue in the communications infrastructure market was $1.3 billion, down 24% year-on-year. As we have said in the past, we anticipate flat growth over the longer term as the digital networking and RF power business decelerate, which will be offset by growth in our Secure Card business, which includes our UCODE RFID tagging solutions. Now, I will turn to our expectations for the first quarter. Our forecast for Q1 is better than we anticipated 90 days ago.

Speaker #3: Looking at our mobile business, revenue in 2025 was solid at $1.6 billion, up 6% year on year. We saw stronger demand in content, games, and the premium mobile market.

Speaker #3: Overall, NXP remains a specialty supplier in the mobile market with a unique and defensible franchise centered on mobile secure transactions. Finally, the revenue in the communications infrastructure market was $1.3 billion, down 24% year on year.

Speaker #3: As we've said in the past, we anticipate flat growth over the longer term as the digital networking and RF power business decelerate, which will be offset by growth in our secure card business, which includes our core RFID tagging solutions.

Speaker #3: Now I will turn to our expectations for the first quarter. Our forecast for the first quarter is better than we anticipated 90 days ago.

Rafael Sotomayor: We expect all regions and all end markets to be up year-on-year. We're guiding first quarter revenue to $3.15 billion, up 11% versus the year-ago period, and seasonally down 6% sequentially. Compared to 90 days ago, the improvements reflect steady inventory normalization and auto Tier 1s, broadening order strength across both core industrial and consumer and IoT, and program ramps in the premium mobile market, consistent with seasonal patterns. Our guide does not assume broad-based restocking. At the midpoint, we expect the following trends in our business during Q1: Automotive is expected to be up in the mid-single digit versus Q1 2025, and down in the mid-single digit percent range versus Q4 2025. I would like to highlight that our first quarter revenue guidance only includes about $25 million or one month of revenue contribution from the MEMS sensor business.

We expect all regions and all end markets to be up year-on-year. We're guiding first quarter revenue to $3.15 billion, up 11% versus the year-ago period, and seasonally down 6% sequentially. Compared to 90 days ago, the improvements reflect steady inventory normalization and auto Tier 1s, broadening order strength across both core industrial and consumer and IoT, and program ramps in the premium mobile market, consistent with seasonal patterns. Our guide does not assume broad-based restocking. At the midpoint, we expect the following trends in our business during Q1: Automotive is expected to be up in the mid-single digit versus Q1 2025, and down in the mid-single digit percent range versus Q4 2025. I would like to highlight that our first quarter revenue guidance only includes about $25 million or one month of revenue contribution from the MEMS sensor business.

Speaker #3: We expect all regions and all markets to be up year on year, for guiding first quarter revenue to $3.15 billion, up 11% versus the year-ago period.

Speaker #3: And seasonally down 6% sequentially compared to 90 days ago . The improvements reflect steady inventory normalization and auto tier one broadening order strength across both core industrial and consumer and IoT and ramps in program the premium mobile market .

Speaker #3: Consistent with seasonal patterns. Our guide does not assume broad-based restocking at the midpoint. We expect the following trends in our business during Q1.

Speaker #3: Automotive is expected to be up in the mid-single digits versus Q1 2025, and down in the mid-single digit percent range versus Q4 2025.

Speaker #3: I would like to highlight that our first quarter revenue guidance only includes about $25 million, or one month of revenue contribution from the MEMS sensor business.

Rafael Sotomayor: Industrial and IoT is expected to be up in the low 20% range year-on-year and down in the mid-single-digit range versus Q4 2025. Mobile is expected to be up in the mid-teen % range year-on-year and down in the 20% range on a sequential basis. And finally, communication infrastructure and other is expected to be up in the mid-teen % range versus Q1 2025, and up 10% versus Q4 2025. In summary, our first quarter outlook reflects early validation of the company's specific growth drivers we've been investing in, and we expect these trends to continue throughout 2026. We believe the NXP-specific secular drivers for our business are now outweighing the broader industry cyclical headwinds, which we have experienced over the last few years.

Industrial and IoT is expected to be up in the low 20% range year-on-year and down in the mid-single-digit range versus Q4 2025. Mobile is expected to be up in the mid-teen % range year-on-year and down in the 20% range on a sequential basis. And finally, communication infrastructure and other is expected to be up in the mid-teen % range versus Q1 2025, and up 10% versus Q4 2025. In summary, our first quarter outlook reflects early validation of the company's specific growth drivers we've been investing in, and we expect these trends to continue throughout 2026. We believe the NXP-specific secular drivers for our business are now outweighing the broader industry cyclical headwinds, which we have experienced over the last few years.

Speaker #3: Industrial IoT is expected to be up in the low 20% range year on year, and down in the mid-single-digit range versus Q4 2025.

Speaker #3: Mobile is expected to be up in the mid-18% range year on year and down in the 20% range on a sequential basis.

Speaker #3: And finally, Communication Infrastructure and Other is expected to be up in the mid-18% range versus Q1 2025, and up 10% versus Q4 2025.

Speaker #3: In summary, our first quarter outlook reflects early validation of the company's specific growth drivers. We've been investing in these areas, and we expect these trends to continue throughout 2026.

Speaker #3: We believe the specific secular drivers for our business are now outweighing the broader industry cyclical headwinds, which we have experienced over the last few years.

Rafael Sotomayor: Overall, we expect product mix and disciplined cost execution to continue to support a gross and operating margin framework. We're focused on disciplined investment and portfolio enhancements to drive profitable growth while maintaining control over the factors we can influence. Our capital allocation framework is unchanged. Invest for growth, pursue targeted M&A to strengthen the portfolio, and return excess cash through dividends and buybacks within our long-term model. And now, I would like to pass the call to Bill for a review of the financial performance.

Overall, we expect product mix and disciplined cost execution to continue to support a gross and operating margin framework. We're focused on disciplined investment and portfolio enhancements to drive profitable growth while maintaining control over the factors we can influence. Our capital allocation framework is unchanged. Invest for growth, pursue targeted M&A to strengthen the portfolio, and return excess cash through dividends and buybacks within our long-term model. And now, I would like to pass the call to Bill for a review of the financial performance.

Speaker #3: Overall, we expect product mix and disciplined cost execution to continue to support our growth and operating margin framework. We're focused on disciplined investment and portfolio enhancements to drive profitable growth, while control over the main factors that influence our capital allocation framework is unchanged.

Speaker #3: Invest for growth. Pursue targeted M&A to strengthen the portfolio and excess return cash through dividends and buybacks within our long-term model.

Speaker #3: And now I would like to pass the call to Bill for a review of financial performance. Thank you, Rafael, and good morning to everyone.

Bill Betz: Thank you, Rafael, and good morning to everyone on today's call. As Rafael has already covered the drivers of the revenue, I will move to the financial highlights. Overall, our results reflect the strength of our strategic priorities in our end markets, our disciplined investment in manufacturing and product leadership, and our consistent commitment to generating long-term shareholder value. Q4 was solid, with strong execution and results above the midpoint of guidance. Revenue, gross profit, and operating profit were all back into our long-term financial model. We delivered non-GAAP earnings per share of $3.35, or $0.07 better than the midpoint of guidance. Non-GAAP gross profit was $1.91 billion, with a 57.4% non-GAAP gross margin, a slight miss versus guidance, driven by stronger than expected mobile revenue.

Speaker #4: Everyone, on today's call, as Rafael has already covered the drivers of the revenue, I will move to the financial highlights.

Speaker #4: Overall , our results reflect the strength of our strategic priorities . In our end markets . Our disciplined investment in manufacturing and product leadership and are consistent commitment to generating long term shareholder value .

Speaker #4: Q4 was solid with strong execution and results above the midpoint of guidance . Revenue . Gross profit and all operating backed were profit into our long term financial model .

Speaker #4: We delivered non-GAAP earnings per share of $3.35 , or $0.07 better than the midpoint of guidance . non-GAAP gross profit was 1.91 billion , with a 57.4% non-GAAP gross margin , a slight miss versus guidance driven by stronger than expected mobile revenue .

Bill Betz: Non-GAAP operating expenses were $756 million, or 22.7% of revenue. The primary increase sequentially is driven by our two new acquisitions, where we continue to make space for our strategic investments, offset by restructuring actions. Non-GAAP operating profit was $1.15 billion, and non-GAAP operating margin was 34.6%, up 80 basis points sequentially. Below the line, non-GAAP interest expense was $99 million, and taxes were $190 million. Non-controlling interest was a $13 million expense, and results from equity accounted investees was a $1 million dollar loss. Taken together, the below-the-line items were $4 million better than our guidance. While stock-based compensation, which is not in our non-GAAP earnings, was $100 million, $18 million lower than guidance, driven by the retirement of several executives.

Non-GAAP operating expenses were $756 million, or 22.7% of revenue. The primary increase sequentially is driven by our two new acquisitions, where we continue to make space for our strategic investments, offset by restructuring actions. Non-GAAP operating profit was $1.15 billion, and non-GAAP operating margin was 34.6%, up 80 basis points sequentially. Below the line, non-GAAP interest expense was $99 million, and taxes were $190 million. Non-controlling interest was a $13 million expense, and results from equity accounted investees was a $1 million dollar loss. Taken together, the below-the-line items were $4 million better than our guidance. While stock-based compensation, which is not in our non-GAAP earnings, was $100 million, $18 million lower than guidance, driven by the retirement of several executives.

Speaker #4: non-GAAP operating expenses were 756 million , or 22.7% of revenue . The primary increase sequentially is driven by our two new acquisitions , where we continue to make space for our strategic investments , offset by restructuring actions .

Speaker #4: non-GAAP operating profit was 1.15 billion and non-GAAP operating margin was 34.6% , up 80 basis points line , sequentially . Below the non-GAAP interest expense was 99 million and taxes were 190 million .

Speaker #4: Noncontrolling interest was a 13 million expense and results from equity accounted Investees was a $1 million loss . Taken together , the below the line items were 4 million better than our guidance .

Speaker #4: While stock based compensation , which is not in our non-GAAP earnings , was 100 million . 18 million lower than guidance driven by the retirement of several executives .

Bill Betz: Turning to changes in cash, debt, and capital returns, our balance sheet remains strong, giving us the flexibility to invest in our strategic priorities and hybrid manufacturing plans. We ended Q4 with $12.2 billion in total debt and $3.3 billion in cash, reflecting uses of cash for capital returns, acquisitions, joint venture investments, and CapEx, offset by cash generation during the quarter. Net debt was $8.96 billion, and net debt to adjusted EBITDA was 1.9 times, with adjusted EBITDA interest coverage ratio of 14.7 times. In Q4, we returned $338 million through buybacks and $254 million in dividends. Over the last ten years, we have returned over $23 billion to our shareholders for 95% of free cash flow and reduced our diluted share count by 27%.

Turning to changes in cash, debt, and capital returns, our balance sheet remains strong, giving us the flexibility to invest in our strategic priorities and hybrid manufacturing plans. We ended Q4 with $12.2 billion in total debt and $3.3 billion in cash, reflecting uses of cash for capital returns, acquisitions, joint venture investments, and CapEx, offset by cash generation during the quarter. Net debt was $8.96 billion, and net debt to adjusted EBITDA was 1.9 times, with adjusted EBITDA interest coverage ratio of 14.7 times. In Q4, we returned $338 million through buybacks and $254 million in dividends. Over the last ten years, we have returned over $23 billion to our shareholders for 95% of free cash flow and reduced our diluted share count by 27%.

Speaker #4: Turning to changes in cash, debt, and capital returns. Our balance sheet remains strong, giving us the flexibility to invest in our strategic priorities and hybrid manufacturing plans.

Speaker #4: We ended Q4 with a 12.2 billion in total debt and 3.3 billion in cash , reflecting uses of cash for capital returns , acquisitions , joint venture investments and CapEx , offset by cash generation .

Speaker #4: During the quarter, net debt was $8.96 billion and net debt to adjusted EBITDA was 1.9 times, with an adjusted EBITDA interest coverage ratio of 14.7 times. In Q4, we returned $338 million through buybacks and $254 million in dividends. Over the last ten years,

Speaker #4: We have returned over 23 billion to our shareholders for 95% of free cash flow and reduced our diluted share count by 27% . After Q4 , WI repurchased another 36 million under our ten five one program , and on January 5th , we redeemed the 500 million .

Bill Betz: After Q4, we repurchased another 36 million under our 10b5-1 program, and on 5 January 2024, we redeemed the $500 million March 2026 notes with our cash on hand. Now, turning to working capital metrics. Days of inventory was 154 days, which included 7 days of pre-bill. Receivables were 29 days, payables were 60 days. Taken together, our cash conversion cycle was 123 days. As revenue growth accelerates, we expect working capital efficiency, particularly days of inventory, including pre-bills, to meaningfully improve throughout the year. From a cash usage perspective, we continue to advance our long-term manufacturing strategy, including contributions to both VSMC and ESMC. This will lead to a long-term supply resiliency and strong gross margin expansion.

After Q4, we repurchased another 36 million under our 10b5-1 program, and on 5 January 2024, we redeemed the $500 million March 2026 notes with our cash on hand. Now, turning to working capital metrics. Days of inventory was 154 days, which included 7 days of pre-bill. Receivables were 29 days, payables were 60 days. Taken together, our cash conversion cycle was 123 days. As revenue growth accelerates, we expect working capital efficiency, particularly days of inventory, including pre-bills, to meaningfully improve throughout the year. From a cash usage perspective, we continue to advance our long-term manufacturing strategy, including contributions to both VSMC and ESMC. This will lead to a long-term supply resiliency and strong gross margin expansion.

Speaker #4: March 2026 notes with our cash on hand . Now , turning to working capital metrics days of inventory was 154 days , which included seven days of Pre-build receivables were 29 days , payables were 60 days .

Speaker #4: Taken together , our cash conversion cycle was 123 days . As revenue growth accelerates , we expect working capital efficiency , particularly days of inventory , including pre builds , to meaningfully improve throughout the year .

Speaker #4: From a cash usage perspective , we continue to advance our long term manufacturing strategy , including contributions to both Vsmc and Ismc . This will lead to a long term supply resiliency and strong gross margin expansion .

Bill Betz: Cash flow from operations was $891 million, and net CapEx was $98 million, resulting in non-GAAP free cash flow of $793 million, or 24% of revenue. We invested $195 million in long-term capacity access fees, made a $282 million equity payment to VSMC, and a $44 million equity payment to ESMC. Taken together, we are about 50% through the investment cycle for both VSMC and ESMC, having invested about $1.7 billion of the $3.4 billion planned investments. We expect the majority of remaining investments will occur in 2026. Now, turning to our expectations for Q1.

Cash flow from operations was $891 million, and net CapEx was $98 million, resulting in non-GAAP free cash flow of $793 million, or 24% of revenue. We invested $195 million in long-term capacity access fees, made a $282 million equity payment to VSMC, and a $44 million equity payment to ESMC. Taken together, we are about 50% through the investment cycle for both VSMC and ESMC, having invested about $1.7 billion of the $3.4 billion planned investments. We expect the majority of remaining investments will occur in 2026. Now, turning to our expectations for Q1.

Speaker #4: Cash flow from operations was $891 million, and net CapEx was $98 million, resulting in non-GAAP free cash flow of $793 million, or 24% of revenue.

Speaker #4: We invested $195 million in long-term capacity access fees, made a $282 million equity payment to VSMC, and a $44 million equity payment to ISMC.

Speaker #4: Taken together, we are about 50% through the investment cycle for both VSMC and ISMC, having invested about $1.7 billion of the $3.8 billion and $3.4 billion planned investments.

Speaker #4: Expect the majority of the remaining investments will occur in 2026. Now, turning to our expectations for Q1. We expect revenue of $3.15 billion, plus or minus $100 million, which is up 11% year-on-year and down 6% sequentially. This is better than our view 90 days ago. Expect non-GAAP...

Bill Betz: We expect revenue of $3.15 billion, ±100 million, up 11% year-on-year and down 6% sequentially, which is better than our view 90 days ago. We expect non-GAAP gross margin of 57%, ±50 basis points. Operating expenses are expected to be $765 million, ±10 million, reflecting normal seasonal increases at the start of the year. We are committed to our long-term operating expense model of 23% of revenue, though there are seasonal variations, with the first half of the year normally higher than the second half, resulting in non-GAAP operating margin of 32.7% at the midpoint. Below the line, we expect non-GAAP financial expense to be about $92 million and our non-GAAP tax rate to be 18%.

We expect revenue of $3.15 billion, ±100 million, up 11% year-on-year and down 6% sequentially, which is better than our view 90 days ago. We expect non-GAAP gross margin of 57%, ±50 basis points. Operating expenses are expected to be $765 million, ±10 million, reflecting normal seasonal increases at the start of the year. We are committed to our long-term operating expense model of 23% of revenue, though there are seasonal variations, with the first half of the year normally higher than the second half, resulting in non-GAAP operating margin of 32.7% at the midpoint. Below the line, we expect non-GAAP financial expense to be about $92 million and our non-GAAP tax rate to be 18%.

Speaker #4: Gross We margin of 57%, plus or minus 50 basis points. Operating expenses are expected to be $765 million, plus or minus $10 million, reflecting normal seasonal increases at the start of the year.

Speaker #4: We are committed to our long-term expense operating model of 23% of revenue, though there are seasonal variations, with the first half of the year normally higher than the second half.

Speaker #4: Resulting in non-GAAP operating margin of 32.7% at the midpoint. Below the line, we expect non-GAAP financial expense to be about $92 million, and our non-GAAP tax rate to be 18%.

Bill Betz: Non-controlling interest expense will be $11 million, with our joint venture startup losses of about $3 million. Stock-based compensation should be about $108 million, which is not included in our non-GAAP guidance. This implies Q1 non-GAAP earnings per share of $2.97 at the midpoint. Turning to the uses of cash in Q1, we expect capital expenditures to be approximately 3% of revenue, our capacity access fee payment of $190 million, and an equity investment into VSMC of $210 million. Before turning to your questions, I have a few housekeeping items to highlight. After thoughtful consideration, we have decided that our RF power business no longer aligns with our long-term strategic direction. Consequently, we will stop new product development and have taken an approximately $90 million restructuring charge, which is reflected in our fourth quarter GAAP results.

Non-controlling interest expense will be $11 million, with our joint venture startup losses of about $3 million. Stock-based compensation should be about $108 million, which is not included in our non-GAAP guidance. This implies Q1 non-GAAP earnings per share of $2.97 at the midpoint. Turning to the uses of cash in Q1, we expect capital expenditures to be approximately 3% of revenue, our capacity access fee payment of $190 million, and an equity investment into VSMC of $210 million. Before turning to your questions, I have a few housekeeping items to highlight. After thoughtful consideration, we have decided that our RF power business no longer aligns with our long-term strategic direction. Consequently, we will stop new product development and have taken an approximately $90 million restructuring charge, which is reflected in our fourth quarter GAAP results.

Speaker #4: Non-controlling interest expense will be 11 million . With our venture joint start up losses of about 3 million . Stock based compensation should be about 108 million , which is not included in our non-GAAP guidance .

Speaker #4: This implies Q1 non-GAAP earnings per share of $2.97 at the midpoint . Turning to the uses of cash in Q1 , we expect capital expenditures to be approximately 3% of revenue .

Speaker #4: Our capacity access fee payment of 190 million and an equity investment into Vsmc of 210 million . Before turning to your questions , I have a few housekeeping items to highlight .

Speaker #4: After thoughtful consideration, we have decided that our RF Power business no longer aligns with our long-term strategic direction. Consequently, we have taken product development actions and will have an approximately $90 million restructuring charge, which is reflected in our fourth quarter GAAP results.

Bill Betz: We will direct, redirect, and focus our R&D resources to accelerate and enhance our strategic priorities towards software-defined vehicles and physical AI. Yesterday, after the market closed, STMicroelectronics announced the closure of NXP's MEMS sensor business acquisition. This is a positive transaction for both parties. NXP received $900 million in gross proceeds, with another $50 million to be received upon completion of certain closing conditions. We will recognize a one-time gain of approximately $630 million from the sale of the business, which is reflected in our first quarter's GAAP guidance. Next, we have made the decision to shift our geographic revenue reporting to headquarter-based region as opposed to a ship-to basis. We believe reporting headquarter-based region better reflects how we manage the business internally and where customer engagements and design win awards occur.

We will direct, redirect, and focus our R&D resources to accelerate and enhance our strategic priorities towards software-defined vehicles and physical AI. Yesterday, after the market closed, STMicroelectronics announced the closure of NXP's MEMS sensor business acquisition. This is a positive transaction for both parties. NXP received $900 million in gross proceeds, with another $50 million to be received upon completion of certain closing conditions. We will recognize a one-time gain of approximately $630 million from the sale of the business, which is reflected in our first quarter's GAAP guidance. Next, we have made the decision to shift our geographic revenue reporting to headquarter-based region as opposed to a ship-to basis. We believe reporting headquarter-based region better reflects how we manage the business internally and where customer engagements and design win awards occur.

Speaker #4: We will direct our focus or we will direct redirect and focus our R&D resources to accelerate and enhance our strategic priorities toward software defined vehicles and physical AI .

Speaker #4: Yesterday, after the market closed, STMicroelectronics announced the closure of NXP's MEMS sensor business acquisition. This is a positive transaction for both parties.

Speaker #4: NXP received $900 million in gross proceeds, with another $50 million to be received upon completion of certain closing conditions. We will recognize a one-time gain of approximately $630 million from the sale of the business, which is reflected in our first quarter GAAP guidance.

Speaker #4: Next, we have made the decision to shift our geographic revenue reporting to a headquarter-based region, as opposed to a ship-to basis.

Speaker #4: We believe reporting headquarter based region better reflects how we manage the business internally and where customer engagements and design win awards occur . The 2025 change can be found in the posted IR presentation and finally , based on the positive trends , including current order rates and business signals , we track .

Bill Betz: The 2025 change can be found in the posted IR presentation. And finally, based on the positive trends, including current order rates and business signals we track, we are confident NXP will operate within its long-term financial model for the full year of 2026. In closing, we are well positioned to benefit from the powerful secular trends in our for-focused end markets. We are confident about the strategic priorities and investments we are making across our entire portfolio and manufacturing footprint. With a strong balance sheet and a disciplined capital return philosophy, we are exceptionally well positioned to drive long-term value for our shareholders. Now, I would like to turn it back to the operator for your questions.

The 2025 change can be found in the posted IR presentation. And finally, based on the positive trends, including current order rates and business signals we track, we are confident NXP will operate within its long-term financial model for the full year of 2026. In closing, we are well positioned to benefit from the powerful secular trends in our for-focused end markets. We are confident about the strategic priorities and investments we are making across our entire portfolio and manufacturing footprint. With a strong balance sheet and a disciplined capital return philosophy, we are exceptionally well positioned to drive long-term value for our shareholders. Now, I would like to turn it back to the operator for your questions.

Speaker #4: We are confident NXP will operate within its long-term financial model for the full year of 2026. In closing, we are well positioned to benefit from the powerful secular trends in our four focused end markets.

Speaker #4: We are confident about the strategic priorities and investments we are making our across entire portfolio and manufacturing footprint sheet balance . With a strong and a disciplined capital return philosophy , we are exceptionally well positioned to drive long term value for our shareholders .

Speaker #4: Now, I would like to turn it back to the operator for your questions.

Operator: To ask questions, press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We do ask that you please limit to one question and one follow-up. The first question will come from Tom O'Malley with Barclays. Your line is open.

Speaker #1: Please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again.

Speaker #1: And we ask, please, that you limit to one question and one follow-up. And the first question will come from Tom O'Malley with Barclays.

Speaker #1: Your line is open .

[Analyst] (Barclays): Hey, guys, thanks for taking my question. I wanted to ask about the channel restock. So it looks like you guys went from 9 to 10 weeks. In your guidance, you're saying no additional restock, kind of, baked in. Could you talk about where you are with the channel today, what you saw in the last quarter? And is it the decision to just not go to 11 weeks overall? Or is it just we're gonna wait a little bit until we take it to the 11 weeks that we talked about previously? Thank you.

Thomas O'Malley: Hey, guys, thanks for taking my question. I wanted to ask about the channel restock. So it looks like you guys went from 9 to 10 weeks. In your guidance, you're saying no additional restock, kind of, baked in. Could you talk about where you are with the channel today, what you saw in the last quarter? And is it the decision to just not go to 11 weeks overall? Or is it just we're gonna wait a little bit until we take it to the 11 weeks that we talked about previously? Thank you.

Speaker #5: Hey guys . Thanks for taking my question . I wanted to ask about the the channel restock . So it looks like you guys went from 9 to 10 weeks in your guidance .

Speaker #5: You're saying no additional restock kind of baked in . Could you talk about where you are with the channel today ? What you saw in the last quarter , and is it the decision to just not go to 11 weeks overall , or is it just we're going to wait a little bit it to the until we take 11 weeks that we talked about previously ?

Speaker #5: Thank you .

Rafael Sotomayor: Thank you, Tom. Let me take that one. It's Rafael. Yeah, clearly, I mean, I would say that our channel strategy has shifted from, you know, what before we considered tight control to ensure that we staged the right product, the right product to satisfy demand. We are moving to our long-term target of 11 weeks. And the reason we're doing that is because it is a reflection of an improving demand environment for us. We finished Q4 with about 10 weeks. We will move into our long-term plan and long-term target of 11 weeks into 2026, and that's how we are going to manage our business in a steady state.

Speaker #3: Thank you . Tom . Let me take that one . It's Raphael , clearly . I mean , I would say that our channel strategy has shifted from , you what , know before we consider tight control to ensure that we stage the right product , the right product to satisfy demand , we are moving to our long term target of 11 weeks .

Speaker #3: And the reason we're doing that is because it is a reflection of an improving demand environment for us. We finished Q4 with about 10 to 10 weeks.

Speaker #3: We will move into our long-term plan and long-term target of 11 weeks into 2026. And that's how we are going to manage our business in a steady state.

[Analyst] (Barclays): Gotcha. And then as a follow-up, just on the comms business, so, you're deciding to move away from RF, but you had already kind of moved away from digital networking. You're guiding that business up 10. Could you maybe walk through the moving pieces? Obviously, with digital networking coming down, you needed to see some really, you know, some strength from maybe the SIS business. Just walk through what's contributing to that Q1 strength. Thank you.

Thomas O'Malley: Gotcha. And then as a follow-up, just on the comms business, so, you're deciding to move away from RF, but you had already kind of moved away from digital networking. You're guiding that business up 10. Could you maybe walk through the moving pieces? Obviously, with digital networking coming down, you needed to see some really, you know, some strength from maybe the SIS business. Just walk through what's contributing to that Q1 strength. Thank you.

Speaker #5: Gotcha . And then as a follow up , just on the comms business , so you're deciding to move away from RF , but you had already kind of moved away from digital networking .

Speaker #5: that guiding You're business up ten . maybe walk through the Could you moving pieces . Obviously with digital networking coming down , you needed to see some really , you know , some strength from maybe the Sis business .

Speaker #5: Just walk through what's contributing to that Q1 strength. Thank you.

Rafael Sotomayor: Yeah, indeed, Tom, we did guide C&I about 10%, sequentially in Q1. If you remember, C&I includes three distinct businesses: secure cards, digital networks, and our power. And all of these three businesses can move differently quarter to quarter. C&I, I think right now is benefiting from the fact that, one, there's normalization in the digital networking business, but there's growth coming from the secure card, and that strength really will benefit C&I throughout 2026.

Speaker #3: indeed Yeah , we did guide CNI about 10% sequentially in Q1 , and if you remember , CNI includes three distinct businesses secure cars , Digital Networks , and our power and they they all of these three businesses can move differently quarter to quarter .

Speaker #3: And CNI I think right now is benefiting from the fact that one , there's no mention in the digital networking business , but there's coming from growth the secure card .

Speaker #3: And that strength really will benefit CNI throughout 2026.

[Analyst] (Barclays): Thank you.

Thomas O'Malley: Thank you.

Operator: Thank you. The next question will come from Matthew Prisco with Canaccord. Your line's open.

Speaker #6: Thank you .

Speaker #1: Thank you. And the next question will come from Matthew Prisco with Cantor. Your line is open.

Bill Betz: Hey, guys. Thanks for taking the questions. I guess starting with the cyclical side, can you maybe offer some more color on customer ordering trends over the past few months, and maybe what type of linearity you saw through the quarter and into Q1?

Matthew Prisco: Hey, guys. Thanks for taking the questions. I guess starting with the cyclical side, can you maybe offer some more color on customer ordering trends over the past few months, and maybe what type of linearity you saw through the quarter and into Q1?

Speaker #7: Hey , guys . questions . I guess starting with this side , can you maybe offer some more color on customer ordering trends over the past few months ?

Speaker #7: taking the

Speaker #7: And maybe, what type of linearity you saw through the quarter and into Q1?

Rafael Sotomayor: Yeah, Matt, are you asking about the kind of trends that we track internally? Is that what you're asking? We couldn't quite hear your question. We apologize.

Speaker #3: Yeah .

Speaker #2: Are you asking about the kind of trends that we track internally? Is that what you're asking? We couldn't quite hear your question.

Bill Betz: Oh, yes, that's exactly it. The trends that you track internally when you look at just customer ordering trends over those past few months, and then linearity through the quarter and into Q1.

Matthew Prisco: Oh, yes, that's exactly it. The trends that you track internally when you look at just customer ordering trends over those past few months, and then linearity through the quarter and into Q1.

Speaker #2: We apologize .

Speaker #7: Oh , yes . That's exactly it . The trends that you track internally when you look at just customer ordering trends over those past few months , and then linearity through the quarter and into one .

Rafael Sotomayor: Yeah, linearity, we don't, we don't disclose, but I think Bill will take some of the other metrics we track.

Speaker #2: yeah Q , linearity . We don't we don't disclose . But I think Bill will take some of the other metrics we track .

Bill Betz: Yeah. No, no. Obviously, over the quarter and the last 90 days ago, all our internal signals that we talked about in the past have improved. So think about our backlog, our distributions backlog, our customer escalations have increased. The short-term orders continue to increase as well, and we try to service as much as possible related to that. So across the board, we haven't seen anything like this in quite a while, and so we feel very confident about being in a long-term business model for 2026. And maybe I'll just add one thing, Bill. If you kind of step back, Matt, and look at kind of the trends in the second half of 2025, they've truly started to accelerate, and we're in, you know, close to our growth rates that we presented at our Analyst Day.

Speaker #4: Yeah . No , no , obviously over the quarter in the last 90 days ago , all our internal signals that we talked about in the past have improved .

Speaker #4: So think about our backlog , our distributions backlog , our customer escalations have increased . The short term orders continue to increase as well .

Speaker #4: And we try to service as much as possible related to that. So, across the board, we haven't seen anything like this in quite a while.

Speaker #4: And so we feel very confident about being in the long-term business model for 2026.

Rafael Sotomayor: And maybe I'll just add one thing, Bill. If you kind of step back, Matt, and look at kind of the trends in the second half of 2025, they've truly started to accelerate, and we're in, you know, close to our growth rates that we presented at our Analyst Day. We believe that will continue as we progress through 2026. So we- we're feeling pretty optimistic that we are off the trough of the business. Did you have a follow-up?

Speaker #2: And maybe I'll just add one thing , Bill , if you kind of step back and look at kind of the trends in the second half of 25 , they've truly started to accelerate and we're close to our growth rates that we presented at our Analyst Day .

Bill Betz: We believe that will continue as we progress through 2026. So we- we're feeling pretty optimistic that we are off the trough of the business. Did you have a follow-up?

Speaker #2: We believe that will continue as we progress through 26 . So we're feeling pretty optimistic that we are off the trough of the business .

[Analyst] (Morgan Stanley): Yes, please. I guess on the auto side, would love if you can offer some detail on the demand dynamics within your core auto business versus your accelerated growth drivers, and have you seen any impact to date from component price increases potentially pressuring unit demand there? Thanks.

Matthew Prisco: Yes, please. I guess on the auto side, would love if you can offer some detail on the demand dynamics within your core auto business versus your accelerated growth drivers, and have you seen any impact to date from component price increases potentially pressuring unit demand there? Thanks.

Speaker #2: Did you have a follow?

Speaker #7: Up ? Yes , please . I guess on the auto side , we'd love if you can offer some detail on the demand dynamics within your core auto business versus your accelerated growth drivers .

Speaker #7: And have you seen any impact to date from component price increases potentially pressuring unit demand there? Thanks.

Rafael Sotomayor: Yeah, so we've I think there are a few questions there in auto. If you look at what happens if you look at auto and the reason why we remain quite optimistic in auto, in Q4, our business returned to growth year on year. And the guide that we provided continues, you know, year on year, the Q1 guide gives you growth as well, year on year. And what we see is that this remains unchanged with respect to content gains. You asked me about pricing. Second question was on pricing. VPAs for the most part are done, right? With in the pricing that is already reflected in our Q1 guide.

Speaker #3: Yeah . So we I think there are a few questions there on auto . If you look at what happened , if you look at auto and the reason why we remain quite optimistic in auto in Q4 , our business returned to growth year on year .

Speaker #3: And the guide that we provided continues year on year to Q1 guide, gives you growth as well, year on year. And so, what we see is that these remain unchanged with respect to content gain.

Speaker #3: You asked me about pricing . Second question was pricing vpas for the most part are are done right with in the pricing that that that that is already reflected on our Q1 guide .

Rafael Sotomayor: And we are modeling low single-digit price declines, and that's what we see not only in auto, but across, across the business.

And we are modeling low single-digit price declines, and that's what we see not only in auto, but across, across the business.

Speaker #3: And Are and we . modeling low single digit price declines . And that's what we see . Not only in auto , but across across the business .

Operator: Thank you. And our next question will come from Ross Seymour with Deutsche Bank. Your line is open.

Speaker #1: Thank you. And our next question will come from Seymore Ross with Deutsche Bank. Your line is open.

[Analyst] (Deutsche Bank): Hi, guys. Thanks for asking the question. Just sticking on the auto side of things, it's been, you know, pretty much flat for a couple, two, three years in a row, and I know there's been a bunch of puts and takes on inventory and demand, et cetera. But I really wanted to dive into what you've seen over that period of time in your accelerated growth drivers. Is anything changing your thesis there? Are you more optimistic, less optimistic? Any sort of clarifications there, especially as we move forward. Hopefully, the headwinds are done, and so I just wanted to judge the growth rate from those drivers going forward. Thank you.

Ross Seymore: Hi, guys. Thanks for asking the question. Just sticking on the auto side of things, it's been, you know, pretty much flat for a couple, two, three years in a row, and I know there's been a bunch of puts and takes on inventory and demand, et cetera. But I really wanted to dive into what you've seen over that period of time in your accelerated growth drivers. Is anything changing your thesis there? Are you more optimistic, less optimistic? Any sort of clarifications there, especially as we move forward. Hopefully, the headwinds are done, and so I just wanted to judge the growth rate from those drivers going forward. Thank you.

Speaker #8: Hi guys . Thanks for the question . Just sticking on the auto side of things . It's been pretty much flat for a couple , two , three years in a row .

Speaker #8: And I know there's been a bunch of puts and takes on inventory and demand, etc., but I really wanted to dive into what you've seen over that period of time.

Speaker #8: In your accelerated growth drivers , is anything changing your thesis there or are you more optimistic , less optimistic ? Any sort of clarifications there , especially as we move forward ?

Speaker #8: Hopefully the headwinds are done. And so I just want to judge the growth rate from those drivers going forward. Thank you.

Rafael Sotomayor: Yeah, thanks, Ross. So we have, I think what I said on the prepared remarks, right, auto in our business in general in 2025 was the story of two halves, and the first half was all about inventory digestion, and it really masked the true dynamics of our business. For the full year, the auto accelerated drivers were slightly below model. Remember model, we said that we were going to grow 8% to 12%, but they were still growing in a year where auto was flat. And they were about 10%, and it was all led by our SDV efforts, our radar and our productivity. What you see right now in auto is our auto is shifting.

Speaker #3: Yeah . Thanks , Ross . So I think what what I said on the prepared remarks , right . Auto and our business in general in 2025 was the story of two halves in the first half was all about inventory , digestion .

Speaker #3: And it really masked the true underlying dynamics of business flow for the year. The auto accelerated drivers were slightly below model. Model?

Speaker #3: Remember We said that we were going to grow 8 to 12% , but there were growing still in a in a in a in a year where auto was flat and there were about 10% .

Speaker #3: And it was all led by our STB efforts—our radar and our connectivity. What you see right now in auto is our auto is shifting, our auto exposure is shifting to more and more structural and less cyclical.

Rafael Sotomayor: Our auto exposure is shifting to more and more structural and less cyclical, and it's driven by, you know, tying our roadmap to circular trends are really transforming the architectures of auto. So we feel quite optimistic. The answer to the question on the core drivers, those, the whole story, the thesis is completely intact, and we feel stronger than ever that our roadmap is really addressing the needs of the market.

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Q4 2025 NXP Semiconductors NV Earnings Call

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