Qualcomm FY2026: revenue down 3.0% as handsets shrink, autos surge
Qualcomm's fiscal 2026 was two businesses moving in opposite directions: revenue fell 3.0% to $43.12 billion and non-GAAP EPS dropped 12.0% to $10.54, while automotive revenue jumped 52.0% to $6.00 billion. Treat the headline GAAP EPS of $12.70 with suspicion, because a $5.70 billion tax benefit did most of the work. Guidance points to a slightly better first quarter, not a turnaround.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $12.70 looks like a 153% jump, but $5.32 per share of that came from releasing a valuation allowance, not from selling chips. Non-GAAP EPS, which strips that out, fell 12.0% to $10.54. The fourth quarter tells the same story: $1.17 GAAP versus $2.17 non-GAAP, with the gap mostly share-based compensation and restructuring charges.
Full-year revenue came in at $43.12 billion versus $44.28 billion a year earlier, a 3.0% decline, and the fourth quarter was worse at $10.32 billion, down 8.0%. Handsets did the damage: $24.07 billion for the year (down 13.0%) and $5.14 billion in the fourth quarter alone (down 26.0%). Automotive and IoT partly covered the hole, with automotive at a record $1.99 billion in the quarter, up 89.0%.
Management guides the first quarter of fiscal 2027 to $10.40–$11.20 billion of revenue, a $10.80 billion midpoint that sits modestly above the $10.32 billion just reported. Non-GAAP EPS is guided to $2.15–$2.35, essentially flat with the $2.17 posted in the fourth quarter. Within that, QCT is guided to $9.00–$9.60 billion and QTL to $1.30–$1.50 billion.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
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