Senior Vice President, Investor Relations
—Announced Multi-Generational Product Collaboration with Amazon for AI Data Centers—
—Record QCT Automotive Revenues: Achieved First $2B Quarter, Growing 89% Year- Over-Year— SAN DIEGO - November 4, 2026 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal fourth quarter and year ended September 27, 2026.
“We are pleased to deliver fourth quarter non-GAAP revenues at the high end of our guidance, along with 36% year-over-year growth in combined QCT Automotive and IoT revenues,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “Fiscal 2027 marks the start of our non-handset revenue inflection, including the ramp of our Data Center business. Non-handset revenues are projected to grow by more than 60% year-over-year, and we are reiterating our fiscal 2027 Data Center revenue target of $5B.”
(1) Discussion regarding our use of Non-GAAP financial measures and reconciliations between GAAP and Non-GAAP results are included at the end of this news release in the sections labeled “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP Results to Non-GAAP Results.”
(2) Fiscal 2026 GAAP results included a $5.7 billion income tax benefit, or $5.32 per share, resulting from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025.
(1) We disaggregate QCT revenues based on the industries and applications in which our products are sold.
The following table summarizes our return of capital to stockholders, through stock repurchases and cash dividends, during the fourth quarter and fiscal 2026.
Stock Dividend Total Repurchases Paid Amount (in millions, except per Shares Amount Per Share Amount share data) Q4 Fiscal 6 $1,011 $0.92 $987 $1,998 2026 Fiscal 48 $7,817 $3.62 $3,854 $11,671 2026
The following statements are forward looking, and actual results may differ materially. The “Note Regarding Forward-Looking Statements” in this news release provides a description of certain risks that we face, and our most recent annual report on file with the Securities and Exchange Commission (SEC) provides a more complete description of our risks.
The semiconductor industry is experiencing a broad-based increase in input costs across wafer fabrication, assembly, test, advanced packaging, memory and other materials. As previously disclosed, we are taking actions to reflect the higher input costs in our product pricing. We anticipate the full benefit of these actions to be reflected in QCT gross margins in the second half of fiscal 2027.
The following table summarizes GAAP and Non-GAAP guidance based on the current outlook.
Current Guidance Q1 FY27 Estimates1 Revenues $10.4B - $11.2B Supplemental Revenue Information QCT revenues2 $9.0B - $9.6B QTL revenues $1.3B - $1.5B GAAP diluted EPS $1.03 - $1.23 Less diluted EPS attributable $— to QSI Less diluted EPS attributable to -$0.99 share-based compensation Less diluted EPS attributable to other -$0.13 items3 Non-GAAP diluted EPS $2.15 - $2.35
(1) Our outlook does not include provisions for proposed tax law changes, future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as certain investments, derivative and foreign currency transaction gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain. Our outlook includes the impact of any pending business combinations to the extent they are expected to close in the upcoming quarter. Actual results may differ materially from the outlook.
(2) Guidance as of the first quarter of fiscal 2027 is inclusive of Data Center.
(3) Our guidance for diluted EPS attributable to other items for the first quarter of fiscal 2027 is primarily related to acquisition-related items.
Qualcomm’s fourth quarter and fiscal 2026 earnings conference call will be broadcast live on November 4, 2026, beginning at 1:45 p.m. Pacific Time (PT) at https://investor.qualcomm.com/news-events/investor-events . This conference call will include a discussion of “Non-GAAP financial measures” as defined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these Non-GAAP financial measures to our financial results prepared in accordance with GAAP, as well as other financial and statistical information to be discussed on the conference call, will be posted to our Investor Relations website at
https://investor.qualcomm.com immediately prior to the commencement of the call.
An audio replay will be available on our website and via telephone following the
Our Investor Relations website at https://investor.qualcomm.com contains a significant amount of information about us, including financial and other information for investors, and it is possible that this information could be deemed to be material information. Accordingly, investors and others interested in Qualcomm should review the information posted on our website in addition to following our press releases, SEC filings and public conference calls and webcasts.
Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance, low- power computing and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.
Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.
In addition to the historical information contained herein, this news release contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our fiscal 2027 non-handset revenue growth, Data Center business ramp and Data Center revenue target; the impact of industry-wide increases in input costs, including pricing actions we are taking in response thereto, the expected impact on our gross margins and the timing thereof; and our estimates and guidance related to revenues and earnings per share (EPS). Forward-looking statements are generally identified by words such as “estimate,” “forecast,” “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” and similar expressions. Actual results may differ materially from those referred to in the forward- looking statements due to a number of important factors, including but not limited to: our dependence on a small number of mobile handset customers and licensees for a significant portion of our revenues; vertical integration by our customers; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to continue to expand our business in industries and applications beyond mobile handsets, including in automotive, the internet of things (IoT) and data center; our increasing focus on artificial intelligence (AI); our strategic acquisitions, transactions and investments, and our ability to consummate and integrate strategic acquisitions; our customers’ and licensees’ sales of products and services based on cellular communications and other technologies, and customer demand for our products and platform solutions in automotive, IoT and data center; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; our ability to attract and retain qualified employees; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; geopolitical conflicts, natural disasters, health crises and other factors outside of our control; our ability to comply with laws, regulations, policies and standards; risks associated with our debt; and potential tax liabilities. These and other risks are set forth in our Annual Report on Form 10-K for the fiscal year ended September 27, 2026 filed with the SEC. Our reports filed with the SEC are available on our website at www.qualcomm.com . We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
September 27, September 28, 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 4,636 $ 5,520 Restricted cash — 2,323 Marketable securities 3,045 4,635 Accounts receivable, net 4,199 4,315 Inventories 8,640 6,526 Other current assets 1,752 2,435 Total current assets 22,272 25,754 Deferred tax assets 5,783 743 Property, plant and equipment, net 6,104 4,690 Goodwill 16,374 11,358 Other intangible assets, net 1,925 1,148 Other assets 8,371 6,450 Total assets $ 60,829 $ 50,143 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade accounts payable $ 3,056 $ 2,791 Payroll and other benefits related 1,875 1,839 liabilities Short-term debt 2,492 — Other current liabilities 4,555 4,514 Total current liabilities 11,978 9,144 Long-term debt 12,620 14,811 Other liabilities 5,830 4,982 Total liabilities 30,428 28,937 Stockholders’ equity: Preferred stock, $0.0001 par value; 8 — — shares authorized; none outstanding Common stock and paid-in capital, $0.0001 par value; 6,000 shares 2,518 — authorized; 1,072 and 1,074 shares issued and outstanding, respectively Retained earnings 27,503 20,646 Accumulated other comprehensive 380 560 income Total stockholders’ equity 30,401 21,206 Total liabilities and stockholders’ $ 60,829 $ 50,143 equity
September 27, September 28, Twelve Months Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── Operating Activities: Net income $ 13,628 $ 5,541 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,630 1,602 expense Income tax payments (in excess) less -5,858 3,980 than income tax provision Share-based compensation 3,452 2,783 expense Net gains on marketable -752 -381 securities and other investments Impairment losses on other 88 113 investments Net gains on equity method -258 -12 investments Other items -20 -28 Changes in assets and liabilities: Accounts 215 -365 receivable, net Inventories -2,049 -138 Other assets 686 971 Trade accounts -3 119 payable Payroll, benefits and other 386 -173 liabilities Net cash provided by operating 11,145 14,012 activities Investing Activities: Capital -2,494 -1,192 expenditures Purchases of debt and equity -2,948 -4,694 marketable securities Proceeds from sales and maturities of 4,906 5,755 debt and equity marketable securities Acquisitions and other investments, -1,577 -743 net of cash acquired Proceeds from 45 61 other investments Other items 29 13 Net cash used by investing -2,039 -800 activities Financing Activities: Proceeds from 5,073 998 short-term debt Repayment of -4,576 -998 short-term debt Repayment of debt of acquired -174 -4 company Proceeds from issuance of term — 1,487 debt Repayment of term — -1,365 debt Proceeds from issuance of common 224 404 stock Repurchases and retirements of -7,817 -8,791 common stock Dividends paid -3,854 -3,805 Payments of tax withholdings related to -1,134 -1,115 vesting of share-based awards Other items -37 -7 Net cash used by financing -12,295 -13,196 activities Effect of exchange rate changes on cash -18 -22 and cash equivalents Net decrease in total cash, cash -3,207 -6 equivalents and restricted cash Total cash and cash equivalents at beginning of period (including 7,843 7,849 $2,323 classified as restricted cash at September 28, 2025) Total cash and cash equivalents at end of period (including $2,323 $ 4,636 $ 7,843 classified as restricted cash at September 28, 2025)
The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented herein.
We use Non-GAAP financial information: (i) to evaluate, assess and benchmark our operating results on a consistent and comparable basis; (ii) to measure the performance and efficiency of our ongoing core operating businesses, including our QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing) segments; and (iii) to compare the performance and efficiency of these segments against competitors. Non-GAAP measurements used by us include revenues, cost of revenues, research and development (R&D) expenses, selling, general and administrative (SG&A) expenses, other income or expenses, operating income, interest expense, net investment and other income, income or earnings before income taxes, effective tax rate, net income and diluted earnings per share. We are able to assess what we believe is a meaningful and comparable set of financial performance measures by using Non-GAAP information. In addition, the HR and Compensation Committee of our Board of Directors uses certain Non-GAAP financial measures in establishing portions of the performance-based incentive compensation programs for our executive officers. We present Non-GAAP financial information to provide greater transparency to investors with respect to our use of such information in financial and operational decision-making. This Non-GAAP financial information is also used by institutional investors and analysts in evaluating our business and assessing trends and future expectations.
Non-GAAP information presented herein excludes our QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items, tax items and other items.
• QSI is excluded because we generally expect to exit our strategic investments in the foreseeable future, and the effects of fluctuations in the value of such investments and realized gains or losses are viewed as unrelated to our operational performance.
• Share-based compensation expense primarily relates to restricted stock units. We believe that excluding share-based compensation from Non-GAAP financial information allows us and investors to make additional comparisons of the operating activities of our ongoing core businesses over time and with respect to other companies.
• Certain other items are excluded because we view such items as unrelated to the operating activities of our ongoing core businesses, as follows:
◦ Acquisition-related items include amortization of acquisition-related intangible assets, substantially all of which relate to the amortization of technology-based intangible assets that is recorded in cost of revenues and will recur in future periods until the related intangible assets have been fully amortized. We view acquisition-related intangible assets as items arising from pre-acquisition activities determined at the time of an acquisition. Acquisition-related intangible assets contribute to revenue generation that has not been excluded from our Non-GAAP financial information. Acquisition-related items also include recognition of the step-up of inventories and property, plant and equipment to fair value and the related tax effects of acquisition-related items, as well as any effects from restructuring the ownership of such acquired assets. We also exclude the operating results of acquired and/or consolidated businesses that, as of close, are expected or required to be sold. Additionally, we exclude certain other acquisition-related charges such as third-party acquisition and integration services costs and costs related to temporary debt facilities and letters of credit executed prior to the close of an acquisition.
◦ We exclude certain other items that we view as unrelated to our ongoing businesses, such as major restructuring and restructuring-related costs, asset impairments and awards, settlements and/or damages arising from legal or regulatory matters. We exclude gains and losses driven by the revaluation of our deferred compensation plan liabilities recognized in operating expenses and the offsetting gains and losses on the related plan assets recognized in investment and other income (expense).
◦ Beginning in the first quarter of fiscal 2026, we are applying a fixed estimated Non-GAAP tax rate to determine our Non-GAAP provision for income taxes. Our Non-GAAP tax rate is determined annually based on our estimated annual GAAP income tax forecast (computed inclusive of both current and deferred income taxes), adjusted to account for items excluded from our Non-GAAP earnings before taxes as well as certain tax items that are unrelated to the fiscal year in which they are recorded. We will periodically re-evaluate the appropriateness of our Non-GAAP tax rate and may adjust for significant changes, including significant changes in our geographic earnings mix, our corporate structure or tax laws. Prior periods have not been updated for this change as the effect would not be material.
(1) Further details of amounts included in the “Other Items” column for the current periods are included at the end of this news release in the table labeled “Supplemental Information and Reconciliations.” Details of amounts included in the “Other Items” column for the prior periods are included in the news release for those periods.
(2) In the fourth quarter and fiscal 2026, other items excluded from Non-GAAP revenues included a payment to a customer resulting from a recent legal settlement.
(3) As a result of the net loss in our GAAP results in the fourth quarter of fiscal 2025, all of the common share equivalents issuable under our equity compensation plans had an anti-dilutive effect and were therefore excluded from the computation of GAAP diluted loss per share. Amounts in all other columns included such common share equivalents in the calculation of diluted earnings per share because we reported Non-GAAP net income.
(1) Other items excluded from Non-GAAP results included $235 million of restructuring and restructuring-related charges, $141 million of acquisition- related charges and $1 million of interest expense related to a fine imposed on us by the European Commission in 2019. Other items excluded from Non-GAAP results also included $41 million of losses driven by the revaluation of our deferred compensation plan liabilities, which increases operating expenses, offset by a corresponding $41 million of gains driven by the revaluation of the associated plan assets, which were included within investment and other (expense) income, net.
(2) Tax benefit in the “Other Items” column represents an adjustment to arrive at our fixed estimated Non-GAAP tax rate of 12.5% for the fourth quarter of fiscal 2026 and includes the benefit from foreign currency gains related to our Korean withholding tax receivable.
(1) Other items excluded from Non-GAAP results included $435 million of acquisition-related charges (net of a $37 million gain on settlement of debt of an acquired company), $343 million of restructuring and restructuring-related charges, and $5 million of interest expense related to the 2019 EC fine. Other items excluded from Non-GAAP results also included $177 million of losses driven by the revaluation of our deferred compensation plan liabilities, which increases operating expenses, offset by a corresponding $176 million of gains driven by the revaluation of the associated plan assets, which were included within investment and other income, net.
(2) Tax benefit in the “Other Items” column represents an adjustment to arrive at our fixed estimated Non-GAAP tax rates of 13.5% in the first quarter and 12.5% in the remaining quarters of fiscal 2026, resulting in a blended full-year rate of approximately 13%. This adjustment is primarily related to a $5.7 billion income tax benefit from the release of a valuation allowance in the second quarter of fiscal 2026 as we now expect to realize our existing federal deferred tax assets, partially offset by the impact of the amortization of previously capitalized domestic research and development expenditures for U.S. federal income tax purposes (for which the initial benefit was previously excluded from our Non-GAAP results).
Full text with the tables
Exhibit 99.1
FOR IMMEDIATE RELEASE
Qualcomm Contact:
Brett Simpson
Senior Vice President, Investor Relations
Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com
Qualcomm Announces Fourth Quarter and Fiscal 2026 Results
Fiscal 2026 GAAP Revenues: $43.1 billion
Fiscal 2026 GAAP EPS: $12.70, Non-GAAP EPS: $10.54
—Renewed Long-term QTL License Agreements with Apple, Huawei and Transsion—
—Announced Multi-Generational Product Collaboration with Amazon for AI Data
Centers—
—Record QCT Automotive Revenues: Achieved First $2B Quarter, Growing 89% Year-
Over-Year—
SAN DIEGO - November 4, 2026 - Qualcomm Incorporated (NASDAQ: QCOM) today
announced results for its fiscal fourth quarter and year ended September 27,
2026.
“We are pleased to deliver fourth quarter non-GAAP revenues at the high end of
our guidance, along with 36% year-over-year growth in combined QCT Automotive
and IoT revenues,” said Cristiano Amon, President and CEO of Qualcomm
Incorporated. “Fiscal 2027 marks the start of our non-handset revenue
inflection, including the ramp of our Data Center business. Non-handset revenues
are projected to grow by more than 60% year-over-year, and we are reiterating
our fiscal 2027 Data Center revenue target of $5B.”
Fourth Quarter Results 1
GAAP Non-GAAP
(in
millio…
except Q4 Q4 Q4
per Fiscal Fiscal Change Fiscal Q4 Fiscal Change
share 2026 2025 2026 2025
data
and
percen…
Revenu… $10,322 $11,270 -8% $10,442 $11,270 -7%
Earnin…
before $1,173 $2,971 -61% $2,666 $3,792 -30%
taxes
(EBT)
Net $1,251 -$3,117 +140% $2,332 $3,257 -28%
income
Diluted
earnin…
(loss) $1.17 -$2.89 +140% $2.17 $3.00 -28%
per
share
(EPS)
Fiscal 2026 Results 1,2
GAAP Non-GAAP
(in
millio…
except
per Fiscal Fiscal Change Fiscal Fiscal Change
share 2026 2025 2026 2025
data
and
percen…
Revenu… $43,120 $44,284 -3% $43,240 $44,141 -2%
EBT $9,414 $12,663 -26% $12,976 $15,458 -16%
Net $13,628 $5,541 +146% $11,311 $13,298 -15%
income
EPS $12.70 $5.01 +153% $10.54 $12.03 -12%
(1) Discussion regarding our use of Non-GAAP financial measures and
reconciliations between GAAP and Non-GAAP results are included at the end of
this news release in the sections labeled “Note Regarding Use of Non-GAAP
Financial Measures” and “Reconciliations of GAAP Results to Non-GAAP Results.”
(2) Fiscal 2026 GAAP results included a $5.7 billion income tax benefit, or
$5.32 per share, resulting from the release of a valuation allowance that was
established in the fourth quarter of fiscal 2025.
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 2 of 10
Results
Segment Results
Fourth
Quarter
QCT QTL
(in Q4 Q4 Q4 Q4
millio… Fiscal Fiscal Change Fiscal Fiscal Change
except 2026 2025 2026 2025
percen…
Revenu… $9,015 $9,821 -8% $1,304 $1,409 -7%
EBT $2,142 $2,896 -26% $918 $1,015 -10%
EBT as -5 -2
% of 24% 29% points 70% 72% points
revenu…
Fiscal 2026
QCT QTL
(in
millio… Fiscal Fiscal Change Fiscal Fiscal Change
except 2026 2025 2026 2025
percen…
Revenu… $37,208 $38,367 -3% $5,556 $5,582 —
EBT $10,101 $11,670 -13% $4,022 $4,043 -1%
EBT as -3
% of 27% 30% points 72% 72% —
revenu…
QCT Revenue Streams
1
Fourth Fiscal
Quarter
(in
millions, 2026 2025 Change 2026 2025 Change
except
percenta…
Handsets $5,137 $6,961 -26% $24,072 $27,793 -13%
Automoti… 1,990 1,053 +89% 6,004 3,957 +52%
IoT
(internet 1,888 1,807 +4% 7,132 6,617 +8%
of
things)
Total QCT $9,015 $9,821 -8% $37,208 $38,367 -3%
revenues
(1) We disaggregate QCT revenues based on the industries and applications in
which our products are sold.
Return of Capital to Stockholders
The following table summarizes our return of capital to stockholders, through
stock repurchases and cash dividends, during the fourth quarter and fiscal 2026.
Stock Dividend Total
Repurchases Paid Amount
(in
millions,
except per Shares Amount Per Share Amount
share
data)
Q4 Fiscal 6 $1,011 $0.92 $987 $1,998
2026
Fiscal 48 $7,817 $3.62 $3,854 $11,671
2026
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 3 of 10
Results
Business Outlook
The following statements are forward looking, and actual results may differ
materially. The “Note Regarding Forward-Looking Statements” in this news release
provides a description of certain risks that we face, and our most recent annual
report on file with the Securities and Exchange Commission (SEC) provides a more
complete description of our risks.
The semiconductor industry is experiencing a broad-based increase in input costs
across wafer fabrication, assembly, test, advanced packaging, memory and other
materials. As previously disclosed, we are taking actions to reflect the higher
input costs in our product pricing. We anticipate the full benefit of these
actions to be reflected in QCT gross margins in the second half of fiscal 2027.
The following table summarizes GAAP and Non-GAAP guidance based on the current
outlook.
Current Guidance
Q1 FY27 Estimates1
Revenues $10.4B - $11.2B
Supplemental Revenue
Information
QCT revenues2 $9.0B - $9.6B
QTL revenues $1.3B - $1.5B
GAAP diluted EPS $1.03 - $1.23
Less diluted EPS attributable $—
to QSI
Less diluted EPS attributable
to -$0.99
share-based compensation
Less diluted EPS attributable
to other -$0.13
items3
Non-GAAP diluted EPS $2.15 - $2.35
(1) Our outlook does not include provisions for proposed tax law changes, future
asset impairments or for pending legal matters, other than future legal amounts
that are probable and estimable. Further, due to their nature, certain income
and expense items, such as certain investments, derivative and foreign currency
transaction gains or losses, cannot be accurately forecast. Accordingly, we only
include such items in our financial outlook to the extent they are reasonably
certain. Our outlook includes the impact of any pending business combinations to
the extent they are expected to close in the upcoming quarter. Actual results
may differ materially from the outlook.
(2) Guidance as of the first quarter of fiscal 2027 is inclusive of Data Center.
(3) Our guidance for diluted EPS attributable to other items for the first
quarter of fiscal 2027 is primarily related to acquisition-related items.
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 4 of 10
Results
Conference Call and Available Information
Qualcomm’s fourth quarter and fiscal 2026 earnings conference call will be
broadcast live on November 4, 2026, beginning at 1:45 p.m. Pacific Time (PT) at
https://investor.qualcomm.com/news-events/investor-events . This conference call
will include a discussion of “Non-GAAP financial measures” as defined in
Regulation G. The most directly comparable GAAP financial measures and
information reconciling these Non-GAAP financial measures to our financial
results prepared in accordance with GAAP, as well as other financial and
statistical information to be discussed on the conference call, will be posted
to our Investor Relations website at
https://investor.qualcomm.com immediately prior to the commencement of the call.
An audio replay will be available on our website and via telephone following the
live call for 30 days thereafter. To listen to the replay via telephone, U.S.
callers may dial (877) 660-6853 and international callers may dial (201)
612-7415. Callers should use reservation number 13762625.
Our Investor Relations website at https://investor.qualcomm.com contains a
significant amount of information about us, including financial and other
information for investors, and it is possible that this information could be
deemed to be material information. Accordingly, investors and others interested
in Qualcomm should review the information posted on our website in addition to
following our press releases, SEC filings and public conference calls and
webcasts.
About Qualcomm
Qualcomm is a global computing leader at the center of the AI era, enabling
intelligence to scale from the most personal devices to large‑scale
infrastructure. Building on more than four decades of innovation, we develop
platforms and solutions that bring together advanced AI, high‑performance, low-
power computing and industry‑leading connectivity—powering products and services
used around the world. At Qualcomm, we are engineering human progress.
Qualcomm Incorporated includes our licensing business, QTL, and the vast
majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of
Qualcomm Incorporated, operates, along with its subsidiaries, substantially all
of our engineering and research and development functions and substantially all
of our products and services businesses, including our QCT semiconductor
business. Snapdragon and Qualcomm branded products are products of Qualcomm
Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by
Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm
Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.
Note Regarding Forward-Looking Statements
In addition to the historical information contained herein, this news release
contains forward-looking statements that are inherently subject to risks and
uncertainties, including but not limited to statements regarding: our fiscal
2027 non-handset revenue growth, Data Center business ramp and Data Center
revenue target; the impact of industry-wide increases in input costs, including
pricing actions we are taking in response thereto, the expected impact on our
gross margins and the timing thereof; and our estimates and guidance related to
revenues and earnings per share (EPS). Forward-looking statements are generally
identified by words such as “estimate,” “forecast,” “guidance,” “expect,”
“anticipate,” “intend,” “plan,” “believe,” “seek” and similar expressions.
Actual results may differ materially from those referred to in the forward-
looking statements due to a number of important factors, including but not
limited to: our dependence on a small number of mobile handset customers and
licensees for a significant portion of our revenues; vertical integration by our
customers; a significant portion of our business being concentrated in China,
which is exacerbated by U.S./China trade and national security tensions; our
ability to continue to expand our business in industries and applications beyond
mobile handsets, including in automotive, the internet of things (IoT) and data
center; our increasing focus on artificial intelligence (AI); our strategic
acquisitions, transactions and investments, and our ability to consummate and
integrate strategic acquisitions; our customers’ and licensees’ sales of
products and services based on cellular communications and other technologies,
and customer demand for our products and platform solutions in automotive, IoT
and data center; competition in an environment of rapid technological change,
and our ability to adapt to such change and compete effectively; our dependence
on a limited number of third-party suppliers; risks associated with the
operation and control of our manufacturing facilities; security breaches of our
information technology systems, or other misappropriation of our technology,
intellectual property or other proprietary or confidential information; failures
in our products or in the products of our customers or licensees, including
those resulting from security vulnerabilities, defects or errors; our ability to
attract and retain qualified employees; the continued and future success of our
licensing programs, which requires us to continue to evolve our patent portfolio
and to renew or renegotiate license agreements that are expiring; efforts by
some OEMs to avoid paying fair and reasonable royalties for the use of our
intellectual property, and other attacks on our licensing business model;
potential changes in our patent licensing practices, whether due to governmental
investigations, legal challenges or otherwise; adverse rulings in governmental
investigations or proceedings or other legal proceedings; difficulties in
enforcing and protecting our intellectual property rights; claims by third
parties that we infringe their intellectual property; our use of open source
software; the cyclical nature of the semiconductor industry, declines in global,
regional or local economic conditions, or our stock price and earnings
volatility; geopolitical conflicts, natural disasters, health crises and other
factors outside of our control; our ability to comply with laws, regulations,
policies and standards; risks associated with our debt; and potential tax
liabilities. These and other risks are set forth in our Annual Report on Form
10-K for the fiscal year ended September 27, 2026 filed with the SEC. Our
reports filed with the SEC are available on our website at www.qualcomm.com . We
undertake no obligation to update, or continue to provide information with
respect to, any forward-looking statement or risk factor, whether as a result of
new information, future events or otherwise.
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 5 of 10
Results
QUALCOMM Incorporated
CONSOLIDATED BALANCE SHEETS
(In millions, except par value amounts)
(Unaudited)
September 27, September 28,
2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 4,636 $ 5,520
Restricted cash — 2,323
Marketable securities 3,045 4,635
Accounts receivable, net 4,199 4,315
Inventories 8,640 6,526
Other current assets 1,752 2,435
Total current assets 22,272 25,754
Deferred tax assets 5,783 743
Property, plant and equipment, net 6,104 4,690
Goodwill 16,374 11,358
Other intangible assets, net 1,925 1,148
Other assets 8,371 6,450
Total assets $ 60,829 $ 50,143
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable $ 3,056 $ 2,791
Payroll and other benefits related 1,875 1,839
liabilities
Short-term debt 2,492 —
Other current liabilities 4,555 4,514
Total current liabilities 11,978 9,144
Long-term debt 12,620 14,811
Other liabilities 5,830 4,982
Total liabilities 30,428 28,937
Stockholders’ equity:
Preferred stock, $0.0001 par value;
8 — —
shares authorized; none outstanding
Common stock and paid-in capital,
$0.0001 par value; 6,000 shares 2,518 —
authorized; 1,072 and 1,074 shares
issued and outstanding, respectively
Retained earnings 27,503 20,646
Accumulated other comprehensive 380 560
income
Total stockholders’ equity 30,401 21,206
Total liabilities and stockholders’ $ 60,829 $ 50,143
equity
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 6 of 10
Results
QUALCOMM Incorporated
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
Three Twelve Septem… Septe… Septem… Septe…
Months Months 27, 28, 27, 28,
Ended Ended 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Reven…
Equip…
and $ 8,893 $ 9,674 $ 36,895 $ 37,869
servi…
Licen… 1,429 1,596 6,225 6,415
Total 10,322 11,270 43,120 44,284
reven…
Costs
and
expen…
Cost
of 5,084 5,033 20,222 19,738
reven…
Resea…
and 2,684 2,370 10,207 9,042
devel…
Selli…
gener… 963 910 3,701 3,110
and
admin…
Other 235 39 332 39
Total
costs 8,966 8,352 34,462 31,929
and
expen…
Opera… 1,356 2,918 8,658 12,355
income
Inter… -170 -171 -689 -664
expen…
Inves…
and
other -13 224 1,445 972
(expe…
incom…
net
Income
before 1,173 2,971 9,414 12,663
income
taxes
Income
tax 78 -6,088 4,214 -7,122
benef…
(expe…
Net $ 1,251 $ -3,117 $ 13,628 $ 5,541
income
Basic
earni…
(loss) $ 1.18 $ -2.89 $ 12.81 $ 5.05
per
share
Dilut…
earni…
(loss) $ 1.17 $ -2.89 $ 12.70 $ 5.01
per
share
Shares
used
in per
share
calcu…
Basic 1,062 1,078 1,064 1,096
Dilut… 1,073 1,078 1,073 1,105
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 7 of 10
Results
QUALCOMM Incorporated
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
September 27, September 28,
Twelve Months Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Operating
Activities:
Net income $ 13,628 $ 5,541
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation and
amortization 1,630 1,602
expense
Income tax
payments (in
excess) less -5,858 3,980
than income tax
provision
Share-based
compensation 3,452 2,783
expense
Net gains on
marketable -752 -381
securities and
other investments
Impairment losses
on other 88 113
investments
Net gains on
equity method -258 -12
investments
Other items -20 -28
Changes in assets
and liabilities:
Accounts 215 -365
receivable, net
Inventories -2,049 -138
Other assets 686 971
Trade accounts -3 119
payable
Payroll, benefits
and other 386 -173
liabilities
Net cash provided
by operating 11,145 14,012
activities
Investing
Activities:
Capital -2,494 -1,192
expenditures
Purchases of debt
and equity -2,948 -4,694
marketable
securities
Proceeds from
sales and
maturities of 4,906 5,755
debt and equity
marketable
securities
Acquisitions and
other investments, -1,577 -743
net
of cash acquired
Proceeds from 45 61
other investments
Other items 29 13
Net cash used by
investing -2,039 -800
activities
Financing
Activities:
Proceeds from 5,073 998
short-term debt
Repayment of -4,576 -998
short-term debt
Repayment of debt
of acquired -174 -4
company
Proceeds from
issuance of term — 1,487
debt
Repayment of term — -1,365
debt
Proceeds from
issuance of common 224 404
stock
Repurchases and
retirements of -7,817 -8,791
common
stock
Dividends paid -3,854 -3,805
Payments of tax
withholdings
related to -1,134 -1,115
vesting of
share-based awards
Other items -37 -7
Net cash used by
financing -12,295 -13,196
activities
Effect of exchange
rate changes on
cash -18 -22
and cash
equivalents
Net decrease in
total cash, cash -3,207 -6
equivalents and
restricted cash
Total cash and
cash equivalents
at
beginning of
period (including 7,843 7,849
$2,323
classified as
restricted cash at
September 28,
2025)
Total cash and
cash equivalents
at end
of period
(including $2,323 $ 4,636 $ 7,843
classified
as restricted cash
at September 28,
2025)
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 8 of 10
Results
Note Regarding Use of Non-GAAP Financial Measures
The Non-GAAP financial measures presented herein should be considered in
addition to, not as a substitute for or superior to, financial measures
calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term
defined by GAAP, and as a result, our Non-GAAP financial measures might be
different than similarly titled measures used by other companies.
Reconciliations between GAAP and Non-GAAP financial measures are presented
herein.
We use Non-GAAP financial information: (i) to evaluate, assess and benchmark our
operating results on a consistent and comparable basis; (ii) to measure the
performance and efficiency of our ongoing core operating businesses, including
our QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing)
segments; and (iii) to compare the performance and efficiency of these segments
against competitors. Non-GAAP measurements used by us include revenues, cost of
revenues, research and development (R&D) expenses, selling, general and
administrative (SG&A) expenses, other income or expenses, operating income,
interest expense, net investment and other income, income or earnings before
income taxes, effective tax rate, net income and diluted earnings per share. We
are able to assess what we believe is a meaningful and comparable set of
financial performance measures by using Non-GAAP information. In addition, the
HR and Compensation Committee of our Board of Directors uses certain Non-GAAP
financial measures in establishing portions of the performance-based incentive
compensation programs for our executive officers. We present Non-GAAP financial
information to provide greater transparency to investors with respect to our use
of such information in financial and operational decision-making. This Non-GAAP
financial information is also used by institutional investors and analysts in
evaluating our business and assessing trends and future expectations.
Non-GAAP information presented herein excludes our QSI (Qualcomm Strategic
Initiatives) segment and certain share-based compensation, acquisition-related
items, tax items and other items.
• QSI is excluded because we generally expect to exit our strategic investments
in the foreseeable future, and the effects of fluctuations in the value of such
investments and realized gains or losses are viewed as unrelated to our
operational performance.
• Share-based compensation expense primarily relates to restricted stock units.
We believe that excluding share-based compensation from Non-GAAP financial
information allows us and investors to make additional comparisons of the
operating activities of our ongoing core businesses over time and with respect
to other companies.
• Certain other items are excluded because we view such items as unrelated to
the operating activities of our ongoing core businesses, as follows:
◦ Acquisition-related items include amortization of acquisition-related
intangible assets, substantially all of which relate to the amortization of
technology-based intangible assets that is recorded in cost of revenues and will
recur in future periods until the related intangible assets have been fully
amortized. We view acquisition-related intangible assets as items arising from
pre-acquisition activities determined at the time of an acquisition.
Acquisition-related intangible assets contribute to revenue generation that has
not been excluded from our Non-GAAP financial information. Acquisition-related
items also include recognition of the step-up of inventories and property, plant
and equipment to fair value and the related tax effects of acquisition-related
items, as well as any effects from restructuring the ownership of such acquired
assets. We also exclude the operating results of acquired and/or consolidated
businesses that, as of close, are expected or required to be sold. Additionally,
we exclude certain other acquisition-related charges such as third-party
acquisition and integration services costs and costs related to temporary debt
facilities and letters of credit executed prior to the close of an acquisition.
◦ We exclude certain other items that we view as unrelated to our ongoing
businesses, such as major restructuring and restructuring-related costs, asset
impairments and awards, settlements and/or damages arising from legal or
regulatory matters. We exclude gains and losses driven by the revaluation of our
deferred compensation plan liabilities recognized in operating expenses and the
offsetting gains and losses on the related plan assets recognized in investment
and other income (expense).
◦ Beginning in the first quarter of fiscal 2026, we are applying a fixed
estimated Non-GAAP tax rate to determine our Non-GAAP provision for income
taxes. Our Non-GAAP tax rate is determined annually based on our estimated
annual GAAP income tax forecast (computed inclusive of both current and deferred
income taxes), adjusted to account for items excluded from our Non-GAAP earnings
before taxes as well as certain tax items that are unrelated to the fiscal year
in which they are recorded. We will periodically re-evaluate the appropriateness
of our Non-GAAP tax rate and may adjust for significant changes, including
significant changes in our geographic earnings mix, our corporate structure or
tax laws. Prior periods have not been updated for this change as the effect
would not be material.
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 9 of 10
Results
Reconciliations of GAAP Results to Non-GAAP Results
…
…
…
…
… L…
G… L… … O… …
R… Q… … I… …
2
… $— $— … …
… -3 … -… …
… -… … -… …
11 % 26 %
… -… … -… …
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… $— $— … …
… -5 … -… …
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26 % 34 %
… 1 … -… …
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… -… … -… …
… 7… … -… …
22 % 30 %
… 6… … 4… …
… $… … $… …
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… … $— … …
… -… … -… …
… 1… … -… …
29 % 35 %
… 1… … -… …
… $… … -… …
… 1… … 1… …
(1) Further details of amounts included in the “Other Items” column for the
current periods are included at the end of this news release in the table
labeled “Supplemental Information and Reconciliations.” Details of amounts
included in the “Other Items” column for the prior periods are included in the
news release for those periods.
(2) In the fourth quarter and fiscal 2026, other items excluded from Non-GAAP
revenues included a payment to a customer resulting from a recent legal
settlement.
(3) As a result of the net loss in our GAAP results in the fourth quarter of
fiscal 2025, all of the common share equivalents issuable under our equity
compensation plans had an anti-dilutive effect and were therefore excluded from
the computation of GAAP diluted loss per share. Amounts in all other columns
included such common share equivalents in the calculation of diluted earnings
per share because we reported Non-GAAP net income.
Sums may not equal totals due to rounding
Qualcomm Announces Fourth Quarter and Fiscal 2026 Page 10 of 10
Results
Q4
F…
2…
S…
I…
a…
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2
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… -… -… — 41 66
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… -… -… -… -… 3…
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(1) Other items excluded from Non-GAAP results included $235 million of
restructuring and restructuring-related charges, $141 million of acquisition-
related charges and $1 million of interest expense related to a fine imposed on
us by the European Commission in 2019. Other items excluded from Non-GAAP
results also included $41 million of losses driven by the revaluation of our
deferred compensation plan liabilities, which increases operating expenses,
offset by a corresponding $41 million of gains driven by the revaluation of the
associated plan assets, which were included within investment and other
(expense) income, net.
(2) Tax benefit in the “Other Items” column represents an adjustment to arrive
at our fixed estimated Non-GAAP tax rate of 12.5% for the fourth quarter of
fiscal 2026 and includes the benefit from foreign currency gains related to our
Korean withholding tax receivable.
Sums may not equal totals due to rounding.
F…
2…
S…
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a…
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(… GA… Le… Sh… Ot… No…
m… Re… QSI Co… It… Re…
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r…
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a… 1… — 2… 1… 7…
d…
e…
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g…
a… 3… 11 7… 2… 2…
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(1) Other items excluded from Non-GAAP results included $435 million of
acquisition-related charges (net of a $37 million gain on settlement of debt of
an acquired company), $343 million of restructuring and restructuring-related
charges, and $5 million of interest expense related to the 2019 EC fine. Other
items excluded from Non-GAAP results also included $177 million of losses driven
by the revaluation of our deferred compensation plan liabilities, which
increases operating expenses, offset by a corresponding $176 million of gains
driven by the revaluation of the associated plan assets, which were included
within investment and other income, net.
(2) Tax benefit in the “Other Items” column represents an adjustment to arrive
at our fixed estimated Non-GAAP tax rates of 13.5% in the first quarter and
12.5% in the remaining quarters of fiscal 2026, resulting in a blended full-year
rate of approximately 13%. This adjustment is primarily related to a $5.7
billion income tax benefit from the release of a valuation allowance in the
second quarter of fiscal 2026 as we now expect to realize our existing federal
deferred tax assets, partially offset by the impact of the amortization of
previously capitalized domestic research and development expenditures for U.S.
federal income tax purposes (for which the initial benefit was previously
excluded from our Non-GAAP results).
Sums may not equal totals due to rounding.