Qualcomm Q4 FY2026 earnings review

Non-GAAP EPS of $2.17 beat LSEG, but Q1 EPS guidance sits below consensus.

Qualcomm · Q4 FY2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

Qualcomm Q4 FY2026 earnings review

Quarter ended September 27, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Qualcomm (QCOM) Q4 FY2026 earnings review

Non-GAAP EPS of $2.17 beat LSEG, but Q1 EPS guidance sits below consensus

  1. 1.Revenues fell 8.4% to $10,322M, 2.1% above LSEG
  2. 2.Non-GAAP EPS fell 27.7% to $2.17, $0.01 above LSEG
  3. 3.Handsets revenues fell 26.2%, and missed StreetAccount by 1.4%
  4. 4.Automotive revenues rose 89.0% to a record $1,990M
  5. 5.Q1 non-GAAP EPS guidance midpoint of $2.25 sits below LSEG at $2.27
  6. 6.Shares were $159.69 after-hours on Nov 4, 7.8% below the close

Note: After-hours price is not a close.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; LSEG and StreetAccount via CNBC, Nov 4, 2026; Yahoo Finance prices, Nov 3–4, 2026

2

2 · Executive summary

Q4 non-GAAP EPS beat LSEG by 0.5%, while handsets revenues missed

Q4 FY2026 results vs. consensus (LSEG and StreetAccount via CNBC; Zacks, Nov 4, 2026)

MetricActualConsensusVarianceResult
Non-GAAP EPS (LSEG)$2.17$2.16+$0.01 / +0.5%Beat
Non-GAAP EPS (Zacks)$2.17$2.16+$0.01 / +0.5%Beat
Revenues (LSEG)$10,322M$10,110M+$212M / +2.1%Beat
Revenues (Zacks)$10,322M$10,150M+$172M / +1.7%Beat
Handsets (StreetAccount)$5,137M$5,210M-$73M / -1.4%Miss
Automotive (StreetAccount)$1,990M$1,660M+$330M / +19.9%Beat

Share price, Nov 3–4, 2026 (Yahoo Finance)

Qualcomm (QCOM)Nov 3 closeNov 4 closeNov 4 after-hoursAfter-hours change
QCOM ($)$164.43$173.19$159.69-7.8%

After-hours price at 4:33 PM ET Nov 4, not a close; change is vs. the Nov 4 close.

Note: Revenues are GAAP revenues. Variance is actual less consensus.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; LSEG and StreetAccount via CNBC; Zacks via Yahoo Finance; Yahoo Finance prices

3

3 · Q4 results vs. consensus

Q1 non-GAAP EPS guidance midpoint sits 0.9% below LSEG, while revenue guidance sits above

Q1 FY2027 guidance midpoints vs. consensus (LSEG via CNBC, Nov 4, 2026)

MetricGuidanceConsensusVariancevs. Street
Q1 non-GAAP EPS, midpoint$2.25$2.27-$0.02 / -0.9%Below
Q1 revenues, midpoint$10,800M$10,480M+$320M / +3.1%Above

Q1 FY2027 company guidance

MetricLowHighMidpoint
Revenues$10.4B$11.2B$10.8B
QCT revenues$9.0B$9.6B$9.3B
GAAP diluted EPS$1.03$1.23Not given
Non-GAAP diluted EPS$2.15$2.35$2.25

Note: QCT is Qualcomm CDMA Technologies. Midpoint is the average of the low and high ends. QCT guidance includes data center.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; LSEG via CNBC, Nov 4, 2026

4

4 · Guidance vs. consensus

Revenues fell 8.4% while non-GAAP EBT fell 29.7%

  1. Non-handset growthAutomotive and IoT revenues rose 35.6% to $3,878M.
  2. GAAP net incomeGAAP net income was $1,251M, against a loss a year earlier.

Key figures

MetricQ4 FY2025Q4 FY2026YoY
Revenues$11.3B$10.3B(8.4%)
Non-GAAP EBT$3.8B$2.7B(29.7%)
Non-GAAP net income$3.3B$2.3B(28.4%)
Non-GAAP EPS$3.00$2.17(27.7%)

Note: EBT is earnings before taxes; IoT is internet of things. The Q4 FY2025 GAAP loss reflected a deferred tax valuation allowance.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

5

5 · Q4 key financials

QCT revenues fell 8.2%, and its EBT margin fell 573 bps

Revenues and EBT by segment

Q4 FY2026

SegmentRevenuesYoYEBTEBT margin
QCT$9,015M-8%$2,142M23.8%
QTL$1,304M-7%$918M70.4%
Handsets (QCT)$5,137M-26%——
Automotive (QCT)$1,990M+89%——
Automotive revenues rose 89%“Fiscal 2027 marks the start of our non-handset revenue inflection, including the ramp of our Data Center business.” Cristiano Amon, CEO

Note: QCT is Qualcomm CDMA Technologies; QTL is Qualcomm Technology Licensing; EBT is earnings before taxes. EBT margin is segment EBT divided by segment revenues.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

6

6 · Segment results

Handsets cut QCT revenues by $1,824M, while automotive added $937M

QCT revenue bridge by stream

$M, Q4 FY2025 to Q4 FY2026

$M · Q4 FY2025: $9,821M$M · Handsets: -$1,824M$M · Automotive: $937M$M · IoT: $81M$M · Q4 FY2026: $9,015MQ4 FY2025HandsetsAutomotiveIoTQ4 FY2026$6,000M$7,000M$8,000M$9,000M$10,000M$10,500M$9,821M-$1,824M$937M$81M$9,015M
IoT added $81M

Note: QCT is Qualcomm CDMA Technologies; IoT is internet of things. Steps are each stream’s change in revenues.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

7

7 · QCT revenue bridge

Handsets were 57% of QCT revenues, down from 71%

Revenue by stream

$M, Q4 FY2026

$M · Handsets: $5,137M$M · Automotive: $1,990M$M · IoT: $1,888M$M · QTL licensing: $1,304MHandsetsAutomotiveIoTQTL licensing$0M$2,000M$4,000M$6,000M$5,137M$1,990M$1,888M$1,304M
QTL licensing revenues fell 7.5%

Note: QCT is Qualcomm CDMA Technologies; QTL is Qualcomm Technology Licensing; IoT is internet of things. Handsets, automotive and IoT are QCT revenue streams.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

8

8 · Revenue by stream

Non-GAAP net income of $2,332M adds $768M of SBC to GAAP net income

GAAP to non-GAAP net income

$M, Q4 FY2026

$M · GAAP net income: $1,251M$M · QSI: $97M$M · Stock pay: $768M$M · Other items: $216M$M · Non-GAAP net income: $2,332MGAAP netincomeQSIStock payOther itemsNon-GAAP netincome$0M$500M$1,000M$1,500M$2,000M$2,600M$1,251M$97M$768M$216M$2,332M
Other items added $216M

Note: SBC is share-based compensation. Other items are mainly acquisition-related items and a legal settlement payment.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

9

9 · Net income bridge

Non-GAAP EBT margin fell 812 bps to 25.5%

Margins

% of revenues, Q4 FY2025 vs. Q4 FY2026

Non-GAAP EBT margin · Q4 FY2025: 33.6%Non-GAAP EBT margin · Q4 FY2026: 25.5%GAAP operating margin · Q4 FY2025: 25.9%GAAP operating margin · Q4 FY2026: 13.1%Q4 FY2025Q4 FY20260.0%10.0%20.0%30.0%40.0%33.6%25.5%25.9%13.1%

Non-GAAP EBT marginGAAP operating margin

GAAP operating margin fell 1275 bps

Note: EBT is earnings before taxes. Non-GAAP EBT margin is non-GAAP EBT over non-GAAP revenues.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

FY2026 free cash flow fell 32.5% to $8,651M as capex doubled

Operating cash flow to free cash flow

$M, FY2026

$M · Operating cash flow: $11,145M$M · Capex: -$2,494M$M · Free cash flow: $8,651MOperating cash flowCapexFree cash flow$0M$2,500M$5,000M$7,500M$10,000M$12,000M$11,145M-$2,494M$8,651M
Capex rose 109% to $2,494M

Note: FCF is operating cash flow less capital expenditures. The release gives cash flow for the full year only.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

11

11 · Free cash flow

12 · Capital returns

13 · Balance sheet and debt

Q1 guidance needs revenues 4.6% above Q4, as handsets fell 26.2%

Indicator
What to watch
Implication
Latest reading
Handset demand
QCT revenues
Memory costs raise phone prices
Handsets down 26%
Data center ramp
FY2027 target
Supply limits
Target $5.0B
Input costs
QCT margin
Price rises in H2 FY2027
QCT margin 23.8%
Inventories
Cash flow
Higher working capital
Up 32%

Note: QCT is Qualcomm CDMA Technologies. These are analytical watch points, not company targets.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: full year FY2026 detail

ClaimEvidenceCalculation
Revenues fell2.6% to $43.1BStatements of operations
Non-GAAP EPS fell12.4% to $10.54Reconciliations
GAAP EPS$12.70Includes tax benefit
Valuation allowance release$5.7BIncome tax benefit
Automotive revenues$6.0BQCT revenue streams
Share-based compensation$3.5BCash flow statement

QCT is Qualcomm CDMA Technologies. Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

15

15 · Appendix: Full year FY2026

Appendix: segment and stream detail

ClaimEvidenceCalculation
QCT EBT margin29.5% to 23.8%EBT over revenues
QTL EBT margin72.0% to 70.4%EBT over revenues
IoT revenues$1,888M, up 4.5%QCT stream
Automotive and IoT$3,878M, up 35.6%Combined streams
QTL EBT$918M, down 9.6%Segment results
R&D to revenues21.0% to 26.0%GAAP R&D over revenues

QCT is Qualcomm CDMA Technologies; QTL is Qualcomm Technology Licensing; EBT is earnings before taxes; IoT is internet of things. Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

16

16 · Appendix: Segment detail

17 · Appendix: Results vs. guidance

Appendix: cash and balance sheet detail

ClaimEvidenceCalculation
Operating cash flow, FY2026$11.1BCash flow statement
Free cash flow, FY2025$12.8BOCF less capex
Goodwill change+$5.0BAcquisitions
Short-term debt$2.5BSep 27, 2026
Total stockholders equity$30.4BSep 27, 2026
Restricted cash$2.3B to nilReleased in FY2026

Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

18

18 · Appendix: Cash and balance

Appendix: income statement detail

Income statement

$ millionQ4 FY2025Q4 FY2026
Revenues$11,270M$10,322M
Cost of revenues$5,033M$5,084M
Research and development$2,370M$2,684M
Operating income$2,918M$1,356M

GAAP to non-GAAP

$ millionQ4 FY2025Q4 FY2026
GAAP net income($3,117M)$1,251M
QSI and SBC($1M) / $476M$97M / $768M
Other items$5,899M$216M
Non-GAAP net income$3,257M$2,332M

Note: QSI is Qualcomm Strategic Initiatives; SBC is share-based compensation. Non-GAAP excludes QSI, SBC and other items, as defined by Qualcomm.Source: Qualcomm Form 8-K, Ex. 99.1, Nov 4, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Filing: Qualcomm Form 8-K, Nov 4, 2026 (accepted 4:03 PM ET) — https://www.sec.gov/Archives/edgar/data/804328/000080432826000127/0000804328-26-000127-index.htm
  • Exhibit 99.1, fourth quarter and fiscal 2026 results — https://www.sec.gov/Archives/edgar/data/804328/000080432826000127/qcom092726erex991.htm
  • Prior guidance: Form 8-K Ex. 99.1, Jul 29, 2026 — https://www.sec.gov/Archives/edgar/data/804328/000080432826000085/qcom062826erex991.htm
  • Consensus: LSEG and StreetAccount via CNBC, Nov 4, 2026 — https://www.cnbc.com/2026/11/04/qualcomm-qcom-earnings-report-q4-2026.html
  • Consensus: Zacks via Yahoo Finance — https://finance.yahoo.com/markets/stocks/articles/earnings-preview-qualcomm-qcom-q4-130011557.html
  • Share price: Yahoo Finance QCOM, Nov 3 and Nov 4 closes; Nov 4 after-hours at 4:33 PM ET, not a close — https://finance.yahoo.com/quote/QCOM/
  • Q1 FY2027 consensus: LSEG via CNBC, EPS $2.27 and revenue $10.48B — https://www.cnbc.com/2026/11/04/qualcomm-qcom-earnings-report-q4-2026.html
  • Segment consensus: StreetAccount via CNBC, handsets $5.21B and automotive $1.66B — https://www.cnbc.com/2026/11/04/qualcomm-qcom-earnings-report-q4-2026.html
  • Release timing: Form 8-K accepted by the SEC at 4:03 PM ET, Nov 4, 2026, after the US close; earnings call at 1:45 PM PT.
  • Qualcomm’s fiscal year ends in late September. Q4 FY2026 is the quarter ended September 27, 2026.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Qualcomm's Forms 8-K of November 4 and July 29, 2026 (Exhibit 99.1). Consensus estimates (LSEG, StreetAccount, Zacks) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are US GAAP for the quarters ended September 27, 2026 and September 28, 2025, in US dollars, unless labelled non-GAAP.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Non-GAAP revenues, EBT, net income and EPS follow Qualcomm's own definitions and are reconciled in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by QUALCOMM Incorporated. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 4, 2026, including after-hours trading.

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21

21 · Disclosures

Sources

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