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QUALCOMM Incorporated
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NASDAQ: QCOM Technology Semiconductors 🔎 Screen
S&P 500 Nasdaq 100
$176.2B
Market Cap
33.8
P/E
2.56
PEG
20.2%
ROCE
23.3%
ROE
0.70
D/E
27.9%
OPM
-34.5%
% from 52W High
32
α RS
🔍 QCOM is showing a high-conviction setup because it matches 9 of 37 tracked screener presets, an ECS of 55 last quarter, and it's hugging the 21 EMA. Net: Broad signal stack, not a recommendation. ? Conviction ECS Technicals
Sources
Conviction 9/37 · ECS 55 · hugging 21 EMA
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🌏 Global Investor Returns
Currency-adjusted total returns for QCOM including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Sector Averages
About

QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding QCOM
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 530.3K $68.3M 0.11% Mar 2026
David Tepper Appaloosa LP 498.6K $64.2M 1.08% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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🎙 Management Tone Mixed ~ Volatile 5 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q3 2026
Revenue
$9.947B
-4% YoY
QCT EBT
$2.192B
-18% YoY
QCT EBT Margin
26%
-4pp YoY
Non-GAAP Net Income
$2.356B
-23% YoY
Non-GAAP EPS
$2.21
-20% YoY
What Went Right
  • Record QCT automotive revenue of $1.588B, up 61% YoY; annualized run-rate outlook raised to ~$7B exiting FY26.
  • QCT IoT grew 9% YoY to $1.83B, with industrial design-win pipeline above $7B and over $3.5B secured this fiscal year.
  • Data center on track: HBC Gen 1 tape-out completed, first two custom silicon engagements begin revenue in December quarter and Modular acquisition closed.
  • Total QCT non-handset revenues grew 28% YoY, supporting the push toward the $40B FY29 diversification target.
What to Watch
  • QCT gross margins are below the historical 48%-50% range due to rising memory/wafers/assembly/test costs; recovery depends on gradual price increases flowing through.
  • Apple product revenue is stepping down faster than expected — share in the upcoming iPhone launch is materially below the prior 20% estimate, driving roughly a 50% sequential decline from September to December.
  • QCT handset revenue fell 20% YoY to $5.086B; Android revenue is down 20% YoY with an EPS impact of more than $1.50, and management expects the overall handset market to be down low teens in 2026.
  • Q4 OpEx is guided to ~$2.7B, reflecting Modular and continued data center investment ahead of the revenue ramp.
Management Guidance
  • Q4 FY26 revenue guidance: $9.7B - $10.5B
  • Q4 FY26 non-GAAP EPS guidance: $2.05 - $2.25
  • Q4 QCT revenues: $8.4B - $9.0B; QTL revenues: $1.2B - $1.4B
  • Q4 QCT EBT margin: 23% - 25%; QTL EBT margin: 68% - 72%
  • Q4 QCT handset revenues ~$5.2B; IoT roughly flat YoY; automotive expected ~60% YoY growth
  • Fiscal 2027 non-handset revenue growth expected to accelerate to greater than 60% YoY, replacing total Apple product revenues in 2026
Investor Lens
The diversification thesis is strengthening: QCT non-handset revenues grew 28% YoY, automotive posted a record quarter and data center execution is on schedule with first custom-silicon revenue due in December. Near-term headwinds are real — memory-driven input costs, QCT gross margin pressure and a faster Apple step-down will keep profits under pressure. Management also guided that data center revenue will initially dilute QCT gross margin by 1.5-2pp. Investors are likely to need silicon proof points on HBC and server CPUs before the full $15B FY29 data center target gains credibility.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Solid $9.9B quarter at high-end, but margins and EPS down
Revenue
Revenue was $9.947B, down 4% YoY but at the high end of guidance. QCT handset revenue fell 20% to $5.086B while IoT grew 9% to $1.83B and automotive jumped 61% to a record $1.588B, with QCT non-handset revenues up 28% YoY.
Profitability
Non-GAAP net income was $2.356B, down 23% YoY, and non-GAAP EPS was $2.21 versus $2.77 in the prior year, down 20%. GAAP EPS was $1.87.
Margins
QCT EBT margin was 26%, down 4pp from 30% a year ago, while QTL EBT margin was 69%, down 2pp. Management noted QCT gross margins are slightly below the historical 48%-50% range due to broad-based input cost inflation, with double-digit price increases expected to restore margins over time.
Balance Sheet
No cash, debt or balance-sheet metrics were disclosed on the call. Qualcomm returned $2.3 billion to stockholders in the quarter, including $1.4 billion of share repurchases and $937 million of dividends.
Key Risks
Management flagged rising semiconductor input costs across wafers, assembly, test, advanced packaging and memory pressuring gross margins. The Apple modem share step-down is accelerating, with QCT Apple-related revenue expected to decline roughly 50% sequentially from September to December. Handset demand remains weak, and China is expected to be the bottom in Q3 before recovering.
Outlook
For Q4 FY26, Qualcomm guides revenue of $9.7B-$10.5B and non-GAAP EPS of $2.05-$2.25. The company expects non-handset QCT revenue growth to accelerate from 24% in FY26 to greater than 60% in FY27, with data center revenue beginning to ramp in the December quarter.
Generated by AI · Q3 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-07-29
Revenue reached $9.9B with strong growth in automotive and IoT, while gross margins faced pressure from rising input costs. Non-handset revenues are set to accelerate, with data center and automotive segments driving future growth.
Q2 2026 Q2 2026 2026-04-29
Revenue reached $10.6B with strong automotive and IoT growth, while handset revenues were impacted by memory supply constraints, especially in China. Q3 guidance anticipates a bottom in China handset sales and accelerating automotive growth, with continued focus on AI, data center, and 6G opportunities.
Q1 2026 Q1 2026 2026-02-04
Record Q1 revenue and EPS driven by flagship handsets, automotive, and IoT, but near-term handset growth is constrained by industry-wide memory shortages. Automotive and IoT segments continue to accelerate, while guidance reflects ongoing supply challenges.
Q4 2025 Q4 2025 2025-11-05
Fiscal Q4 revenue and EPS exceeded guidance, driven by premium Android handsets, automotive, and IoT. Record annual revenues and free cash flow were achieved, with strong outlook for Q1. Expansion into AI data center and edge AI, plus robust automotive and IoT growth, support long-term targets.
Q3 2025 Q3 2025 2025-07-30
Fiscal Q3 revenue reached $10.4B with strong growth in automotive and IoT, and robust QCT margins. Guidance for Q4 and fiscal 2025 points to continued double-digit growth, driven by AI, automotive, and diversification, despite lower Apple revenues.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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