Qualcomm earnings: date, guidance and results

Qualcomm's next results are expected on November 4, 2026. The key thing to watch is whether purchase orders become deliveries and then repeat shipments.

What has Qualcomm guided for fiscal 2027?

QCT is Qualcomm’s chip business, while “non-handset” means chips sold outside smartphones. Management wants non-handset products to become at least half of QCT revenue in fiscal 2027 and to grow at least 60% that year, including data-center products. The first test is therefore size; the second is genuine sales momentum.

The nearer data-center target is $5 billion of revenue in fiscal 2027. Two hyperscalers—operators of enormous cloud-computing networks—are each expected to contribute at least $1 billion through custom silicon. These are chips designed for particular customers, so their schedules and purchasing decisions matter directly.

Has Qualcomm kept its past promises?

Management’s expansion promises need the same discipline. Snapdragon X laptops show that the NUVIA technology reached customers. Automotive and Internet of Things revenue grew 28% year over year in July 2026, but the broader target of US$40 billion in non-handset revenue by fiscal 2029—including data centers—remains a promise. Qualcomm’s leaders therefore look aligned with shareholders in some ways, but the final judgment rests on whether new products, restrained pay and ambitious targets produce durable returns.

What do Qualcomm's last eight quarters show?

Revenue fell to $9,947 million from $10,365 million a year earlier, while gross margin fell to 53.1%. Operating income declined to $1,626 million. A sequential decline can reflect launch timing, but year-on-year revenue and margin declines together point to a deeper problem.

The quarter also included $726 million of net gains on marketable securities, which helped net income reach $2,002 million even as operating income weakened. Cash gave the clearest warning: operating cash fell to $991 million, and free cash flow fell to $495 million. Management expected Chinese handset revenue to bottom in June, but that remains an expectation until customer sell-through, margins and cash generation improve together.