Qualcomm (QCOM)

Qualcomm (QCOM) is the leading designer of mobile and edge AI processors, whose Snapdragon platforms run generative AI on-device in phones and AI PCs and which is re-entering the data center with the AI200 and AI250 inference accelerators. Fiscal Q2 2026 revenue was $10.6 billion, down 3%, on record automotive sales. It reports next around late July 2026.

TickerQCOM
ExchangeNASDAQ
SectorInformation Technology · Semiconductors (Mobile & Edge AI)
CountryUnited States
WikidataQ544847
Last updated2026-07-05
Financial snapshot as of 2026-06-24

Next event: Next earnings · fiscal Q3 2026 , estimated · Calendar-estimated from the prior year (fiscal Q3 2025 was reported July 30, 2025); not company-confirmed as of June 2026. Qualcomm also held an Investor Day on June 24, 2026. Confirm on Qualcomm IR. (source)

Latest reported quarter: Fiscal Q2 2026 (ended Mar 29, 2026) (reported 2026-04-29)

Qualcomm reported fiscal Q2 2026 revenue of $10.6 billion, down 3% year over year, with non-GAAP EPS of $2.65, as record automotive revenue of $1,326 million (up 38%) and IoT growth offset a 13% handset decline. GAAP EPS of $6.88 was inflated by a one-time $5.7 billion tax benefit and is not representative of operations.

Revenue $10.6B -3% YoY · QCT chip revenue $9,076M
Non-GAAP EPS $2.65 -7% YoY · GAAP EPS $6.88 inflated by one-off $5.7B tax benefit
Automotive revenue $1,326M +38% YoY · Record quarterly automotive revenue
QTL licensing revenue $1,382M +5% YoY · 72% EBT margin

Primary source

Revenue by segment

QCT — Handsets $6,024M · 56.8% of revenue -13% YoY
QCT — IoT $1,726M · 16.3% of revenue +9% YoY
QCT — Automotive $1,326M · 12.5% of revenue +38% YoY
QTL — Licensing $1,382M · 13.0% of revenue +5% YoY

Guidance: Fiscal Q3 2026

Revenue$9.2B-$10.0B
Non-GAAP EPS$2.10-$2.30

Guidance reflects estimated memory supply constraints and pricing on demand from several handset OEMs.

Guidance source

Recent & upcoming events

  • · Snapdragon Summit 2025: edge and agentic AI. Qualcomm framed the edge as central to AI, expanding on-device generative AI across Snapdragon platforms. (source)
  • · AI200 and AI250 data-center inference accelerators. Qualcomm announced rack-scale AI inference accelerators: AI200 with 768 GB of LPDDR per card, available in 2026, and AI250 with a near-memory architecture, available in 2027, marking its data-center re-entry. (source)
  • · Fiscal Q2 2026 results and $20B buyback. Revenue of $10.6 billion (down 3%) with record automotive revenue of $1,326 million (up 38%); CEO cited the rise of AI agents reshaping the roadmap and a hyperscaler custom-silicon engagement shipping later in 2026. (source)
  • · Investor Day: data-center roadmap and fiscal-2029 targets. Qualcomm set fiscal-2029 targets of over $40B non-handset revenue (data center above $15B, IoT above $14B, automotive $10B on a $65B design-win pipeline) and non-GAAP EPS above $18, unveiled the multi-generation Dragonfly data-center portfolio (C1000 CPU and AI300 accelerator, 2028), and signed a CPU-supply agreement with Meta. (source)

Fiscal Q2 2026 figures are from Qualcomm's earnings release and SEC 8-K (quarter ended March 29, 2026). Qualcomm's fiscal year ends in late September, so fiscal Q2 covers the January-March calendar quarter.

Figures are as of 2026-06-24 and reflect the most recent public filings/IR releases; they are updated after each earnings report.

What does Qualcomm do?

Qualcomm designs the Snapdragon processors that power most premium Android phones and a growing share of AI PCs, supplies chips for cars and IoT devices, and licenses its cellular patent portfolio through the high-margin QTL business. In fiscal Q2 2026 its chip unit QCT generated $9,076 million of revenue, split across handsets ($6,024 million), IoT ($1,726 million), and a record automotive quarter ($1,326 million), while licensing added $1,382 million (Qualcomm 8-K, Apr 29, 2026). The strategic story is diversification away from handsets toward automotive, IoT, PCs, and now the data center. At its June 2026 Investor Day, Qualcomm quantified that shift, targeting more than $40 billion of non-handset revenue by fiscal 2029, including a $65 billion automotive design-win pipeline and a raised $10 billion automotive revenue goal (Qualcomm Investor Day, Jun 24, 2026).

How is Qualcomm an on-device AI play?

Qualcomm runs AI on the device instead of the cloud. Its Snapdragon X Elite laptop platform carries a Hexagon NPU rated at 45 TOPS and can run generative models with more than 13 billion parameters locally, and its phone platforms carry the same on-device engines (Qualcomm Snapdragon X Elite). On-device inference reduces latency, lowers cost per query, and keeps data private, which is the core argument for AI PCs and AI phones, the segments Qualcomm is built to supply.

What is Qualcomm’s data-center strategy?

Qualcomm is re-entering the data center, this time for inference rather than CPUs. In October 2025 it announced the AI200, a rack-scale inference accelerator with 768 GB of LPDDR per card available in 2026, and the AI250, with a near-memory-computing architecture available in 2027 (Qualcomm, Oct 27, 2025). At its June 24, 2026 Investor Day it broadened the plan into a multi-generation “Dragonfly” portfolio: the Dragonfly C1000 server CPU and AI300 accelerator, both targeted for 2028, with High Bandwidth Compute sampling alongside the AI250 in mid-2027 (Qualcomm, Jun 24, 2026). It also named Meta as its first data-center CPU customer, under a multi-generation agreement to power Meta’s next-generation server fleet from the second half of 2028 (Qualcomm and Meta, Jun 24, 2026), and set a fiscal-2029 data-center revenue target above $15 billion (Qualcomm Investor Day, Jun 24, 2026). President and CEO Cristiano Amon framed the Meta win:

“We designed our data center CPU to deliver leading performance per core and a breakthrough in power efficiency for large scale data center deployments, and this multi-generation agreement with Meta is a significant validation of that approach.”

— Cristiano Amon, President and CEO, Qualcomm (Qualcomm and Meta, Jun 24, 2026)

What did Qualcomm report most recently?

In fiscal Q2 2026 (the quarter ended March 29, 2026), revenue was $10.6 billion, down 3% year over year, with non-GAAP EPS of $2.65 (Qualcomm 8-K, Apr 29, 2026). The headline GAAP EPS of $6.88 was inflated by a one-time $5.7 billion income-tax benefit and is not representative of operations. Record automotive revenue of $1,326 million, up 38%, and IoT up 9% offset a 13% handset decline. For fiscal Q3 2026 Qualcomm guided revenue of $9.2-10.0 billion and non-GAAP EPS of $2.10-2.30, citing memory supply constraints affecting some handset customers (Qualcomm, Apr 29, 2026).

What are the risks for Qualcomm?

  • Handset concentration. Handsets are still the largest line and fell 13% in fiscal Q2 2026, with memory supply constraints pressuring some customers.
  • Customer loss. Apple is building its own modems, a known multiyear headwind to Qualcomm’s largest historical customer.
  • Licensing dependence. The high-margin QTL business rests on patent agreements that must be periodically renewed.
  • Unproven data-center entry. The AI200, AI250, and the newly announced Dragonfly C1000 CPU and AI300 accelerator (targeted for 2028) face entrenched competition from NVIDIA and AMD, and the revenue ramp is still years ahead (Qualcomm, Jun 24, 2026).

Related securities, concepts & terms

Qualcomm is a representative company of the AI On-Devices concept.

Frequently asked questions about Qualcomm

What does Qualcomm do?

Qualcomm designs the Snapdragon mobile and PC processors that power most premium Android phones and a growing number of AI PCs, and it licenses its cellular patent portfolio. Fiscal Q2 2026 revenue was $10.6 billion: handsets were $6,024 million, automotive a record $1,326 million, IoT $1,726 million, and licensing $1,382 million (Qualcomm 8-K, Apr 29, 2026).

Why is Qualcomm an on-device AI play?

Qualcomm's chips run AI locally on the device rather than in the cloud. Its Snapdragon X Elite NPU delivers 45 TOPS and can run generative models with over 13 billion parameters on a laptop, and its phone platforms carry the same on-device AI engines (Qualcomm Snapdragon X Elite). On-device inference cuts latency, cost, and privacy exposure, which is the core of the AI-PC and AI-phone thesis.

What is Qualcomm's data-center strategy?

Qualcomm is re-entering the data center for inference, starting with the AI200 (768 GB of LPDDR per card, 2026) and the AI250 (near-memory architecture, 2027), announced in October 2025 (Qualcomm, Oct 27, 2025). At its June 24, 2026 Investor Day it broadened this into a multi-generation 'Dragonfly' portfolio: the Dragonfly C1000 server CPU and AI300 accelerator, both targeted for 2028, plus High Bandwidth Compute sampling with the AI250 in mid-2027, and it named Meta as its first data-center CPU customer (Qualcomm, Jun 24, 2026). Qualcomm set a fiscal-2029 data-center revenue target of more than $15 billion (Qualcomm Investor Day, Jun 24, 2026).

What did Qualcomm announce at its 2026 Investor Day?

At its June 24, 2026 Investor Day, Qualcomm laid out fiscal-2029 targets built on diversification beyond handsets: more than $40 billion of non-handset revenue, including over $15 billion from the data center, more than $14 billion from IoT, and $10 billion from automotive on a $65 billion design-win pipeline, plus non-GAAP EPS above $18 (Qualcomm Investor Day, Jun 24, 2026). It also unveiled the multi-generation 'Dragonfly' data-center roadmap and a strategic agreement for Meta to use its Dragonfly C1000 CPU in Meta's next-generation server fleet from the second half of 2028 (Qualcomm and Meta, Jun 24, 2026).

What was Qualcomm's latest quarterly revenue and guidance?

Fiscal Q2 2026 (ended March 29, 2026) revenue was $10.6 billion, down 3%, with non-GAAP EPS of $2.65 (Qualcomm 8-K, Apr 29, 2026). For fiscal Q3 2026 Qualcomm guided revenue of $9.2-10.0 billion and non-GAAP EPS of $2.10-2.30, citing memory supply constraints affecting some handset customers (Qualcomm, Apr 29, 2026).

When does Qualcomm report its next earnings?

Qualcomm is expected to report fiscal Q3 2026 results around late July 2026, calendar-estimated from the prior year (fiscal Q3 2025 was reported July 30, 2025) and not company-confirmed, so check Qualcomm's investor-relations site (Qualcomm IR). It last reported fiscal Q2 2026 on April 29, 2026, and held an Investor Day on June 24, 2026.

What are the risks for Qualcomm?

Handsets are still the largest business and were down 13% in fiscal Q2 2026, with memory supply constraints pressuring some customers, and Qualcomm faces customer concentration as Apple builds its own modems. The licensing business depends on patent agreements, and the data-center re-entry with AI200/AI250 is unproven against NVIDIA and AMD (Qualcomm 8-K, Apr 29, 2026).

Sources & references

  1. Qualcomm Announces Second Quarter Fiscal 2026 Results (SEC 8-K, Exhibit 99.1) · Qualcomm Incorporated / SEC EDGAR, 2026-04-29
  2. Qualcomm Announces Second Quarter Fiscal 2026 Results (earnings release) · Qualcomm Incorporated, 2026-04-29
  3. Qualcomm Unveils AI200 and AI250 — Redefining Rack-Scale Data Center Inference for the AI Era · Qualcomm Incorporated, 2025-10-27
  4. Qualcomm Accelerates Diversification with Comprehensive Strategy for Data Center and Sees Multiple Inflection Points Over the Next 3 to 5 Years (Investor Day 2026) · Qualcomm Incorporated, 2026-06-24
  5. Qualcomm Unveils Comprehensive Data Center Roadmap for the Agentic AI Era (Dragonfly C1000, AI300, HBC) · Qualcomm Incorporated, 2026-06-24
  6. Qualcomm and Meta Announce Strategic Multi-Generation Agreement for Data Center CPUs · Qualcomm Incorporated, 2026-06-24
  7. Snapdragon X Elite (45 TOPS Hexagon NPU) · Qualcomm Incorporated, 2026-06-15
  8. The edge's essential role in the future of AI (Snapdragon Summit 2025) · Qualcomm Incorporated, 2025-09-24
  9. Qualcomm · Investor Relations · Qualcomm Incorporated, 2026-06-15