Qualcomm 8-K
EarningsNew guidance
Automotive and IoT growth partly offsets a 26% Y/Y handset decline; Amazon AI data center collaboration supports a $5B FY2027 data center target.
Filed 2026-11-04 16:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2026 results with Q1 FY2027 guidance. Q4 handset weakness was partly offset by growth in automotive and IoT: handset revenue fell 26% Y/Y, while combined automotive and IoT revenue grew 36%.
Q1 revenue guidance midpoint of $10.8B is +4.6% Q/Q and -12% Y/Y from Q4’s $10.322B; non-GAAP diluted EPS guidance is $2.15-$2.35 vs Q4’s $2.17. Qualcomm projects FY2027 non-handset revenue growth above 60% Y/Y and reiterated its $5B FY2027 data center revenue target. Higher industry input costs are being addressed through pricing actions, with their full benefit to QCT gross margins expected in 2H FY2027.
Developments
- Renewed long-term QTL license agreements with Apple, Huawei and Transsion, extending licensing relationships with those companies.
- Announced a multi-generational product collaboration with Amazon for AI data centers, supporting Qualcomm’s planned expansion into data center infrastructure.
Key Figures
| Metric | Q4 FY2026 | FY2026 |
|---|---|---|
| Revenue, GAAP | $10.3B, -8% Y/Y | $43.1B, -3% Y/Y |
| Revenue, non-GAAP | $10.4B, -7% Y/Y | $43.2B, -2% Y/Y |
| Operating income, GAAP | $1.36B, -54% Y/Y | $8.66B, -30% Y/Y |
| Operating income, non-GAAP | $2.77B, -27% Y/Y | $13.2B, -14% Y/Y |
| Net income, GAAP | $1.25B, vs $(3.12)B | $13.6B, +146% Y/Y |
| Net income, non-GAAP | $2.33B, -28% Y/Y | $11.3B, -15% Y/Y |
| Diluted EPS, GAAP | $1.17, vs $(2.89) | $12.70, +153% Y/Y |
| Diluted EPS, non-GAAP | $2.17, -28% Y/Y | $10.54, -12% Y/Y |
| Operating cash flow | — | $11.1B, -20% Y/Y |
| Free cash flow | — | $8.65B, -33% Y/Y |
- QCT Q4 revenue fell 8% Y/Y to $9.02B, as handset revenue declined 26% to $5.14B. Automotive revenue rose 89% to $1.99B, its first $2B quarter, and IoT revenue increased 4% to $1.89B. QTL revenue was $1.30B, down 7%.
- The FY2026 GAAP net income and EPS increases include a $5.7B tax benefit, or $5.32 per share, from releasing a valuation allowance established in Q4 FY2025. Non-GAAP results exclude share-based compensation, including $2.81 per share for FY2026.
- FY2026 capital returns were $7.817B of repurchases (48M shares) and $3.854B of dividends. Year-end shares outstanding were 1.072B vs 1.074B; cash was $4.636B vs $5.520B, and total debt was $15.1B vs $14.8B a year earlier.
Against earlier guidance (derived from earlier filings)
| Metric | Period | Earlier guidance | Actual | Result |
|---|---|---|---|---|
| Revenue | Q4 FY2026 | $9.7B-$10.5B | $10.3B | in line |
| QTL revenue | Q4 FY2026 | $1.2B-$1.4B | $1.30B | in line |
| Diluted EPS, GAAP | Q4 FY2026 | $1.22-$1.42 | $1.17 | missed |
| Diluted EPS, non-GAAP | Q4 FY2026 | $2.05-$2.25 | $2.17 | in line |
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q1 FY2027 | $10.4B-$11.2B | — | — |
| QCT revenue | Q1 FY2027 | $9.0B-$9.6B | — | — |
| QTL revenue | Q1 FY2027 | $1.3B-$1.5B | — | — |
| Diluted EPS, GAAP | Q1 FY2027 | $1.03-$1.23 | — | — |
| Diluted EPS, non-GAAP | Q1 FY2027 | $2.15-$2.35 | — | — |
| Non-handset revenue growth | FY2027 | More than 60% Y/Y | — | — |
| Data center revenue | FY2027 | $5B | — | Reiterated |
Guidance changes, derived from earlier filings
| Metric | Period | Earlier guidance | Guidance now | Change |
|---|---|---|---|---|
| Non-handset revenue growth | FY2027 | >60% Y/Y | More than 60% Y/Y | reaffirmed |
The summary is written by an AI model reading the filing.
Model 005 · prompt v175 · 2026-11-04 23:50:59Z