Qualcomm Reports Q4 & Fiscal 2026 Results, Reaffirms FY27 $5B Data Center Revenue Target

Qualcomm Incorporated ($QCOM) Q4 & Full-Year Fiscal 2026 Earnings Analysis

Overview of the Filing

On November 4, 2026, Qualcomm Incorporated filed a Form 8-K under Item 2.02 detailing its financial results for the fourth fiscal quarter and full fiscal year ended September 27, 2026.

Key Financial Results

• Q4 Fiscal 2026:

  • GAAP Revenues: $10,322 million, down 8% year-over-year compared to $11,270 million in Q4 FY25.
  • Non-GAAP Revenues: $10,442 million, down 7% year-over-year.
  • GAAP Net Income / EPS: $1,251 million / $1.17 per diluted share, up from $(3,117) million / $(2.89) in Q4 FY25.
  • Non-GAAP Net Income / EPS: $2,332 million / $2.17 per diluted share, down 28% year-over-year compared to $3,257 million / $3.00 in Q4 FY25.

• Full-Year Fiscal 2026:

  • GAAP Revenues: $43,120 million (-3% YoY vs. $44,284 million in FY25).
  • Non-GAAP Revenues: $43,240 million (-2% YoY vs. $44,141 million in FY25).
  • GAAP Net Income / EPS: $13,628 million / $12.70 per share (included a $5.7 billion tax benefit, or $5.32 per share, from a valuation allowance release).
  • Non-GAAP Net Income / EPS: $11,311 million / $10.54 per share (-12% YoY).

Segment Performance

• QCT (Qualcomm CDMA Technologies):
  • Q4 FY26 revenues reached $9,015 million (-8% YoY) with Earnings Before Taxes (EBT) of $2,142 million (24% margin).
  • FY26 revenues totaled $37,208 million (-3% YoY) with EBT of $10,101 million (27% margin).
  • Automotive revenue hit a milestone first $2 billion quarter, expanding 89% year-over-year.
• QTL (Qualcomm Technology Licensing):
  • Q4 FY26 revenues of $1,304 million (-7% YoY) with EBT of $918 million (70% margin).
  • FY26 revenues of $5,556 million (flat YoY) with EBT of $4,022 million (72% margin).

Strategic Developments & FY2027 Outlook

• Licensing Extensions: Qualcomm successfully renewed long-term QTL patent license agreements with key global handset manufacturers, including Apple, Huawei, and Transsion.
• Cloud & AI Data Center Expansion: Announced a multi-generational product collaboration with Amazon targeting AI data centers.
• Forward Guidance: Management highlighted an upcoming non-handset revenue inflection point in fiscal 2027, projecting over 60% YoY non-handset revenue growth and reiterating its $5 billion fiscal 2027 Data Center revenue target.