-47.9%
Operating income — year over year
$1.6B vs $3.1B a year ago · quarter ended Jun 28, 2026 · from 10-Q XBRL filings.
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 4, 2026 at 9:20 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Nov 4, 2026 at 9:20 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Earnings quality
From 10-Q / 10-K XBRL filings. Sloan (1996) accruals: high accruals relative to assets have historically preceded earnings disappointments. Descriptive research, not a prediction.
Average — cash and accruals share the load
Earnings quality is middling — accruals at -5.4% of assets, close to the large-cap median. Neither a red flag nor a clean bill.
CY2024Q3Accruals / assets (TTM)CY2026Q2
Depreciation is disclosed annually by most filers, so quarterly values blend actuals with estimates — flagged on every reading. Method: TTM Sloan accruals ÷ average assets, scored 1–5 by quintile.
1. Three decisive changes
Largest quantified changes versus the company's own history.
-28.8%
Net income — year over year
$2.0B vs $2.8B a year ago · quarter ended Jun 28, 2026 · from 10-Q XBRL filings.
-9.4%
Revenue — year over year
$9.9B vs $11.0B a year ago · quarter ended Jun 28, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: 7 being tracked.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| Q1 FY27 Non-GAAP diluted EPS estimated between $2.15 and $2.35eps · made 2026-11-04 | $2.15 - $2.35Q1 FY27 | — | Pending | 8-K 0000804328-26-0001 |
| Q1 FY27 GAAP diluted EPS estimated between $1.03 and $1.23eps · made 2026-11-04 | $1.03 - $1.23Q1 FY27 | — | Pending | 8-K 0000804328-26-0001 |
| Q1 FY27 QTL revenues estimated between $1.3B and $1.5Brevenue · made 2026-11-04 | $1.3B - $1.5BQ1 FY27 | — | Pending | 8-K 0000804328-26-0001 |
| Q1 FY27 QCT revenues estimated between $9.0B and $9.6Brevenue · made 2026-11-04 | $9.0B - $9.6BQ1 FY27 | — | Pending | 8-K 0000804328-26-0001 |
| Q1 FY27 revenues estimated between $10.4B and $11.2Brevenue · made 2026-11-04 | $10.4B - $11.2BQ1 FY27 | — | Pending | 8-K 0000804328-26-0001 |
| Reiterating our fiscal 2027 Data Center revenue target of $5Brevenue · made 2026-11-04 | $5Bfiscal 2027 | — | Pending | 8-K 0000804328-26-0001 |
| Non-handset revenues are projected to grow by more than 60% year-over-year in fiscal 2027other · made 2026-11-04 | more than 60% growthfiscal 2027 | — | Pending | 8-K 0000804328-26-0001 |
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
The deciding condition
EPS for the guided period lands within $2.15–$2.35
StrengthensReported EPS above $2.35
InvalidatesReported EPS below $2.15
Revenue within $10.4B–$11.2B
Strengthens: Revenue above $11.2BWeakens: Revenue below $10.4BManagement provided Q1 FY27 revenue guidance of $10.4B - $11.2B and Non-GAAP diluted EPS guidance of $2.15 - $2.35.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
0
new risk disclosures added
23
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly more negative.
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-06-28Operating income: -47.9% year over year
(1,626,000,000 − 3,120,000,000) ÷ 3,120,000,000 = -47.9% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-06-28Net income: -28.8% year over year
(2,002,000,000 − 2,812,000,000) ÷ 2,812,000,000 = -28.8% YoYDC3 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-06-28Revenue: -9.4% year over year
(9,947,000,000 − 10,979,000,000) ÷ 10,979,000,000 = -9.4% YoYWN1 8-K Exhibit 99.1 (earnings release, via EDGAR)
Guidance disclosed for Q1 FY2027EPS for the guided period lands within $2.15–$2.35
Strengthens: Reported EPS above $2.35 · Invalidates: Reported EPS below $2.15