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QCOM · Q2 2026

QUALCOMM INC/DE

Reported 2026-07-29
IN-LINE
51EarnIQ signal
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Confidence falling

Mild quarter-over-quarter shift

Qualcomm is successfully scaling its non-handset diversification strategy despite input cost pressures.

  • ✓Guidance was none, with high specificity.
  • ✓Management tone registered as confident (85/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Mixed evidence

The headline and management signals do not point in one direction (confidence falling).

EPS: reported vs expected-2.8%$2.21 vs $2.27
Revenue: reported vs expected+0.9%$9.9B vs $9.9B
Guidance specificityHighChange not comparable
Market expectations supplied by Finnhub · Reported vs consensus estimate

We expect year-over-year growth in non-handset revenues, including Data Center, to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027.

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“Despite a challenging memory and supply environment, our third quarter results reflect solid execution of our growth strategy, with quarterly revenues at the high end of guidance”
“We are well positioned to execute on the vision we outlined at our recent Investor Day, with total non-handset revenues growing to $40 billion by fiscal 2029 – nearly double the target we shared in November 2024.”
“In the near term, we expect year-over-year growth in non-handset revenues, including Data Center, to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027 – a significant inflection point in the execution of our growth strategy.”
Guidance specificity
90/100

High specificity

Q4 FY26 revenues are expected to be between $9.7B and $10.5B, with Non-GAAP diluted EPS of $2.05 to $2.25.

Pressure point
!

Broad-based increase in semiconductor input

0 potential deflections detected in management communication.

Narrative break

What changed

Completed acquisition of Modular Inc to establish an open software foundation for generative and agentic AI.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • Combined QCT Automotive and IoT Revenues Grew 28% Year-Over-Year, with Automotive achieving 23 consecutive quarters of double-digit year-over-year growth
  • Completed acquisition of Modular Inc creating an open software foundation for generative and agentic AI
  • Total non-handset revenues projected to grow to $40 billion by fiscal 2029, nearly doubling prior targets
Key risks
  • Broad-based increase in semiconductor input costs across wafer fabrication, assembly, test, advanced packaging, memory, and other materials
  • Dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset devices
  • A significant portion of our business being concentrated in China, exacerbated by U.S./China trade and national security tensions
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+20
Eps Beat+0
Guidance+15
New Signal+8
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0