QUALCOMM Incorporated
QCOM.US Full Coverage
Last updated:
Volume
52W avg
Day Range
52W High
52W Low
Market Cap
Div Yield
Forward P/E
P/B
Headlines
FY2026 Q2
Management announced a custom silicon engagement with a leading hyperscaler, marking Qualcomm’s entry into the data‑center ASIC market with initial shipments slated for the December 2026 quarter. The quarter delivered record automotive revenue of $1.33 billion, up 38% YoY, supporting non‑GAAP EPS of $2.65 on $10.6 billion of revenue. Management also indicated that China Android handset revenue should bottom in fiscal Q3 before resuming sequential growth.
Non-GAAP EPS
$2.65
-7.0% YoY
QCT Automotive Revenue
$1.33B
+38.3% YoY
QCT Handset Revenue
$6.02B
-13.1% YoY
Q3 Auto Revenue Growth (YoY Guid.)
~50%
vs. +38% in Q2
China Android Revenue Outlook
Bottoms in Q3
Growth in Q4
What We're Watching
Strategic
Data Center Custom Silicon Execution & Ramp
📅
Investor Day (June 24); Initial Shipments (Dec 2026 Qtr)
What to Monitor
Details from Investor Day on the customer, product scope, and financial contribution. Monitor for confirmation that initial shipments begin on schedule in the December quarter.
Why It Matters
This is Qualcomm's most significant new growth vector and its first tangible win in the data center. Successful execution validates the diversification strategy and opens a multi-billion dollar addressable market.
Operational
China Handset Revenue Recovery
📅
Q3 FY26 (Bottom), Q4 FY26 (Growth)
What to Monitor
Confirmation in the next earnings report that QCT Handset revenue from Chinese customers has indeed bottomed. Look for Q4 guidance that supports a sequential increase, validating the inventory drawdown thesis.
Why It Matters
Validates management's visibility and thesis that the downturn is supply-driven (inventory) not demand-driven. A successful call would restore confidence in the handset segment's near-term trajectory and earnings power.
Opportunity
"Agentic AI" Monetization & Adoption
📅
FY27 and beyond
What to Monitor
Announcements from OEMs launching "agentic" devices powered by Qualcomm silicon. Track initial sell-through data and any commentary on ASP uplift associated with these new AI capabilities.
Why It Matters
This represents the next major upgrade cycle for handsets, PCs, and auto. Early evidence of consumer adoption and OEM monetization is critical to prove this is a tangible revenue driver and not just a marketing theme.
Strategic
Automotive 5th Gen Platform Ramp
📅
End of Fiscal 2026
What to Monitor
Confirmation that commercial shipments have started by year-end. Look for initial design wins and OEM launch announcements for the 5th-gen platform and commentary on the dollar content increase per vehicle.
Why It Matters
This platform is key to accelerating revenue growth toward the $6 billion exit run rate target for FY26. Management called it the "largest generation-to-generation content increase," making it a direct driver of future scale and margins.
Strategic
6G Initiative & Ecosystem Development
📅
Ongoing (Prototypes in 2028)
What to Monitor
Growth in the 6G company coalition and announcements of new partners (carriers, cloud, OEMs). Track progress in foundational technology development and standards contributions.
Why It Matters
Establishes Qualcomm's leadership position for the next wireless transition, which management frames as a "generational opportunity." Early ecosystem building is crucial for securing a central role in the future AI-native 6G network architecture.
