QUALCOMM Inc.
Revenue
$10B
Net Income
$2B
QUALCOMM Inc.
Revenue
$10B
Net Income
$2B
QUALCOMM Inc.
CIK: 0000804328
Earnings Analysis
Analyzed 6 of 12 reports
Performance Summary - Q2 2026bearish (33)not_provided
Reality-Based Sentiment Analysisbearish33/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, QUALCOMM Inc. has been showing bearish trends with stable guidance. Revenue has grown 5.9% during this period. The latest quarter shows bearish sentiment with cautious tone from management.
Latest Quarter Highlights:
Qualcomm reported Q3 2026 revenue of $9.9B, down 4% YoY, with net income declining 25% to $2.0B due to handset weakness from memory supply constraints and customer inventory adjustments. The company faces significant headwinds from Apple and Samsung vertical integration, supply chain tightness, and ongoing legal disputes, though Alphawave and Modular acquisitions signal commitment to data center and AI diversification. Management's tone is cautious regarding near-term demand and margins pressured by higher supplier costs.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/29/2026
Summary
Qualcomm reported Q3 2026 revenue of $9.9B, down 4% YoY, with net income declining 25% to $2.0B due to handset weakness from memory supply constraints and customer inventory adjustments. The company faces significant headwinds from Apple and Samsung vertical integration, supply chain tightness, and ongoing legal disputes, though Alphawave and Modular acquisitions signal commitment to data center and AI diversification. Management's tone is cautious regarding near-term demand and margins pressured by higher supplier costs.
Revenue
$9.95B
Net Income
$2.00B
Guidance
Tone
Capex
$1.58B(+100.8% YoY)
Partnerships
Key Quotes
"We expect recent memory supply constraints and related pricing increases to adversely affect demand from several handset OEMs, which will negatively impact our financial results."
"In particular, Apple utilizes its own modem (rather than our products) in certain of its smartphones and we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows."
"The semiconductor industry is experiencing a broad-based increase in input costs and capacity constraints across wafer fabrication, assembly, test, advanced packaging, memory and other materials, due in part to increasing demand for leading-edge technologies, AI and data center applications."
Q1 2026
10-Q • Filed 4/29/2026
Summary
Qualcomm reported Q1 FY2026 revenue of $10.6 billion (down 3% YoY) with net income of $7.4 billion, significantly boosted by a $5.7 billion tax benefit from releasing federal deferred tax asset valuation allowance. Core business deteriorated with QCT revenues declining 4% due to handset weakness from memory supply constraints, though automotive and IoT showed growth. Management warned of continued headwinds from memory supply issues, Apple's vertical integration, and intensifying competition, indicating a defensive posture despite strong near-term earnings.
Revenue
$10.60B
Net Income
$7.37B
Guidance
Tone
Capex
$1.08B(+120.37% YoY)
Partnerships
Key Quotes
"Apple utilizes its own modem (rather than our products) in certain of its smartphones and we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows."
"We expect recent memory supply constraints and related pricing increases to adversely affect demand from several handset OEMs, which will negatively impact our financial results."
"We released our valuation allowance on our federal deferred tax assets resulting in a $5.7 billion income tax benefit in the second quarter of fiscal 2026."
Q2 2025
10-Q • Filed 7/30/2025
Summary
Qualcomm delivered Q2 FY2025 revenue of $10.4B (+10% YoY) and net income of $2.7B (+25% YoY), driven by strong QCT growth across handsets, IoT, and automotive segments, with pricing power offsetting product cost increases. However, management tone is increasingly defensive with significant headwinds: Apple's vertical integration into modems will materially harm QCT revenues, U.S./China trade tensions persist, and upcoming tax reform (OBBB) will adversely impact future earnings despite improving cash taxes. The company maintains strong liquidity ($12.3B) and is aggressively returning capital ($6.3B share repurchases, $2.8B dividends in 9M) while pursuing the $2.4B Alphawave acquisition to diversify into data center.
Revenue
$10.37B
Net Income
$2.67B
Guidance
Tone
Capex
$785M0
Partnerships
Key Quotes
"Apple began utilizing its own modem (rather than our products) in its recently released smartphone and we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows."
"We expect this change will have a favorable effect on our cash flows from operations due to significantly lower cash tax payments. However, we expect it will adversely affect our total provision for income taxes and results of operations."
"We expect transitions to new generations of leading process technology nodes to continue to drive product cost increases from certain of our key semiconductor wafer suppliers."
Q1 2025
10-Q • Filed 4/30/2025
Summary
Qualcomm delivered Q1 FY2025 results with revenues of $11.0B (+17% YoY) and net income of $2.8B (+21% YoY), driven by strong QCT segment growth across handsets, automotive, and IoT. However, management tone is cautious due to significant headwinds including Apple's vertical integration into modems, intensifying China trade tensions, and ongoing litigation with Arm over CPU designs. The company maintains strong pricing power and returned $5.5B to shareholders through buybacks and dividends, but faces structural challenges to long-term growth.
Revenue
$10.98B
Net Income
$2.81B
Guidance
Tone
Capex
$491M(+23.4% YoY)
Partnerships
Key Quotes
"Apple began utilizing its own modem (rather than our products) in its recently released smartphone and we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows."
"We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S., China and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain."
"QCT revenues increased by 18% in the second quarter of fiscal 2025 compared to the year ago quarter, due to higher handsets, automotive and IoT revenues."
Q2 2024
10-Q • Filed 7/31/2024
Summary
Qualcomm reported Q2 FY2024 revenues of $9.4 billion (up 11% YoY) and net income of $2.1 billion (up 18% YoY), driven by strong handset and automotive growth offsetting IoT weakness. QCT segment showed robust 12% growth with higher-tier Snapdragon platform mix expansion, while QTL licensing remained stable at 3% growth. Management maintains a measured outlook citing inventory normalization benefits offset by elevated customer inventory levels in IoT, continued wafer cost pressure from advanced nodes, intense competition, and significant China-related policy headwinds.
Revenue
$9.39B
Net Income
$2.13B
Guidance
Tone
Capex
$785M(-32.1% YoY)
Partnerships
Key Quotes
"Current U.S./China trade relations and/or national security protection policies may negatively impact our business, growth prospects and results of operations."
"We expect certain IoT customers (primarily in edge networking) will continue to draw down on their inventory (which remains at elevated levels), which will continue to have a negative impact on our revenues, results of operations and cash flows."
"We expect transitions to new generations of leading process technology nodes to continue to drive product cost increases from certain of our key semiconductor wafer suppliers."
Q1 2024
10-Q • Filed 5/1/2024
Summary
Qualcomm reported Q2 FY2024 revenues of $9.4B (up 1% YoY) with net income of $2.3B (up 37% YoY), driven by strong handset and automotive growth offset by IoT weakness. Operating cash flow strengthened to $6.5B for the first half, but management flagged elevated inventory levels, customer inventory drawdowns, and wafer supplier cost increases as headwinds. The company faces multiple regulatory and litigation challenges, particularly around Chinese operations and patent licensing disputes.
Revenue
$9.39B
Net Income
$2.33B
Guidance
Tone
Capex
$398M(-53.2% YoY)
Partnerships
Key Quotes
"We expect certain IoT customers will continue to draw down on their inventory (which remains at elevated levels), which will continue to have a negative impact on our revenues, results of operations and cash flows."
"Current U.S./China trade relations and/or national security protection policies may negatively impact our business, growth prospects and results of operations."
"We expect transitions to new generations of leading process technology nodes to continue to drive product cost increases from certain of our key semiconductor wafer suppliers."
Sector Comparison
How QCOM performs vs Technology sector and Semiconductors peers
Sector Ranking (Technology)
Category Ranking (Semiconductors)
Key Metrics vs Averages
QCOM
$9,947M
Semiconductors Avg
$12,537M
Technology Avg
$40,813.995M
QCOM
100.8%
Semiconductors Avg
71.3%
Technology Avg
56.5%
Guidance: not_provided • Tone: cautious