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QUALCOMM INC/DE 8-K Report, Financial Results (Apr 29, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 29, 2026
Period End
April 29, 2026
Security
QCOM
In the record · 2016–202610-K1010-Q338-K138

QCOM filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 138 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Nov ’16Nov ’16
  2. Leadership change8-K · May ’19May ’19
  3. Leadership change8-K · May ’21May ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 29, 2026. Cited figures are marked; the original filing is the authoritative source.

QUALCOMM's fiscal Q2 2026 (quarter ended March 29, 2026) revenue was $10.6 billiona, down 3% year-over-year on a GAAP basis and 2% on a non-GAAP basis.

QCT revenue fell 4% to $9.1 billionb, driven by a 13% decline in handset revenue to $6.0 billion, which management attributes to a challenging memory supply and pricing environment. Offsetting this, Automotive revenue rose 38% to a record $1.3 billion and IoT grew 9% to $1.7 billion; combined Automotive and IoT revenue grew 20%. QTL licensing revenue increased 5% to $1.4 billion.

Non-GAAP diluted EPS was $2.65c, down 7% from $2.85, while non-GAAP operating income fell to $3.3 billion from $3.7 billion. GAAP diluted EPS of $6.88 is not representative of underlying operating performance. It includes a $5.7 billion ($5.33 per share) income tax benefit from releasing a valuation allowance established in Q4 fiscal 2025, as the company now expects to realize its existing federal deferred tax assets following IRS and Treasury guidance on the corporate alternative minimum tax.

This benefit is excluded from non-GAAP results. Investors should focus on the non-GAAP trend, which shows margin pressure: non-GAAP EBT margin fell to 31% from 34%, and R&D rose meaningfully on a GAAP basis to $2.46 billiond from $2.22 billion. Capital return remained substantial, with $3.7 billion returned to stockholders in the quarter, including $945 million in dividends and $2.8 billion in buybacks of 19 million shares.

The company completed $5.4 billion of repurchases in the first half of fiscal 2026 and announced a new $20 billion authorization. Management highlighted its entry into the data center market through a custom silicon engagement with a leading hyperscaler, with initial shipments expected later this calendar year, and plans to provide an update at its Investor Day on June 24, 2026. Balance sheet changes include goodwill rising to $14.3 billion from $11.4 billion, likely reflecting acquisitions, and a $6.0 billion deferred tax asset position.

02—Key points

Key Highlights

  1. Revenue of $10.6B, down 3% YoY (GAAP) and 2% (non-GAAP); results described as in line with guidance.
  2. GAAP diluted EPS of $6.88 includes a $5.7B ($5.33/share) non-recurring tax benefit from releasing a valuation allowance; non-GAAP EPS was $2.65, down 7% YoY.
  3. Handset revenue fell 13% to $6.0B amid a challenging memory supply and pricing environment, a key headwind for the QCT segment.
  4. Automotive revenue rose 38% to a record $1.3B; IoT grew 9% to $1.7B; combined Automotive and IoT grew 20% YoY, supporting diversification.
  5. QTL licensing revenue grew 5% to $1.4B with segment EBT margin of 72%, up from 70%.
  6. Returned $3.7B to stockholders in Q2 ($945M dividends, $2.8B buybacks); new $20B repurchase authorization announced.
  7. Data center entry via a hyperscaler custom silicon engagement, with initial shipments targeted for later in calendar 2026; Investor Day scheduled June 24, 2026.

03—Questions

Frequently Asked Questions

  1. Why is GAAP EPS of $6.88 so much higher than the prior year, and is it sustainable?

    The increase is driven by a one-time $5.7 billion income tax benefit ($5.33 per share) from releasing a valuation allowance on deferred tax assets established in Q4 fiscal 2025. It is non-recurring in nature and excluded from non-GAAP results. Underlying non-GAAP EPS declined 7% to $2.65, so the GAAP figure should not be used to judge operating performance.

  2. What is driving the decline in QCT handset revenue?

    Handset revenue fell 13% to $6.0 billion. The company attributes the pressure to a challenging memory environment, including supply constraints and higher pricing that affect handset OEM demand, along with exposure to Chinese customers. Management's forward-looking statements also flag the impact of memory constraints on Chinese handset revenue in the third quarter and beyond.

  3. How is Qualcomm diversifying away from handsets?

    Automotive revenue rose 38% to a record $1.3 billion and IoT grew 9% to $1.7 billion, together up 20% year-over-year. The company also announced entry into the data center market through a custom silicon engagement with a leading hyperscaler, with initial shipments expected later in calendar 2026. Further details are expected at the June 24, 2026 Investor Day.

  4. How much capital is Qualcomm returning to shareholders?

    In Q2 fiscal 2026, Qualcomm returned $3.7 billion, including $945 million in dividends ($0.89 per share) and $2.8 billion in repurchases of 19 million shares. In the first half of fiscal 2026, repurchases totaled $5.4 billion, and the board approved a new $20 billion authorization.

  5. What are the notable balance sheet and margin trends?

    Goodwill increased to $14.3 billion from $11.4 billion, suggesting acquisition activity, and acquisitions used $1.2 billion of cash in the first half. Total debt was roughly $15.3 billion, and inventories rose to $7.4 billion from $6.5 billion. On a non-GAAP basis, EBT margin declined to 31% from 34%, and GAAP R&D expense rose to $2.5 billion from $2.2 billion, which investors should monitor as the company invests in new growth areas.

04—Continue

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