Q2 26 EPS
$2.65
Q2 26 Revenue
$10.60B
BEAT +0.18%
Est. $10.58B
vs S&P Since Q2 26
+17.8%
BEATING MARKET
QCOM +18.1% vs S&P +0.3%
Market Reaction
Did QCOM Beat Earnings? Q2 2026 Results
Qualcomm delivered a solid fiscal second quarter, beating Wall Street expectations for the fourth consecutive quarter as its deepening automotive and IoT businesses helped offset a meaningful pullback in handset revenues. The San Diego chipmaker post… Read more Qualcomm delivered a solid fiscal second quarter, beating Wall Street expectations for the fourth consecutive quarter as its deepening automotive and IoT businesses helped offset a meaningful pullback in handset revenues. The San Diego chipmaker posted non-GAAP diluted EPS of $2.65, ahead of the $2.56 consensus by 3.67%, while revenue of $10.60 billion edged past estimates by 0.18%, though it still represented a 3.5% decline from a year earlier. The divergence within its QCT semiconductor segment told the real story: handset revenues fell 13% to $6.02 billion, weighed down by memory supply constraints and softness among Chinese OEM customers, while automotive revenues surged 38% to a record $1.33 billion and IoT climbed 9% to $1.73 billion. Rumors of Qualcomm developing custom silicon with a major hyperscaler, which rattled a key chip architecture rival in recent weeks, gained credibility as CEO Cristiano Amon confirmed initial shipments of that engagement are on track for later in calendar 2026. Looking ahead, Qualcomm guided fiscal Q3 revenue of $9.20 billion to $10.00 billion and non-GAAP EPS of $2.10 to $2.30, reflecting continued near-term pressure from memory-related demand softness before Chinese handset revenues are expected to recover sequentially in the following quarter.
Key Takeaways
- • Record quarterly QCT Automotive revenues of $1,326M, up 38% YoY
- • Combined QCT Automotive and IoT revenues grew 20% YoY
- • QTL revenues grew 5% with EBT margin expanding to 72%
- • Handset revenues declined 13% due to challenging memory environment and Chinese OEM demand softness
QCOM Forward Guidance & Outlook
For fiscal Q3 2026, Qualcomm guides total revenues of $9.2B–$10.0B, with QCT revenues of $7.9B–$8.5B and QTL revenues of $1.15B–$1.35B. GAAP diluted EPS is expected at $1.26–$1.46, and Non-GAAP diluted EPS at $2.10–$2.30. Guidance includes the estimated impact of memory supply constraints and related pricing on demand from several handset OEMs. The company expects QCT handset revenues from Chinese customers to reach a bottom in Q3 and return to sequential growth in the following quarter. An Investor Day is scheduled for June 24 to discuss growth initiatives in Data Center and Physical AI.
QCOM YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
QCOM Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to deliver results in line with our guidance, reflecting solid execution as we navigate a challenging memory environment.”
— Cristiano Amon, Q2 2026 Earnings Press Release
QCOM Earnings Trends
QCOM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
QCOM EPS Trend
Earnings per share: estimate vs actual
QCOM Revenue Trend
Quarterly revenue: estimate vs actual
QCOM Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | $2.65 | — | $10.60B | +0.18% |
| Q1 26 BEAT | $3.40 | $3.50 | +2.87% | $12.25B | +0.62% |
| Q4 25 BEAT FY | $2.87 | $3.00 | +4.53% | $11.27B | — |
| FY Full Year | $11.90 | $12.03 | +1.12% | $44.28B | +1.70% |
| Q3 25 BEAT | $2.71 | $2.77 | +2.05% | $10.37B | +0.12% |
| Q2 25 BEAT | $2.81 | $2.85 | +1.29% | $10.98B | +3.08% |
| Q2 23 BEAT | $2.15 | $2.15 | +0.00% | $9.28B | +1.94% |