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Sentiment · FY2026 Q3
Qualcomm reported revenues of $10.6 billion with non-GAAP EPS of $2.65 at the high end of guidance, as the memory-driven handset under-shipment played out as expected. Automotive revenue crossed a $5 billion annual run rate at $1.3 billion for the quarter, up 38% year-over-year. Data center custom silicon engagements with hyperscalers advanced, though the Apple modem transition headwind loomed and Q3 guidance pointed to sequential revenue decline.
Revenue Growth | Competitive Dynamics | Demand | Cloud & AI | Supply Chain | Margin | Innovation & R&D | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 4 | 5 | 1 | 2 | 1 | ||
| 2025Q2 | 3 | 3 | 4 | 1 | 4 | 2 | 3 | |
| 2025Q3 | 6 | 5 | 3 | 4 | 1 | 1 | ||
| 2025Q4 | 8 | 4 | 4 | 4 | 1 | 2 | 2 | |
| 2026Q1 | 4 | 3 | 4 | 2 | 6 | 2 | 2 | 1 |
| 2026Q2 | 6 | 8 | 5 | 6 | 3 | 3 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 3 | 6 | 8 | 4 | 6 |
| Competitive Dynamics | 4 | 3 | 5 | 4 | 3 | 8 |
| Demand | 5 | 4 | 3 | 4 | 4 | 5 |
| Cloud & AI | 1 | 4 | 4 | 2 | 6 | |
| Supply Chain | 1 | 6 | 3 | |||
| Margin | 2 | 4 | 1 | 1 | 2 | |
| Innovation & R&D | 2 | 2 | 2 | 3 | ||
| Pricing | 1 | 3 | 1 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stacy Rasgon | Bernstein | 13 (15%) |
| Joshua Buchalter | TD Cowen | 13 (15%) |
| Samik Chatterjee | JPMorgan | 12 (8%) |
| Chris Caso | Wolfe Research | 12 (0%) |
| Ross Seymore | Deutsche Bank | 10 (0%) |
| Tim Arcuri | UBS | 10 (30%) |
| Ben Reitzes | Melius Research | 7 (14%) |
| Tal Liani | Bank of America | 5 (0%) |
| Joe Moore | Morgan Stanley | 5 (0%) |
| CJ Muse | Cantor Fitzgerald | 4 (25%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 2 | 14 (7%) |
| TD Cowen | 1 | 13 (15%) |
| Bernstein | 1 | 13 (15%) |
| Wolfe Research | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $10.24B | +18.7% | $2.58 | +95.5% | 25.2% | 28.5% | $2.39B |
| FY2025 Q1 | $11.67B | +17.5% | $2.83 | +15.0% | 30.5% | 27.3% | $4.31B |
| FY2025 Q2 | $10.98B | +16.9% | $2.52 | +22.3% | 28.4% |
| 12 (0%) |
| Deutsche Bank | 1 | 10 (0%) |
| UBS | 1 | 10 (30%) |
| Bank of America | 3 | 9 (0%) |
| Melius Research | 1 | 7 (14%) |
| 25.6% |
| $2.34B |
| FY2025 Q3 | $10.37B | +10.3% | $2.43 | +29.3% | 26.6% | 25.7% | $2.58B |
| FY2025 Q4 | $11.27B | +10.0% | $-2.77 | -207.4% | 25.9% | -27.7% | $3.59B |
| FY2026 Q1 | $12.25B | +5.0% | $2.78 | -1.8% | 27.5% | 24.5% | $4.42B |
| FY2026 Q2 | $10.60B | -3.5% | $6.88 | +173.0% | 21.8% | 69.5% | $1.92B |
| FY2026 Q3 | $9.95B | -4.0% | $1.87 | -23.0% | 16.3% | 20.1% | $495M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What QCOM and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Can you also talk to the Qualcomm collaboration and how to think about what that means”
An analyst asks about Snap's Qualcomm collaboration for the Specs platform, implying Qualcomm supplies silicon for Snap's AR hardware.
“Building on our design win with Figure AI, we announced an exciting multiyear agreement with Nora reinforcing our confidence that we can become a significant player in the broad robotics market.”
Qualcomm cites a design win with Figure AI as it targets the robotics market.
“We're pleased with the performance of our automated driving stack with BMW, and we're seeing broad customer engagement from other leading automakers.”
Qualcomm's automated-driving stack is performing well with BMW, an ADAS customer read-through.
“the Alphawave integration is off to a great start, and we're pursuing multiple opportunities with large hyperscalers, cloud service providers, sovereign AI projects and other global partners.”
Qualcomm's Alphawave acquisition is integrating well and boosting its custom-silicon/data-center capabilities.
“Can you just remind us of the multiyear agreement framework that you have with your primary premium smartphone customer, Samsung.”
Qualcomm's premium-smartphone customer Samsung is under a multiyear framework at greater-than-70% share, expected to hold next year.
“You had NVIDIA announce that they are going to focus on the [ inferencing ] market as well.”
Analyst notes NVIDIA is targeting the inference market as Qualcomm enters data-center compute.
“In terms of Apple product revenue for fiscal '27, we've seen sell-side models in the range of a little over $2 billion in terms of QCT product revenue in the year, and we think that's a reasonable place to model the business.”
Qualcomm reiterated Apple's modem-chip share steps down to 20% for fall launches with no relationship beyond, ~$2B product revenue in FY27.
“Snapdragon X2 delivers the full agent experience end-to-end and outperforms Intel's [indiscernible] Lake by nearly 30%.”
Qualcomm claims its Snapdragon X2 PC platform outperforms Intel's competing chip by nearly 30%.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
QCOM Qualcomm | 3 | -3.5% | |
| ADI Analog Devices | 9 | +30.4% | |
| ALAB Astera Labs, Inc. Common Stock | 9 | +93.4% | |
| AMAT Applied Materials | 5 | -2.1% | |
| AMD Advanced Micro Devices, Inc. | 9 | +37.9% | |
| ARM Arm Holdings | 7 | +20.1% | |
| ASML ASML Holding | 9 | +13.3% | |
| AVGO Broadcom Inc. | 9 | +29.5% | |
| INTC Intel Corporation | 6 | +7.2% | |
| KLAC KLA Corporation | 7 | +11.5% | |
| LRCX Lam Research | 9 | +23.8% | |
| MCHP Microchip Technology | 9 | +35.1% | |
| MPWR Monolithic Power Systems | 10 | +26.1% | |
| MRVL Marvell Technology | 10 | +22.1% | |
| MU Micron Technology, Inc. | 9 | +196.3% | |
| NVDA NVIDIA Corporation | 10 | +73.2% | |
| NXPI NXP Semiconductors | 7 | +12.2% | |
| ON ON Semiconductor | 6 | +4.7% | |
| Q Qnity Electronics, Inc. | 10 | +17.6% | |
| SWKS Skyworks Solutions | 3 | -1.0% | |
| TER Teradyne | 9 | +87.0% | |
| TXN Texas Instruments | 9 | +18.6% |