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QUALCOMM Incorporated

Q2 FY26Semiconductors and Semiconductor Equipment

QUALCOMM Incorporated Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

What the Q2 FY26 call signalled

2 of 3 strong

RevenueGood growth
MarginMargins steady
CapexCapex planned
Price₹243
Market cap₹2.6L Cr
P/E26.7

The short version

- Qualcomm expects QCT IoT revenues to grow by high single digits year-over-year, driven by industrial and consumer products. - Qualcomm delivered Q2 revenues of $10.6 billion and non-GAAP EPS of $2.65, at the high end of guidance.

From QUALCOMM Incorporated's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Good growth
  • Qualcomm expects QCT IoT revenues to grow by high single digits year-over-year, driven by industrial and consumer products.
  • Automotive segment revenue growth is accelerating, with a forecasted ~50% year-over-year increase in the third fiscal quarter.
  • Diversification with combined automotive and IoT revenues growing 20% year-over-year aligns with long-term targets.
  • China QCT handset revenues are expected to bottom in fiscal Q3 2026 and show sequential growth thereafter, despite current cautious OEM build plans due to memory dynamics.
  • Premium and high-tier handset markets remain strong, with limited weakness in mid- and low tiers; memory allocation favors high-end devices.
  • Agentic AI smartphones and AI-driven upgrade cycles anticipated to drive premium demand growth into fiscal 2027 and beyond.

2 more points from QUALCOMM Incorporated's call on revenue

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Profitability & Margins

Qualcomm delivered Q2 revenues of $10.6 billion and non-GAAP EPS of $2.65, at the high end of guidance.

Locked: what QUALCOMM Incorporated said on margins

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Capital Expenditure Plans

Capex planned
  • Acquisition of Alphawave: Enhances Qualcomm’s capabilities in custom ASICs and connectivity IP, increasing execution capacity in data center solutions.
  • Investment in Data Center & AI: Developing custom silicon for hyperscalers with initial shipments expected later this year; multi-generation customer engagements planned.
  • 6G Strategic Initiative: Qualcomm is investing in 6G technology as a major long-term growth driver, focusing on AI-native networks, advanced connectivity, and end-to-end solutions from devices to networks.

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Fundraising & Capital Structure

Key points related to financial activities include:

Locked: what QUALCOMM Incorporated said on fundraising

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Order Book & Pipeline

  • Qualcomm has a multi-generation engagement with a large hyperscaler for custom silicon, with initial shipments expected later this calendar year (2023) (Page 5, 7, 11).
  • The company has several ongoing engagements with hyperscalers, combining merchant and custom ASIC approaches (Page 11).
  • The custom engagement mentioned is expected to be accretive at the operating margin level (Page 11).
  • Qualcomm expects initial shipments of their custom silicon engagement in the December quarter (Page 7).

2 more points from QUALCOMM Incorporated's call on order book

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Frequently Asked Questions

What were QUALCOMM Incorporated Q2 FY26 results?

- Qualcomm expects QCT IoT revenues to grow by high single digits year-over-year, driven by industrial and consumer products. - Qualcomm delivered Q2 revenues of $10.6 billion and non-GAAP EPS of $2.65, at the high end of guidance.

What is QUALCOMM Incorporated share price analysis?

QUALCOMM Incorporated currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 26.7 with a market cap of $256,428. Investors should review the full earnings analysis for detailed insights.

Is QUALCOMM Incorporated planning capital expenditure?

- Acquisition of Alphawave: Enhances Qualcomm’s capabilities in custom ASICs and connectivity IP, increasing execution capacity in data center solutions.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.