Qualcomm Inc

Latest Results (03.06.2026):

Qualcomm Inc — Second Quarter Fiscal 2026: Qualcomm reported Q2 FY2026 revenues of $10.6 billion. GAAP diluted EPS was $6.88 (driven by a $5.7 billion income tax benefit from the release of a valuation allowance), while Non-GAAP diluted EPS was $2.65. Revenues declined ~3% year‑over‑year on a GAAP basis (‑2% on the company’s Non‑GAAP basis). The company highlighted record QCT automotive revenues, continued diversification across Automotive and IoT, significant share repurchases, and provided guidance for Q3 FY2026.

Quarter snapshot

Revenues: $10,599 million (Q2 FY2026). GAAP net income: $7,370 million; GAAP diluted EPS: $6.88. Non‑GAAP diluted EPS: $2.65. GAAP EBT: $2,232 million; Non‑GAAP EBT: $3,246 million (excludes tax benefit and other adjustments).

Tax benefit that drove GAAP results

Q2 GAAP results included a $5.7 billion income tax benefit ($5.33 per share) from releasing a valuation allowance on federal deferred tax assets after updated AMT guidance — this was excluded from Non‑GAAP metrics and materially increased GAAP EPS versus Non‑GAAP EPS.

Segment performance

QCT (Qualcomm CDMA Technologies) revenues: $9,076 million (‑4% YoY). QTL (licensing) revenues: $1,382 million (+5% YoY). QCT EBT was $2,465 million (‑14% YoY); QTL EBT was $994 million (+7% YoY).

QCT revenue mix

QCT by end market: Handsets $6,024M (‑13% YoY), Automotive $1,326M (+38% YoY — record quarterly QCT automotive revenues), IoT $1,726M (+9% YoY). Company emphasized diversification with combined Automotive + IoT up 20% YoY.

Capital return and buybacks

Returned $3.7B to stockholders in Q2 (dividends $945M; share repurchases $2.8B for 19M shares). Completed $5.4B of repurchases in the first half of FY2026 and announced a new $20B share repurchase authorization.

Guidance and near‑term outlook

Q3 FY2026 guidance: Revenues $9.2B–$10.0B. QCT revenue guidance $7.9B–$8.5B; QTL $1.15B–$1.35B. Non‑GAAP diluted EPS guidance $2.10–$2.30. Management noted memory supply constraints impacting handset demand and expects QCT handset revenues from Chinese customers to bottom in Q3 and resume sequential growth thereafter.

Balance sheet & cash flow highlights

Cash and cash equivalents: $5,435M (March 29, 2026). Deferred tax assets rose to $5,968M (reflecting the valuation allowance release). Total assets: $57,136M. Six‑month net cash provided by operations: $7,414M; capital expenditures for six months: $1,082M.

Strategy and catalysts

Management reiterated focus on AI and Physical AI, entry into the data center with a custom silicon engagement for a leading hyperscaler expected to begin initial shipments later in the calendar year, and plans to provide further updates at Investor Day on June 24, 2026.