QUALCOMM INC/DE — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 42/100
What the filing says
Qualcomm reported fiscal 2026 GAAP revenues of $43.1B (down 3% YoY) and non-GAAP EPS of $10.54 (down 12% YoY). Key drivers: QCT Automotive revenues hit record $2.0B in Q4 FY26, up 89% YoY; company renewed long-term licensing agreements with Apple, Huawei, and Transsion; announced multi-generational AI data center collaboration with Amazon. FY27 guidance projects non-handset revenues to grow >60% YoY with Data Center revenue target of $5B. Handset revenues declined 13% YoY to $24.1B (65% of QCT). Company returned $11.7B to shareholders in FY26 via $7.8B in buybacks (48M shares) and $3.9B in dividends.
Why this rating
Revenue decline and margin pressure offset by strong automotive growth and data center inflection. Automotive +89% meaningful but still small ($6.0B/37.2B QCT = 16%). Data Center $5B target unproven. Renewals with Apple/Huawei secure licensing base but handset weakness persists. Relative to $168B market cap, $43.1B revenue is stable; event is business-important but not trajectory-altering.
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