QUALCOMM Incorporated · QCOM · FY2026 Q1 · Calendar Q1 2026

Qualcomm posts record results, but memory shortages cloud handset outlook

Qualcomm's diversified growth story remains supported by automotive, IoT and emerging AI initiatives, but the latest call weakens the near-term case: memory constraints are already affecting handset expectations, while data-center and robotics expansion still depends on execution.

Reported After market closeNASDAQTechnology $193.31B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $3.50 Consensus $3.39
EPS surprise +3.2% Reported versus consensus
Reported revenue $12.25B Consensus $12.12B
Revenue surprise +1.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move -8.5% Event window
SPY move -1.2% Same window
Abnormal move -7.2% Stock minus SPY
Volume 3.0× Versus trailing sessions
Subsequent drift -0.4% Up to 20 sessions
QCOMSPY benchmark

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Transcript intelligence

What changed

The latest quarter showed record overall performance and stronger automotive and robotics positioning, but management lowered the near-term handset outlook as DRAM shortages and higher memory pricing constrained inventory. The growth narrative is therefore more diversified, but near-term handset visibility is weaker.

Guidance delta

Management lowered its near-term QCT handset outlook because of DRAM shortages and higher memory pricing; overall guidance sentiment shifted lower.

Key takeaways

  • Record quarterly results reflected strength in handsets, automotive and IoT.
  • A global DRAM shortage is constraining handset inventory and pressured the near-term handset outlook.
  • Automotive momentum continued through design wins and OEM relationships.
  • Robotics, industrial edge AI and data-center products broaden the growth path but add execution risk.

Management priorities

  • Protect premium-tier handset momentum amid memory constraints.
  • Scale automotive digital-chassis deployments with OEM partners.
  • Commercialize Dragon Wing products for robotics and industrial applications.
  • Advance the data-center CPU and AI250 roadmap and deepen hyperscaler relationships.

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Earnings History

Estimate Beat Miss Match
QCOM EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q2 '24 estimate $2.32 Q2 '24 actual $2.44, beat Q3 '24 estimate $2.25 Q3 '24 actual $2.33, beat Q4 '24 estimate $2.56 Q4 '24 actual $2.69, beat Q3 '25 estimate $2.71 Q3 '25 actual $2.77, beat Q4 '25 estimate $2.87 Q4 '25 actual $3.00, beat Q1 '26 estimate $3.39 Q1 '26 actual $3.50, beat Q2 '26 estimate $2.56 Q2 '26 actual $2.65, beat Q3 '26 estimate $2.23 Q3 '26 actual $2.21, miss Q4 '26 estimate $2.19 Q1 '27 estimate $2.70 Q2 '27 estimate $2.56
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Analyst Consensus ?

ConsensusHold67 ratings
Bullish2943.3%
Neutral3349.2%
Bearish57.5%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$185.47Current
$120Low
$197.74Average
$400High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Rosenblatt Buy BuyMaintainSep 9, 2026
RBC Capital Sector Perform Sector PerformMaintainSep 9, 2026
Wells Fargo Equal Weight Equal WeightMaintainJul 30, 2026
UBS Neutral NeutralMaintainJul 30, 2026
TD Cowen Buy BuyMaintainJul 30, 2026
Susquehanna Neutral NeutralMaintainJul 30, 2026
Morgan Stanley Equal Weight Equal WeightMaintainJul 30, 2026
Evercore ISI Group In Line In LineMaintainJul 30, 2026
Citigroup Neutral NeutralMaintainJul 30, 2026
Cantor Fitzgerald Neutral NeutralMaintainJul 30, 2026
Benchmark Buy BuyMaintainJul 30, 2026
Mizuho Neutral NeutralMaintainJun 29, 2026
Bernstein Market Perform Market PerformMaintainJun 25, 2026
Barclays Underweight UnderweightMaintainJun 25, 2026
B of A Securities Underperform UnderperformMaintainJun 23, 2026
Tigress Financial Buy BuyMaintainMay 8, 2026
Daiwa Capital Outperform NeutralUpgradeMay 8, 2026
JP Morgan Neutral NeutralMaintainApr 30, 2026
BNP Paribas Neutral OutperformDowngradeApr 17, 2026
Seaport Global Sell NeutralDowngradeMar 16, 2026
Loop Capital Buy HoldUpgradeFeb 24, 2026
Argus Research Buy BuyMaintainFeb 6, 2026
Piper Sandler Overweight OverweightMaintainNov 6, 2025
Baird Outperform OutperformMaintainMay 1, 2025
Keybanc Sector Weight OverweightDowngradeOct 8, 2024
Wolfe Research Peer Perform OutperformDowngradeAug 12, 2024
Deutsche Bank Hold HoldMaintainAug 1, 2024
HSBC Hold BuyDowngradeJul 17, 2024
Canaccord Genuity Buy BuyMaintainMay 2, 2024
DZ Bank Buy HoldUpgradeNov 3, 2023
Credit Suisse Outperform OutperformMaintainFeb 3, 2023
Cowen & Co. Outperform OutperformMaintainFeb 3, 2023
Raymond James Strong Buy Strong BuyMaintainNov 3, 2022
Edward Jones Buy HoldUpgradeJul 28, 2022
Summit Insights Group Hold BuyDowngradeNov 4, 2021
Goldman Sachs Buy NeutralUpgradeNov 4, 2021
Jefferies Hold HoldMaintainOct 1, 2021
Cascend Buy BuyMaintainFeb 2, 2021
Nomura Buy BuyMaintainMar 10, 2020
Bank of America Buy BuyMaintainAug 1, 2019
Stifel Nicolaus Buy HoldUpgradeApr 17, 2019
Stifel Buy HoldUpgradeApr 17, 2019
Macquarie Outperform NeutralUpgradeSep 4, 2018
Argus Buy BuyMaintainMay 5, 2018
BMO Capital Market Perform Market PerformMaintainApr 26, 2018
Standpoint Research Hold BuyDowngradeNov 6, 2017
Northland Securities Outperform Market PerformUpgradeSep 15, 2017
Northland Capital Markets Outperform Market PerformUpgradeSep 15, 2017
CLSA Underperform BuyDowngradeJan 23, 2017
Pacific Crest Overweight OverweightMaintainJul 21, 2016
Oppenheimer Perform PerformMaintainJul 21, 2016
Brean Capital Hold HoldMaintainJul 21, 2016
Drexel Hamilton Sell HoldDowngradeJun 29, 2015
Exane BNP Paribas Neutral OutperformDowngradeApr 23, 2015
FBR Capital Market Perform OutperformDowngradeApr 6, 2015
Topeka Capital Hold HoldMaintainOct 16, 2014
Topeka Hold HoldMaintainOct 16, 2014
Evercore Partners Equal Weight OverweightDowngradeJul 24, 2014
ISI Group Neutral Strong BuyDowngradeJul 14, 2014
JMP Securities Market Outperform Market OutperformMaintainMar 3, 2014
Lazard Neutral BuyDowngradeSep 13, 2013
PiperJaffray Neutral OverweightDowngradeAug 5, 2013
Societe Generale Hold HoldMaintainNov 8, 2012
DA Davidson Neutral BuyDowngradeOct 10, 2012
Avian Securities Neutral PositiveDowngradeOct 8, 2012
Avian Neutral PositiveDowngradeOct 8, 2012
Scotiabank Sector Outperform Sector OutperformMaintainApr 20, 2012
Morgan Keegan Outperform OutperformMaintainMar 6, 2012
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Named analyst price targets

Upside is calculated against the persisted current price $185.46. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Piper SandlerAnalyst unavailable$190$176.4 +2.4%Sep 9, 2026
Evercore ISIMark Lipacis$159$149.51 -14.3%Jul 30, 2026
RBC CapitalSrini Pajjuri$160$149.81 -13.7%Jul 30, 2026
Cantor FitzgeraldAnalyst unavailable$165$149.74 -11.0%Jul 30, 2026
BernsteinAnalyst unavailable$165$155.68 -11.0%Jul 30, 2026
Goldman SachsAnalyst unavailable$160$155.68 -13.7%Jul 30, 2026
Morgan StanleyAnalyst unavailable$220$155.68 +18.6%Jul 30, 2026
BarclaysTom O'Malley$180$155.68 -2.9%Jul 30, 2026
Wells FargoAaron Rakers$170$155.68 -8.3%Jul 30, 2026
Robert W. BairdTristan Gerra$400$155.68 +115.7%Jul 30, 2026
Goldman SachsAnalyst unavailable$180$155.68 -2.9%Jul 29, 2026
UBSAnalyst unavailable$300$167.95 +61.8%Jul 27, 2026
OppenheimerAnalyst unavailable$200$169.26 +7.8%Jul 27, 2026
UBSAnalyst unavailable$190$172.6 +2.4%Jul 20, 2026
Mizuho SecuritiesVijay Rakesh$210$189.39 +13.2%Jun 29, 2026
RBC CapitalAnalyst unavailable$250$203.87 +34.8%Jun 25, 2026
UBSAnalyst unavailable$235$207.09 +26.7%Jun 25, 2026
SusquehannaAnalyst unavailable$190$197.41 +2.4%Jun 25, 2026
BarclaysTom O'Malley$245$197.41 +32.1%Jun 25, 2026
Cantor FitzgeraldAnalyst unavailable$220$197.41 +18.6%Jun 25, 2026
BernsteinAnalyst unavailable$235$197.41 +26.7%Jun 25, 2026
Wells FargoAnalyst unavailable$265$197.41 +42.9%Jun 25, 2026
Morgan StanleyJoseph Moore$231$197.41 +24.6%Jun 25, 2026
Cantor FitzgeraldAnalyst unavailable$200$226.11 +7.8%Jun 22, 2026
GuggenheimAnalyst unavailable$200$226.11 +7.8%Jun 22, 2026
Wells FargoAnalyst unavailable$230$202.96 +24.0%Jun 12, 2026
Melius ResearchAnalyst unavailable$220$201.71 +18.6%May 18, 2026
Tigress FinancialAnalyst unavailable$280$219.86 +51.0%May 8, 2026
DaiwaLouis Miscioscia$225$202.55 +21.3%May 8, 2026
Argus ResearchAnalyst unavailable$220$172.73 +18.6%May 1, 2026
Robert W. BairdAnalyst unavailable$300$173.3 +61.8%May 1, 2026
Deutsche BankRoss Seymore$160$185.23 -13.7%Apr 30, 2026
RBC CapitalAnalyst unavailable$175$172.76 -5.6%Apr 30, 2026
Evercore ISIAnalyst unavailable$179$173.39 -3.5%Apr 30, 2026
Cantor FitzgeraldAnalyst unavailable$150$156 -19.1%Apr 30, 2026
SusquehannaAnalyst unavailable$160$156 -13.7%Apr 30, 2026
Morgan StanleyAnalyst unavailable$146$156 -21.3%Apr 30, 2026
UBSAnalyst unavailable$170$156 -8.3%Apr 30, 2026
Wells FargoAaron Rakers$160$156 -13.7%Apr 30, 2026
BarclaysTom O'Malley$150$156 -19.1%Apr 30, 2026
UBSAnalyst unavailable$150$137.52 -19.1%Apr 21, 2026
BNP ParibasDavid O'Connor$120$134.47 -35.3%Apr 17, 2026
Loop Capital MarketsAnalyst unavailable$185$140.41 -0.3%Feb 24, 2026
DaiwaAnalyst unavailable$140$140.09 -24.5%Feb 11, 2026
Morgan StanleyAnalyst unavailable$132$138.93 -28.8%Feb 10, 2026
Evercore ISIAnalyst unavailable$134$138.13 -27.7%Feb 5, 2026
RBC CapitalSrini Pajjuri$150$134.84 -19.1%Feb 5, 2026
Piper SandlerHarsh Kumar$200$136.61 +7.8%Feb 5, 2026
Robert W. BairdTristan Gerra$177$136.34 -4.6%Feb 5, 2026
SusquehannaAnalyst unavailable$140$148.89 -24.5%Feb 5, 2026
Cantor FitzgeraldAnalyst unavailable$160$151.9 -13.7%Feb 2, 2026
BernsteinStacy Rasgon$200$153.16 +7.8%Feb 2, 2026
UBSAnalyst unavailable$160$155.17 -13.7%Jan 26, 2026
Mizuho SecuritiesVijay Rakesh$160$155.82 -13.7%Jan 26, 2026
RBC CapitalSrini Pajjuri$180$164.54 -2.9%Jan 14, 2026
Mizuho SecuritiesAnalyst unavailable$175$181.87 -5.6%Jan 9, 2026
Cantor FitzgeraldAnalyst unavailable$185$176.79 -0.3%Dec 16, 2025
SusquehannaChristopher Rolland$210$171.23 +13.2%Nov 6, 2025
UBSAnalyst unavailable$165$168.94 -11.0%Oct 27, 2025
SusquehannaAnalyst unavailable$200$166.44 +7.8%Oct 22, 2025
Arete ResearchBrett Simpson$200$159.22 +7.8%Aug 26, 2025
BernsteinStacy Rasgon$185$161.17 -0.3%Jul 28, 2025
Mizuho SecuritiesVijay Rakesh$215$160.52 +15.9%Jan 7, 2025
Loop Capital MarketsGary Mobley$180$168.29 -2.9%Nov 11, 2024
Wells FargoAaron Rakers$175$164.84 -5.6%Nov 7, 2024
CitigroupChristopher Danely$185$174.09 -0.3%Oct 16, 2024
BarclaysTom O'Malley$200$180.95 +7.8%Aug 1, 2024
HSBCFrank Lee$200$209.64 +7.8%Jul 17, 2024
Tigress FinancialIvan Feinseth$270$211.54 +45.6%Jun 21, 2024
Mizuho SecuritiesVijay Rakesh$240$204.8 +29.4%May 31, 2024
Argus ResearchJim Kelleher$205$181.85 +10.5%May 7, 2024
CFRAAngelo Zino$200$180.1 +7.8%May 2, 2024
Rosenblatt SecuritiesKevin Cassidy$200$177.47 +7.8%May 2, 2024
Robert W. BairdTristan Gerra$200$164.11 +7.8%May 2, 2024
Wolfe ResearchChris Caso$200$164.11 +7.8%May 2, 2024
UBSTimothy Arcuri$175$164.11 -5.6%May 2, 2024
Morgan StanleyJoseph Moore$172$164.11 -7.3%May 2, 2024
Canaccord GenuityMichael Walkley$206$164.11 +11.1%May 2, 2024
BernsteinStacy Rasgon$220$164.11 +18.6%May 2, 2024
Mizuho SecuritiesVijay Rakesh$180$164.11 -2.9%May 2, 2024
Piper SandlerHarsh Kumar$185$164.11 -0.3%May 2, 2024
HSBCFrank Lee$190$165.85 +2.4%Apr 30, 2024
SusquehannaChristopher Rolland$205$173.58 +10.5%Apr 10, 2024
KeyBancJohn Vinh$205$173.27 +10.5%Apr 8, 2024
Piper SandlerFlags Huawei$165$150.04 -11.0%Feb 13, 2024
Bank of America SecuritiesTal Liani$173$142.35 -6.7%Feb 1, 2024
BernsteinStacy Rasgon$145$117.47 -21.8%Nov 2, 2023
Mizuho SecuritiesVijay Rakesh$140$110.96 -24.5%Aug 23, 2023
Loop Capital MarketsMichael Walkley$152$118.05 -18.0%Aug 3, 2023
Rosenblatt SecuritiesKevin Cassidy$145$106.65 -21.8%May 4, 2023
Cowen & Co.Cowen Cowen$155$135.02 -16.4%Feb 5, 2023
KeyBancJohn Vinh$150$103.88 -19.1%Nov 3, 2022
CitigroupChristopher Danely$105$103.88 -43.4%Nov 3, 2022
Raymond JamesMelissa Fairbanks$150$103.88 -19.1%Nov 3, 2022
Raymond JamesMelissa Fairbanks$150$112.5 -19.1%Nov 3, 2022
HSBCFrank Lee$180$115.74 -2.9%Oct 24, 2022
Deutsche BankRoss Seymore$170$145.06 -8.3%Jul 30, 2022
Rosenblatt SecuritiesKevin Cassidy$220$145.06 +18.6%Jul 28, 2022
Wells FargoGary Mobley$135$151.18 -27.2%Jul 20, 2022
Mizuho SecuritiesVijay Rakesh$168$124.39 -9.4%Jun 22, 2022
Mizuho SecuritiesVijay Rakesh$110$124.39 -40.7%Jun 21, 2022
KeyBancJohn Vinh$220$129.63 +18.6%Jun 13, 2022
Tigress FinancialIvan Feinseth$238$140.58 +28.3%May 6, 2022
Morgan StanleyJoseph Moore$170$145.27 -8.3%May 3, 2022
Wells FargoGary Mobley$150$139.69 -19.1%May 1, 2022
UBSTimothy Arcuri$155$139.69 -16.4%Apr 30, 2022
BarclaysBlayne Curtis$160$148.19 -13.7%Apr 29, 2022
Loop Capital MarketsJohn Vinh$200$146.06 +7.8%Apr 28, 2022
SusquehannaAnalyst unavailable$165$143.55 -11.0%Apr 28, 2022
Deutsche BankRoss Seymore$190$133.5 +2.4%Apr 27, 2022
Morgan StanleyAnalyst unavailable$167$134.97 -10.0%Apr 25, 2022
Mizuho SecuritiesVijay Rakesh$185$132.81 -0.3%Apr 24, 2022
Piper SandlerHarsh Kumar$225$157.97 +21.3%Mar 26, 2022
Deutsche BankRoss Seymore$210$152.34 +13.2%Mar 13, 2022
Robert W. BairdTristan Gerra$250$179.47 +34.8%Feb 6, 2022
BernsteinStacy Rasgon$250$178.36 +34.8%Feb 3, 2022
CitigroupChristopher Danely$190$178.36 +2.4%Feb 3, 2022
Rosenblatt SecuritiesKevin Cassidy$225$187.42 +21.3%Feb 2, 2022
Wells FargoGary Mobley$185$183.13 -0.3%Jan 13, 2022
BarclaysBlayne Curtis$185$185.64 -0.3%Jan 12, 2022
Bank of America SecuritiesTal Liani$220$184.85 +18.6%Nov 18, 2021
UBSTimothy Arcuri$185$184.85 -0.3%Nov 18, 2021
Evercore ISIC J Muse$190$182.09 +2.4%Nov 17, 2021
Goldman SachsRod Hall$208$182.09 +12.2%Nov 17, 2021
JefferiesKyle McNealy$160$161.74 -13.7%Nov 5, 2021
DZ BANK AGIngo Wermann$168$161.74 -9.4%Nov 5, 2021
Tigress FinancialIvan Feinseth$195$140.46 +5.1%Sep 9, 2021
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Company context

Snapshot as of publication

QUALCOMM Incorporated is a company dedicated to developing and bringing to market fundamental technologies crucial for the global wireless communication industry. Its operations are structured into three primary segments: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), and Qualcomm Strategic Initiatives (QSI). The QCT division specializes in creating and supplying integrated circuits and system software, leveraging 3G, 4G, 5G, and other advanced wireless technologies. These components are essential for a range of products, including those used for wireless voice and data communication, networking, application processing, multimedia, and global positioning.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-09-30T13:06:19.677315+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T13:06:19.674671+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.