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. Q1 '24 estimate $2.37 Q1 '24 actual $2.75, beat 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
Show 63 more rating actions

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
See 122 more

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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.