Analyst Consensus ?
ConsensusHold67 ratings
Bullish2943.3%
Neutral3349.2%
Bearish57.5%
1 unmapped firm rating excluded from the percentages.
QUALCOMM Incorporated · QCOM · FY2026 Q2 · Calendar Q2 2026
Qualcomm Beats on Automotive Strength as Handset Headwinds Persist
Qualcomm's Q2 results confirm that diversification beyond handsets is translating into real revenue. Automotive and IoT are now meaningful, scaling growth engines, while memory supply constraints continue to cap the handset recovery. The 15% post-earnings rally and roughly 40% subsequent drift suggest the market is pricing in the automotive, custom silicon, and agentic AI narrative rather than near-term handset weakness. The key question for investors is whether automotive and data-center momentum can sustain double-digit growth once the handset cycle stabilizes.
Reported After market closeNASDAQTechnology
$179.22B market cap
100quality score
Company context
Snapshot as of publicationQUALCOMM 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.65
Consensus $3
EPS surprise
+3.5%
Reported versus consensus
Reported revenue
$10.60B
Consensus $10.59B
Revenue surprise
+0.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$163.93Current
$120Low
$196.4Average
$300High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Buy | Buy | Maintain | Jul 13, 2026 |
| Mizuho | Neutral | Neutral | Maintain | Jun 29, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jun 25, 2026 |
| UBS | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jun 25, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Jun 25, 2026 |
| Morgan Stanley | Equal Weight | Underweight | Upgrade | Jun 25, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Jun 25, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Jun 25, 2026 |
| Benchmark | Buy | Buy | Maintain | Jun 25, 2026 |
| Barclays | Underweight | Underweight | Maintain | Jun 25, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | Jun 23, 2026 |
| Tigress Financial | Buy | Buy | Maintain | May 8, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | May 8, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Apr 30, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 30, 2026 |
| BNP Paribas | Neutral | Outperform | Downgrade | Apr 17, 2026 |
| Seaport Global | Sell | Neutral | Downgrade | Mar 16, 2026 |
| Loop Capital | Buy | Hold | Upgrade | Feb 24, 2026 |
| Argus Research | Buy | Buy | Maintain | Feb 6, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Nov 6, 2025 |
| Baird | Outperform | Outperform | Maintain | May 1, 2025 |
| Keybanc | Overweight | Downgrade | Oct 8, 2024 | |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Aug 12, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 1, 2024 |
| HSBC | Hold | Buy | Downgrade | Jul 17, 2024 |
| Canaccord Genuity | Buy | Buy | Maintain | May 2, 2024 |
| DZ Bank | Buy | Hold | Upgrade | Nov 3, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 3, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Feb 3, 2023 |
| Raymond James | Strong Buy | Strong Buy | Maintain | Nov 3, 2022 |
| Edward Jones | Buy | Hold | Upgrade | Jul 28, 2022 |
| Summit Insights Group | Hold | Buy | Downgrade | Nov 4, 2021 |
| Goldman Sachs | Buy | Neutral | Upgrade | Nov 4, 2021 |
| Jefferies | Hold | Hold | Maintain | Oct 1, 2021 |
| Cascend | Buy | Buy | Maintain | Feb 2, 2021 |
| Nomura | Buy | Buy | Maintain | Mar 10, 2020 |
| Bank of America | Buy | Buy | Maintain | Aug 1, 2019 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Apr 17, 2019 |
| Stifel | Buy | Hold | Upgrade | Apr 17, 2019 |
| Macquarie | Outperform | Neutral | Upgrade | Sep 4, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| BMO Capital | Market Perform | Market Perform | Maintain | Apr 26, 2018 |
| Standpoint Research | Hold | Buy | Downgrade | Nov 6, 2017 |
| Northland Securities | Outperform | Market Perform | Upgrade | Sep 15, 2017 |
| Northland Capital Markets | Outperform | Market Perform | Upgrade | Sep 15, 2017 |
| CLSA | Underperform | Buy | Downgrade | Jan 23, 2017 |
| Pacific Crest | Overweight | Overweight | Maintain | Jul 21, 2016 |
| Oppenheimer | Perform | Perform | Maintain | Jul 21, 2016 |
| Brean Capital | Hold | Hold | Maintain | Jul 21, 2016 |
| Drexel Hamilton | Sell | Hold | Downgrade | Jun 29, 2015 |
| Exane BNP Paribas | Neutral | Outperform | Downgrade | Apr 23, 2015 |
| FBR Capital | Market Perform | Outperform | Downgrade | Apr 6, 2015 |
| Topeka Capital | Hold | Hold | Maintain | Oct 16, 2014 |
| Topeka | Hold | Hold | Maintain | Oct 16, 2014 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Jul 24, 2014 |
| ISI Group | Neutral | Strong Buy | Downgrade | Jul 14, 2014 |
| JMP Securities | Market Outperform | Market Outperform | Maintain | Mar 3, 2014 |
| Lazard | Neutral | Buy | Downgrade | Sep 13, 2013 |
| PiperJaffray | Neutral | Overweight | Downgrade | Aug 5, 2013 |
| Societe Generale | Hold | Hold | Maintain | Nov 8, 2012 |
| DA Davidson | Neutral | Buy | Downgrade | Oct 10, 2012 |
| Avian Securities | Neutral | Positive | Downgrade | Oct 8, 2012 |
| Avian | Neutral | Positive | Downgrade | Oct 8, 2012 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Apr 20, 2012 |
| Morgan Keegan | Outperform | Outperform | Maintain | Mar 6, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $163.93. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $300 | $167.95 | +83.0% | Jul 27, 2026 |
| Oppenheimer | Analyst unavailable | $200 | $169.26 | +22.0% | Jul 27, 2026 |
| UBS | Analyst unavailable | $190 | $172.6 | +15.9% | Jul 20, 2026 |
| Mizuho Securities | Vijay Rakesh | $210 | $189.39 | +28.1% | Jun 29, 2026 |
| RBC Capital | Analyst unavailable | $250 | $203.87 | +52.5% | Jun 25, 2026 |
| UBS | Analyst unavailable | $235 | $207.09 | +43.4% | Jun 25, 2026 |
| Susquehanna | Analyst unavailable | $190 | $197.41 | +15.9% | Jun 25, 2026 |
| Barclays | Tom O'Malley | $245 | $197.41 | +49.5% | Jun 25, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $220 | $197.41 | +34.2% | Jun 25, 2026 |
| Bernstein | Analyst unavailable | $235 | $197.41 | +43.4% | Jun 25, 2026 |
| Wells Fargo | Analyst unavailable | $265 | $197.41 | +61.7% | Jun 25, 2026 |
| Morgan Stanley | Joseph Moore | $231 | $197.41 | +40.9% | Jun 25, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $200 | $226.11 | +22.0% | Jun 22, 2026 |
| Guggenheim | Analyst unavailable | $200 | $226.11 | +22.0% | Jun 22, 2026 |
| Wells Fargo | Analyst unavailable | $230 | $202.96 | +40.3% | Jun 12, 2026 |
| Melius Research | Analyst unavailable | $220 | $201.71 | +34.2% | May 18, 2026 |
| Tigress Financial | Analyst unavailable | $280 | $219.86 | +70.8% | May 8, 2026 |
| Daiwa | Louis Miscioscia | $225 | $202.55 | +37.3% | May 8, 2026 |
| Argus Research | Analyst unavailable | $220 | $172.73 | +34.2% | May 1, 2026 |
| Robert W. Baird | Analyst unavailable | $300 | $173.3 | +83.0% | May 1, 2026 |
| Deutsche Bank | Ross Seymore | $160 | $185.23 | -2.4% | Apr 30, 2026 |
| RBC Capital | Analyst unavailable | $175 | $172.76 | +6.8% | Apr 30, 2026 |
| Evercore ISI | Analyst unavailable | $179 | $173.39 | +9.2% | Apr 30, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $150 | $156 | -8.5% | Apr 30, 2026 |
| Susquehanna | Analyst unavailable | $160 | $156 | -2.4% | Apr 30, 2026 |
| Morgan Stanley | Analyst unavailable | $146 | $156 | -10.9% | Apr 30, 2026 |
| UBS | Analyst unavailable | $170 | $156 | +3.7% | Apr 30, 2026 |
| Wells Fargo | Aaron Rakers | $160 | $156 | -2.4% | Apr 30, 2026 |
| Barclays | Tom O'Malley | $150 | $156 | -8.5% | Apr 30, 2026 |
| UBS | Analyst unavailable | $150 | $137.52 | -8.5% | Apr 21, 2026 |
| BNP Paribas | David O'Connor | $120 | $134.47 | -26.8% | Apr 17, 2026 |
| Loop Capital Markets | Analyst unavailable | $185 | $140.41 | +12.9% | Feb 24, 2026 |
| Daiwa | Analyst unavailable | $140 | $140.09 | -14.6% | Feb 11, 2026 |
| Morgan Stanley | Analyst unavailable | $132 | $138.93 | -19.5% | Feb 10, 2026 |
| Evercore ISI | Analyst unavailable | $134 | $138.13 | -18.3% | Feb 5, 2026 |
| RBC Capital | Srini Pajjuri | $150 | $134.84 | -8.5% | Feb 5, 2026 |
| Piper Sandler | Harsh Kumar | $200 | $136.61 | +22.0% | Feb 5, 2026 |
| Robert W. Baird | Tristan Gerra | $177 | $136.34 | +8.0% | Feb 5, 2026 |
| Susquehanna | Analyst unavailable | $140 | $148.89 | -14.6% | Feb 5, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $160 | $151.9 | -2.4% | Feb 2, 2026 |
| Bernstein | Stacy Rasgon | $200 | $153.16 | +22.0% | Feb 2, 2026 |
| UBS | Analyst unavailable | $160 | $155.17 | -2.4% | Jan 26, 2026 |
| Mizuho Securities | Vijay Rakesh | $160 | $155.82 | -2.4% | Jan 26, 2026 |
| RBC Capital | Srini Pajjuri | $180 | $164.54 | +9.8% | Jan 14, 2026 |
| Mizuho Securities | Analyst unavailable | $175 | $181.87 | +6.8% | Jan 9, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $185 | $176.79 | +12.9% | Dec 16, 2025 |
| Susquehanna | Christopher Rolland | $210 | $171.23 | +28.1% | Nov 6, 2025 |
| UBS | Analyst unavailable | $165 | $168.94 | +0.7% | Oct 27, 2025 |
| Susquehanna | Analyst unavailable | $200 | $166.44 | +22.0% | Oct 22, 2025 |
| Arete Research | Brett Simpson | $200 | $159.22 | +22.0% | Aug 26, 2025 |
| Bernstein | Stacy Rasgon | $185 | $161.17 | +12.9% | Jul 28, 2025 |
| Mizuho Securities | Vijay Rakesh | $215 | $160.52 | +31.2% | Jan 7, 2025 |
| Loop Capital Markets | Gary Mobley | $180 | $168.29 | +9.8% | Nov 11, 2024 |
| Wells Fargo | Aaron Rakers | $175 | $164.84 | +6.8% | Nov 7, 2024 |
| Citigroup | Christopher Danely | $185 | $174.09 | +12.9% | Oct 16, 2024 |
| Barclays | Tom O'Malley | $200 | $180.95 | +22.0% | Aug 1, 2024 |
| HSBC | Frank Lee | $200 | $209.64 | +22.0% | Jul 17, 2024 |
| Tigress Financial | Ivan Feinseth | $270 | $211.54 | +64.7% | Jun 21, 2024 |
| Mizuho Securities | Vijay Rakesh | $240 | $204.8 | +46.4% | May 31, 2024 |
| Argus Research | Jim Kelleher | $205 | $181.85 | +25.1% | May 7, 2024 |
| CFRA | Angelo Zino | $200 | $180.1 | +22.0% | May 2, 2024 |
| Rosenblatt Securities | Kevin Cassidy | $200 | $177.47 | +22.0% | May 2, 2024 |
| Robert W. Baird | Tristan Gerra | $200 | $164.11 | +22.0% | May 2, 2024 |
| Wolfe Research | Chris Caso | $200 | $164.11 | +22.0% | May 2, 2024 |
| UBS | Timothy Arcuri | $175 | $164.11 | +6.8% | May 2, 2024 |
| Morgan Stanley | Joseph Moore | $172 | $164.11 | +4.9% | May 2, 2024 |
| Canaccord Genuity | Michael Walkley | $206 | $164.11 | +25.7% | May 2, 2024 |
| Bernstein | Stacy Rasgon | $220 | $164.11 | +34.2% | May 2, 2024 |
| Mizuho Securities | Vijay Rakesh | $180 | $164.11 | +9.8% | May 2, 2024 |
| Piper Sandler | Harsh Kumar | $185 | $164.11 | +12.9% | May 2, 2024 |
| HSBC | Frank Lee | $190 | $165.85 | +15.9% | Apr 30, 2024 |
| Susquehanna | Christopher Rolland | $205 | $173.58 | +25.1% | Apr 10, 2024 |
| KeyBanc | John Vinh | $205 | $173.27 | +25.1% | Apr 8, 2024 |
| Piper Sandler | Flags Huawei | $165 | $150.04 | +0.7% | Feb 13, 2024 |
| Bank of America Securities | Tal Liani | $173 | $142.35 | +5.5% | Feb 1, 2024 |
| Loop Capital Markets | John Vinh | $145 | $117.48 | -11.5% | Nov 2, 2023 |
| Mizuho Securities | Vijay Rakesh | $140 | $110.96 | -14.6% | Aug 23, 2023 |
| Loop Capital Markets | Michael Walkley | $152 | $118.05 | -7.3% | Aug 3, 2023 |
| Rosenblatt Securities | Kevin Cassidy | $145 | $106.65 | -11.5% | May 4, 2023 |
| Cowen & Co. | Cowen Cowen | $155 | $135.02 | -5.4% | Feb 5, 2023 |
| KeyBanc | John Vinh | $150 | $103.88 | -8.5% | Nov 3, 2022 |
| Citigroup | Christopher Danely | $105 | $103.88 | -35.9% | Nov 3, 2022 |
| Raymond James | Melissa Fairbanks | $150 | $103.88 | -8.5% | Nov 3, 2022 |
| Raymond James | Melissa Fairbanks | $150 | $112.5 | -8.5% | Nov 3, 2022 |
| HSBC | Frank Lee | $180 | $115.74 | +9.8% | Oct 24, 2022 |
| Deutsche Bank | Ross Seymore | $170 | $145.06 | +3.7% | Jul 30, 2022 |
| Raymond James | Melissa Fairbanks | $190 | $145.06 | +15.9% | Jul 28, 2022 |
| Wells Fargo | Gary Mobley | $135 | $151.18 | -17.6% | Jul 20, 2022 |
| Mizuho Securities | Vijay Rakesh | $168 | $124.39 | +2.5% | Jun 22, 2022 |
| Mizuho Securities | Vijay Rakesh | $110 | $124.39 | -32.9% | Jun 21, 2022 |
| KeyBanc | John Vinh | $220 | $129.63 | +34.2% | Jun 13, 2022 |
| Tigress Financial | Ivan Feinseth | $238 | $140.58 | +45.2% | May 6, 2022 |
| Morgan Stanley | Joseph Moore | $170 | $145.27 | +3.7% | May 3, 2022 |
| Wells Fargo | Gary Mobley | $150 | $139.69 | -8.5% | May 1, 2022 |
| UBS | Timothy Arcuri | $155 | $139.69 | -5.4% | Apr 30, 2022 |
| Barclays | Blayne Curtis | $160 | $148.19 | -2.4% | Apr 29, 2022 |
| Raymond James | Chris Caso | $222 | $146.06 | +35.4% | Apr 28, 2022 |
| Susquehanna | Analyst unavailable | $165 | $143.55 | +0.7% | Apr 28, 2022 |
| Deutsche Bank | Ross Seymore | $190 | $133.5 | +15.9% | Apr 27, 2022 |
| Morgan Stanley | Analyst unavailable | $167 | $134.97 | +1.9% | Apr 25, 2022 |
| Mizuho Securities | Vijay Rakesh | $185 | $132.81 | +12.9% | Apr 24, 2022 |
| Piper Sandler | Harsh Kumar | $225 | $157.97 | +37.3% | Mar 26, 2022 |
| Deutsche Bank | Ross Seymore | $210 | $152.34 | +28.1% | Mar 13, 2022 |
| Robert W. Baird | Tristan Gerra | $250 | $179.47 | +52.5% | Feb 6, 2022 |
| Bernstein | Stacy Rasgon | $250 | $178.36 | +52.5% | Feb 3, 2022 |
| Citigroup | Christopher Danely | $190 | $178.36 | +15.9% | Feb 3, 2022 |
| Rosenblatt Securities | Kevin Cassidy | $225 | $187.42 | +37.3% | Feb 2, 2022 |
| Wells Fargo | Gary Mobley | $185 | $183.13 | +12.9% | Jan 13, 2022 |
| Barclays | Blayne Curtis | $185 | $185.64 | +12.9% | Jan 12, 2022 |
| Bank of America Securities | Tal Liani | $220 | $184.85 | +34.2% | Nov 18, 2021 |
| UBS | Timothy Arcuri | $185 | $184.85 | +12.9% | Nov 18, 2021 |
| Evercore ISI | C J Muse | $190 | $182.09 | +15.9% | Nov 17, 2021 |
| Goldman Sachs | Rod Hall | $208 | $182.09 | +26.9% | Nov 17, 2021 |
| Jefferies | Kyle McNealy | $160 | $161.74 | -2.4% | Nov 5, 2021 |
| DZ BANK AG | Ingo Wermann | $168 | $161.74 | +2.5% | Nov 5, 2021 |
| Tigress Financial | Ivan Feinseth | $195 | $140.46 | +19.0% | Sep 9, 2021 |
Track every rating change on QCOM the moment it posts. Free to start.
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Stock move
+15.1%
Event window
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+1.0%
Same window
Abnormal move
+14.1%
Stock minus SPY
Volume
4.4×
Versus trailing sessions
Subsequent drift
+39.8%
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Try FN2 freeTranscript intelligence
What changed
Q2 revenue of $10.6B edged past the $10.59B consensus, and non-GAAP EPS of $2.65 topped the $2.56 estimate by 3.5%. Automotive revenues exceeded $5B annualized, with management projecting $6B+ by fiscal year-end, driven by the fourth-generation Snapdragon Digital Chassis. IoT continued to grow. Handset revenues remained under pressure from DRAM shortages and Chinese market softness, though management signaled a Q3 bottom. The stock surged 15.1% in the session following the report on 4.4x baseline volume, then drifted approximately 40% higher over subsequent weeks. This marks a notable shift from Q1, when guidance was lowered on the same memory constraints.
Guidance delta
Q3 guidance was maintained at revenue of $9.2 to $10.0B and EPS of $2.10 to $2.30, reflecting continued memory headwinds but confidence in a Chinese handset bottom. This represents an improvement in tone from Q1, when guidance was lowered. Management's bullish score rose from 70 to 78 quarter over quarter, and guidance sentiment shifted from lowered to maintained.
Key takeaways
- Revenue of $10.6B and EPS of $2.65 beat consensus, driven by record automotive and IoT growth.
- Automotive revenues exceeded $5B annualized, with management targeting $6B+ by fiscal 2026 year-end.
- Memory supply constraints continue to pressure handset shipments, especially in China, but management expects a Q3 bottom.
- Custom silicon engagement with a leading hyperscaler is on track for initial shipments in the December quarter.
- Agentic AI is positioned as a long-term growth catalyst across smartphones, PCs, automotive, and data-center workloads.
- A fifth-generation Snapdragon Digital Chassis is launching with 12x NPU and 3x GPU performance.
Management priorities
- Scale automotive revenue with the fifth-generation Snapdragon Digital Chassis launch by year-end.
- Begin initial custom silicon shipments for a leading hyperscaler in the December quarter.
- Host Investor Day on June 24 to detail data-center, physical AI, and robotics roadmaps.
- Expand agentic AI capabilities across all Snapdragon product families.
- Advance 6G standards development with prototype demonstrations targeted for 2028.
- Expand smart-glasses and personal AI devices powered by Snapdragon X2.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T15:26:14.156458+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T15:26:14.153266+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 . For educational purposes only; not investment advice.