正文 · AI 翻译
IT Home reported on November 5 that Qualcomm today released its fiscal 2026 annual report (September 29, 2025–September 27, 2026) and fourth fiscal quarter report (June 29, 2026–September 27, 2026):
Fiscal 2026 annual report
Total operating revenue: $43.12 billion, down 3% year over year
Gross profit: $22.898 billion, down 6.71% year over year
Gross margin: 53.1%, down 2.33 percentage points year over year
Net profit attributable to shareholders of the parent company: $13.628 billion, up 146% year over year
Operating cash flow: $11.145 billion
Basic earnings per share: $12.81
Diluted earnings per share: $12.7
Debt-to-asset ratio: 50.02%, down 7.69 percentage points year over year
Fourth fiscal quarter of fiscal 2026
Total operating revenue: $10.322 billion, down 8% year over year
Gross profit: $5.238 billion, down 16.02% year over year
Gross margin: 50.75%, down 4.59 percentage points year over year
Net profit attributable to shareholders of the parent company: $1.251 billion, up 140% year over year
Basic earnings per share: $1.18
Diluted earnings per share: $1.17
AI analysis
Qualcomm’s full-year FY2026 revenue was $43.12 billion, down 3% year over year; GAAP net profit attributable to shareholders of the parent company was $13.628 billion, up 146% year over year; GAAP diluted earnings per share were $12.7, and non-GAAP diluted earnings per share were $10.54. Q4 revenue was $10.322 billion, down 8% year over year; GAAP net profit attributable to shareholders of the parent company was $1.251 billion, compared with a net loss of $3.117 billion in the same period last year, up 140% year over year; GAAP diluted earnings per share were $1.17, and non-GAAP diluted earnings per share were $2.17. Overall revenue was slightly below market expectations, but GAAP net profit substantially exceeded expectations because of a $5.7 billion tax benefit.
Core businesses and earnings highlights
Qualcomm is a leading global wireless communications technology and semiconductor company. Its core businesses comprise 2 segments, QCT (semiconductor equipment and services) and QTL (technology licensing), with products spanning smartphones, automotive, the Internet of Things and data centers.
Full-year FY2026 highlights:
QCT automotive revenue for the full year was $6.004 billion, up 52% year over year, surpassing $6 billion in annual automotive revenue for the first time.
QCT IoT revenue for the full year was $7.132 billion, up 8% year over year, as the non-handset business continued to expand.
Net cash provided by operating activities for the full year was $11.145 billion, and total capital returned was $11.671 billion (including $7.817 billion in share repurchases and $3.854 billion in dividends).
Q4 fourth fiscal quarter highlights:
QCT automotive revenue for the quarter was $1.99 billion, up 89% year over year, reaching the $2 billion quarterly milestone for the first time.
Non-GAAP revenue was $10.442 billion, at the high end of the guidance range.
Qualcomm renewed long-term QTL licensing agreements with Apple, Huawei and Transsion; it also announced a multigenerational product collaboration with Amazon for AI data centers.
Next-quarter outlook and future guidance
The company provided a revenue guidance range of $10.4 billion–$11.2 billion for the first fiscal quarter of FY2027, GAAP diluted earnings-per-share guidance of $1.03–$1.23, and non-GAAP diluted earnings-per-share guidance of $2.15–$2.35. The company reiterated its FY2027 data center revenue target of $5 billion and expects non-handset revenue to grow by more than 60% year over year.
Valuation and investment value
The current share price is about $162, the trailing 12-month price-to-earnings ratio is about 17, and analysts’ average price target is about $196. Strong growth in the automotive and IoT businesses and increasing revenue from the new data center business are medium- to long-term catalysts, but pressure on the handset business and rising upstream industry costs are putting pressure on gross margins (the costs are expected to be fully reflected in QCT’s gross margin only in the second half of FY2027).
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Risk notice: This article was generated through automated AI analysis and is for reference only. It does not represent the views of IT Home. In the event of any discrepancy, refer to the listed-company information disclosure platform designated by the securities regulator. This article does not constitute investment advice. Investors who act on it do so at their own risk, and IT Home assumes no liability.