10-Q · April 29, 2026
Qualcomm reported robust Q2 2026 results with an EPS of $2.65, exceeding estimates and up from $2.52 a year ago. Revenue also increased slightly to $10.60 billion, indicating resilience despite prevailing market…
Earnings analysis · 10-Q
QCOM earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q extract does not contain the income statement, segment tables, balance sheet, or cash-flow statement needed to verify quarterly revenue, margins, EPS, free cash flow, or period-over-period changes;…
Read full summary
The supplied 10-Q extract does not contain the income statement, segment tables, balance sheet, or cash-flow statement needed to verify quarterly revenue, margins, EPS, free cash flow, or period-over-period changes; those metrics are therefore reported as null. The filing emphasizes capital returns, with 7.846 million shares repurchased in Q3 and $20.562 billion of remaining repurchase authority. Risk disclosure remains centered on Apple modem insourcing, China/Taiwan geopolitical and supply-chain exposure, and volatility in $926 million of marketable equity securities.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Large remaining repurchase capacity
Qualcomm repurchased 7.846 million shares during the quarter ended June 28, 2026. It had $20.562 billion of remaining authorization, following the March 17, 2026 announcement of an additional $20.0 billion authorization.
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Controls remained effective
Management concluded disclosure controls and procedures were effective as of June 28, 2026, and reported no material changes in internal control over financial reporting during Q3 fiscal 2026.
What to watch
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Equity investment volatility
The company identified equity-price volatility as the only market-risk update versus September 28, 2025: marketable equity securities had a recorded value of $926 million at June 28, 2026, including growth-stage public-company investments subject to increased volatility.
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Apple insourcing and Huawei loss
Qualcomm states that Apple is expected to increasingly use its own modem products; the company says this will have a significant negative impact on QCT revenue, operating results and cash flow. The filing also notes the U.S. revoked the relevant Huawei export license in May 2024, and Qualcomm does not expect further Huawei product revenue.
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China/Taiwan supply-chain concentration
The filing highlights heightened China and Taiwan exposure: key foundries are primarily located in Taiwan and Korea, while Qualcomm's RFFE/RF manufacturing facilities are in China, Germany and Singapore. A prolonged China-Taiwan conflict could severely limit chipset supply from Taiwan.
Management's outlook
The extracted 10-Q text does not include quantitative revenue or EPS guidance. Quantitative outlook was provided in the separate earnings release, rather than in the supplied 10-Q MD&A text.
Earlier filings 4
10-K · November 5, 2025
QUALCOMM positions itself as a platform leader focused on on-device AI, high-performance/low-power compute and advanced wireless connectivity, monetized through integrated circuit product sales and broad IP licensing.…
10-Q · July 30, 2025
Qualcomm's Q3 2025 results show a slight revenue decrease to $10.37 billion, down 5.45% sequentially but up 10.66% from the previous year. Gross margins improved to 55.6%, while EPS also increased to $2.77, surpassing…
10-Q · April 30, 2025
Qualcomm reported solid Q2 results with total revenues of $10,979 million (up $1,590 million, or ~16.9% vs. prior-year quarter) and operating income of $3,120 million (up $780 million, or ~33.3% YoY). Gross margin…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.