Qualcomm Q2 revenue falls 3% to $10.6 billion; non-GAAP EPS down 7% to $2.65
Qualcomm reported fiscal second-quarter 2026 revenue of $10.6 billion, down 3% from a year earlier, and non-GAAP diluted EPS of $2.65, down 7%. GAAP diluted EPS of $6.88 was inflated by a $5.7 billion income tax benefit, or $5.33 per share, from releasing a valuation allowance. For third-quarter fiscal 2026, the company guided to revenue of $9.2 billion to $10.0 billion and non-GAAP diluted EPS of $2.10 to $2.30, both below the second-quarter levels.
Key points
- Q2 revenue $10,599 million vs. $10,979 million a year earlier (down 3%); QCT Handsets fell 13% while QCT Automotive rose 38% to $1,326 million
- GAAP diluted EPS $6.88 vs. $2.52 a year earlier, driven by the $5.7 billion tax benefit; non-GAAP diluted EPS $2.65 vs. $2.85 (down 7%)
- Q3 fiscal 2026 guidance: revenue $9.2 billion to $10.0 billion; non-GAAP diluted EPS $2.10 to $2.30, citing memory supply constraints and pricing affecting handset OEM demand
- Returned $3.7 billion to stockholders in Q2, and announced a new $20 billion share repurchase authorization; Investor Day is scheduled for June 24
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 29, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.