Qualcomm

Qualcomm reported Q3 fiscal 2026 revenues of $9.947 billion, down 4% year-over-year, reflecting a challenging memory and supply environment. GAAP diluted EPS was $1.87, down 23% YoY; non-GAAP EPS was $2.21, down 20% YoY. Handset revenues declined 20% to $5.086 billion, but Automotive surged 61% to $1.588 billion with 23 consecutive quarters of double-digit growth, and IoT grew 9% to $1.830 billion. Combined QCT Automotive and IoT revenues grew 28% YoY. The company completed its acquisition of Modular Inc for generative AI capability. Management projects non-handset revenues (including Data Center) will accelerate from 24% YoY growth in fiscal 2026 to greater than 60% in fiscal 2027, targeting $40 billion in total non-handset revenues by fiscal 2029. Q4 FY26 guidance: revenues $9.7–10.5B; non-GAAP EPS $2.05–2.25. Qualcomm noted broad-based input cost increases across the semiconductor supply chain and is implementing pricing actions expected to benefit gross margins over time.