$QCOM · QUALCOMM INC/DE
Qualcomm filed its 10-K for fiscal 2026 (ended September 27, 2026). Total revenues declined 2.6% to $43.12B from $44.28B, with equipment/services at $36.90B and licensing at $6.23B. Operating income fell to $8.66B from $12.36B, but a $4.21B income tax benefit (versus a $7.12B expense in FY2025) lifted net income to $13.63B from $5.54B. Diluted EPS from continuing operations rose to $12.70 from $5.01.
- FY2026 revenue of $43.12B, down 2.6% from $44.28B in FY2025.
- Net income of $13.63B, up from $5.54B, driven by a $4.21B tax benefit.
- Operating income fell to $8.66B from $12.36B as costs rose.
- Diluted EPS from continuing operations was $12.70 versus $5.01.
- QCT segment revenue was $37.21B; QTL licensing revenue was $5.56B.
Extended-hours last trade of $162.20 is down 6.35% versus the regular close, despite the regular session closing up 5.33% at $173.19.
The headline profit surge is tax-driven, masking a 30% drop in operating income and shrinking revenue.
Qualcomm's handset-driven revenue decline contrasts with AI-driven growth elsewhere in semis, underscoring its diversification push into automotive, IoT, and data center.
The filing flags U.S./China trade and national security tensions, customer vertical integration, and competition as factors that could materially affect results.