Qualcomm, Inc.
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+ FollowMarket Cap$175.97B
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Earnings Call Q3 2026
July 29, 2026 - AI Summary
Strong fiscal Q3 results; guidance positioned at high end (but margin pressure expected short-term)
- Revenues: $9.9B (high end of guidance); non-GAAP EPS: $2.21.
- QCT revenues: $8.5B (high end); EBT margin 26% in line with guidance.
- QTL (licensing): $1.3B; EBT margin 69% in line.
- Returned $2.3B to stockholders in the quarter ($1.4B buybacks + $937M dividends).
Key near-term forecasts: Q4 topline modestly down-to-up; margin constrained by input costs + Apple share step-down
- Q4 guidance: revenues $9.7B–$10.5B, non-GAAP EPS $2.05–$2.25.
- QCT guidance: revenues $8.4B–$9.0B, EBT margin 23%–25%.
- Handsets: QCT handset revenues guided at ~$5.2B, with sequential Android growth offset by lower Apple product revenues.
- Apple constraint/supply step-down: management now expects faster decline in Apple product revenues starting Q4 because its share for the upcoming iPhone launch is materially lower than the prior ~20% estimate.
- Q1 directionality comment (important): due to Apple weakness in the model, they expect revenues to grow from December to March, changing the classic seasonality pattern.
Gross margin “recovery plan” tied to pricing actions; timing = over the next few quarters
- Headwind: industry experiencing broad-based input cost inflation (wafer fab, assembly/test, advanced packaging, memory/materials).
- Management is taking broad pricing actions to pass through higher input costs; magnitude described as “double-digit” (consistent with peers).
- When it shows up: pricing impacts will layer in gradually as contracts roll and product cycles update; they expect gross margins to realign to historical range over the next couple of quarters.
- Data center gross margin dilution: even though QCT baseline gross margin is targeted around 48%–50%, data center revenue from custom engagements is expected to be 1.5%–2% drag on weighted-average QCT gross margin.
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$142.47
17.7% downside
Current Fair Value
17.7% downsideOvervalued by 17.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $175.97 Billion |
|---|---|
| Enterprise Value | $186.99 Billion |
| Annual dividend | $3.62 |
| Dividend yield | 2.20% |
| Earnings per Share | $5.06 |
| Beta | 1.65 |
| Outstanding Shares | 1,057,000,000 |
Return
| Return on Equity | 33.48% |
|---|---|
| Return on Assets | 16.14% |
| Return on Invested Capital | 25.64% |
Valuation & Multiples
| P/E Ratio | 18.77 |
|---|---|
| PEG | -75.36 |
| Price to Sales | 4.22 |
| Price to Book Ratio | 6.66 |
| Enterprise Value to Revenue | 4.24 |
| Enterprise Value to EBIT | 15.87 |
| Enterprise Value to Net Income | 20 |
| Total Debt to Enterprise | 0.08 |
| Debt to Equity | 0.56 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$2.16
Consensus analyst estimateRevenue Estimate
$10.12 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.01, calls and puts are about even.
| Put/Call Ratio | 1.0149▼ 12.14% |
|---|---|
| Total Calls | 294,719▼ 99.03% |
| Total Puts | 299,100▼ 99.13% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.13%▼ 75.82% |
|---|---|
| Total Invested | $9.95B▼ 93.75% |
| Investors Holding | 1,307▼ 1880.00% |
About Qualcomm, Inc.
41,000 employees
CEO: Steven Mollenkopf
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When people connected the phone to the internet, the mobile revolution was born. Today, foundational...