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EX-99.1

2 qcom032926erex991.htm

EX-99.1

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

Qualcomm Contact:

Brett Simpson

Senior Vice President, Investor Relations

Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com

Qualcomm Announces Second Quarter Fiscal 2026 Results

Revenues: $10.6 billion

GAAP EPS: $6.88, Non-GAAP EPS: $2.65

—Record Quarterly QCT Automotive Revenues—

—Diversification: Combined QCT Automotive and IoT Revenues Grew 20% Year-Over-Year—

—Completed $5.4B of Share Repurchases in First Half of Fiscal 2026 and Announced New $20B Authorization—

SAN DIEGO - April 29, 2026 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal second quarter ended March 29, 2026.

“We are pleased to deliver results in line with our guidance, reflecting solid execution as we navigate a challenging memory environment,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “We are in a period of profound industry transformation — the rise of AI agents is reshaping our roadmap across every platform we develop. We are equally excited by our entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year. We look forward to providing an update on our growth initiatives, including opportunities in Data Center and Physical AI, at our Investor Day on June 24.”

Second Quarter Results1,2

GAAPNon-GAAP

(in millions, except per share data and percentages)Q2 Fiscal 2026Q2 Fiscal 2025ChangeQ2 Fiscal 2026Q2 Fiscal 2025Change

Revenues$10,599$10,979(3%)$10,599$10,836(2%)

Earnings before taxes (EBT)$2,232$3,105(28%)$3,246$3,694(12%)

Net income$7,370$2,812+162%$2,840$3,172(10%)

Diluted earnings per share (EPS)$6.88$2.52+173%$2.65$2.85(7%)

(1) Discussion regarding our use of Non-GAAP financial measures and reconciliations between GAAP and Non-GAAP results are included at the end of this news release in the sections labeled “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP Results to Non-GAAP Results.”

(2) Second quarter of fiscal 2026 GAAP results included a $5.7 billion income tax benefit, or $5.33 per share, resulting from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025. Refer to the section labeled “Income Taxes” included within this news release for additional details.

Segment Results

QCTQTL

(in millions, except percentages)Q2 Fiscal 2026Q2 Fiscal 2025ChangeQ2 Fiscal 2026Q2 Fiscal 2025Change

Revenues$9,076$9,469(4%)$1,382$1,319+5%

EBT$2,465$2,857(14%)$994$929+7%

EBT as % of revenues27%30%-3 points72%70%+2 points

Qualcomm Announces Second Quarter Fiscal 2026 Results

Page 2 of 9

QCT Revenue Streams1

(in millions, except percentages)Q2 Fiscal 2026Q2 Fiscal 2025Change

Handsets$6,024$6,929(13%)

Automotive1,326959+38%

IoT (internet of things) 1,7261,581+9%

Total QCT revenues$9,076$9,469(4%)

(1) We disaggregate QCT revenues based on the industries and applications in which our products are sold.

Return of Capital to Stockholders

During the second quarter of fiscal 2026, we returned $3.7 billion to stockholders, including $945 million, or $0.89 per share, of cash dividends paid and $2.8 billion through repurchases of 19 million shares of common stock.

Income Taxes

In the second quarter of fiscal 2026, we recorded a $5.7 billion income tax benefit, or $5.33 per share, from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025, as we now expect to realize our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax by the U.S. Department of Treasury and the Internal Revenue Service. This benefit was excluded from our Non-GAAP metrics but was reflected in our GAAP results.

Qualcomm Announces Second Quarter Fiscal 2026 Results

Page 3 of 9

Business Outlook

The following statements are forward looking, and actual results may differ materially. The “Note Regarding Forward-Looking Statements” in this news release provides a description of certain risks that we face, and our most recent quarterly report on file with the Securities and Exchange Commission (SEC) provides a more complete description of our risks.

Our guidance for the third quarter of fiscal 2026 includes the estimated impact of memory supply constraints and related pricing on demand from several handset OEMs. We now estimate that QCT handset revenues from Chinese customers will reach a bottom in the third quarter and return to sequential growth in the following quarter.

The following table summarizes GAAP and Non-GAAP guidance based on the current outlook.

Current Guidance

Q3 FY26 Estimates1

Revenues$9.2B - $10.0B

Supplemental Revenue Information

QCT revenues$7.9B - $8.5B

QTL revenues$1.15B - $1.35B

GAAP diluted EPS$1.26 - $1.46

Less diluted EPS attributable to QSI$—

Less diluted EPS attributable to share-based compensation($0.68)

Less diluted EPS attr

qcom-20260204QUALCOMM INC/DE0000804328false00008043282026-02-042026-02-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

February 4, 2026 Date of Report (Date of earliest event reported)

QUALCOMM Incorporated (Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation)

000-1952895-3685934 (Commission File Number)(IRS Employer Identification No.)

5775 Morehouse Dr., San Diego, California 92121 (Address of principal executive offices)(Zip Code)

858-587-1121 (Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value QCOMThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.    Results of Operations and Financial Condition. On February 4, 2026, QUALCOMM Incorporated (the Company) issued a press release regarding the Company’s financial results for its first quarter of fiscal 2026. A copy of that press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference. The press release includes Non-GAAP financial measures as defined in Regulation G. The press release also includes the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP), information reconciling the Non-GAAP financial measures to the GAAP financial measures and a discussion of the reasons why the Company’s management believes that presentation of the Non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations. The Non-GAAP financial measures presented therein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

Item 9.01.    Financial Statements and Exhibits. (d) Exhibits. Exhibit No.Description 99.1 Press Release by QUALCOMM Incorporated dated February 4, 2026.

104Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

QUALCOMM Incorporated

Date: February 4, 2026By:/s/ Akash Palkhiwala Akash Palkhiwala Executive Vice President, Chief Financial Officer and Chief Operating Officer