Qualcomm (QCOM) Q1 2023 Financial Results Summary
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Qualcomm (QCOM) Q1 2026 Financial Results Summary
Release Date: February 4, 2026
Qualcomm Incorporated (NASDAQ: QCOM) has reported its financial results for the first quarter of fiscal 2026, which ended on December 28, 2025. The company achieved record revenues and continued to expand its business in key areas.
Key Financial Metrics
- Total Revenue:
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$12.3 billion in Q1 FY26, up 5% from $11.7 billion in Q1 FY25.
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Earnings Before Taxes (EBT):
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$3.5 billion in Q1 FY26, a decrease of 2% from $3.6 billion in Q1 FY25.
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Net Income:
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$3.0 billion in Q1 FY26, down 6% from $3.2 billion in Q1 FY25.
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Diluted Earnings per Share (EPS):
- $2.78 for Q1 FY26, a decrease of 2% from $2.83 in the same quarter last year.
- Non-GAAP EPS: $3.50, reflecting an increase of 3% from $3.41 in Q1 FY25.
Segment Performance
- Qualcomm CDMA Technologies (QCT) Revenue:
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$10.6 billion in Q1 FY26, a 5% increase from $10.1 billion in Q1 FY25.
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Qualcomm Technology Licensing (QTL) Revenue:
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$1.6 billion, representing a 4% rise from $1.5 billion in Q1 FY25.
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Revenue Streams within QCT:
- Handsets: $7.8 billion, up 3% year-over-year.
- Automotive: $1.1 billion, a 15% increase compared to $961 million.
- IoT (Internet of Things): $1.7 billion, up 9% from $1.5 billion.
Operating Expenses and Other Metrics
- Total Costs and Expenses:
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$8.9 billion, up from $8.1 billion in Q1 FY25.
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Operating Income:
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$3.4 billion, down from $3.6 billion year-over-year.
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Return of Capital to Stockholders:
- Total of $3.6 billion returned including:
- Dividends: $949 million, equating to $0.89 per share.
- Share Repurchases: $2.6 billion spent to buy back 15 million shares of common stock.
Balance Sheet Highlights
- Total Assets:
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$53.0 billion, up from $50.1 billion in the previous quarter.
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Total Liabilities:
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$30.0 billion, an increase from $28.9 billion.
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Stockholders’ Equity:
- $23.1 billion, compared to $21.2 billion in the prior quarter.
Guidance for Q2 FY26
- Expected Revenues:
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Between $10.2 billion and $11.0 billion.
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QCT Revenues:
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Predicted to be $8.8 billion to $9.4 billion.
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QTL Revenues:
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Expected to be in the range of $1.2 billion to $1.4 billion.
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GAAP Diluted EPS Guidance:
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Estimated at $1.69 to $1.89.
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Non-GAAP Diluted EPS Guidance:
- Projected at $2.45 to $2.65.
Conclusion
Qualcomm’s Q1 FY26 results reflect strong revenue growth amidst a challenging market environment due to memory supply constraints and a robust focus on premium smartphone demand. The company continues to invest in its future with strategic acquisitions and share repurchase programs while delivering value to its shareholders through dividends.
| Three Months Ended | December 28, 2025 | December 29, 2024 |
|---|---|---|
| Revenues: | ||
| Equipment and services | $10,466 | $9,942 |
| Licensing | $1,786 | $1,727 |
| Total revenues | $12,252 | $11,669 |
| Costs and expenses: | ||
| Cost of revenues | $5,568 | $5,161 |
| Research and development | $2,453 | $2,230 |
| Selling, general and administrative | $865 | $723 |
| Total costs and expenses | $8,886 | $8,114 |
| Operating income | $3,366 | $3,555 |
| Interest expense | -$169 | -$163 |
| Investment and other income, net | $350 | $243 |
| Income before income taxes | $3,547 | $3,635 |
| Income tax expense | -$543 | -$455 |
| Net income | $3,004 | $3,180 |
| Basic earnings per share | $2.81 | $2.86 |
| Diluted earnings per share | $2.78 | $2.83 |
| Shares used in per share calculations: | ||
| Basic | 1,070 | 1,110 |
| Diluted | 1,079 | 1,122 |
| December 28, 2025 | September 28, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $7,205 | $5,520 |
| Restricted cash | — | $2,323 |
| Marketable securities | $4,617 | $4,635 |
| Accounts receivable, net | $4,153 | $4,315 |
| Inventories | $6,665 | $6,526 |
| Other current assets | $1,968 | $2,435 |
| Total current assets | $24,608 | $25,754 |
| Property, plant and equipment, net | $4,893 | $4,690 |
| Goodwill | $14,183 | $11,358 |
| Other intangible assets, net | $1,627 | $1,148 |
| Other assets | $7,723 | $7,193 |
| Total assets | $53,034 | $50,143 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Trade accounts payable | $2,709 | $2,791 |
| Payroll and other benefits related liabilities | $1,505 | $1,839 |
| Unearned revenues | $379 | $358 |
| Other current liabilities | $5,229 | $4,156 |
| Total current liabilities | $9,822 | $9,144 |
| Unearned revenues | $79 | $71 |
| Long-term debt | $14,817 | $14,811 |
| Other liabilities | $5,243 | $4,911 |
| Total liabilities | $29,961 | $28,937 |
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding | — | — |
| Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,074 and 1,074 shares issued and outstanding, respectively | — | — |
| Retained earnings | $22,498 | $20,646 |
| Accumulated other comprehensive income | $575 | $560 |
| Total stockholders’ equity | $23,073 | $21,206 |
| Total liabilities and stockholders’ equity | $53,034 | $50,143 |