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Qualcomm (QCOM) guidance and outlook
Qualcomm (QCOM) reaffirmed its guidance on Nov 4, 2026: Revenue $10.4B–$11.2B for Q1 FY2027; EPS $1.03–$1.23 for Q1 FY2027; EPS $3.00 for Q1 FY2027. Qualcomm's 10-K filed Nov 4, 2026 makes 26 forward-looking statements, 15 of them new and 7 no longer said since the filing before.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| Revenue | FY2027 | +60% | reaffirmed |
| Revenue | FY2027 | $5.0B | reaffirmed |
| Revenue | Q1 FY2027 | $10.4B–$11.2B | new |
| Revenue | Q1 FY2027 | $1.3B–$1.5B | new |
| EPS | Q1 FY2027 | $1.03–$1.23 | new |
| EPS | Q1 FY2027 | $3.00 | new |
From the earnings release filed Nov 4, 2026 (8-K on EDGAR).
Forward-looking statements, 10-K filed Nov 4, 2026
- new · • In the second quarter of fiscal 2026, we recorded a $5.7 billion income tax benefit from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025, as we now expect to realize substantially all of our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax (CAMT) by the U.S.
- We expect to continue investing in key growth and diversification initiatives.
- The following table summarizes the primary factors that caused our annual tax provision from continuing operations to differ from the expected income tax provision at the U.S. federal statutory rate.
- As a result, we expected to be perpetually subject to CAMT and established a $5.7 billion valuation allowance on our federal deferred tax assets in fiscal 2025.
- As a result, we no longer expect to be subject to CAMT in the foreseeable future, and therefore, we now expect to realize our existing federal deferred tax assets.
- Changes in future taxable income, tax laws and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.
- As we look forward to the next several quarters:
- • We expect current memory supply constraints and related pricing increases to adversely affect demand from several handset OEMs, which will negatively impact our financial results.
- new · As a result, we continue to see increased product costs from certain of our key suppliers, which have and will continue to negatively impact our margins.
- new · We expect the full benefit of these actions to be reflected in our gross margins in the second half of fiscal 2027.
- new · • Beginning in the first quarter of fiscal 2027, we expect Data Center revenue growth as shipments begin to ramp under our previously announced custom silicon agreements with certain large hyperscale customers.
- • We expect continued intense competition, including from vertical integration by certain of our customers (for example, Apple and Samsung).
Qualcomm's latest quarter
Qualcomm, Q4 FY26: revenue $10.3B (-8% year over year), operating margin 13.1%, net earnings $1.3B, operating cash flow $2.7B. The chart follows the revenue to costs, profit and cash.
Questions
Did Qualcomm raise or lower its guidance?
Qualcomm (QCOM) reaffirmed its guidance on Nov 4, 2026: Revenue $10.4B–$11.2B for Q1 FY2027; EPS $1.03–$1.23 for Q1 FY2027; EPS $3.00 for Q1 FY2027.
What does Qualcomm expect?
• In the second quarter of fiscal 2026, we recorded a $5.7 billion income tax benefit from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025, as we now expect to realize substantially all of our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax (CAMT) by the U.S. As a result, we continue to see increased product costs from certain of our key suppliers, which have and will continue to negatively impact our margins. We expect the full benefit of these actions to be reflected in our gros
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.