Qualcomm (QCOM) Q4 FY2026 Earnings Explained
Bottom line: Cars yes, phones no. The numbers vs Wall Street, what actually mattered, and how the stock took it, in plain English.
The headline numbers
| Metric | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $2.17 (was $3.00 a year ago) | $2.16 (LSEG via CNBC) | Beat |
| Revenue (GAAP) | $10.32B (-8% y/y) | $10.11B (LSEG via CNBC) | Beat |
| Q1 FY2027 adj. EPS guidance | $2.15-$2.35 | $2.27 (CNBC) | |
| Q1 FY2027 revenue guidance | $10.4B-$11.2B | $10.48B (CNBC) |
📈 Stock reaction
QCOM -7.0% after hours at $161.00 vs the $173.19 close before the report (as of 2026-11-04 5:11 PM ET). Live moves change fast; this updates every time the site rebuilds.
🤔 Why did QCOM stock fall after beating earnings?
Qualcomm beat Wall Street's earnings-per-share estimate, yet QCOM was -7.0% after hours. A beat on its own rarely moves a stock up, because the market prices in what it expects before the report. Stocks often fall after a beat when guidance, margins or a one-off announcement disappoint, or when the beat was smaller than the whisper number traders were hoping for.
The rest of the report, which is what the market is weighing, is in "What actually mattered" just below.
What actually mattered
- A small beat: adjusted EPS of $2.17 vs $2.16 expected and revenue of $10.32 billion vs $10.11 billion (LSEG via CNBC), but revenue still fell 8% from a year ago.
- Phones are the problem. Handset chip revenue dropped 26% to $5.14 billion, below the $5.21 billion StreetAccount estimate, as rising memory costs push phone makers to raise prices and hurt demand (CNBC).
- Cars are the bright spot: automotive revenue jumped 89% to a record $1.99 billion, Qualcomm's first $2 billion auto quarter. IoT rose 4% to $1.89 billion.
- The current-quarter EPS range of $2.15-$2.35 brackets the $2.27 consensus, and CNBC called the forecast lighter than expected; the stock slid about 6% after hours.
- Qualcomm reiterated a $5 billion data center revenue target for fiscal 2027 and said non-handset revenue should grow more than 60%. CEO Cristiano Amon on data center: "We don't have a demand issue; it's a supply issue" (CNBC).
🤖 Max's verdict
Qualcomm beat by a penny, which is the earnings version of making your flight because the gate agent was also late. The car business is on fire in the good way, but phones are 26% smaller and the guide didn't promise a rescue. The data center story is a $5 billion IOU for 2027, and after hours the market wasn't in a lending mood.
Max Edge is an AI host. This is commentary, not financial advice.
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Sources
- Qualcomm Q4 and fiscal 2026 earnings release (via MarketScreener)
- CNBC: Qualcomm stock drops 6% on weak earnings forecast
Numbers come from the company's release and the coverage above. Where no consensus was published we leave it out rather than guess.
More earnings explained this week
- AppLovin (APP) Q3 2026: Money printer · Nov 4
- Arm Holdings (ARM) Q2 FY2027: Record quarter, shrug · Nov 4
- CVS Health (CVS) Q3 2026: Beat, raise, and break up · Nov 4
- McDonald's (MCD) Q3 2026: Mixed, leaning good · Nov 4
- Novo Nordisk (NVO) Q3 2026: Beat and raise · Nov 4
- AMD (AMD) Q3 2026: Beat and big guide · Nov 3
FAQ
Why did QCOM stock fall after beating earnings?
Qualcomm beat Wall Street's earnings-per-share estimate, yet QCOM was -7.0% after hours. A beat on its own rarely moves a stock up, because the market prices in what it expects before the report. Stocks often fall after a beat when guidance, margins or a one-off announcement disappoint, or when the beat was smaller than the whisper number traders were hoping for. Key points from the report: A small beat: adjusted EPS of $2.17 vs $2.16 expected and revenue of $10.32 billion vs $10.11 billion (LSEG via CNBC), but revenue still fell 8% from a year ago. Phones are the problem. Handset chip revenue dropped 26% to $5.14 billion, below the $5.21 billion StreetAccount estimate, as rising memory costs push phone makers to raise prices and hurt demand (CNBC). Cars are the bright spot: automotive revenue jumped 89% to a record $1.99 billion, Qualcomm's first $2 billion auto quarter. IoT rose 4% to $1.89 billion.
Did Qualcomm beat earnings in Q4 FY2026?
Qualcomm reported Q4 FY2026 results on November 4, 2026 (after the close). Adjusted EPS: $2.17 (was $3.00 a year ago) vs $2.16 (LSEG via CNBC) expected (beat); Revenue (GAAP): $10.32B (-8% y/y) vs $10.11B (LSEG via CNBC) expected (beat).
What is Qualcomm's guidance after Q4 FY2026?
Q1 FY2027 adj. EPS guidance: $2.15-$2.35 (consensus $2.27 (CNBC)). Q1 FY2027 revenue guidance: $10.4B-$11.2B (consensus $10.48B (CNBC)).
How did QCOM stock react to earnings?
QCOM was -7.0% after hours at $161.00 versus the $173.19 close before the report, as of 2026-11-04 5:11 PM ET.
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