Qualcomm (NASDAQ: QCOM) reported fiscal fourth-quarter adjusted revenue of $10.44 billion on November 4, beating the $10.12 billion consensus, and guided first-quarter revenue above analyst estimates.
What happened
The chipmaker’s adjusted revenue for the quarter topped expectations by more than 3 percent. Adjusted earnings per share came in at $2.17, a penny ahead of the $2.16 analysts expected.
On a GAAP basis, Qualcomm reported diluted earnings of $1.17 per share, compared with a loss of $2.89 per share in the same quarter a year ago. Shares closed up 5.3 percent in regular trading on November 4, before the after-hours release.
Key numbers from the report
| Metric | Q4 FY2026 | Comparison |
|---|---|---|
| Adjusted revenue | $10.44B | vs. $10.12B estimate |
| Non-GAAP diluted EPS | $2.17 | vs. $2.16 estimate |
| Non-GAAP diluted EPS, year ago | $3.00 | -28% year over year |
| GAAP diluted EPS | $1.17 | vs. ($2.89) loss a year ago |
| Fiscal 2026 GAAP EPS | $12.70 | full-year total |
| Fiscal 2026 non-GAAP EPS | $10.54 | full-year total |
For the full fiscal year, Qualcomm reported GAAP earnings of $12.70 per share and non-GAAP earnings of $10.54 per share. The quarter’s adjusted result ran 28 percent below the $3.00 posted a year earlier, a comparison investors weighed alongside the beat against estimates.
Guidance tops consensus
For the first quarter of fiscal 2027, Qualcomm guided adjusted revenue to a range of $10.4 billion to $11.2 billion. The midpoint sits above the $10.55 billion consensus analysts carried into the report.
The company expects adjusted earnings per share between $2.15 and $2.35 for the December quarter, compared with the $2.32 consensus at the time of the release.
| Q1 FY2027 guidance | Range | Consensus |
|---|---|---|
| Adjusted revenue | $10.4B to $11.2B | $10.55B |
| Adjusted EPS | $2.15 to $2.35 | $2.32 |
The guidance arithmetic matters. The revenue midpoint of $10.8 billion tops the consensus by about 2 percent. The EPS midpoint of $2.25 sits slightly below the estimate, while the top of the range exceeds it.
What to watch
- The first-quarter revenue outlook sits above consensus, and investors will look for management commentary on what is driving demand into the December quarter.
- Non-GAAP earnings remain below year-ago levels, and investors will weigh how much of the decline reflects one-time items versus business conditions.
- The stock entered the report up 5.3 percent on November 4, so the reaction after the release shows how much good news was already priced in.
- Management commentary on the earnings call will clarify how much of the revenue strength reflects underlying demand rather than order timing.
Bottom line
Qualcomm closed fiscal 2026 with a quarter that beat on both revenue and earnings, plus a first-quarter outlook above consensus. The year-over-year earnings decline tempers the story, but the guidance suggests management sees demand holding. For investors, the report removes one source of near-term uncertainty in a busy week for semiconductor results. The shares now trade on the guidance rather than on the quarter behind it.
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