Qualcomm (QCOM) Q2 FY2026 earnings: revenue $10.6 billion, down 3.5% on the year

Qualcomm Inc. (QCOM) reported revenue of $10.6 billion for Q2 FY2026, the quarter ended 29 March 2026, down 3.5% on the same quarter a year earlier. Net income was $7.4 billion, up 162.1% on the year, and diluted earnings per share $6.88. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$10.6 billion

-3.5% on the year · -13.5% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

21.8%

28.4% a year earlier

Q3 FY2024Q2 FY2026

Net income

$7.4 billion

+162.1% on the year · +145.3% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$6.88

+173.0% on the year · +147.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 5 new, 1 kept.

Revenue down 3% year over year: Total revenues were $10,599 million, down 3% from $10,979 million. Non-GAAP revenues fell 2% from $10,836 million, which excluded a prior-year licensing settlement item of $143 million.
Non-GAAP EPS down 7%: Non-GAAP diluted EPS was $2.65 against $2.85. Non-GAAP earnings before taxes fell 12% to $3,246 million, and the non-GAAP margin on revenues was 31% against 34%.
QCT revenue down, margin lower: QCT revenues were $9,076 million, down 4%. QCT earnings before taxes fell 14% to $2,465 million, a 27% margin against 30% a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	10,599	12,252	10,979	-13.5%	-3.5%
Cost of revenue	4,900	5,568	4,937	-12.0%	-0.7%
Gross profit	5,699	6,684	6,042	-14.7%	-5.7%
Gross margin	53.8%	54.6%	55.0%
Research and development	2,463	2,453	2,216	+0.4%	+11.1%
Selling, general and administrative	898	865	706	+3.8%	+27.2%
Operating income	2,309	3,366	3,120	-31.4%	-26.0%
Operating margin	21.8%	27.5%	28.4%
Interest expense	171	169	163	+1.2%	+4.9%
Pre-tax income	2,232	3,547	3,105	-37.1%	-28.1%
Income tax	-5,138	543	293
Effective tax rate	-230.2%	15.3%	9.4%
Net income	7,370	3,004	2,812	+145.3%	+162.1%
Net margin	69.5%	24.5%	25.6%
Diluted EPS	$6.88	$2.78	$2.52	+147.5%	+173.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	2,449	4,965	2,554	-50.7%	-4.1%
Capital expenditure	533	549	214	-2.9%	+149.1%
Free cash flow	1,916	4,416	2,340	-56.6%	-18.1%
Free cash flow margin	18.1%	36.0%	21.3%
Cash from investing	-501	-1,721	-1,289
Cash from financing	-3,693	-3,882	-2,781
Depreciation and amortisation	413	393	397	+5.1%	+4.0%
Share-based compensation	861	888	702	-3.0%	+22.6%
Buybacks	2,792	2,650	1,748	+5.4%	+59.7%
Dividends paid	946	949	938	-0.3%	+0.9%
Dividend per share	$0.89	$0.89	$0.85	0.0%	+4.7%
Diluted shares, weighted	1,072m	1,079m	1,115m	-0.6%	-3.9%
Shares outstanding at period end	1,059m	1,074m	1,100m	-1.4%	-3.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	27,278	23,073	27,728	+18.2%	-1.6%
Debt	15,270	14,817	14,623	+3.1%	+4.4%
Other liabilities	14,588	15,144	13,021	-3.7%	+12.0%
Total liabilities and equity	57,136	53,034	55,372	+7.7%	+3.2%
Fixed assets	5,071	4,893	4,410	+3.6%	+15.0%
Goodwill	14,251	14,183	10,948	+0.5%	+30.2%
Intangible assets	1,575	1,627	1,183	-3.2%	+33.1%
Investments	4,364	4,617	6,643	-5.5%	-34.3%
Cash and equivalents	5,435	7,205	7,203	-24.6%	-24.5%
Inventory	7,368	6,665	6,196	+10.5%	+18.9%
Other assets	19,072	13,844	18,789	+37.8%	+1.5%
Total assets	57,136	53,034	55,372	+7.7%	+3.2%

Questions

What was Qualcomm's revenue in Q2 FY2026?

Qualcomm (QCOM) reported revenue of $10.6 billion for Q2 FY2026, the quarter ended 29 March 2026, down 3.5% on the same quarter a year earlier.

How much did Qualcomm earn in Q2 FY2026?

Net income for Q2 FY2026 was $7.4 billion, up 162.1% on the year, and diluted earnings per share $6.88.

When did Qualcomm report Q2 FY2026 results?

Qualcomm filed its 10-Q for the quarter ended 29 March 2026 with the SEC on 29 April 2026.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	10,705	11,164	10,936	11,395	9,463	9,275	8,451	8,631	9,935	9,389	9,393	10,245	11,669	10,979	10,365	11,271	12,252	10,599	9,947	10,322
Cost of revenue	4,303	4,648	4,816	4,868	4,044	4,153	3,792	3,880	4,312	4,106	4,174	4,468	5,161	4,937	4,606	5,034	5,568	4,900	4,670	5,084
Gross profit	6,402	6,516	6,120	6,527	5,419	5,122	4,659	4,751	5,623	5,283	5,219	5,777	6,508	6,042	5,759	6,237	6,684	5,699	5,277	5,238
Gross margin	60%	58%	56%	57%	57%	55%	55%	55%	57%	56%	56%	56%	56%	55%	56%	55%	55%	54%	53%	51%
R&D	1,930	2,034	2,052	2,178	2,251	2,210	2,222	2,135	2,096	2,236	2,259	2,302	2,230	2,216	2,226	2,370	2,453	2,463	2,607	2,684
SG&A	608	624	655	683	623	614	618	628	627	707	664	761	723	706	771	910	865	898	976	962
Operating income	3,864	3,858	4,472	3,666	2,465	2,090	1,823	1,410	2,928	2,340	2,221	2,582	3,555	3,120	2,762	2,918	3,366	2,309	1,626	1,357
Operating margin	36%	35%	41%	32%	26%	23%	22%	16%	29%	25%	24%	25%	30%	28%	27%	26%	27%	22%	16%	13%
Interest expense	139	137	70.0	144	170	179	172	173	178	172	168	179	163	163	168	170	169	171	178	171
Pre-tax income	3,865	3,423	4,239	3,471	2,371	1,895	1,757	1,420	2,962	2,498	2,279	2,597	3,635	3,105	2,952	2,971	3,547	2,232	2,462	1,173
Tax rate	12%	14%	12%	16%	4%	10%	1%	-15%	5%	9%	8%	-12%	13%	9%	10%	205%	15%	-230%	19%	-7%
Net income	3,399	2,934	3,730	2,873	2,235	1,704	1,803	1,490	2,767	2,326	2,129	2,920	3,180	2,812	2,666	-3,117	3,004	7,370	2,002	1,252
Net margin	32%	26%	34%	25%	24%	18%	21%	17%	28%	25%	23%	29%	27%	26%	26%	-28%	25%	70%	20%	12%
Diluted EPS	$2.98	$2.57	$3.29	$2.54	$1.98	$1.52	$1.60	$1.32	$2.46	$2.06	$1.88	$2.59	$2.83	$2.52	$2.43	-$2.89	$2.78	$6.88	$1.87	$1.17
Operating cash flow	2,057	2,698	2,895	1,446	3,095	1,457	2,657	4,090	2,949	3,554	3,052	2,647	4,587	2,554	2,875	3,996	4,965	2,449	991	2,740
Capital expenditure	583	491	554	634	398	453	306	293	214	184	387	256	277	214	294	407	549	533	496	916
Free cash flow	1,474	2,207	2,341	812	2,697	1,004	2,351	3,797	2,735	3,370	2,665	2,391	4,310	2,340	2,581	3,589	4,416	1,916	495	1,824
Buybacks	1,178	951	500	500	1,270	903	400	400	784	731	1,303	1,303	1,750	1,748	2,849	2,444	2,650	2,792	1,364	1,011
Dividends paid	765	764	842	841	842	834	893	893	895	895	949	948	942	938	968	957	949	946	973	986
Shares outstanding	1,125m	1,122m	1,122m	1,121m	1,119m	1,114m	1,115m	1,114m	1,118m	1,118m	1,116m	1,113m	1,106m	1,100m	1,084m	1,074m	1,074m	1,059m	1,057m	1,072m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 29 March 2026, filed 29 April 2026: the filing.