Qualcomm Reports Second Quarter Fiscal 2026 Results

“We are pleased to deliver results in line with our guidance, reflecting solid execution as we navigate a challenging memory environment,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “We are in a period of profound industry transformation—the rise of AI agents is reshaping our roadmap across every platform we develop. We are equally excited by our entry into the data center, where a leading hyperscaler custom silicon engagement is on track for initial shipments later this calendar year. We look forward to providing an update on our growth initiatives, including opportunities in Data Center and Physical AI, at our Investor Day on June 24.”

Return of Capital to Stockholders
During the second quarter of fiscal 2026, we returned $3.7 billion to stockholders, including $945 million, or $0.89 per share, of cash dividends paid and $2.8 billion through repurchases of 19 million shares of common stock.

Income Taxes

In the second quarter of fiscal 2026, we recorded a $5.7 billion income tax benefit, or $5.33 per share, from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025, as we now expect to realize our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax by the U.S. Department of Treasury and the Internal Revenue Service. This benefit was excluded from our Non-GAAP metrics but was reflected in our GAAP results.

Business Outlook

The following statements are forward-looking, and actual results may differ materially. The “Note Regarding Forward-Looking Statements” in this news release provides a description of certain risks that we face, and our most recent quarterly report on file with the Securities and Exchange Commission (SEC) provides a more complete description of our risks.

Our guidance for the third quarter of fiscal 2026 includes the estimated impact of memory supply constraints and related pricing on demand from several handset OEMs. We now estimate that QCT handset revenues from Chinese customers will reach a bottom in the third quarter and return to sequential growth in the following quarter