Qualcomm (NASDAQ: QCOM) reports fiscal fourth-quarter 2026 results on Wednesday, November 4, 2026, after the U.S. close, with the call at 1:45 p.m. Pacific time (4:45 p.m. Eastern, which is 22:45 in Central Europe and 23:45 in Romania). The quarter covers July to September 2026. Revenue and non-GAAP earnings per share (EPS) have fallen against the year-earlier quarter in each of the last two quarters, and guidance points to a steeper fall in Q4. This preview lines up the last four quarters against their year-earlier quarters, compares guidance with consensus, and covers the dividend and what to watch. It contains no forecast.
The last four quarters, each against the same quarter a year earlier
| Metric | Q4 FY25 (vs Q4 FY24) | Q1 FY26 (vs Q1 FY25) | Q2 FY26 (vs Q2 FY25) | Q3 FY26 (vs Q3 FY25) |
|---|---|---|---|---|
| Total revenues | $11,270 million (+10.0% from $10,244 million) | $12,252 million (+5.0% from $11,669 million) | $10,599 million (-3.5% from $10,979 million) | $9,947 million (-4.0% from $10,365 million) |
| Non-GAAP diluted EPS | $3.00 (from $2.69: +11.5%) | $3.50 (from $3.41: +2.6%) | $2.65 (from $2.85: -7.0%) | $2.21 (from $2.77: -20.2%) |
| Handsets (QCT) | $6,961 million (+14%) | $7,824 million (+3%) | $6,024 million (-13%) | $5,086 million (-20%) |
| Automotive (QCT) | $1,053 million (+17%) | $1,101 million (+15%) | $1,326 million (+38%) | $1,588 million (+61%) |
| IoT (QCT) | $1,807 million (+7%) | $1,688 million (+9%) | $1,726 million (+9%) | $1,830 million (+9%) |
Sources: the four Qualcomm releases under Sources (November 5, 2025; February 4, April 29 and July 29, 2026). The percentage changes for revenue and EPS are my calculations; the end-market changes are the company’s. Qualcomm’s fiscal year ends in late September. Reported (GAAP) EPS is distorted by tax items: Q4 FY25 included a non-cash $5.29-a-share charge (GAAP EPS -$2.89) and Q2 FY26 a $5.33-a-share tax benefit (GAAP EPS $6.88), so this article uses non-GAAP EPS. Handsets, the largest end market, explain the turn: Q3 handset revenue was $1,242 million lower than a year earlier while automotive was $604 million higher (my calculation). In Q3 the chip business earned a 25.8% pre-tax margin against 29.7% a year earlier (my calculation from $2,192 million on $8,504 million and $2,671 million on $8,993 million).
How results compared with guidance
| Quarter | Revenue guidance | Revenue reported | Non-GAAP EPS guidance | Non-GAAP EPS reported |
|---|---|---|---|---|
| Q1 FY26 | $11.8 to $12.6 billion | $12.25 billion | $3.30 to $3.50 | $3.50 |
| Q2 FY26 | $10.2 to $11.0 billion | $10.60 billion | $2.45 to $2.65 | $2.65 |
| Q3 FY26 | $9.2 to $10.0 billion | $9.95 billion | $2.10 to $2.30 | $2.21 |
Guidance comes from the previous quarter’s release. In each of the last three quarters, revenue and EPS landed inside the guided range: EPS at the top in Q1 and Q2, and just above the $2.20 midpoint in Q3 (my comparison).
What Qualcomm guided for Q4, and what analysts expect
| Q4 FY26 metric | Guidance (July 29, 2026) | Q4 FY25 actual | Guidance vs Q4 FY25 | Consensus | Consensus vs Q4 FY25 |
|---|---|---|---|---|---|
| Total revenues | $9.7 to $10.5 billion | $11,270 million | -13.9% to -6.8% | $10.15 billion (Zacks, Oct 28); $10.14 billion (MarketBeat, Oct 28) | -9.9% and -10.0% |
| Non-GAAP diluted EPS | $2.05 to $2.25 | $3.00 | -31.7% to -25.0% | $2.16 (Zacks); $2.17 (MarketBeat) | -28.0% and -27.7% |
Guidance is from the Q3 FY26 release; consensus is third-party data, not from the company; percentage changes are my arithmetic. Consensus sits inside the guided ranges. Zacks puts its Earnings ESP at -0.51% and notes the EPS consensus fell 2.02% over 30 days. Last quarter MarketBeat shows EPS of $2.21 against a $2.23 consensus and revenue of $9.95 billion against $9.69 billion expected. EPS has stepped down each quarter since Q1 FY26 ($3.50, $2.65, $2.21), and the Q4 guided range of $2.05 to $2.25 brackets the Q3 figure. The Q4 GAAP EPS guidance ($1.22 to $1.42) cannot be compared with the -$2.89 a year earlier because of the tax charge.
The share price and valuation
| Measure | Value |
|---|---|
| Closing price, Friday, October 30, 2026 | $164.79, down 11.12% on the day (MarketBeat, 4:00 p.m. ET close; HeyGoTrade shows the same close and change) |
| Moving averages (MarketBeat, October 28) | 50-day $176.83; 200-day $169.42, so the October 30 close is below both (my comparison) |
| Non-GAAP EPS, last four reported quarters | $11.36 ($3.00 + $3.50 + $2.65 + $2.21; my sum), so about 14.5x at $164.79 (my calculation) |
| Analyst ratings (MarketBeat, October 28) | 3 Strong Buy, 12 Buy, 21 Hold, 3 Sell; consensus “Hold”; average target $205.83, set before the October 30 fall |
I found no company announcement or other verified explanation for the October 30 move, so I offer none. I could not confirm a later close with two sources; check the live quote with your broker. Price and consensus change daily.
The dividend
On October 21, 2026, Qualcomm declared a quarterly dividend of $0.92 per share ($3.68 a year), payable on December 17, 2026 to holders of record on December 3, 2026. MarketBeat lists December 3 as the ex-dividend date, so buying after it does not earn this payment. The company paid $0.89 a share in each of Q4 FY25, Q1 FY26 and Q2 FY26 and $0.92 in Q3 FY26, a rise of 3.4% (my calculation). At $164.79 the yield is about 2.23%, and $3.68 is about 32.4% of the $11.36 of non-GAAP EPS over the last four quarters (my calculations).
Cash flow is tighter than that payout ratio suggests. In the first nine months of fiscal 2026, cash from operations was $8,405 million against $10,016 million a year earlier (-16.1%). Dividends of $2,868 million plus repurchases of $6,806 million came to $9,674 million, about 115% of that cash flow (my calculations, before capital spending, which I did not include). A new $20 billion repurchase authorization was announced with the Q2 results. A dividend is never guaranteed.
What to watch on November 4
- Revenue and EPS against guidance and consensus: $9.7 to $10.5 billion and $2.05 to $2.25 guided; about $10.15 billion and $2.16 to $2.17 expected. The year-ago figures are $11,270 million and $3.00.
- Handsets: down 20% to $5,086 million in Q3, against a $6,961 million comparison. A Hudson Labs preview dated October 7, 2026 says management expects handset revenue to have bottomed in Q3; this is a third-party summary I have not checked against the call.
- Automotive: up 61% to $1,588 million in Q3, against $1,053 million a year earlier.
- Chip margin: 25.8% in Q3 against 29.7%; Hudson Labs cites a Q4 guide of 23% to 25%, against 29.5% a year earlier (my calculation).
- The fiscal Q1 2027 guide, compared with $12,252 million and $3.50 in Q1 FY26, and whether buybacks continue while operating cash flow is falling.
For investors in Europe
- QCOM pays in U.S. dollars, and U.S. withholding tax applies by default; the rate for non-U.S. investors depends on a valid Form W-8BEN. See our W-8BEN guide and dividend withholding tax by country.
- The results come after the U.S. close, so European markets react only the next morning, and the dollar and euro exchange rate moves the euro value of the dividend independently of Qualcomm.
Sources
- Qualcomm: Q4 and fiscal 2026 earnings release and call schedule (announced October 22, 2026; copy of the company release)
- Qualcomm: Q4 and fiscal 2025 results, Form 8-K exhibit (November 5, 2025)
- Qualcomm: Q1 fiscal 2026 results, Form 8-K exhibit (February 4, 2026)
- Qualcomm: Q2 fiscal 2026 results, Form 8-K exhibit (April 29, 2026)
- Qualcomm: Q3 fiscal 2026 results, Form 8-K exhibit (July 29, 2026)
- Qualcomm: quarterly cash dividend announcement (October 21, 2026)
- Third-party data (consensus, price, ratings), not from the company: Zacks Equity Research via Yahoo Finance (October 28, 2026); MarketBeat (October 28, 2026); MarketBeat quote page (October 30, 2026 close); HeyGoTrade (October 30, 2026 close); Hudson Labs (October 7, 2026)
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Company figures are taken from the releases listed; consensus, ratings and the share price come from the third-party sources listed, as of the dates stated; and the percentage changes, payout and valuation figures are my own arithmetic, not a company forecast. Confirm current figures with your broker or the company’s investor relations page. Investing involves risk, including the possible loss of capital, and a dividend payment is never guaranteed.
