Qualcomm (QCOM) official guidance

Today, we're raising that outlook and now expect annualized sales of approximately $7 billion exiting fiscal 2026.

In QCT, we expect revenues of $8.4 billion-$9 billion and EBT margins of 23%-25%.

In QTL, we estimate revenues of $1.2 billion-$1.4 billion, an EBT margin of 68%-72%, reflecting normal seasonal trends.

We are forecasting revenues of $9.7 billion-$10.5 billion and non-GAAP EPS of $2.05-$2.25.

As a result of our diversification execution, we now estimate non-handsets at more than 50% of QCT revenues in fiscal 2027 and grow to approximately 2/3 in fiscal 2029.

Lastly, we anticipate non-GAAP operating expenses to be approximately $2.7 billion in the quarter, reflecting the acquisition of Modular and continued investment in our data center product roadmap ahead of revenue ramp.

This forecast includes data center revenue growth to $5 billion in fiscal 2027 and $15 billion in fiscal 2029.

This forecast includes data center revenue growth to $5 billion in fiscal 2027 and $15 billion in fiscal 2029.

We also updated our fiscal 2029 financial targets, which now include more than $24 billion in revenue across automotive and IoT, plus more than $15 billion in data center, bringing our total non-handset revenue outlook to $40 billion by fiscal 2029, up from our previous target of $22 billion.

In QCT, we expect revenues of $8.4 billion-$9 billion and EBT margins of 23%-25%.

We forecast QCT handset revenues to be approximately $5.2 billion, driven by sequential growth in Android, offset by lower Apple product revenues.

In QTL, we estimate revenues of $1.2 billion-$1.4 billion, an EBT margin of 68%-72%, reflecting normal seasonal trends.

We are forecasting revenues of $9.7 billion-$10.5 billion and non-GAAP EPS of $2.05-$2.25.

We expect QCT IoT revenues to remain approximately flat versus the year ago period, with double-digit growth across our industrial, networking, and robotics category of products, offset primarily by the impact of memory constraints on tablets and other consumer products.

In the short term, we anticipate growth in non-handset revenues relative to prior year to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027, a significant inflection point in the execution of our growth strategy.

In QCT Automotive, we expect another record quarter with approximately 60% year-over-year revenue growth.

We expect QCT IoT revenues to remain approximately flat versus the year ago period, with double-digit growth across our industrial, networking, and robotics category of products, offset primarily by the impact of memory constraints on tablets and other consumer products.

Despite these headwinds, we expect top-line growth for Qualcomm in fiscal 2027, driven by an inflection in non-handset revenues throughout the fiscal year.

| Less diluted EPS attributable to other items2 | ($0.11) |

| Less diluted EPS attributable to share-based compensation | ($0.72) |

| GAAP diluted EPS | $1.22 - $1.42 |

In QCT, we expect revenues of $7.9 billion-$8.5 billion and EBT margins of 25%-27%.

In QTL, we estimate revenues of $1.15 billion-$1.35 billion and EBT margins of 67%-71% with sequential decline primarily due to the operating assumption of weaker low-tier handset units.

In the third fiscal quarter, we are forecasting revenues of $9.2 billion-$10 billion and non-GAAP EPS of $2.10-$2.30.

Lastly, we forecast non-GAAP operating expenses to be approximately $2.6 billion in the quarter.

In terms of Apple product revenue for fiscal 2027, we've seen sell side models in the range of a little over $2 billion in terms of QCT product revenue in the year, and we think that's a reasonable place to model the business.

In QCT, we expect revenues of $7.9 billion-$8.5 billion and EBT margins of 25%-27%.

We are forecasting QCT handset revenues to be approximately $4.9 billion as a result of the impact of the industry-wide memory dynamics I just outlined.

In QTL, we estimate revenues of $1.15 billion-$1.35 billion and EBT margins of 67%-71% with sequential decline primarily due to the operating assumption of weaker low-tier handset units.

In the third fiscal quarter, we are forecasting revenues of $9.2 billion-$10 billion and non-GAAP EPS of $2.10-$2.30.

In QCT Automotive, following another record quarter, we expect year-over-year revenue growth to further accelerate to approximately 50% in the third fiscal quarter.

We anticipate QCT IoT revenues to grow by high single digits versus the year-ago period, driven by industrial and consumer products.

| Less diluted EPS attributable to other items2 | ($0.16) |

| Less diluted EPS attributable to share-based compensation | ($0.68) |

| GAAP diluted EPS | $1.26 - $1.46 |

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.

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.

In QCT, we expect revenues of $8.8 billion-$9.4 billion and EBT margins of 26%-28%.

In QTL, we estimate revenues of $1.2 billion-$1.4 billion and EBT margins of 68%-72%, reflecting normal sequential trend.

In the second fiscal quarter, we are forecasting revenues of $10.2 billion-$11 billion and non-GAAP EPS of $2.45-$2.65.

Lastly, we expect non-GAAP operating expenses to be approximately $2.6 billion in the quarter.

We remain on track to commercialize 150 Snapdragon X-powered PCs this year.

We still restate that we expect 27 to start showing in revenues, and we feel good.

In QCT, we expect revenues of $8.8 billion-$9.4 billion and EBT margins of 26%-28%.

We are forecasting QCT handset revenues to be approximately $6 billion as a result of the impact of memory constraints I just outlined.

In QTL, we estimate revenues of $1.2 billion-$1.4 billion and EBT margins of 68%-72%, reflecting normal sequential trend.

In the second fiscal quarter, we are forecasting revenues of $10.2 billion-$11 billion and non-GAAP EPS of $2.45-$2.65.

In QCT Automotive, following another record quarter, we expect year-over-year revenue growth to accelerate to greater than 35% in the fiscal Q2.

We anticipate QCT IoT revenues to grow by low teens% versus the year-ago period, driven by growth across industrial and consumer products.

I think as you go into the next quarter, we are guiding QTL just slightly below what we did last year, so pretty consistent with with trend, but of course, that's subject to supply considerations.

| Less diluted EPS attributable to other items2 | ($0.08) |

| Less diluted EPS attributable to share-based compensation | ($0.68) |

| GAAP diluted EPS | $1.69 - $1.89 |

With the recent enactment of the One Big Beautiful tax bill, we now expect our Non-GAAP tax rate to remain in the 13%-14% range going forward, and we anticipate lower cash tax payments relative to prior expectations.

Snapdragon RidePilot is currently validated in 60 countries and extends to 100 in 2026.

We now expect approximately 150 designs to be commercialized through 2026 and remain optimistic about the continued momentum for Snapdragon-powered AI PCs.

In QCT, we expect record revenues of $10.3 billion-$10.9 billion and EBT margins of 30%-32%.

In QTL, we estimate revenues of $1.4 billion-$1.6 billion and EBT margins of 74%-78%.

With the recent enactment of the One Big Beautiful tax bill, we now expect our Non-GAAP tax rate to remain in the 13%-14% range going forward, and we anticipate lower cash tax payments relative to prior expectations.

Now turning to guidance, in the first fiscal quarter, we expect to deliver record results, with revenues in the range of $11.8 billion-$12.6 billion and Non-GAAP EPS of $3.30-$3.50.

Lastly, we forecast Non-GAAP operating expenses to be approximately $2.45 billion in the quarter.

The accelerating adoption of our Snapdragon digital chassis platform and 36% year-over-year revenue growth in fiscal 2025 puts us on track to achieve our $8 billion revenue target.

Across IoT, the increasing importance of artificial intelligence, high-performance low-power computing, and connectivity, validated by our 22% year-over-year revenue growth in fiscal 2025, reinforces our confidence in achieving our $14 billion revenue target.

In QCT, we expect record revenues of $10.3 billion-$10.9 billion and EBT margins of 30%-32%.

In QTL, we estimate revenues of $1.4 billion-$1.6 billion and EBT margins of 74%-78%.

In closing, as we approach one year since outlining our growth strategy at Investor Day, I'd like to provide an update on the progress towards our $22 billion fiscal 2029 revenue target across automotive and IoT.

Now turning to guidance, in the first fiscal quarter, we expect to deliver record results, with revenues in the range of $11.8 billion-$12.6 billion and Non-GAAP EPS of $3.30-$3.50.

In QCT Automotive, following a record fourth quarter, we estimate revenues in the first fiscal quarter to remain flat to slightly up on a sequential basis.

We anticipate record QCT handset revenues with low teens percentage growth sequentially, primarily driven by new flagship Android handset launches powered by Snapdragon.

Following our outperformance for QCT IoT revenues in the fourth quarter, we expect a sequential decline consistent with last year, driven by seasonality in consumer products.

| Less diluted EPS attributable to other items2 | ($0.07) |

| Less diluted EPS attributable to share-based compensation | ($0.68) |

With the enactment of recent U.S. tax legislation in the One Big Beautiful Bill Act, we now expect our effective tax rate to generally remain in the 13% to 14% range and anticipate lower cash tax payments in future periods.

| GAAP diluted EPS | $2.55 - $2.75 |