Qualcomm Q4: Auto hits $2B as phones slip

Qualcomm Q4 earnings landed with Non-GAAP revenue of $10.442 billion (−7% YoY), QCT revenue of $9.015 billion at the high end of guidance, Non-GAAP EPS of $2.17 (−28%), and GAAP EPS of $1.17. Qualcomm’s official X post framed the diversification story in five buckets: Licensing, Data Center, Automotive and Robotics, Agentic AI, and SpaceX/Starlink Mobile. Still, CNBC reported shares down about 7% after hours as investors focused on handset weakness and near-term margin pressure.

Additionally, according to the official earnings release and investor presentation, handsets contributed $5.137 billion (−26%), Automotive $1.990 billion (+89%, first $2 billion quarter), IoT $1.888 billion (+4%), and QTL $1.304 billion (−7%). QCT EBT margin compressed to 24% from 29% a year earlier. CEO Cristiano Amon called FY27 the start of a non-handset revenue inflection; management expects non-handset revenues to grow more than 60% year over year and account for more than 50% of QCT revenues in fiscal 2027.

Licensing: Apple, Huawei, Transsion and QTL stability

Licensing leads Qualcomm’s X summary. Long-term QTL licenses with Apple, Huawei, and Transsion were renewed. Management said QTL’s revenue run rate is unchanged, the 5G-era renewal cycle is complete, and the next window spans FY30–FY33. That keeps the licensing base stable into the 6G era—an important insurance layer even as handset unit volumes soften.

Data Center: $650M+ December quarter, Amazon, and AI250

The Data Center ramp starts in the December quarter. Qualcomm expects Q1 FY27 Data Center revenue above $650 million, sequential growth through the year, and a $7 billion annualized run-rate exiting FY27. It reiterated the $5 billion FY27 target and the $15 billion-plus FY29 Investor Day target. The multi-generation AWS agreement covers custom AI inference silicon and optical connectivity; the IR presentation describes warrants covering up to $60 billion in potential purchases over 10 years, with about 15% vested immediately on initial purchase commitments. Qualcomm also said AI250 with High Bandwidth Compute is exceeding expectations on power efficiency and bandwidth. Starting in FY27, Data Center becomes a reported QCT stream alongside Handsets, Automotive, and IoT; Q1 QCT EBT margin guidance embeds roughly a 3-point hit from that inclusion, while the long-term 30% QCT EBT target is unchanged.

Automotive and Robotics: +89% and an ~$8B exit run-rate

Q4 Automotive revenue rose 89% to $1.990 billion, the first $2 billion quarter. Qualcomm said QCT Automotive exited FY26 at an annualized run rate of approximately $8 billion. Fifth-generation Snapdragon Digital Chassis commercial shipments began in the September quarter and ramp through FY27; Dragonwing IQ10’s commercial ramp is set to begin. Japan’s Qualcomm Japan Robotics Center and related robotics moves extend the physical-AI vertical beyond the car. IoT added $1.888 billion, up 4%.

Agentic AI: phones, glasses, and personal AI devices

Qualcomm highlighted that the world’s first agentic smartphones launched on Snapdragon, with customers building agentic experiences for smartphones, smart glasses, and new personal AI devices. Product notes in the quarter also included Snapdragon 8 Elite Gen 6 / Elite Extreme Gen 6 and Snapdragon X Elite powering Googlebook laptops. Those catalysts do not rewrite the near-term P&L, but they show how the handset franchise is being repositioned for the agentic AI age.

SpaceX / Starlink Mobile: Dragonwing for U.S. terrestrial 5G

The same day, SpaceX selected Qualcomm for Starlink Mobile’s nationwide U.S. terrestrial 5G network. Deployment with Qualcomm Dragonwing infrastructure platforms begins in 2027 under a multiyear agreement. ShiftDelete.Net also covered the Starlink Mobile deal. It is a concrete design win tying IoT/infrastructure into a hybrid satellite-terrestrial network.

Margins, pricing, Q1 guide, and the stock reaction

Wafer, assembly, test, advanced packaging, memory, and other materials costs are rising broadly. Qualcomm is raising product prices and expects the full benefit in QCT gross margins in the second half of FY27. Q1 FY27 guidance: Non-GAAP revenue $10.4–$11.2 billion and Non-GAAP diluted EPS $2.15–$2.35; QCT $9.0–$9.6 billion inclusive of Data Center; QCT EBT margin 20%–22%; QTL $1.3–$1.5 billion. CNBC said the print beat estimates but the earnings outlook was lighter than expected, with shares off about 7% after hours. The tape read the quarter as a beat that still left smartphone cyclicality and margin recovery unresolved.

For the full year, Non-GAAP revenue was $43.240 billion (−2%) and Non-GAAP EPS was $10.54. GAAP FY26 EPS of $12.70 includes a $5.7 billion income-tax benefit, or $5.32 per share, from releasing a valuation allowance set up in Q4 FY25. Capital returns stayed active: about $2.0 billion in Q4 and $11.671 billion for FY26 in buybacks plus dividends.

FAQ on Qualcomm Q4 earnings

What were Qualcomm Q4 Non-GAAP results? Revenue $10.442 billion (−7% YoY); QCT $9.015 billion; EPS $2.17 (−28%).

Why highlight Automotive? +89% to $1.990 billion, with an ~$8 billion annualized run rate exiting FY26.

What is the Data Center path? $650 million-plus in Q1 FY27, $5 billion in FY27, $15 billion-plus by FY29, and a $7 billion annualized exit run-rate in FY27.

Sources: Qualcomm FY2026 Fourth Quarter Earnings Release and Earnings Presentation (Nov. 4, 2026); Qualcomm’s official X summary; investor event page. Stock reaction: CNBC after-hours coverage on Nov. 4, 2026 (~7%).