Will Qualcomm (QCOM) beat quarterly earnings?

$3K Vol.Closes Jul 29, 2026

Will Qualcomm (QCOM) beat quarterly earnings?$3K Vol.83%

At a glance

What

Qualcomm is scheduled to report its fiscal Q3 2026 earnings on July 29, 2026, with the market resolving based on whether non-GAAP EPS exceeds the Street consensus of $2.23.

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Who

The outcome depends on Qualcomm Incorporated (QCOM), a leading wireless technology and semiconductor company, and the collective forecasts of Wall Street analysts.

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Context

The company recently beat Q2 estimates by delivering $2.65 EPS against a $2.55 forecast, but its Q3 guidance capped EPS expectations between $2.10 and $2.30.

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Stakes

A beat above $2.23 signals that Qualcomm is navigating industry-wide memory supply constraints and smartphone market declines better than expected, while a miss could indicate deeper demand weakness.

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Note: The Q3 guidance range ($2.10–$2.30) includes the $2.23 threshold, meaning the outcome hinges on whether the final report lands in the upper portion of that range rather than the lower.

Apr 29

Qualcomm reported Q2 2026 non-GAAP EPS of $2.65, beating the consensus estimate of $2.55 by $0.10, with revenue of $10.6 billion slightly exceeding forecasts.

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Apr 29

The company's stock rose 4% in after-hours trading following the earnings announcement, driven by strong performance in automotive and IoT segments.

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Apr 29

Qualcomm issued Q3 2026 guidance forecasting non-GAAP EPS between $2.10 and $2.30 and revenue between $9.2 billion and $10 billion.

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Now

Jul 29

Qualcomm will release its fiscal Q3 2026 earnings report and hold a conference call at 4:45 PM ET.

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AI-generated briefing. AI can make mistakes. This is not financial advice.

Bull case

Qualcomm has beaten EPS in 11 of the last 12 quarters, with the last four beats ranging from 1% to 5%, demonstrating a consistent trend of exceeding analyst forecasts.
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Strong growth in non-handset segments, including a 38% year-over-year increase in automotive revenue, contributed to record earnings in Q2 and may offset declines in the smartphone market.
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The consensus EPS estimate for Q3 was revised downward by 4.4% over the last month, lowering the bar for a beat relative to the $2.23 threshold.
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AI-generated briefing. AI can make mistakes. This is not financial advice.

Bear case

Qualcomm's Q3 2026 guidance explicitly forecasts non-GAAP EPS between $2.10 and $2.30, with the midpoint ($2.20) falling just below the $2.23 beat threshold.
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The company holds a Zacks Rank of #5 (Strong Sell) and an Earnings ESP of -0.43%, indicators that historically correlate with underperformance and earnings misses.
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