Earnings release
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Exhibit 99.1 FOR IMMEDIATE RELEASE Qualcomm Contact: Brett Simpson Senior Vice President, Investor Relations Phone: 1-858-658-4813 | e-mail: ir@qualcomm.com Qualcomm Announces Third Quarter Fiscal 2026 Results Revenues: $9.9 billion GAAP EPS: $1.87, Non-GAAP EPS: $2.21 —Combined QCT Automotive and IoT Revenues Grew 28% Year-Over-Year— —QCT Automotive Revenues: 23 Consecutive Quarters of Double-Digit Year-Over-Year Growth— —Completed Acquisition of Modular Inc Creating an Open Software Foundation for Generative and Agentic AI— SAN DIEGO - July 29, 2026 - Qualcomm Incorporated (NASDAQ: QCOM) today announced results for its fiscal third quarter ended June 28, 2026. “Despite a challenging memory and supply environment, our third quarter results reflect solid execution of our growth strategy, with quarterly revenues at the high end of guidance,” said Cristiano Amon, President and CEO of Qualcomm Incorporated. “We are well positioned to execute on the vision we outlined at our recent Investor Day, with total non-handset revenues growing to $40 billion by fiscal 2029 – nearly double the target we shared in November 2024. In the near term, we expect year-over-year growth in non-handset revenues, including Data Center, 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.” Third Quarter Results GAAP Non-GAAP (in millions, except per share data andpercentages) Q3 Fiscal2026 Q3 Fiscal2025 Change Q3 Fiscal2026 Q3 Fiscal2025 Change Revenues $9,947 $10,365 (4%) $9,947 $10,365 (4%) Earnings before taxes (EBT) $2,462 $2,952 (17%) $2,693 $3,544 (24%) Net income $2,002 $2,666 (25%) $2,356 $3,040 (23%) Diluted earnings per share (EPS) $1.87 $2.43 (23%) $2.21 $2.77 (20%) (1) Discussion regarding our use of Non-GAAP financial measures and reconciliations between GAAP and Non-GAAP results are included at the end of this news release in the sections labeled “Note Regarding Use of Non-GAAP Financial Measures” and “Reconciliations of GAAP Results to Non-GAAP Results.” Segment Results QCT QTL (in millions, except percentages) Q3 Fiscal2026 Q3 Fiscal2025 Change Q3 Fiscal2026 Q3 Fiscal2025 Change Revenues $8,504 $8,993 (5%) $1,278 $1,318 (3%) EBT $2,192 $2,671 (18%) $881 $942 (6%) EBT as % of revenues 26% 30% -4 points 69% 71% -2 points 1
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 2 of 8 QCT Revenue Streams (in millions, except percentages) Q3 Fiscal2026 Q3 Fiscal2025 Change Handsets $5,086 $6,328 (20%) Automotive 1,588 984 +61% IoT (internet of things) 1,830 1,681 +9% Total QCT revenues $8,504 $8,993 (5%) (1) We disaggregate QCT revenues based on the industries and applications in which our products are sold. Return of Capital to Stockholders During the third quarter of fiscal 2026, we returned $2.3 billion to stockholders, including $973 million, or $0.92 per share, of cash dividends paid and $1.4 billion through repurchases of 8 million shares of common stock. 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. The semiconductor industry is experiencing a broad-based increase in input costs, across wafer fabrication, assembly, test, advanced packaging, memory and other materials. We are taking concrete actions to reflect the higher input costs in our product pricing and expect these actions to benefit our gross margins over time as the pricing changes gradually come into effect. These factors are reflected in both our fiscal 2026 third quarter performance and fourth quarter guidance. The following table summarizes GAAP and Non-GAAP guidance based on the current outlook. Current GuidanceQ4 FY26 Estimates Revenues $9.7B - $10.5B Supplemental Revenue Information QCT revenues $8.4B - $9.0B QTL revenues $1.2B - $1.4B GAAP diluted EPS $1.22 - $1.42 Less diluted EPS attributable to QSI $— Less diluted EPS attributable to share-based compensation ($0.72) Less diluted EPS attributable to other items ($0.11) Non-GAAP diluted EPS $2.05 - $2.25 (1) Our outlook does not include provisions for proposed tax law changes, future asset impairments or for pending legal matters, other than future legal amounts that are probable and estimable. Further, due to their nature, certain income and expense items, such as certain investments, derivative and foreign currency transaction gains or losses, cannot be accurately forecast. Accordingly, we only include such items in our financial outlook to the extent they are reasonably certain. Our outlook includes the impact of any pending business combinations to the extent they are expected to close in the upcoming quarter. Actual results may differ materially from the outlook. (2) Our guidance for diluted EPS attributable to other items for the fourth quarter of fiscal 2026 is primarily related to acquisition-related items. 1 1 2
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 3 of 8 Conference Call and Available Information Qualcomm’s third quarter fiscal 2026 earnings conference call will be broadcast live on July 29, 2026, beginning at 1:45 p.m. Pacific Time (PT) at https://investor.qualcomm.com/news-events/investor-events. This conference call will include a discussion of “Non-GAAP financial measures” asdefined in Regulation G. The most directly comparable GAAP financial measures and information reconciling these Non-GAAP financial measures to our financial results prepared in accordance with GAAP, as well as other financial and statistical information to be discussed on theconference call, will be posted to our Investor Relations website at https://investor.qualcomm.com immediately prior to the commencement of the call. An audio replay will be available on our website and viatelephone following the live call for 30 days thereafter. To listen to the replay via telephone, U.S. callers may dial (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use reservation number 13761080. Our Investor Relations website at https://investor.qualcomm.com contains a significant amount of information about us, including financial andother information for investors, and it is possible that this information could be deemed to be material information. Accordingly, investors and others interested in Qualcomm should review the information posted on our website in addition to following our press releases, SEC filings andpublic conference calls and webcasts. About Qualcomm Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large ‑ scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high ‑ performance, low-power computing and industry ‑ leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated. Note Regarding Forward-Looking Statements In addition to the historical information contained herein, this news release contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth strategy; our Investor Day vision; our fiscal 2027 and fiscal 2029 targets and expectations for non-handset revenues and revenue growth; our acquisition of Modular Inc, including the expected benefits of such acquisition; the impact of industry-wide increases in input costs, including actions we are taking in response thereto, the expected impact on our gross margins and the timing thereof; and our estimates and guidance related to revenues and earnings per share (EPS). Forward-looking statements are generally identified by words such as “estimate,” “forecast,” “guidance,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek” and similar expressions. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset devices; our customers vertically integrating; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets; our strategic acquisitions, transactions and investments, and our ability to consummate strategic acquisitions; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; our ability to attract and retain qualified employees; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; our customers’ and licensees’ sales of products and services based on cellular and other communications technologies, including 5G, and our customers’ demand for our products based on these technologies; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control; our ability to comply with laws, regulations, policies and standards; our indebtedness; and potential tax liabilities. These and other risks are set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2026 filed with the SEC. Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 4 of 8 QUALCOMM Incorporated CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except par value amounts) (Unaudited) June 28,2026 September 28,2025 ASSETS Current assets: Cash and cash equivalents $ 4,533 $ 5,520 Restricted cash — 2,323 Marketable securities 3,771 4,635 Accounts receivable, net 4,668 4,315 Inventories 8,379 6,526 Other current assets 1,653 2,435 Total current assets 23,004 25,754 Deferred tax assets 5,679 743 Property, plant and equipment, net 5,217 4,690 Goodwill 14,274 11,358 Other intangible assets, net 1,510 1,148 Other assets 7,683 6,450 Total assets $ 57,367 $ 50,143 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Trade accounts payable $ 2,897 $ 2,791 Payroll and other benefits related liabilities 1,470 1,839 Unearned revenues 280 358 Short-term debt 2,489 — Other current liabilities 4,277 4,156 Total current liabilities 11,413 9,144 Unearned revenues 81 71 Long-term debt 12,781 14,811 Other liabilities 5,434 4,911 Total liabilities 29,709 28,937 Stockholders’ equity: Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding — — Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,057 and 1,074 shares issuedand outstanding, respectively — — Retained earnings 27,263 20,646 Accumulated other comprehensive income 395 560 Total stockholders’ equity 27,658 21,206 Total liabilities and stockholders’ equity $ 57,367 $ 50,143
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 5 of 8 QUALCOMM Incorporated CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited) Three Months Ended Nine Months Ended June 28,2026 June 29,2025 June 28,2026 June 29,2025 Revenues: Equipment and services $ 8,475 $ 8,893 $ 28,002 $ 28,193 Licensing 1,472 1,472 4,796 4,820 Total revenues 9,947 10,365 32,798 33,013 Costs and expenses: Cost of revenues 4,670 4,606 15,138 14,704 Research and development 2,607 2,226 7,523 6,672 Selling, general and administrative 976 771 2,738 2,200 Other 68 — 97 — Total costs and expenses 8,321 7,603 25,496 23,576 Operating income 1,626 2,762 7,302 9,437 Interest expense (178) (168) (519) (493) Investment and other income, net 1,014 358 1,458 748 Income before income taxes 2,462 2,952 8,241 9,692 Income tax (expense) benefit (460) (286) 4,136 (1,034) Net income $ 2,002 $ 2,666 $ 12,377 $ 8,658 Basic earnings per share $ 1.89 $ 2.44 $ 11.63 $ 7.85 Diluted earnings per share $ 1.87 $ 2.43 $ 11.53 $ 7.79 Shares used in per share calculations: Basic 1,057 1,092 1,064 1,102 Diluted 1,069 1,099 1,073 1,112
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 6 of 8 QUALCOMM Incorporated CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended June 28,2026 June 29,2025 Operating Activities: Net income $ 12,377 $ 8,658 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization expense 1,202 1,231 Income tax payments in excess of income tax provision (5,550) (1,535) Share-based compensation expense 2,579 2,120 Net gains on marketable securities and other investments (933) (297) Impairment losses on other investments 61 93 Equity in net earnings of investees (149) (13) Other items (52) (10) Changes in assets and liabilities: Accounts receivable, net (264) 535 Inventories (1,798) 33 Other assets 777 361 Trade accounts payable 149 (220) Payroll, benefits and other liabilities 231 (943) Unearned revenues (225) 3 Net cash provided by operating activities 8,405 10,016 Investing Activities: Capital expenditures (1,578) (785) Purchases of debt and equity marketable securities (2,449) (3,785) Proceeds from sales and maturities of debt and equity marketable securities 3,896 4,892 Acquisitions and other investments, net of cash acquired (1,573) (711) Proceeds from other investments 26 53 Other items 30 7 Net cash used by investing activities (1,648) (329) Financing Activities: Proceeds from short-term debt 3,238 998 Repayment of short-term debt (2,743) (998) Repayment of debt of acquired company (174) — Proceeds from long-term debt — 1,487 Repayment of long-term debt — (1,365) Proceeds from issuance of common stock 223 201 Repurchases and retirements of common stock (6,806) (6,347) Dividends paid (2,868) (2,848) Payments of tax withholdings related to vesting of share-based awards (888) (878) Other items (28) (10) Net cash used by financing activities (10,046) (9,760) Effect of exchange rate changes on cash, cash equivalents and restricted cash (21) (5) Net decrease in total cash, cash equivalents and restricted cash (3,310) (78) Total cash and cash equivalents at beginning of period (including $2,323 classified as restricted cash atSeptember 28, 2025) 7,843 7,849 Total cash and cash equivalents at end of period $ 4,533 $ 7,771
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 7 of 8 Note Regarding Use of Non-GAAP Financial Measures The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented herein. We use Non-GAAP financial information: (i) to evaluate, assess and benchmark our operating results on a consistent and comparable basis; (ii) to measure the performance and efficiency of our ongoing core operating businesses, including our QCT (Qualcomm CDMA Technologies) and QTL (Qualcomm Technology Licensing) segments; and (iii) to compare the performance and efficiency of these segments against competitors. Non-GAAP measurements used by us include revenues, cost of revenues, research and development (R&D) expenses, selling, general and administrative (SG&A) expenses, other income or expenses, operating income, interest expense, net investment and other income, income or earnings before income taxes, effective tax rate, net income and diluted earnings per share. We are able to assess what we believe is a meaningful and comparable set of financial performance measures by using Non-GAAP information. In addition, the HR and Compensation Committee of our Board of Directors uses certain Non-GAAP financial measures in establishing portions of the performance-based incentive compensation programs for our executive officers. We present Non-GAAP financial information to provide greater transparency to investors with respect to our use of such information in financial and operational decision-making. This Non-GAAP financial information is also used by institutional investors and analysts in evaluating our business and assessing trends and future expectations. Non-GAAP information presented herein excludes our QSI (Qualcomm Strategic Initiatives) segment and certain share-based compensation, acquisition-related items, tax items and other items. • QSI is excluded because we generally expect to exit our strategic investments in the foreseeable future, and the effects of fluctuations in the value of such investments and realized gains or losses are viewed as unrelated to our operational performance. • Share-based compensation expense primarily relates to restricted stock units. We believe that excluding share-based compensation from Non- GAAP financial information allows us and investors to make additional comparisons of the operating activities of our ongoing core businesses over time and with respect to other companies. • Certain other items are excluded because we view such items as unrelated to the operating activities of our ongoing core businesses, as follows: ◦ Acquisition-related items include amortization of acquisition-related intangible assets, substantially all of which relate to the amortization of technology-based intangible assets that is recorded in cost of revenues and will recur in future periods until the related intangible assets have been fully amortized. We view acquisition-related intangible assets as items arising from pre- acquisition activities determined at the time of an acquisition. Acquisition-related intangible assets contribute to revenue generation that has not been excluded from our Non-GAAP financial information. Acquisition-related items also include recognition of the step-up of inventories and property, plant and equipment to fair value and the related tax effects of acquisition-related items, as well as any effects from restructuring the ownership of such acquired assets. We also exclude the operating results of acquired and/or consolidated businesses that, as of close, are expected or required to be sold. Additionally, we exclude certain other acquisition- related charges such as third-party acquisition and integration services costs and costs related to temporary debt facilities and letters of credit executed prior to the close of an acquisition. ◦ We exclude certain other items that we view as unrelated to our ongoing businesses, such as major restructuring and restructuring- related costs, asset impairments and awards, settlements and/or damages arising from legal or regulatory matters. We exclude gains and losses driven by the revaluation of our deferred compensation plan liabilities recognized in operating expenses and the offsetting gains and losses on the related plan assets recognized in investment and other income (expense). ◦ Beginning in the first quarter of fiscal 2026, we are applying a fixed estimated Non-GAAP tax rate to determine our Non-GAAP provision for income taxes. Our Non-GAAP tax rate is determined annually based on our estimated annual GAAP income tax forecast (computed inclusive of both current and deferred income taxes), adjusted to account for items excluded from our Non- GAAP earnings before taxes as well as certain tax items that are unrelated to the fiscal year in which they are recorded. We will periodically re-evaluate the appropriateness of our Non-GAAP tax rate and may adjust for significant changes, including significant changes in our geographic earnings mix, our corporate structure or tax laws. Prior periods have not been updated for this change as the effect would not be material.
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Qualcomm Announces Third Quarter Fiscal 2026 Results Page 8 of 8 Reconciliations of GAAP Results to Non-GAAP Results GAAP to Non-GAAP Reconciliation (in millions, except per share data and percentages) GAAP Results Less QSI Less Share-BasedCompensation Less Other Items Non-GAAP Results Q3 Fiscal 2026 Revenues $9,947 $— $— $— $9,947 Operating income (loss) 1,626 (3) (827) (320) 2,776 EBT 2,462 768 (827) (172) 2,693 EBT as % of revenues 25% 27% Net income (loss) 2,002 607 (728) (233) 2,356 Diluted EPS $1.87 $0.57 ($0.68) ($0.22) $2.21 Diluted shares 1,069 1,069 1,069 1,069 1,069 Q3 Fiscal 2025 Revenues $10,365 $— $— $— $10,365 Operating income (loss) 2,762 (3) (659) (152) 3,576 EBT 2,952 149 (659) (82) 3,544 EBT as % of revenues 28% 34% Net income (loss) 2,666 118 (530) 38 3,040 Diluted EPS $2.43 $0.11 ($0.48) $0.03 $2.77 Diluted shares 1,099 1,099 1,099 1,099 1,099 (1) Further details of amounts included in the “Other Items” column for the current periods are included at the end of this news release in the table labeled “Supplemental Information and Reconciliations.” Details of amounts included in the “Other Items” column for the prior period are included in the news release for that period. Sums may not equal totals due to rounding. Q3 Fiscal 2026 Supplemental Information and Reconciliations (in millions) GAAP Results Less QSI Less Share-BasedCompensation Less Other Items Non-GAAPResults Cost of revenues $4,670 $— $26 $66 $4,578 Research and development expenses 2,607 — 616 96 1,895 Selling, general and administrative expenses 976 3 185 90 698 Other 68 — — 68 — Interest expense 178 — — 1 177 Investment and other income, net 1,014 771 — 149 94 Income tax (benefit) expense 460 161 (99) 61 337 (1) Other items excluded from Non-GAAP results included $101 million of acquisition-related charges, $70 million of restructuring and restructuring-related charges and $1 million of interest expense related to a fine imposed on us by the European Commission in 2019. Other items excluded from Non-GAAP results also included $149 million of losses driven by the revaluation of our deferred compensation plan liabilities, which increases operating expenses, offset by a corresponding $149 million of gains driven by the revaluation of the associated plan assets, which were included within investment and other income, net. (2)Tax expense in the “Other Items” column represents an adjustment to arrive at our fixed estimated Non-GAAP tax rate of 12.5% for the third quarter of fiscal 2026 and includes the impact of the amortization of previously capitalized domestic research and development expenditures for U.S. federal income tax purposes (for which the initial benefit was previously excluded from our Non-GAAP results). Sums may not equal totals due to rounding. 1 1,2