QCOM · Earnings call · 2026Q3T · Full report

Segment Profitability

QUALCOMM INC/DE · 2026-11-04 · Importance 44 · Surprise 24

QTL reported fiscal Q4 revenue of $1.3 billion and an EBITDA margin of 70%, both in line with expectations. QCT revenue was $9.0 billion and its EBT margin was 24%, also in line with expectations. For fiscal Q1 2027, Qualcomm forecast QCT EBT margins of 20%–22%; management said inclusion of data center in QCT reduces the reported segment margin by 3 percentage points and reflects investment ahead of revenue. The long-term QCT EBT margin target remains 30%, with management expecting to reach it as revenue scales over the next two to three years.

Key facts

• QUALCOMM INC/DE's QCT operating margin target remains 30%, with management confident of achieving it as revenue scales over the next two to three years.
• QUALCOMM INC/DE's fiscal Q1 2027 QCT EBT margin guidance includes a 3-percentage-point impact from adding data center to the QCT segment.
• QUALCOMM INC/DE QTL revenue was $1.3 billion and its EBITDA margin was 70% in fiscal Q4 2026, both in line with expectations.
• QUALCOMM INC/DE said the QCT segmentation change does not affect its long-term QCT EBT margin target of 30%.
• QUALCOMM INC/DE QCT EBT margin was 24% in fiscal Q4 2026, in line with expectations.