Qualcomm's second quarter 2026 EPS of $2.65 beats estimates driven by record Automotive revenue.

Qualcomm reported second quarter non-GAAP revenues of $10.6 billion, a 2% decline year-over-year, and non-GAAP EPS of $2.65, beating analyst estimates of $2.57. Results were driven by strong growth in the company's diversification segments, which helped to offset a decline in the core Handsets business.

Key Highlights

• Automotive revenue reached a record $1.33 billion, growing 38% year-over-year, significantly exceeding investor expectations and highlighting progress in diversification.
• Combined Automotive and Internet of Things (IoT) revenues grew 20% year-over-year, reinforcing the company's strategy to expand beyond the mobile handset market.
• Handset revenues, the company's largest segment, declined 13% year-over-year to $6.02 billion, reflecting continued market headwinds.