Qualcomm posts profit growth for fiscal 2026 driven by tax benefits
Qualcomm reported $13.63 billion in net income for fiscal 2026, despite a 3% decline in overall annual revenue.
Qualcomm recorded $43.1 billion in revenue for fiscal year 2026, representing a 3% year-over-year decline. Despite the revenue contraction, the company's net income rose 146% to $13.63 billion, largely attributed to $5.7 billion in tax benefits.
The firm continues to shift its focus beyond mobile handsets, with automotive revenue climbing 52% to $6.0 billion and IoT revenue growing 8% to $7.1 billion. These segments are becoming increasingly critical as the company seeks to offset slowing growth in its traditional smartphone chip business.
In tandem with the results, Qualcomm confirmed the renewal of long-term technology licensing agreements with major partners Apple and Huawei. Moving into 2027, the company has set a $5 billion revenue target for its data center operations.