Qualcomm (QCOM), a semiconductor company, is set to report its fiscal Q4 2026 results on today, November 4. Traders are watching QCOM stock closely because the options market is pricing in a huge reaction after the release. According to TipRanks’ Options Tool, options traders are pricing in an 8.88% move in QCOM stock in either direction after earnings. The options-implied move measures the expected size of the price change, not whether the stock will rise or fall.
Meanwhile, Qualcomm’s last four post-earnings moves averaged 7.46% in absolute terms. QCOM stock fell 2.62%, rose 15.12%, fell 8.46%, and dropped 3.63% the day after its last four earnings reports. These moves show how QCOM stock has reacted to recent earnings.
QCOM Stock Price Performance
QCOM stock trended higher by over 2% in Wednesday’s pre-market trading as the company announced a multi-year deal with SpaceX (SPCX) to power Starlink Mobile’s U.S. terrestrial 5G network. The agreement marks Qualcomm’s largest 5G deal to date.
However, QCOM stock is down 4.9% so far in 2026, as smartphone demand remains weak. Rising memory prices have added pressure, while Apple’s (AAPL) shift to its own modems raises concerns about Qualcomm’s future revenue.
Analysts’ Views on QCOM
Wall Street expects Qualcomm to report Q4 FY26 EPS (earnings per share) of $2.16, reflecting a 28% year-over-year decline. Revenue is projected to fall about 10% to $10.12 billion.
Ahead of Q4 FY26 earnings, Bernstein analyst Stacy Rasgon reiterated a Hold rating on the stock and lowered his price target to $155 from $165. The 5-star analyst expects revenue of $10.1 billion and EPS of $2.15, nearly in line with estimates and company guidance. Rasgon lowered his forecasts due to weak smartphone demand.
He now expects FY27 revenue of $42.9 billion and EPS of $8.77. While Qualcomm is expanding into automotive, IoT, and data centers, smartphones still drive most chipset sales. He warned that memory shortages could further weaken handset demand and questioned Qualcomm’s forecast for flat Android revenue in FY27.
Meanwhile, another 5-star analyst Christopher Rolland of Susquehanna reiterated a Hold rating on QCOM stock but raised his price target to $185 from $160. He expects stronger demand and higher pricing to support Q4 FY26, though supply constraints remain a concern. Rolland also sees pressure from high memory costs, while Apple’s modem shift could weigh on Qualcomm’s sales.
Is QCOM Stock a Buy, Sell, or Hold?
Heading into Q4 FY26 earnings, Wall Street has a Hold consensus rating on Qualcomm stock based on five Holds, three Buys, and two Sells. The average QCOM stock price target of $195.00 indicates 18.59% upside potential.
