QUALCOMM Incorporated stock research
FY2026 Q2
QUALCOMM (QCOM) Gross Margin — Quarter Ended Mar 29, 2026
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue also declined. Gross margin weakened slightly versus both comparison periods, reflecting a modestly higher cost structure relative to revenue.
Gross margin takeaway
Quarter ended Mar 29, 2026 · FY2026 Q2
Revenue and gross profit both decreased compared to the prior quarter and the same quarter last year, while cost of revenue also declined. Gross margin weakened slightly versus both comparison periods, reflecting a modestly higher cost structure relative to revenue.
- The decline in gross profit was proportionally larger than the decline in revenue, which compressed gross margin. Cost of revenue fell but not enough to offset the revenue drop, making the revenue-to-cost relationship the primary observable driver.
- Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened slightly. Versus the same quarter one year earlier, revenue and gross profit were also lower, with gross margin showing a similar modest weakening.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
53.8%
Gross profit
$5.7B
Revenue
$10.6B
Cost of revenue
$4.9B
Quarter-over-quarter change
-0.8 pts
Year-over-year change
-1.3 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 29, 2025 | $10.4B | $5.8B | $4.6B | 55.6% |
| Sep 28, 2025 | $11.3B | $6.2B | $5.0B | 55.3% |
| Dec 28, 2025 | $12.3B | $6.7B | $5.6B | 54.6% |
| Mar 29, 2026 | $10.6B | $5.7B | $4.9B | 53.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 28, 2025
-0.8 pts
Year-over-year change
Mar 30, 2025
-1.3 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The decline in gross profit was proportionally larger than the decline in revenue, which compressed gross margin. Cost of revenue fell but not enough to offset the revenue drop, making the revenue-to-cost relationship the primary observable driver.
Compared to the immediately preceding quarter, revenue and gross profit were lower, and gross margin weakened slightly. Versus the same quarter one year earlier, revenue and gross profit were also lower, with gross margin showing a similar modest weakening.
Monitor the trajectory of revenue relative to cost of revenue in upcoming quarters to assess whether gross margin stabilizes or continues to weaken.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| QUALCOMM Incorporated (QCOM) | 53.8% |