– Establishes Strong Foundation for Long-Term Growth in the Agentic Era –

– Expands Beyond Silicon to Deliver a Range of Full-Stack AI Platforms, from Edge to Cloud –

Qualcomm Incorporated (NASDAQ:QCOM):

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Highlights:

Raises its fiscal 2029 non-handset revenue target to $40 billion, approximately 2x the prior fiscal 2029 target.
Unveils comprehensive data center AI infrastructure strategy with a revenue target of more than $15 billion by fiscal 2029.
Expands automotive design-win pipeline to $65 billion and increases its growth target to $10 billion in revenues by fiscal 2029.
Expands into robotics and industrial AI platforms as part of the next wave of Physical AI.
Anticipates an agent-driven upgrade cycle across the edge in future years.
Targets more than $18 non-GAAP EPS in fiscal 2029.

Qualcomm Incorporated (NASDAQ:QCOM), a connected computing leader at the center of the AI era, today outlined the acceleration of its diversification strategy and unveiled its comprehensive strategy for the data center, marking its next phase of growth across every tier of the compute continuum, at its 2026 Investor Day.

"We are defining Qualcomm’s next chapter as we accelerate our edge diversification strategy, introduce a comprehensive roadmap for next-generation AI data centers, and evolve into a platform company," said Cristiano Amon, President and CEO, Qualcomm Incorporated. "Our presence across the entire compute continuum and unparalleled technology capabilities, in low-power computing, AI and connectivity put us in a strong position to capture these opportunities."

Updated fiscal 2029 targets for the QCT business include:

Non-handset revenues: $40 billion by fiscal 2029
- Automotive revenues: $10 billion by fiscal 2029
- IoT revenues: More than $14 billion by fiscal 2029
  - Industrial, networking and robotics: $8 billion
  - Personal AI and Compute: $6 billion
- Data Center revenues: More than $15 billion by fiscal 2029
Handsets: To represent approximately one-third of QCT revenues by fiscal 2029

Multiple large markets are reaching inflection points, as AI compute becomes increasingly distributed across devices, edge and cloud over the next 3-5 years, including agent-ready edge devices, data center infrastructure, automotive, industrial systems, networking and robotics. Together, these represent a combined total addressable market of approximately $1.7 trillion by 2030.

Looking beyond fiscal 2029, Qualcomm sees continued secular growth across data center, robotics, ADAS and autonomous driving, industrial AI, personal AI and 6G, with agentic AI expected to drive a new upgrade cycle across intelligent connected devices. This next phase builds on accelerated diversification and proven operating leverage while funding new growth opportunities.

Qualcomm’s strategy was presented by Cristiano Amon along with Akash Palkhiwala, CFO and COO, Qualcomm Incorporated; Tony Pialis, EVP and GM, Data Center, Qualcomm Technologies, Inc.; and Nakul Duggal, EVP and Group GM, Automotive, Industrial and Embedded IoT, and Robotics, Qualcomm Technologies, Inc. Their full presentations and a replay of the event are available here.

About Qualcomm

Qualcomm is a global computing leader at the center of the AI era, enabling intelligence to scale from the most personal devices to large‑scale infrastructure. Building on more than four decades of innovation, we develop platforms and solutions that bring together advanced AI, high‑performance, low power computing and industry‑leading connectivity—powering products and services used around the world. At Qualcomm, we are engineering human progress.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering and research and development functions and substantially all of our products and services businesses, including our QCT semiconductor business. Snapdragon and Qualcomm branded products are products of Qualcomm Technologies, Inc. and/or its subsidiaries. Qualcomm patents are licensed by Qualcomm Incorporated. Qualcomm, Snapdragon, Qualcomm Dragonwing and Qualcomm Dragonfly are trademarks or registered trademarks of Qualcomm Incorporated.

Note Regarding Forward-Looking Statements

This press release includes forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth and diversification initiatives and opportunities, including in automotive, the internet of things (IoT) and data center; technology trends, including the continued evolution and adoption of AI technologies, the opportunities this creates for our business and the potential benefits to our business thereof; our technologies, technology leadership, technology differentiation and technology roadmap; our business and share trends, as well as market and industry trends, and their potential impact on our business and our positioning to take advantage thereof; anticipated product renewal and device upgrade cycles; market inflection points; our design wins and design-win pipeline; our total addressable market expansion; our business outlook; and our estimates, guidance, targets and planning assumptions related to financial performance, including our various targets for revenues, revenue composition and earnings per share (EPS). Words such as "estimate," "guidance," "forecast," "target," "expect," "anticipate," "intend," "plan," "believe," "seek," "may," "will," "would" and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this release. Actual results may differ materially from those referred to in the forward-looking statements due to a number of important factors, including but not limited to: our dependence on a small number of customers and licensees, and particularly from their sale of premium-tier handset devices; our customers vertically integrating; a significant portion of our business being concentrated in China, which is exacerbated by U.S./China trade and national security tensions; our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets; our strategic acquisitions, transactions and investments, and our ability to consummate strategic acquisitions; our dependence on a limited number of third-party suppliers; risks associated with the operation and control of our manufacturing facilities; security breaches of our information technology systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information; our ability to attract and retain qualified employees; the continued and future success of our licensing programs, which requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring; efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property, and other attacks on our licensing business model; potential changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise; adverse rulings in governmental investigations or proceedings or other legal proceedings; our customers’ and licensees’ sales of products and services based on cellular and other communications technologies, including 5G, and our customers’ demand for our products based on these technologies; competition in an environment of rapid technological change, and our ability to adapt to such change and compete effectively; failures in our products or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors; difficulties in enforcing and protecting our intellectual property rights; claims by third parties that we infringe their intellectual property; our use of open source software; the cyclical nature of the semiconductor industry, declines in global, regional or local economic conditions, or our stock price and earnings volatility; geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control; our ability to comply with laws, regulations, policies and standards; our indebtedness; and potential tax liabilities. These and other risks are set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2026 filed with the Securities and Exchange Commission (SEC). Our reports filed with the SEC are available on our website at www.qualcomm.com. We undertake no obligation to update, or continue to provide information with respect to, any forward-looking statement or risk factor, whether as a result of new information, future events or otherwise.

Note Regarding Use of Non-GAAP Financial Measures

The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, "Non-GAAP" is not a term defined by GAAP, and as a result, our Non-GAAP financial measures might be different than similarly titled measures used by other companies. Reconciliations between GAAP and Non-GAAP financial measures are presented below.

	FY29 Earnings Per Share (EPS) Target¹
GAAP diluted EPS	>$14.50
Less QSI	N/P
Less share-based compensation	N/P
Less other items	N/P
Non-GAAP diluted EPS	>$18.00

1. Guidance as of June 24, 2026. Substantially all of the amounts excluded from our FY29 Non-GAAP EPS target relate to share-based compensation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260624286521/en/

Qualcomm Contacts:

Clare Conley, Communications

Phone: 1-858-845-5959

Email: corpcomm@qualcomm.com

Brett Simpson, Investor Relations

Phone: 1-858-658-4813

Email: ir@qualcomm.com

Qualcomm Accelerates Diversification with Comprehensive Strategy for Data Center and Sees Multiple Inflection Points Over the Next 3 to 5 Years