Pre-earnings brief
Reports
Wed, Nov 4, 2026
Est. EPS
—
Est. revenue
—
Implied move
±12.2%
EPS beat rate
100%
QUALCOMM Incorporated (QCOM) is a leading technology company in the semiconductor industry, primarily known for its innovations in mobile communications and chipsets. As 5G technology continues to expand, QCOM plays a crucial role in powering smartphones and other connected devices, making it a key player in the Information Technology sector.
Last quarter
In Q3 2026, QUALCOMM reported an EPS of $2.21, significantly beating estimates by 43.51%. Despite the positive surprise, the stock fell 4.42% the following day, indicating mixed market sentiment.
Management promises and guidance
EPS beat streak
8Q
EPS beat rate
100%
Avg EPS surprise
+33.16%
Avg 1-day reaction
+1.23%
Overall, investors are cautiously optimistic about QCOM's upcoming earnings, given its strong history of beating EPS estimates. However, concerns about revenue growth and market competition remain prevalent.
Bull case
If QCOM continues its trend of exceeding EPS expectations, it could signal strong operational efficiency and robust demand for its products, particularly in the 5G sector.
Bear case
Conversely, any signs of slowing revenue growth or increased competition could lead to a negative market reaction, especially if the company fails to meet investor expectations.
The print will turn on these.
Q1
What will be the reported growth in 5G chip sales this quarter?
Investors will closely monitor this metric as it directly impacts QCOM's revenue potential and market position in the 5G landscape.
Q2
How does management plan to address supply chain challenges?
Given the ongoing global supply chain issues, any insights into QCOM's strategies will be critical for assessing future performance and stability.
—
Est. EPS
$-0.50
Est. Rev
$257M
Impl. Move
±7.5%
Why consensus could be wrong
The Street may be underestimating the impact of QCOM's recent technological advancements in 5G, which could drive higher sales than anticipated.
Supporting evidence
QCOM's consistent history of beating EPS estimates suggests operational strength that may not be fully reflected in current market expectations.
The options market is pricing a larger move than historical averages, indicating that traders anticipate significant news that could surprise the market.
Key risk
If 5G chip sales come in below expectations, it could undermine the bullish narrative surrounding QCOM's growth potential.
Pre-commit to what would confirm each case.
The core debate this quarter revolves around QCOM's ability to maintain its growth trajectory in the competitive semiconductor market, particularly in the 5G segment.
Bull confirmed if
A reported growth in 5G chip sales of over 20% year-over-year would confirm the bullish case.
Bear confirmed if
If 5G chip sales decline or show minimal growth, it would support the bearish outlook.
What the market is pricing for the move.
Implied Move
±12.18%
Historical Avg
±2.8%
The options market is pricing in a significant move of over 12%, indicating heightened volatility expectations around the earnings announcement.
Options are pricing ±12.2% while QCOM has averaged ±2.8% over the last 8 prints — setup is pricing rich.
ATM IV
0.5%
30d HV
49.0%
Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.
Bought
$0.00
0 sh
0 insiders
Sold
$2.0M
10,098 sh
2 insiders
Net
$2.0M
Net selling
Most Active Insiders· 2 open-market trades
$2.0M
Net selling
Smart-money positioning from the most recent 13F filings.
Institutional
83.13%
of float
Insider
0.12%
of float
Holders
3,898
institutions
Top Holders· as of Jun 2026
Blackrock Inc.
95,151,875 sh · $16.9B
8.91%
-10.3%
Likely market behavior by outcome. Not investment advice.
Beat & raise
If QCOM beats expectations and raises guidance, history suggests the stock could see an average one-day move of +1.23%, confirming strong operational performance.
In line / cautious
If results are in line with expectations but management provides cautious commentary, the stock may experience muted movement as investors reassess future growth.
Miss
A miss on earnings could lead to a significant downturn, with history suggesting an average one-day move of -2.39% following negative surprises.
House and Senate STOCK Act disclosures over the trailing 6 months.
Trades
6
2 buys·4 sells
Members
2
House only
Est. Notional
$1.0M–$2.1M
disclosed dollar ranges
Most Active Members
4 trades
The lines on the call that would change the story.
$18,281.90
Net selling
Recent Transactions
Sep 25, 2026 · @ $200.00
10,000 sh
$2.0M
Oct 2, 2026 · @ $186.55
98 sh
$18,281.90
Open-market trades only (Form 4 codes P/S). Awards, exercises, and tax-withholding excluded as routine compensation noise.
Vanguard Capital Management LLC
68,837,417 sh · $12.2B
6.45%
-0.7%
State Street Corporation
52,763,263 sh · $9.3B
4.94%
1.3%
Invesco Ltd.
36,101,702 sh · $6.4B
3.38%
2.4%
Vanguard Portfolio Management LLC
33,847,770 sh · $6.0B
3.17%
-1.0%
13F filings updated quarterly. Position deltas show change in shares vs. the prior quarter.
Mixed
2 trades
Net selling
Recent Transactions
Traded Aug 19, 2026 · disclosed Sep 9, 2026
$1,001.00–$15,000.00
Traded Aug 12, 2026 · disclosed Sep 9, 2026
$1,001.00–$15,000.00
Traded May 13, 2026 · disclosed Jun 8, 2026
$15,001.00–$50,000.00
Traded May 13, 2026 · disclosed Jun 8, 2026
$1,001.00–$15,000.00
Traded May 7, 2026 · disclosed May 20, 2026
$500,001.00–$1.0M
Filed 30–45+ days after the trade. Treat as positional context, not a leading indicator. Amounts are SEC-mandated dollar ranges, not exact values.