Management remarks
Call period: 2026 Q3 · 2026-07-29
Guidance: Akash Palkhiwala: This forecast includes data center revenue growth to $5 billion in fiscal '27 and $15 billion in fiscal '29.Demand and orders: Akash Palkhiwala: In QCT Automotive, we delivered another record quarter with revenues of $1.6 billion, with 61% year-over-year growth driven by accelerating demand and increasing compute content per vehicle. Total non-handset revenues in QCT, including automotive and IoT, grew 28% year-over-year, underscoring the continued execution of our diversification strategy.Margins: Akash Palkhiwala: QCT revenues of $8.5 billion were at the high end of our guidance, and EBT margin of 26% was in line with guidance.Analyst Q&A
Analyst Stacy Rasgon asked: Got it. And for my follow-up, I know the gross margins, hopefully, get better over the next several quarters, but you also have data center ramping as well. And you sort of talked to it at the Analyst Day that data center stuff should be dilutive to gross margin. So I mean does it offset some of that gross margin recovery? Management Akash Palkhiwala answered: I think great question, Stacy. So you should think of it as our baseline business has a certain gross margin range, which has been in the 48% to 50% range. And so with the price increases coming online over time, we expect to be at that range. And really, the data center revenue coming in since the first revenue is mostly from custom chip engagements. We do expect that to be significantly lower than our ongoing, kind of, baseline gross margin percentage. And so that will be a drag of 1.5% to 2% on the weighted average gross margin for QCT.管理层陈述
电话会期间：2026 Q3 · 2026-07-29
指引：阿卡斯·帕尔基瓦拉：本次预测包含数据中心营收目标，2027财年达50亿美元，2029财年达150亿美元。需求与订单：阿卡斯·帕尔基瓦拉：在QCT汽车业务板块，我们实现了又一个创纪录季度，营收16亿美元，同比增长61%，得益于需求加速以及每辆车计算内容的增加。QCT非手持设备营收（含汽车和物联网业务）同比增长28%，突显了我们多元化战略的持续落地。利润率：阿卡斯·帕尔基瓦拉：QCT营收85亿美元，处于我们此前指引的上限，且税前利润率达26%，符合指引预期。分析师问答
分析师斯泰西·拉斯贡问道：我知道未来几个季度毛利率有望改善，但你们同时在推进数据中心业务，你们在分析师日上提到数据中心业务会稀释毛利率，这是否会抵消部分毛利率复苏的幅度？管理层阿卡斯·帕尔基瓦拉回应：这个问题很好，斯泰西。我们的基础业务毛利率区间为48%至50%，随着未来价格上调逐步落地，我们预计将回到该区间。而首批数据中心收入主要来自定制芯片项目，我们预计其毛利率将显著低于当前基础毛利率水平，这将给QCT的加权平均毛利率带来1.5%至2%的拖累。This earnings research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
