Qualcomm targets $40B in non-handset revenue by fiscal 2029

Qualcomm Incorporated (NASDAQ: QCOM) presented updated financial targets at its 2026 Investor Day, raising its fiscal 2029 non-handset revenue target to $40 billion, approximately double its prior target for that year.

The company set a data center revenue target of more than $15 billion by fiscal 2029, as part of what it described as a comprehensive data center AI infrastructure strategy. Automotive revenue targets were raised to $10 billion by fiscal 2029, with the automotive design-win pipeline expanding to $65 billion.

Additional fiscal 2029 revenue targets for Qualcomm's QCT semiconductor business include more than $14 billion in IoT revenues, broken down as $8 billion from industrial, networking and robotics, and $6 billion from personal AI and compute. The company said handsets are expected to represent approximately one-third of QCT revenues by fiscal 2029.

Qualcomm also set a non-GAAP diluted earnings per share target of more than $18.00 for fiscal 2029, compared with a GAAP diluted EPS target of more than $14.50.

"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 of Qualcomm.

The company said multiple markets, including data center infrastructure, automotive, industrial systems, networking and robotics, represent a combined total addressable market of approximately $1.7 trillion by 2030. The figures were presented by Amon alongside CFO and COO Akash Palkhiwala and other senior executives, according to the press release.

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