S&P 500 Technology Sector SEC Filings — July 29, 2026

Revenue surged 24.2% YoY to $1,584M, net income exploded 129.3% YoY, and diluted EPS doubled to $1.33 from $0.59. The company resolved a $128.5M contingent liability from the prior year, removing a major overhang. This is a best-in-class growth story in EDA software

Product revenue surged 52% YoY to $773M, billings grew 33% YoY to $2.37B, and GAAP operating margin improved 590 bps to 34%. Full-year revenue guidance was raised to 19% YoY growth, and Moody's upgraded credit rating to A3 (highest among public cybersecurity companies). This signals accelerating demand and operational leverage

Record quarterly revenue of $6.72B, up 15.1% QoQ, driven by AI demand. September quarter guidance implies another 20.5% sequential growth at midpoint ($8.10B), with non-GAAP EPS guided to $2.15 (+18% QoQ). The AI capex cycle is directly benefiting semiconductor equipment makers

Commercial remaining performance obligation grew 84% YoY to $678B, indicating massive future revenue visibility. Azure revenue surpassed $100B for the fiscal year, and Intelligent Cloud revenue grew 30% YoY to $137.8B. The cloud business has a multi-year growth runway

QCT Automotive revenues surged 61% YoY to $1.6B, achieving 23 consecutive quarters of double-digit growth. The company is successfully diversifying beyond handsets into the high-growth automotive semiconductor market

More Personal Computing segment revenue declined 1% YoY to $54.1B, with Windows OEM down 7% and Xbox content down 10%. This segment is a drag on overall growth and indicates consumer PC weakness persists

Q3 FY2026 revenues declined 4% YoY to $9.9B, GAAP EPS fell 23% YoY to $1.87, and handset revenues dropped 20% YoY to $5.1B. The core handset business is contracting as the smartphone replacement cycle slows

Cash and cash equivalents plunged 52% to $1.44B from $3.0B at year-end 2025, driven by $2.1B in cash paid for acquisitions. Goodwill ballooned 79% to $4.9B, raising integration risk and potential impairment concerns

Operating cash flow fell 42.9% YoY to $1.46B despite record revenue, and cash balance declined 12.6% YoY to $5.58B. Heavy capital return activities are consuming cash faster than operations can generate it

QCT EBT margin declined to 26% from 30% YoY, and QTL EBT margin declined to 69% from 71% YoY. Margin compression across both segments suggests pricing pressure and rising costs

Intelligent Cloud cost of revenue grew 44% YoY, outpacing 30% revenue growth, indicating margin compression in the highest-growth segment. AI infrastructure buildout is expensive and will pressure near-term profitability

R&D expenses increased 17.1% YoY and SG&A rose 26.6% YoY in Q3, outpacing revenue growth and contributing to the 24.9% net income decline. Cost discipline is lacking

Unauthorized access detected June 23, 2026, with file exfiltration. A second unrelated cybersecurity matter was reported July 26, 2026. While the company claims no material impact, two incidents in one month raise governance and operational risk concerns

Handset revenues dropped 20% YoY to $5.1B, the core business is contracting. With Q4 guidance of $9.7-10.5B (midpoint flat YoY), there is no near-term catalyst for recovery in the handset segment

Goodwill increased 79% to $4.9B and acquired intangibles surged 161% to $1.87B from a major acquisition. Integration risk is elevated, and any underperformance could trigger impairment charges

Segment revenue declined 1% YoY, with Windows OEM (-7%), Devices (likely negative), and Xbox content (-10%) all declining. This represents ~16% of total revenue and is a structural headwind

Operating cash flow fell 42.9% YoY to $1.46B despite record revenue, while cash balance declined 12.6% YoY. If the AI capex cycle slows, the company may face liquidity pressure given its heavy capital return program

Inventories rose 28.4% to $8.38B, while revenues declined 4% YoY. This inventory build relative to declining sales suggests potential overproduction or slowing demand, which could lead to write-downs

Cost of revenue for Intelligent Cloud grew 44% YoY vs 30% revenue growth, indicating significant margin pressure from AI infrastructure spending. This could weigh on overall profitability as the segment scales

R&D (+17.1% YoY) and SG&A (+26.6% YoY) are growing far faster than revenue (-4% YoY), creating operating deleverage. If revenue doesn't recover, margins will continue to compress

Cash declined 52% from year-end 2025 levels due to $2.1B in acquisition spending. While the company remains profitable, the pace of cash consumption is unsustainable without improved working capital management

Taiwan (27%) and China (26%) together represent 53% of revenue. Any escalation in US-China trade tensions or semiconductor export controls could materially impact revenue

Product revenue surged 52% YoY, billings grew 33% YoY, and full-year guidance was raised. With the highest credit rating among public cybersecurity companies (A3), Fortinet is well-positioned to capture share in the growing cybersecurity market. The stock is a pure-play beneficiary of rising cyber threats

Record revenue of $6.72B (+15.1% QoQ) and September quarter guidance of $8.10B (+20.5% QoQ) indicate the AI-driven semiconductor equipment cycle is accelerating. With non-GAAP EPS guided to $2.15 (+18% QoQ), the company offers direct exposure to the AI infrastructure buildout

Commercial remaining performance obligation grew 84% YoY to $678B, providing exceptional forward revenue visibility. Azure revenue surpassed $100B for the fiscal year, and Intelligent Cloud grew 30% YoY. The massive backlog supports a multi-year growth thesis

Automotive revenues surged 61% YoY to $1.6B, with 23 consecutive quarters of double-digit growth. As the automotive industry shifts to software-defined vehicles, Qualcomm's Snapdragon Digital Chassis is becoming a key platform. This segment could become a $10B+ business within 3-5 years

Revenue grew 24.2% YoY and net income surged 129.3% YoY, driven by robust product and maintenance revenue. The resolution of a $128.5M contingent liability removes a significant overhang. As chip designs become more complex, demand for EDA tools is structurally growing

Despite heavy capex, diluted EPS grew 32% YoY to $17.95, and the company generated strong free cash flow. With a $678B commercial backlog, Microsoft has the financial firepower to continue returning capital to shareholders through buybacks and dividends

BlackRock disclosed a 9.0% passive stake (79.1M shares) in Marvell Technology, with sole voting power over 73.3M shares. This large institutional position signals confidence in Marvell's data infrastructure and custom silicon strategy, especially in AI networking

The acquisition of Modular Inc to create an open software foundation for generative and agentic AI positions Qualcomm for the next wave of AI at the edge. While near-term handset weakness persists, this strategic move could unlock new revenue streams in AI software and services

GAAP operating margin improved 590 bps to 34% YoY, and non-GAAP margin reached 38%. The company is demonstrating operating leverage as revenue scales, which could drive earnings growth ahead of revenue growth

Revenue guidance of $8.10B (+20.5% QoQ) and non-GAAP EPS of $2.15 (+18% QoQ) suggest the AI-driven demand cycle is accelerating. The stock may re-rate higher as guidance momentum builds

Companies exposed to AI infrastructure (Lam Research, Microsoft Azure, Cadence) are seeing 15-30% revenue growth, while consumer-facing segments (Qualcomm handsets, Microsoft Windows/Xbox) are declining. This bifurcation suggests investors should favor AI-enablers over consumer tech in the near term.

Cadence spent $2.1B on acquisitions (cash down 52%), and Qualcomm's goodwill increased to $14.3B from $11.4B (likely from Modular acquisition). Across the sector, companies are aggressively using balance sheets for M&A, which introduces integration risk and reduces financial flexibility.

Microsoft's Intelligent Cloud cost of revenue grew 44% (vs 30% revenue growth) and Qualcomm's EBT margins declined 400 bps in QCT and 200 bps in QTL. The cost of AI infrastructure buildout is pressuring margins across the sector, even as top-line growth remains strong.

Fortinet's 52% product revenue growth and 33% billings growth, combined with Analog Devices' cybersecurity incident, highlight the accelerating demand for cybersecurity solutions. As threats increase, companies are prioritizing security spending, benefiting vendors like Fortinet.

Lam Research's record revenue (+15.1% QoQ) and strong guidance (+20.5% QoQ) confirm the AI-driven semiconductor equipment upcycle. With Taiwan (27%) and China (26%) as top markets, the cycle is geographically diversified but exposed to geopolitical risks.

Qualcomm's Automotive revenue surged 61% YoY with 23 consecutive quarters of double-digit growth. As the automotive industry undergoes electrification and software-definition, semiconductor content per vehicle is rising, creating a new growth engine for chip companies.

Two cybersecurity incidents in one month (June 23 and July 26, 2026) require monitoring. Any escalation or material impact disclosure could trigger a sell-off. Watch for 8-K filings or earnings call disclosures in August 2026.

Guided revenue of $9.7-10.5B (midpoint flat YoY) and Non-GAAP EPS of $2.05-2.25. Watch for handset recovery signals, Automotive growth trajectory, and margin commentary. Earnings expected late August 2026.

Revenue guidance of $8.10B (+20.5% QoQ) and non-GAAP EPS of $2.15. Watch for any signs of AI capex slowdown or export control changes. Results expected late October 2026.

With FY2026 results showing strong cloud growth but margin pressure, watch for FY2027 guidance on Azure growth, AI monetization, and capex plans. Analyst day or early guidance expected in September 2026.

With $2.1B in acquisition spending and goodwill up 79%, watch for integration updates on the next earnings call. Any impairment or restructuring announcement would be a negative signal.

Raised guidance to 19% YoY revenue growth. Watch for Q3 and Q4 results to confirm the acceleration trend, and monitor billings growth as a leading indicator. Q3 results expected late October 2026.

BlackRock's 9.0% stake is passive, but any increase or change in filing status (13D) would signal a shift. Watch for insider trading activity and earnings results in August 2026.

The acquisition closed in Q3 FY2026. Watch for revenue contribution and strategic updates on the open software foundation for generative AI. Early adoption metrics will be key.