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Company file · QCOM

Qualcomm

Qualcomm's revenue grew in fiscal 2025 on chip sales, but net income fell after a large tax charge

Revenue rose 13.7% to $44.3B, led by its QCT chip segment. Net income fell 45.4% to $5.5B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 5, 2025) · Latest quarter: 10-Q for the quarter ended Jun 28, 2026 (filed Jul 29, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Sep 28, 2025, Qualcomm (Nasdaq: QCOM) took in $44.3B of revenues (up 13.7% on fiscal 2024); net income was $5.5B (down 45.4%). The most recent quarter, ended Jun 28, 2026, brought revenue of $9.9B, down 4.0% year over year, with net income of $2.0B. QCT (chips) was the biggest single line by segment: 87% of fiscal 2025 revenues. Sources: 10-K for fiscal 2025 (filed Nov 5, 2025) and 10-Q for the quarter ended Jun 28, 2026 (filed Jul 29, 2026).

Revenue$44.3BFY2025 · +13.7% vs FY2024
Net income$5.5BFY2025 · −45.4% vs FY2024
Operating cash flow$14.0BFY2025 · +14.8% vs FY2024
Cash & equivalents$4.5Bat Jun 28, 2026 · −17.9% vs FY2025 end
Total debt$15.3Bat Jun 28, 2026 · +3.1% vs FY2025 end
Diluted shares1.10BFY2025 avg · −2.2% vs FY2024
Revenues and net income, three fiscal yearsBy fiscal year, $bn
RevenuesNet income
Revenues and net income by fiscal yearRevenues FY2023: $35.8B35.8Net income FY2023: $7.2B7.2FY2023Revenues FY2024: $39.0B39.0Net income FY2024: $10.1B10.1FY2024Revenues FY2025: $44.3B44.3Net income FY2025: $5.5B5.5FY2025

Source: 10-K FY2025, filed Nov 5, 2025

Quarterly revenues: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenues, fiscal 2026 vs 2025FY2025 Q1: $11.7B11.7FY2026 Q1: $12.3B12.3Q1FY2025 Q2: $11.0B11.0FY2026 Q2: $10.6B10.6Q2FY2025 Q3: $10.4B10.4FY2026 Q3: $9.9B9.9Q3

Source: 10-Q filed Feb 4, 2026 · 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026

How it makes money

FY2025 total by categoryQCT (chips): $38.4B (87%)QTL (licensing): $5.6B (13%)$43.9BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • QCT (chips)$38.4B87%+15.6%
  • QTL (licensing)$5.6B13%+0.2%

Source: 10-K FY2025, XBRL breakdown

QCT chips were 87% of 2025 segment revenue and QTL licensing 13%. Within QCT, handsets brought in $27.8B, IoT $6.6B and automotive $4.0B.

By segment: three-year mixShare of the total each fiscal year
QCT (chips)QTL (licensing)

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Apr to Jun 2026) compared with Q3 FY2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue
$9.9B Q3 FY2026
$10.4B Q3 FY2025
4.0% decrease
Net income
$2.0B Q3 FY2026
$2.7B Q3 FY2025
24.9% decrease

Source: Qualcomm 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026

By segment

QCT (chips)
$8.5B Q3 FY2026
$9.0B Q3 FY2025
5.4% decrease
QTL (licensing)
$1.3B Q3 FY2026
$1.3B Q3 FY2025
3.0% decrease

Source: Qualcomm 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026

  • Cash & equivalents $4.5B at Jun 28, 2026, vs $5.5B at FY2025 end.
  • Total debt $15.3B at Jun 28, 2026, vs $14.8B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $8.4B vs $10.0B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 13.7% in 2025 to $44.3B, and QCT chip revenue grew 15.6%. 10-K, FY2025
  • Automotive chip revenue grew 36.0% in 2025 to $4.0B. 10-K, FY2025
  • Operating cash flow rose 14.8% in 2025 to $14.0B. 10-K, FY2025

The bear case

  • Net income fell 45.4% in 2025 to $5.5B, mostly because of a large tax charge described in the 10-K. 10-K, FY2025
  • Revenue in the quarter ended Jun 28, 2026 was $9.9B, down 4.0% on a year earlier, and net income fell 24.9% to $2.0B. 10-Q, quarter ended Jun 28, 2026
  • Handsets were 63% of QCT revenue in 2025, so results depend heavily on smartphone demand. 10-K, FY2025
  • The 10-K lists customer concentration, competition, China and trade restrictions, and licensing disputes among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Qualcomm designs chips for phones, cars and connected devices, and licenses its wireless patents to device makers.

QCT, its chip business, sells Snapdragon processors and modems used in smartphones, plus chips for cars and Internet of Things devices such as PCs, wearables and industrial equipment. It designs the chips and uses outside foundries to make them.

QTL licenses its large portfolio of wireless patents, collecting royalties on phones and other devices. Its fiscal year ends in late September.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Qualcomm's latest 10-K. Read the original for the full list.

  1. Customer concentrationA small number of large phone makers account for much of its revenue, and some are designing their own chips.
  2. CompetitionIt competes with other chip designers on performance, cost and features.
  3. China and tradeMuch of its business involves Chinese customers and suppliers, so trade restrictions and tensions can affect sales.
  4. LicensingLicensees can dispute royalty terms, and regulators have challenged its licensing practices.
  5. Supply chainIt relies on outside foundries and suppliers to make its chips.
  6. Smartphone demandResults move with the smartphone cycle.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenues$35.8B$39.0B$44.3B
Net income$7.2B$10.1B$5.5B
Operating cash flow$11.3B$12.2B$14.0B
Cash & equivalents (year end)$8.4B$7.8B$5.5B
Total debt (year end)$15.4B$14.6B$14.8B
Diluted shares1.13B1.13B1.10B
  • Revenues: Sales of chips (QCT) plus licensing fees from its patents (QTL).
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term debt plus long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment shares are of QCT plus QTL revenue; a small amount of other revenue sits outside both.
  • QCT market figures (handsets, IoT, automotive) are parts of QCT revenue, not of total revenue.

Recent filings

FormFiledPeriod
10-QJul 29, 2026Jun 28, 2026
10-QApr 29, 2026Mar 29, 2026
10-QFeb 4, 2026Dec 28, 2025
DEF 14AJan 22, 2026Mar 17, 2026
10-KNov 5, 2025Sep 28, 2025

Latest filings

  1. Oct 217:16 PM ET

    Form 4

    Qualcomm EVP Akash J. Palkhiwala reports an award of 25,734 restricted stock units

    The filing reports 25,734 restricted stock units in a grant or award (code A).

  2. Oct 217:16 PM ET

    Form 4

    Qualcomm Chief HR Officer Heather S. Ace reports an award of 13,689 restricted stock units

    The filing reports 13,689 restricted stock units in a grant or award (code A).

  3. Oct 217:15 PM ET

    Form 4

    Qualcomm Chief Technology Officer Baaziz Achour reports an award of 18,069 restricted stock units

    The filing reports 18,069 restricted stock units in a grant or award (code A).

  4. Oct 217:15 PM ET

    Form 4

    Qualcomm President & CEO Cristiano R. Amon reports an award of 65,704 restricted stock units

    The filing reports 65,704 restricted stock units in a grant or award (code A).

  5. Oct 217:15 PM ET

    Form 4

    Qualcomm EVP Ann C. Chaplin reports an award of 17,959 restricted stock units

    The filing reports 17,959 restricted stock units in a grant or award (code A).

All Qualcomm filings notes →

Common questions about Qualcomm

How does Qualcomm make money?

In fiscal 2025, revenues totaled $44.3B. QCT chips were 87% of 2025 segment revenue and QTL licensing 13%. Within QCT, handsets brought in $27.8B, IoT $6.6B and automotive $4.0B. Source: 10-K for fiscal 2025, filed Nov 5, 2025.

What was Qualcomm's revenue in fiscal 2025?

Revenues came to $44.3B in the year ended Sep 28, 2025. Going back two years, it was $35.8B in fiscal 2023 and $39.0B in fiscal 2024, so the latest year was up 13.7%. Source: 10-K for fiscal 2025, filed Nov 5, 2025.

Is Qualcomm profitable?

Yes, by US accounting rules (GAAP): net income was $5.5B in fiscal 2025, down 45.4% from $10.1B a year earlier. For the quarter ended Jun 28, 2026, net income was $2.0B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 5, 2025.

What did Qualcomm report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 28, 2026 shows revenue of $9.9B, against $10.4B in the same quarter a year before (down 4.0%), and net income of $2.0B, against $2.7B (down 24.9%). Source: 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026.

How much cash and debt does Qualcomm have?

On Jun 28, 2026, cash and cash equivalents stood at $4.5B and total debt at $15.3B. Total debt here is short-term debt plus long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.

What are the main risks Qualcomm lists?

Item 1A of the fiscal 2025 10-K (filed Nov 5, 2025) sets out the risks. Grouped, they fall into 6 areas: Customer concentration; competition; china and trade; licensing; supply chain; smartphone demand. To start with the first: A small number of large phone makers account for much of its revenue, and some are designing their own chips. Source: 10-K, Item 1A Risk Factors.

Where do these Qualcomm numbers come from?

Two filings Qualcomm made with the SEC: its fiscal 2025 10-K, filed Nov 5, 2025, and its 10-Q for the quarter ended Jun 28, 2026, filed Jul 29, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in QCOM
The editor holds no position in Qualcomm (QCOM). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell QCOM from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold QCOM, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
QualcommQCOMFY2025$44.3B+13.7%$5.5B
BroadcomAVGOFY2025$63.9B+23.9%$23.1B
NvidiaNVDAFY2026$215.9B+65.5%$120.1B
Texas InstrumentsTXNFY2025$17.7B+13.0%$5.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.