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QCOMQualcomm

Technology · Communications Equipment · Nasdaq
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The 10-K against last year's

137 changes: 25 added, 25 removed, 84 reworded, 3 quiet changes

10-K Nov 4, 2026 vs Nov 5, 2025
Risk FactorsRedline ↓
17.5%
of the text changed · 19,308 words now
33.1%
of the text changed · 4,327 words now
Legal ProceedingsRedline ↓
13.9%
of the text changed · 1,803 words now
Accounting PoliciesRedline ↓
2.3%
of the text changed · 5,888 words now

10-K 0000804328-26-000128 (2026-11-04) vs 10-K 0000804328-25-000085 (2025-11-05)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 275 words changed in this paragraph; it is 32% similar to last year's version.
We Although we expect to derive an increasing portion of our revenues from areas outside of mobile handsets, such as automotive, IoT and data center, we continue to derive a significant portion of our revenues from a small number of mobile handset customers and licensees, and particularly from their sale of premium-tier handset devices, and we expect this trend to continue devices. Device share in the foreseeable future. The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, industry, particularly at the premium tier, contributing to this trend. Certain is concentrated among a few companies, including Apple, Samsung and certain Chinese original equipment manufacturers (OEMs) (OEMs), many of whom are or have increased and may continue to increase their device share in China and in certain regions outside the past been our largest customers. This concentration means that the loss of China, and we derive any one of our key mobile handset customers, or a significant portion reduction in purchases from any such customer, whether due to such customer’s use of their own integrated circuit products (i.e., vertical integration) or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand or any other reason, would have a significant negative impact on our business. For example, Apple has historically purchased our modem products for use in its devices and has historically been one of our revenues from largest customers, but we expect that Apple will primarily use its own internally developed modem products, rather than our products, in its devices going forward. This will have a small number significant negative impact on our QCT revenues, results of these OEMs operations and cash flows, and our ability to offset that impact depends on the timing and magnitude of growth in our non-handset revenues, including in automotive, IoT and data center, which may not occur as well. anticipated. See also “Notes to Consolidated Financial Statements, Note 2. Composition of Certain Financial Statement Items - Concentrations.”

Source: Item 1A, 10-K 0000804328-26-000128 vs Item 1A, 10-K 0000804328-25-000085

MD&A 192 words changed in this paragraph; it is 35% similar to last year's version.
Beginning Deferred tax assets represent amounts available to reduce income taxes payable on taxable income in fiscal 2023 and through fiscal 2025, for federal income tax purposes, we were required future years. We record a valuation allowance to capitalize and amortize domestic research and development expenditures over five years (such expenditures were previously deducted as incurred). Our cash flows from operations were adversely affected due to significantly higher cash tax payments. However, since the resulting reduce deferred tax asset was established at assets to the statutory rate amount that is more likely than not to be realized. Factors considered in this determination include assessing the adequacy of 21% (rather than future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies, and considering that most of our income is taxed in the current effective tax rate U.S., of 13% after considering the FDII deduction), capitalization favorably affected our total provision which a significant portion qualifies for income taxes and results of operations. With the enactment of OBBB, such impacts on our cash flows and tax provision are not expected to continue beginning in fiscal 2026. preferential treatment as FDDEI. Changes in future taxable income (including less of our income qualifying for preferential treatment as FDDEI), tax laws (including changes to the CAMT rules) and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.

Source: Item 7, 10-K 0000804328-26-000128 vs Item 7, 10-K 0000804328-25-000085

Legal Proceedings 165 words changed in this paragraph; it is 63% similar to last year's version.
On April 18, 2024, we filed a separate complaint (captioned complaint, captioned QUALCOMM Incorporated v. Arm Ltd.) against Holdings plc f/k/a Arm Ltd., in the United States District Court for the District of Delaware. The complaint alleges that Arm has breached the Qualcomm ALA by failing to provide certain deliverables that Arm is obligated to provide. The complaint seeks an order that Arm comply with its contractual obligations, damages, and additional relief. On December 16, 2024, we filed a First Amended Complaint alleging additional causes of action based on Arm improperly seeking to terminate the Qualcomm ALA and improperly publicizing that it was seeking to terminate the Qualcomm ALA. On June 3, 2025, we filed a Second Amended Complaint to add a claim that Arm has breached the Qualcomm TLA by failing to provide license offers at commercially reasonable prices and terms. On January 8, 2026, we filed a substantially identical complaint against Arm Ltd., which was subsequently consolidated with the Arm Holdings plc complaint. On March 30, 2026, our complaint against Arm Ltd. was amended to include an additional claim for breach of the Qualcomm ALA based on Arm’s failure to negotiate certain license terms in good faith. A trial was held beginning on October 5, 2026, and on October 13, 2026, the jury found that (i) Arm breached the Qualcomm ALA by failing to provide certain deliverables, (ii) Arm improperly interfered with Qualcomm’s economic relationship with a customer and (iii) Arm did not breach the Qualcomm TLA as we alleged. The court also held bench trial proceedings on certain of the claims, defenses and potential remedies that will be determined by the court in the first instance. The court has moved to dismiss our amended complaint. Trial is scheduled to begin not yet issued its decision on March 9, 2026. the bench trial issues.

Source: Item 3, via Note 7 – Commitments and Contingencies, 10-K 0000804328-26-000128 vs Item 3, via Note 7 – Commitments and Contingencies, 10-K 0000804328-25-000085

Accounting Policies 30 words changed in this paragraph; it is 82% similar to last year's version.
We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including on-device advanced artificial intelligence (AI), high-performance and low-power computing and advanced wireless leading connectivity. Our platforms help power intelligent devices that people products and businesses rely on every day services used around the world, across industries and applications from handsets to other areas, including automotive and automotive, the internet of things (IoT). (IoT) and data center. We derive revenues principally from sales of integrated circuit products and through the licensing of our intellectual property, including patents and other rights.

Source: 10-K text, Note 1 – Significant Accounting Policies, 10-K 0000804328-26-000128 vs 10-K text, Note 1 – Significant Accounting Policies, 10-K 0000804328-25-000085

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of QCOM's Risk Factors and MD&A, 10-K 2026-11-04 against 10-K 2025-11-05. Each links to the text at sec.gov.

RemovedRisk Factors
We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices, and we expect this trend to continue in the foreseeable future. The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, particularly at the premium tier, contributing to this trend. Certain Chinese original equipment manufacturers (OEMs) have increased and may continue to increase their device share in China and in certain regions outside of China, and we derive a significant portion of our revenues from a small number of these OEMs as well. See also “Notes to Consolidated Financial Statements, Note 2. Composition of Certain Financial Statement Items - Concentrations.”

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
Further, while we derive a portion of our revenues from areas outside of mobile handsets, e.g., from industries such as automotive and IoT, certain product categories within those industries may in themselves be subject to high levels of customer concentration.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
We derive a significant portion of our revenues from Chinese OEMs, and from non-Chinese OEMs that utilize our products in devices they sell into China, which has the largest number of smartphone users in the world. We also source certain critical integrated circuit products from Chinese suppliers.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
For example, the automotive industry is subject to long design-in time frames, long product life cycles and a high degree of regulatory and safety requirements, necessitating suppliers to the industry to comply with stringent qualification processes, very low defect rates and high reliability standards, all of which results in significant barriers to entry and increased costs. Additionally, certain customers have adopted, and other customers may adopt, policies that require us to achieve certain sustainability, climate or other environmental, social and governance (ESG)-related targets, such as our 2040 net-zero global GHG emissions commitment and our interim GHG emissions reduction goals. If we fail to achieve ESG-related targets that meet our customers’ requirements or expectations, these customers may not purchase products or services from us.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
If we were required to reduce the royalty rates in our patent license agreements, our revenues, earnings and cash flows would be negatively impacted absent a sufficient increase in the volume of sales of devices upon which royalties are paid. Similarly, if we were required to reduce the base on which our royalties are calculated (e.g., license at the chipset level rather than at the device level), our revenues, earnings and cash flows would be negatively impacted unless there was a sufficient increase in the volume of sales of devices upon which royalties are paid or we were able to increase our royalty rates to offset the decrease in revenues resulting from such lower royalty base.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
and OEMs in certain geographic regions (such as China); longer operating histories in industries and applications beyond mobile handsets (such as automotive, IoT and data center), including more established and/or stronger customer, vendor, distributor or other channel relationships in such industries; and a more established presence in certain regions.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedRisk Factors
We have engaged in litigation and arbitration in the past and may need to further litigate or arbitrate in the future to enforce our contract and/or intellectual property rights, protect our trade secrets or determine the validity and scope of

Read it in 10-K 2025-11-05 at sec.gov ↗

Show the other 13
RemovedRisk Factors
Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit shifting (BEPS) project that was undertaken by the Organization for Economic Co-operation and Development (OECD). The OECD, representing a coalition of member countries, has made certain changes, including the Pillar Two framework, which imposes a minimum tax of 15% in each taxing jurisdiction. The OECD is contemplating additional changes to numerous long-standing tax principles. These changes, if and as adopted by countries, may increase tax uncertainty and may adversely affect our provision for income taxes, results of operations and cash flows.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedMD&A
+ $143 million in licensing revenues resulting from a settlement of a licensing dispute in the second quarter of fiscal 2025, which was not allocated to our segment results

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedMD&A
Beginning in fiscal 2023 and through fiscal 2025, for federal income tax purposes, we were required to capitalize and amortize domestic research and development expenditures over five years (such expenditures were previously deducted as incurred). Our cash flows from operations were adversely affected due to significantly higher cash tax payments. However, since the resulting deferred tax asset was established at the statutory rate of 21% (rather than the current effective tax rate of 13% after considering the FDII deduction), capitalization favorably affected our total provision for income taxes and results of operations. With the enactment of OBBB, such impacts on our cash flows and tax provision are not expected to continue beginning in fiscal 2026. Changes in future taxable income (including less of our income qualifying for preferential treatment as FDDEI), tax laws (including changes to the CAMT rules) and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedMD&A
+ higher IoT revenues due to $1.5 billion in higher shipments across edge networking, consumer and industrial products, partially offset by unfavorable mix

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedMD&A
QTL licensing revenues and EBT remained approximately flat in fiscal 2025. During the second quarter of fiscal 2025, we executed final agreements for new long-term licenses with two key Chinese OEMs (for which the initial terms had expired) and entered into comprehensive 4G and 5G license agreements with Transsion (a growing, China-headquartered OEM that sells primarily in developing regions). As a result of our agreements with Transsion, all outstanding litigation between the parties has been dismissed. Beginning in the second quarter of fiscal 2025, QTL revenues did not include royalties from Huawei, whose license agreement has expired.

Read it in 10-K 2025-11-05 at sec.gov ↗

RemovedMD&A
We believe that on-device AI and high-performance, low-power computing combined with cellular technology (such as 5G) will continue to drive adoption of certain technologies that are already commonly used in smartphones by industries and applications beyond mobile handsets, such as automotive and IoT. We believe it is important that we remain a leader in such technology development, standardization, intellectual property creation and licensing, and a leading developer and supplier of integrated circuit products in order to sustain and grow our business long-term.

Read it in 10-K 2025-11-05 at sec.gov ↗

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