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QCOMQualcomm

Technology · Communications Equipment · Nasdaq

We incorporated in California in 1985 and reincorporated in Delaware in 1991. 10-K, Item 1

QCOM quote by TradingView
Headquarters
San Diego, CA
CEO
Cristiano R. Amon
Next results
around Feb 3, 2027
Compare with peers → Embed
All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)12.70Sales (ttm)43.1BNet income (ttm)13.6BSales growth-2.6%EPS growth+153%Sales Q/Q-
Free cash flow8.7BGross margin53.1%Oper. margin20.1%Net margin31.6%FCF margin20.1%ROE44.8%
ROA22.4%R&D / sales23.7%Dividend3.62Debt/Eq0.43Curr. ratio1.86Cash4.6B
Op. cash flow (ttm)11.1BEBITDA10.3BEBITDA margin23.9%Net debt8.5BQuick ratio1.14Interest cover12.57
ROIC28.8%Payout ratio28.5%Tax rate-44.8%Stock pay / sales8.0%Shares out.1.1BShares Y/Y-2.9%
Book / share28.41Cash / share4.33Sales / share40.30Asset turnover0.71Inventory turns2.34Days sales out.23
Sales 3Y CAGR+6.4%Sales 5Y CAGR+5.1%EPS 3Y CAGR+25.4%EPS 5Y CAGR+10.0%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2026 against FY2025
  • Free cash flow fell 33%$12.8B → $8.7B · Cash from operations − capital expenditure · 10-K ↗
  • Revenue growth slowed to -2.6%+13.7% → -2.6% · Revenue FY2026 / revenue FY2025 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 20.1%27.9% → 20.1% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

QCOM against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
QCOMPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
-2.6%73rd of 75 · median +14.1%
Net margin
31.6%17th of 75 · median 19.1%
Return on equity
44.8%15th of 69 · median 23.9%
Free cash flow margin
20.1%43rd of 71 · median 22.3%
Debt / equity (less is better)
0.4329th of 61 · median 0.46
QCOM and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
QCOM Qualcomm$43.1B -2.6%53.1%31.6%44.8%20.1%0.43
AMD Advanced Micro Devices$45.4B +34.3%53.7%16.8%11.1%15.5%0.10
CRM Salesforce$43.9B +9.6%77.3%22.0%25.2%34.5%1.02
HPE Hewlett Packard Enterprise$41.9B +13.8%-6.7%10.5%9.9%0.76
JBL Jabil$36.0B +20.6%9.2%2.9%64.6%3.8%2.09
APH Amphenol$33.0B +51.7%38.8%18.0%34.6%15.5%1.04

From $44.2B of sales to $12.9B of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $25.6BRevenue to Cost of revenue: $18.6BGross profit to Operating profit: $15.9BGross profit to Operating expenses: $9.7BOperating profit to Net profit: $12.9BOperating profit to Tax & other: $2.9BOperating expenses to R&D: $8.2BOperating expenses to Sales, admin & other: $1.5B Revenue: $44.2B Revenue$44.2B +32% Y/Y Gross profit: $25.6B · 58% margin Gross profit$25.6B58% margin Cost of revenue: $18.6B · 42% of revenue Cost of revenue$18.6B42% of revenue Operating profit: $15.9B · 36% margin Operating profit$15.9B36% margin +62% Y/Y Operating expenses: $9.7B · 22% of revenue Operating expenses$9.7B22% of revenue Net profit: $12.9B · 29% margin Net profit$12.9B29% margin +43% Y/Y Tax & other: $2.9B · 7% of revenue Tax & other$2.9B7% of revenue R&D: $8.2B · 19% of revenue R&D$8.2B19% of revenue Sales, admin & other: $1.5B · 3% of revenue Sales, admin & other$1.5B3% of revenue

Swipe sideways for the whole flow →

From $35.8B of sales to $7.2B of profit

FY2023, from the 10-K income statement and revenue by segment
QCT to Revenue: $30.4BQtl to Revenue: $5.3BQsi to Revenue: $28.0MRevenue to Gross profit: $20.0BRevenue to Cost of revenue: $15.9BGross profit to Operating profit: $7.8BGross profit to Operating expenses: $12.2BOperating profit to Net profit: $7.2BOperating profit to Tax & other: $556.0MOperating expenses to R&D: $8.8BOperating expenses to Sales, admin & other: $3.3B QCT: $30.4B · 85% QCT$30.4B85% Qtl: $5.3B · 15% Qtl$5.3B15% Qsi: $28.0M · 0% Qsi$28.0M0% Revenue: $35.8B Revenue$35.8B −19% Y/Y Gross profit: $20.0B · 56% margin Gross profit$20.0B56% margin Cost of revenue: $15.9B · 44% of revenue Cost of revenue$15.9B44% of revenue Operating profit: $7.8B · 22% margin Operating profit$7.8B22% margin −51% Y/Y Operating expenses: $12.2B · 34% of revenue Operating expenses$12.2B34% of revenue Net profit: $7.2B · 20% margin Net profit$7.2B20% margin −44% Y/Y Tax & other: $556.0M · 2% of revenue Tax & other$556.0M2% of revenue R&D: $8.8B · 25% of revenue R&D$8.8B25% of revenue Sales, admin & other: $3.3B · 9% of revenue Sales, admin & other$3.3B9% of revenue

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From $39.0B of sales to $10.1B of profit

FY2024, from the 10-K income statement and revenue by segment
QCT to Revenue: $33.2BQtl to Revenue: $5.6BQsi to Revenue: $18.0MRevenue to Gross profit: $21.9BRevenue to Cost of revenue: $17.1BGross profit to Operating profit: $10.1BGross profit to Operating expenses: $11.8BOperating profit to Net profit: $9.8BOperating profit to Tax: $226.0MOther income to Net profit: $297.0MOperating expenses to R&D: $8.9BOperating expenses to Sales, admin & other: $2.9B QCT: $33.2B · 86% QCT$33.2B86% Qtl: $5.6B · 14% Qtl$5.6B14% Qsi: $18.0M · 0% Qsi$18.0M0% Revenue: $39.0B Revenue$39.0B +9% Y/Y Gross profit: $21.9B · 56% margin Gross profit$21.9B56% margin Cost of revenue: $17.1B · 44% of revenue Cost of revenue$17.1B44% of revenue Operating profit: $10.1B · 26% margin Operating profit$10.1B26% margin +29% Y/Y Other income: $297.0M · 1% of revenue Other income$297.0M1% of revenue Operating expenses: $11.8B · 30% of revenue Operating expenses$11.8B30% of revenue Net profit: $10.1B · 26% margin Net profit$10.1B26% margin +40% Y/Y Tax: $226.0M · 1% of revenue Tax$226.0M1% of revenue R&D: $8.9B · 23% of revenue R&D$8.9B23% of revenue Sales, admin & other: $2.9B · 8% of revenue Sales, admin & other$2.9B8% of revenue

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From $44.3B of sales to $5.5B of profit

FY2025, from the 10-K income statement and revenue by segment
QCT to Revenue: $38.4BQtl to Revenue: $5.6BRevenue to Gross profit: $24.5BRevenue to Cost of revenue: $19.7BGross profit to Operating profit: $12.4BGross profit to Operating expenses: $12.2BOperating profit to Net profit: $5.5BOperating profit to Tax & other: $6.8BOperating expenses to R&D: $9.0BOperating expenses to SG&A: $3.1B QCT: $38.4B · 87% QCT$38.4B87% Qtl: $5.6B · 13% Qtl$5.6B13% Revenue: $44.3B Revenue$44.3B +14% Y/Y Gross profit: $24.5B · 55% margin Gross profit$24.5B55% margin Cost of revenue: $19.7B · 45% of revenue Cost of revenue$19.7B45% of revenue Operating profit: $12.4B · 28% margin Operating profit$12.4B28% margin +23% Y/Y Operating expenses: $12.2B · 28% of revenue Operating expenses$12.2B28% of revenue Net profit: $5.5B · 13% margin Net profit$5.5B13% margin −45% Y/Y Tax & other: $6.8B · 15% of revenue Tax & other$6.8B15% of revenue R&D: $9.0B · 20% of revenue R&D$9.0B20% of revenue SG&A: $3.1B · 7% of revenue SG&A$3.1B7% of revenue

Swipe sideways for the whole flow →

From $43.1B of sales to $13.6B of profit

FY2026, from the 10-K income statement and revenue by segment
QCT to Revenue: $37.2BQtl to Revenue: $5.6BRevenue to Gross profit: $22.9BRevenue to Cost of revenue: $20.2BGross profit to Operating profit: $8.7BGross profit to Operating expenses: $14.2BOperating profit to Net profit: $8.7BOther income to Net profit: $5.0BOperating expenses to R&D: $10.2BOperating expenses to Sales, admin & other: $4.0B QCT: $37.2B · 87% QCT$37.2B87% Qtl: $5.6B · 13% Qtl$5.6B13% Revenue: $43.1B Revenue$43.1B −3% Y/Y Gross profit: $22.9B · 53% margin Gross profit$22.9B53% margin Cost of revenue: $20.2B · 47% of revenue Cost of revenue$20.2B47% of revenue Operating profit: $8.7B · 20% margin Operating profit$8.7B20% margin −30% Y/Y Other income: $5.0B · 12% of revenue Other income$5.0B12% of revenue Operating expenses: $14.2B · 33% of revenue Operating expenses$14.2B33% of revenue Net profit: $13.6B · 32% margin Net profit$13.6B32% margin +146% Y/Y R&D: $10.2B · 24% of revenue R&D$10.2B24% of revenue Sales, admin & other: $4.0B · 9% of revenue Sales, admin & other$4.0B9% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2022
FY2023
FY2024
FY2025
FY2026
  • Cost of revenue
  • R&D
  • Costs, tax, other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median31.6% vs 19.1%
  • ✓
    Return on equity above 15%44.8%
  • !
    A profit in 9 of 10 years
Net margin, FY2017 to FY2026: 11.0% → 31.6%

Balance sheet

4 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 12.6× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.43 on the latest balance sheet (peer median 0.46)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.86
  • ✓
    Net debt under 3 years of free cash flow$5.4B net debt, 0.6 years
Debt / equity at each year end, FY2017 to FY2026: 0.66 → 0.43
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$8.7B last year
  • ✓
    Share count down over 5 years−6.6%
  • ✓
    Dividend per share up over 5 years$2.66 → $3.62
  • !
    Cash from operations below net income$11.1B vs $13.6B
Free cash flow, FY2017 to FY2026: 4.3B → 8.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 27, 2026
Debt: $13.1B Debt$13.1B Long-term debt: $10.6B · 70% Long-term debt$10.6B · 70% Due within a year: $2.0B · 13% Due within a year$2.0B · 13% Short-term debt: $499.0M · 3% Short-term debt$499.0M · 3% Next 12 months: $2.0B · 13% Next 12 months$2.0B · 13% Year 2: $962.0M · 6% Year 2$962.0M · 6% Year 4: $1.7B · 11% Year 4$1.7B · 11% After year 5: $10.4B · 69% After year 5$10.4B · 69%

The debt note's own lines, 2026-09-27

Fixed rate $15.1BFloating $0

Line, as the company names itKindRateFixed or floatingAmount
Fixed rate notesNotes and bonds2.63–6.06%fixed$15.1B

From the debt note in the 10-K's XBRL (0000804328-26-000128), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2017 to FY2026

Revenue 43.1B Net income 13.6B
FY2017 revenue 22.3B · Revenues, 0001728949-19-000072 FY2017 net income 2.4B · NetIncomeLoss, 0001728949-19-000072 22.3B FY2017 FY2018 revenue 22.6B · Revenues, 0001728949-20-000067 FY2018 net income -5.0B · NetIncomeLoss, 0001728949-20-000067 22.6B FY2018 FY2019 revenue 24.3B · Revenues, 0001728949-21-000076 FY2019 net income 4.4B · NetIncomeLoss, 0001728949-21-000076 24.3B FY2019 FY2020 revenue 23.5B · Revenues, 0000804328-22-000021 FY2020 net income 5.2B · NetIncomeLoss, 0000804328-22-000021 23.5B FY2020 FY2021 revenue 33.6B · Revenues, 0000804328-23-000055 FY2021 net income 9.0B · NetIncomeLoss, 0000804328-23-000055 33.6B FY2021 FY2022 revenue 44.2B · Revenues, 0000804328-24-000075 FY2022 net income 12.9B · NetIncomeLoss, 0000804328-24-000075 44.2B FY2022 FY2023 revenue 35.8B · Revenues, 0000804328-25-000085 FY2023 net income 7.2B · NetIncomeLoss, 0000804328-25-000085 35.8B FY2023 FY2024 revenue 39.0B · Revenues, 0000804328-26-000128 FY2024 net income 10.1B · NetIncomeLoss, 0000804328-26-000128 39.0B FY2024 FY2025 revenue 44.3B · Revenues, 0000804328-26-000128 FY2025 net income 5.5B · NetIncomeLoss, 0000804328-26-000128 44.3B FY2025 FY2026 revenue 43.1B · Revenues, 0000804328-26-000128 FY2026 net income 13.6B · NetIncomeLoss, 0000804328-26-000128 43.1B FY2026

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

QCOM's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue43.1B
FY2017: 22.3BFY2018: 22.6BFY2019: 24.3BFY2020: 23.5BFY2021: 33.6BFY2022: 44.2BFY2023: 35.8BFY2024: 39.0BFY2025: 44.3BFY2026: 43.1B FY2018FY2020FY2022FY2024FY2026
Net income13.6B
FY2017: 2.4BFY2018: -5.0BFY2019: 4.4BFY2020: 5.2BFY2021: 9.0BFY2022: 12.9BFY2023: 7.2BFY2024: 10.1BFY2025: 5.5BFY2026: 13.6B FY2018FY2020FY2022FY2024FY2026
Free cash flow8.7B
FY2017: 4.3BFY2018: 3.1BFY2019: 6.4BFY2020: 4.4BFY2021: 8.6BFY2022: 6.8BFY2023: 9.8BFY2024: 11.2BFY2025: 12.8BFY2026: 8.7B FY2018FY2020FY2022FY2024FY2026
EPS (diluted)12.70
FY2017: 1.64FY2018: -3.39FY2019: 3.59FY2020: 4.52FY2021: 7.87FY2022: 11.37FY2023: 6.42FY2024: 8.97FY2025: 5.01FY2026: 12.70 FY2018FY2020FY2022FY2024FY2026
Dividend per share3.62
FY2017: 2.20FY2018: 2.38FY2019: 2.48FY2020: 2.54FY2021: 2.66FY2022: 2.86FY2023: 3.10FY2024: 3.30FY2025: 3.48FY2026: 3.62 FY2018FY2020FY2022FY2024FY2026
Diluted shares1.1B
FY2017: 1.5BFY2018: 1.5BFY2019: 1.2BFY2020: 1.1BFY2021: 1.1BFY2022: 1.1BFY2023: 1.1BFY2024: 1.1BFY2025: 1.1BFY2026: 1.1B FY2018FY2020FY2022FY2024FY2026

Revenue by business segment

year to Sep 27, 2026
RevenueSharevs year before
QCT 37.2B86.3% -3.0%
Qtl 5.6B12.9% -0.5%
Qsi 00.0% -

10-K 0000804328-26-000128, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue22.3B22.6B24.3B23.5B33.6B44.2B35.8B39.0B44.3B43.1B
Cost of revenue9.8B10.2B8.6B9.3B14.3B18.6B15.9B17.1B19.7B20.2B
R&D5.5B5.6B5.4B6.0B7.2B8.2B8.8B8.9B9.0B10.2B
SG&A2.7B3.0B2.2B2.1B2.3B2.6B2.5B2.8B3.1B3.7B
Operating income2.6B621.0M7.7B6.3B9.8B15.9B7.8B10.1B12.4B8.7B
Interest expense494.0M768.0M627.0M602.0M559.0M490.0M694.0M697.0M664.0M689.0M
Pretax income3.0B392.0M7.5B5.7B10.3B15.0B7.4B10.3B12.7B9.4B
Income tax543.0M5.4B3.1B521.0M1.2B2.0B104.0M226.0M7.1B-4.2B
Net income2.4B-5.0B4.4B5.2B9.0B12.9B7.2B10.1B5.5B13.6B
EPS (diluted)1.64-3.393.594.527.8711.376.428.975.0112.70
Diluted shares1.5B1.5B1.2B1.1B1.1B1.1B1.1B1.1B1.1B1.1B
Depreciation & amortization1.5B1.6B1.4B1.4B1.6B1.8B1.8B1.7B1.6B1.6B
EBITDA4.0B2.2B9.1B7.6B11.4B17.6B9.6B11.8B14.0B10.3B
Operating margin11.6%2.7%31.6%26.6%29.2%35.9%21.7%25.8%27.9%20.1%
Net margin11.0%-22.0%18.1%22.1%26.9%29.3%20.2%26.0%12.5%31.6%
Revenue growth-+1.6%+7.4%-3.1%+42.6%+31.7%-19.0%+8.8%+13.7%-2.6%
EPS growth--307%-+25.9%+74.1%+44.5%-43.5%+39.7%-44.1%+153%

Balance sheet

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash35.0B11.8B11.8B6.7B7.1B2.8B8.4B7.8B5.5B4.6B
Short-term investments2.3B311.0M421.0M4.5B5.3B3.6B2.9B5.5B4.6B3.0B
Receivables3.6B2.7B1.0B2.7B2.2B4.2B1.9B2.3B2.9B2.7B
Inventory2.0B1.7B1.4B2.6B3.2B6.3B6.4B6.4B6.5B8.6B
Current assets43.6B17.4B16.8B18.5B20.1B20.7B22.5B25.2B25.8B22.3B
Property & equipment3.2B3.0B3.1B3.7B4.6B5.2B5.0B4.7B4.7B6.1B
Goodwill6.6B6.5B6.3B6.3B7.2B10.5B10.6B10.8B11.4B16.4B
Total assets65.5B32.7B33.0B35.6B41.2B49.0B51.0B55.2B50.1B60.8B
Accounts payable2.0B1.8B1.4B2.2B2.8B3.8B1.9B2.6B2.8B3.1B
Current liabilities10.9B11.4B8.9B8.7B12.0B11.9B9.6B10.5B9.1B12.0B
Total debt20.4B16.4B13.9B15.7B14.2B14.0B14.5B13.3B14.8B13.1B
Total liabilities34.8B31.9B28.0B29.5B31.3B31.0B29.5B28.9B28.9B30.4B
Shareholders' equity30.7B807.0M4.9B6.1B9.9B18.0B21.6B26.3B21.2B30.4B
Retained earnings30.1B542.0M4.5B5.3B9.8B17.8B20.7B25.7B20.6B27.5B

Cash flow

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow5.0B3.9B7.3B5.8B10.5B9.1B11.3B12.2B14.0B11.1B
Capital spending690.0M784.0M887.0M1.4B1.9B2.3B1.4B1.0B1.2B2.5B
Free cash flow4.3B3.1B6.4B4.4B8.6B6.8B9.8B11.2B12.8B8.7B
Stock-based pay (added back)914.0M883.0M1.0B1.2B1.7B2.0B2.5B2.6B2.8B3.5B
Buybacks1.3B22.6B1.8B2.5B3.4B3.1B3.0B4.1B8.8B7.8B
Debt raised11.0B002.0B01.5B1.9B01.5B0
Debt repaid05.5B02.2B01.5B----
Investing cash flow20.5B2.4B-806.0M-5.3B-3.4B-5.8B762.0M-3.6B-800.0M-2.0B
Financing cash flow5.6B-31.5B-6.4B-5.7B-6.8B-7.2B-6.7B-9.3B-13.2B-12.3B
Dividend per share2.202.382.482.542.662.863.103.303.483.62

Stock-based pay and leases

From EDGAR
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Stock-based pay (expense)914.0M883.0M1.0B1.2B1.7B2.0B2.5B2.6B2.8B3.5B
Stock-based pay / revenue4.1%3.9%4.3%5.2%5.0%4.6%6.9%6.8%6.3%8.0%
Operating lease cash paid---153.0M------
Right-of-use assets--449.0M460.0M513.0M631.0M612.0M719.0M735.0M776.0M
Operating lease liabilities--500.0M505.0M554.0M677.0M669.0M806.0M832.0M880.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on QCOM in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/QCOM/export.csv") into a cell.