Qualcomm
We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including on-device artificial intelligence (AI), high-performance and low-power computing and advanced wireless connectivity.
10-K, Nov 5, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Business
How does Qualcomm make money?
Qct is 85.2% of revenue.
Source and method
Revenue by segments, FY2024.
annual report FY2024 · 0000804328-24-000075 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($39.0B).
- Qct: $33.2B · 85.2%
- Qtl: $5.6B · 14.3%
- Other: $176M · 0.5%
- Qsi: $18.0M · 0.0%
What is left of every $100?
Of every $100 in revenue, $13 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $44.3B
- Gross profit: $24.5B
- Operating income: $12.4B
- Net income: $5.5B
- Free cash flow: $12.8B
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“Our platforms help power intelligent devices that people and businesses rely on every day across industries and applications from handsets to other areas, including automotive and the internet of things (IoT).”
“In automotive, our Snapdragon® Digital Chassis™ platforms, including connectivity, digital cockpit and advanced driver assistance and automated driving (ADAS/AD), are helping to connect the car to its environment and the cloud, creating unique in-cabin experiences and enabling a comprehensive assisted and automated driving solution.”
“In IoT, our inventions have helped power technology advancements in industries and applications such as consumer (including personal computers (PCs), extended reality (XR) and other personal computing devices), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).”
Item 1 · Business · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Where did the growth actually come from?
Revenue fell; Qct led the drop.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +14%
“Revenues were $44.3 billion, an increase of 14% compared to revenues of $39.0 billion in fiscal 2024, with net income of $5.5 billion, a decrease of 45% compared to net income of $10.1 billion in fiscal 2024.”
Item 7 · MD&A · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Number check (revenue): stated $44.3B matches the stored value ($44.3B, ±10%)
Revenue: $44.3B FY2025 · +13.7% vs FY2024 · KPIs
Position (in the company’s words)
“As the largest technology platform in the world, mobile has transformed the way we connect, compute and communicate.”
Item 1 · Business · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
R&D investment
“Our research and development expenditures were $9.0 billion in fiscal 2025 and $8.9 billion in fiscal 2024.”
Item 7 · MD&A · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Number check (R&D expense): stated $9.0B matches the stored value ($9.0B, ±10%)
R&D expense: $9.0B FY2025 · +1.7% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 14% to $44.3B.
Revenue fell 4.0% YoY to $9.9B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 3.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
27.9% operating margin, up from 25.8%.
55.4% gross margin, down from 56.2%.
Operating income grew 23% to $12.4B.
Net income fell 45% to $5.5B.
R&D grew 1.7% to $9.0B.
SG&A grew 13% to $3.1B.
EPS diluted fell 44% to $5.01.
16.3% operating margin, down from 26.6%.
53.1% gross margin, down from 55.6%.
Operating income fell 41% YoY to $1.6B.
Net income fell 25% YoY to $2.0B.
R&D grew 17% YoY to $2.6B.
SG&A grew 27% YoY to $976M.
EPS diluted fell 23% YoY to $1.87.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $29 of every $100 as free cash.
Operating cash flow grew 15% to $14.0B.
Capex grew 15% to $1.2B.
Buybacks grew 113% to $8.8B.
Stock-based compensation grew 5.1% to $2.8B.
Free cash flow fell 81% YoY to $495M.
Operating cash flow fell 66% YoY to $991M.
Capex grew 69% YoY to $496M.
Buybacks fell 52% YoY to $1.4B.
Stock-based compensation grew 26% YoY to $830M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$5.5B cash vs $14.8B debt.
Total debt grew 1.2% to $14.8B.
Interest expense fell 4.7% to $664M.
Total assets fell 9.1% to $50.1B.
Cash fell 17% YoY to $4.5B.
Total debt grew 3.3% YoY to $15.3B.
Interest expense grew 6.0% YoY to $178M.
Total assets grew 4.6% YoY to $57.4B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 21% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Qualcomm annual report)
10-K · 0000804328-25-000085 · filed Nov 5, 2025
Suppliers named by Qualcomm
Qualcomm holds stakes in
No stake in a covered company found in SEC filings.
Others name Qualcomm
3 competitor mentions (e.g. AMD, Intel, NXP) · 1 other mention (e.g. Fortinet) · 1 partner mention (e.g. Arm) · 1 supplier mention (e.g. Nokia) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 56 risk factors, one per theme.
Customer concentration
“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.”
Item 1A · Risk Factors · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Trade, government policy and geopolitics
“A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.”
Item 1A · Risk Factors · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
AI and new products
“While we continue to invest significant resources toward advancements of foundational technologies, including wireless connectivity, high-performance and low-power computing and on-device AI, we also invest in new and expanded product areas, and industries and applications beyond mobile handsets, by utilizing our existing technical and business expertise and through acquisitions or other strategic transactions.”
Item 1A · Risk Factors · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Acquisitions
“We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value.”
Item 1A · Risk Factors · 10-K · 0000804328-25-000085 · filed Nov 5, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.51%.
Vanguard Capital Management LLC7.51%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
State Street Corp5%
13G · as of Jun 30, 2026 · filed Aug 7, 2026
BlackRock Inc.8.3% (then)
13G/A · filed Jan 25, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.3%
95.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC8.2%
68.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.3%
52.8M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.4.3%
36.1M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.0%
33.8M shares · 13F filed Aug 13, 2026 · share of 13F-reported
3,020 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 118 sales · $22.2M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 35 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | not reported | |||||||
| Gross profit calc. | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | |||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values