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QCOM

QUALCOMM Incorporated

QCOM

QUALCOMM Incorporated • NASDAQ
$168.09 ▲ 1.79% (+2.95)
Market Cap $180.02 B
52w High $205.95
52w Low $120.80
Dividend Yield 3.48%
P/E 33.55
Volume 4.04M
Outstanding Shares 1.07B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $11.271B ▲ $3.319B ▲ $-3.117B ▼ -27.655% ▼ $-2.84 ▼ $3.512B ▼
Q3-2025 $10.365B ▼ $2.997B ▲ $2.666B ▼ 25.721% ▲ $2.44 ▼ $3.737B ▲
Q2-2025 $10.979B ▼ $2.922B ▼ $2.812B ▼ 25.613% ▼ $2.55 ▼ $3.12B ▼
Q1-2025 $11.669B ▲ $2.953B ▼ $3.18B ▲ 27.252% ▼ $2.86 ▲ $4.234B ▲
Q4-2024 $10.244B $3.195B $2.92B 28.504% $2.62 $3.215B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $10.155B ▲ $50.143B ▼ $28.937B ▲ $21.206B ▼
Q3-2025 $10.011B ▼ $54.862B ▼ $27.653B ▲ $27.209B ▼
Q2-2025 $13.846B ▼ $55.372B ▼ $27.644B ▼ $27.728B ▲
Q1-2025 $14.305B ▲ $55.575B ▲ $28.695B ▼ $26.88B ▲
Q4-2024 $13.3B $55.154B $28.88B $26.274B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-3.117B ▼ $3.996B ▲ $-471M ▼ $-3.436B ▲ $72M ▼ $3.589B ▲
Q3-2025 $2.666B ▼ $2.875B ▲ $1.631B ▲ $-3.971B ▼ $568M ▲ $2.581B ▲
Q2-2025 $2.812B ▼ $2.554B ▼ $-1.289B ▼ $-2.781B ▲ $-1.51B ▼ $2.34B ▼
Q1-2025 $3.18B ▲ $4.587B ▲ $-671M ▼ $-3.008B ▼ $864M ▲ $4.31B ▲
Q4-2024 $2.915B $2.647B $-385M $-2.199B $79M $2.391B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
QCT
QCT
 $10.08Bn ▲$9.47Bn ▼$8.99Bn ▼$9.82Bn ▲
QTL
QTL
 $1.53Bn ▲$1.32Bn ▼$1.32Bn ▲$1.41Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Qualcomm’s income statement shows a very profitable business with some cyclical swings. Revenue jumped strongly earlier in the period, then pulled back as the smartphone market softened, and has since started to recover. Despite these ups and downs, gross margins remain high, showing strong pricing power and an advantaged cost structure. Operating and net income move more sharply than sales, which highlights high operating leverage: when demand is strong, profits rise quickly, but they can also compress when volumes slow. Overall, earnings have bounced back after a weaker year, though they are still below the prior peak, which is typical of a company tied closely to handset and broader semiconductor cycles.

Balance Sheet

Balance Sheet The balance sheet looks solid and has been steadily strengthening. Total assets have grown over time, and shareholder equity has more than doubled in just a few years, which indicates that the company has been building net worth and retaining value. Debt levels are meaningful but have been roughly stable, while equity has risen, so leverage has been moving in a healthier direction. Cash holdings are sizable, though they fluctuate as the company deploys capital, suggesting an active approach to balance sheet management rather than simply stockpiling cash. Overall, the financial foundation appears robust, with a good cushion to support ongoing investment and volatility in the business cycle.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has trended higher, even through a softer earnings year, pointing to good quality of earnings and disciplined working capital management. Free cash flow has improved meaningfully over the period, helped by high profitability and relatively modest capital spending needs. Capital expenditures are a small fraction of cash generated, leaving a lot of room for shareholder returns, debt service, and continued R&D investment. In short, Qualcomm converts a large share of its accounting profits into actual cash, which gives it flexibility and resilience.

Competitive Edge

Competitive Edge Qualcomm holds a powerful competitive position anchored in its leadership in wireless standards and its enormous patent portfolio. Its technology is deeply embedded in 3G, 4G, and 5G, which forces most handset makers to license its intellectual property and creates a durable, high‑margin revenue stream. On top of that, the Snapdragon platform is the reference choice in much of the premium Android market, combining modem, computing, graphics, and AI into tightly integrated systems that are hard for rivals to match on performance per watt. The dual model of chip sales plus licensing is unusual and reinforces its moat. At the same time, the company operates in fiercely competitive and fast‑moving markets, facing pressure from other chip designers in smartphones, automotive, and AI, as well as ongoing regulatory and customer scrutiny of its licensing practices. Its dominance is strong but must be continually defended.

Innovation and R&D

Innovation and R&D Innovation is at the core of Qualcomm’s identity, and the company appears to be using its R&D muscle to push into the next wave of growth areas. Historically, its breakthroughs in cellular standards and modem technology created the foundation for its current moat. Now, it is extending those capabilities into integrated Snapdragon systems with advanced on‑device AI, custom CPU cores, and leading‑edge connectivity. Beyond smartphones, Qualcomm is investing heavily in automotive platforms (the Snapdragon Digital Chassis), a broad range of Internet of Things solutions, and new Arm‑based processors for so‑called AI PCs. It is also deeply involved in early 6G research and on‑device generative AI. This sustained R&D commitment supports a long innovation runway, but it also means the company must execute well on multiple fronts to turn these bets into durable, large‑scale businesses.

Summary

Overall, Qualcomm looks like a highly profitable, cash‑rich technology leader with a strong, patent‑backed moat and a history of shaping wireless standards. Its financials show robust margins, rising free cash flow, and a balance sheet that has become stronger over time, even as it carries a notable but manageable level of debt. The main structural risk is its exposure to cyclical demand in smartphones and the intense competition across semiconductors and AI, alongside continued attention to the durability of its licensing model. On the opportunity side, successful expansion into automotive, IoT, AI‑enabled PCs, and future 6G and on‑device AI platforms could gradually reduce reliance on handsets and support longer‑term growth. The company is well positioned but operating in markets that require constant innovation and careful execution.

NEWS

November 5, 2025 · 4:00 PM UTC

Qualcomm Earnings Release Available on Company's Investor Relations Website

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November 3, 2025 · 9:51 PM UTC

Advantech Unveils New Edge AI Solutions for Robotics, Automation, and Gen AI Powered by Qualcomm Dragonwing

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October 22, 2025 · 9:00 AM UTC

Qualcomm Schedules Fourth Quarter and Fiscal 2025 Earnings Release and Conference Call

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October 17, 2025 · 9:00 AM UTC

Qualcomm Announces Quarterly Cash Dividend

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October 9, 2025 · 5:05 AM UTC

Advantech AOM-5721 Combines SMARC Design and Qualcomm Dragonwing™ QCS6490 for Next-Gen Edge AI

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