qcom-20250629

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 10-Q

_____________________

(Mark one)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 29, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number 0-19528

QUALCOMM Incorporated

(Exact name of registrant as specified in its charter)

Delaware

95-3685934

(State or Other Jurisdiction of
Incorporation or Organization)

(I.R.S. Employer
Identification No.)

5775 Morehouse Dr., San Diego, California

92121-1714

(Address of Principal Executive Offices)

(Zip Code)

(858) 587-1121

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value	QCOM	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock was 1,079 million at July 28, 2025.

QUALCOMM Incorporated

Form 10-Q

For the Quarter Ended June 29, 2025


		Page
PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income	6
	Condensed Consolidated Statements of Cash Flows	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 3.	Defaults Upon Senior Securities	50
Item 4.	Mine Safety Disclosures	50
Item 5.	Other Information	50
Item 6.	Exhibits	51

SIGNATURES		52

PART I. FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

QUALCOMM Incorporated

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except par value amounts)

(Unaudited)


	June 29, 2025		September 29, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	5,448	$	7,849
Restricted cash	2,323		—
Marketable securities	4,563		5,451
Accounts receivable, net	3,410		3,929
Inventories	6,338		6,423


Other current assets	2,831		1,579
Total current assets	24,913		25,231

Deferred tax assets	6,114		5,162
Property, plant and equipment, net	4,496		4,665
Goodwill	11,366		10,799
Other intangible assets, net	1,202		1,244

Other assets	6,771		8,053
Total assets	$	54,862	$	55,154

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	2,337	$	2,584
Payroll and other benefits related liabilities	1,586		1,834
Unearned revenues	285		297
Short-term debt	—		1,364


Other current liabilities	3,592		4,425
Total current liabilities	7,800		10,504
Unearned revenues	93		88

Long-term debt	14,788		13,270


Other liabilities	4,972		5,018
Total liabilities	27,653		28,880

Commitments and contingencies (Note 5)

Stockholders’ equity:

Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding	—		—
Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,084 and 1,113 shares issued and outstanding, respectively	—		—
Retained earnings	26,552		25,687
Accumulated other comprehensive income	657		587


Total stockholders’ equity	27,209		26,274
Total liabilities and stockholders’ equity	$	54,862	$	55,154

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 29, 2025		June 23, 2024		June 29, 2025		June 23, 2024
Revenues:
Equipment and services	$	8,893	$	7,993	$	28,193	$	24,259
Licensing	1,472		1,400		4,820		4,459
Total revenues	10,365		9,393		33,013		28,718

Costs and expenses:
Cost of revenues	4,606		4,174		14,704		12,593
Research and development	2,226		2,259		6,672		6,591
Selling, general and administrative	771		664		2,200		1,998
Other	—		75		—		47
Total costs and expenses	7,603		7,172		23,576		21,229

Operating income	2,762		2,221		9,437		7,489
Interest expense	(168)		(168)		(493)		(517)
Investment and other income, net	358		226		748		768
Income from continuing operations before income taxes	2,952		2,279		9,692		7,740
Income tax expense	(286)		(171)		(1,034)		(545)
Income from continuing operations	2,666		2,108		8,658		7,195
Discontinued operations, net of income taxes	—		21		—		27


Net income	$	2,666	$	2,129	$	8,658	$	7,222

Basic earnings per share:
Continuing operations	$	2.44	$	1.89	$	7.85	$	6.45
Discontinued operations	—		0.02		—		0.02
Net income	$	2.44	$	1.91	$	7.85	$	6.47
Diluted earnings per share:
Continuing operations	$	2.43	$	1.86	$	7.79	$	6.37
Discontinued operations	—		0.02		—		0.02
Net income	$	2.43	$	1.88	$	7.79	$	6.39
Shares used in per share calculations:
Basic	1,092		1,116		1,102		1,116
Diluted	1,099		1,134		1,112		1,130

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 29, 2025		June 23, 2024		June 29, 2025		June 23, 2024
Net income	$	2,666	$	2,129	$	8,658	$	7,222
Other comprehensive income, net of income taxes:
Foreign currency translation gains (losses)	231		(34)		97		(13)
Net unrealized gains (losses) on available-for-sale debt securities	1		2		(21)		40
Net unrealized gains (losses) on derivative instruments	52		(4)		16		—
Other gains	1		1		—		1
Other reclassifications included in net income	(23)		(6)		(22)		11
Total other comprehensive income (loss)	262		(41)		70		39
Comprehensive income	$	2,928	$	2,088	$	8,728	$	7,261

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Nine Months Ended
	June 29, 2025		June 23, 2024
Operating Activities:
Net income from continuing operations	$	8,658	$	7,195

SEC Form 10-Q filed by QUALCOMM Incorporated