qcom-20260628

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 28, 2026


☐			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 1,050 million at July 27, 2026.

QUALCOMM Incorporated

Form 10-Q

For the Quarter Ended June 28, 2026


		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	18
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

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 28, 2026		September 28, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	4,533	$	5,520
Restricted cash	—		2,323
Marketable securities	3,771		4,635
Accounts receivable, net	4,668		4,315
Inventories	8,379		6,526


Other current assets	1,653		2,435
Total current assets	23,004		25,754

Deferred tax assets	5,679		743
Property, plant and equipment, net	5,217		4,690
Goodwill	14,274		11,358
Other intangible assets, net	1,510		1,148

Other assets	7,683		6,450
Total assets	$	57,367	$	50,143

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	2,897	$	2,791
Payroll and other benefits related liabilities	1,470		1,839
Unearned revenues	280		358
Short-term debt	2,489		—


Other current liabilities	4,277		4,156
Total current liabilities	11,413		9,144
Unearned revenues	81		71

Long-term debt	12,781		14,811


Other liabilities	5,434		4,911
Total liabilities	29,709		28,937

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; 1,057 and 1,074 shares issued and outstanding, respectively	—		—
Retained earnings	27,263		20,646
Accumulated other comprehensive income	395		560


Total stockholders’ equity	27,658		21,206
Total liabilities and stockholders’ equity	$	57,367	$	50,143

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Revenues:
Equipment and services	$	8,475	$	8,893	$	28,002	$	28,193
Licensing	1,472		1,472		4,796		4,820
Total revenues	9,947		10,365		32,798		33,013

Costs and expenses:
Cost of revenues	4,670		4,606		15,138		14,704
Research and development	2,607		2,226		7,523		6,672
Selling, general and administrative	976		771		2,738		2,200
Other	68		—		97		—
Total costs and expenses	8,321		7,603		25,496		23,576

Operating income	1,626		2,762		7,302		9,437
Interest expense	(178)		(168)		(519)		(493)
Investment and other income, net	1,014		358		1,458		748
Income before income taxes	2,462		2,952		8,241		9,692
Income tax (expense) benefit	(460)		(286)		4,136		(1,034)




Net income	$	2,002	$	2,666	$	12,377	$	8,658

Basic earnings per share	$	1.89	$	2.44	$	11.63	$	7.85



Diluted earnings per share	$	1.87	$	2.43	$	11.53	$	7.79



Shares used in per share calculations:
Basic	1,057		1,092		1,064		1,102
Diluted	1,069		1,099		1,073		1,112

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended				Nine Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Net income	$	2,002	$	2,666	$	12,377	$	8,658
Other comprehensive income (loss), net of income taxes:
Foreign currency translation (losses) gains	(27)		231		(106)		97
Net unrealized gains (losses) on available-for-sale debt securities	1		1		(3)		(21)
Net unrealized gains (losses) on derivative instruments	40		52		(48)		16
Other gains (losses)	—		1		(1)		—
Other reclassifications included in net income	4		(23)		(7)		(22)
Total other comprehensive income (loss)	18		262		(165)		70
Comprehensive income	$	2,020