QUALCOMM INC/DEQCOM
QUALCOMM INC/DE Financial Overview 2021–2025
Updated Jul 10, 2026Qualcomm's net income plummeted 45% to $5.5 billion in FY2025, a surprising optical plunge that masks robust operational strength behind a one-time $5.7 billion deferred tax charge. The core investment thesis remains intact: Qualcomm is successfully leveraging its foundational wireless technology to pivot from a pure-play smartphone chipmaker into a diversified high-performance computing powerhouse.
Anchoring this transformation, total revenue grew from $33.6 billion in FY2021 to a record $44.3 billion in FY2025. This top-line expansion is heavily driven by the semiconductor segment (QCT), which delivered a 16% revenue increase alongside a highly profitable 30% EBT margin in FY2025. To cement its footprint in automotive and Internet of Things (IoT) markets, the company poured $9.0 billion into research and development over the year. Simultaneously, Qualcomm has aggressively returned capital to investors, executing $8.8 billion in share repurchases in FY2025 and authorizing a massive new $20.0 billion buyback program in early FY2026.
At the close of FY2025, the market awarded Qualcomm a $181.7 billion market cap, with shares priced at $169.20 and trading at a 33.8x price-to-earnings ratio. This valuation reflects investor confidence in the company’s strategic offensive—including a $2.3 billion acquisition of Alphawave to accelerate data center expansion—even as it navigates cyclical memory supply constraints and the persistent risk of key handset customers vertically integrating their own silicon.
Recent Developments (Q1 and Q2 2026)
Qualcomm maintained top-line momentum through H1 2026, culminating in a definitive agreement to acquire Modular Inc. for up to 19.2 million shares. Total revenues for H1 2026 edged up to $22.85 billion. Automotive and IoT segments drove growth, adding $507 million and $284 million respectively. This performance offset a $655 million decline in handset revenues. R&D spending accelerated to $4.92 billion, representing 22% of revenues. The company also increased its quarterly dividend to $0.92 per share and approved a 24 million share increase for its long-term incentive plan.
Bulls will argue surging automotive and IoT demand proves the ongoing diversification strategy is working. Bears will warn that contracting handset sales expose immediate vulnerabilities to OEM inventory adjustments. At 31.1x earnings as of April 29, 2026, the stock remains richly valued relative to its nearly flat top-line growth.
What to watch: the closing and integration of the Modular Inc. transaction; automotive segment revenue growth offsetting smartphone market softness.
Rev
$44.28B
FY2025
NI
$5.54B
FY2025
EPS
$5.05
FY2025
OCF
$14.01B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All QCOM Financial Metrics(59)
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Recent SEC Filings
QUALCOMM INC/DE 8-K Report, Corporate Update (Jul 31, 2026)
Qualcomm Incorporated (QCOM) has filed an 8-K report detailing the resale of 17,826,566 shares of common stock by selling stockholders. These shares represent the consideration issued for the previously announced acquisition of Modular Inc. The filing includes a prospectus supplement to the Company's Form S-3ASR registration statement, facilitating the resale of these shares which were originally issued in a private placement exempt from registration requirements. This event is significant for investors as it marks the formal process for a large block of shares, issued as acquisition consideration, to become available for trading in the public market. The filing clarifies the regulatory steps taken to allow for this resale, fulfilling obligations under a Registration Rights Agreement. Investors should monitor the market impact of these shares becoming available and consider the ongoing integration and strategic value of the Modular Inc. acquisition.
QUALCOMM INC/DE 8-K Report, Financial Results (Jul 29, 2026)
QUALCOMM Incorporated (QCOM) has filed an 8-K report on July 29, 2026, to announce its financial results for the third quarter of fiscal year 2026. The filing primarily incorporates a press release detailing these results, which are crucial for investors seeking to understand the company's recent performance. Investors should pay close attention to the information presented in this press release, as it will contain key financial metrics and management's commentary on the company's operational and financial condition. This report highlights the company's adherence to regulatory disclosure requirements by providing both Generally Accepted Accounting Principles (GAAP) and Non-GAAP financial measures. The inclusion of reconciliations between these measures is intended to offer a comprehensive view of QCOM's financial performance, allowing investors to evaluate the company's operations with greater clarity. Any investor looking to make informed decisions regarding QCOM should thoroughly review the furnished press release for detailed financial figures and strategic insights.
QUALCOMM INC/DE 8-K Report, Unregistered Securities Sale (Jun 24, 2026)
Qualcomm Incorporated (QCOM) announced a significant strategic move through an 8-K filing on June 24, 2026, detailing an agreement to acquire Modular Inc. This acquisition will be primarily financed through the issuance of up to 19.2 million shares of QCOM's common stock to Modular's equity owners. The transaction is structured as a private placement, leveraging exemptions under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D, indicating that registration with the SEC is not required for these shares. While the acquisition is expected to enhance Qualcomm's strategic position, investors should note the inherent risks and uncertainties associated with such transactions. The filing emphasizes that the completion of the acquisition is subject to customary closing conditions, and actual results could differ materially from expectations. Key factors influencing the outcome include the timing and ability to close the deal, potential impacts on Modular's business relationships, the achievement of projected benefits, and the possibility of unforeseen liabilities or purchase price adjustments that could affect the final share count.
QUALCOMM INC/DE 8-K Report, Financial Results (Apr 29, 2026)
Qualcomm Incorporated (QCOM) filed an 8-K on April 29, 2026, to report its financial results for the second quarter of fiscal year 2026. The core of the filing is a press release containing these results, which is furnished as an exhibit. Investors should note that the press release includes both GAAP and Non-GAAP financial measures. The company's management provides a reconciliation of these measures and explains why they believe the Non-GAAP figures offer valuable insights into Qualcomm's financial performance. While the 8-K itself does not provide specific financial figures, it directs stakeholders to the accompanying press release for detailed operational and financial condition updates. Investors are encouraged to review the full press release, paying close attention to the reconciliations provided, to gain a comprehensive understanding of the company's performance and its underlying drivers.
QUALCOMM INC/DE 8-K Report, Shareholder Vote Results (Mar 19, 2026)
Qualcomm Incorporated (QCOM) filed an 8-K on March 19, 2026, detailing the results of its 2026 Annual Meeting of Stockholders held on March 17, 2026. The meeting focused on seven proposals, all of which received overwhelming support from shareholders except for two specific stockholder proposals. Key among these results is the re-election of all director nominees, indicating continued confidence in the company's leadership and strategic direction. Furthermore, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent public accountants for fiscal year 2026 and approved, on an advisory basis, the compensation of named executive officers. The company also received approval to amend and restate its 2023 Long-Term Incentive Plan, which includes an increase in the share reserve, signaling a continued focus on employee incentives. Importantly, two stockholder proposals concerning the ability to call special meetings and a report on China exposure were not approved, suggesting management's preferred approach on these matters prevailed.
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