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QUALCOMM INC/DE 8-K Report, Financial Results (Nov 5, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 5, 2025
Period End
November 5, 2025
Security
QCOM
In the record · 2016–202610-K1010-Q338-K138

QCOM filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 138 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jun ’18Jun ’18
  2. Material agreement8-K · Aug ’20Aug ’20
  3. Leadership change8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Dec ’24Dec ’24

01—Abstract

Summary

Summary of the 8-K filed November 5, 2025. Cited figures are marked; the original filing is the authoritative source.

Qualcomm reported fiscal Q4 and full-year 2025 results (year ended September 28, 2025).

Fiscal 2025 GAAP revenue rose 14% to $44.3 billiona, and non-GAAP revenue rose 13% to $44.1 billion. QCT (Qualcomm CDMA Technologies) had record fiscal-year revenue of $38.4 billion, up 16%, and QCT non-Apple revenue grew 18%. Automotive and IoT combined grew 27%, which management cites as evidence of diversification beyond handsets.

Fiscal 2025 non-GAAP diluted EPS was $12.03b, up 18%. Handsets, the largest QCT revenue stream, grew 12% for the year, while automotive revenue grew 36% and IoT grew 22%. GAAP results were distorted by a non-cash $5.7 billion income tax charge ($5.29 per share) in Q4 to establish a valuation allowance against U.S. federal deferred tax assets.

The charge follows the One Big Beautiful Bill Act, under which Qualcomm expects to be subject to the U.S. corporate alternative minimum tax starting in fiscal 2026. As a result, Q4 GAAP net loss was $3.1 billionc, or $(2.89) per diluted share, versus GAAP net income of $2.9 billion a year earlier. Full-year GAAP EPS fell 44% to $5.01.

Excluding this charge, Q4 non-GAAP EPS was $3.00d, up 12%, on revenue of $11.3 billion, up 10%. Management expects an effective tax rate of roughly 13% to 14% and lower cash tax payments in future periods. Capital returns were substantial.

Fiscal 2025 operating cash flow was $14.0 billion, up from $12.2 billion. Qualcomm returned $12.6 billion to stockholders through $8.8 billion of buybacks and $3.8 billion of dividends. Long-term debt rose to $14.8 billion from $13.3 billion, and total stockholders' equity declined to $21.2 billion, largely because of buybacks and the tax charge.

The filing does not include the Business Outlook table, so specific fiscal 2026 revenue and EPS guidance cannot be confirmed from this document. Investors should review the full press release or the earnings call for guidance.

02—Key points

Key Highlights

  1. Fiscal 2025 GAAP revenue of $44.3B (+14%) and non-GAAP revenue of $44.1B (+13%); QCT record annual revenue of $38.4B (+16%).
  2. Non-GAAP diluted EPS of $12.03 (+18%) for the year, and $3.00 (+12%) for Q4; GAAP EPS fell 44% to $5.01 due to a one-time tax charge.
  3. A non-cash $5.7B ($5.29/share) valuation allowance on U.S. federal deferred tax assets drove a Q4 GAAP net loss of $3.1B, linked to the OBBB Act and expected U.S. corporate AMT in fiscal 2026.
  4. Automotive revenue grew 36% and IoT grew 22% for the year; combined Automotive and IoT grew 27%, and QCT non-Apple revenue grew 18%.
  5. QTL licensing revenue was flat for the year at $5.6B, while Q4 QTL revenue declined 7% to $1.4B, which is a watch item given the licensing model's importance.
  6. Shareholder returns of $12.6B in fiscal 2025 ($8.8B buybacks, $3.8B dividends), with operating cash flow of $14.0B funding the payouts; long-term debt increased to $14.8B.
  7. Non-GAAP tax methodology changes in fiscal 2026 to a fixed estimated rate, and the favorable R&D capitalization adjustment is expected to end, which may affect comparability with prior non-GAAP results.

03—Questions

Frequently Asked Questions

  1. Why did Qualcomm report a GAAP net loss in Q4 fiscal 2025 when non-GAAP earnings grew?

    The GAAP net loss of $3.1 billion was caused by a non-cash $5.7 billion income tax charge. Qualcomm recorded a valuation allowance against its U.S. federal deferred tax assets after the One Big Beautiful Bill Act, because it expects to be subject to the U.S. corporate alternative minimum tax starting in fiscal 2026. Qualcomm excluded this charge from non-GAAP results, where Q4 EPS was $3.00, up 12%.

  2. Is the tax charge a cash cost, and will it affect future cash taxes?

    The charge is non-cash, since it establishes a valuation allowance rather than paying taxes. Management said it expects an effective tax rate of about 13% to 14% and lower cash tax payments in future periods, following the new U.S. tax legislation that allows domestic R&D to be deducted as incurred starting in fiscal 2026.

  3. How diversified is Qualcomm's growth beyond smartphones?

    Growth outside handsets was strong. For fiscal 2025, Automotive revenue rose 36% to $4.0 billion and IoT rose 22% to $6.6 billion, while handsets grew 12% to $27.8 billion. Management reported QCT non-Apple revenue growth of 18%, and cited expansion into automated driving, data centers, and advanced robotics. Licensing (QTL) was roughly flat for the year, so the core licensing business has limited growth.

  4. How is Qualcomm returning capital to shareholders, and is it sustainable?

    In fiscal 2025 Qualcomm returned $12.6 billion, including $8.8 billion of share repurchases (56 million shares) and $3.8 billion of dividends. Operating cash flow was $14.0 billion, which covered the dividends and buybacks, though long-term debt rose to $14.8 billion and total cash and marketable securities were lower than in the prior year. Sustainability depends on continued cash generation and the handset business. The filing does not include forward guidance on capital returns.

04—Continue

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