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Qualcomm

QCOM Nasdaq Semiconductors Financials FY2016–FY2025

Qualcomm's revenue rose 13.7% to $44.3 billion in fiscal 2025. Its operating margin was 27.9%, up from 25.9% a year earlier. Free cash flow was $12.8 billion, up 14.9%. It paid out $12.6 billion in dividends and buybacks, 98% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$175.91

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$44.3B
13.7% vs prior year
Operating margin Operating income as a share of revenue.
27.9%
2.0 pts
Net income Profit after all expenses, interest and tax.
$5.5B
45.4%
Free cash flow Cash from operations minus capital spending.
$12.8B
14.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
23.7%
14.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$188.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.1x
On $8.75 EPS (TTM)

What Qualcomm does

Qualcomm designs chips and licenses wireless technology. Its Snapdragon chips, which combine processors and modems, run many smartphones, and it also sells chips for cars, personal computers, smart glasses and other connected devices, factory equipment and network gear. It owns a large set of patents on the cellular technology, such as 4G and 5G, that phones use to send voice and data.

Revenue was $44.3 billion in the fiscal year that ended in September 2025. It earns money in two main ways. Its chip segment, QCT, brought in $38.4 billion, mostly from phone chips but also from chips for cars and other devices. Its licensing segment, QTL, collects royalties from device makers based on their sales of phones and other products that use its patents. A third segment makes investments. Apple, Samsung and Xiaomi each accounted for ten percent or more of revenue. Qualcomm competes with many US and foreign chip companies, and with chips that some of its largest customers design for themselves.

Qualcomm was incorporated in California in 1985. In June 2025 it agreed to buy Alphawave IP Group, at a value of about $2.4 billion, a deal still pending when it filed this report. It had about 52,000 workers at the end of September 2025, mostly full-time employees, in 38 countries.

Legal name
QUALCOMM INC/DE
Fiscal year ends
September 28, 2025
Latest annual report
10-K · Nov 5, 2025
Accession · CIK
0000804328-25-000085
0000804328

Revenue and margins

Qualcomm had $44.3B of revenue in fiscal 2025, up 13.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $12.8B in fiscal 2025, 29.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Qualcomm returned $12.6B to shareholders in fiscal 2025, 98% of free cash flow. The diluted share count fell 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Qualcomm yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.7B and divides by 1,105.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.1x · peers 41.0x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Qualcomm can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $12.4B$6.4B$11.3B$13.3B$10.2B
Debt incl. finance leases $13.7B$13.5B$14.5B$13.3B$14.8B
Net debt / EBITDA 0.1x0.4x0.3x0.0x0.3x
Debt / equity 1.4x0.8x0.7x0.5x0.7x
Interest coverage 17.5x32.4x11.2x14.5x18.6x
Current ratio 1.7x1.8x2.3x2.4x2.8x
Quick ratio 1.4x1.2x1.7x1.8x2.1x
Total assets $41.2B$49.0B$51.0B$55.2B$50.1B
Total liabilities $31.3B$31.0B$29.5B$28.9B$28.9B
Shareholders' equity $10.0B$18.0B$21.6B$26.3B$21.2B
Net debt (− = net cash) $1.3B$7.2B$3.2B−$30.0M$4.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.1M

5 insiders

Of sales under plans

100%

$7.1M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Akash J. PalkhiwalaEVP, CFO & COO Sold plan 2,500 $175.06 $0.4M Form 4
Oct 16, 2026 Ann C ChaplinEVP, GenCounsel&CorpSecretary Sold plan 1,827 $174.75 $0.3M Form 4
Oct 2, 2026 Patricia Y GrechSVP, Chief Accounting Officer Sold plan 98 $186.55 $0.0M Form 4
Sep 25, 2026 Cristiano R AmonPresident & CEO, Director Sold plan 10,000 $200.00 $2.0M Form 4
Sep 21, 2026 Cristiano R AmonPresident & CEO, Director Sold plan 10,000 $195.00 $2.0M Form 4
Sep 11, 2026 Akash J. PalkhiwalaEVP, CFO & COO Sold plan 2,500 $182.85 $0.5M Form 4
Aug 31, 2026 Patricia Y GrechSVP, Chief Accounting Officer Sold plan 208 $170.00 $0.0M Form 4
Aug 21, 2026 Patricia Y GrechSVP, Chief Accounting Officer Sold plan 625 $162.85 $0.1M Form 4
Aug 12, 2026 Akash J. PalkhiwalaEVP, CFO & COO Sold plan 2,500 $163.26 $0.4M Form 4
Aug 3, 2026 Heather S AceEVP, Chief HR Officer Sold plan 3,200 $147.04 $0.5M Form 4
Jul 14, 2026 Akash J. PalkhiwalaEVP, CFO & COO Sold plan 2,500 $180.81 $0.5M Form 4
Jun 11, 2026 Akash J. PalkhiwalaEVP, CFO & COO Sold plan 2,500 $197.35 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 98 / 96 / 9
Accruals ratio −8.1%−3.9%−16.1%
Altman Z'' 4.775.455.94

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Qualcomm QCOM $188.0B 13.7% 27.9% 29.0% 23.7% 20.1x 6
Intel INTC $443.8B −0.5% −4.2% −9.4% −0.8% — 6 Compare →
AMD AMD $857.4B 34.3% 10.7% 19.4% 6.7% 132.9x 8 Compare →
Broadcom AVGO $1.57T 23.9% 39.9% 42.1% 19.9% 41.0x 7 Compare →
Texas Instruments TXN $262.2B 13.1% 34.1% 14.7% 21.8% 36.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $23.6B $22.3B $22.6B $24.3B $23.5B $33.6B $44.2B $35.8B $39.0B $44.3B
Gross profit $13.8B $12.5B $12.4B $15.7B $14.3B $19.3B $25.6B $20.0B $21.9B $24.5B
Research and development $5.2B $5.5B $5.6B $5.4B $6.0B $7.2B $8.2B $8.8B $8.9B $9.0B
Operating income $6.5B $2.6B $621M $7.7B $6.3B $9.8B $15.9B $7.8B $10.1B $12.4B
Interest expense $297M $494M $768M $627M $602M $559M $490M $694M $697M $664M
Pretax income $6.8B $3.0B $392M $7.5B $5.7B $10.3B $15.0B $7.4B $10.3B $12.7B
Income tax $1.1B $543M $5.4B $3.1B $521M $1.2B $2.0B $104M $226M $7.1B
Net income $5.7B $2.4B −$5.0B $4.4B $5.2B $9.0B $12.9B $7.2B $10.1B $5.5B
Diluted EPS $3.81 $1.64 −$3.39 $3.59 $4.52 $7.87 $11.37 $6.42 $8.97 $5.01
Diluted shares 1.50B 1.49B 1.46B 1.22B 1.15B 1.15B 1.14B 1.13B 1.13B 1.11B
Cash flow
Cash from operations $7.6B $5.0B $3.9B $7.3B $5.8B $10.5B $9.1B $11.3B $12.2B $14.0B
Capital expenditure $539M $690M $784M $887M $1.4B $1.9B $2.3B $1.5B $1.0B $1.2B
Free cash flow $7.1B $4.3B $3.1B $6.4B $4.4B $8.6B $6.8B $9.8B $11.2B $12.8B
Depreciation and amortization $1.4B $1.5B $1.6B $1.4B $1.4B $1.6B $1.8B $1.8B $1.7B $1.6B
Stock-based compensation $943M $914M $883M $1.0B $1.2B $1.7B $2.0B $2.5B $2.6B $2.8B
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $3.9B $1.3B $22.6B $1.8B $2.5B $3.4B $3.1B $3.0B $4.1B $8.8B
Dividends paid $3.0B $3.3B $3.5B $3.0B $2.9B $3.0B $3.2B $3.5B $3.7B $3.8B
Dividends and buybacks $6.9B $4.6B $26.0B $4.8B $5.3B $6.4B $6.3B $6.4B $7.8B $12.6B
Balance sheet
Cash and short-term investments $18.6B $37.3B $12.1B $12.3B $11.2B $12.4B $6.4B $11.3B $13.3B $10.2B
Total debt $11.8B — $15.4B $13.4B $15.2B $13.7B $13.5B $14.5B $13.3B $14.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $23.0B $43.6B $17.4B $16.8B $18.5B $20.1B $20.7B $22.5B $25.2B $25.8B
Current liabilities $7.3B $10.9B $11.4B $8.9B $8.7B $12.0B $11.9B $9.6B $10.5B $9.1B
Inventory $1.6B $2.0B $1.7B $1.4B $2.6B $3.2B $6.3B $6.4B $6.4B $6.5B
Property and equipment, net $2.3B $3.2B $3.0B $3.1B $3.7B $4.6B $5.2B $5.0B $4.7B $4.7B
Total assets $52.4B $65.5B $32.7B $33.0B $35.6B $41.2B $49.0B $51.0B $55.2B $50.1B
Total liabilities $20.6B $34.7B $31.9B $28.0B $29.5B $31.3B $31.0B $29.5B $28.9B $28.9B
Shareholders' equity $31.8B $30.7B $807M $4.9B $6.1B $10.0B $18.0B $21.6B $26.3B $21.2B
Margins
Gross margin 58.6% 56.0% 54.7% 64.6% 60.7% 57.5% 57.8% 55.7% 56.2% 55.4%
Operating margin 27.6% 11.6% 2.8% 31.6% 26.6% 29.2% 35.9% 21.7% 25.9% 27.9%
EBITDA margin 33.6% 18.2% 9.7% 37.4% 32.5% 33.9% 39.9% 26.8% 30.2% 31.5%
Net margin 24.2% 11.0% −22.0% 18.1% 22.1% 26.9% 29.3% 20.2% 26.0% 12.5%
FCF margin 30.1% 19.4% 13.8% 26.4% 18.7% 25.8% 15.5% 27.5% 28.7% 29.0%
Returns
Return on capital 21.7% — — 88.4% 70.3% 80.8% 75.4% 30.8% 38.6% 23.7%
Return on capital employed 14.5% 5.2% 1.6% 33.8% 24.6% 34.8% 47.7% 19.8% 23.4% 28.9%
Return on equity 18.1% 7.8% −31.5% 153.5% 94.6% 112.9% 92.5% 36.5% 42.4% 23.3%
Return on assets 11.1% 4.2% −10.1% 13.4% 15.2% 23.5% 28.7% 14.5% 19.1% 10.5%
Growth
Revenue growth −6.8% −5.5% 1.6% 7.4% −3.1% 42.7% 31.7% −19.0% 8.8% 13.7%
Net income growth 8.2% −57.1% −303.0% — 18.5% 74.0% 43.1% −44.1% 40.2% −45.4%
EPS growth 18.3% −57.0% −306.7% — 25.9% 74.1% 44.5% −43.5% 39.7% −44.2%
FCF growth 57.2% −39.2% −27.5% 104.8% −31.1% 96.2% −21.0% 44.1% 13.3% 14.9%
Share count change −8.6% −0.5% −1.8% −16.6% −5.8% 0.0% −1.0% −1.0% 0.4% −2.2%
Financial health
Net debt / EBITDA −0.9x — 1.5x 0.1x 0.5x 0.1x 0.4x 0.3x 0.0x 0.3x
Debt / equity 0.4x — — 2.7x 2.5x 1.4x 0.8x 0.7x 0.5x 0.7x
Interest coverage 21.9x 5.2x 0.8x 12.2x 10.4x 17.5x 32.4x 11.2x 14.5x 18.6x
Current ratio 3.1x 4.0x 1.5x 1.9x 2.1x 1.7x 1.8x 2.3x 2.4x 2.8x
Quick ratio 2.9x 3.8x 1.4x 1.7x 1.8x 1.4x 1.2x 1.7x 1.8x 2.1x
Capital allocation
Capex / revenue 2.3% 3.1% 3.5% 3.7% 6.0% 5.6% 5.1% 4.1% 2.7% 2.7%
Stock comp / revenue 4.0% 4.1% 3.9% 4.3% 5.2% 5.0% 4.6% 6.9% 6.8% 6.3%
Payouts / FCF 97.5% 106.6% 833.7% 74.4% 121.0% 73.7% 92.8% 65.3% 70.0% 98.3%
Quality scores
Piotroski F-score 5.0 — — 8.0 6.0 7.0 8.0 6.0 8.0 6.0
Altman Z'' 6.3 6.0 1.4 3.8 3.7 4.0 5.2 4.8 5.5 5.9
Accruals ratio −3.7% −4.3% −18.1% −8.8% −1.8% −3.9% 8.5% −8.1% −3.9% −16.1%

Source: SEC EDGAR XBRL filings (CIK 0000804328). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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