qcom-20260329

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 March 29, 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 1,054 million at April 27, 2026.

QUALCOMM Incorporated

Form 10-Q

For the Quarter Ended March 29, 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)


	March 29, 2026		September 28, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	5,435	$	5,520
Restricted cash	—		2,323
Marketable securities	4,364		4,635
Accounts receivable, net	4,347		4,315
Inventories	7,368		6,526


Other current assets	1,598		2,435
Total current assets	23,112		25,754

Deferred tax assets	5,968		743
Property, plant and equipment, net	5,071		4,690
Goodwill	14,251		11,358
Other intangible assets, net	1,575		1,148

Other assets	7,159		6,450
Total assets	$	57,136	$	50,143

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	2,973	$	2,791
Payroll and other benefits related liabilities	1,370		1,839
Unearned revenues	323		358
Short-term debt	498		—


Other current liabilities	4,603		4,156
Total current liabilities	9,767		9,144
Unearned revenues	70		71

Long-term debt	14,772		14,811


Other liabilities	5,249		4,911
Total liabilities	29,858		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; 1,059 and 1,074 shares issued and outstanding, respectively	—		—
Retained earnings	26,901		20,646
Accumulated other comprehensive income	377		560


Total stockholders’ equity	27,278		21,206
Total liabilities and stockholders’ equity	$	57,136	$	50,143

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three Months Ended				Six Months Ended
	March 29, 2026		March 30, 2025		March 29, 2026		March 30, 2025
Revenues:
Equipment and services	$	9,060	$	9,359	$	19,526	$	19,301
Licensing	1,539		1,620		3,325		3,348
Total revenues	10,599		10,979		22,851		22,649

Costs and expenses:
Cost of revenues	4,900		4,937		10,468		10,098
Research and development	2,463		2,216		4,915		4,446
Selling, general and administrative	898		706		1,763		1,430
Other	29		—		29		—
Total costs and expenses	8,290		7,859		17,175		15,974

Operating income	2,309		3,120		5,676		6,675
Interest expense	(171)		(163)		(341)		(326)
Investment and other income, net	94		148		444		391
Income before income taxes	2,232		3,105		5,779		6,740
Income tax benefit (expense)	5,138		(293)		4,596		(748)




Net income	$	7,370	$	2,812	$	10,375	$	5,992

Basic earnings per share	$	6.92	$	2.55	$	9.71	$	5.41



Diluted earnings per share	$	6.88	$	2.52	$	9.65	$	5.36



Shares used in per share calculations:
Basic	1,066		1,104		1,068		1,107
Diluted	1,072		1,115		1,075		1,118

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended				Six Months Ended
	March 29, 2026		March 30, 2025		March 29, 2026		March 30, 2025
Net income	$	7,370	$	2,812	$	10,375	$	5,992
Other comprehensive (loss) income, net of income taxes:
Foreign currency translation (losses) gains	(101)		82		(80)		(134)
Net unrealized (losses) gains on available-for-sale debt securities	(7)		16		(5)		(22)
Net unrealized (losses) gains on derivative instruments	(86)		23		(88)		(36)

Other reclassifications included in net income	(4)		1		(10)		—
Total other comprehensive (loss) income	(198)		122		(183)		(192)
Comprehensive income	$	7,172	$	2,934	$	10,192	$	5,800

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Six Months Ended
	March 29, 2026		March 30, 2025
Operating Activities:
Net income	$	10,375	$	5,992
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	806		833

Income tax provision less than income tax payments	(5,857)		(899)


Share-based compensation expense	1,749		1,461

Net gains on marketable securities and other investments	(47)		(9)



Equity in net earnings of investees	(83)		(16)
Other items	(47)		(12)
Changes in assets and liabilities:
Accounts receivable, net	58		227
Inventories	(802)		202
Other assets	1,019		299
Trade accounts payable	229		(97)
Payroll, benefits and other liabilities	208		(773)
Unearned revenues	(194)		(67)

Net cash provided by operating activities	7,414		7,141
Investing Activities:
Capital expenditures	(1,082)		(491)
Purchases of debt and equity marketable securities	(1,925)		(3,326)
Proceeds from sales and maturities of debt and equity marketable securities	1,985		2,155






Acquisitions and other investments, net of cash acquired	(1,238)		(341)



Other items	38		43


Net cash used by investing activities	(2,222)		(1,960)
Financing Activities:
Proceeds from short-term debt	1,246		500
Repayment of short-term debt	(750)		(500)
Repayment of debt of acquired company	(174)		—



Proceeds from issuance of common stock	—		201
Repurchases and retirements of common stock	(5,442)		(3,498)
Dividends paid	(1,895)		(1,880)
Payments of tax withholdings related to vesting of share-based awards	(536)		(609)


Other items	(24)		(3)

Net cash used by financing activities	(7,575)		(5,789)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	(25)		(38)
Net decrease in total cash, cash equivalents and restricted cash	(2,408)		(

SEC Form 10-Q filed by QUALCOMM Incorporated