QUALCOMM Incorporated (QCOM) financials
NASDAQ · Technology · Semiconductors · 52,000 employees · CEO Cristiano Renno Amon
- Price
- $164.79 -11.12%
- Market cap
- $176B
- Enterprise value
- $187B
- Last report
- Q3 '26 filed 2026-07-29
- Next report
- 2026-11-04 EPS est. $2.17
Revenue (TTM)$44.1B+1.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)23.2%-4.6 pp vs a year agoOperating income $10.2B
Net income (TTM)$9.26B-20.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$10.4B-10.4% vs a year agoCapex $1.99B
Diluted EPS (TTM)$8.76-15.4% vs a year agoSum of the last 4 quarters
Net cash-$6.97B-45.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $176B EV $187B
- Revenue
- $44.1B Trailing 12 months
- Revenue growth
- -3% FY2026 consensus
- Profit margin
- 21.0% Net income / revenue, TTM
- P/E
- 18.8× Forward 15.6× (FY2026)
- P/S
- 4.0× Price / sales, TTM
- EV / EBITDA
- 13.9× TTM
- Free cash flow
- $10.4B Trailing 12 months
- Net income
- $9.26B Trailing 12 months
- Revenue estimate
- $43B FY2026 consensus
- Earnings
- 2026-11-04 Revenue est. $10.1B
- Dividend
- $3.62 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-29): revenue beat by 2.6%, EPS missed by 0.9%Revenue $9.95B vs $9.69B expected (+2.6%); EPS $2.21 vs $2.23 (-0.9%).
- Revenue growth slowing: -4.0% year on yearQ3 '26 revenue $9.95B, against an average of 5.5% over the four quarters before.
- Operating margin 23.2% (TTM), -4.6 pp on a year agoOperating income grew -15.0% while revenue grew 1.9%.
- Capex 4.5% of revenue (a year ago 2.4%)$1.99B invested in the last 4 quarters (+90.7% on a year earlier). Free cash flow $10.4B = 112.5% of net income.
- Returned $13.1B to shareholders = 125.5% of free cash flowBuybacks $9.25B (a year earlier $7.65B), dividends $3.83B, stock-based pay $3.24B (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 2.7% in a year1.07B diluted shares in Q3 '26, 1.1B a year earlier.
- Net debt $6.97BCash + short-term investments $8.3B, debt incl. leases $15.3B; a year ago net debt $4.78B.
Last quarter: Q3 '26
Quarter ended 2026-06-28. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.95B | $10.4B | -4.0% |
| Gross margin | 53.1% | 55.6% | -2.5 pp |
| Operating income | $1.63B | $2.76B | -41.1% |
| Operating margin | 16.3% | 26.6% | -10.3 pp |
| Net income | $2B | $2.67B | -24.9% |
| Diluted EPS | $1.87 | $2.43 | -23.0% |
| Operating cash flow | $991M | $2.88B | -65.5% |
| Capex | $496M | $294M | +68.7% |
| Free cash flow | $495M | $2.58B | -80.8% |
| R&D | $2.61B | $2.23B | +17.1% |
| Stock-based compensation | $830M | $659M | +25.9% |
Reported vs consensus
2026-07-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.95B | $9.69B | +2.6% |
| EPS (as estimated) | $2.21 | $2.23 | -0.9% |
From the report of 2026-07-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| QCT | $8.5B | -5.4% | 86.9% | $38B | +2.1% | |
| QTL | $1.28B | -3.0% | 13.1% | $5.66B | -0.5% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other Segments | $49M | +28.9% | 100.0% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $12.4B
- Capex
- -$1.99B
- Buybacks
- -$9.25B
- Dividends
- -$3.83B
- Acquisitions
- -$1.59B
- Net debt issued
- $199M
- Stock-based compensation
- $3.24B
- Free cash flow
- $10.4B
- Returned to shareholders / FCF
- 125.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 18.8× | 18.9× | 9.8× – 32.7× |
| EV / EBITDA | 13.9× | 12.4× | 8.1× – 15.5× |
| EV / Sales | 4.2× | 4.2× | 3.2× – 5.1× |
| Price / FCF | 16.9× | 15.8× | 12.6× – 18.6× |
| Price / Book | 6.3× | 8.6× | 5.7× – 14.7× |
| FCF yield | 5.9% | 6.4% | 5.4% – 7.9% |
| Return on invested capital | 17.4% | 23.0% | 13.2% – 35.0% |
| Return on equity | 37.3% | 52.2% | 26.1% – 90.9% |
Analysts
Consensus target $210.50 (+27.7%)
range $159.00 – $400.00 · rating Hold
Strong buy1
Buy29
Hold34
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $43B | -2.9% | $10.54 | +110.3% | 15.6× | 18 |
| FY2027 | $45B | +4.6% | $10.11 | -4.0% | 16.3× | 20 |
| FY2028 | $52.2B | +16.0% | $12.97 | +28.2% | 12.7× | 11 |
| FY2029 | $62.8B | +20.4% | $17.65 | +36.1% | 9.3× | 2 |
| FY2030 | $68.4B | +8.9% | $21.65 | +22.7% | 7.6× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 231 figures QUALCOMM Incorporated tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts and Other Receivables, Net, Current | $4.67B | $3.41B | +36.9% | $4.32B | $3.93B | +9.8% |
| Accounts Payable, Current | $2.9B | $2.34B | +24.0% | $2.79B | $2.58B | +8.0% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.86B2025-09-28 | $2.35B | +21.6% | $2.86B | $2.35B | +21.6% |
| Accrued Income Taxes, Current | $557M | $938M | -40.6% | $1.01B | $1.08B | -6.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $9.81B2025-09-28 | $8.88B | +10.6% | $9.81B | $8.88B | +10.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $395M | $657M | -39.9% | $560M | $587M | -4.6% |
| Amortization of Intangible Assets | – | – | – | $321M | $311M | +3.2% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 2M | -100.0% | 2M | 4M | -50.0% |
| Asset Impairment Charges | – | – | – | $17M | $7M | +142.9% |
| Assets | $57.4B | $54.9B | +4.6% | $50.1B | $55.2B | -9.1% |
| Assets, Current | $23B | $24.9B | -7.7% | $25.8B | $25.2B | +2.1% |
| Broker-Dealer, Payable to Customer | $2.76B | $1.82B | +51.5% | $1.95B | $2.48B | -21.5% |
| Buildings and Improvements, Gross | $1.92B2025-09-28 | $1.89B | +1.4% | $1.92B | $1.89B | +1.4% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $02025-09-28 | $188M | -100.0% | $0 | $188M | -100.0% |
| Cash and Cash Equivalents, at Carrying Value | $4.53B | $5.45B | -16.8% | $5.52B | $7.85B | -29.7% |
| Cash Provided by (Used in) Financing Activities, Discontinued Operations | – | – | – | $0 | $19M | -100.0% |
| Cash Provided by (Used in) Investing Activities, Discontinued Operations | – | – | – | $0 | $2M | -100.0% |
| Cash Provided by (Used in) Operating Activities, Discontinued Operations | $02025-09-28 | – | – | $0 | -$91M | +100.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $4.53B | $7.77B | -41.7% | $7.85B2024-09-29 | $8.53B | -8.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | $7.84B2025-09-28 | $7.85B | -0.1% | $7.84B | $7.85B | -0.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$902M | $568M | -258.8% | -$6M | -$678M | +99.1% |
| Commercial Paper | $498M | – | – | $1.75B2016-09-25 | $1B | +74.9% |
| Common Stock, Dividends, Per Share, Declared | $0.92 | $0.89 | +3.4% | $3.48 | $3.30 | +5.5% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 6B | 6B | 0.0% | 6B | 6B | 0.0% |
| Common Stock, Shares, Issued | 1.06B | 1.08B | -2.5% | 1.07B | 1.11B | -3.5% |
| Common Stock, Shares, Outstanding | 1.06B | 1.08B | -2.5% | 1.07B | 1.11B | -3.5% |
| Common Stocks, Including Additional Paid in Capital | $0 | $0 | – | $0 | $0 | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $2.02B | $2.93B | -31.0% | $5.51B | $10.4B | -46.8% |
| Construction in Progress, Gross | $154M2025-09-28 | $126M | +22.2% | $154M | $126M | +22.2% |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $165M | $189M | -12.7% | $783M | $558M | +40.3% |
| Cost of Revenue | $4.67B | $4.61B | +1.4% | $19.7B | $17.1B | +15.7% |
| Costs and Expenses | $8.32B | $7.6B | +9.4% | $31.9B | $28.9B | +10.5% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.68B | $1.31B | +28.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $981M | $805M | +21.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.67B | $2.11B | +26.3% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $7M | $3M | +133.3% |
| Debt Instrument, Face Amount | $15.1B2025-09-28 | $15B | +0.9% | $15.1B | $15B | +0.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $201M2025-09-28 | $212M | -5.2% | $201M | $212M | -5.2% |
| Debt, Current | $2.49B | $0 | – | $0 | $1.36B | -100.0% |
| Debt, Long-term and Short-term, Combined Amount | $14.8B2025-09-28 | $14.6B | +1.2% | $14.8B | $14.6B | +1.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $4.37B | -$1.55B | +381.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $84M | -$331M | +125.4% |
| Deferred Income Tax Assets, Net | $5.68B | $6.11B | -7.1% | $743M | $5.16B | -85.6% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $4.45B | -$1.89B | +335.8% |
| Deferred Revenue, Current | $280M | $285M | -1.8% | $358M | $297M | +20.5% |
| Deferred Revenue, Noncurrent | $81M | $93M | -12.9% | $71M | $88M | -19.3% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$5M | -$4M | -25.0% |
| Deferred Tax Assets, Gross | $9.7B2025-09-28 | $8.11B | +19.6% | $9.7B | $8.11B | +19.6% |
| Deferred Tax Assets, Net | $612M2025-09-28 | $5.05B | -87.9% | $612M | $5.05B | -87.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.68B2025-09-28 | $6.05B | -72.2% | $1.68B | $6.05B | -72.2% |
| Deferred Tax Assets, Operating Loss Carryforwards | $708M2025-09-28 | $719M | -1.5% | $708M | $719M | -1.5% |
| Deferred Tax Assets, Other | $1.07B2025-09-28 | $1.04B | +2.9% | $1.07B | $1.04B | +2.9% |
| Deferred Tax Assets, Tax Credit Carryforwards | $2.53B2025-09-28 | $2.17B | +16.3% | $2.53B | $2.17B | +16.3% |
| Deferred Tax Assets, Tax Deferred Expense | $790M2025-09-28 | $769M | +2.7% | $790M | $769M | +2.7% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $410M2025-09-28 | $397M | +3.3% | $410M | $397M | +3.3% |
| Deferred Tax Assets, Valuation Allowance | $8.02B2025-09-28 | $2.06B | +288.9% | $8.02B | $2.06B | +288.9% |
| Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | $4.19B2025-09-28 | $3.02B | +39.1% | $4.19B | $3.02B | +39.1% |
| Deferred Tax Liabilities, Gross | $1.07B2025-09-28 | $1B | +6.8% | $1.07B | $1B | +6.8% |
| Deferred Tax Liabilities, Intangible Assets | $367M2025-09-28 | $388M | -5.4% | $367M | $388M | -5.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-28, 10-Q 2026-03-29, 10-Q 2025-12-28, 10-K 2025-09-28, 10-Q 2025-06-29, 10-Q 2025-03-30, 10-Q 2024-12-29, 10-K 2024-09-29
Not updated in the last refresh (older data or none shown): SEC segments.
Data as of 2026-11-01