QCOM
SP100NasdaqGSQUALCOMM Incorporated
Technology · Semiconductors · United States
QUALCOMM Incorporated engages in the development and commercialization of foundational technologies for the wireless industry worldwide. It operates through three segments: Qualcomm CDMA Technologies (QCT); Qualcomm Technology Licensing (QTL); and Qualcomm Strategic Initiatives (QSI). The QCT segment develops and supplies integrated circuits and system software with connectivity and computing technologies for use in mobile devices; automotive systems for connectivity, digital cockpit, and ADAS/AD; and IoT, including consumer electronic devices, industrial devices, and edge networking products. The QTL segment grants licenses or provides rights to use portions of its intellectual property portfolio, which include various patent rights useful in the manufacture and sale of wireless products comprising products implementing LTE, and/or OFDMA-based 5G products and derivatives; to use cellular standard-essential patents, including 3G, 4G and 5G for cellular devices. The QSI segment invests in early-stage companies in various industries, including 5G, artificial intelligence, automotive, consumer, enterprise, cloud, IoT, and extended reality, and investments, including non-marketable equity securities and, to a lesser extent, marketable equity securities, and convertible debt instruments. It also provides development, and other services and sells related products to the United States government agencies and their contractors. In addition, the company is also involved in Qualcomm government technologies and data center businesses. QUALCOMM Incorporated was incorporated in 1985 and is headquartered in San Diego, California.
www.qualcomm.com ↗Shares trade at a moderate 18.9× trailing earnings, easing to 16.1× on forward estimates. Profitability shows a net margin of 22.3% and return on equity of 36.1%. Leverage is modest at 0.4× net debt/EBITDA. Revenue grew -3.5% year-on-year. It yields 2.1% in dividends. The mean analyst target of USD215.42 sits 22.2% above the current price (Hold, 31 analysts).
business model
Qualcomm designs and licenses wireless and semiconductor technologies, earning revenue both from selling chipsets (notably for smartphones, automotive, and IoT) and from licensing its intellectual property portfolio, especially cellular standards, to device makers. Its dual model combines a product business with a high-margin patent-licensing business.
revenue segments
Revenue is reported primarily through QCT (Qualcomm CDMA Technologies), which sells chips across Handsets, Automotive, and IoT, and QTL (Qualcomm Technology Licensing), which collects royalties on wireless-standard patents. Handsets remain the largest chip market, with automotive and IoT positioned as diversification growth areas.
key dependencies
Depends on smartphone demand and premium-tier volumes, key customer relationships (including a large handset OEM that is developing its own modems), licensing agreements and their renewals, foundry partners for manufacturing, and adoption of 5G and on-device AI. Automotive design-win pipelines are increasingly important.
competitors
Competes in chipsets with MediaTek, Apple's in-house silicon efforts, Samsung, and, in adjacent compute and AI, with Nvidia, AMD, and Intel; in automotive and IoT it faces Nvidia, Intel/Mobileye, and NXP. Its licensing business faces disputes and alternative standards-essential patent holders.
moat
Its moat comes from a deep portfolio of standards-essential wireless patents generating recurring royalties, leadership in advanced mobile and modem chip design, and system-level integration expertise that is difficult to replicate. The licensing business provides high-margin, technology-linked cash flow.
risks
Risks include smartphone-market cyclicality and maturity, concentration with major customers who may move to in-house chips, litigation and regulatory challenges to its licensing model, geopolitical and China-related exposure, and execution risk in diversifying into automotive, IoT, and PC compute.
Financials & metrics
as of 28 Aug 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $44.28B | $38.96B | $35.82B | $44.20B | — |
| Cost of revenue | $19.74B | $17.06B | $15.87B | $18.64B | — |
| Gross profit | $24.55B | $21.90B | $19.95B | $25.57B | — |
| Operating expense | $12.15B | $11.65B | $11.30B | $9.71B | — |
| R&D | $9.04B | $8.89B | $8.82B | $8.19B | — |
| Operating income | $12.39B | $10.25B | $8.65B | $15.86B | — |
| Interest expense | $664.00M | $697.00M | $694.00M | $490.00M | — |
| Pretax income | $12.66B | $10.34B | $7.44B | $15.00B | — |
| Tax provision | $7.12B | $226.00M | $104.00M | $2.01B | — |
| Net income | $5.54B | $10.14B | $7.23B | $12.94B | — |
| EBITDA | $14.93B | $12.74B | $9.95B | $17.25B | — |
| Diluted EPS | $5.01 | $8.97 | $6.42 | $11.37 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $50.14B | $55.15B | $51.04B | $49.01B | — |
| Current assets | $25.75B | $25.23B | $22.46B | $20.72B | — |
| Cash & equivalents | $5.52B | $7.85B | $8.45B | $2.77B | — |
| Inventory | $6.53B | $6.42B | $6.42B | $6.34B | — |
| Total liabilities | $28.94B | $28.88B | $29.46B | $31.00B | — |
| Current liabilities | $9.14B | $10.50B | $9.63B | $11.87B | — |
| Total debt | $14.81B | $14.63B | $15.40B | $15.48B | — |
| Long-term debt | $14.81B | $13.27B | $14.48B | $13.54B | — |
| Shareholders' equity | $21.21B | $26.27B | $21.58B | $18.01B | — |
| Retained earnings | $20.65B | $25.69B | $20.73B | $17.84B | — |
| Working capital | $16.61B | $14.73B | $12.84B | $8.86B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $14.01B | $12.20B | $11.30B | $9.10B | — |
| Investing cash flow | -$800.00M | -$3.62B | $762.00M | -$5.80B | — |
| Financing cash flow | -$13.20B | -$9.27B | -$6.66B | -$7.20B | — |
| Capital expenditure | -$1.19B | -$1.04B | -$1.45B | -$2.26B | — |
| Free cash flow | $12.82B | $11.16B | $9.85B | $6.83B | — |
| Dividends paid | -$3.81B | -$3.69B | -$3.46B | -$3.21B | — |
| Share buybacks | -$8.79B | -$4.12B | -$2.97B | -$3.13B | — |
| End cash position | $7.84B | $7.85B | $8.53B | $3.10B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 28 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
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