qcom-20250330

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 30, 2025


☐			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 1,098 million at April 28, 2025.

QUALCOMM Incorporated

Form 10-Q

For the Quarter Ended March 30, 2025


		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	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	26
Item 1A.	Risk Factors	26
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
Item 3.	Defaults Upon Senior Securities	49
Item 4.	Mine Safety Disclosures	49
Item 5.	Other Information	49
Item 6.	Exhibits	50

SIGNATURES		51

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 30, 2025		September 29, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	7,203	$	7,849
Marketable securities	6,643		5,451
Accounts receivable, net	3,699		3,929
Inventories	6,196		6,423


Other current assets	2,339		1,579
Total current assets	26,080		25,231

Deferred tax assets	5,750		5,162
Property, plant and equipment, net	4,410		4,665
Goodwill	10,948		10,799
Other intangible assets, net	1,183		1,244

Other assets	7,001		8,053
Total assets	$	55,372	$	55,154

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	2,479	$	2,584
Payroll and other benefits related liabilities	1,248		1,834
Unearned revenues	232		297
Short-term debt	1,365		1,364


Other current liabilities	4,220		4,425
Total current liabilities	9,544		10,504
Unearned revenues	82		88

Long-term debt	13,258		13,270


Other liabilities	4,760		5,018
Total liabilities	27,644		28,880

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; 1,100 and 1,113 shares issued and outstanding, respectively	—		—
Retained earnings	27,333		25,687
Accumulated other comprehensive income	395		587


Total stockholders’ equity	27,728		26,274
Total liabilities and stockholders’ equity	$	55,372	$	55,154

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three Months Ended				Six Months Ended
	March 30, 2025		March 24, 2024		March 30, 2025		March 24, 2024
Revenues:
Equipment and services	$	9,359	$	7,950	$	19,301	$	16,266
Licensing	1,620		1,439		3,348		3,059
Total revenues	10,979		9,389		22,649		19,325

Costs and expenses:
Cost of revenues	4,937		4,106		10,098		8,418
Research and development	2,216		2,236		4,446		4,332
Selling, general and administrative	706		707		1,430		1,335
Other	—		—		—		(28)
Total costs and expenses	7,859		7,049		15,974		14,057

Operating income	3,120		2,340		6,675		5,268
Interest expense	(163)		(172)		(326)		(350)
Investment and other income, net	148		330		391		542
Income from continuing operations before income taxes	3,105		2,498		6,740		5,460
Income tax expense	(293)		(223)		(748)		(373)
Income from continuing operations	2,812		2,275		5,992		5,087
Discontinued operations, net of income taxes	—		51		—		6


Net income	$	2,812	$	2,326	$	5,992	$	5,093

Basic earnings per share:
Continuing operations	$	2.55	$	2.03	$	5.41	$	4.55
Discontinued operations	—		0.05		—		0.01
Net income	$	2.55	$	2.08	$	5.41	$	4.56
Diluted earnings per share:
Continuing operations	$	2.52	$	2.02	$	5.36	$	4.50
Discontinued operations	—		0.04		—		0.01
Net income	$	2.52	$	2.06	$	5.36	$	4.51
Shares used in per share calculations:
Basic	1,104		1,117		1,107		1,116
Diluted	1,115		1,130		1,118		1,129

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended				Six Months Ended
	March 30, 2025		March 24, 2024		March 30, 2025		March 24, 2024
Net income	$	2,812	$	2,326	$	5,992	$	5,093
Other comprehensive income, net of income taxes:
Foreign currency translation gains (losses)	82		(62)		(134)		21
Net unrealized gains (losses) on available-for-sale debt securities	16		6		(22)		38
Net unrealized gains (losses) on derivative instruments	23		(13)		(36)		4
Other losses	—		(1)		—		—
Other reclassifications included in net income	1		15		—		17
Total other comprehensive income (loss)	122		(55)		(192)		80
Comprehensive income	$	2,934	$	2,271	$	5,800	$	5,173

See accompanying notes.

QUALCOMM Incorporated

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Six Months Ended
	March 30, 2025		March 24, 2024
Operating Activities:
Net income from continuing operations	$	5,992	$	5,087
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	833		848

Income tax provision less than income tax payments	(899)		(1,764)


Share-based compensation expense	1,461		1,307

Net gains on marketable securities and other investments	(9)		(273)

Impairment losses on other investments	41		62

Other items	(69)		(30)
Changes in assets and liabilities:
Accounts receivable, net	227		92
Inventories	202		328
Other assets	299		221
Trade accounts payable	(97)		420
Payroll, benefits and other liabilities	(773)		286
Unearned revenues	(67)		10
Net cash used by operating activities from discontinued operations	—		(91)
Net cash provided by operating activities	7,141		6,503
Investing Activities:
Capital expenditures	(491)		(398)
Purchases of debt and equity marketable securities	(3,326)		(2,842)
Proceeds from sales and maturities of debt and equity marketable securities	2,155		1,178






Acquisitions and other investments, net of cash acquired	(341)		(165)


Proceeds from other investments	41		62
Other items	2		(30)


Net cash used by investing activities	(1,960)		(2,195)
Financing Activities:
Proceeds from short-term debt	500		799
Repayment of short-term debt

SEC Form 10-Q filed by QUALCOMM Incorporated