undamentalytics Newsletter
Sign in

Qualcomm (QCOM) stock

Add to watchlist

Add holding +

NASDAQ: QCOM Nasdaq Semiconductors Next results ~November 4, 2026

C+ Fundamentals grade

Qualcomm is a US-listed company in the semiconductors industry. Its financial year ends in September.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$160

Cash-flow model

Base case. Range ~$110–$210 across our lower- and higher-growth cases (-1.8%–8.2% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 5% above our base value.

Price used: $162.08, November 2, 2026

Qualcomm valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Qualcomm files

Where Qualcomm stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $44.1bn, up 1.9% on a year earlier, slower than 5.2% a quarter earlier. That puts it 28 of 33 for growth among the semiconductor companies we cover. Free-cash-flow margin fell to 23.6% from 26.9% a year earlier. Operating margin narrowed to 23.2% from 27.8%. The diluted share count is down 3.6% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $145 a share, against a share price of $175. At that price, our model says the market is pricing in about 6.4% a year of cash-flow growth for five years, close to the 5.6% a year revenue growth it has delivered.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Qualcomm's trailing-twelve-month revenue grew 1.9% year on year, with a free-cash-flow margin of 23.6%. Where it stands out: change in share count of -3.6% ranks 5 of 72 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$160 per share in the base case (~$110–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 1.9% (-3.3pp vs the prior quarter), the 5th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 23.6% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.
  • Shrinking share count. Diluted shares fell 3.6% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 4 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 4.6 points on a year ago.
  • Volatile shares. Over the past year the shares showed annualised volatility of 54% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 6 insiders sold $22M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Growth easing. The growth rate is 3.3 points lower than a quarter earlier.
  • Below peers: change in growth rate. Change in growth rate of -3.3pp ranks 59 of 75 semiconductor companies we cover (median +3.7pp).

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
$2.21 against an average estimate of $2.23: missed by 0.7%
Revenue
$9.95bn, down 4.0% on a year earlier
Share reaction
-6.9% in the first session after the results on July 29, 2026, against +0.1% for the S&P 500
Guidance given
revenues $9.7bn to $10.5bn (Q4 FY26 Estimates); QCT revenues $8.4bn to $9bn (Q4 FY26 Estimates)
Next report
November 4, 2026; average EPS estimate $2.16

Qualcomm's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.6%
  • 1 week-9.8%
  • 1 month-12.3%
  • This year-3.8%
  • 1 year-8.5%
  • 5 years+30.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$44.1B
Operating margin
23.2%
Net margin
21.0%
EPS (TTM, diluted)
$8.61

Growth

Revenue growth
+1.9%
Change in growth rate
−3.3 pts
Share count change
−3.6%

Cash

Free cash flow (TTM)
$10.4B
FCF margin
23.6%
Stock pay % of revenue
7.4%

Earnings

Last results
July 29, 2026
Next results (est.)
November 4, 2026

News & updates

Updated November 1, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Dividend
  3. Regulatory

    Qualcomm wins patent trial against Apple

    Qualcomm said a jury returned a verdict in its favour in a patent dispute with Apple. The company stated that the outcome resolves the specific claims brought by the plaintiff. No financial figures or dates were provided in the release.

    Company releaseRead source ↗
  4. Insider trade
  5. Insider trade
  6. Announcement
  7. Share issue
  8. Announcement
  9. Announcement
  10. Results
  11. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Qualcomm valuation models and calculator

What the price is pricing in

The share price implies about 3.5% a year of cash-flow growth for five years.That is close to the 5.6% a year revenue growth Qualcomm has delivered.

  • Priced in3.5%
  • Last 12 months1.9%
  • 3 years a year4.5%
  • 5 years a year5.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($162.12, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$160
Price used
$162.12close November 3, 2026
Implied change
▼ 4%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Qualcomm's free cash flow after stock-based pay with after-tax interest added back ($9.8B, FY2026 Q3 TTM), growing -0.6% and 3.7% in the next two years (forecasts, guidance and its record), then back to 3.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$110–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Qualcomm's free cash flow after stock-based pay ( $9.8B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Qualcomm as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$160 ~$110–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$140–$270 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$99 ~$89–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$140 ~$99–$160 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Qualcomm with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $129$176$239$323$431$571
8.5% $97$132$177$237$314$414
10% $78$105$140$186$245$320

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$47.91$41.30$59.23$65.55$100.79$120.09$110.77$101.05$162.99$165.75$162.08
Market value$71.8bn$61.5bn$86.7bn$80.0bn$115.8bn$138.0bn$125.9bn$113.8bn$184.2bn$183.2bn$174.4bn
+ Net debt (− = net cash)$5.8bn−$14.1bn$4.6bn$4.1bn$9.0bn$8.6bn$12.7bn$6.9bn$6.8bn$9.3bn$8.7bn
Enterprise value$77.6bn$47.4bn$91.3bn$84.1bn$124.8bn$146.6bn$138.6bn$120.7bn$191.0bn$192.4bn$183.1bn
Multiples
Price / sales 3.0x2.8x3.8x3.3x4.9x4.1x2.8x3.2x4.7x4.1x4.0x
Price / earnings 12.6x25.2x—18.2x22.3x15.3x9.7x15.7x18.2x33.1x18.8x
Price / free cash flow 10.1x14.3x27.7x12.5x26.3x16.0x18.4x11.6x16.5x14.3x16.7x
EV / EBITDA 9.8x11.7x41.8x9.3x16.3x12.9x7.9x12.6x16.2x13.8x15.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

85 /100

Strong moat

How hard Qualcomm's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 22.7% of total assets over 8 years.

  • Pricing power 19 / 20

    Gross margin has been a median 56.6%, moving by 2.4 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 24.4%; its worst year was 7.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 21.6% of revenue.

  • Discipline 15 / 20

    The diluted share count fell 6.4% over five years; stock-based pay has been a median 5.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $10.1bn and EPS of $2.16 (range $2.09 to $2.24) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.48 −13% $42.9bn −3%
Next $10.19 −3% $44.9bn +5%

Next year's EPS estimate has moved −7.3% in 90 days, across 34 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.0% on 90 days ago. In the last 30 days, 0 analysts raised Qualcomm's forecast and 1 cut it.

Consensus EPS forecast Qualcomm, last 90 days
$10.00 $10.50 $11.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.81 Current fiscal year, 60 days ago: $10.52 Current fiscal year, 30 days ago: $10.48 Current fiscal year, 7 days ago: $10.48 Current fiscal year, Now: $10.48 $10.48 Next fiscal year, 90 days ago: $10.99 Next fiscal year, 60 days ago: $10.20 Next fiscal year, 30 days ago: $10.20 Next fiscal year, 7 days ago: $10.19 Next fiscal year, Now: $10.19 $10.19

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.81$10.99
60 days ago $10.52$10.20
30 days ago $10.48$10.20
7 days ago $10.48$10.19
Now $10.48$10.19

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $2.23 $2.21 −0.7%
Mar 2026 $2.56 $2.65 +3.3%
Dec 2025 $3.40 $3.50 +2.9%
Sept 2025 $2.88 $3.00 +4.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Revenues Q4 FY26 Estimates $9.7bn to $10.5bn
    “Revenues $9.7B - $10.5B” source
  • GAAP diluted EPS Q4 FY26 Estimates $1.22 to $1.42 GAAP
    “GAAP diluted EPS $1.22 - $1.42” source
  • Non-GAAP diluted EPS Q4 FY26 Estimates $2.05 to $2.25 Non-GAAP
    “Non-GAAP diluted EPS $2.05 - $2.25” source
  • non-handset revenues year-over-year growth · non-handset revenues, including Data Center fiscal 2026 about 24% growth
    “In the near term, we expect year-over-year growth in non-handset revenues, including Data Center, to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027 - a significant inflection point in the execution of our growth strategy.” source
  • non-handset revenues year-over-year growth · non-handset revenues, including Data Center fiscal 2027 about 60% growth
    “In the near term, we expect year-over-year growth in non-handset revenues, including Data Center, to accelerate from 24% in fiscal 2026 to greater than 60% in fiscal 2027 - a significant inflection point in the execution of our growth strategy.” source
  • QCT revenues Q4 FY26 Estimates $8.4bn to $9bn
    “QCT revenues $8.4B - $9.0B” source
Show 1 more item
  • QTL revenues Q4 FY26 Estimates $1.2bn to $1.4bn
    “QTL revenues $1.2B - $1.4B” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Qualcomm's revenue by -0.6% next year and +3.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.0%, weight 57%) , management guidance (-10.4%, weight 18%) and the company's own record (+3.2%, weight 24%) . How the weights are set.

Analyst recommendations

37 analysts, Oct 2026
Buy1130%
Hold2362%
Sell38%

Monthly trend

  1. Oct 202692337
  2. Sep 202692337
  3. Aug 202692337
  4. Jul 202692337

Counts of recommendations published by analysts covering Qualcomm, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.1%
of tradable shares
Days to cover
2.29
at average volume
Short interest, 1 month
−22%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
0.1%
of shares
Employees
52,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −8.5%

$177.21 on October 31, 2025 to $162.08

ThenNowEffect
Revenue (last 12 months) $43.3bn $44.1bn +1.9%
Net margin 26.8% 21.0% −21.5%
P/E multiple 17.1x 18.8x +10.2%
Share count 1116m 1076m +3.7%

Biggest factor: net margin.

Last 3 years +44.5%

$112.16 on November 3, 2023 to $162.08

ThenNowEffect
Revenue (last 12 months) $38.6bn $44.1bn +14.2%
Net margin 22.3% 21.0% −5.9%
P/E multiple 14.7x 18.8x +28.3%
Share count 1128m 1076m +4.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
QCOM+22%−39%+35%+8%+14%−4%
Industry peers (median)+36%−34%+15%−15%+19%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
QCOM58%33%50%33%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
QCOM−25%−44%−25%−33%−29%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 44% from December 15, 2021 to November 3, 2022. Getting back needed a 80% gain, reached on May 2, 2024, 546 days after the low.

Price behaviour

52-week range
$122.94 – $248.74
From 52-week high
−34.8%
vs 50-day average
−8.8%
vs 200-day average
−3.7%
Volatility (1 year)
54%
Beta vs S&P 500
2.14

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±6.6%
After a week
4 up, 8 down
typical move ±6.7%
After a month
7 up, 5 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
July 29, 2026 −6.9% +0.1% −3.3% +1.2%
April 29, 2026 +19.7% +1.0% +28.4% +67.3%
February 4, 2026 −7.4% −1.7% −4.2% −7.2%
November 5, 2025 +0.2% −0.7% +2.2% +1.7%
July 30, 2025 −9.5% −0.5% −10.0% −0.8%
April 30, 2025 −7.9% +0.7% −1.8% −1.1%
February 5, 2025 −2.1% +0.8% −1.6% −6.3%
November 6, 2024 +4.2% +3.3% −3.3% −3.4%
July 31, 2024 −1.8% +0.2% −6.5% +1.5%
May 1, 2024 +8.6% +0.6% +8.9% +23.5%
January 31, 2024 −3.3% −0.3% −0.1% +12.3%
November 1, 2023 +7.7% +3.0% +10.2% +19.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Qualcomm’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.28× the last 60 days’ realised volatility , richer than 69% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

QCOM Qualcomm Grade C+ $164

Own 100 shares, sell the $185 call expiring December 4, 2026 (32 days) for $3.50 a share — $350 per contract.

Previous session · Bid $3.50, ask $4.50, quoted Mon 2 Nov, 17:34 New York time with QCOM at $164. Option prices move with the shares: check the live chain at your broker before trading.

  • If QCOM ends below $185: you keep your shares and the $350 — 2.1% extra on the position, 24.3% a year at that pace.
  • If it ends above $185: your shares are sold at $185, a total return of 14.9% including the premium — at or above our value of ~$160.
$2.5k $0 −$3.2k Our value $160 Break-even $160.5 Price $164
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$350
Annualised
24.3%
Break-even
$160.5
Max gain
$2,450
Chance of selling
~28%

Results are expected around October 28, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $150 put and sell the $185 call, both expiring December 4, 2026 (32 days).

  • Net cost of $3.15 a share ($315 per contract of 100 shares).
  • Worst case at expiry: -10.5%, if the shares fall below $150 (-8.5% from today).
  • Best case at expiry: +10.9%, if the shares rise above $185 (+12.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $160: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Qualcomm in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Qualcomm
$35B $40B $45B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $35.8B Revenue (TTM), FY24 Q1: $36.3B Revenue (TTM), FY24 Q2: $36.4B Revenue (TTM), FY24 Q3: $37.3B Revenue (TTM), FY24 Q4: $39B Revenue (TTM), FY25 Q1: $40.7B Revenue (TTM), FY25 Q2: $42.3B Revenue (TTM), FY25 Q3: $43.3B Revenue (TTM), FY25 Q4: $44.3B Revenue (TTM), FY26 Q1: $44.9B Revenue (TTM), FY26 Q2: $44.5B Revenue (TTM), FY26 Q3: $44.1B $44.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $35.8B
FY24 Q1 $36.3B
FY24 Q2 $36.4B
FY24 Q3 $37.3B
FY24 Q4 $39B
FY25 Q1 $40.7B
FY25 Q2 $42.3B
FY25 Q3 $43.3B
FY25 Q4 $44.3B
FY26 Q1 $44.9B
FY26 Q2 $44.5B
FY26 Q3 $44.1B
Revenue growth, TTM YoY Qualcomm
-20% -10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -19.0% Revenue growth, TTM YoY, FY24 Q1: -15.5% Revenue growth, TTM YoY, FY24 Q2: -11.4% Revenue growth, TTM YoY, FY24 Q3: -3.2% Revenue growth, TTM YoY, FY24 Q4: 8.8% Revenue growth, TTM YoY, FY25 Q1: 12.1% Revenue growth, TTM YoY, FY25 Q2: 16.1% Revenue growth, TTM YoY, FY25 Q3: 15.8% Revenue growth, TTM YoY, FY25 Q4: 13.7% Revenue growth, TTM YoY, FY26 Q1: 10.3% Revenue growth, TTM YoY, FY26 Q2: 5.2% Revenue growth, TTM YoY, FY26 Q3: 1.9% 1.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -19.0%
FY24 Q1 -15.5%
FY24 Q2 -11.4%
FY24 Q3 -3.2%
FY24 Q4 8.8%
FY25 Q1 12.1%
FY25 Q2 16.1%
FY25 Q3 15.8%
FY25 Q4 13.7%
FY26 Q1 10.3%
FY26 Q2 5.2%
FY26 Q3 1.9%
Operating margin (TTM) Qualcomm
20% 22% 24% 26% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 21.7% Operating margin (TTM), FY24 Q1: 22.7% Operating margin (TTM), FY24 Q2: 23.4% Operating margin (TTM), FY24 Q3: 23.8% Operating margin (TTM), FY24 Q4: 25.8% Operating margin (TTM), FY25 Q1: 26.3% Operating margin (TTM), FY25 Q2: 27.1% Operating margin (TTM), FY25 Q3: 27.8% Operating margin (TTM), FY25 Q4: 27.9% Operating margin (TTM), FY26 Q1: 27.1% Operating margin (TTM), FY26 Q2: 25.5% Operating margin (TTM), FY26 Q3: 23.2% 23.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 21.7%
FY24 Q1 22.7%
FY24 Q2 23.4%
FY24 Q3 23.8%
FY24 Q4 25.8%
FY25 Q1 26.3%
FY25 Q2 27.1%
FY25 Q3 27.8%
FY25 Q4 27.9%
FY26 Q1 27.1%
FY26 Q2 25.5%
FY26 Q3 23.2%
FCF margin (TTM) Qualcomm
20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 27.5% FCF margin (TTM), FY24 Q1: 27.2% FCF margin (TTM), FY24 Q2: 33.7% FCF margin (TTM), FY24 Q3: 33.6% FCF margin (TTM), FY24 Q4: 28.6% FCF margin (TTM), FY25 Q1: 31.3% FCF margin (TTM), FY25 Q2: 27.7% FCF margin (TTM), FY25 Q3: 26.9% FCF margin (TTM), FY25 Q4: 28.9% FCF margin (TTM), FY26 Q1: 28.8% FCF margin (TTM), FY26 Q2: 28.1% FCF margin (TTM), FY26 Q3: 23.6% 23.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 27.5%
FY24 Q1 27.2%
FY24 Q2 33.7%
FY24 Q3 33.6%
FY24 Q4 28.6%
FY25 Q1 31.3%
FY25 Q2 27.7%
FY25 Q3 26.9%
FY25 Q4 28.9%
FY26 Q1 28.8%
FY26 Q2 28.1%
FY26 Q3 23.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Qualcomm took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $44.3B
  2. Other income $308M · 0.7%
  3. Cost of revenue $19.7B · 44.6%
  4. Gross profit $24.5B · 55.4%
  5. Research and development $9B · 20.4%
  6. Selling, general and admin $3.1B · 7.0%
  7. Operating income $12.4B · 27.9%
  8. Income tax $7.1B · 16.1%
  9. Net income $5.5B · 12.5%

Shares of revenue. Source: Qualcomm's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 10.4 11.0 15.0 19.1 24.9 26.5 25.3 23.6 22.3 22.6 24.3 23.5 33.6 44.2 35.8 39.0 44.3 44.1
Gross profit 7.4 7.7 10.1 12.0 15.0 15.8 14.9 13.8 12.5 12.4 15.7 14.3 19.3 25.6 20.0 21.9 24.5 23.9
EBITDA 3.2 4.4 6.1 6.6 8.2 8.7 7.0 7.9 4.0 2.2 9.1 7.6 11.4 17.6 9.6 11.8 14.0 11.8
Operating income 2.5 3.7 5.0 5.7 7.2 7.6 5.8 6.5 2.6 0.6 7.7 6.3 9.8 15.9 7.8 10.1 12.4 10.2
Net income 1.6 3.2 4.3 6.1 6.9 8.0 5.3 5.7 2.4 −5.0 4.4 5.2 9.0 12.9 7.2 10.1 5.5 9.3
Diluted EPS $0.95 $1.96 $2.52 $3.51 $3.91 $4.65 $3.22 $3.81 $1.64 −$3.39 $3.59 $4.52 $7.87 $11.37 $6.42 $8.97 $5.01 $8.61
Growth (year on year)
Revenue −6.8% +5.7% +36.2% +27.8% +30.0% +6.5% −4.6% −6.8% −5.5% +1.6% +7.4% −3.1% +42.6% +31.7% −19.0% +8.8% +13.7% +1.9%
EBITDA −24.1% +38.3% +38.6% +8.1% +25.4% +5.5% −19.7% +13.3% −49.0% −46.0% +315.6% −15.7% +48.7% +55.0% −45.5% +22.7% +18.5% −13.9%
Operating income −31.8% +46.6% +34.9% +13.1% +27.2% +4.4% −23.5% +12.4% −60.3% −75.9% +>999% −18.4% +56.5% +62.0% −50.9% +29.3% +22.7% −15.0%
Net income −49.6% +104.0% +31.2% +43.4% +12.2% +16.3% −33.8% +8.2% −57.1% −303.0% — +18.5% +74.0% +43.0% −44.1% +40.2% −45.4% −20.0%
Diluted EPS −50.0% +106.3% +28.6% +39.3% +11.4% +18.9% −30.8% +18.3% −57.0% −306.7% — +25.9% +74.1% +44.5% −43.5% +39.7% −44.1% −17.0%
Margins
Gross margin 70.9% 69.9% 67.4% 62.9% 60.5% 59.7% 58.9% 58.6% 56.0% 54.7% 64.6% 60.7% 57.5% 57.8% 55.7% 56.2% 55.4% 54.2%
EBITDA margin 30.6% 40.0% 40.7% 34.4% 33.2% 32.8% 27.6% 33.6% 18.2% 9.7% 37.4% 32.5% 33.9% 39.9% 26.8% 30.2% 31.5% 26.8%
Operating margin 24.5% 33.9% 33.6% 29.7% 29.1% 28.5% 22.8% 27.6% 11.6% 2.7% 31.6% 26.6% 29.2% 35.9% 21.7% 25.8% 27.9% 23.2%
Net margin 15.3% 29.6% 28.5% 31.9% 27.6% 30.1% 20.8% 24.2% 11.0% −22.0% 18.1% 22.1% 26.9% 29.3% 20.2% 26.0% 12.5% 21.0%
Free-cash-flow margin 61.7% 33.2% 28.8% 24.7% 31.1% 29.1% 17.8% 30.1% 19.4% 13.8% 26.4% 18.7% 25.8% 15.5% 27.5% 28.6% 28.9% 23.6%
Cash flow
Cash from operations 7.2 4.1 4.9 6.0 8.8 8.9 5.5 7.6 5.0 3.9 7.3 5.8 10.5 9.1 11.3 12.2 14.0 12.4
Capital spending 0.8 0.4 0.6 1.3 1.0 1.2 1.0 0.5 0.7 0.8 0.9 1.4 1.9 2.3 1.5 1.0 1.2 2.0
Free cash flow 6.4 3.7 4.3 4.7 7.7 7.7 4.5 7.1 4.3 3.1 6.4 4.4 8.6 6.8 9.8 11.2 12.8 10.4
Stock-based pay 0.6 0.6 0.8 1.0 1.1 1.1 1.0 0.9 0.9 0.9 1.0 1.2 1.7 2.0 2.5 2.6 2.8 3.2
Free cash flow after stock pay 5.8 3.0 3.5 3.7 6.6 6.6 3.5 6.2 3.4 2.2 5.4 3.2 7.0 4.8 7.4 8.5 10.0 7.2
Balance sheet
Cash 2.7 3.5 5.5 3.8 6.1 7.9 7.6 5.9 35.0 11.8 11.8 6.7 7.1 2.8 8.5 7.8 5.5 4.5
Total debt 0.0 0.0 1.0 0.0 0.0 0.0 11.0 11.8 20.9 16.4 15.9 15.7 15.7 15.5 15.4 14.6 14.8 13.3
Net debt (negative = net cash) −2.7 −3.5 −4.5 −3.8 −6.1 −7.9 3.4 5.8 −14.1 4.6 4.1 9.0 8.6 12.7 6.9 6.8 9.3 8.7
Diluted shares 1,673m 1,658m 1,691,000m 1,741m 1,754m 1,714m 1,639m 1,498m 1,490m 1,463m 1,220m 1,149m 1,149m 1,137m 1,126m 1,130m 1,105m 1,076m
Returned to shareholders
Dividends 1.1 1.2 1.3 1.6 2.1 2.6 2.9 3.0 3.3 3.5 3.0 2.9 3.0 3.2 3.5 3.7 3.8 3.8
Buybacks 0.3 3.0 0.1 1.3 4.6 4.5 11.2 3.9 1.3 22.6 1.8 2.5 3.4 3.1 3.0 4.1 8.8 9.3
Total returned 1.4 4.2 1.5 2.9 6.7 7.1 14.1 6.9 4.6 26.0 4.8 5.3 6.4 6.3 6.4 7.8 12.6 13.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 28, 2026
What it owns · $57.4bn
Short-term assets $23.0bnLonger-term assets $34.4bn
What it owes, and who funded it · $57.4bn
Short-term liabilities $11.4bnLonger-term liabilities $18.3bnShareholders' equity $27.7bn
  • Short-term assets cover short-term liabilities $23.0bn of assets due within a year against $11.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23.0bn short-term assets against $18.3bn of longer-dated liabilities.
  • More cash than debt $4.5bn of cash against $15.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 55% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 121% to 55% over five years.
  • A year's operating cash flow covers at least 20% of debt $12.4bn of operating cash flow against $15.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $10.2bn against $689m of interest.

From Qualcomm's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$9.3B
Dividends (TTM)
$3.8B
Returned to shareholders
126%
of free cash flow
Buybacks, last 3 fiscal years
$15.9B
Diluted share count
−3.6%
year over year
Total shareholder yield
7.6%
dividends 2.2% + buybacks 5.4% of market value
Dividend payout ratio
41%
of net income paid out
R&D spending
22.4%
of revenue
Sales & admin spending
8.3%
of revenue
Days sales outstanding
24 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated QCOM AMD INTC AVGO TXN ASX Median
Revenue, last 12 months $44.1bn $41.3bn $59.9bn $89.1bn $20.8bn $20.7bn $1.1bn
Revenue growth, last 12 months 1.9% 39.5% 12.1% 48.7% 20.3% 11.8% 13.7%
Revenue growth, 3-year average 4.5% 23.6% 4.2% 36.0% 4.7% — 3.9%
Revenue growth, latest quarter −4.0% 50.1% 20.9% 85.5% 27.7% — 20.1%
Gross margin 54.2% 53.2% 39.9% 68.8% 60.2% 17.7% 48.3%
Operating margin 23.2% 15.7% 2.9% 48.0% 40.8% 8.0% 4.8%
Operating margin, 3-year average 24.9% 9.0% −6.3% 37.9% 37.0% 9.3% 4.8%
Net margin 21.0% 15.6% −20.1% 42.9% 34.3% 6.2% 5.3%
Cash from operations / revenue 28.1% 24.4% 29.2% 45.6% 47.7% 22.0% 17.4%
Free-cash-flow margin 23.6% 20.3% 6.3% 44.2% 35.2% −3.6% 9.6%
Free-cash-flow margin, 3-year average 28.1% 13.3% −12.4% 41.9% 18.9% 1.9% 8.5%
Stock pay / revenue 7.4% 4.6% 3.9% 9.5% 2.0% 0.4% 5.8%
Change in share count −3.6% 1.1% 16.0% 0.2% 0.1% 0.9% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 1.9% 13.7% 54 of 75
Change in growth rate Growth -3.3pp +3.7pp 59 of 75
Gross margin Profitability 54.2% 48.3% 27 of 73
Operating margin Profitability 23.2% 4.8% 14 of 75
Net margin Profitability 21.0% 5.3% 15 of 75
Free-cash-flow margin Cash generation 23.6% 9.6% 15 of 75
Stock pay as % of revenue Cash generation 7.4% 6.4% 43 of 74
Long-term debt as % of assets Balance sheet 22.3% 14.0% 32 of 47
Change in share count Balance sheet -3.6% 0.9% 5 of 72
Days sales outstanding Balance sheet 24 days 58 days 5 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 28, 2025
Segments
Line of business Revenue Share YoY
Qct $38.4B 87.3% ▲ 15.6%
Qtl $5.6B 12.7% ▲ 0.2%
Qsi $0 0.0% ▼ 100.0%

From Qualcomm's 10-K filed November 5, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$155B
Institutions reporting
3,012
Shares held vs prior quarter
▼ 0.4%
Positions opened / closed
430 / 131

Top buyers and sellers, Q2 2026: 1,367 institutions bought and 1,472 sold ; the biggest buyer was Aspex Management (HK) Ltd (+6.4M shares) and the biggest seller Blackrock, Inc (−10.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $17.6B 95.2M 11.3% ▼ 10.2%
Vanguard Capital Management LLC $12.7B 68.8M 8.2% ▼ 0.7%
State Street Corp $9.8B 52.8M 6.3% ▲ 1.3%
Invesco Ltd. $6.7B 36.1M 4.3% ▲ 2.4%
Vanguard Portfolio Management LLC $6.3B 33.8M 4.0% ▼ 1.0%
Geode Capital Management, LLC $5.5B 29.6M 3.5% ▼ 0.3%
Charles Schwab Investment Management Inc $4.1B 22.3M 2.7% ▼ 27.7%
Van Eck Associates Corp $3.2B 17.2M 2.0% ▲ 22.7%
Morgan Stanley $3.2B 17.1M 2.0% ▼ 14.5%
Norges Bank $3B 16.2M 1.9% —
Price T Rowe Associates Inc $2.3B 12.6M 1.5% ▲ 67.2%
Northern Trust Corp $2.1B 11.3M 1.3% ▼ 4.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Qualcomm's complete shareholder register. Values are as reported by the filers ; 10 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $21.6M 120 trades by 6 insiders · 100% under pre-set plans
Net ▼ $21.6M net selling
Insider Date Trade Shares Price Value
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 306 $176.58 $54,033
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 940 $175.89 $165,336
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 738 $174.90 $129,074
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 144 $174.13 $25,075
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 196 $172.84 $33,877
Palkhiwala Akash J. EVP, CFO & COO October 20, 2026 Sell pre-set plan 176 $171.88 $30,252
Chaplin Ann C EVP, GenCounsel&CorpSecretary October 16, 2026 Sell pre-set plan 1,827 $174.75 $319,268
Grech Patricia Y SVP, Chief Accounting Officer October 2, 2026 Sell pre-set plan 98 $186.55 $18,282
Amon Cristiano R President & CEO September 25, 2026 Sell pre-set plan 10,000 $200.00 $2M
Amon Cristiano R President & CEO September 21, 2026 Sell pre-set plan 10,000 $195.00 $1.9M
Palkhiwala Akash J. EVP, CFO & COO September 11, 2026 Sell pre-set plan 696 $181.89 $126,595
Palkhiwala Akash J. EVP, CFO & COO September 11, 2026 Sell pre-set plan 347 $184.63 $64,067

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 114 trades and filings

In the last 12 months, 3 members of Congress disclosed 2 purchases and 5 sales of Qualcomm shares.

  • Maria Elvira Salazar(R-FL 27):Sale (full), $1,001 - $15,000, traded August 19, 2026, filed September 9, 2026
  • Maria Elvira Salazar(R-FL 27):Sale (full), $1,001 - $15,000, traded August 12, 2026, filed September 9, 2026
  • Maria Elvira Salazar(R-FL 27):Purchase, $15,001 - $50,000, traded May 13, 2026, filed June 8, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced

  • July 29, 2026
  • April 29, 2026
  • February 4, 2026
  • November 5, 2025
  • July 30, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Qualcomm was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Qualcomm in brief

What does Qualcomm do?
Qualcomm is a US-listed company in the semiconductors industry. Its financial year ends in September.
What is Qualcomm's stock ticker?
Qualcomm trades under the ticker QCOM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Qualcomm's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Qualcomm reported revenue of $44.1B, 1.9% higher than a year earlier, according to its SEC filings.
What is Qualcomm's free cash flow?
Qualcomm's free-cash-flow margin is 23.6% of revenue over the trailing twelve months, ranking 15 of the 75 semiconductor companies we cover.
What is Qualcomm's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Qualcomm's free cash flow after stock-based pay gives ~$160 per share in the base case, and ~$110–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Qualcomm's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Qualcomm buying back stock, and does it pay a dividend?
Qualcomm spent $9.3B on share repurchases over the trailing twelve months, and its diluted share count fell 3.6% over the year.
What is Qualcomm's market cap?
On November 2, 2026, Qualcomm's market capitalisation was about $174B, with a price-to-earnings ratio of 18.8 and net debt of $8.7B. Market figures come from third-party market data and may be delayed.
Does Qualcomm pay a dividend?
Yes: Qualcomm paid $3.8B in dividends over the trailing twelve months, a dividend yield of 2.23% and a payout ratio of 41.3%.
How much debt does Qualcomm have?
Qualcomm's debt-to-equity ratio is 55.2%, from its latest balance sheet (121.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Qualcomm's competitors?
In our Semiconductors peer group, the companies closest to Qualcomm are Advanced Micro Devices, Intel, Broadcom, Texas Instruments and ASE Technology Holding Co., Ltd. The side-by-side comparison below sets their revenue, margins and growth against Qualcomm's.
Are insiders buying or selling Qualcomm stock?
Over the last 12 months, Qualcomm's directors and officers reported 0 open-market purchases and 120 sales on Form 4. The insider trading page charts every trade.
When is Qualcomm's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Qualcomm announces its own schedule.