Qualcomm Inc.
QCOMFinancial Snapshot
ticker: QCOM step: 04 generated: 2026-05-12 source: quick-research
QUALCOMM Incorporated (QCOM) — Financial Snapshot
(Qualcomm's fiscal year ends in late September; FY2025 = year ending ~Sept 2025.)
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue (Non-GAAP) | $35.8B | $38.96B | $44.14B | +13% |
| Non-GAAP Operating Margin | ~28% | ~30% | ~31% | +100 bps |
| QCT Operating Margin | ~26% | ~28% | 30% | +200 bps |
| Non-GAAP EPS | $8.43 | $10.22 | $12.30 | +20% |
| GAAP EPS | $5.40 | $9.40 | $11.20 | +19% |
| Free Cash Flow | $9.7B | $11.2B | $12.8B | +14% (record) |
Segment Detail (Q4 FY2025 + FY2025 totals)
| Segment | Q4 FY25 | YoY (Q4) | FY25 Full Year Trends |
|---|---|---|---|
| QCT (total) | $9.8B | +13% | +16% FY YoY (non-Apple +18%) |
| - Handsets | $7.0B | +14% | +14% FY YoY |
| - IoT | $1.8B | +7% | +22% FY YoY |
| - Automotive | $1.1B | +17% | +36% FY YoY (Auto+IoT combined +27%) |
| QTL (licensing) | $1.4B | -7% | low-single-digit decline |
Cash Flow & Capital Allocation (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$13B |
| Free Cash Flow | $12.8B (record) |
| Capital Expenditures | ~$0.2B (asset-light fabless) |
| Share Repurchases | ~$5B |
| Dividends Paid | ~$3.8B |
| Quarterly Dividend | $0.89 |
| Dividend Yield | ~2.5% |
| Buyback Authorization Remaining | ~$20B |
| Cash & Marketable Securities | ~$13B |
| Total Debt | ~$15B |
| Net Cash Position | ~+$-2B (mostly net neutral) |
FY2026 Q1 Guidance
| Metric | Q1 FY26 Guide |
|---|---|
| Revenue | $11.8–12.6B |
| Non-GAAP EPS | $3.30–3.50 |
| QCT Revenue (implied) | ~$10.0–10.7B |
Key Ratios (approximate)
- P/E: ~13x (FY26 non-GAAP) | EV/EBITDA: ~11x | FCF Yield: ~7.3%
- Revenue Growth (FY25): +13% non-GAAP | FCF Margin: ~29%
- Non-GAAP Operating Margin: ~31% | QCT Operating Margin: 30%
- Dividend Yield: ~2.5% | Buyback Yield: ~3% (sustained)
- ROIC: ~30%+
Growth Profile
FY25 was a banner year — record FCF $12.8B, record revenue $44.1B, non-GAAP EPS $12.30 (+20%). The strategic narrative is diversification ahead of the Apple cliff: non-Apple QCT revenue grew +18% in FY25; Automotive grew +36%; IoT grew +22%. The Apple modem revenue trajectory — declining to ~20% share in 2026 and 0% by 2027 — is the binding constraint on QCOM's narrative. Bull thesis: Automotive + IoT + AI PC + Android growth more than offsets Apple decline; consensus models build conservatively. Bear thesis: Apple cliff in 2027 produces a 12-24 month earnings air-pocket as automotive/IoT scale.
The Snapdragon X2 Elite AI PC launch (CES 2026, 80 TOPS NPU) is a key new platform; Q1 FY26 guide of $11.8–12.6B with EPS $3.30–3.50 (~$13.20 annualized) implies continued mid-teens revenue growth.
Forward Estimates
FY2026 Annual (consensus):
- Revenue: ~$47–49B (+8–11%)
- Non-GAAP EPS: ~$13.50–14.50 (+10–18%)
Bull case: AI PCs ramp faster than expected; Automotive sustains +30%+; Android premium SoC growth holds; multiple expands to 16–18x P/E. Bear case: Apple modem cliff hits in FY27 (down $3–4B revenue overnight); Automotive ramp slower than $6B exit run-rate target; multiple compresses to 10x P/E on earnings air-pocket. Consensus targets ~$190–220 vs. trading ~$155–170 (~20–35% implied upside).
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $QCOM.