Qualcomm Inc

Company facts

Industry

Radio & Tv Broadcasting & Communications Equipment

Headquarters

San Diego, California

Most recent report

10-K, filed Nov 4, 2026

Incorporated

Delaware

Filings on record

1,011+ filings

On EDGAR

CIK 804328

Fiscal year ends

September

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 27 sections worth reading, with 0 positive, 12 notable, and 8 negative flags.

• Risk Factors (Item 1A)

  Company-specific risks: Apple modem loss, China concentration, vertical integration, licensing litigation.
  Notable

  • Growth depends on expansion beyond handsets into automotive, IoT, and data center; these investments may not generate expected returns.
  Negative

  • Significant revenue from Chinese customers; U.S./China tensions could limit sales, delay payments, or push customers to local chips.
  • Apple will primarily use its own modems, a major revenue loss for QCT. Timing and offset from non-handset growth uncertain.
  • Customers like Samsung and Xiaomi develop their own chips, reducing demand for Qualcomm's products.
  • Adverse rulings in licensing investigations could force lower royalty rates or change royalty base, harming high-margin licensing revenue.
  • Dependence on limited foundry suppliers, mostly in Asia; geopolitical conflict involving Taiwan could severely disrupt chip supply.

• Management's Discussion (Item 7)

  Revenue down 3%, net income up 146% on a $5.7B tax benefit; Apple modem loss; $18.6B purchase commitments.
  Notable

  • Net income rose 146% to $13.6B in FY2026, but this was driven by a one-time $5.7B tax benefit, not operations.
  • Memory supply constraints and price increases are expected to continue hurting handset OEM demand and Qualcomm's results.
  • Data Center revenue growth expected from custom silicon agreements with large hyperscale customers starting Q1 FY2027.
  Negative

  • Apple will primarily use its own modem, not Qualcomm's, going forward, significantly hurting QCT revenue and cash flows.
  • Purchase commitments total $18.6B, with $13.8B due in 12 months, against $7.7B of cash and securities.

• Market Risk (Item 7A)

  Quantified FX risk on $2.7B Korean tax receivable; $5B interest rate swaps; $2B non-marketable equity.
  Notable

  • $499M in commercial paper outstanding at September 27, 2026, with negligible interest rate risk due to short maturities.
  • Interest rate swaps notional grew to $5.0B at September 27, 2026 from $3.6B a year earlier, converting fixed to floating debt payments.
  • Non-marketable equity investments total $2.0B across over 150 companies as of September 27, 2026, with no material impairments in the periods.
  • Marketable equity securities of $679M at September 27, 2026; a 10% price drop would not cause a material earnings loss.
  Negative

  • A 10% adverse FX move would cause a $271M loss on the $2.7B Korean tax receivable as of September 27, 2026.

• Form 10-K Summary (Item 16)

  Full financial statements, notes, and audit report with critical tax and acquisition details.
  Notable

  • Released $5.7B valuation allowance on federal deferred tax assets in Q2 FY2026 after Treasury Notice 2026-07.
  • Issued warrant to Amazon affiliate for up to 25M shares at $161.26, tied to up to $60B in purchase commitments.
  • Arm litigation ongoing: jury found for Qualcomm on key claims in Dec 2024; Arm appealed; second trial in Oct 2026.
  • Completed acquisitions of Alphawave ($2.3B) and Modular ($2.6B) in FY2026 to accelerate data center expansion.

What changed: FY2026 vs. FY2025

About 12% of QCOM's FY2026 10-K is new information. 80 paragraphs were added, 281 changed, and 123 removed. Below are the most important lines SECSift identified.

• Form 10-K Summary (Item 16) 95
• Risk Factors (Item 1A) 71
• Management's Discussion (Item 7) 70
• Business (Item 1) 55
• Market Risk (Item 7A) 6
• Exhibits (Item 15) 6
• Cybersecurity (Item 1C) 5
• Market for the Stock (Item 5) 5
• Controls and Procedures (Item 9A) 3
• Other Information (Item 9B) 1
• Properties (Item 2) 1
• Directors and Officers (Item 10) 1