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QUALCOMM Incorporated

QCOM

Technology Semiconductors

QUALCOMM Incorporated’s revenue for fiscal 2026 (year ended September 2026) was $43.1 billion, down 2.63% from fiscal 2025.

Revenue
−8.42%
EPS
+140.8%
Free cash flow
−49.4%
Total debt
+2.03%

Quarter to September 2026, against a year earlier

179.84 3.27 +1.85%
Market cap
$188.9B
P/E
13.8×
Fwd P/E
27.9×
Dividend yield
2.05%
F-score
5/9
ROIC
14.3%
Net debt / EBITDA
0.7×
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2024

  • QCT
  • QTL
  • QSI

Every year since 2009 →

Insider Decisions last twelve months

Net sold
$21.4M
Trades
32 sells · 0 buys
Ownership
0.19%

Capital & Financial Ratios $m

Size
Market Cap 188,930
Revenue ttm 43,120
Net income ttm 13,628
Free cash flow ttm 8,651
Net debt Q 7,431
Valuation
P/E 13.8
Forward P/E 27.9
Price / sales 4.3
Forward P/S Powerpack
Price / FCF 21.7
Price / book 6.2 (above 6: high)
Financial health
Current ratio Q 1.9 (at or above 1.5: strong)
Debt / equity Q 0.5 (at or below 0.5: strong)
Interest coverage Q 8.0
Growth
Revenue growth Q −8.4% (below 0%: shrinking)
Operating income growth Q −53.5% (below 0%: shrinking)
EPS, this year −7.9% (below 0%: weak)
EPS, next year A +24.8% (at or above 15%: strong)
Revenue, next year A +4.5%
EPS, past 5 yrs +10.1%
EPS, next 5 yrs A +15.5% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.5×, against a ten-year median of 4.0×; over the ten years it ranged from 2.6× in 2016 to 7.3× in 2020.
P/E against its own 10 years 12.82%
10-year low 10-year high
P/S against its own 10 years 66.20%
10-year low 10-year high
P/B against its own 10 years 32.44%
10-year low 10-year high
EV/Sales against its own 10 years 69.79%
10-year low 10-year high
EV/FCF against its own 10 years 86.82%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.05%
Annual rate
3.62
Payout ratio
28.5%
Growth, 2017–25
+5.81%/yr
  1. 2.24 ’17
  2. 2.43 ’18 +8
  3. 2.48 ’19 +2
  4. 2.57 ’20 +4
  5. 2.72 ’21 +6
  6. 2.93 ’22 +8
  7. 3.15 ’23 +8
  8. 3.35 ’24 +6
  9. 3.52 ’25 +5
  10. 3.62 ’26e +3
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 11,324 13,300 12,478 7,681
Receivables 3,183 3,929 4,315 4,199
Inventory 6,422 6,423 6,526 8,640
Other 1,535 1,579 2,435 1,752
22,464 25,231 25,754 22,272
2023 2024 2025 2026
Payables 1,912 2,584 2,791 3,056
ST’ Debt 914 1,364 — 2,492
Other 4,824 4,425 4,156 4,555
9,628 10,504 9,144 11,978

Compound Annual Growth %

10y 5y 3y
Sales 6.23% 5.14% 6.38%
Cash Flow 3.86% 1.13% (0.46%)
Earnings 9.10% 8.55% 23.52%
Book Value (0.44%) 25.03% 12.10%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 2.16 Actual 2.17

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 3.39 3.50 Beat by 0.11
Q2 FY26 2.57 2.65 Beat by 0.08
Q3 FY26 2.22 2.21 Miss by 0.01
Q4 FY26 2.16 2.17 Beat by 0.01
Q1 FY27 2.36 — Reports 3 February 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 2.78 6.88 1.87 1.17 12.70
’25 2.83 2.52 2.43 (2.89) 5.01
’24 2.46 2.06 1.88 2.59 8.97
’23 1.98 1.52 1.60 1.32 6.42
’22 2.98 2.57 3.29 2.54 11.37
’21 2.12 1.53 1.77 2.45 7.87
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 12,252 10,599 9,947 10,322 43,120
’25 11,669 10,979 10,365 11,271 44,284
’24 9,935 9,389 9,393 10,245 38,962
’23 9,463 9,275 8,451 8,631 35,820
’22 10,705 11,164 10,936 11,395 44,200
’21 8,235 7,935 8,060 9,336 33,566
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 4,965 2,449 991 2,740 11,145
’25 4,587 2,554 2,875 3,996 14,012
’24 2,949 3,554 3,052 2,647 12,202
’23 3,095 1,457 2,657 4,090 11,299
’22 2,057 2,698 2,895 1,446 9,096
’21 3,175 2,911 3,373 1,077 10,536
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 4,416 1,916 495 1,824 8,651
’25 4,310 2,340 2,581 3,603 12,834
’24 2,735 3,370 2,665 2,401 11,171
’23 2,808 1,014 2,351 3,803 9,976
’22 1,474 2,207 2,341 817 6,839
’21 2,706 2,428 2,867 650 8,651
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.1% a year for ten years. It grew 5.3% a year over the last ten.

Implied
14.1%
10 years, reported
5.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 22,258 22,611 24,273 23,531 33,566 44,200 35,820 38,962 44,284 43,120 +7.6% 45,074 52,474 63,181 +13.6%
Gross margin, % 56.01 54.69 64.57 60.67 57.51 57.84 55.70 56.21 55.43 53.10 (2.9) pt
EBT 2,987 392 7,481 5,719 10,274 14,998 7,443 10,336 12,663 9,414 +13.6%
EBT margin, % 13.42 1.73 30.82 24.30 30.61 33.93 20.78 26.53 28.59 21.83 +8.4 pt
Net income 2,444 (4,964) 4,386 5,198 9,043 12,986 7,339 10,110 5,541 13,628 +21.0%
Per share, $
Per share, $ Revenue 15.07 15.46 20.06 20.73 29.68 39.36 32.07 34.91 40.41 40.53 +11.6%
Earnings 1.67 (3.32) 3.63 4.58 7.99 11.52 6.47 9.09 5.05 12.81 +25.4%
Cash flow 3.39 2.67 6.02 5.12 9.32 8.10 10.12 10.93 12.78 10.47 +13.4%
Capex (0.47) 5.74 (0.57) (1.24) (1.67) (2.01) (1.18) (0.92) (1.07) (2.34) +19.6%
Free cash flow 2.92 8.42 5.45 3.88 7.65 6.09 8.93 10.01 11.71 8.13 +12.1%
Book value 20.82 0.55 4.06 5.35 8.80 16.04 19.32 23.54 19.35 28.57 +3.6%
Shares, m 1,477 1,463 1,210 1,135 1,131 1,123 1,117 1,116 1,096 1,064 (3.6%)
Valuation, ×
Valuation, × P/E 31.07 0.00 21.07 25.64 16.14 9.82 17.17 18.71 33.54 14.38 18.8
P/S 3.44 4.70 3.80 5.68 4.35 2.87 3.46 4.87 4.12 4.53 4.2
P/B 2.49 131.62 18.80 21.98 14.66 7.04 5.75 7.22 8.60 6.43 22.5
EV/Sales 2.75 4.89 3.95 5.87 4.45 3.08 3.58 4.91 4.20 4.71 4.2
EV/FCF 14.20 8.97 14.55 31.33 17.25 19.88 12.85 17.11 14.50 23.45 17.4
Cash, $m
Cash, $m Operating cash flow 5,001 3,908 7,286 5,814 10,536 9,096 11,299 12,202 14,012 11,145 +9.3%
Capex (690) 8,404 (689) (1,407) (1,885) (2,257) (1,323) (1,031) (1,178) (2,494) +15.3%
Free cash flow 4,311 12,312 6,597 4,407 8,651 6,839 9,976 11,171 12,834 8,651 +8.0%
Balance, $m
Balance, $m Working capital 32,686 5,995 7,830 9,847 8,124 8,858 12,836 14,727 16,610 10,294 (12.0%)
Net debt (15,415) 4,282 3,673 4,512 3,331 9,100 4,074 1,334 2,333 7,431 n/m
Shareholders’ equity 30,746 807 4,909 6,077 9,950 18,013 21,581 26,274 21,206 30,401 (0.1%)
Returns, %
Returns, % ROA 4.15 (10.11) 13.36 15.17 23.54 28.67 14.46 19.10 10.52 24.56 +20.4 pt
ROIC 10.52 7.63 55.84 36.92 46.07 36.56 18.97 22.80 32.80 14.30 +3.8 pt
ROE 7.82 (31.46) 153.46 94.63 112.85 92.52 36.53 42.39 23.34 52.81 +45.0 pt
People
People Employees 33,800 35,400 37,000 41,000 45,000 51,000 50,000 49,000 52,000 57,000 +6.0%
Revenue/emp, $m 0.66 0.64 0.66 0.57 0.75 0.87 0.72 0.80 0.85 0.76 +1.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 10 Nov 2026

Business profile

Updated

Qualcomm develops chips, software and wireless technologies used by manufacturers of phones, cars, computers, connected devices and data-center equipment. Founded in 1985 and headquartered in San Diego, the company is led by President and Chief Executive Officer Cristiano R. Amon.

Its semiconductor business supplies processors, modems and other components that let devices compute, connect to networks and run applications. Snapdragon platforms combine several of these functions for smartphones, PCs and other products. In vehicles, Snapdragon Digital Chassis platforms provide connectivity, digital cockpit and assisted-driving capabilities. Dragonwing products serve industrial, networking and robotics applications.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by segment, and margins
QCT 33,196 85.20%
QTL 5,572 14.30%
QSI 18 0.05%
Gross margin 56.21%
Operating margin 25.85%
Pre-tax margin 26.53%

Revenue by segment since 2009

QUALCOMM Incorporated vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INTC Intel Corporation $332.2B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m 0.00% 40.36% 11.14% Compare
TXN Texas Instruments Incorporated $283.1B 39.8× 30.6× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $217.6B 233× 161× +27.14% (above 0%: growing) −44.73% (below 0%: shrinking) −69.56% (below 0%: shrinking) 97.09% 13.93% Compare
ADI Analog Devices, Inc. $198.2B 48.2× 36.6× +39.63% (above 0%: growing) +162.86% (above 0%: growing) +34.29% (above 0%: growing) 67.32% 40.10% Compare
QCOM QUALCOMM Incorporated $188.9B 13.8× 27.9× −8.42% (below 0%: shrinking) n/m −49.38% (below 0%: shrinking) 50.75% 13.14%
MRVL Marvell Technology, Inc. $148.0B 55.0× 78.4× +36.55% (above 0%: growing) +47.83% (above 0%: growing) +14.45% (above 0%: growing) 53.14% 16.78% Compare
ASX ASE Technology Holding Co., Ltd. $83.5B 34.2× 31.6× +35.74% (above 0%: growing) +126.53% (above 0%: growing) −127.04% (below 0%: shrinking) 22.10% 13.57% Compare
MPWR Monolithic Power Systems, Inc. $72.1B 81.1× 54.9× +63.11% (above 0%: growing) +48.55% (above 0%: growing) +1,311.55% (above 0%: growing) 55.35% 29.75% Compare
NXPI NXP Semiconductors N.V. $67.9B 21.1× 17.0× +19.32% (above 0%: growing) +40.40% (above 0%: growing) +140.74% (above 0%: growing) 57.82% 32.44% Compare
Median of peers $173.1B 48.2× 36.6× +31.72% +48.55% +24.37% 56.59% 23.27%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • CEO Cristiano Amon said Qualcomm’s China Android business grew sequentially in the September quarter after reaching a low point in June.
  • CFO Akash Palkhiwala said data-center revenue should ramp through fiscal 2027, with supply rather than demand limiting potential revenue above the company’s target.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Nov 11, 2026 Reiterated Underperform —
TD Cowen Nov 11, 2026 Target cut Buy 200.00 → 185.00
Barclays Nov 5, 2026 Target cut Sell 180.00 → 150.00
Susquehanna Nov 5, 2026 Target cut — 165.00
Bernstein Nov 3, 2026 Target cut Hold 165.00 → 155.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 78.77%
Held by the ten largest 39.47%
Holder Shares Stake Change
Vanguard 114.03m 10.79% −789.79k
BlackRock 95.15m 9.00% −10.86m
State Street 52.76m 4.99% +671.54k
Invesco 36.10m 3.42% +856.37k
Geode Capital Management 29.65m 2.80% −88.61k
Charles Schwab 22.32m 2.11% −8.55m
VanEck 17.20m 1.63% +3.18m
Morgan Stanley 17.10m 1.62% −2.89m
UBS 16.66m 1.58% −5.93m
Norges Bank 16.21m 1.53% +16.21m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 22 January 2026

Ownership

Directors and executive officers, together less than 1%
Vanguard Group Inc. 10.53%
BlackRock, Inc. 8.71%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

QUALCOMM Incorporated (QCOM) Latest News

12 Nov

Impact 3 · · Trefis
Impact 3 ·
Impact 3 ·
Impact 3 · · Zacks

11 Nov

Impact 3 · · TheStreet
Impact 3 · · Insider Monkey
Impact 3 · · Proactive Investors

10 Nov

Impact 3 · · The Motley Fool
Impact 3 · · Investing.com
Impact 3 · · 24/7 Wall St.

9 Nov

Impact 3 · · Barchart
Impact 3 · · The Motley Fool
Impact 3 · · Simply Wall St.

8 Nov

Impact 3 · · Barchart
Impact 3 · · Simply Wall St.
Impact 3 · · TIKR
Impact 3 · · The Motley Fool

6 Nov

Impact 3 · · TIKR
Impact 3 · · TIKR
Impact 3 · · GuruFocus.com
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis
Impact 3 · · Simply Wall St.

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · TIKR
Impact 3 · · TipRanks
Impact 3 · · Investing.com
Impact 3 · · GuruFocus.com
Impact 3 · · GuruFocus.com

QCOM metrics, ten years each

stockrow.com/QCOM · Data as of Nov 10, 2026 · For information only; not investment advice. · © 2026 stockrow.com