Qualcomm (QCOM) Q1 2023 Financial Results Summary
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Qualcomm (QCOM) Q4 2025 Financial Results Summary
Qualcomm Incorporated (NASDAQ: QCOM) announced its fiscal fourth quarter and year results ending September 28, 2025, on November 5, 2025.
Key Financial Metrics
- Fiscal 2025 GAAP Revenues: $44.3 billion, up 14% vs. $38.96 billion in Fiscal 2024
- Fiscal 2025 GAAP EPS: $5.01, down 44% vs. $8.97 in Fiscal 2024
- Fiscal 2025 Non-GAAP EPS: $12.03, up 18% vs. $10.22 in Fiscal 2024
Q4 2025 Results
- GAAP Revenues: $11.27 billion, up 10% vs. $10.24 billion in Q4 2024
- GAAP Earnings Before Taxes (EBT): $2.97 billion, up 14% vs. $2.60 billion in Q4 2024
- Net Loss: -$3.12 billion, a decrease of 207% vs. $2.92 billion net income in Q4 2024
- Diluted (Loss) Earnings per Share (EPS): -$2.89, down 212% vs. $2.59 in Q4 2024
- Non-GAAP Diluted EPS: $3.00, up 12% vs. $2.69 in Q4 2024
Fiscal Year Highlights
- Total QCT Non-Apple Revenue Growth: 18% Year-Over-Year
- Combined QCT Automotive and IoT Revenue Growth: 27% Year-Over-Year
Revenue Breakdown
Fourth Quarter Segment Results
- QCT Revenues:
- $9.82 billion in Q4 2025, up 13% vs. $8.68 billion in Q4 2024.
- QTL Revenues:
- $1.41 billion in Q4 2025, down 7% vs. $1.52 billion in Q4 2024.
Fiscal Year Revenue Breakdown
- QCT Revenues:
- $38.37 billion in Fiscal 2025, up 16% vs. $33.20 billion in Fiscal 2024.
- QTL Revenues:
- $5.58 billion in Fiscal 2025, nearly unchanged vs. $5.57 billion in Fiscal 2024.
QCT Revenue Streams
- Handsets:
- Q4 2025: $6.96 billion, up 14% vs. Q4 2024
- Fiscal 2025: $27.79 billion, up 12% vs. Fiscal 2024
- Automotive:
- Q4 2025: $1.05 billion, up 17% vs. Q4 2024
- Fiscal 2025: $3.96 billion, up 36% vs. Fiscal 2024
- IoT:
- Q4 2025: $1.81 billion, up 7% vs. Q4 2024
- Fiscal 2025: $6.62 billion, up 22% vs. Fiscal 2024
Comments from Management
Cristiano Amon, President and CEO, noted the strength of Qualcomm’s business, with record QCT revenues and significant growth in both automotive and IoT sectors.
Tax and Non-GAAP Adjustments
- A non-cash charge of $5.7 billion was recorded due to the new U.S. tax legislation, creating a valuation allowance against deferred tax assets, impacting GAAP results but excluded from Non-GAAP metrics.
- Future effective tax rates are expected to remain between 13% to 14%, with lower cash tax payments anticipated.
Return of Capital to Stockholders
- Q4 2025:
- Stock Repurchases: $2.44 billion for 16 million shares.
- Dividend Paid: $957 million; dividend per share: $0.89.
- Fiscal 2025 Total:
- Stock Repurchases: $8.79 billion for 56 million shares.
- Dividends Paid: $3.81 billion; dividend per share: $3.48.
Business Outlook for Q1 FY26
- Guidance for Revenues: $11.8 billion – $12.6 billion
- GAAP diluted EPS: $2.55 – $2.75
- Non-GAAP diluted EPS: $3.30 – $3.50
Qualcomm expects to continue its growth momentum into the next fiscal year, although future performance may be impacted by ongoing industry dynamics, particularly related to major customers and regulatory environments.
For further inquiries or detailed financial reviews, please contact Mauricio Lopez-Hodoyan, VP of Investor Relations, at Qualcomm.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amount in millions)
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| September 28, 2025 | September 29, 2024 | September 28, 2025 | September 29, 2024 | |
| Revenues: | ||||
| Equipment and services | $9,674 | $8,532 | $37,869 | $32,791 |
| Licensing | $1,596 | $1,712 | $6,415 | $6,171 |
| Total revenues | $11,270 | $10,244 | $44,284 | $38,962 |
| Costs and expenses: | ||||
| Cost of revenues | $5,033 | $4,467 | $19,738 | $17,060 |
| Research and development | $2,370 | $2,302 | $9,042 | $8,893 |
| Selling, general and administrative | $910 | $762 | $3,110 | $2,759 |
| Other | $39 | $132 | $39 | $179 |
| Total costs and expenses | $8,352 | $7,663 | $31,929 | $28,891 |
| Operating income | $2,918 | $2,581 | $12,355 | $10,071 |
| Interest expense | -$171 | -$178 | -$664 | -$697 |
| Investment and other income, net | $224 | $194 | $972 | $962 |
| Income from continuing operations | $2,971 | $2,597 | $12,663 | $10,336 |
| Income tax (expense) benefit | -$6,088 | $318 | -$7,122 | -$226 |
| Income (loss) from continuing operations | -$3,117 | $2,915 | $5,541 | $10,110 |
| Discontinued operations, net of income taxes | $— | $5 | $— | $32 |
| Net (loss) income | -$3,117 | $2,920 | $5,541 | $10,142 |
| Basic (loss) earnings per share: | ||||
| Continuing operations | -$2.89 | $2.62 | $5.05 | $9.06 |
| Discontinued operations | $— | $— | $— | $0.03 |
| Net income | -$2.89 | $2.62 | $5.05 | $9.09 |
| Diluted (loss) earnings per share: | ||||
| Continuing operations | -$2.89 | $2.59 | $5.01 | $8.94 |
| Discontinued operations | $— | $— | $— | $0.03 |
| Net income | -$2.89 | $2.59 | $5.01 | $8.97 |
| Shares used in per share calculations: | ||||
| Basic | 1,078 | 1,115 | 1,096 | 1,116 |
| Diluted | 1,078 | 1,129 | 1,105 | 1,130 |
CONSOLIDATED BALANCE SHEETS
(Amount in millions)
| September 28, 2025 | September 29, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $5,520 | $7,849 |
| Restricted cash | $2,323 | — |
| Marketable securities | $4,635 | $5,451 |
| Accounts receivable, net | $4,315 | $3,929 |
| Inventories | $6,526 | $6,423 |
| Other current assets | $2,435 | $1,579 |
| Total current assets | $25,754 | $25,231 |
| Deferred tax assets | $743 | $5,162 |
| Property, plant and equipment, net | $4,690 | $4,665 |
| Goodwill | $11,358 | $10,799 |
| Other intangible assets, net | $1,148 | $1,244 |
| Other assets | $6,450 | $8,053 |
| Total assets | $50,143 | $55,154 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Trade accounts payable | $2,791 | $2,584 |
| Payroll and other benefits related liabilities | $1,839 | $1,834 |
| Unearned revenues | $358 | $297 |
| Short-term debt | — | $1,364 |
| Other current liabilities | $4,156 | $4,425 |
| Total current liabilities | $9,144 | $10,504 |
| Unearned revenues | $71 | $88 |
| Long-term debt | $14,811 | $13,270 |
| Other liabilities | $4,911 | $5,018 |
| Total liabilities | $28,937 | $28,880 |
| 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; 1,074 and 1,113 shares | ||
| issued and outstanding, respectively | ||
| Retained earnings | $20,646 | $25,687 |
| Accumulated other comprehensive income | $560 | $587 |
| Total stockholders’ equity | $21,206 | $26,274 |
| Total liabilities and stockholders’ | $50,143 | $55,154 |
| equity |