Short answer
Qualcomm (QCOM) filed its fiscal 2025 10-K annual report with the SEC on Nov 5, 2025. It reported revenue of $44.3B (+13.7% year over year) and net income of $5.5B.
- Top risk flagged: Regulatory risk from U.S. tax reform under OBBB, $5.7B valuation allowance charged in 2025 impacting income tax expense
FY2025 key financial metrics · XBRL
- Revenue
- $44.3B
- +13.7% YoY
- Net income
- $5.5B
- −45.4% YoY
- Operating margin
- 27.9%
- +2.1 pp YoY
- EPS (diluted)
- $5.01
- −44.1% YoY
- ROE
- 26.1%
- −12.5 pp YoY
- Operating cash flow
- $14.0B
- +14.8% YoY
Source: XBRL data from the Qualcomm (QCOM) FY2025 10-K on SEC EDGAR. USD.
Qualcomm FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: development and commercialization of foundational technologies in AI, high-performance computing, wireless connectivity, and licensing of intellectual property
- New emphasis on on-device AI and expanded platforms supporting automotive and IoT applications for intelligent device ecosystems
- Strategic focus shift toward integrating advanced wireless and AI capabilities across broader industries beyond handsets
- Revenue growth: total revenues $44.3B in 2025 vs $39.0B in 2024, with QCT segment revenues at $38.4B
- Noteworthy fact: Incorporation of $2.3B restricted cash in current assets for the first time in 2025 balance sheet
Management Discussion & Analysis
- No operating margin or profit % changes reported; no significant impairments impacting profitability in fiscal 2025 vs 2024
- No cash flow, buybacks, dividends, or capex dollar amounts stated in MD&A section
- Recorded $5.7 billion valuation allowance on federal deferred tax assets due to CAMT beginning fiscal 2026; potential tax expense impact $127 million per 1% effective rate increase
Risk Factors
- Regulatory risk from U.S. tax reform under OBBB, $5.7B valuation allowance charged in 2025 impacting income tax expense
- Geopolitical exposure via acquisition of Alphawave IP Group plc, $2.4B enterprise value, pending regulatory approvals for closing in Q1 2026
- Supply chain commitments include $15.1B purchase obligations with integrated circuit suppliers, $10.5B payable within next 12 months
- Competitive risk from accelerated capital expenditures rising above $1.2B in 2025, driven by integrated circuit testing demands
- Financial risk with $14.8B debt outstanding including $15.1B fixed-rate notes maturing between 2027-2053 and $2.3B restricted cash for Alphawave acquisition
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