Qualcomm (QCOM) FY2025 10-K Annual Report
Qualcomm (QCOM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Nov 5, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Qualcomm FY2025 10-K Analysis
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 revenue YoY figures or dollar amounts disclosed; sales-based royalties estimates consistent for fiscal 2025 and 2024
- • No operating margin or profit % changes reported; no significant impairments impacting profitability in fiscal 2025 vs 2024
- • No specific segment revenue or profitability figures disclosed; QCT and QTL units fair values exceed carrying values as of Sept 28, 2025
- • 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
Qualcomm FY2025 Key Financial MetricsXBRL
Revenue
$44.3B
▲ +13.7% YoY
Net Income
$5.5B
▼ -45.4% YoY
Operating Margin
27.9%
▲ +205bp YoY
Net Margin
12.5%
▼ -1352bp YoY
ROE
26.1%
▼ -1247bp YoY
Total Assets
$50.1B
▼ -9.1% YoY
EPS (Diluted)
$5.01
▼ -44.1% YoY
Operating Cash Flow
$14.0B
▲ +14.8% YoY
Source: XBRL data from Qualcomm FY2025 10-K filing on SEC EDGAR. All figures in USD.
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