Qualcomm said revenues for fiscal 2025 were $44.3 billion, an increase of 14% compared to $39.0 billion in fiscal 2024, and net income was $5.5 billion, a decrease of 45% compared to $10.1 billion in fiscal 2024.

10-KAnnual reportFiled Nov 5, 2025Period of report Sep 28, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Qualcomm said revenues for fiscal 2025 were $44.3 billion, an increase of 14% compared to $39.0 billion in fiscal 2024, and net income was $5.5 billion, a decrease of 45% compared to $10.1 billion in fiscal 2024.
The company said QCT revenues increased 16% in fiscal 2025 compared to the prior year, citing higher handsets, IoT and automotive revenues as factors. It said QTL revenues remained approximately flat compared to the prior year.
Qualcomm said that as a result of the OBBB enacted on July 4, 2025, it no longer expects to realize substantially all of its existing federal deferred tax assets beginning in fiscal 2026 due to the expected application of the corporate alternative minimum tax, and it established a valuation allowance of $5.7 billion to income tax expense in Q4 of fiscal 2025.
The company said it repurchased shares for $8.8 billion and paid cash dividends of $3.8 billion in fiscal 2025, and as of September 28, 2025 the remaining authorized amount for share repurchases was $7.2 billion. It also said it reached an agreement on June 9, 2025 to acquire Alphawave at an implied enterprise value of approximately $2.4 billion, and the acquisition has not yet been completed.

Key figures

Fiscal year ended September 28, 2025

Revenue: $44.3B
Operating income: $12.4B
Net income: $5.5B
EPS: $5.01
Operating cash flow: $14.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Annual revenues $44.3 billion, net income $5.5 billion

Qualcomm said revenues for fiscal 2025 were $44.3 billion, an increase of 14% compared to $39.0 billion in fiscal 2024, and net income was $5.5 billion, a decrease of 45% compared to $10.1 billion in fiscal 2024.

Source · Based on the MD&A text of the filing

QCT revenues up 16%, QTL revenues flat

The company said QCT revenues increased 16% in fiscal 2025 compared to the prior year, citing higher handsets, IoT and automotive revenues as factors. It said QTL revenues remained approximately flat compared to the prior year.

Source · Based on the MD&A text of the filing

Valuation allowance of $5.7 billion established related to OBBB

Qualcomm said that as a result of the OBBB enacted on July 4, 2025, it no longer expects to realize substantially all of its existing federal deferred tax assets beginning in fiscal 2026 due to the expected application of the corporate alternative minimum tax, and it established a valuation allowance of $5.7 billion to income tax expense in Q4 of fiscal 2025.

Source · Based on the MD&A text of the filing

Share repurchases and dividends paid; Alphawave acquisition agreement

The company said it repurchased shares for $8.8 billion and paid cash dividends of $3.8 billion in fiscal 2025, and as of September 28, 2025 the remaining authorized amount for share repurchases was $7.2 billion. It also said it reached an agreement on June 9, 2025 to acquire Alphawave at an implied enterprise value of approximately $2.4 billion, and the acquisition has not yet been completed.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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