greeksoup/ stock research
Stock research / United States / QCOM / FY2025

Qualcomm (QCOM) FY2025 results: revenue $44.3 billion, up 13.7% on the year

Qualcomm Inc. (QCOM) reported revenue of $44.3 billion for fiscal 2025, the year ended 28 September 2025, up 13.7% on the year before. Net income was $5.5 billion, down 45.4%, and diluted earnings per share $5.01. The figures are the company's own, from the 10-K it filed with the SEC on 5 November 2025.

Revenue
$44.3 billion
+13.7% on the year
FY2018FY2025
Operating margin
27.9%
25.8% a year earlier
FY2018FY2025
Net income
$5.5 billion
-45.4% on the year
FY2018FY2025
Diluted EPS
$5.01
-44.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Fourth quarter revenue rose 10%: Q4 revenues were $11,270 million, up 10% from $10,244 million. GAAP net loss was $3,117 million, and GAAP diluted EPS was $(2.89) against $2.59 a year earlier.
  • Fiscal 2025 revenue and EPS: Fiscal 2025 GAAP revenues were $44.3 billion, up 14%, and GAAP EPS was $5.01, down 44%. Non-GAAP revenues were $44,141 million, up 13%, and non-GAAP EPS was $12.03, up 18%.
  • Fiscal 2025 QCT revenue at record: QCT fiscal 2025 revenues were $38,367 million, up 16%; the release headline calls these record fiscal year revenues. QTL revenues were $5,582 million, flat year over year.
  • Automotive revenue up 36% for year: Q4 automotive revenues were $1,053 million, up 17%. Fiscal 2025 automotive revenues were $3,957 million, up 36%.
  • Tax charge cut GAAP results: A non-cash $5.7 billion charge, or $5.29 per share, was recorded in Q4 to establish a valuation allowance on US federal deferred tax assets. It was excluded from non-GAAP results.
Read the Q4 FY2025 earnings call summary

From this 10-K

Qualcomm develops and commercialises foundational technologies including on-device artificial intelligence, high-performance low-power computing and wireless connectivity, and it earns from two things: selling integrated circuit products, chiefly the Snapdragon and Qualcomm Dragonwing families, and licensing its intellectual property. It was incorporated in California in 1985 and reincorporated in Delaware in 1991, and it reports on a 52 or 53 week fiscal year ending on the last Sunday in September. Its platforms go into handsets and beyond them into automotive, where the Snapdragon Digital Chassis covers connectivity, digital cockpit and assisted and automated driving, and into the internet of things, covering consumer devices such as personal computers and extended reality headsets, edge networking such as mobile broadband and wireless access points, and industrial uses such as handhelds, retail, tracking and logistics and utilities.

Qualcomm Inc., the 10-K for 2025

Qualcomm develops and commercialises foundational technologies including on-device artificial intelligence, high-performance low-power computing and wireless connectivity, and it earns from two things: selling integrated circuit products, chiefly the Snapdragon and Qualcomm Dragonwing families, and licensing its intellectual property. It was incorporated in California in 1985 and reincorporated in Delaware in 1991, and it reports on a 52 or 53 week fiscal year ending on the last Sunday in September. Its platforms go into handsets and beyond them into automotive, where the Snapdragon Digital Chassis covers connectivity, digital cockpit and assisted and automated driving, and into the internet of things, covering consumer devices such as personal computers and extended reality headsets, edge networking such as mobile broadband and wireless access points, and industrial uses such as handhelds, retail, tracking and logistics and utilities.

The patent estate

The company owns patents, patent applications and trade secrets covering products that implement cellular technologies, including fourth and fifth generation standards used to carry voice and data over public or private wireless networks. Other inventions are contributed to industry standards, among them certain video and audio codecs, Wi-Fi, position location, ultra-wideband, memory and component interconnect. It also holds technologies outside any standard, including user interfaces, graphics and image processing, radio frequency and radio frequency front-end and antenna designs, machine learning techniques and application processor architectures.

QCT

The semiconductor segment develops and supplies integrated circuit platforms and system software for mobile devices, automotive connectivity, cockpit and driver assistance systems, and internet of things products. Chips are sold and system software licensed to manufacturers building everything from entry-level devices for emerging markets to premium handsets, wireless networks, broadband gateways, consumer electronics and vehicles. Each Snapdragon or Dragonwing platform combines an application processor with wireless connectivity, including the cellular modem that carries voice and data, non-cellular links such as Wi-Fi and Bluetooth, and positioning. The application processor handles AI, security, graphics, display, audio, video, camera and general compute, with Oryon and Kryo central processors, Hexagon neural processing units for AI tasks and Adreno graphics processors. Around that core the company designs and supplies radio frequency transceivers, power management, audio codecs, speaker amplifiers and further connectivity chips, which are also sold as individual components. Its radio frequency front-end range covers transmit and receive modules for 5G, including sub-6 GHz and millimetre wave, and for 4G, along with power tracking, tuning systems, amplification and antenna solutions, and it has integrated those components with the Snapdragon platform.

QTL

The licensing segment grants rights to use parts of the patent portfolio, including patents essential to or useful in making and selling wireless products that implement LTE and 5G standards and their derivatives. Cellular standard-essential patents covering third, fourth and fifth generation technology are licensed worldwide for cellular devices, and licensees that want broader rights can take those patents together with other Qualcomm patents useful to their products. Most licensing revenue comes from the standard-essential patents. Licensees make mobile handsets, tablets and personal computers, data modem cards, embedded modules for machine-to-machine devices, connected vehicle units and modules, wireless access points and small cells.

Structure and the rest

QSI, the third reportable segment, makes strategic investments, and there are non-reportable segments including Qualcomm Government Technologies and a data centre business. The parent company, QUALCOMM Incorporated, owns the vast majority of the patents and operates QTL, while Qualcomm Technologies and its subsidiaries run substantially all of the products and services businesses and the engineering and research work; neither Qualcomm Technologies nor its subsidiaries can grant licences under the parent's patents.

Customers and people

A small number of customers and licensees have historically accounted for much of consolidated revenues, and in fiscal 2025 Apple, Samsung and Xiaomi each made up 10% or more. At 28 September 2025 the company had approximately 52,000 full-time, part-time and temporary workers, the overwhelming majority of them full-time, spread across over 200 locations in 38 countries, with the substantial majority in engineering or technical roles. Approximately 6% of employees left voluntarily during fiscal 2025.

From Qualcomm's annual report on Form 10-K for the year ended 28 September 2025. The filing

Written from the 10-K filed 5 November 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue44,28438,96235,820+13.7%
Cost of revenue19,73817,06015,869+15.7%
Gross profit24,54621,90219,951+12.1%
Gross margin55.4%56.2%55.7%
Research and development9,0428,8938,818+1.7%
Selling, general and administrative3,1102,7592,483+12.7%
Operating income12,35510,0717,788+22.7%
Operating margin27.9%25.8%21.7%
Interest expense664697694-4.7%
Pre-tax income12,66310,3367,443+22.5%
Income tax7,122226104+3,051.3%
Effective tax rate56.2%2.2%1.4%
Net income5,54110,1427,232-45.4%
Net margin12.5%26.0%20.2%
Diluted EPS$5.01$8.97$6.42-44.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow14,01212,20211,299+14.8%
Capital expenditure1,1921,0411,450+14.5%
Free cash flow12,82011,1619,849+14.9%
Free cash flow margin28.9%28.6%27.5%
Cash from investing-800-3,623762
Cash from financing-13,196-9,269-6,663
Depreciation and amortisation1,6021,7061,809-6.1%
Share-based compensation2,7832,6482,484+5.1%
Buybacks8,7914,1212,973+113.3%
Dividends paid3,8053,6873,462+3.2%
Dividend per share$3.48$3.30$3.10+5.5%
Diluted shares, weighted1,105m1,130m1,126m-2.2%
Shares outstanding at period end1,074m1,113m1,114m-3.5%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity21,20626,27421,581-19.3%
Debt14,81114,63415,398+1.2%
Operating lease liabilities730708571+3.1%
Other liabilities13,39613,53813,490-1.0%
Total liabilities and equity50,14355,15451,040-9.1%
Fixed assets4,6904,6655,042+0.5%
Goodwill11,35810,79910,642+5.2%
Intangible assets1,1481,2441,408-7.7%
Investments4,6355,4512,874-15.0%
Cash and equivalents5,5207,8498,450-29.7%
Receivables2,8552,3471,923+21.6%
Inventory6,5266,4236,422+1.6%
Other assets13,41116,37614,279-18.1%
Total assets50,14355,15451,040-9.1%

10-K for the year ended 28 September 2025, filed 5 November 2025: the filing.