Qualcomm Inc

Latest Results (25.01.2026):

Qualcomm Inc — fourth quarter of fiscal 2025 (Q4 FY2025): the company reported Q4 revenue of $11.27 billion (+10% year‑over‑year) and fiscal 2025 revenue of $44.28 billion (+14% YoY). GAAP Q4 results showed a net loss of $3.117 billion (GAAP EPS $(2.89)), driven primarily by a $5.7 billion non‑cash valuation allowance tied to recent U.S. tax legislation; on a non‑GAAP basis Q4 EPS was $3.00 (+12% YoY) and fiscal 2025 non‑GAAP EPS was $12.03 (+18% YoY). Qualcomm highlighted record QCT fiscal‑year revenues and strong Automotive and IoT growth, and provided Q1 FY2026 revenue and non‑GAAP EPS guidance.

Revenue snapshot

Q4 FY2025 revenues: $11,270M (+10% YoY). Fiscal 2025 revenues: $44,284M (+14% YoY). QCT (semiconductor/equipment) Q4 revenue $9,821M (+13% YoY) and FY $38,367M (+16%); QTL (licensing) Q4 revenue $1,409M (‑7% YoY) and FY $5,582M (flat).

Earnings and tax impact

GAAP Q4: net loss $3,117M, GAAP diluted EPS $(2.89). Company recorded a $5.7B non‑cash charge in Q4 to establish a valuation allowance on U.S. deferred tax assets after enactment of the One Big Beautiful Bill Act and anticipated AMT exposure beginning FY2026. Non‑GAAP Q4 diluted EPS was $3.00 (+12% YoY). Fiscal 2025 GAAP EPS $5.01 (‑44% YoY) vs. Non‑GAAP EPS $12.03 (+18% YoY).

Segment momentum

Qualcomm reported record fiscal‑year QCT revenues and noted total QCT non‑Apple revenues grew 18% YoY. Automotive revenue was $3,957M for FY (+36% YoY); IoT revenue $6,617M (+22% YoY); combined Automotive + IoT grew 27% for the year.

Profitability and margins

Fiscal 2025 GAAP income before taxes (EBT) was $12.663B (about 29% of revenues); Non‑GAAP EBT was $15.458B (about 35% of revenues). QCT operating performance remained strong (QCT EBT margin ~30% for fiscal 2025).

Balance sheet and cash flow

At fiscal year end Qualcomm reported cash and cash equivalents of $5.520B and restricted cash of $2.323B (total cash and restricted cash $7.843B). Operating cash flow for FY2025 was $14.012B; capital expenditures were $1.192B.

Return of capital

Qualcomm repurchased 56 million shares in fiscal 2025 for $8.791B and paid $3.805B in dividends, returning $12.596B to stockholders in the year (Q4 repurchases of $2.443B and Q4 dividends $957M).

Outlook (Q1 FY2026)

Guidance for Q1 FY2026: revenues $11.8B–$12.6B (QCT $10.3B–$10.9B; QTL $1.4B–$1.6B) and non‑GAAP diluted EPS $3.30–$3.50. Management expects an ongoing effective tax rate generally in the 13%–14% range moving forward (separate from the one‑time valuation allowance recorded in Q4).

Non‑GAAP adjustments and context

Non‑GAAP results exclude QSI, share‑based compensation, acquisition‑related items, certain tax items and other charges. The large GAAP Q4 loss reflects tax accounting items excluded from Non‑GAAP results; Non‑GAAP measures show continued core profitability and operating momentum in QCT and targeted end markets.