# QUALCOMM Incorporated (QCOM)

> Source: Nexqual · https://nexqual.com/QCOM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, QUALCOMM Incorporated (QCOM), nexqual.com/QCOM" · informational, not investment advice.

**Price:** USD 172.83 (-2.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 177.96 · day 171.93–178.59 · 52w 121.99–259.92 · market cap $185B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $44.1B, net income $9.26B (21.0% margin), free cash flow $10.4B (SEC filings).
- Valuation: P/E 19.9x (avg 23.1x at the last 3 fiscal year-ends), EV/EBITDA 16.2x, net debt $6.47B.
- 7 of 80 tracked superinvestors hold QCOM (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 2 new, 3 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $12.4M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.78 on a 1–5 scale) (37 analysts), mean target USD 195.8 (range 100–400).
- Total return with dividends: 1Y +3.8% vs S&P 500 +14.9%; 5Y +46.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 2.16, revenue estimate $10.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $33.6B | $44.2B | $35.8B | $39.0B | $44.3B | $44.1B |
| Gross profit | $19.3B | $25.6B | $20.0B | $21.9B | $24.5B | — |
| Operating income | $9.79B | $15.9B | $7.79B | $10.1B | $12.4B | $10.2B |
| Net income | $9.04B | $12.9B | $7.23B | $10.1B | $5.54B | $9.26B |
| EPS (diluted) | $7.87 | $11.37 | $6.42 | $8.97 | $5.01 | — |
| Free cash flow | $8.65B | $6.83B | $9.85B | $11.2B | $12.8B | $10.4B |
| Gross margin | 57.5% | 57.8% | 55.7% | 56.2% | 55.4% | — |
| Operating margin | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% | 23.2% |
| Net margin | 26.9% | 29.3% | 20.2% | 26.0% | 12.5% | 21.0% |
| Revenue growth | +42.6% | +31.7% | -19.0% | +8.8% | +13.7% | — |
| Cash + short-term investments | $12.4B | $6.38B | $11.3B | $13.3B | $10.2B | — |
| Total debt | $15.2B | $15.0B | $15.4B | $14.6B | $14.8B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 19.9x · P/S 4.2x · EV/EBITDA 16.2x · EV/Sales 4.3x · P/FCF 17.7x · P/B 6.7x · FCF yield 5.64% · Earnings yield 5.02% · Buyback yield (TTM) 5.01% · Net debt $6.47B · EV $191B
P/E at fiscal year-ends: Sep 2025 33.2x, Sep 2024 18.9x, Sep 2023 17.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold QCOM (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| David Katz | Matrix Asset Advisors | 3.95% | $48.0M | Added +6.8% | Q3 2026 |
| Harry Burn | Sound Shore | 3.12% | $101M | Added +29.0% | Q2 2026 |
| Van Den Berg Management I |  | 2.43% | $11.5M | Added +0.1% | Q2 2026 |
| Viking Global | Viking Global Investors | 0.80% | $280M | New position | Q2 2026 |
| David Tepper | Appaloosa Management | 0.62% | $46.2M | Reduced -49.9% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.30% | $33.2M | Reduced -62.4% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 0.01% | $1.0M | New position | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
19 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $438K | 10.7% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-10-16 | Chaplin Ann C | EVP, GenCounsel&CorpSecretary | 1,827 | $319K | 6.6% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023) |
| 2026-10-02 | Grech Patricia Y | SVP, Chief Accounting Officer | 98 | $18K | 100% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-25 | Amon Cristiano R | President & CEO | 10,000 | $2.0M | 5.3% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-21 | Amon Cristiano R | President & CEO | 10,000 | $1.9M | 5.1% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023) |
| 2026-09-11 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $457K | 12.1% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-31 | Grech Patricia Y | SVP, Chief Accounting Officer | 208 | $35K | 100% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-21 | Grech Patricia Y | SVP, Chief Accounting Officer | 625 | $102K | 75% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-12 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $408K | 10.8% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Ace Heather S | EVP, Chief HR Officer | 3,200 | $471K | 8.1% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-14 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $452K | 9.7% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-06-11 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $493K | 8.9% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-21 | Grech Patricia Y | SVP, Chief Accounting Officer | 829 | $167K | 100% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-12 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $530K | 8.1% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-05 | Amon Cristiano R | President & CEO | 10,000 | $1.9M | 4.8% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Amon Cristiano R | President & CEO | 10,000 | $1.8M | 4.6% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023) |
| 2026-05-04 | Ace Heather S | EVP, Chief HR Officer | 3,200 | $569K | 7.5% | Yes (adopted September 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-30 | Grech Patricia Y | SVP, Chief Accounting Officer | 192 | $33K | 100% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-13 | Palkhiwala Akash J. | EVP, CFO & COO | 2,500 | $326K | 7.5% | Yes (adopted December 8, 2025) | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.78 on a 1–5 scale), 37 analysts; mean target USD 195.8 (low 100, high 400).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target raised | Neutral | $160 → $185 |
| 2026-10-19 | TD Cowen | Target raised | Buy | $175 → $200 |
| 2026-09-10 | Piper Sandler | Initiated | Neutral | $190 |
| 2026-09-09 | RBC Capital | Target raised | Sector Perform | $160 → $180 |
| 2026-09-09 | Rosenblatt | Maintained | Buy | $235 |
| 2026-07-30 | Benchmark | Target lowered | Buy | $300 → $270 |
| 2026-07-30 | UBS | Target lowered | Neutral | $190 → $170 |
| 2026-07-30 | Susquehanna | Target lowered | Neutral | $190 → $160 |
| 2026-07-30 | RBC Capital | Target lowered | Sector Perform | $250 → $160 |
| 2026-07-30 | Citigroup | Target lowered | Neutral | $198 → $175 |
| 2026-07-30 | TD Cowen | Target lowered | Buy | $225 → $175 |
| 2026-07-30 | Wells Fargo | Target lowered | Equal-Weight | $265 → $170 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.8% | +46.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.8% | +7.9% |
| Volatility (annualized) | 53.8% | 41.4% |
| Max drawdown | -41.0% (May 2026→Jul 2026) | -43.6% (Jan 2022→May 2023) |

## Peers (Semiconductors)
ADI (Analog Devices, Inc.) USD 385.76 -4.98% · MRVL (Marvell Technology, Inc.) USD 223.47 -8.70% · ARM (Arm Holdings plc) USD 210.1 -7.28% · TXN (Texas Instruments Incorporated) USD 279.5 -1.81% · ASX (ASE Technology Holding Co., Ltd) USD 37.74 -11.01% · INTC (Intel Corporation) USD 85.49 -8.04%

## More
Full page: https://nexqual.com/QCOM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QCOM's own 10-K filed 2025-11-05 (https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom-20250928.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Samsung Electronics | "The primary foundry suppliers for our various digital, analog/mixed-signal, RF and PM integrated circuits include Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and Global Foundries." |
| Supplier | TSMC (TSM) | "The primary foundry suppliers for our various digital, analog/mixed-signal, RF and PM integrated circuits include Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and Global Foundries." |
| Supplier | ASE Technology (ASX) | "Our primary semiconductor assembly and test suppliers are Advanced Semiconductor Engineering, Amkor Technology, Siliconware Precision Industries and STATSChipPAC." |
| Supplier | Amkor Technology (AMKR) | "Our primary semiconductor assembly and test suppliers are Advanced Semiconductor Engineering, Amkor Technology, Siliconware Precision Industries and STATSChipPAC." |
| Supplier | SPIL | "Our primary semiconductor assembly and test suppliers are Advanced Semiconductor Engineering, Amkor Technology, Siliconware Precision Industries and STATSChipPAC." |
| Customer | Apple (AAPL) | "Consequently, to the extent Apple devices using our MDM products take share from our customers who purchase our integrated modem and application processor products, our revenues and margins may be negatively impacted." |
| Customer | Xiaomi | "Certain of our largest mobile handset customers (for example, Apple, Samsung and Xiaomi) develop their own integrated circuit products, which they have in the past utilized, and/or currently utilize, in certain of their …" |
| Partner | Broadcom (AVGO) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | MediaTek | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | NVIDIA (NVDA) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | NXP Semiconductors (NXPI) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | Qorvo (QRVO) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | Skyworks (SWKS) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | Texas Instruments (TXN) | "Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC." |
| Partner | Huawei | "Beginning in the second quarter of fiscal 2025, QTL revenues did not include royalties from Huawei, whose license agreement has expired." |
| Partner | Veoneer | "In fiscal 2022, we and SSW Partners, a New York-based investment partnership, entered into and closed a definitive agreement to acquire Veoneer, Inc. (Veoneer)." |
| Partner | MAGNA INTERNATIONAL INC (MGA) | "On June 1, 2023, SSW Partners completed the sale of Veoneer's Active Safety business to Magna International Inc. for net cash proceeds of $1.5 billion." |
| Partner | Arm Holdings (ARM) | "Our counterclaim seeks a declaratory judgment that we did not breach the Nuvia ALA or the Technology License Agreement between Nuvia and Arm, and that, following the acquisition of Nuvia, our architected cores (including…" |

Other companies that name QCOM in their own reports (relationship from QCOM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | FRANKLIN WIRELESS CORP (FKWL) | 10-K 2026-09-28 | "generation of CDMA phones to the Korean market through his work with Qualcomm Personal Electronics (QPE), a joint venture between Qualcomm" |
| customer | Ubiquiti Inc. (UI) | 10-K 2026-08-21 | "example, we currently rely upon some chipset suppliers, such as Qualcomm and Broadcom, as single-source suppliers of certain components for some of our products, and a disruption in the supply of thos…" |
| partner | ARM HOLDINGS PLC /UK (ARM) | 20-F 2026-05-26 | "In this new action, Qualcomm asserted that we failed to satisfy certain delivery obligations under Qualcomm's Architecture License Agreement with us (the "Qualcomm ALA")." |
| competitor | CIRRUS LOGIC, INC. (CRUS) | 10-K 2026-05-21 | "Our principal competitors in these markets include AKM Semiconductor Inc., Analog Devices Inc., Qualcomm Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shanghai Awin…" |
| partner | SEQUANS COMMUNICATIONS (SQNS) | 20-F 2026-05-11 | "•Our business substantially depends on intellectual property licensed from Qualcomm, and we may be unable to successfully grow our business due to the covenants under the Qualcomm asset purchase agree…" |
| partner | ECARX Holdings Inc. (ECXWW) | 20-F 2026-03-30 | "We collaborate with Qualcomm to offer flexible SoC portfolios for global markets." |
| competitor | Peraso Inc. (PRSO) | 10-K 2026-03-30 | "and potential competitors, in addition to Qualcomm, include MediaTek Inc. and Samsung Electronics Co., Ltd." |
| competitor | Himax Technologies, Inc. (HIMX) | 20-F 2026-03-27 | "For WiseEye ultralow power AI sensing, the main competition is Qualcomm with its "Glance" device." |
| competitor | GCT Semiconductor Holding, Inc. (GCTS) | 10-K 2026-03-25 | "We face or expect to face competition from established semiconductor companies such as Altair Semiconductor (a Sony Corporation subsidiary), ASR, HiSilicon Technologies (a Huawei subsidiary), Mediatek…" |
| competitor | AMBARELLA INC (AMBA) | 10-K 2026-03-23 | "In the IoT market, our primary competitors include HiSilicon Technologies Co., Ltd., or HiSilicon, which is owned by Huawei Technologies Co., Novatek Microelectronics Corp., or Novatek, NVIDIA Corpora…" |
| partner | Rallybio Corp (RLYB) | 10-K 2026-03-16 | "From January 2015 to October 2017, Dr. Iancovici was a general partner at dRx Capital, a joint venture investment company launched by Novartis and Qualcomm." |
| competitor | Ambiq Micro, Inc. (AMBQ) | 10-K 2026-03-05 | "In addition, we sometimes compete (and other times work alongside certain designs) with connected processor platform players such as Qualcomm." |
| competitor | Arlo Technologies, Inc. (ARLO) | 10-K 2026-02-27 | "We believe that we compete favorably in these areas based on our market position in the U.S. consumer network connected camera systems market, best-in-class technology, direct relationship with users …" |
| partner | Xperi Inc. (XPER) | 10-K 2026-02-26 | "We have devoted significant time and resources to develop a broad range of solutions with key partners including Amlogic, Analog Devices, Cadence, Cirrus Logic, MediaTek, NXP, Qualcomm, Realtek, Synap…" |
| competitor | AIRGAIN INC (AIRG) | 10-K 2026-02-26 | "Semiconductor Vendors: Companies like Qualcomm and MediaTek offering reference designs that reduce barriers to entry for new competitors and may enable customer self-sufficiency;" |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| QCT | $8.50B | 85.5% | -5.4% |
| QTL | $1.28B | 12.8% | -3.0% |
| Total revenue | $9.95B | 100% | — |
The lines above cover 98.3% of total revenue.

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Handsets | $5.09B | 51.1% | -19.6% |
| Io T | $1.83B | 18.4% | +8.9% |
| Automotive | $1.59B | 16.0% | +61.4% |
| Total revenue | $9.95B | 100% | — |
The lines above cover 85.5% of total revenue.

## Customer concentration

Period ended 2026-06-28: 23%, 20% of revenue from unnamed direct customers (10-Q, filed 2026-07-29).

## Company outlook (8-K filed 2026-07-29)

- "These factors are reflected in both our fiscal 2026 third quarter performance and fourth quarter guidance."
- "(2) Our guidance for diluted EPS attributable to other items for the fourth quarter of fiscal 2026 is primarily related to acquisition-related items."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.16 | $2.37 | -9.1% | $10.14B | 26 |
| Next quarter (ends 2026-12-31) | $2.30 | $2.70 | -14.7% | $10.58B | 26 |
| Current fiscal year (ends 2026-09-30) | $10.48 | $10.81 | -3.0% | $42.87B | 31 |
| Next fiscal year (ends 2027-09-30) | $10.19 | $10.97 | -7.1% | $44.88B | 34 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-04): ±11.0%; earnings reaction alone ±7.1%; last 8 reports averaged ±7.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 53.3% | ±6.3% |
| 2026-11-06 | 14 | 67.9% | ±11.0% |
| 2026-11-13 | 21 | 61.6% | ±12.2% |
| 2026-11-20 | 28 | 57.2% | ±13.0% |
| 2026-11-27 | 35 | 53.7% | ±13.6% |
| 2026-12-04 | 42 | 52.8% | ±14.7% |
| 2026-12-18 | 56 | 51.3% | ±16.3% |
| 2027-01-15 | 84 | 50.3% | ±19.2% |