Reports › QCOM › 10-Q FY2025

SEC filings, compared

What changed in Qualcomm Inc/De's 10-Q for the quarter ended December 28, 2025

Compared with the 10-Q for the quarter ended December 29, 2024. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: QUALCOMM INC/DE · QCOM
This filing: 0000804328-26-000017 ↗ · filed Feb 4, 2026
Compared with: 0000804328-25-000011 ↗ · filed Feb 5, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

44 material changes among 76 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:Revenues	12,252,000,000USD · Sep 29, 2025 to Dec 28, 2025	11,669,000,000USD · Sep 30, 2024 to Dec 29, 2024	+583,000,000+5%
Net income or lossus-gaap:NetIncomeLoss	3,004,000,000USD · Sep 29, 2025 to Dec 28, 2025	3,180,000,000USD · Sep 30, 2024 to Dec 29, 2024	−176,000,000−5.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	7,205,000,000USD · at Dec 28, 2025	8,713,000,000USD · at Dec 29, 2024	−1,508,000,000−17.3%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	4,965,000,000USD · Sep 29, 2025 to Dec 28, 2025	4,587,000,000USD · Sep 30, 2024 to Dec 29, 2024	+378,000,000+8.2%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0000804328-26-000017 · FY2024: 0000804328-25-000011

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

14 material additions

Part I, Item 2 · MD&A

8 of 14 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosure that approximately $2.3 billion of cash was restricted to fund consideration for the Alphawave acquisition.

The paragraph introduces a new acquisition-related cash restriction and payment obligation, changing the disclosure about liquidity and committed funds.

Why the model ranked it here

This reveals that substantial cash was restricted for an acquisition payment, directly changing the company’s disclosed liquidity and committed funds.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] (1) In connection with the acquisition of Alphawave, which closed in the first quarter of fiscal 2026, we agreed to restrict the use of approximately $2.3 billion of cash to be held for purposes of satisfying payment of the consideration to effect the acquisition. Additional information regarding our acquisition of Alphawave is provided in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 8. Acquisitions."

Cite this change

"In connection with the acquisition of Alphawave, which closed in the first quarter of fiscal 2026, we agreed to restrict the use of approximately $2.3 billion of cash to be held for purposes of satisfying payment of the consideration to effect the acquisition."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

02AddedPart I, Item 2 › First Quarter Fiscal 2026 Overview

Summary · quote-checked

Added disclosure of the completed $2.3 billion acquisition of Alphawave and its intended role in expanding into data centers.

The new paragraph discloses a completed acquisition, its consideration, the acquired capabilities, and its strategic purpose—substantive transaction and obligation-related information.

Why the model ranked it here

This discloses a completed acquisition, its strategic purpose, and a major new transaction that changes the company’s scope and obligations.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] • On December 18, 2025, we completed the acquisition of Alphawave IP Group plc (Alphawave) for $2.3 billion. Alphawave develops high-speed wired connectivity technologies delivering IP, custom silicon and connectivity products. The acquisition is intended to further accelerate, and provide key assets for, our expansion into data centers. Additional information related to this acquisition is included in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 8. Acquisitions."

Cite this change

"On December 18, 2025, we completed the acquisition of Alphawave IP Group plc (Alphawave) for $2.3 billion."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

03AddedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

Added disclosure describing domestic research and development deductions, expected CAMT exposure, cash-flow effects, and a valuation allowance on federal deferred tax assets.

The new paragraph introduces tax-law effects, a minimum-tax obligation, expected perpetual CAMT exposure, and a valuation allowance, substantively changing disclosed obligations and liquidity-related information.

Why the model ranked it here

This introduces significant tax-law effects, potential minimum-tax exposure, deferred-tax valuation changes, and implications for operating cash flows.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

During the fourth quarter of fiscal 2025, tax reform legislation included in the One Big Beautiful Bill Act (OBBB) was enacted in the United States. The OBBB included significant corporate tax reforms, including changes to the FDDEI regime and changes allowing domestic research and development expenditures to be deducted as incurred beginning in fiscal 2026 [added] (under prior law such expenditures were capitalized and amortized over five years). The current deduction of domestic research and development expenditures will have a favorable effect on our cash flows from operations due to significantly lower cash tax payments compared to fiscal 2025. However, it adversely affects our effective tax rate by reducing our FDDEI benefits beginning in fiscal 2026. As a result of these changes, we expect to be subject to corporate alternative minimum tax (CAMT), which imposes a 15% federal minimum tax on adjusted financial statement income, reduced by general business credits, including research and development credits. As we expect to perpetually be subject to CAMT, we have established a valuation allowance on substantially all of our existing federal deferred tax assets since the fourth quarter of fiscal 2025. Changes in future taxable income (including less of our income qualifying for preferential treatment as FDDEI), tax laws (including changes to the CAMT rules) and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.

Cite this change

"The current deduction of domestic research and development expenditures will have a favorable effect on our cash flows from operations due to significantly lower cash tax payments compared to fiscal 2025."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

04AddedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

Added disclosure of enacted U.S. tax reform legislation and its changes to FDDEI and domestic research and development deductions.

The new paragraph identifies enacted legislation and specific changes to corporate tax treatment, introducing a new tax obligation and deduction framework.

Why the model ranked it here

This identifies enacted tax legislation that changes the company’s tax regime and the treatment of important deductions.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] During the fourth quarter of fiscal 2025, tax reform legislation included in the One Big Beautiful Bill Act (OBBB) was enacted in the United States. The OBBB included significant corporate tax reforms, including changes to the FDDEI regime and changes allowing domestic research and development expenditures to be deducted as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years). The current deduction of domestic research and development expenditures will have a favorable effect on our cash flows from operations due to significantly lower cash tax payments compared to fiscal 2025. However, it adversely affects our effective tax rate by reducing our FDDEI benefits beginning in fiscal 2026. As a result of these changes, we expect to be subject to corporate alternative minimum tax (CAMT), which imposes a 15% federal minimum tax on adjusted financial statement income, reduced by general business credits, including research and development credits. As we expect to perpetually be subject to CAMT, we have established a valuation allowance on substantially all of our existing federal deferred tax assets since the fourth quarter of fiscal 2025. Changes in future taxable income (including less of our income qualifying for preferential treatment as FDDEI), tax laws (including changes to the CAMT rules) and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.

Cite this change

"During the fourth quarter of fiscal 2025, tax reform legislation included in the One Big Beautiful Bill Act (OBBB) was enacted in the United States. The OBBB included significant corporate tax reforms, including changes to the FDDEI regime and changes allowing domestic research and development expenditures to be deducted as incurred beginning in fiscal 2026"

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

05AddedPart I, Item 2 › Looking Forward

Summary · quote-checked

Added a statement that future devices will significantly negatively affect QCT revenues, results of operations and cash flows.

The new text discloses a substantive adverse outlook for revenues, operating results and cash flows, rather than merely changing wording or formatting.

Why the model ranked it here

This states that future devices are expected to materially reduce segment revenue, operating results, and cash flows.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

• We expect continued intense competition, including from vertical integration by certain of our customers (for example, Apple and Samsung). In particular, Apple utilizes its own modem (rather than our products) in certain of its smartphones and we expect that Apple will increasingly use its own modem products, rather than our products, in [added] its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows.

Cite this change

"its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

06AddedPart I, Item 2 › Looking Forward

Summary · quote-checked

Added disclosure that memory supply constraints and pricing increases may reduce handset demand and negatively affect financial results.

The new paragraph introduces a specific supply dependency, pricing pressure, customer-demand risk, and adverse financial-results outlook.

Why the model ranked it here

This identifies a new supply dependency that is expected to raise prices, reduce customer demand, and impair financial results.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] • We expect recent memory supply constraints and related pricing increases to adversely affect demand from several handset customers, which will negatively impact our financial results. The extent to which these conditions may affect our business will depend on future developments, including memory supply availability, memory and handset pricing dynamics and end-consumer demand for handsets, all of which remain uncertain.

Cite this change

"We expect recent memory supply constraints and related pricing increases to adversely affect demand from several handset customers, which will negatively impact our financial results."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

07AddedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

Added disclosure of unrecognized tax benefits and the possibility that their amount will change within twelve months.

The new paragraph introduces a tax-related obligation and uncertainty about potential changes, substantively expanding the company’s disclosed financial exposure.

Why the model ranked it here

This introduces a substantial tax-related exposure and uncertainty about changes to the company’s obligations.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] Unrecognized tax benefits were $2.9 billion and $2.7 billion at December 28, 2025 and September 28, 2025, respectively. We believe that it is reasonably possible that our unrecognized tax benefits will change within the next twelve months.

Cite this change

"Unrecognized tax benefits were $2.9 billion and $2.7 billion at December 28, 2025 and September 28, 2025, respectively."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

08AddedPart I, Item 2 › Looking Forward

Summary · quote-checked

Added disclosure that global trade policy changes and tariffs may affect demand, pricing, costs, inventory charges, results of operations and cash flows.

The new paragraph introduces tariff-related exposure, uncertainty, and potential effects on demand, costs, inventory reserves, results and cash flows, changing disclosed business risks.

Why the model ranked it here

This expands disclosed exposure to trade-policy changes that could affect demand, pricing, costs, inventory charges, results, and cash flows.

Filing text · FY2024 10-Q · filed Feb 5, 2025

No corresponding language in the FY2024 10-Q.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] • We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S., China and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. Changes to global trade policies may negatively impact demand, pricing and cost for our products and technologies, and contribute to the inherent uncertainties in estimating future customer demand, which may result in increased excess or obsolete inventory or reserve charges, negatively impacting our results of operations and cash flows. See "Risk Factors" in this Quarterly Report, including the Risk Factor titled "We operate in the highly cyclical semiconductor industry, which is subject to significant downturns. We are also susceptible to declines in global, regional and local economic conditions generally. Our stock price and financial results are subject to substantial quarterly and annual fluctuations due to these dynamics, among others."

Cite this change

"• We continue to monitor the recent changes in global trade policy, including tariffs and related trade actions announced by the U.S., China and other countries. The degree to which such tariffs and other related actions impact our business, financial condition and results of operations will depend on future developments, which are uncertain. Changes to global trade policies may negatively impact demand, pricing and cost for our products and technologies, and contribute to the inherent uncertainties in estimating future customer demand, which may result in increased excess or obsolete inventory or reserve charges, negatively impacting our results of operations and cash flows. See "Risk Factors" in this Quarterly Report, including the Risk Factor titled "We operate in the highly cyclical semiconductor industry, which is subject to significant downturns. We are also susceptible to declines in global, regional and local economic conditions generally. Our stock price and financial results are subject to substantial quarterly and annual fluctuations due to these dynamics, among others.""

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

Show all 14 in Part I, Item 2 (6 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

10 material removals

Part I, Item 2 · MD&A

5 of 10 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

The discontinued operations table was removed from the current filing.

The disappearance of a numeric table changes the disclosed existence of discontinued operations, rather than merely updating recurring-period figures.

Why the model ranked it here

The removed table changes what the filing discloses about the existence and financial significance of discontinued operations.

Filing text · FY2024 10-Q · filed Feb 5, 2025

~~[removed] |[removed] Discontinued Operations (in millions)[removed] Three Months Ended[removed] December 29, 2024 | December 24, 2023 | Change[removed] Discontinued operations, net of income taxes | $ | - | $ | (44) | $ | 44~~

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Discontinued Operations (in millions) Three Months Ended December 29, 2024 | December 24, 2023 | Change Discontinued operations, net of income taxes | $ | - | $ | (44) | $ | 44"

Qualcomm Inc/De, Form 10-Q for FY2024, Part I, Item 2, accession 0000804328-25-000011, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom-20241229.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

02RemovedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

The current report omits the disclosure linking first-quarter fiscal 2024 discontinued operations to the Non-Arriver businesses.

The removed paragraph disclosed the existence and scope of discontinued operations, not merely a date, formatting change, or cross-reference.

Why the model ranked it here

The omitted explanation removes the reported connection between discontinued operations and the Non-Arriver businesses.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] Discontinued operations in the first quarter of fiscal 2024 are related to the Non-Arriver businesses. Information regarding the Non-Arriver businesses is provided in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 2. Composition of Certain Financial Statement Items - Discontinued Operations."

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Discontinued operations in the first quarter of fiscal 2024 are related to the Non-Arriver businesses."

Qualcomm Inc/De, Form 10-Q for FY2024, Part I, Item 2, accession 0000804328-25-000011, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom-20241229.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

03RemovedPart I, Item 2 › Looking Forward

Summary · quote-checked

Removed disclosure of finalized and pending long-term license negotiations, including discussions with Huawei after its agreement expired.

The removed paragraph disclosed specific licensing negotiations, an expired counterparty agreement, and renewal-related dependency; this is substantive rather than boilerplate.

Why the model ranked it here

The removal obscures the status of key license renewals and the company’s dependency on resolving an expired agreement.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] Further, we have finalized renewal negotiations for long-term licenses with two key Chinese OEMs, and expect to execute final agreements shortly. We are also in discussions with Huawei, whose agreement has expired. See "Risk Factors" in this Quarterly Report, including the Risk Factors titled "The continued and future success of our licensing programs requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring."

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"Further, we have finalized renewal negotiations for long-term licenses with two key Chinese OEMs, and expect to execute final agreements shortly. We are also in discussions with Huawei, whose agreement has expired. See "Risk Factors" in this Quarterly Report, including the Risk Factors titled "The continued and future success of our licensing programs requires us to continue to evolve our patent portfolio and to renew or renegotiate license agreements that are expiring.""

Qualcomm Inc/De, Form 10-Q for FY2024, Part I, Item 2, accession 0000804328-25-000011, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom-20241229.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

04RemovedPart I, Item 2 › Looking Forward

Summary · quote-checked

Removed disclosure of comprehensive 4G and 5G license agreements with Transsion and the dismissal of related litigation.

The removed paragraph disclosed a licensing relationship and resolution of outstanding litigation, changing stated dependencies and legal-proceeding information.

Why the model ranked it here

The omitted disclosure removes information about a major licensing relationship and the resolution of related litigation.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] We have recently entered into comprehensive 4G and 5G license agreements with Shenzhen Transsion Holdings Limited (a growing, China-headquartered OEM that sells primarily in developing regions). As a result of our agreements with Transsion, all outstanding litigation between the parties has been, or is in the process of being, dismissed.

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"We have recently entered into comprehensive 4G and 5G license agreements with Shenzhen Transsion Holdings Limited (a growing, China-headquartered OEM that sells primarily in developing regions). As a result of our agreements with Transsion, all outstanding litigation between the parties has been, or is in the process of being, dismissed."

Qualcomm Inc/De, Form 10-Q for FY2024, Part I, Item 2, accession 0000804328-25-000011, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom-20241229.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

05RemovedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

The disclosure about Pillar Two global minimum tax legislation applying beginning in fiscal 2025 was removed.

Removing this paragraph eliminates disclosure of a new tax obligation, its implementation timeline, and the company’s stated expectation of limited financial statement impact.

Why the model ranked it here

The filing no longer explains the company’s exposure to a newly applicable global minimum tax obligation.

Filing text · FY2024 10-Q · filed Feb 5, 2025

[removed] The Organization for Economic Co-operation and Development (OECD) has announced a framework to implement a global minimum tax of 15% (referred to as Pillar Two). Certain countries have implemented or are in the process of implementing the Pillar Two legislation, which applies to us beginning in fiscal 2025. While we do not currently expect this to materially impact our consolidated financial statements, we continue to monitor the impact as countries implement legislation and the OECD provides additional guidance.

Filing text · FY2025 10-Q · filed Feb 4, 2026

No corresponding language in the FY2025 10-Q.

Cite this change

"The Organization for Economic Co-operation and Development (OECD) has announced a framework to implement a global minimum tax of 15% (referred to as Pillar Two). Certain countries have implemented or are in the process of implementing the Pillar Two legislation, which applies to us beginning in fiscal 2025. While we do not currently expect this to materially impact our consolidated financial statements, we continue to monitor the impact as countries implement legislation and the OECD provides additional guidance."

Qualcomm Inc/De, Form 10-Q for FY2024, Part I, Item 2, accession 0000804328-25-000011, filed 5 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom-20241229.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

Show all 10 in Part I, Item 2 (5 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

20 material changes

Part I, Item 2 · MD&A

5 of 20 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure no longer includes $1.4 billion of short-term debt maturing in May 2025 and updates the liquidity date.

Removing the short-term debt amount and maturity changes the stated debt obligations and liquidity exposure, beyond a routine date or period roll-forward.

Why the model ranked it here

The removal of disclosed short-term debt and its maturity changes the company’s stated obligations and liquidity profile.

Filing text · FY2024 10-Q · filed Feb 5, 2025

~~[removed] (1)~~ Includes our issued debt ~~[removed] reported as long-term and $1.4 billion~~ reported as ~~[removed] short-term debt (which matures in May 2025). As of December 29, 2024 and September 29, 2024,~~ our credit facility was undrawn, and we had no commercial paper outstanding.

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] (2) Includes our issued debt [added] which is reported as [added] long-term. At December 28, 2025, our credit facility was undrawn, and we had no commercial paper outstanding.

Cite this change

"Includes our issued debt which is reported as long-term. At December 28, 2025, our credit facility was undrawn, and we had no commercial paper outstanding."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Cash and marketable securities changed from a net increase to a net decrease, with different repurchases, acquisitions, dividends, capital expenditures and restricted cash treatment.

The direction of cash movement changed, and the stated drivers, amounts, acquisition reference and restricted cash scope also changed beyond a fiscal-year roll-forward.

Why the model ranked it here

Cash and marketable securities shifted from a net increase to a net decrease, with substantially different uses of cash disclosed.

Filing text · FY2024 10-Q · filed Feb 5, 2025

Cash, cash equivalents and marketable ~~[removed] securities.~~ The net ~~[removed] increase~~ in cash, cash equivalents and marketable securities for the first three months of fiscal ~~[removed] 2025~~ was primarily due to ~~[removed] net cash provided by operating activities, partially offset by $1.8~~ billion in payments to repurchase ~~[removed] 11~~ million shares of our common ~~[removed] stock, $942 million in cash dividends paid, $315 million in payments of tax withholdings related to the vesting of share-based awards, $277~~ million in ~~[removed] capital expenditures and $260~~ million in ~~[removed] cash paid for acquisitions and other investments.~~

Filing text · FY2025 10-Q · filed Feb 4, 2026

Cash, cash equivalents and marketable [added] securities (including restricted cash). The net [added] decrease in cash, cash equivalents and marketable securities [added] (including restricted cash) for the first three months of fiscal [added] 2026 was primarily due to [added] $2.65 billion in payments to repurchase [added] 15 million shares of our common [added] stock (which includes repurchases that offset share issuances in connection with the acquisition of Alphawave), $1.1 billion in cash paid for acquisitions and other investments (net of cash acquired), $949 million in [added] cash dividends paid and $549 million in [added] capital expenditures, partially offset by net cash provided by operating activities.

Cite this change

"The net decrease in cash, cash equivalents and marketable securities (including restricted cash) for the first three months of fiscal 2026 was primarily due to $2.65 billion in payments to repurchase 15 million shares of our common stock (which includes repurchases that offset share issuances in connection with the acquisition of Alphawave), $1.1 billion in cash paid for acquisitions and other investments (net of cash acquired), $949 million in cash dividends paid and $549 million in capital expenditures, partially offset by net cash provided by operating activities."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

03ChangedPart I, Item 2 › First Quarter Fiscal 2026 Overview

Summary · quote-checked

First-quarter revenue growth slowed, while net income shifted from year-over-year growth to decline with lower reported net income.

The MD&A changes the direction of net income results from an increase to a decrease, substantively altering the reported performance narrative beyond period and figure roll-forward.

Why the model ranked it here

Net income changed from growth to decline while revenue growth slowed, materially worsening the reported performance narrative.

Filing text · FY2024 10-Q · filed Feb 5, 2025

Revenues for the first quarter of fiscal ~~[removed] 2025 were $11.7~~ billion, an increase of ~~[removed] 17%~~ compared to the year ago quarter, with net income of ~~[removed] $3.2 billion, an increase of 15%~~ compared to the year ago quarter. Key items from the first quarter of fiscal ~~[removed] 2025~~ included:

Filing text · FY2025 10-Q · filed Feb 4, 2026

Revenues for the first quarter of fiscal [added] 2026 were $12.3 billion, an increase of [added] 5% compared to the year ago quarter, with net income of [added] $3.0 billion, a decrease of 6% compared to the year ago quarter. Key items from the first quarter of fiscal [added] 2026 included:

Cite this change

"Revenues for the first quarter of fiscal 2026 were $12.3 billion, an increase of 5% compared to the year ago quarter, with net income of $3.0 billion, a decrease of 6% compared to the year ago quarter. Key items from the first quarter of fiscal 2026 included:"

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

04ChangedPart I, Item 2 › Looking Forward

Summary · quote-checked

The competition disclosure adds Samsung and states that Apple uses, and is expected to increasingly use, its own modem products instead of the company’s.

The change adds a named customer dependency and a more specific expected loss of business, substantively changing the competitive and customer-exposure disclosure.

Why the model ranked it here

The disclosure adds customer competition and states that Apple is using and is expected to increasingly use its own modem products instead of the company’s.

Filing text · FY2024 10-Q · filed Feb 5, 2025

• We expect continued intense competition, including from vertical integration by certain of our customers ~~[removed] (e.g., Apple).~~

Filing text · FY2025 10-Q · filed Feb 4, 2026

• We expect continued intense competition, including from vertical integration by certain of our customers [added] (for example, Apple and Samsung). In particular, Apple utilizes its own modem (rather than our products) in certain of its smartphones and we expect that Apple will increasingly use its own modem products, rather than our products, in its future devices, which will have a significant negative impact on our QCT revenues, results of operations and cash flows.

Cite this change

"• We expect continued intense competition, including from vertical integration by certain of our customers (for example, Apple and Samsung). In particular, Apple utilizes its own modem (rather than our products) in certain of its smartphones and we expect that Apple will increasingly use its own modem products, rather than our products, in"

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

05ChangedPart I, Item 2 › QCT Segment (in millions, except percentages)

Summary · quote-checked

Gross margin changed from approximately flat to lower, with product costs described as unfavorable and higher average selling prices as a partial offset.

The stated direction changed from flat to lower gross margin, and the driver description was substantively revised; this is more than a period or wording update.

Why the model ranked it here

Gross margin changed from approximately flat to lower, with unfavorable product costs identified as the primary pressure.

Filing text · FY2024 10-Q · filed Feb 5, 2025

- higher operating expenses, primarily driven by higher research and development and selling, general and administrative expenses ~~[removed] Gross margin percentage remained approximately flat in the first quarter of fiscal 2025,~~ primarily driven by ~~[removed] higher product costs,~~ offset by higher average selling ~~[removed] prices.~~

Filing text · FY2025 10-Q · filed Feb 4, 2026

[added] - lower gross margin, primarily driven by [added] unfavorable product cost, partially offset by higher average selling [added] prices

Cite this change

"- lower gross margin, primarily driven by unfavorable product cost, partially offset by higher average selling prices"

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-26-000017, filed 4 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom-20251228.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000017?ref=quote

Show all 20 in Part I, Item 2 (15 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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