Reports › QCOM › 10-Q FY2026

SEC filings, compared

What changed in Qualcomm Inc/De's 10-Q for the quarter ended March 29, 2026

Compared with the 10-Q for the quarter ended March 30, 2025. 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: 0000804328-26-000061 ↗ · filed Apr 29, 2026
Compared with: 0000804328-25-000031 ↗ · filed Apr 30, 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

70 material changes among 101 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:Revenues	10,599,000,000USD · Dec 29, 2025 to Mar 29, 2026	10,979,000,000USD · Dec 30, 2024 to Mar 30, 2025	−380,000,000−3.5%
Net income or lossus-gaap:NetIncomeLoss	7,370,000,000USD · Dec 29, 2025 to Mar 29, 2026	2,812,000,000USD · Dec 30, 2024 to Mar 30, 2025	+4,558,000,000+162.1%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	5,435,000,000USD · at Mar 29, 2026	7,203,000,000USD · at Mar 30, 2025	−1,768,000,000−24.5%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	7,414,000,000USD · Sep 29, 2025 to Mar 29, 2026	7,141,000,000USD · Sep 30, 2024 to Mar 30, 2025	+273,000,000+3.8%

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. FY2026: 0000804328-26-000061 · FY2025: 0000804328-25-000031

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

13 material additions

Part I, Item 2 · MD&A

8 of 13 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Second Quarter Fiscal 2026 Overview

Summary · quote-checked

Added disclosure of a $5.7 billion income tax benefit from releasing a valuation allowance based on expected realization of federal deferred tax assets.

The paragraph introduces a new tax benefit, a valuation allowance release, and a changed expectation tied to CAMT guidance, substantively changing the MD&A disclosure.

Why the model ranked it here

The valuation allowance release and resulting tax benefit materially change the company’s reported tax position and earnings.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] • We recorded a $5.7 billion income tax benefit to release a valuation allowance in the second quarter of fiscal 2026 as we now expect to realize substantially all of our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax (CAMT) by the U.S. Department of Treasury and the Internal Revenue Service.

Cite this change

"We recorded a $5.7 billion income tax benefit to release a valuation allowance in the second quarter of fiscal 2026 as we now expect to realize substantially all of our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax (CAMT) by the U.S. Department of Treasury and the Internal Revenue Service."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

02AddedPart 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 cash.

Why the model ranked it here

The acquisition-related restriction introduces a significant committed use of cash and directly changes the company’s disclosed liquidity.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] (1) In connection with the acquisition of Alphawave, which closed in the first quarter of fiscal 2026, we had 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

"we had 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 FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

03AddedPart I, Item 2 › Looking Forward

Summary · quote-checked

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

The new paragraph introduces a specific supply dependency, pricing risk, customer-demand impact and uncertainty affecting financial results.

Why the model ranked it here

The company now identifies memory supply and pricing as an expected dependency that could reduce handset demand and financial results.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] • We expect recent memory supply constraints and related pricing increases to adversely affect demand from several handset OEMs, 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 device pricing dynamics and end-consumer demand for devices, 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 OEMs, which will negatively impact our financial results."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Added disclosure of tax guidance, the expected end of CAMT exposure, release of a valuation allowance, and a $5.7 billion tax benefit.

The paragraph introduces a new tax development, changes expected CAMT status, and discloses a valuation allowance release and related tax benefit.

Why the model ranked it here

The disclosure shows that tax guidance reversed the expected CAMT exposure and led to releasing a valuation allowance.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] In the second quarter of fiscal 2026, the U.S. Department of Treasury and the Internal Revenue Service issued Notice 2026-07, which, among other items, allows us to reduce CAMT by certain previously capitalized domestic R&D expenditures. As a result, we no longer expect to be subject to CAMT in the foreseeable future, and therefore, we now expect to realize our existing federal deferred tax assets. Accordingly, we released our valuation allowance on our federal deferred tax assets resulting in a $5.7 billion income tax benefit in the second quarter of fiscal 2026. Changes in future taxable income, tax laws and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.

Cite this change

"Accordingly, we released our valuation allowance on our federal deferred tax assets resulting in a $5.7 billion income tax benefit in the second quarter of fiscal 2026."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Added disclosure of U.S. tax reform, changes to FDDEI and R&D deductions, expected CAMT exposure, and a $5.7 billion valuation allowance.

The new paragraph discloses enacted legislation, a changed tax obligation, expected perpetual CAMT exposure, and a substantial valuation allowance, introducing new tax-related facts and obligations.

Why the model ranked it here

The disclosure introduces a changed tax regime, expected CAMT exposure, and a substantial valuation allowance affecting deferred tax assets.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] In 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 foreign-derived deduction eligible income (FDDEI) regime and changes allowing domestic research and development (R&D) expenditures to be deducted as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years). As a result, we expected to be perpetually subject to CAMT and established a $5.7 billion valuation allowance on our federal deferred tax assets in fiscal 2025.

Cite this change

"As a result, we expected to be perpetually subject to CAMT and established a $5.7 billion valuation allowance on our federal deferred tax assets in fiscal 2025."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

06AddedPart I, Item 2 › Income Tax Expense (in millions, except percentages)

Summary · quote-checked

Added disclosure of unrecognized tax benefits and the possibility of changes within the next twelve months.

The new paragraph introduces a tax-related obligation and states that its amount may change, providing new information about exposure and potential future changes.

Why the model ranked it here

The company newly identifies unrecognized tax benefits as an obligation that may change in the near term.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] Unrecognized tax benefits were $2.9 billion and $2.7 billion at March 29, 2026 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 March 29, 2026 and September 28, 2025, respectively. We believe that it is reasonably possible that our unrecognized tax benefits will change within the next twelve months."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

07AddedPart I, Item 2 › Our Business and Operating Segments

Summary · quote-checked

Added disclosure describing QTI’s operating role and QUALCOMM Incorporated’s ownership and licensing authority over the patent portfolio.

The paragraph adds substantive information about corporate structure, patent ownership, and which entity has authority to grant patent licenses.

Why the model ranked it here

The disclosure clarifies which entity owns the patent portfolio and has authority to grant licenses, changing the reader’s understanding of the operating and licensing structure.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

Our reportable segments are operated by QUALCOMM Incorporated and its direct and indirect subsidiaries. Substantially all of our products and services businesses, including QCT, and substantially all of our engineering and research [added] and development functions are operated by Qualcomm Technologies, Inc. (QTI), a subsidiary of QUALCOMM Incorporated, and QTI's subsidiaries. QTL is operated by QUALCOMM Incorporated, which owns the vast majority of our patent portfolio. Neither QTI nor any of its subsidiaries has any right, power or authority to grant any licenses or other rights under or to any patents owned by QUALCOMM Incorporated.

Cite this change

"and development functions are operated by Qualcomm Technologies, Inc. (QTI), a subsidiary of QUALCOMM Incorporated, and QTI's subsidiaries. QTL is operated by QUALCOMM Incorporated, which owns the vast majority of our patent portfolio. Neither QTI nor any of its subsidiaries has any right, power or authority to grant any licenses or other rights under or to any patents owned by QUALCOMM Incorporated."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

08AddedPart I, Item 2 › Results of Operations

Summary · quote-checked

Added explanation that Data Center equipment and services revenue increased by $97 million, primarily due to the Alphawave acquisition.

The paragraph adds a substantive revenue driver and identifies a newly disclosed acquisition, rather than merely rolling forward a period or rephrasing existing text.

Why the model ranked it here

The company newly attributes Data Center revenue growth primarily to the Alphawave acquisition, making the acquisition a material driver of reported performance.

Filing text · FY2025 10-Q · filed Apr 30, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Apr 29, 2026

- $143 million in licensing revenues from a settlement of a licensing dispute in the second quarter of fiscal 2025, which was not allocated to our segment results [added] + $97 million in higher equipment and services revenues from our Data Center segment, primarily driven by our acquisition of Alphawave in the first quarter of fiscal 2026 + $63 million in higher licensing revenues from our QTL segment

Cite this change

"+ $97 million in higher equipment and services revenues from our Data Center segment, primarily driven by our acquisition of Alphawave in the first quarter of fiscal 2026"

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

Show all 13 in Part I, Item 2 (5 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 › QTL Segment (in millions, except percentages)

Summary · quote-checked

Removed disclosure about Chinese OEM licensing agreements, Transsion litigation dismissal and royalties, and the absence of Huawei QTL revenue.

The removed paragraph disclosed licensing relationships, resolved litigation, royalty recognition and an expired agreement, changing reported dependencies and revenue-related information.

Why the model ranked it here

The removal obscures important licensing dependencies, royalty recognition, litigation resolution, and the absence of revenue from a major licensee.

Filing text · FY2025 10-Q · filed Apr 30, 2025

[removed] During the second quarter of fiscal 2025, we executed final agreements for new long-term licenses with two key Chinese OEMs (for which the initial terms had expired). We also recently entered into comprehensive 4G and 5G license agreements with Transsion (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 dismissed. QTL revenues for the second quarter and first six months of fiscal 2025 included estimated royalties due from Transsion for sales made in the March 2025 quarter. We did not record QTL revenues in the second quarter of fiscal 2025 from Huawei, whose license agreement has expired.

Filing text · FY2026 10-Q · filed Apr 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"During the second quarter of fiscal 2025, we executed final agreements for new long-term licenses with two key Chinese OEMs (for which the initial terms had expired). We also recently entered into comprehensive 4G and 5G license agreements with Transsion (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 dismissed. QTL revenues for the second quarter and first six months of fiscal 2025 included estimated royalties due from Transsion for sales made in the March 2025 quarter. We did not record QTL revenues in the second quarter of fiscal 2025 from Huawei, whose license agreement has expired."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000031, filed 30 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom-20250330.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Removed disclosure that Pillar Two global minimum-tax legislation applies beginning in fiscal 2025 and is being monitored for financial-statement impact.

The removed paragraph disclosed a new tax obligation and related exposure, including applicability and expected impact; its removal substantively changes the tax disclosure.

Why the model ranked it here

The removal eliminates disclosure of an applicable global minimum-tax regime and the company’s monitoring of its potential financial-statement impact.

Filing text · FY2025 10-Q · filed Apr 30, 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 · FY2026 10-Q · filed Apr 29, 2026

No corresponding language in the FY2026 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 FY2025, Part I, Item 2, accession 0000804328-25-000031, filed 30 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom-20250330.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Removed disclosure identifying discontinued operations related to the Non-Arriver businesses and directing readers to related financial statement information.

The paragraph states the existence and scope of discontinued operations, not merely a cross-reference; its removal changes the disclosed accounting information.

Why the model ranked it here

The removal obscures the existence and scope of discontinued operations and where readers can find related financial information.

Filing text · FY2025 10-Q · filed Apr 30, 2025

[removed] Discontinued operations in the second quarter and first six months 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 · FY2026 10-Q · filed Apr 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Discontinued operations in the second quarter and first six months 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.""

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000031, filed 30 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom-20250330.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

04RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The current report removes disclosure of a quarterly dividend increase and the company’s stated intent to continue returning capital through cash dividends.

The removed paragraph disclosed a dividend change and an ongoing capital-return policy, representing substantive information about distributions and capital allocation.

Why the model ranked it here

The removal eliminates disclosure of a changed dividend policy and the stated intent to continue returning capital through cash distributions.

Filing text · FY2025 10-Q · filed Apr 30, 2025

[removed] On March 18, 2025, we announced an increase in our quarterly dividend per share of common stock from $0.85 to $0.89, which is effective for dividends payable after March 27, 2025. We currently intend to continue to use cash dividends as a means of returning capital to stockholders, subject to capital availability and our view that cash dividends are in the best interests of our stockholders, among other factors. Additional information regarding our capital returns is provided in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 4. Capital Stock."

Filing text · FY2026 10-Q · filed Apr 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On March 18, 2025, we announced an increase in our quarterly dividend per share of common stock from $0.85 to $0.89, which is effective for dividends payable after March 27, 2025. We currently intend to continue to use cash dividends as a means of returning capital to stockholders, subject to capital availability and our view that cash dividends are in the best interests of our stockholders, among other factors. Additional information regarding our capital returns is provided in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 4. Capital Stock.""

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000031, filed 30 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom-20250330.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

The discontinued operations results table was removed from MD&A.

The disappearance of a numeric table is material under the rubric because it changes disclosure of the reported discontinued-operations item.

Why the model ranked it here

The removal eliminates the numerical presentation of discontinued-operations results from the results discussion.

Filing text · FY2025 10-Q · filed Apr 30, 2025

~~[removed] |[removed] Discontinued Operations (in millions)[removed] Three Months Ended | Six Months Ended[removed] March 30, 2025 | March 24, 2024 | Change | March 30, 2025 | March 24, 2024 | Change[removed] Discontinued operations, net of income taxes | $ | - | $ | 51 | $ | (51) | $ | - | $ | 6 | $ | (6)~~

Filing text · FY2026 10-Q · filed Apr 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Discontinued operations, net of income taxes | $ | - | $ | 51 | $ | (51) | $ | - | $ | 6 | $ | (6)"

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000031, filed 30 April 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom-20250330.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?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.

47 material changes

Part I, Item 2 · MD&A

5 of 47 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Second Quarter Fiscal 2026 Overview

Summary · quote-checked

The second-quarter overview changed from revenue growth to revenue decline, while net income and its year-over-year growth rate also changed.

Revenue direction changed from an increase to a decrease, making the MD&A statement substantively different beyond the fiscal-year roll-forward.

Why the model ranked it here

The company’s headline results shifted from revenue growth to a revenue decline while net income growth accelerated sharply, materially changing the overall performance picture.

Filing text · FY2025 10-Q · filed Apr 30, 2025

Revenues for the second quarter of fiscal ~~[removed] 2025 were $11.0 billion, an increase of 17%~~ compared to the year ago quarter, with net income of ~~[removed] $2.8~~ billion, an increase of ~~[removed] 21%~~ compared to the year ago quarter. Key items from the second quarter of fiscal ~~[removed] 2025~~ included:

Filing text · FY2026 10-Q · filed Apr 29, 2026

Revenues for the second quarter of fiscal [added] 2026 were $10.6 billion, a decrease of 3% compared to the year ago quarter, with net income of [added] $7.4 billion, an increase of [added] 162% compared to the year ago quarter. Key items from the second quarter of fiscal [added] 2026 included:

Cite this change

"Revenues for the second quarter of fiscal 2026 were $10.6 billion, a decrease of 3% compared to the year ago quarter, with net income of $7.4 billion, an increase of 162% compared to the year ago quarter."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity disclosure changed from a net increase to a net decrease, with revised cash-flow drivers, restricted cash, repurchases, acquisitions, capital expenditures, and commercial paper.

The direction reverses and the drivers and cash components change, including restricted cash and commercial paper; this substantively changes the liquidity and cash-flow disclosure.

Why the model ranked it here

Liquidity shifted from a net increase to a net decrease, with substantially different uses of cash, acquisition spending, repurchases, restricted cash, and commercial-paper proceeds.

Filing text · FY2025 10-Q · filed Apr 30, 2025

Cash, cash equivalents and marketable ~~[removed] securities.~~ The net ~~[removed] increase~~ in cash, cash equivalents and marketable securities for the first six months of fiscal ~~[removed] 2025~~ was primarily due to ~~[removed] net cash provided by operating activities, partially offset by $3.5~~ billion in payments to repurchase ~~[removed] 22~~ million shares of our common ~~[removed] stock,~~ $1.9 billion in cash dividends paid, ~~[removed] $609~~ million in payments of tax withholdings related to the vesting of share-based awards, ~~[removed] $491 million in capital expenditures and $341~~ million in ~~[removed] cash paid for acquisitions and other investments.~~

Filing text · FY2026 10-Q · filed Apr 29, 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 six months of fiscal [added] 2026 was primarily due to [added] $5.4 billion in payments to repurchase [added] 34 million shares of our common [added] stock (which includes repurchases that offset share issuances in connection with the acquisition of Alphawave), $1.9 billion in cash dividends paid, [added] $1.2 billion in cash paid for acquisitions and other investments (net of cash acquired), $1.1 billion in capital expenditures and $536 million in payments of tax withholdings related to the vesting of share-based awards, [added] partially offset by cash provided by operating activities and $496 million in [added] net proceeds of commercial paper.

Cite this change

"Cash, cash equivalents and marketable securities (including restricted cash). The net decrease in cash, cash equivalents and marketable securities (including restricted cash) for the first six months of fiscal 2026 was primarily due to $5.4 billion in payments to repurchase 34 million shares of our common stock (which includes repurchases that offset share issuances in connection with the acquisition of Alphawave), $1.9 billion in cash dividends paid, $1.2 billion in cash paid for acquisitions and other investments (net of cash acquired), $1.1 billion in capital expenditures and $536 million in payments of tax withholdings related to the vesting of share-based awards, partially offset by cash provided by operating activities and $496 million in net proceeds of commercial paper."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Short-term debt changed from $1.4 billion maturing in May 2025 with no commercial paper outstanding to $498 million of outstanding commercial paper.

The disclosure changes the company’s short-term debt and commercial paper position, indicating a substantively different liquidity and debt exposure.

Why the model ranked it here

The company now reports outstanding commercial paper instead of no commercial paper, materially changing its disclosed short-term funding position.

Filing text · FY2025 10-Q · filed Apr 30, 2025

~~[removed] (1)~~ Includes our issued debt reported as long-term and ~~[removed] $1.4 billion~~ reported as short-term debt ~~[removed] (which matures in May 2025). As~~ of March ~~[removed] 30, 2025 and September 29, 2024,~~ our credit facility was ~~[removed] undrawn, and we had no commercial paper outstanding.~~

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] (2) Includes our issued debt [added] which is reported as long-term and [added] $498 million of outstanding commercial paper reported as short-term debt [added] as of March [added] 29, 2026. At March 29, 2026, our credit facility was [added] undrawn.

Cite this change

"Includes our issued debt which is reported as long-term and $498 million of outstanding commercial paper reported as short-term debt as of March 29, 2026. At March 29, 2026, our credit facility was undrawn."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Income tax reconciliation added a valuation allowance release and reported tax benefits, with revised effective tax rates and tax-related drivers.

The table newly discloses releasing a federal deferred-tax valuation allowance and changes income tax expense to a benefit, substantively altering the reported tax position beyond period roll-forward.

Why the model ranked it here

The income-tax reconciliation now reflects a federal deferred-tax valuation allowance release and a tax benefit, substantially changing the reported tax position.

Filing text · FY2025 10-Q · filed Apr 30, 2025

|Three Months Ended | Six Months EndedMarch ~~[removed] 30, 2025~~ | March ~~[removed] 24, 2024~~ | March ~~[removed] 30, 2025~~ | March ~~[removed] 24, 2024~~Expected income tax provision at federal statutory tax rate | $ | ~~[removed] 652~~ | $ | ~~[removed] 525~~ | $ | ~~[removed] 1,415~~ | $ | ~~[removed] 1,147[removed] Benefit from foreign-derived intangible income (FDII) deduction, excluding the impact of capitalizing research and development expenditures | (190) | (145) | (397) | (309)~~Benefit from ~~[removed] FDII deduction related to capitalizing research and development expenditures | (110) | (133) | (263) | (323)~~Foreign currency ~~[removed] (gain) loss~~ related to foreign withholding tax receivable | ~~[removed] (1) | 41 | 165 | 2~~Benefit related to the federal research and development tax credit | ~~[removed] (45) | (59) | (119) | (135)~~Excess tax ~~[removed] benefit~~ associated with share-based awards | ~~[removed] (39) | (23) | (77) | (51)~~Other | ~~[removed] 26 | 17 | 24 | 42~~Income tax expense | $ | ~~[removed] 293~~ | $ | ~~[removed] 223~~ | $ | ~~[removed] 748~~ | $ | ~~[removed] 373~~Effective tax rate | ~~[removed] 9 | %~~ | 9 | % | ~~[removed] 11 | % | 7~~ | %

Filing text · FY2026 10-Q · filed Apr 29, 2026

|Three Months Ended | Six Months EndedMarch 29, 2026 | March 30, 2025 | March 29, 2026 | March 30, 2025Expected income tax provision at federal statutory tax rate | $ | 469 | $ | 652 | $ | 1,214 | $ | 1,415Benefit of releasing valuation allowance on federal deferred tax assets | (5,724) | - | (5,724) | -Benefit from foreign-derived deduction eligible income (FDDEI) | (88) | (300) | (296) | (660)Foreign currency loss (gain) related to foreign withholding tax receivable | 63 | (1) | 121 | 165Benefit related to the federal research and development tax credit | (26) | (45) | (98) | (119)Excess tax deficiency (benefit) associated with share-based awards | 11 | (39) | (18) | (77)Other | 157 | 26 | 205 | 24Income tax (benefit) expense | $ | (5,138) | $ | 293 | $ | (4,596) | $ | 748Effective tax rate | (230 | %) | 9 | % | (80 | %) | 11 | %

Cite this change

"Benefit of releasing valuation allowance on federal deferred tax assets | (5,724) | - | (5,724) | -"

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

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

Summary · quote-checked

Handset revenue commentary changed from an increase driven by pricing, shipments and premium-tier demand to a decrease driven by reduced shipments and memory constraints.

The direction of the reported result flipped, and the stated drivers changed to customer inventory reductions, memory supply constraints and related price increases.

Why the model ranked it here

Handset revenue shifted from growth driven by premium demand to a decline tied to lower shipments, customer inventory reductions, and memory constraints.

Filing text · FY2025 10-Q · filed Apr 30, 2025

~~[removed] + higher~~ handsets revenues, primarily due to ~~[removed] $854 million in higher revenues per chipset~~ (primarily driven by [removed] higher average selling prices), and $783 million in higher chipset shipments driven by certain major OEMs, both of which benefited from an increase in demand in premium-tier Snapdragon platforms + higher IoT revenues, due to $924 million in higher shipments across consumer, edge networking and industrial products, partially offset by unfavorable product mix + higher automotive revenues, primarily driven by an increase in shipments from new vehicle launches with our Snapdragon digital cockpit products

Filing text · FY2026 10-Q · filed Apr 29, 2026

[added] - lower handsets revenues, primarily due to [added] lower chipset shipments to certain major OEMs (primarily driven by [added] customers adjusting build plans to reduce their inventory levels as a result of the negative effects of recent memory supply constraints and related price increases)

Cite this change

"- lower handsets revenues, primarily due to lower chipset shipments to certain major OEMs (primarily driven by customers adjusting build plans to reduce their inventory levels as a result of the negative effects of recent memory supply constraints and related price increases)"

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000061, filed 29 April 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom-20260329.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000061?ref=quote

Show all 47 in Part I, Item 2 (42 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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