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Reports › QCOM › 10-Q FY2026

SEC filings, compared

What changed in Qualcomm Inc/De's 10-Q for the quarter ended June 28, 2026

Compared with the 10-Q for the quarter ended June 29, 2025. Part I, Item 2 analysed; every summary checked against the quoted filing text.

Registrant
QUALCOMM INC/DE · QCOM
This filing
0000804328-26-000086 ↗ · filed Jul 29, 2026
Compared with
0000804328-25-000045 ↗ · filed Jul 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

78 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.

ConceptFY2026FY2025Change (our arithmetic)
Revenueus-gaap:Revenues9,947,000,000USD · Mar 30, 2026 to Jun 28, 202610,365,000,000USD · Mar 31, 2025 to Jun 29, 2025−418,000,000−4%
Net income or lossus-gaap:NetIncomeLoss2,002,000,000USD · Mar 30, 2026 to Jun 28, 20262,666,000,000USD · Mar 31, 2025 to Jun 29, 2025−664,000,000−24.9%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue4,533,000,000USD · at Jun 28, 20265,448,000,000USD · at Jun 29, 2025−915,000,000−16.8%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities8,405,000,000USD · Sep 29, 2025 to Jun 28, 202610,016,000,000USD · Sep 30, 2024 to Jun 29, 2025−1,611,000,000−16.1%

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: 0000804328-26-000086 · FY2025: 0000804328-25-000045

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

26 material additions

Part I, Item 2 · MD&A

8 of 26 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Looking Forward

Summary · quote-checked

Added disclosure that memory supply constraints and pricing increases are expected to reduce handset OEM demand and negatively affect financial results.

The new paragraph introduces a supply-related dependency, adverse demand outlook, and uncertainty around pricing, availability, and end-consumer demand.

Why the model ranked it here

This introduces a new supply dependency that management expects to weaken handset demand and financial results.

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

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Jul 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 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Added disclosure that perpetual CAMT exposure led to a $5.7 billion valuation allowance on federal deferred tax assets in fiscal 2025.

The paragraph introduces a tax exposure and a substantial valuation allowance, changing disclosure of an obligation and financial statement position.

Why the model ranked it here

This reveals a significant tax exposure that required a substantial valuation allowance against deferred tax assets.

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

No corresponding language in the FY2025 10-Q.

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

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 [added] 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 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Added disclosure of unrecognized tax benefits and their potential change within the next twelve months.

The new paragraph discloses a tax-related obligation and states that the balance may change within twelve months, introducing substantive liquidity or tax exposure information.

Why the model ranked it here

This adds a material unrecognized tax obligation that management believes may change in the near term.

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

No corresponding language in the FY2025 10-Q.

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

[added] Unrecognized tax benefits were $3.0 billion and $2.7 billion at June 28, 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 $3.0 billion and $2.7 billion at June 28, 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 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04AddedPart I, Item 2 › Results of Operations

Summary · quote-checked

Added a revenue explanation attributing $182 million in higher Data Center equipment and services revenues primarily to the Alphawave acquisition.

This adds a new acquisition and a substantive driver of reported revenue, which is material under the MD&A results-narrative rule.

Why the model ranked it here

This shows that reported Data Center revenue growth was materially driven by the Alphawave acquisition.

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

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Jul 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] + $182 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 + $80 million in higher licensing revenues from our QTL segment

Cite this change

"+ $182 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 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05AddedPart I, Item 2 › Third quarter and first nine months 2026 vs. 2025

Summary · quote-checked

Added disclosure describes continued growth investments and replacing annual cash incentives with a two-year equity award for broader non-executive leadership.

The new paragraph discloses a changed compensation arrangement and stated investment and diversification strategy, introducing substantive information about an obligation and management plans.

Why the model ranked it here

This discloses a shift from annual cash incentives to equity awards while signaling continued investment in diversification.

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

No corresponding language in the FY2025 10-Q.

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

[added] We expect to continue investing in key growth and diversification initiatives. The increase in our share-based compensation expense includes the replacement of our annual cash incentive awards for fiscal 2026 and 2027 with a two-year equity award for our broader non-executive leadership team. This approach is designed to motivate and retain our team to execute our long-term diversification strategy, while further aligning their compensation with the interests of our stockholders.

Cite this change

"We expect to continue investing in key growth and diversification initiatives. The increase in our share-based compensation expense includes the replacement of our annual cash incentive awards for fiscal 2026 and 2027 with a two-year equity award for our broader non-executive leadership team. This approach is designed to motivate and retain our team to execute our long-term diversification strategy, while further aligning their compensation with the interests of our stockholders."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

06AddedPart I, Item 2 › Third quarter and first nine months 2026 vs. 2025

Summary · quote-checked

Added disclosure that fiscal 2026 other expenses included restructuring and restructuring-related charges, primarily severance costs.

The new paragraph identifies a specific expense category and its principal component, adding substantive information about the company’s reported expenses.

Why the model ranked it here

This identifies restructuring and severance charges as a new component of reported expenses.

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

No corresponding language in the FY2025 10-Q.

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

[added] Other expenses in the third quarter and first nine months of fiscal 2026 consisted of restructuring and restructuring-related charges (substantially all of which related to severance costs).

Cite this change

"Other expenses in the third quarter and first nine months of fiscal 2026 consisted of restructuring and restructuring-related charges (substantially all of which related to severance costs)."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

07AddedPart I, Item 2 › Third quarter and first nine months 2026 vs. 2025

Summary · quote-checked

Added disclosure of a $91 million increase in acquisition-related expenses.

The new paragraph introduces a specific expense change and identifies acquisition-related expenses as a reported MD&A item, creating new substantive disclosure.

Why the model ranked it here

This shows that the acquisition strategy also introduced substantial acquisition-related costs.

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

No corresponding language in the FY2025 10-Q.

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

[added] + $91 million increase in acquisition-related expenses

Cite this change

"+ $91 million increase in acquisition-related expenses"

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

08AddedPart I, Item 2 › Third Quarter Fiscal 2026 Overview

Summary · quote-checked

Added disclosure that investment and other income increased by $656 million, primarily due to higher gains from initial public offerings of certain QSI equity investments.

The new paragraph introduces a specific income movement and attributes it to gains from initial public offerings of certain equity investments, adding substantive financial information.

Why the model ranked it here

This indicates that investment income growth was substantially influenced by gains from equity investment offerings rather than core operating activity.

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

No corresponding language in the FY2025 10-Q.

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

[added] • Investment and other income, net increased by $656 million compared to the year ago quarter, primarily due to higher net gains from initial public offerings of certain QSI equity investments.

Cite this change

"• Investment and other income, net increased by $656 million compared to the year ago quarter, primarily due to higher net gains from initial public offerings of certain QSI equity investments."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

Show all 26 in Part I, Item 2 (18 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.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Third quarter 2025 vs. 2024

Summary · quote-checked

The current filing omits the statement that gross margin percentage remained approximately flat in the third quarter of fiscal 2025.

The removed paragraph disclosed a specific gross-margin result; its omission changes the MD&A results narrative rather than merely updating a period or formatting.

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

[removed] Gross margin percentage remained approximately flat in the third quarter of fiscal 2025.

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

No corresponding language in the FY2026 10-Q.

Cite this change

"Gross margin percentage remained approximately flat in the third quarter of fiscal 2025."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000045, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000045/qcom-20250629.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Removed disclosure that legislation would affect income taxes and results of operations, including changes to FDII/FDDEI tax rates.

The removed paragraph describes tax legislation, its effect on deferred tax assets and income taxes, and specific statutory rate changes, changing disclosed tax obligations and exposure.

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

[removed] However, we expect it will adversely affect our total provision for income taxes and results of operations, as these expenditures will no longer result in a deferred tax asset that is established at the statutory rate of 21% rather than the current effective tax rate of 13% after considering the FDII deduction. The legislation also modifies international tax provisions, including changes to the FDII regime. Specifically, it renames FDII as Foreign-Derived Deduction Eligible Income (FDDEI), maintains the current FDDEI effective tax rate of 13% through fiscal 2026 and adjusts the FDDEI effective tax rate to a permanent 14% rate in fiscal 2027 (compared to 16% under prior law).

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

No corresponding language in the FY2026 10-Q.

Cite this change

"However, we expect it will adversely affect our total provision for income taxes and results of operations, as these expenditures will no longer result in a deferred tax asset that is established at the statutory rate of 21% rather than the current effective tax rate of 13% after considering the FDII deduction. The legislation also modifies international tax provisions, including changes to the FDII regime. Specifically, it renames FDII as Foreign-Derived Deduction Eligible Income (FDDEI), maintains the current FDDEI effective tax rate of 13% through fiscal 2026 and adjusts the FDDEI effective tax rate to a permanent 14% rate in fiscal 2027 (compared to 16% under prior law)."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000045, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000045/qcom-20250629.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Removed disclosure identifying discontinued operations in fiscal 2024 as related to the Non-Arriver businesses and directing readers to related financial statement information.

The paragraph disclosed the existence and source of discontinued operations, not merely a cross-reference; its removal changes the reported business-disposition information.

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

[removed] Discontinued operations in the third quarter and first nine 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 Jul 29, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

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

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000045, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000045/qcom-20250629.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04RemovedPart I, Item 2 › QTL Segment (in millions, except percentages)

Summary · quote-checked

Removed disclosure of new Chinese OEM licensing agreements, Transsion litigation dismissal, and exclusion of Huawei royalties from QTL revenues.

The removed paragraph described licensing agreements, resolved litigation, and a lost royalty source, all substantive changes involving obligations, legal proceedings, and revenue dependency.

Filing text · FY2025 10-Q · filed Jul 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) and 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. Beginning in the second quarter of fiscal 2025, QTL revenues did not include royalties from Huawei, whose license agreement has expired.

Filing text · FY2026 10-Q · filed Jul 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) and 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. Beginning in the second quarter of fiscal 2025, QTL revenues did not include royalties from Huawei, whose license agreement has expired."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000045, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000045/qcom-20250629.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The current report removed disclosure of debt repayment, new note issuance, maturities, proceeds, interest rate swaps, and a debt cross-reference.

The removed paragraph disclosed financing transactions, repayment obligations, maturities, and hedging arrangements; its absence changes the debt and liquidity information provided.

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

[removed] Debt. During the third quarter of fiscal 2025, we repaid $1.4 billion of unsecured fixed-rate notes that matured in May 2025. In May 2025, we also issued $1.5 billion of unsecured fixed-rate notes, consisting of $500 million of 4.50% notes, $400 million of 4.75% notes and $600 million of 5.00% notes (collectively, May 2025 Notes) that mature on May 20, 2030, May 20, 2032 and May 20, 2035, respectively. The net proceeds from the May 2025 Notes will be used for general corporate purposes. We also entered into interest rate swaps which are designated as fair value hedges and allow us to effectively convert all of our fixed-rate payments due under the May 2025 Notes into floating-rate payments. Additional information regarding our debt is provided in this Quarterly Report in "Notes to Condensed Consolidated Financial Statements, Note 2. Composition of Certain Financial Statement Items."

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

No corresponding language in the FY2026 10-Q.

Cite this change

"Debt. During the third quarter of fiscal 2025, we repaid $1.4 billion of unsecured fixed-rate notes that matured in May 2025."

Qualcomm Inc/De, Form 10-Q for FY2025, Part I, Item 2, accession 0000804328-25-000045, filed 30 July 2025.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432825000045/qcom-20250629.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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 › Liquidity and Capital Resources

Summary · quote-checked

Debt disclosure changed from no commercial paper outstanding to $498 million outstanding, with $2.0 billion classified as current and maturing in May 2027.

The paragraph now discloses commercial paper, a near-term debt classification, and a maturity, materially changing stated liquidity obligations and debt exposure.

Why the model ranked it here

This introduces commercial paper and a near-term debt obligation, materially changing the company’s disclosed liquidity and refinancing exposure.

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

(2) [removed] Includes our issued [removed] debt reported as long-term and short-term debt. As of June 29, 2025 and September 29, 2024, our credit facility was undrawn, and we had no commercial paper outstanding.

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

(2) [added] Consists of our issued [added] debt, including $2.0 billion classified as current and maturing in May 2027, and $498 million of outstanding commercial paper reported as short-term debt as of June 28, 2026. At June 28, 2026, our credit facility was undrawn.

Cite this change

"Consists of our issued debt, including $2.0 billion classified as current and maturing in May 2027, and $498 million of outstanding commercial paper reported as short-term debt as of June 28, 2026. At June 28, 2026, our credit facility was undrawn."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Disclosure shifts from potential CAMT exposure and adverse tax effects to no expected CAMT, deferred tax asset realization, and a tax benefit.

The paragraph adds a regulatory notice, reverses the CAMT outlook, changes deferred tax asset expectations, and reports a realized tax benefit, substantively changing the disclosure.

Why the model ranked it here

This reverses the expected minimum-tax exposure and records a deferred-tax valuation allowance release, substantially changing the tax outlook and reported results.

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

[removed] While we continue to evaluate the impact of these tax law changes, we may be subject to the corporate alternative minimum tax of 15% beginning in fiscal 2026, and we are assessing our ability to realize our existing deferred tax assets. [removed] As such, our future provision for income taxes and results of operations may be adversely affected (potentially materially).

Filing text · FY2026 10-Q · filed Jul 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 [added] federal deferred tax assets. [added] 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

"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."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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

Summary · quote-checked

Third-quarter revenue and net income shifted from year-over-year increases to decreases, with lower reported amounts in fiscal 2026.

The MD&A changes both figures and the direction of year-over-year performance, substantively changing the results narrative rather than merely rolling forward periods.

Why the model ranked it here

This changes the overall quarterly performance narrative from revenue and earnings growth to declines.

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

Revenues for the third quarter of fiscal [removed] 2025 were $10.4 billion, an increase of 10% compared to the year ago quarter, with net income of [removed] $2.7 billion, an increase of 25% compared to the year ago quarter. Key items from the third quarter of fiscal [removed] 2025 included:

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

Revenues for the third quarter of fiscal [added] 2026 were $9.9 billion, a decrease of 4% compared to the year ago quarter, with net income of [added] $2.0 billion, a decrease of 25% compared to the year ago quarter. Key items from the third quarter of fiscal [added] 2026 included:

Cite this change

"Revenues for the third quarter of fiscal 2026 were $9.9 billion, a decrease of 4% compared to the year ago quarter, with net income of $2.0 billion, a decrease of 25% compared to the year ago quarter."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

04ChangedPart I, Item 2 › Looking Forward

Summary · quote-checked

The disclosure expands from expected wafer-cost increases to broad industry input-cost and capacity constraints, including potential margin, supply, revenue and financial-condition effects.

The current paragraph adds realized industry-wide constraints, identifies additional affected inputs and services, and describes possible customer-demand, revenue, cash-flow and financial-condition consequences.

Why the model ranked it here

This expands a product-cost discussion into broad industry supply and capacity constraints with potential effects on margins, demand, cash flow and financial condition.

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

• [removed] We expect transitions to new generations of leading process technology nodes to continue to [removed] drive product cost increases from certain of our key [removed] semiconductor wafer suppliers.

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

• [added] The semiconductor industry is experiencing a broad-based increase in input costs and capacity constraints across wafer fabrication, assembly, test, advanced packaging, memory and other materials, due in part to increasing demand for leading-edge technologies, AI and data center applications. As a result, we continue to [added] see increased product costs from certain of our key [added] suppliers, which could negatively impact our margins. Further, if these supply and capacity constraints limit the availability of components, manufacturing capacity or related services from our suppliers, we may be unable to fully satisfy customer demand, which could result in lost or delayed revenue and adversely affect our results of operations, cash flows and financial condition.

Cite this change

"The semiconductor industry is experiencing a broad-based increase in input costs and capacity constraints across wafer fabrication, assembly, test, advanced packaging, memory and other materials, due in part to increasing demand for leading-edge technologies, AI and data center applications."

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

05Figures updatedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Updated liquidity table reports lower cash, cash equivalents and marketable securities, alongside higher debt.

Although the periods roll forward, the changed balances alter the disclosed liquidity and debt position, so a reader may draw a different conclusion about liquidity exposure.

Why the model ranked it here

This reports materially lower liquid resources alongside higher debt, changing the disclosed balance of liquidity and obligations.

Filing text · FY2025 10-Q · filed Jul 30, 2025
|June [removed] 29, 2025 | September [removed] 29, 2024 | ChangeCash, cash equivalents and marketable securities (including restricted cash)Cash and cash equivalents | $ | [removed] 5,448 | $ | [removed] 7,849 | $ | [removed] (2,401)Restricted cash (1) | [removed] 2,323 | - | 2,323Marketable securities | [removed] 4,563 | 5,451 | (888)$ | [removed] 12,334 | $ | [removed] 13,300 | $ | [removed] (966)Debt (2) | $ | [removed] 14,788 | $ | [removed] 14,634 | $ | [removed] 154
Filing text · FY2026 10-Q · filed Jul 29, 2026
|June [added] 28, 2026 | September [added] 28, 2025 | ChangeCash, cash equivalents and marketable securities (including restricted cash)Cash and cash equivalents | $ | [added] 4,533 | $ | [added] 5,520 | $ | [added] (987)Restricted cash (1) | [added] - | 2,323 | (2,323)Marketable securities | [added] 3,771 | 4,635 | (864)$ | [added] 8,304 | $ | [added] 12,478 | $ | [added] (4,174)Debt (2) | $ | [added] 15,270 | $ | [added] 14,811 | $ | [added] 459
Cite this change

"$ | 8,304 | $ | 12,478 | $ | (4,174) Debt (2) | $ | 15,270 | $ | 14,811 | $ | 459"

Qualcomm Inc/De, Form 10-Q for FY2026, Part I, Item 2, accession 0000804328-26-000086, filed 29 July 2026.

Filing: https://www.sec.gov/Archives/edgar/data/804328/000080432826000086/qcom-20260628.htm

Comparison: https://yearover.com/reports/qcom/0000804328-26-000086?ref=quote

Summaries are written by a model and checked against the quoted text. The quotes are the record.

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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