Qualcomm (QCOM) 10-K risk factor changes: FY2025 vs FY2024

[removed: We] [added: *•We] derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of [removed: premium tier] [added: premium-tier] handset devices.

We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of [removed: premium tier] [added: premium-tier] handset devices, and we expect this trend to continue in the foreseeable future.

Further, political actions, including trade and/or national security protection [removed: policies,] [added: policies (for example, tariffs and other controls on imports] or [added: exports), or] other actions by governments, particularly the U.S. and Chinese governments, have in the past, currently are and could in the future limit or prevent us from transacting business with certain of our customers, limit, prevent or discourage those customers from transacting business with us, or make it more expensive to do so, any of which could also significantly reduce the revenues we derive from these customers.

[removed: In addition, we] [added: We] spend a significant amount of engineering and development time, funds and resources in understanding our key customers’ feedback and/or specifications and attempt to incorporate such input into our product launches and technologies.

The loss of any one of our significant customers, a reduction in the purchases of our products by any of these customers or the cancellation of significant purchases by any of these customers, whether due to the use of their own integrated circuit products or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand (or a shift in consumer demand away from new devices in favor of refurbished or secondhand [removed: devices), elevated inventory levels at our customers] [added: devices)] or otherwise, would reduce our revenues and could harm our ability to achieve or sustain expected results of operations.

Apple purchases our MDM (or thin modem) products, which do not include our integrated application processor technology, and which have lower revenue and margin contributions than our combined modem and application processor [added: products.]

Consequently, to the extent Apple [removed: takes device] [added: devices using our MDM products take] share from our customers who purchase our integrated modem and application processor products, our revenues and margins may be negatively impacted.

A reduction in sales of premium-tier devices, a reduction in sales of our premium-tier integrated circuit products (which have a higher revenue and margin contribution than our lower-tier integrated circuit products), a shift in share away from OEMs that utilize our premium-tier products, or a shift in consumer demand in favor of refurbished or secondhand devices, would reduce our revenues and margins and may harm our ability to achieve or sustain expected [removed: financial results.]

Although we have [removed: more than 300] [added: many] licensees, we derive a significant portion of our licensing revenues from a limited number of [added: such] licensees, which includes a number of Chinese OEMs.

Certain of our largest [added: mobile handset] customers (for example, [removed: Samsung)] [added: Apple, Samsung and Xiaomi)] develop their own integrated circuit products, which they have in the past utilized, [removed: and] [added: and/or] currently utilize, in certain of their [removed: devices and we expect will in the future utilize in some or all of their devices, rather than our products (and they have and may continue to sell their integrated circuit products to third parties, discretely or together with certain of their other products, in competition with us).][added: devices.]

Certain of our customers in China have developed, and others may in the future develop, their own integrated circuit products and use such integrated circuit products in their devices rather than our [removed: integrated circuit] products, including due to pressure from or policies of the Chinese government [removed: (whose *Made in China 2025* campaign, announced in 2015, targeted 70%] [added: (which has prioritized] semiconductor [removed: self-sufficiency by 2025),] [added: self-sufficiency),] concerns over losing access to our [removed: integrated circuit] products as a result of actual, threatened or potential U.S. or Chinese government actions or policies, including trade protection or national security policies, or other reasons.

If our customers begin using their own integrated circuit products rather than our products in some or all of their devices, or increase their use of their own integrated circuit products from current levels, our business, [removed: revenues,] results of operations, cash flows and financial [removed: position] [added: condition] could be materially adversely impacted.

See also the Risk Factor titled “*We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of [removed: premium tier] [added: premium-tier] handset devices.

We derive a significant portion of our revenues from Chinese OEMs, and from non-Chinese OEMs that utilize our [removed: integrated circuit] products in devices they sell into China, which has the largest number of smartphone users in the world.

We also source certain critical integrated circuit products from [removed: suppliers in China.][added: Chinese suppliers.]

Due to various factors, including pressure, encouragement or incentives from, or policies of, the Chinese government [removed: (such as its *Made in China 2025* campaign),] [added: (which has prioritized semiconductor self-sufficiency),] concerns over losing access to our [removed: integrated circuit] products as a result of actual, threatened or potential U.S. or Chinese government actions or policies, including trade protection or national security policies, or other reasons, some of our customers in China have developed, and others may in the future develop, their own [added: integrated circuit products and use such integrated circuit products in their devices, or use our competitors’ integrated circuit products in their devices, rather than our products, which could materially harm our business, results of operations, cash flows and financial condition.]

Political actions, including trade protection and national security policies of the U.S. and Chinese governments, such as tariffs, bans or placing companies on restricted entity lists, have in the past, currently are and could in the future limit or prevent us from transacting business with certain of our Chinese [added: or Chinese-affiliated] customers or suppliers, limit, prevent or discourage [removed: certain of our Chinese] [added: such] customers or suppliers from transacting business with us, or make it more expensive to do so.

Given our revenue concentration in China, if, due to actual, threatened or potential U.S. or Chinese government actions or policies: we were further limited in, or prohibited from, selling our integrated circuit products to Chinese [added: or Chinese-affiliated] customers; our non-Chinese OEM customers were limited in, or prohibited from, selling devices that incorporate our integrated circuit products into China; Chinese OEMs develop and use their own integrated circuit products or use our competitors’ integrated circuit products in some or all of their devices rather than our integrated circuit products; Chinese tariffs on our integrated [removed: circuit products or on devices which incorporate our integrated circuit products made purchasing such products or devices more expensive to our Chinese customers or Chinese consumers; or our Chinese licensees delay or cease making payments of license fees they owe us, our business, revenues, results of operations, cash flows and financial position could be materially harmed.]

Similarly, if, due to U.S. or Chinese government actions or policies, we were limited in or prohibited from obtaining critical integrated circuit products [added: or manufacturing, assembly or test services] from [removed: our suppliers in China,] [added: Chinese] or [added: Chinese-affiliated suppliers, or] we or our customers were limited in or prohibited from selling in the United States products containing technologies with Chinese-origin content, our business, [removed: revenues,] results of operations, cash flows and financial [removed: position] [added: condition] could be materially harmed.

See also the Risk Factors titled “*We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of [removed: premium tier] [added: premium-tier] handset devices.

For example, [added: in May 2024, the U.S. Department of Commerce revoked the export license under which] we previously sold 4G and [added: certain] other integrated circuit [removed: products, including Wi-Fi products, but excluding 5G products,] [added: products] to [removed: Huawei under export licenses from the U.S. Department] [added: Huawei, which is one] of [removed: Commerce.][added: the largest smartphone OEMs in China.]

[removed: Additionally,] [added: Accordingly, we do not expect] to [added: receive any further product revenues from Huawei, and to] the extent that Huawei’s devices take share from [removed: Chinese] OEMs that utilize our products [added: (in China] or [removed: from non-Chinese OEMs that utilize our products in devices they sell into China,] [added: elsewhere),] our [removed: revenues,] results of operations and cash flows could be further impacted.

While we continue to invest significant resources toward advancements of foundational technologies, including wireless connectivity, high-performance and low-power computing and on-device [removed: artificial intelligence (AI),] [added: AI,] we also invest in new and expanded product areas, and industries and applications beyond mobile handsets, by utilizing our existing technical and business expertise and through acquisitions or other strategic transactions.

In particular, our future growth depends in part on [added: our ability to succeed in] new and expanded product areas, and industries and applications beyond mobile handsets, [removed: such as automotive] [added: including in automotive, IoT] and [removed: IoT;] [added: data center;] our ability to develop leading and cost-effective technologies and products for these new and expanded product areas, industries and applications; and third parties incorporating our technologies and products into devices used in these product areas, industries and applications.

However, our research, development and other investments in these new and expanded product areas, industries and applications, and corresponding technologies and products, as well as in our existing technologies and products and new technologies in mobile handsets, may not succeed because, among other reasons: we may not be issued patents on the technologies we develop; the technologies we develop may not be incorporated into relevant standards; new and expanded product areas, industries and applications beyond mobile handsets, and consumer demand therein, may not develop or grow as anticipated; we may be unable to attract or retain employees with the necessary skills in such new and expanded product areas, industries and applications; our strategies or the strategies of our customers, licensees or partners may not be [added: successful; alternate technologies or products may be better or may reduce the advantages we anticipate from our investments; competitors’ technologies or products may be more cost effective, have more capabilities or fewer limitations or be brought to market faster than our new technologies or products; we may not be able to develop, or our competitors may have more established and/or stronger customer, vendor, distributor or other channel relationships; and competitors may have longer operating histories in industries and applications that are new to us.]

If our products fail to perform to specifications, compete with the product quality of our competitors or meet quality or regulatory standards (including product safety and information security standards, which may differ by region, geography and industry, and which are particularly stringent in the automotive industry) or other standards (including sustainability or other [removed: ESG-related standards) of a particular industry or application, we may be unable to successfully expand our business in that industry or application, and our growth could be limited.]

We engage in acquisitions and other strategic [removed: transactions, including joint ventures, and make investments, which] [added: transactions that] we believe are important to the future of our business.

Our strategic activities are generally focused on [added: furthering our growth and diversification strategy in industries and applications beyond mobile handsets,] opening or expanding opportunities for our products and technologies, [added: and] supporting the [removed: design] [added: development] and introduction of new products [removed: (or enhancing existing products) for mobile handsets, and furthering our growth and diversification strategy in industries and applications beyond mobile handsets.][added: or services.]

In addition, acquisitions that we have completed [removed: could subsequently] [added: have been and may in the future] be [removed: reviewed] [added: reviewed, investigated] and/or challenged by government [removed: agencies,] [added: agencies following completion,] which could result in fines, penalties or other liability, or requirements to divest all or a portion of an acquired business.

We primarily utilize a fabless production model, which means that we do not own or operate foundries for the production of silicon wafers from which our integrated [removed: circuits] [added: circuit products] are made.

There are a limited number of such third-party suppliers, and even fewer who are capable of manufacturing at the leading process technology nodes, or who are willing to operate at older process technology nodes necessary for certain of our [removed: integrated circuit] products.

- trade or national security protection policies, particularly U.S. or Chinese government policies, that limit or prevent us from transacting business with suppliers of critical integrated circuit [removed: products,] [added: products] or [added: manufacturing, assembly or test services, or] that limit or prevent such suppliers from transacting business with us or from procuring materials, machinery or technology necessary to manufacture goods for us; and

[removed: Our ability, and that of our suppliers, to develop or maintain leading process technologies, including transitions to smaller] geometry process technologies (which adds risk to manufacturing yields and reliability), and to effectively compete with the manufacturing processes and performance of our competitors, could impact our ability to introduce new products and meet customer demand, could increase our costs (possibly decreasing our margins) and could subject us to the risk of excess inventories.

From time to time, the global semiconductor industry experiences demand for integrated circuits that exceeds the industry’s capacity to meet that [removed: demand.][added: demand, whether globally, at certain suppliers or on certain process technology nodes.]

If we are unable to fully meet customer demand, this could result in lost sales opportunities, reduced revenue growth and harm to our customer [removed: relationships.][added: relationships, and could further incentivize our customers to use our competitors’ integrated circuit products, or their own integrated circuit products, rather than our products.]

We expect [removed: transitions to new generations of] leading process technology nodes to continue to drive product cost increases from certain of our key semiconductor wafer suppliers, which may negatively impact our margins.

Further, to the extent our customers procure supply of our [removed: integrated circuit] products beyond their current needs (i.e., build up inventory of our [removed: integrated circuit] products), whether due to concerns over supply, overestimating demand and/or a decline in macroeconomic conditions, or otherwise, they may not purchase expected quantities of our products in subsequent quarters, which may negatively impact our [removed: revenues,] results of operations and cash flows in such quarters.

See also the Risk Factor below titled *“There are numerous risks associated with the operation and control of our manufacturing facilities, including a higher portion of fixed costs relative to a fabless model; environmental compliance and liability; impacts related to climate change; exposure to natural disasters, health crises, geopolitical conflicts and cyber-attacks; timely supply of equipment and materials; and various manufacturing issues”* as similar risks may be applicable to [added: our third-party suppliers’ manufacturing facilities, which could result in disruptions to our business or additional costs to us, and negatively impact our results of operations.]

There may be cases where supplies of raw materials, equipment and other products are interrupted or limited by natural disaster, geopolitical conflict, accident or some other event affecting a supplier or source of raw materials; supply is suspended due to quality or other issues; there is a shortage of supply due to a rapid increase in demand; and/or we or our suppliers are prohibited from utilizing certain raw materials, or products or components that incorporate such raw materials, due to government restrictions related to the countries from which such raw materials originate, and acceptable alternative suppliers, raw materials or raw materials sources are not available or not available in acceptable time frames or upon acceptable terms, among others, which could impact production and prevent us from [added: supplying our products to our customers.]

[removed: Further, to remain competitive and meet customer demand, we may be required to improve our facilities and process technologies and] carry out extensive research and development, each of which may require investment of significant amounts of capital and may have a material adverse effect on our results of operations, cash flows and financial condition.

Risk Factors Summary:

If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected.*

*•Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products).*

*•A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.*

*•Our growth depends in part on our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets.

Our research, development and other investments in these new and expanded product areas, industries and applications, and related technologies and products, as well as in our existing technologies and products, and new technologies, may not generate operating income or contribute to future results of operations that meet our expectations.*

*•We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value.*

- *We depend on a limited number of third-party suppliers for the procurement, manufacture, assembly and testing of our products manufactured in a fabless production model.

We are also subject to order and shipment uncertainties that could negatively impact our results of operations.*

*•There are numerous risks associated with the operation and control of our manufacturing facilities, including a higher portion of fixed costs relative to a fabless model; environmental compliance and liability; impacts related to climate change; exposure to natural disasters, health crises, geopolitical conflicts and cyber-attacks; timely supply of equipment and materials; and various manufacturing issues.*

*•We may not be able to attract or retain qualified employees.*

- *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.*

- *Changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise, could adversely impact our business and results of operations.*

- *Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings.*

- *Our industry is subject to intense competition in an environment of rapid technological change.

Our success depends in part on our ability to adapt to such change and compete effectively; and such change and competition could result in decreased demand for our products and technologies or declining average selling prices for our products or those of our customers or licensees.*

- *Failures in our products, or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors, could harm our business.*

- *The enforcement and protection of our intellectual property may be expensive, could fail to prevent misappropriation or unauthorized use of our intellectual property, could result in the loss of our ability to enforce one or more patents, and could be adversely affected by changes in patent laws, by laws in certain foreign jurisdictions that may not effectively protect our intellectual property and by ineffective enforcement of laws in such jurisdictions.*

*•Our use of open source software may harm our business.*

*•We operate in the highly cyclical semiconductor industry, which is subject to significant downturns.

Our stock price and financial results are subject to substantial quarterly and annual fluctuations due to these dynamics, among others.*

*•Geopolitical conflicts, natural disasters, pandemics and other health crises, and other factors outside of our control, could significantly disrupt our business.*

*•Our business may suffer due to the impact of, or our failure to comply with, the various existing, new or amended laws, regulations, policies or standards to which we are subject.*

*•There are risks associated with our debt.*

*•Tax liabilities could adversely affect our results of operations.*

Risk Factors:

RISKS RELATED TO OUR OPERATING BUSINESSES

We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices.

Additionally, 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.

The mobile industry has also from time to time experienced declines in sales or slowing growth in the premium-tier device segment.

financial results.

We expect such customers will in the future utilize their own integrated circuit products in some or all of their devices, rather than our products.

In particular, 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.

circuit products or on devices which incorporate our integrated circuit products made purchasing such products or devices more expensive to our Chinese customers or Chinese consumers; or our Chinese licensees delay or cease making payments of royalties they owe us, our business, results of operations, cash flows and financial condition could be materially harmed.

RISKS RELATED TO NEW INITIATIVES

ESG-related standards) of a particular industry or application, we may be unable to successfully expand our business in that industry or application, and our growth could be limited.

RISKS RELATED TO SUPPLY AND MANUFACTURING

If we fail to execute supply strategies that provide supply assurance, technology leadership and reasonable margins, our business and results of operations may be harmed.

Our ability, and that of our suppliers, to develop or maintain leading process technologies, including transitions to smaller

Our customers have from time to time overstated their expected demand requirements, possibly in order to procure additional supply, and may do so in the future.

products.

The mobile industry has also experienced slowing growth in the premium-tier device segment due to, among other factors, a maturing premium-tier smartphone industry in which demand is increasingly driven by new product launches and innovation cycles.

Apple has utilized modem products of one of our competitors in some of its devices rather than our products, and solely utilized one of our competitors’ products in several of its prior device launches.

In December 2019, Apple acquired Intel’s modem assets and is developing its own modem products using those assets.

Accordingly, we expect Apple to use its own modem products, rather than our products, in some or all of its future devices.

integrated circuit products and use such integrated circuit products in their devices, or use our competitors’ integrated circuit products in their devices, rather than our products, which could materially harm our business, revenues, results of operations, cash flows and financial position.

On May 7, 2024, the U.S. Department of Commerce informed us that it was revoking our license to export 4G and certain other integrated circuit products to Huawei, effective immediately, and we implemented procedures to immediately comply.

Accordingly, we do not expect to receive any further product revenues from Huawei.

Product revenues from Huawei in fiscal 2024, prior to our license being revoked on May 7, 2024, were approximately $560 million.

successful; alternate technologies or products may be better or may reduce the advantages we anticipate from our investments; competitors’ technologies or products may be more cost effective, have more capabilities or fewer limitations or be brought to market faster than our new technologies or products; we may not be able to develop, or our competitors may have more established and/or stronger, customer, vendor, distributor or other channel relationships; and competitors may have longer operating histories in industries and applications that are new to us.

These issues may be exacerbated if customers overstate their expected demand requirements in order to procure additional supply, which could negatively impact our ability to forecast and to allocate supply appropriately among our customers.

our third-party suppliers’ manufacturing facilities, which could result in disruptions to our business or additional costs to us, and negatively impact our results of operations.

supplying our products to our customers.

Attempts to gain unauthorized access to our IT systems or other attacks have in the past, in certain instances and to certain degrees, been successful (but have not caused significant harm), and may in the future be successful, and in some cases, we might be unaware of an incident or its magnitude and effects.

licensees and certain of our consultants, who have in the past and may in the future wrongfully use such technology, intellectual property or information, or wrongfully disclose such technology, intellectual property or information to third parties, including our competitors or state actors.

Finally, certain of our license

Certain of these matters are described in this Annual Report in “Notes to Consolidated Financial Statements, Note 7.

Commitments and Contingencies.” We may become subject to other litigation or governmental investigations or proceedings in the future.

own.

Other jurisdictions may adopt similar regulatory schemes, which could also have such effects.

mobile handsets, automotive or IoT, among others.

Companies that design integrated circuits based on CDMA, OFDMA, Wi-Fi or their derivatives are generally competitors or potential competitors.

Such attacks could result in the disruption of our customers’ businesses or the

We cannot predict with certainty the long-term effects of any potential changes.

business.

Further, the laws in certain foreign countries in which our patents are or may be licensed, or our products are or may be manufactured or sold, including certain countries in Asia, may not protect our intellectual property rights to the same extent as the laws in the United States.

adversely affected, potentially leading to a reduction, cancellation or delay of orders for our products.

We are and may in the future be the target of securities litigation.

Certain legal matters, including certain securities litigation brought against us, are described in this Annual Report in “Notes to Consolidated Financial Statements, Note 7.

Commitments and Contingencies.”

See also the Risk Factors titled “*Our business may suffer as a result of adverse rulings in*

Beginning in fiscal 2027, the effective tax rate for FDII increases from 13% to 16%.

Further, if the requirement to capitalize certain research and development expenditures for federal income tax purposes is changed, as has been proposed by Congress, this would negatively affect our provision for income taxes and results of operations (although it would have a favorable impact on our cash flows from operations due to lower cash tax payments).

The following section generally discusses fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of fiscal [removed: 2022] [added: 2023] items and year-to-year comparisons between fiscal [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] that are not included in this Annual Report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended September [removed: 24, 2023.][added: 29, 2024.]

We develop and commercialize foundational technologies and products used [removed: in] [added: across industries and applications from] mobile devices [removed: and] [added: to] other [removed: wireless products.][added: areas including automotive and the internet of things (IoT).]

We also have nonreportable segments, including QGOV (Qualcomm Government Technologies) and our [added: Data Center business (formerly referred to as our] cloud computing processing [removed: initiative.][added: initiative).]

This has resulted in fluctuations in QCT revenues in advance of and during device launches incorporating our products [added: (for example, certain major handset OEMs accelerated their premium-tier device launches into the first quarter of fiscal 2025)] and in QTL revenues when licensees’ sales occur.

Fiscal [removed: 2024] [added: 2025] Overview

Revenues were [removed: $39.0] [added: $44.3] billion, an increase of [removed: 9%] [added: 14%] compared to revenues of [removed: $35.8] [added: $39.0] billion in fiscal [removed: 2023,] [added: 2024,] with net income of [removed: $10.1] [added: $5.5] billion, [removed: an increase] [added: a decrease] of [removed: 40%] [added: 45%] compared to net income of [removed: $7.2] [added: $10.1] billion in fiscal [removed: 2023.][added: 2024.]

- QCT revenues increased by [removed: 9%] [added: 16%] in fiscal [removed: 2024] [added: 2025] compared to the prior year, primarily due to higher [removed: handsets] [added: handsets, IoT] and automotive [removed: revenues, partially offset by lower IoT] revenues.

[removed: - We recorded other] [added: Other] expenses [removed: of $179 million] in fiscal [removed: 2024 compared to $862 million in fiscal 2023, both of which primarily] [added: 2025] consisted of restructuring and restructuring-related charges.

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | Change | | | | | | | | |

| Equipment and services | | | $ | [removed: 32,791] [added: 37,869] | | | | | $ | [removed: 30,028] [added: 32,791] | | | | | | | | | | | $ | [removed: 2,763] [added: 5,078] | | | | | | | |

[removed: 2024] [added: 2025] vs. [removed: 2023][added: 2024]

The increase in revenues in fiscal [removed: 2024] [added: 2025] was primarily due to:

+ [removed: $2.7] [added: $5.1] billion in higher equipment and services revenue from our QCT segment

| Cost of revenues | | | $ | [removed: 17,060] [added: 19,738] | | | | | $ | [removed: 15,869] [added: 17,060] | | | | | | | | | | | $ | [removed: 1,191] [added: 2,678] | | | | | | | |

| Gross margin | | | [removed: 56] [added: 55] | | % | | | | 56 | | % | | | | | | | | | | | | | | | | | | |

| Research and development | | | $ | [removed: 8,893] [added: 9,042] | | | | | $ | [removed: 8,818] [added: 8,893] | | | | | | | | | | | $ | [removed: 75] [added: 149] | | | | | | | |

| % of revenues | | | [removed: 23] [added: 20] | | % | | | | [removed: 25] [added: 23] | | % | | | | | | | | | | | | | | | | | | |

The increase in research and development expenses in fiscal [removed: 2024] [added: 2025] was [added: primarily] due [removed: to:][added: to a $118 million increase in share-based compensation expense.]

| Selling, general and administrative | | | $ | [removed: 2,759] [added: 3,110] | | | | | $ | [removed: 2,483] [added: 2,759] | | | | | | | | | | | $ | [removed: 276] [added: 351] | | | | | | | |

The increase in selling, general and administrative expenses in fiscal [removed: 2024] [added: 2025] was primarily due to:

[removed: + $99] [added: \+ $231] million increase in sales and marketing expenses [added: (including investments in key growth and diversification initiatives)]

| Other expenses | | | $ | [removed: 179] [added: 39] | | | | | $ | [removed: 862] [added: 179] | | | | | | | | | | | $ | [removed: (683)] [added: (140)] | | | | | | | |

Other expenses in fiscal 2024 [removed: consisted] primarily [added: consisted] of $107 million in restructuring and restructuring-related charges (substantially all of which related to severance costs) and a $75 million charge related to the settlement of [removed: the] [added: a] securities class action lawsuit.

| Interest expense | | | $ | [removed: 697] [added: 664] | | | | | $ | [removed: 694] [added: 697] | | | | | | | | | | | $ | [removed: 3] [added: (33)] | | | | | | | |

| Interest and dividend income | | | $ | [removed: 675] [added: 639] | | | | | $ | [removed: 313] [added: 675] | | | | | | | | | | | $ | [removed: 362] [added: (36)] | | | | | | | |

| Net gains on marketable securities | | | [removed: 14] [added: 254] | | | | | | [removed: 75] [added: 14] | | | | | | | | | | | | [removed: (61)] [added: 240] | | | | | | | | |

| Net gains on other investments | | | [removed: 175] [added: 44] | | | | | | [removed: 21] [added: 175] | | | | | | | | | | | | [removed: 154] [added: (131)] | | | | | | | | |

| Net gains on deferred compensation plan assets | | | [removed: 198] [added: 127] | | | | | | [removed: 86] [added: 198] | | | | | | | | | | | | [removed: 112] [added: (71)] | | | | | | | | |

| Impairment losses on other investments | | | [removed: (79)] [added: (113)] | | | | | | [removed: (132)] [added: (79)] | | | | | | | | | | | | [removed: 53] [added: (34)] | | | | | | | | |

| Other | | | [removed: (21)] [added: 21] | | | | | | [removed: (14)] [added: (21)] | | | | | | | | | | | | [removed: (7)] [added: 42] | | | | | | | | |

Net gains on other investments in fiscal 2024 was primarily driven by [added: observable price changes on] certain of our QSI non-marketable equity investments.

Substantially all of our income is taxed in the U.S., of which a significant portion qualifies for preferential treatment as [removed: FDII] [added: foreign-derived intangible income (FDII)] at a 13% effective tax [removed: rate.][added: rate for the periods presented.]

Additional information regarding our annual effective tax rate (including discussion related to the impact of the requirement to capitalize research and development expenditures for federal income tax purposes, and the benefit related to the transfer of intellectual property between foreign [removed: subsidiaries)] [added: subsidiaries in fiscal 2024)] is provided in this Annual Report in “Notes to Consolidated Financial Statements, [removed: Notes] [added: Note] 3.

[removed: Income Taxes.”][added: (2) Earnings before income taxes.]

| Expected income tax provision at federal statutory tax rate | | | $ | [removed: 2,171] [added: 2,659] | | | | | $ | [removed: 1,563] [added: 2,171] | | | | | | | |

| Benefit from FDII deduction, excluding the impact of capitalizing research and development expenditures | | | [removed: (596)] [added: (735)] | | | | | | [removed: (447)] [added: (596)] | | | | | | | | |

| Benefit from FDII deduction related to capitalizing research and development expenditures | | | [removed: (585)] [added: (492)] | | | | | | [removed: (598)] [added: (585)] | | | | | | | | |

| Benefit related to the transfer of intellectual property between foreign subsidiaries | | | [removed: (317)] [added: (8)] | | | | | | [removed: —] [added: (317)] | | | | | | | | |

| Benefit related to the research and development tax credit | | | [removed: (259)] [added: (237)] | | | | | | [removed: (235)] [added: (259)] | | | | | | | | |

Key items from fiscal 2025 included:

- QTL revenues remained approximately flat in fiscal 2025 compared to the prior year.

- We recorded a charge of $5.7 billion to income tax expense to establish a valuation allowance in the fourth quarter of fiscal 2025 as we no longer expect to realize substantially all of our existing federal deferred tax assets as a result of the tax reform legislation included in the One Big Beautiful Bill Act (OBBB) enacted on July 4, 2025.

| Licensing | | | 6,415 | | | | | | 6,171 | | | | | | | | | | | | 244 | | | | | | | | |

| | | | $ | 44,284 | | | | | $ | 38,962 | | | | | | | | | | | $ | 5,322 | | | | | | | |

+ $143 million in licensing revenues resulting from a settlement of a licensing dispute in the second quarter of fiscal 2025, which was not allocated to our segment results

2025 vs. 2024

Gross margin percentage decreased in fiscal 2025 primarily due to a decrease in the proportion of total revenues related to QTL licensing revenues (which have a higher margin percentage contribution).

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

2025 vs. 2024

Our costs related to the development of wireless and integrated circuit technologies (including investments in key growth and diversification initiatives) remained approximately flat, primarily driven by $314 million in higher non-recurring engineering cost reimbursements for product-related development work, partially offset by an increase in employee-related costs.

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

2025 vs. 2024

\+ $70 million increase in employee-related expenses

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

2025 vs. 2024

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

| | | | $ | 972 | | | | | $ | 962 | | | | | | | | | | | $ | 10 | | | | | | | |

2025 vs. 2024

Net gains on marketable securities in fiscal 2025 was primarily driven by the initial public offerings of certain QSI equity investments.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

| Valuation allowance on federal deferred tax assets resulting from OBBB | | | 5,724 | | | | | | — | | | | | | | | |

| Other | | | 233 | | | | | | 9 | | | | | | | | |

On July 4, 2025, tax reform legislation included in the OBBB was enacted in the United States.

The OBBB includes significant corporate tax reforms, including the permanent reinstatement of deducting domestic research and development expenditures as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years).

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).

As a result of these changes, we expect to be subject to the corporate alternative minimum tax (CAMT) beginning in fiscal 2026.

CAMT 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 no longer expect to realize substantially all of our existing federal deferred tax assets and recognized a charge of $5.7 billion to income tax expense to establish a valuation allowance in the fourth quarter of fiscal 2025.

However, since the resulting deferred tax asset was established at the statutory rate of 21% (rather than the current effective tax rate of 13% after considering the FDII deduction), capitalization favorably affected our total provision for income taxes and results of operations.

With the enactment of OBBB, such impacts on our cash flows and tax provision are not expected to continue beginning in fiscal 2026.

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.

| | | | 2025 | | | | | | 2024 | | | | | | | | | | | | Change | | | | | | | | |

| Handsets | | | $ | 27,793 | | | | | $ | 24,863 | | | | | | | | | | | $ | 2,930 | | | | | | | |

| Automotive | | | 3,957 | | | | | | 2,910 | | | | | | | | | | | | 1,047 | | | | | | | | |

| EBT (2) | | | $ | 11,670 | | | | | $ | 9,527 | | | | | | | | | | | $ | 2,143 | | | | | | | |

2025 vs. 2024

\+ higher handsets revenues, due to $2.5 billion in higher revenues per chipset primarily driven by higher average selling prices and favorable mix, and $423 million in higher chipset shipments by certain major OEMs, both of which benefited from an increase in demand for premium-tier Snapdragon platforms in Android devices

\+ higher IoT revenues due to $1.5 billion in higher shipments across edge networking, consumer and industrial products, partially offset by unfavorable mix

Our fiscal 2024 results included:

- QTL revenues increased by 5% in fiscal 2024 compared to the prior year, primarily due to an increase in estimated sales of 3G/4G/5G-based multimode products.

- Investment and other income, net increased by $613 million in fiscal 2024 compared to the prior year, primarily due to higher interest rates earned on higher balances of interest-bearing securities.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Licensing | | | 6,171 | | | | | | 5,792 | | | | | | | | | | | | 379 | | | | | | | | |

| | | | $ | 38,962 | | | | | $ | 35,820 | | | | | | | | | | | $ | 3,142 | | | | | | | |

\+ $266 million in higher licensing revenues from our QTL segment

Gross margin percentage remained flat in fiscal 2024.

+ $113 million increase in share-based compensation expense

+ $66 million increase in expenses driven by revaluation of our deferred compensation obligation (which resulted in a corresponding increase in net gains on deferred compensation plan assets within investment and other income, net due to the revaluation of the related assets)

\- $104 million decrease driven by lower costs related to the development of wireless and integrated circuit technologies (including 5G and application processor technologies).

This was primarily driven by a decrease in employee-related costs as a result of certain restructuring actions taken to fund continued investments in key growth and diversification opportunities, partially offset by higher employee cash incentive program costs.

+ $42 million increase in expenses driven by revaluation of our deferred compensation obligation

+ $39 million increase in share-based compensation expense

Other expenses in fiscal 2023 consisted of $712 million in total restructuring and restructuring-related charges (substantially all of which related to severance costs, resulting from certain cost reduction actions committed to in fiscal 2023 and a $150 million intangible asset impairment charge related to in-process research and development.

| | | | $ | 962 | | | | | $ | 349 | | | | | | | | | | | $ | 613 | | | | | | | |

The increase in interest and dividend income in fiscal 2024 was primarily due to higher interest rates earned on higher balances of interest-bearing securities.

| | | | 2024 | | | | | | 2023 | | | | | | | | |

| Benefit from fiscal 2021 and 2022 FDII deductions related to a change in sourcing of research and development expenditures | | | — | | | | | | (126) | | | | | | | | |

| Benefit from releasing valuation allowance on unutilized foreign loss carryforwards | | | — | | | | | | (114) | | | | | | | | |

| Other | | | 9 | | | | | | 124 | | | | | | | | |

The 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 will apply to us beginning in fiscal year 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.

Discontinued Operations (in millions)

| Discontinued operations, net of income taxes | | | $ | 32 | | | | | $ | (107) | | | | | | | | | | | $ | 139 | | | | | | | |

Discontinued operations in fiscal 2024 and 2023 primarily related to the Non-Arriver businesses.

Fiscal 2023 also included a gain on the sale of the Active Safety business and certain write-down charges related to the Restraint Control Systems business, the individual and aggregate amounts of which were not material.

Composition of Certain Financial Statement Items.”

| Handsets | | | $ | 24,863 | | | | | $ | 22,570 | | | | | | | | | | | $ | 2,293 | | | | | | | |

| Automotive | | | 2,910 | | | | | | 1,872 | | | | | | | | | | | | 1,038 | | | | | | | | |

| EBT (2) | | | $ | 9,527 | | | | | $ | 7,924 | | | | | | | | | | | $ | 1,603 | | | | | | | |

(2) Earnings (loss) before income taxes.

\+ higher handsets revenues, due to $2.8 billion in higher chipset shipments driven by certain major OEMs (primarily driven by the normalization of customer inventory levels, which were elevated in the prior year), partially offset by $533 million in lower revenues per chipset primarily driven by unfavorable mix

\- lower IoT revenues, due to $834 million in lower revenues per unit primarily driven by unfavorable mix, partially offset by a $317 million increase in demand (primarily in consumer products, partially offset by edge networking products as customers continued drawing down on their elevated inventory levels)

The increase in QTL licensing revenues in fiscal 2024 was primarily due to:

\+ $402 million increase in estimated sales of 3G/4G/5G-based multimode products

\- $90 million decrease in estimated revenues per unit

\- $68 million decrease in revenues from the ending of the recognition of certain upfront license fee consideration in the first quarter of fiscal 2023 from our long-term license agreement with Nokia

[removed: Interest Rate Risk.] We invest a portion of our cash in a number of diversified fixed- and floating-rate securities consisting of cash equivalents, marketable debt securities and time deposits that are subject to interest rate risk.

At September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] a hypothetical increase in interest rates of 100 basis points across the entire yield curve on our holdings would have resulted in an immaterial decrease in the fair value of our holdings.

[removed: Equity Price Risk.] We hold investments in non-marketable equity instruments in privately held companies that may be impacted by equity price risks.

At September [removed: 29, 2024,] [added: 28, 2025,] our non-marketable equity investments (including those accounted for under the equity method) consisted of investments in over 150 companies with an aggregate carrying value included in other assets of [removed: $1.3] [added: $1.4] billion.

[removed: Interest Rate Risk.] At September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] all of our issued debt was comprised of unsecured fixed-rate notes.

At September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] we had an aggregate notional amount of [removed: $2.1] [added: $3.6] billion [added: and $2.1 billion, respectively,] in interest rate swaps that are designated as fair value hedges to effectively convert certain fixed-rate interest payments into floating-rate payments on our outstanding debt.

At September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] a hypothetical increase in interest rates of 100 basis points would not cause a material loss in [removed: earnings as an increase in interest expense related to these interest rate swaps agreements would be offset by an increase in interest income from our cash equivalents and marketable securities portfolio.][added: earnings.]

We manage our exposure to foreign exchange market risks, when deemed appropriate, through the use of derivative and non-derivative financial instruments, including foreign currency forward and option contracts with financial counterparties [removed: and] [added: and, from time to time, other financial instruments designated as] net investment hedges.

We utilize such [removed: derivative] financial instruments for hedging or risk management purposes rather than for speculative purposes.

[removed: Functional Currency.] Financial assets and liabilities held by consolidated subsidiaries that are not denominated in the functional currency of those entities are subject to the effects of currency [removed: fluctuations and may affect reported earnings.][added: fluctuations.]

[removed: As a result, we] [added: We] could experience [removed: unanticipated] gains or losses on [removed: anticipated] foreign currency cash flows, as well as economic loss with respect to the recoverability of [added: foreign] investments.

We have experienced fluctuations in our effective tax rate as a result of foreign currency gains or losses related to our Korean withholding tax receivable (which was $2.2 billion as of September [removed: 29, 2024),] [added: 28, 2025),] which is described further in this Annual Report in “Notes to Consolidated Financial Statements, [removed: Notes] [added: Note] 3.

Income Taxes.” Based on the balance of such foreign withholding tax receivable, an assumed 10% adverse change to foreign exchange rates would result in losses of approximately [removed: $222] [added: $223] million and [removed: $200] [added: $222] million as of September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] respectively.

Other gains and losses from foreign currency transactions were not [removed: material/significant] [added: material] for any of the periods presented in this Annual Report.

[removed: Debt,”] [added: Debt” and] “Notes to Consolidated Financial Statements, Note [removed: 9.][added: 10.]

We are exposed to market risks, including changes to interest rates, equity price risk and foreign currency exchange rates.

Interest Rate Risk

Equity Price Risk

Impairment losses on such investments were not material for any of the periods presented in this Annual Report.

Marketable Securities

We have made investments in marketable securities of companies of varying size, style, industry and geography and changes in investment allocations may affect the price volatility of our investments.

Other Investments

Debt and Interest Rate Swap Agreements

Counterparties to these derivative contracts are all major banking institutions.

In the event of the financial insolvency or distress of a counterparty to our derivative financial instruments, we may be unable to settle transactions if the counterparty does not provide us with sufficient collateral to secure its net settlement obligations to us, which could have a negative impact on our results.

We may hedge currency exposures associated with certain assets and liabilities denominated in nonfunctional currencies and certain anticipated nonfunctional currency transactions.

Our fiscal years for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] included [removed: 53 weeks,] 52 [added: weeks, 53] weeks and 52 weeks, respectively.

Our fiscal year for [removed: 2025] [added: 2026] will include 52 weeks.

We are a global technology leader, helping to bring intelligent computing everywhere through the development and commercialization of foundational technologies, including [removed: 3G (third generation), 4G (fourth generation) and 5G (fifth generation) wireless connectivity,] [added: on-device artificial intelligence (AI),] high-performance and low-power computing and [removed: on-device artificial intelligence (AI).][added: advanced wireless connectivity.]

In IoT, our inventions have helped power [removed: growth] [added: technology advancements] in industries and applications such as consumer (including personal computers (PCs), [removed: tablets, voice and music and] extended reality [removed: (XR)),] [added: (XR) and other personal computing devices),] edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).

We derive revenues principally from sales of integrated circuit products, including our Snapdragon® [removed: family] [added: and Qualcomm Dragonwing™ families] of highly-integrated, system-based solutions, and licensing of our intellectual property, including patents and other rights.

We innovate and collaborate across many ecosystems, including with manufacturers, operators, developers, system integrators, [added: infrastructure vendors,] cloud providers, test tool vendors, service providers, governments and industry standards organizations, to enable next-generation digital transformation.

For [removed: nearly] 40 years, we have been a leader in [removed: setting] [added: helping set] industry standards and creating era-defining technology breakthroughs, and we continue to play a leading role in developing system-level inventions that serve as the foundation for multiple generations of advanced wireless technologies.

Some of these inventions are contributed to and commercialized as industry standards, such as for certain video and audio codecs, Wi-Fi, position location, UWB [removed: (ultra-wideband), Bluetooth®, memory and component interconnect.]

We have also developed other technologies that are used by wireless and other devices that are not related to industry standards, such as [removed: operating systems,] user interfaces, graphics and [removed: camera] [added: image] processing functionality, RF (radio frequency), RFFE (radio frequency front-end) and antenna designs, AI and machine learning techniques and application processor architectures, among other technologies.

We also have nonreportable segments, including QGOV (Qualcomm Government Technologies) and our [added: Data Center business (formerly referred to as our] cloud computing processing [removed: initiative.][added: initiative).]

[removed: Advanced connectivity and] [added: On-device AI,] high-performance, low-power computing [added: and advanced wireless connectivity] technologies [removed: from mobile] are also impacting many industries beyond [removed: wireless,] [added: mobile,] empowering new services, new business [removed: models,] [added: models] and new ways to engage and interact with customers.

With increased processing power, [removed: mobile handsets] [added: smartphones] and PCs are becoming pervasive AI platforms, with [removed: complex] [added: complex,] large generative AI algorithms running on-device, enabling on-demand and contextual AI use cases at a fraction of the energy required by cloud-based applications.

Building on the smartphone and PC foundation, we envision [removed: generative] AI becoming [removed: ubiquitous, continuing] [added: ubiquitous and evolving as the new user interface, as it continues] to expand into industries and applications such as [added: industrial] IoT, XR and automotive.

Significant investment continues across many industries in the development of complex large language models (LLMs), more tailored small language models (SLMs), large vision models (LVMs), large multimodal models (LMMs) and other generative AI models, which are [removed: beginning to change] [added: changing] the landscape of the user experience.

LLMs and SLMs (e.g., GPT-4o and Llama3) are used for text-based natural language processing applications such as answering queries, document summarization and [removed: creation,] [added: creation;] LVMs (e.g., Stable Diffusion and ControlNet) are used for image and video [removed: processing,] [added: processing;] and LMMs are used to understand and process multiple types of data inputs or modalities such as [removed: text] [added: text, images, audio] and [removed: images.][added: video.]

They are disrupting traditional methods of search, content creation, recommendation systems and personalized digital assistants, offering significant enhancements in consumer utility and [removed: productivity.][added: productivity, changing the human-computer interface and evolving agentic AI experiences.]

Advancing Connectivity. 3G [added: (third generation) cellular] technology introduced the world to the potential of the mobile internet, and the ability to access the internet virtually anytime and anywhere.

4G brought mobile broadband speeds that helped fuel the smartphone era, forever changing the way we work, live and connect with [removed: others.][added: others, and has served as the technology foundation for many of the applications and services used today, including e-commerce, video streaming, video calling, social media and gaming.]

5G is designed to support multi-gigabit data rates, low latency and greater capacity than previous generations of mobile technology to enable enhanced mobile broadband experiences, including ultra-high definition (4K) video streaming and sharing, near-instantaneous access to cloud services, immersive cloud gaming and [removed: XR, which includes] [added: XR experiences, including] augmented [removed: reality (AR),] [added: reality,] virtual reality [removed: (VR)] and mixed [removed: reality (MR).][added: reality.]

5G’s performance and capacity improvements are also enabling operators to offer new consumer [removed: and enterprise services.]

It introduces key improvements for continued 5G commercialization, supports a range of services [added: beyond mobile broadband, and lays the groundwork for 6G (sixth generation).]

This estimate includes expected [removed: high] [added: mid] single-digit [removed: to low double-digit] percentage growth in 5G handsets.

[removed: Consumer] [added: Additionally, consumer] demand for new experiences, combined with the needs of mobile operators and device manufacturers to provide differentiated features and services, is driving continued innovation within the smartphone across [added: AI,] connectivity, processing, [removed: AI,] multimedia, imaging, audio and more.

We believe that the combination of [removed: 5G and] AI [added: and cellular technology (such as 5G)] will [added: increasingly] enable these experiences to be more immersive, intuitive and interactive.

Automotive. Digitalization of the automotive [removed: cockpit] [added: cockpit,] including wireless [removed: connectivity] [added: connectivity,] continues to transform the in-vehicle experience, enabling greater personalization of content and settings for both drivers and passengers as automakers respond to growing interest from consumers to bring their digital lifestyles into the vehicle.

Car-to-cloud platforms are designed to help automakers improve cost efficiencies, create new service opportunities throughout the lifecycle of a vehicle with over-the-air [removed: (OTA)] update capabilities and gather valuable vehicle and usage analytics.

According to analyst data, [removed: 67%] [added: 68%] of new vehicles produced in 2030 are projected to have embedded cellular connectivity, with 48% of new vehicles featuring 5G connectivity compared to [removed: 11% of new vehicles featuring 5G connectivity] [added: 21%] in [removed: 2024] [added: 2025] (TechInsights, [removed: September 2024).][added: July 2025).]

In addition, high-performance, low-power computing technologies, with added security and safety required for automotive products, are being used to improve vehicles with [removed: advanced driver assistance and automated driving] [added: ADAS/AD] features that we expect to scale across vehicle tiers and continue the progression toward higher levels of autonomy, safety and convenience.

Analysts estimate that [removed: 39%] [added: the share] of new light duty vehicles sold globally [removed: in 2027 will have] [added: with] Level 2 (i.e., partial driving automation) or higher [removed: autonomy, compared] [added: autonomy will grow from 24% in 2025] to [removed: an estimated 20% of new light duty vehicles sold globally] [added: 52%] in [removed: 2024] [added: 2030] (TechInsights, [removed: September] [added: November] 2024).

*Consumer.* Consumer IoT products, including [added: PCs, XR and other] personal computing [removed: (e.g., tablets and PCs), voice and music and XR,] [added: devices,] continue to adopt the latest mobile connectivity, processing and intelligence technologies including on-device AI capabilities.

For example, [removed: a new class of] AI-focused PCs, including those powered by our Snapdragon X Series platforms, [removed: launched in 2024, allowing] [added: allow] for increased productivity and enhanced use cases enabled by on-device AI processing at low power.

*Edge Networking.* Advances in wireless technology are helping to drive demand for edge networking products (including [removed: mobile] [added: mobile, fiber] broadband and wireless access points).

[added: Fiber and] 5G [removed: provides] [added: technologies continue to grow, delivering not only high speed broadband and infrastructure but also providing] the flexibility to support [removed: both] [added: fixed,] mobile and fixed wireless users with the delivery of [removed: high-speed,] [added: high-performance,] low-latency [removed: connections, enabling operators to replace traditional “last-mile” wired broadband] connections.

Additionally, advancements in Wi-Fi are driving consumer and enterprise demand for the latest Wi-Fi 6, [removed: 6E,] [added: 6E] and 7 access point technologies that leverage increased network speed, capacity and efficiency to support the increased number of connected devices at home and at work.

*Industrial.* The combination of IoT devices with connectivity, [removed: computing,] [added: edge-computing,] on-device AI and power-optimized [removed: and] [added: and/or] precise location [removed: tracking] [added: tracking,] along with [removed: the] cloud [removed: are helping to bring near real-time data and insights] [added: capabilities, is driving advancements] in industries such as retail, [removed: tracking] [added: transportation logistics, manufacturing, energy] and [removed: logistics] [added: utilities, smart home] and [removed: energy.][added: video.]

[removed: This allows] [added: These technologies allow] companies to gain new knowledge and insights about their products and services, manufacturing and logistics [removed: processes and more,] [added: processes,] which can help to transform and optimize their [removed: businesses.][added: businesses by improving safety, surveillance, efficiency and customer experiences.]

To meet these requirements, different foundational technologies, including wireless communications, [removed: computing (including on-device AI),] [added: high-performance and low-power computing, AI,] multimedia and location, continue to evolve.

This intellectual property has been incorporated into the most widely accepted and deployed cellular wireless communications technology standards, and we have licensed it to [removed: several hundred licensees, including all] [added: hundreds] of [removed: the leading handset manufacturers.][added: companies.]

5G heavily leverages OFDMA-based technologies, while most of the OFDMA-based technologies deployed prior to 2020 are classified as 4G [removed: technology.][added: technology, including LTE (Long-Term Evolution).]

5G is designed to transform the role of wireless technologies and incorporates advancements on 3G/4G features, including device-to-device [removed: capabilities and the use of all different types of spectrum (including licensed, unlicensed and shared spectrum).][added: capabilities.]

Our platforms help power intelligent devices that people and businesses rely on every day across industries and applications from handsets to other areas, including automotive and the internet of things (IoT).

We own significant intellectual property, including patents, patent applications and trade secrets, applicable to products that implement cellular technologies (including 4G (fourth generation) and/or 5G (fifth generation)), which are the primary digital technologies currently used to transmit voice and data over radio waves using a public or private cellular wireless network.

(ultra-wideband), memory and component interconnect.

Industry momentum is driving the emergence of new personal AI devices, such as smart glasses, earbuds and other wearables, that allow new agentic AI and context-aware experiences.

These personal AI devices are expected to evolve independently of the smartphone ecosystem.

At the same time, physical and industrial AI are beginning to reshape industries and provide new opportunities from robotics to manufacturing, logistics and energy, through embedded intelligence and enabling automation, real-time insights, autonomous systems and adaptive decision-making at the edge.

We also expect companies and regulators will continue to focus on responsible AI, data privacy and security to ensure the responsible development and deployment of these technologies.

and enterprise services.

5G Advanced is a transformative step, integrating AI-enabled device performance and network performance advancements, satellite communications and lower cost devices to drive innovation across the 5G ecosystem.

Consumer Demand for Smartphones. For calendar year 2025, we estimate that consumer demand for smartphones will remain approximately flat relative to calendar year 2024.

AI use in smartphones is increasing, and as we look forward, we expect on-device and agentic AI use cases will continue to expand and reshape the mobile industry.

Building on this foundation, AI is helping further transform the next generation of vehicles by embedding intelligence that enables vehicles to actively learn from their environments to support safety, optimize vehicle energy efficiency and provide features such as interactive in-vehicle assistance that personalize the driving and passenger experience.

Additionally, smart glasses and wearables, such as smartwatches, earbuds and other form factors are being transformed into personal AI devices as they transition from simply extending smartphone experiences to providing new and unique personalized AI, connecting the user directly to the AI agent and model.

A key enabler of this shift is physical AI, which is reshaping industrial applications and creating new opportunities, particularly in areas like manufacturing and robotics.

We also intend to leverage our custom-designed CPU cores as we create our data center products.

Cellular Wireless Technologies. The majority of cellular connections today are OFDMA (Orthogonal Frequency Division Multiple Access)-based technologies.

Many of our inventions at the core of 3G and 4G serve as the foundational technologies for 5G.

We envision 6G will integrate advanced capabilities including AI, sensing, digital twinning, and a variety of new system features enabling higher levels of efficiency and performance.

- data center technologies, including high-performance AI inference acceleration for data centers and edge clouds;

- vision intelligence platform features such as image processing and video analytics for consumer and enterprise camera solutions;

Additional information regarding acquisitions is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 9.

Acquisitions.”

discrete filtering products, for devices and applications across the mobile handsets, automotive and IoT industries.

Our wireless connectivity products provide additional connectivity across mobile handsets, automotive and IoT products.

QCT competes worldwide with a number of U.S. and international designers and manufacturers of semiconductors, ranging from multinational companies with integrated research and development, manufacturing, sales and marketing organizations across a broad spectrum of product lines, to companies that are focused on a single application, industry or standard product, including those that produce products for industries and applications including handsets, automotive or IoT, among others.

Most of these competitors compete with us with respect to some, but not all, of our product lines.

Companies that provide on-device AI, high-performance and low-power computing and wireless connectivity-based integrated circuit products and/or software are generally competitors or potential competitors.

QTL licensing revenues consist primarily of per-unit royalties.

We have invested in both

Our Data Center business is developing and commercializing next-generation solutions for data centers.

We are focused on making it easier for

We are also investing in research and development of data center products.

Our Human Capital initiatives include:

We also frequently collaborate with these

Additionally, employees can enhance their contributions to qualified charitable organizations of their choice by utilizing our charitable match program.

We also publish on our website a variety of reports and resources related to our corporate responsibility policies, programs, goals and initiatives, including our most recent Qualcomm Corporate Responsibility Report and reports on sustainability, responsible sourcing, corporate citizenship and responsible AI, among others.

Investors and other stakeholders interested in these topics can access such reports and resources through the Corporate Responsibility section of our website (https://www.qualcomm.com/company/corporate-responsibility).

Dr. Achour served as Chief Technology Officer – Elect from December 2024 to February 2025, Deputy Chief Technology Officer from April 2023 to December 2024, and Senior Vice President, Engineering from July 2006 to April 2023.

Kaplan, Miller & Ciresi LLP.

Our technologies and products have helped power the growth in smartphones and other connected devices.

We are scaling our innovations across industries and applications beyond mobile handsets, driving digital transformation with our ecosystem partners in areas including automotive and the internet of things (IoT).

This includes technologies such as CDMA (Code Division Multiple Access) and OFDMA (Orthogonal Frequency Division Multiple Access) families of technologies, with the latter encompassing LTE (Long-Term Evolution) and 5G NR (New Radio), which are the primary digital technologies currently used to transmit voice or data over radio waves using a public or private cellular wireless network.

We own significant intellectual property, including patents, patent applications and trade secrets, applicable to products that implement any version of CDMA and/or OFDMA technologies.

For example, analysts estimate that 46% of smartphones sold in 2027 will be generative AI capable, up from 19% in 2024 (Counterpoint, October 2024).

4G has served as the technology foundation for many of the applications and services used today, including e-commerce, video streaming, video calling, social media and gaming.

beyond mobile broadband, and lays the groundwork for the upcoming 6G platform.

5G Advanced is a transformative step, integrating features like wireless AI to drive innovation across the 5G ecosystem.

Consumer Demand for Smartphones. For calendar year 2024, we estimate that consumer demand for 3G, 4G, and 5G handset volumes will increase by a low-to-mid-single digit percentage relative to calendar year 2023.

By 2027, analysts expect that at least 50% of PCs sold will be AI capable, compared to 22% of PCs in 2024 (consensus of certain third party analysts as of October 1, 2024).

Cellular Wireless Technologies. Relevant cellular wireless technologies can be grouped into the following categories.

*CDMA-based.* CDMA-based technologies are characterized by their access method allowing several users to share the same frequency and time by allocating different orthogonal codes to individual users.

Most of the CDMA-based technologies are classified as 3G technology.

CDMA-based connections worldwide continue to decline as consumers migrate to OFDMA-based technologies, which comprise the majority of cellular connections today.

*OFDMA-based.* OFDMA-based technologies are characterized by their access method allowing several users to share the same frequency band and time by allocating different subcarriers to individual users.

The 4G specifications were defined within 3GPP (3rd Generation Partnership Project), a global organization that develops technical specifications, including the specification of the radio component (LTE) and the core network component (Enhanced Packet Core or EPC).

3GPP has been developing the 5G system through the specification of the radio component (NR) and the core network component (5G Core or 5GC).

Unlike 4G that has fixed Orthogonal Frequency Division Multiplexing (OFDM) parameterization, 5G has multiple OFDM parameterizations to address a wide range of spectrum and use cases.

The first 5G specification, 3GPP Release 15, was initially completed in 2018.

3GPP specifications also provide enhancements specifically for C-V2X (cellular vehicle-to-everything), which includes both direct communication (vehicle-to-vehicle, vehicle-to-infrastructure and vehicle-to-pedestrian) in dedicated spectrum that is independent of a cellular network and cellular communications with networks in traditional mobile broadband licensed spectrum.

Following the initial specification of 5G, 3GPP has completed three additional releases.

Release 16 introduced enhancements to 5G mobile broadband experiences (e.g., more capacity, improved coverage, mobility and better device power efficiency), expanded 5G technologies into new use cases and industries (native positioning support, 5G-based C-V2X, 5G Broadcast) and began supporting different spectrum types by expanding 5G into unlicensed spectrum with 5G NR Unlicensed (NR-U).

Release 17 became the third major release of the global 5G NR standard expanding the 5G technology foundations for coverage, power, reliability and spectrum range, which are designed to provide efficient support for lower complexity 5G devices (e.g., reduced capacity (RedCap) devices) including wearables, industrial sensors, and new deployments, including non-terrestrial networks and mmWave private networks on unlicensed 60 GHz spectrum band.

Release 18 marked the start of 5G Advanced, with projects designed to strengthen the end-to-end 5G system foundation (such as advanced downlink and uplink MIMO, enhanced mobility, mobile integrated access and backhaul, smart repeater, evolved duplexing, AI and machine learning data-driven designs and green networks) and to proliferate 5G to virtually all devices and use cases (such as boundless XR, RedCap evolution, expanded sidelink, expanded positioning, drones and expanded satellite communication and multicast).

Release 19, which is currently under development, builds on the 5G Advanced standards to deliver new 5G advancements through continued system enhancements (e.g., sub-band full-duplex (SBFD), multi-hop sidelink relays), further use case diversification (e.g., Ambient IoT), and new advanced capabilities, including standardized wireless AI framework and potential applications, and ultra-low power receiver.

Release 19 will establish the technical foundation for 6G.

The Qualcomm® AI Stack is a unified AI software portfolio designed to help developers optimize

including the RF transceiver, PM (power management), audio, codecs, speaker amps and additional wireless connectivity integrated circuits.

Our wireless connectivity products provide additional connectivity for mobile devices, tablets, PCs, XR headsets, voice and music devices, wearable devices, along with other IoT devices and applications, automotive connectivity, digital cockpit and ADAS/AD, utility meters and logistic trackers and industrial sensors.

QCT competes worldwide with a number of U.S. and international designers and manufacturers of semiconductors.

scaling of distribution channels, desire by certain customers to use multiple suppliers and customer support.

QCT’s current competitors include, but are not limited to, companies such as Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC.

These include certain video codecs, audio codecs, Wi-Fi, memory interfaces, wireline interfaces, wireless power, position location, broadcast and streaming protocols, and short-range communication functionalities, including Bluetooth.

We believe that 5G will continue to encourage innovative applications through

Upon the initial deployment of OFDMA-based networks, the products implementing such technologies generally have been multimode and implement OFDMA-based and CDMA-based technologies.

The licenses granted under our existing license agreements generally cover multimode CDMA/OFDMA (3G/4G/5G) devices, and our licensees are obligated to pay royalties under their license agreements for their sales of such devices.

QTL licensing revenues include per-unit royalties and, to a lesser extent, lump sum payments (i.e., license fees, substantially all of which were recognized prior to fiscal 2024).

In addition, QSI segment results include revenues and related costs associated with certain development contracts with one of our investees.

Environmental, Social and Governance (ESG) and Human Capital

We believe that our innovations help transform industries, enhance people’s lives and address some of society’s biggest challenges.

For the fiscal year ended September [removed: 29, 2024][added: 28, 2025]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant at March [removed: 22, 2024] [added: 28, 2025] (the last business day of the registrant’s most recently completed second fiscal quarter) was [removed: $190.0] [added: $167.9] billion, based upon the closing price of the registrant’s common stock on that date as reported on the NASDAQ Global Select Market.

The number of shares outstanding of the registrant’s common stock was [removed: 1,111] [added: 1,071] million at November [removed: 4, 2024.][added: 3, 2025.]

Portions of the registrant’s definitive Proxy Statement for its [removed: 2025] [added: 2026] Annual Meeting of Stockholders, to be filed with the Commission subsequent to the date hereof, are incorporated by reference into Part III of this Annual Report where indicated.

| For the Fiscal Year Ended September [removed: 29, 2024] [added: 28, 2025] | | | | | |

| [Item [removed: 1.](#i514ce6a0fc204465ad7d4e40bef88bdf_16)] [added: 1.](#i863bbeb855a44eeab08806ae58fc3327_16)] | | | [removed: [Business](#i514ce6a0fc204465ad7d4e40bef88bdf_16)] [added: [Business](#i863bbeb855a44eeab08806ae58fc3327_16)] | | | [removed: [6](#i514ce6a0fc204465ad7d4e40bef88bdf_16)] [added: [4](#i863bbeb855a44eeab08806ae58fc3327_16)] | | |

| [Item [removed: 1A.](#i514ce6a0fc204465ad7d4e40bef88bdf_64)] [added: 1A.](#i863bbeb855a44eeab08806ae58fc3327_64)] | | | [Risk [removed: Factors](#i514ce6a0fc204465ad7d4e40bef88bdf_64)] [added: Factors](#i863bbeb855a44eeab08806ae58fc3327_64)] | | | [removed: [18](#i514ce6a0fc204465ad7d4e40bef88bdf_64)] [added: [14](#i863bbeb855a44eeab08806ae58fc3327_64)] | | |

| [Item [removed: 1B.](#i514ce6a0fc204465ad7d4e40bef88bdf_67)] [added: 1B.](#i863bbeb855a44eeab08806ae58fc3327_67)] | | | [Unresolved Staff [removed: Comments](#i514ce6a0fc204465ad7d4e40bef88bdf_67)] [added: Comments](#i863bbeb855a44eeab08806ae58fc3327_67)] | | | [removed: [36](#i514ce6a0fc204465ad7d4e40bef88bdf_67)] [added: [34](#i863bbeb855a44eeab08806ae58fc3327_67)] | | |

| [Item [removed: 1C.](#i514ce6a0fc204465ad7d4e40bef88bdf_70)] [added: 1C.](#i863bbeb855a44eeab08806ae58fc3327_70)] | | | [removed: [Cybersecurity](#i514ce6a0fc204465ad7d4e40bef88bdf_70)] [added: [Cybersecurity](#i863bbeb855a44eeab08806ae58fc3327_70)] | | | [removed: [37](#i514ce6a0fc204465ad7d4e40bef88bdf_70)] [added: [34](#i863bbeb855a44eeab08806ae58fc3327_70)] | | |

| [Item [removed: 2.](#i514ce6a0fc204465ad7d4e40bef88bdf_73)] [added: 2.](#i863bbeb855a44eeab08806ae58fc3327_73)] | | | [removed: [Properties](#i514ce6a0fc204465ad7d4e40bef88bdf_73)] [added: [Properties](#i863bbeb855a44eeab08806ae58fc3327_73)] | | | [removed: [38](#i514ce6a0fc204465ad7d4e40bef88bdf_73)] [added: [36](#i863bbeb855a44eeab08806ae58fc3327_73)] | | |

| [Item [removed: 3.](#i514ce6a0fc204465ad7d4e40bef88bdf_76)] [added: 3.](#i863bbeb855a44eeab08806ae58fc3327_76)] | | | [Legal [removed: Proceedings](#i514ce6a0fc204465ad7d4e40bef88bdf_76)] [added: Proceedings](#i863bbeb855a44eeab08806ae58fc3327_76)] | | | [removed: [38](#i514ce6a0fc204465ad7d4e40bef88bdf_76)] [added: [36](#i863bbeb855a44eeab08806ae58fc3327_76)] | | |

| [Item [removed: 4.](#i514ce6a0fc204465ad7d4e40bef88bdf_79)] [added: 4.](#i863bbeb855a44eeab08806ae58fc3327_79)] | | | [Mine Safety [removed: Disclosures](#i514ce6a0fc204465ad7d4e40bef88bdf_79)] [added: Disclosures](#i863bbeb855a44eeab08806ae58fc3327_79)] | | | [removed: [38](#i514ce6a0fc204465ad7d4e40bef88bdf_79)] [added: [36](#i863bbeb855a44eeab08806ae58fc3327_79)] | | |

| [Item [removed: 5.](#i514ce6a0fc204465ad7d4e40bef88bdf_85)] [added: 5.](#i863bbeb855a44eeab08806ae58fc3327_85)] | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i514ce6a0fc204465ad7d4e40bef88bdf_85)] [added: Securities](#i863bbeb855a44eeab08806ae58fc3327_85)] | | | [removed: [39](#i514ce6a0fc204465ad7d4e40bef88bdf_85)] [added: [37](#i863bbeb855a44eeab08806ae58fc3327_85)] | | |

| [Item [removed: 6.](#i514ce6a0fc204465ad7d4e40bef88bdf_91)] [added: 6.](#i863bbeb855a44eeab08806ae58fc3327_91)] | | | [removed: [(Reserved)](#i514ce6a0fc204465ad7d4e40bef88bdf_91)] [added: [(Reserved)](#i863bbeb855a44eeab08806ae58fc3327_91)] | | | [removed: [40](#i514ce6a0fc204465ad7d4e40bef88bdf_91)] [added: [38](#i863bbeb855a44eeab08806ae58fc3327_91)] | | |

| [Item [removed: 7.](#i514ce6a0fc204465ad7d4e40bef88bdf_94)] [added: 7.](#i863bbeb855a44eeab08806ae58fc3327_94)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i514ce6a0fc204465ad7d4e40bef88bdf_94)] [added: Operations](#i863bbeb855a44eeab08806ae58fc3327_94)] | | | [removed: [40](#i514ce6a0fc204465ad7d4e40bef88bdf_94)] [added: [38](#i863bbeb855a44eeab08806ae58fc3327_94)] | | |

| [Item [removed: 7A.](#i514ce6a0fc204465ad7d4e40bef88bdf_133)] [added: 7A.](#i863bbeb855a44eeab08806ae58fc3327_133)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i514ce6a0fc204465ad7d4e40bef88bdf_133)] [added: Risk](#i863bbeb855a44eeab08806ae58fc3327_133)] | | | [removed: [48](#i514ce6a0fc204465ad7d4e40bef88bdf_133)] [added: [47](#i863bbeb855a44eeab08806ae58fc3327_133)] | | |

| [Item [removed: 8.](#i514ce6a0fc204465ad7d4e40bef88bdf_136)] [added: 8.](#i863bbeb855a44eeab08806ae58fc3327_136)] | | | [Financial Statements and Supplementary [removed: Data](#i514ce6a0fc204465ad7d4e40bef88bdf_136)] [added: Data](#i863bbeb855a44eeab08806ae58fc3327_136)] | | | [removed: [49](#i514ce6a0fc204465ad7d4e40bef88bdf_136)] [added: [48](#i863bbeb855a44eeab08806ae58fc3327_136)] | | |

| [Item [removed: 9.](#i514ce6a0fc204465ad7d4e40bef88bdf_139)] [added: 9.](#i863bbeb855a44eeab08806ae58fc3327_139)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i514ce6a0fc204465ad7d4e40bef88bdf_139)] [added: Disclosure](#i863bbeb855a44eeab08806ae58fc3327_139)] | | | [removed: [49](#i514ce6a0fc204465ad7d4e40bef88bdf_139)] [added: [48](#i863bbeb855a44eeab08806ae58fc3327_139)] | | |

| [Item [removed: 9A.](#i514ce6a0fc204465ad7d4e40bef88bdf_142)] [added: 9A.](#i863bbeb855a44eeab08806ae58fc3327_142)] | | | [Controls and [removed: Procedures](#i514ce6a0fc204465ad7d4e40bef88bdf_142)] [added: Procedures](#i863bbeb855a44eeab08806ae58fc3327_142)] | | | [removed: [49](#i514ce6a0fc204465ad7d4e40bef88bdf_142)] [added: [48](#i863bbeb855a44eeab08806ae58fc3327_142)] | | |

| [Item [removed: 9B.](#i514ce6a0fc204465ad7d4e40bef88bdf_145)] [added: 9B.](#i863bbeb855a44eeab08806ae58fc3327_145)] | | | [Other [removed: Information](#i514ce6a0fc204465ad7d4e40bef88bdf_145)] [added: Information](#i863bbeb855a44eeab08806ae58fc3327_145)] | | | [removed: [50](#i514ce6a0fc204465ad7d4e40bef88bdf_145)] [added: [48](#i863bbeb855a44eeab08806ae58fc3327_145)] | | |

| [Item [removed: 9](#i514ce6a0fc204465ad7d4e40bef88bdf_148)[C](#i514ce6a0fc204465ad7d4e40bef88bdf_148)[.](#i514ce6a0fc204465ad7d4e40bef88bdf_148)] [added: 9](#i863bbeb855a44eeab08806ae58fc3327_151)[C](#i863bbeb855a44eeab08806ae58fc3327_151)[.](#i863bbeb855a44eeab08806ae58fc3327_151)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i514ce6a0fc204465ad7d4e40bef88bdf_148)] [added: Inspections](#i863bbeb855a44eeab08806ae58fc3327_151)] | | | [removed: [50](#i514ce6a0fc204465ad7d4e40bef88bdf_148)] [added: [48](#i863bbeb855a44eeab08806ae58fc3327_151)] | | |

| [Item [removed: 10.](#i514ce6a0fc204465ad7d4e40bef88bdf_154)] [added: 10.](#i863bbeb855a44eeab08806ae58fc3327_157)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i514ce6a0fc204465ad7d4e40bef88bdf_154)] [added: Governance](#i863bbeb855a44eeab08806ae58fc3327_157)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_154)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_157)] | | |

| [Item [removed: 11.](#i514ce6a0fc204465ad7d4e40bef88bdf_157)] [added: 11.](#i863bbeb855a44eeab08806ae58fc3327_160)] | | | [Executive [removed: Compensation](#i514ce6a0fc204465ad7d4e40bef88bdf_157)] [added: Compensation](#i863bbeb855a44eeab08806ae58fc3327_160)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_157)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_160)] | | |

| [Item [removed: 12.](#i514ce6a0fc204465ad7d4e40bef88bdf_160)] [added: 12.](#i863bbeb855a44eeab08806ae58fc3327_163)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i514ce6a0fc204465ad7d4e40bef88bdf_160)] [added: Matters](#i863bbeb855a44eeab08806ae58fc3327_163)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_160)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_163)] | | |

| [Item [removed: 13.](#i514ce6a0fc204465ad7d4e40bef88bdf_163)] [added: 13.](#i863bbeb855a44eeab08806ae58fc3327_166)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i514ce6a0fc204465ad7d4e40bef88bdf_163)] [added: Independence](#i863bbeb855a44eeab08806ae58fc3327_166)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_163)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_166)] | | |

| [Item [removed: 14.](#i514ce6a0fc204465ad7d4e40bef88bdf_166)] [added: 14.](#i863bbeb855a44eeab08806ae58fc3327_169)] | | | [Principal Accounting Fees and [removed: Services](#i514ce6a0fc204465ad7d4e40bef88bdf_166)] [added: Services](#i863bbeb855a44eeab08806ae58fc3327_169)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_166)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_169)] | | |

| [Item [removed: 15.](#i514ce6a0fc204465ad7d4e40bef88bdf_172)] [added: 15.](#i863bbeb855a44eeab08806ae58fc3327_175)] | | | [Exhibits and Financial Statement [removed: Schedules](#i514ce6a0fc204465ad7d4e40bef88bdf_172)] [added: Schedules](#i863bbeb855a44eeab08806ae58fc3327_175)] | | | [removed: [51](#i514ce6a0fc204465ad7d4e40bef88bdf_172)] [added: [49](#i863bbeb855a44eeab08806ae58fc3327_175)] | | |

| [Item [removed: 16.](#i514ce6a0fc204465ad7d4e40bef88bdf_178)] [added: 16.](#i863bbeb855a44eeab08806ae58fc3327_181)] | | | [Form 10-K [removed: Summary](#i514ce6a0fc204465ad7d4e40bef88bdf_178)] [added: Summary](#i863bbeb855a44eeab08806ae58fc3327_181)] | | | [removed: [55](#i514ce6a0fc204465ad7d4e40bef88bdf_178)] [added: [53](#i863bbeb855a44eeab08806ae58fc3327_181)] | | |

Words such as [removed: “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,”] [added: “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,”] “may,” “will,” “would” and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Annual Report.

Consequently, forward-looking statements are inherently subject to risks and [removed: uncertainties] [added: uncertainties,] and actual results and outcomes may differ materially from the results and outcomes discussed in or anticipated by the forward-looking statements.

| [PART I](#i863bbeb855a44eeab08806ae58fc3327_13) | | | | | | | | |

| [PART II](#i863bbeb855a44eeab08806ae58fc3327_82) | | | | | | | | |

| [PART III](#i863bbeb855a44eeab08806ae58fc3327_154) | | | | | | | | |

| [PART IV](#i863bbeb855a44eeab08806ae58fc3327_172) | | | | | | | | |

| | | | [Risk Factors Summary](#i514ce6a0fc204465ad7d4e40bef88bdf_10) | | | [4](#i514ce6a0fc204465ad7d4e40bef88bdf_10) | | |

| [PART I](#i514ce6a0fc204465ad7d4e40bef88bdf_13) | | | | | | | | |

| [PART II](#i514ce6a0fc204465ad7d4e40bef88bdf_82) | | | | | | | | |

| [PART III](#i514ce6a0fc204465ad7d4e40bef88bdf_151) | | | | | | | | |

| [PART IV](#i514ce6a0fc204465ad7d4e40bef88bdf_169) | | | | | | | | |

Risk Factors Summary:

Our business is subject to numerous risks and uncertainties, including those described in “Part I, Item 1A, Risk Factors” of this Annual Report.

These risks include, but are not limited to, the following:

RISKS RELATED TO OUR OPERATING BUSINESSES

- *We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium tier handset devices.

If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected.*

*•Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products).*

*•A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.*

RISKS RELATED TO NEW INITIATIVES

*•Our growth depends in part on our ability to extend our technologies and products into new and expanded product areas, and industries and applications beyond mobile handsets.

Our research, development and other investments in these new and expanded product areas, industries and applications, and related technologies and products, as well as in our existing technologies and products, and new technologies, may not generate operating income or contribute to future results of operations that meet our expectations.*

*•We may engage in acquisitions and other strategic transactions or make investments, or be unable to consummate planned strategic acquisitions, which could adversely affect our results of operations or fail to enhance stockholder value.*

RISKS RELATED TO SUPPLY AND MANUFACTURING

*•We depend on a limited number of third-party suppliers for the procurement, manufacture, assembly and testing of our products manufactured in a fabless production model.

If we fail to execute supply strategies that provide supply assurance, technology leadership and reasonable margins, our business and results of operations may be harmed.

We are also subject to order and shipment uncertainties that could negatively impact our results of operations.*

*•There are numerous risks associated with the operation and control of our manufacturing facilities, including a higher portion of fixed costs relative to a fabless model; environmental compliance and liability; impacts related to climate change; exposure to natural disasters, health crises, geopolitical conflicts and cyber-attacks; timely supply of equipment and materials; and various manufacturing issues.*

RISKS RELATED TO CYBERSECURITY OR MISAPPROPRIATION OF OUR CRITICAL INFORMATION

*•Our business and operations could suffer in the event of security breaches of our IT systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information.*

RISKS RELATED TO HUMAN CAPITAL MANAGEMENT

- *We may not be able to attract or retain qualified employees.*

RISKS SPECIFIC TO OUR LICENSING BUSINESS

*•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.*

*•Efforts by some OEMs to avoid paying fair and reasonable royalties for the use of our intellectual property may require the investment of substantial management time and financial resources and may result in legal decisions or actions by governments, courts, regulators or agencies, Standards Development Organizations (SDOs) or other industry organizations that harm our business.*

*•Changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise, could adversely impact our business and results of operations.*

RISKS RELATED TO REGULATORY AND LEGAL CHALLENGES

*•Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings.*

RISKS RELATED TO INDUSTRY DYNAMICS AND COMPETITION

*•Our revenues depend on our customers’ and licensees’ sales of products and services based on CDMA, OFDMA and other communications technologies, including 5G, and customer demand for our products based on these technologies.*

*•Our industry is subject to intense competition in an environment of rapid technological change.

Our success depends in part on our ability to adapt to such change and compete effectively; and such change and competition could result in decreased demand for our products and technologies or declining average selling prices for our products or those of our customers or licensees.*

RISKS RELATED TO PRODUCT DEFECTS OR SECURITY VULNERABILITIES

*•Failures in our products, or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors, could harm our business.*

RISKS RELATED TO INTELLECTUAL PROPERTY

*•The enforcement and protection of our intellectual property may be expensive, could fail to prevent misappropriation or unauthorized use of our intellectual property, could result in the loss of our ability to enforce one or more patents, and could be adversely affected by changes in patent laws, by laws in certain foreign jurisdictions that may not effectively protect our intellectual property and by ineffective enforcement of laws in such jurisdictions.*

[removed: We have implemented] [added: To identify, assess and manage cybersecurity risks, we maintain an IT security/cybersecurity program (Cybersecurity Program), which includes] policies, procedures, processes and administrative, physical and technical controls designed to protect, defend and mitigate effects to us from cybersecurity threats and incidents.

[removed: In the event of a cybersecurity incident, a technical cybersecurity team investigates and] addresses the threat, while a cross-functional team assesses the incident to inform criticality determinations and response efforts, including escalations of the incident to senior management as appropriate.

Notwithstanding our Cybersecurity Program as described above, we cannot anticipate, detect, repel or [removed: implement fully effective] [added: guarantee the effectiveness of our] preventative measures against all cybersecurity threats, particularly because the techniques used are increasingly sophisticated and constantly evolving.

However, during fiscal [removed: 2024,] [added: 2025,] we did not identify any risks from cybersecurity threats that materially affected or are reasonably anticipated to materially affect our business strategy, results of operations or financial condition.

[removed: For additional information about the cybersecurity risks we face, including how such risks could affect us in the future, see Part I, Item 1A, “Risk] [added: Risk] Factors” in this Annual Report, including the Risk Factors titled “*Our business and operations could suffer in the event of security breaches of our IT systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information”* and *“Failures in our products, or in the products of our customers or licensees, including those resulting from security vulnerabilities, defects or errors, could harm our business.”*

In particular, the Audit Committee [removed: of our Board] assists the Board [added: of Directors] in fulfilling its oversight responsibilities with respect to our Cybersecurity Program.

As part of its oversight of IT security/cybersecurity matters, the Audit Committee receives cybersecurity updates on a quarterly basis and an IT security/cybersecurity briefing from management, typically including our [added: Chief Information Officer (CIO) and] Vice President of Cybersecurity, on at least a semi-annual basis.

Key elements of our Cybersecurity Program, including defending against key cybersecurity threats and risks, are overseen by our [added: CIO,] Vice President of Cybersecurity, the Information Security and Risk Management (ISRM) [removed: organization,] [added: organization] and [added: certain legal functions under the office of the General Counsel, which include subject matter experts focused on identifying and managing cybersecurity threats and consequences where technically feasible and commensurate with risk.]

[removed: That] [added: This] experience is supplemented by the collective experience and expertise across the ISRM organization, which includes the Cyber Security Operations Center, Cyber Defense Engineering Services, Cyber Identity and Architecture, Cyber Governance Risk and Compliance, and Threat Intelligence teams, among others.

In the event of a cybersecurity incident, a technical cybersecurity team investigates and

For additional information about the cybersecurity risks we face, including how such risks could affect us in the future, see “Part I, Item 1A.

Our CIO has over 30 years of experience in IT and telecommunications and previously held CIO or other IT leadership roles at DISH Network (now EchoStar), CenturyLink, Level 3 Communications and TW Telecom prior to joining Qualcomm.

To identify, assess and manage cybersecurity risks, we maintain an IT security/cybersecurity program (Cybersecurity Program) that is informed in part by international frameworks as well as our specific security requirements and cybersecurity risk profile.

At least annually, the full Board also receives updates on the Cybersecurity Program and cybersecurity risks.

certain legal functions under the office of the General Counsel, which includes subject matter experts focused on identifying and managing cybersecurity threats and consequences where technically feasible and commensurate with risk.

At September [removed: 29, 2024,] [added: 28, 2025,] we occupied the following facilities (square footage in millions):

| Owned facilities | | | 4.5 | | | | | | [removed: 1.3] [added: 1.4] | | | | | | [removed: 5.8] [added: 5.9] | | |

Our headquarters and certain of our research and development [removed: and network management hub] operations are located in San Diego, California.

We [removed: also operate owned and leased manufacturing facilities in China, Germany and Singapore, and we] own and lease properties around the world for use as sales and administrative offices and research and development centers, primarily in the United States, India and [added: China, and we also operate owned and leased manufacturing facilities in Singapore, Germany and] China.

[removed: Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the “Liquidity] [added: Commitments] and [removed: Capital Resources” section under the heading “Additional Capital Requirements.”] [added: Contingencies.”] Additional information on net property, plant and equipment by geography is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 8.

| Leased facilities | | | 0.7 | | | | | | 8.1 | | | | | | 8.8 | | |

| Total | | | 5.2 | | | | | | 9.5 | | | | | | 14.7 | | |

We believe our existing facilities, including both leased and owned, are suitable and adequate for the conduct of our business.

Additional information on operating leases is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 7.

| Leased facilities | | | 0.8 | | | | | | 7.5 | | | | | | 8.3 | | |

| Total | | | 5.3 | | | | | | 8.8 | | | | | | 14.1 | | |

Our facility leases expire at varying dates through 2038, not including renewals that are at our option.

Several other owned and leased facilities are under construction totaling approximately 0.8 million additional square feet, primarily related to the construction of new facilities in India.

Information related to our additional capital requirements is provided in this Annual Report in “Part II, Item 7.

Our common stock is traded on the NASDAQ Global Select Market (NASDAQ) under the symbol “QCOM.” At November [removed: 4, 2024,] [added: 3, 2025,] there were [removed: 5,848] [added: 5,564] holders of record of our common stock.

Our purchases of our common stock in the fourth quarter of fiscal [removed: 2024] [added: 2025] were:

(1) Average Price Paid Per Share excludes cash paid for [removed: commissions.][added: commissions and excise taxes.]

[added: (2)] On November 6, 2024, we announced a [removed: new] $15.0 billion stock repurchase [removed: authorization,] [added: program,] which [removed: is in addition to the aforementioned program.][added: has no expiration date.]

The following graph compares the cumulative total stockholder return on our common stock, the Standard & Poor’s 500 Stock Index (S&P 500) and the NASDAQ-100 Index (NASDAQ-100) for the five years ended September [removed: 29, 2024.][added: 28, 2025.]

The total return for our stock and for each index assumes that $100 was invested at the market close on the last trading day for our fiscal year ended September [removed: 29, 2019] [added: 27, 2020] and that all dividends were reinvested.

[removed: ][added: ]

| June 30, 2025 to July 27, 2025 | | | 5,357 | | | | | | $ | 157.75 | | | | | 5,357 | | | | | | $ | 8,838 | |

| July 28, 2025 to August 24, 2025 | | | 5,966 | | | | | | 153.36 | | | | | | 5,966 | | | | | | 7,923 | | |

| August 25, 2025 to September 28, 2025 | | | 4,297 | | | | | | 158.93 | | | | | | 4,297 | | | | | | 7,240 | | |

| Total | | | 15,620 | | | | | | | | | | | | 15,620 | | | | | | | | |

| June 24, 2024 to July 21, 2024 | | | 1,090 | | | | | | $ | 202.29 | | | | | 1,090 | | | | | | $ | 2,108 | |

| July 22, 2024 to August 25, 2024 | | | 3,006 | | | | | | 170.63 | | | | | | 3,006 | | | | | | 1,595 | | |

| August 26, 2024 to September 29, 2024 | | | 3,406 | | | | | | 167.02 | | | | | | 3,406 | | | | | | 1,026 | | |

| Total | | | 7,502 | | | | | | | | | | | | 7,502 | | | | | | | | |

(2) On October 12, 2021, we announced a $10.0 billion stock repurchase program.

At September 29, 2024, $1.0 billion remained authorized for repurchase under this stock repurchase program.

The stock repurchase programs have no expiration date.

The information required by this item is included in this Annual Report on pages F-1 through [removed: F-28.][added: F-27.]

Based on our evaluation under this framework, our management concluded that our internal control over financial reporting was effective as of September [removed: 29, 2024.][added: 28, 2025.]

PricewaterhouseCoopers LLP, the independent registered public accounting firm that audited our consolidated financial statements included in this Annual Report, has also audited the effectiveness of our internal control over financial reporting as of September [removed: 29, 2024,] [added: 28, 2025,] as stated in its report which appears on pages F-1 through F-2 in this Annual Report.

There were no changes in our internal control over financial reporting during the fourth quarter of fiscal [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

On September [removed: 12, 2024, Cristiano Amon,] [added: 11, 2025, Heather Ace,] our [removed: President and] Chief [removed: Executive] [added: Human Resources] Officer, acting as trustee on behalf of [removed: his] [added: her] family trust, [removed: terminated the trust’s] [added: adopted a] Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation [removed: S-K), which provided] [added: S-K) providing] for the sale of up to [removed: 75,000] [added: 12,800] shares of our common [removed: stock and was previously scheduled to terminate on September 30, 2025, and adopted a new Rule 10b5-1 trading arrangement.][added: stock.]

The plan is scheduled to terminate on November 18, 2026.

The new plan provides for the sale of up to 60,000 shares of our common stock and is scheduled to terminate on September 30, 2025.

The information required by this item regarding directors will be included in our definitive Proxy Statement to be filed with the SEC in connection with our [removed: 2025] [added: 2026] Annual Meeting of Stockholders [removed: (2025] [added: (2026] Proxy [removed: Statement),] [added: Statement)] and is incorporated herein by reference.

Certain information required by this item regarding executive officers is set forth in Item 1 of Part I of this Annual Report under the heading “Information about our Executive Officers.” The information required by this item regarding corporate governance will be included in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

| (1) Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | | | | | | [removed: [F-1](#i514ce6a0fc204465ad7d4e40bef88bdf_184)] [added: [F-1](#i863bbeb855a44eeab08806ae58fc3327_187)] | | | | | | | | |

| Consolidated Balance Sheets at September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023] [added: 29, 2024] | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_187)3] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_190)3] | | | | | | | | |

| Consolidated Statements of Operations for Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_190)4] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_193)4] | | | | | | | | |

| Consolidated Statements of Comprehensive Income for Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_193)5] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_196)5] | | | | | | | | |

| Consolidated Statements of Cash Flows for Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_196)6] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_199)6] | | | | | | | | |

| Consolidated Statements of Stockholders’ Equity for Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_202)7] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_202)7] | | | | | | | | |

| Notes to Consolidated Financial Statements | | | | | | [removed: [F-](#i514ce6a0fc204465ad7d4e40bef88bdf_205)8] [added: [F-](#i863bbeb855a44eeab08806ae58fc3327_205)8] | | | | | | | | |

| (2) Schedule II - Valuation and Qualifying Accounts for Fiscal [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | | | | [removed: [S-1](#i514ce6a0fc204465ad7d4e40bef88bdf_259)] [added: [S-1](#i863bbeb855a44eeab08806ae58fc3327_259)] | | | | | | | | |

| 4.1 | | | | | | [Indenture, dated May 20, 2015, [removed: betwe](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm)[en](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm) [Q](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm)[UALCOMM Incorporated](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm) [a](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm)[nd] [added: between QUALCOMM Incorporated and] U.S. Bank Trust Company, National Association (as successor in interest to U.S. [removed: Bank](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm) [National] [added: Bank National] Association), as trustee.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex41.htm) | | | | | | 8-K | | | | | | 5/21/2015 | | | | | | 4.1 | | | | | | | | |

| 4.3 | | | | | | [Form of [removed: 3.450%] [added: 4.650%] Notes due [removed: 2025.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex48.htm)] [added: 2035.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex49.htm)] | | | | | | 8-K | | | | | | 5/21/2015 | | | | | | [removed: 4.8] [added: 4.9] | | | | | | | | |

| 4.4 | | | | | | [Form of [removed: 4.650%] [added: 4.800%] Notes due [removed: 2035.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex49.htm)] [added: 2045.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex410.htm)] | | | | | | 8-K | | | | | | 5/21/2015 | | | | | | [removed: 4.9] [added: 4.10] | | | | | | | | |

| [removed: 4.5] [added: 4.6] | | | | | | [Form of [removed: 4.800%] [added: 3.250%] Notes due [removed: 2045.](https://www.sec.gov/Archives/edgar/data/804328/000119312515195451/d931327dex410.htm)] [added: 2027.](https://www.sec.gov/Archives/edgar/data/804328/000119312517189502/d383851dex410.htm)] | | | | | | 8-K | | | | | | [removed: 5/21/2015] [added: 5/31/2017] | | | | | | 4.10 | | | | | | | | |

| [removed: 4.6] [added: 4.5] | | | | | | [Officers’ Certificate, dated May 26, 2017, for the Floating Rate Notes due 2019, the Floating Rate Notes due 2020, the Floating Rate Notes due 2023, the 1.850% Notes due 2019, the 2.100% Notes due 2020, the 2.600% Notes due 2023, the 2.900% Notes due 2024, the 3.250% Notes due 2027 and the 4.300% Notes due 2047.](https://www.sec.gov/Archives/edgar/data/804328/000119312517189502/d383851dex42.htm) | | | | | | 8-K | | | | | | 5/31/2017 | | | | | | 4.2 | | | | | | | | |

| 4.7 | | | | | | [Form of [removed: 3.250%] [added: 4.300%] Notes due [removed: 2027.](https://www.sec.gov/Archives/edgar/data/804328/000119312517189502/d383851dex410.htm)] [added: 2047.](https://www.sec.gov/Archives/edgar/data/804328/000119312517189502/d383851dex411.htm)] | | | | | | 8-K | | | | | | 5/31/2017 | | | | | | [removed: 4.10] [added: 4.11] | | | | | | | | |

| [removed: 4.9] [added: 4.8] | | | | | | [Officers’ Certificate, dated May 8, 2020, for the 2.150% Notes due 2030 and the 3.250% Notes due 2050.](https://www.sec.gov/Archives/edgar/data/804328/000110465920058923/tm2015417d4_ex4-2.htm) | | | | | | 8-K | | | | | | 5/11/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.10] [added: 4.9] | | | | | | [Form of 2.150% Notes due 2030.](https://www.sec.gov/Archives/edgar/data/804328/000110465920058923/tm2015417d4_ex4-3.htm) | | | | | | 8-K | | | | | | 5/11/2020 | | | | | | 4.3 | | | | | | | | |

| [removed: 4.11] [added: 4.10] | | | | | | [Form of 3.250% Notes due 2050.](https://www.sec.gov/Archives/edgar/data/804328/000110465920058923/tm2015417d4_ex4-4.htm) | | | | | | 8-K | | | | | | 5/11/2020 | | | | | | 4.4 | | | | | | | | |

| [removed: 4.12] [added: 4.11] | | | | | | [Officers’ Certificate, dated August 14, 2020, for the 1.300% Notes due 2028 and the 1.650% Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000110465920096322/tm2027698d1_ex4-2.htm) | | | | | | 8-K | | | | | | 8/18/2020 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.13] [added: 4.12] | | | | | | [Form of 1.300% Rule 144A Global Notes due 2028.](https://www.sec.gov/Archives/edgar/data/804328/000110465920096322/tm2027698d1_ex4-3.htm) | | | | | | 8-K | | | | | | 8/18/2020 | | | | | | 4.3 | | | | | | | | |

| [removed: 4.14] [added: 4.13] | | | | | | [Form of 1.650% Rule 144A Global Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000110465920096322/tm2027698d1_ex4-5.htm) | | | | | | 8-K | | | | | | 8/18/2020 | | | | | | 4.5 | | | | | | | | |

| [removed: 4.15] [added: 4.14] | | | | | | [Officers’ Certificate, dated January 6, 2021, for the 1.300% Notes due 2028 and the 1.650% Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000172894921000022/qcom122720ex423.htm) | | | | | | 10-Q | | | | | | 2/3/2021 | | | | | | 4.23 | | | | | | | | |

| [removed: 4.16] [added: 4.15] | | | | | | [Form of 1.300% Notes due 2028.](https://www.sec.gov/Archives/edgar/data/804328/000172894921000022/qcom122720ex424.htm) | | | | | | 10-Q | | | | | | 2/3/2021 | | | | | | 4.24 | | | | | | | | |

| [removed: 4.17] [added: 4.16] | | | | | | [Form of 1.650% Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000172894921000022/qcom122720ex425.htm) | | | | | | 10-Q | | | | | | 2/3/2021 | | | | | | 4.25 | | | | | | | | |

| [removed: 4.18] [added: 4.17] | | | | | | [Officers’ Certificate, dated May 9, 2022, for the 4.250% Notes due 2032 and the 4.500% Notes due 2052.](https://www.sec.gov/Archives/edgar/data/804328/000110465922057562/tm2213834d4_ex4-2.htm) | | | | | | 8-K | | | | | | 5/9/2022 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.19] [added: 4.18] | | | | | | [Form of 4.250% Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000110465922057562/tm2213834d4_ex4-3.htm) | | | | | | 8-K | | | | | | 5/9/2022 | | | | | | 4.3 | | | | | | | | |

| [removed: 4.20] [added: 4.19] | | | | | | [Form of 4.500% Notes due 2052.](https://www.sec.gov/Archives/edgar/data/804328/000110465922057562/tm2213834d4_ex4-4.htm) | | | | | | 8-K | | | | | | 5/9/2022 | | | | | | 4.4 | | | | | | | | |

| [removed: 4.21] [added: 4.20] | | | | | | [Officers’ Certificate, dated November 9, 2022, for the 5.400% Notes due 2033 and the 6.000% Notes due 2053.](https://www.sec.gov/Archives/edgar/data/804328/000110465922116535/tm2230101d1_ex4-2.htm) | | | | | | 8-K | | | | | | 11/9/2022 | | | | | | 4.2 | | | | | | | | |

| [removed: 4.22] [added: 4.21] | | | | | | [Form of 5.400% Notes due 2033.](https://www.sec.gov/Archives/edgar/data/804328/000110465922116535/tm2230101d1_ex4-3.htm) | | | | | | 8-K | | | | | | 11/9/2022 | | | | | | 4.3 | | | | | | | | |

| [removed: 4.23] [added: 4.22] | | | | | | [Form of 6.000% Notes due 2053.](https://www.sec.gov/Archives/edgar/data/804328/000110465922116535/tm2230101d1_ex4-4.htm) | | | | | | 8-K | | | | | | 11/9/2022 | | | | | | 4.4 | | | | | | | | |

| [removed: 4.24] [added: 4.27] | | | | | | [Description of registrant’s securities.](https://www.sec.gov/Archives/edgar/data/804328/000172894919000072/qcom092919ex415.htm) | | | | | | 10-K | | | | | | 11/6/2019 | | | | | | 4.15 | | | | | | | | |

| 10.1 | | | | | | [Credit [removed: Agreement](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm) [among] [added: Agreement among] QUALCOMM Incorporated, the lenders party thereto, the letter of credit issuers party thereto and Bank of America, N.A., as administrative agent, swing line lender and a letter of credit [removed: issuer](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)[,] [added: issuer,] dated [removed: a](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)[s] [added: as] of [removed: Au](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)[g](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)[ust] [added: August] 8, [removed: 2024](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)[.](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)] [added: 2024.](https://www.sec.gov/Archives/edgar/data/804328/000080432824000061/qcom080824ex101.htm)] | | | | | | 8-K | | | | | | 8/9/2024 | | | | | | 10.1 | | | | | | | | |

| 10.2 | | | | | | [Form of Indemnity Agreement [removed: between the](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm) [Q](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)[UA](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)[LCOMM Incorporated](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm) [and] [added: between](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm) [QUALCOMM Incorporated and] its directors and officers. [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm)] | | | | | | 10-K | | | | | | 11/4/2015 | | | | | | 10.1 | | | | | | | | |

| 10.3 | | | | | | [Amended and Restated 2016 Long-Term Incentive Plan. [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000172894920000031/qcom03292020ex107.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000172894920000031/qcom03292020ex107.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000172894920000031/qcom03292020ex107.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000172894920000031/qcom03292020ex107.htm)] | | | | | | 10-Q | | | | | | 4/29/2020 | | | | | | 10.7 | | | | | | | | |

| 10.4 | | | | | | [Amended and Restated QUALCOMM Incorporated 2001 Employee Stock Purchase Plan, as amended. [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1062.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1062.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1062.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1062.htm)] | | | | | | 10-Q | | | | | | 4/25/2018 | | | | | | 10.62 | | | | | | | | |

| 10.5 | | | | | | [removed: [Amended](https://www.sec.gov/Archives/edgar/data/804328/000080432824000039/qcom032424ex105.htm) [and Restated](https://www.sec.gov/Archives/edgar/data/804328/000080432824000039/qcom032424ex105.htm) [QUALCOMM] [added: [Amended and Restated QUALCOMM] Incorporated 2023 Long-Term Incentive Plan. [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000039/qcom032424ex105.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom033025ex105.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom033025ex105.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000031/qcom033025ex105.htm)] | | | | | | 10-Q | | | | | | [removed: 05/1/2024] [added: 4/30/2025] | | | | | | 10.5 | | | | | | | | |

| 10.6 | | | | | | [Form of Qualcomm Incorporated 2016 Long-Term Incentive Plan Executive Performance Stock Unit Award Grant [removed: Notices] [added: Notice] and Executive Performance Stock Unit Award Agreement [removed: (2021] [added: (2022] Form). [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000172894921000076/qcom092621ex1022.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1023.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1023.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1023.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | [removed: 11/3/2021] [added: 2/2/2023] | | | | | | [removed: 10.22] [added: 10.23] | | | | | | | | |

| 10.7 | | | | | | [Form of Qualcomm Incorporated 2016 Long-Term Incentive Plan Executive Restricted Stock Unit Award Grant Notice and Executive Restricted Stock Unit Award Agreement [removed: (2021] [added: (2022] Form). [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000172894921000076/qcom092621ex1023.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1024.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1024.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1024.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | [removed: 11/3/2021] [added: 2/2/2023] | | | | | | [removed: 10.23] [added: 10.24] | | | | | | | | |

| 10.8 | | | | | | [Form of Qualcomm Incorporated [removed: 2016] [added: 2023] Long-Term Incentive Plan Executive Performance Stock Unit Award Grant Notice and Executive Performance Stock Unit Award Agreement [removed: (2022] [added: (2023] Form). [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1023.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)] | | | | | | 10-Q | | | | | | [removed: 2/2/2023] [added: 1/31/2024] | | | | | | [removed: 10.23] [added: 10.24] | | | | | | | | |

| 10.9 | | | | | | [Form of Qualcomm Incorporated [removed: 2016] [added: 2023] Long-Term Incentive Plan Executive Restricted Stock Unit Award Grant Notice and Executive Restricted Stock Unit Award Agreement [removed: (2022] [added: (2023] Form). [removed: (2)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000006/qcom122522ex1024.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1025.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1025.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1025.htm)] | | | | | | 10-Q | | | | | | [removed: 2/2/2023] [added: 1/31/2024] | | | | | | [removed: 10.24] [added: 10.25] | | | | | | | | |

| 10.10 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Performance Stock Unit Award Grant Notice and Executive Performance Stock Unit Award Agreement [removed: (202](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)[3](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm) [Form). (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)[2](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000017/qcom122423ex1024.htm)] [added: (2024 Form). (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1012.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1012.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1012.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | [removed: 1/31/2024] [added: 11/6/2024] | | | | | | [removed: 10.24] [added: 10.12] | | | | | | | | |

| 4.23 | | | | | | [O](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[fficers](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[’](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm) [Certificate, dat](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[ed May 2](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[1, 2025, for the 4.500% Notes due 2030](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[,](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm) [the 4.750% Not](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[es due 20](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[32 and the 5.000% Notes due 2035.](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm) | | | | | | 8-K | | | | | | 5/22/2025 | | | | | | 4.2 | | | | | | | | |

| 4.24 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm)[orm of 4.500% Notes](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm) [due](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm) [2030](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm)[.](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm) | | | | | | 8-K | | | | | | 5/22/2025 | | | | | | 4.3 | | | | | | | | |

| 4.25 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-4.htm)[orm of 4.750% Notes due 2032.](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-4.htm) | | | | | | 8-K | | | | | | 5/22/2025 | | | | | | 4.4 | | | | | | | | |

| 4.26 | | | | | | [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-5.htm)[orm of 5.000% Notes due 2035.](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-5.htm) | | | | | | 8-K | | | | | | 5/22/2025 | | | | | | 4.5 | | | | | | | | |

| 2.1 | | | | | | [Agreement and Plan of Merger, dated as of October 4, 2021, by and among QUALCOMM Incorporated, SSW HoldCo LP, SSW Merger Sub Corp and Veoneer, Inc. (1)](https://www.sec.gov/Archives/edgar/data/804328/000110465921122578/tm2129124d1_ex2-1.htm) | | | | | | 8-K | | | | | | 10/4/2021 | | | | | | 2.1 | | | | | | | | |

| 4.8 | | | | | | [Form of 4.300% Notes due 2047.](https://www.sec.gov/Archives/edgar/data/804328/000119312517189502/d383851dex411.htm) | | | | | | 8-K | | | | | | 5/31/2017 | | | | | | 4.11 | | | | | | | | |

| 10.21 | | | | | | [Qualcomm Incorporated 202](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm)[5](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm) [Director Compensation Plan. (2)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

(1) We shall furnish supplementally a copy of any omitted schedule to the Commission upon request.

| November [removed: 6, 2024] [added: 5, 2025] | | | By | | | /s/ Cristiano R. Amon | | | | | |

| /s/ Cristiano R. Amon | | | | | | President and Chief Executive Officer, and Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Akash Palkhiwala | | | | | | Chief Financial Officer and Chief Operating Officer | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ [removed: Neil Martin] [added: Patricia Y. Grech] | | | | | | Senior Vice [removed: President, Finance] [added: President] and Chief Accounting Officer | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| [removed: Neil Martin] [added: Patricia Y. Grech] | | | | | | (Principal Accounting Officer) | | | | | | | | |

| /s/ Sylvia Acevedo | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Mark Fields | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Jeffrey W. Henderson | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Ann M. Livermore | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Mark D. McLaughlin | | | | | | Chair of the Board | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Jamie S. Miller | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Marie Myers | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Irene B. Rosenfeld | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Kornelis (Neil) Smit | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

| /s/ Jean-Pascal Tricoire | | | | | | Director | | | | | | November [removed: 6, 2024] [added: 5, 2025] | | |

We have audited the accompanying consolidated balance sheets of QUALCOMM Incorporated and its subsidiaries (the “Company”) as of September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] and the related consolidated statements of operations, comprehensive income, stockholders’ equity and cash flows for each of the three years in the period ended September [removed: 29, 2024,] [added: 28, 2025,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of September [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of September [removed: 29, 2024] [added: 28, 2025] and September [removed: 24, 2023,] [added: 29, 2024,] and the results of its operations and its cash flows for each of the three years in the period ended September [removed: 29, 2024] [added: 28, 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of September [removed: 29, 2024,] [added: 28, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

*Revenue Recognition – Qualcomm CDMA Technologies (QCT) [removed: Customer Incentive Arrangements*][added: Segment*]

[removed: As described in Notes 1 and 2 to the consolidated financial statements, the Company’s QCT segment, which recorded revenues of $33.2 billion in fiscal 2024,] [added: The Company] records reductions to revenues for customer incentive arrangements, including volume-related and other pricing rebates and cost reimbursements for marketing and other activities involving certain [added: of our] products and technologies, in the period that the related revenues are earned.

Certain amounts recorded as a reduction to revenues for customer incentive arrangements are considered variable consideration and are included in the transaction price primarily based on estimating the most likely amount expected to be provided to the [removed: customer.][added: customer/licensee.]

The principal [removed: considerations] [added: consideration] for our determination that performing procedures relating to [added: QCT] revenue recognition [removed: of QCT customer incentive arrangements] is a critical audit matter [removed: are] [added: is] a high degree of auditor effort in performing procedures [removed: and evaluating audit evidence obtained] related to the [removed: completeness and accuracy of reductions to revenues and accruals for QCT customer incentives arrangements recorded in the consolidated financial statements.][added: Company’s revenue recognition.]

| | | | [added: | | | | | | | | | | | | | | | | | | | | |] September [added: 28, 2025 | | | | | | September] 29, 2024 | | | | | | September 24, 2023 | | |

| Cash and cash equivalents | | | $ | [removed: 7,849] [added: 5,520] | | | | | $ | [removed: 8,450] [added: 7,849] | |

| Marketable securities | | | [removed: 5,451] [added: 4,635] | | | | | | [removed: 2,874] [added: 5,451] | | |

| Accounts receivable, net | | | [removed: 3,929] [added: 4,315] | | | | | | [removed: 3,183] [added: 3,929] | | |

| Inventories | | | [removed: 6,423] [added: 6,526] | | | | | | [removed: 6,422] [added: 6,423] | | |

| Other current assets | | | [removed: 1,579] [added: 2,435] | | | | | | [removed: 1,194] [added: 1,579] | | |

| Total current assets | | | [removed: 25,231] [added: 25,754] | | | | | | [removed: 22,464] [added: 25,231] | | |

| Deferred tax assets | | | [removed: 5,162] [added: 743] | | | | | | [removed: 3,310] [added: 5,162] | | |

| Property, plant and equipment, net | | | [removed: 4,665] [added: 4,690] | | | | | | [removed: 5,042] [added: 4,665] | | |

| Goodwill | | | [removed: 10,799] [added: 11,358] | | | | | | [removed: 10,642] [added: 10,799] | | |

| Other intangible assets, net | | | [removed: 1,244] [added: 1,148] | | | | | | [removed: 1,408] [added: 1,244] | | |

| Other assets | | | [removed: 8,053] [added: 6,450] | | | | | | [removed: 8,086] [added: 8,053] | | |

| Total assets | | | $ | [removed: 55,154] [added: 50,143] | | | | | $ | [removed: 51,040] [added: 55,154] | |

| Trade accounts payable | | | $ | [removed: 2,584] [added: 2,791] | | | | | $ | [removed: 1,912] [added: 2,584] | |

| Payroll and other benefits related liabilities | | | [removed: 1,834] [added: 1,839] | | | | | | [removed: 1,685] [added: 1,834] | | |

| Unearned revenues | | | [removed: 297] [added: 358] | | | | | | [removed: 293] [added: 297] | | |

| Short-term debt | | | [removed: 1,364] [added: —] | | | | | | [removed: 914] [added: 1,364] | | |

| /s/ Jeremy (Zico) Kolter | | | | | | Director | | | | | | November 5, 2025 | | |

| Jeremy (Zico) Kolter | | | | | | | | | | | | | | |

| /s/ Christopher D. Young | | | | | | Director | | | | | | November 5, 2025 | | |

| Christopher D. Young | | | | | | | | | | | | | | |

As described in Notes 1 and 2 to the consolidated financial statements, the Company’s total QCT revenues were $38.4 billion for the year ended September 28, 2025.

The timing of revenue recognition and the amount of revenue actually recognized in each case depends upon a variety of factors, including the specific terms of each arrangement and the nature of the Company’s performance obligations.

Revenues from sales of the Company’s products are recognized upon transfer of control to the customer, which is generally at the time of shipment.

The Company measures revenues based on the amount of consideration the Company expects to receive in exchange for products or services.

These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls over the recording of QCT revenue at the transaction price upon transfer of control to the customer.

These procedures also included, among others (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and contracts; (ii) testing a sample of customer incentive transactions by obtaining and inspecting source documents which included support for the nature of the incentive, amount, and agreement with the customer; and (iii) confirming a sample of outstanding customer invoice balances as of September 28, 2025 and, for confirmations not returned, obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and subsequent cash receipts.

November 5, 2025

| Restricted cash | | | 2,323 | | | | | | — | | |

| Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | 0.03 | | | | | | (0.10) | | |

| Inventories | | | (138) | | | | | | 13 | | | | | | 8 | | |

| Net income | | | 5,541 | | | | | | 10,142 | | | | | | 7,232 | | |

Our platforms help power intelligent devices that people and businesses rely on every day across industries and applications from handsets to other areas, including automotive and the internet of things (IoT).

Restricted cash includes cash that is legally restricted as to withdrawal or usage (Note 9).

| | | | $ | 7,940 | | | | | $ | 5,565 | |

| | | | September 28, 2025 | | | | | | September 29, 2024 | | |

| | | | $ | 7,940 | | | | | $ | 5,565 | |

Our estimates of sales-based royalties are based largely on preliminary royalty estimates provided by our licensees and, to

As a result of this estimation, adjustments to revenues are required in subsequent periods to reflect changes in estimates as new information becomes available.

As a result, we

We account for accrued interest and penalties related to uncertain tax benefits as a component of income tax expense.

As a result of certain provisions of the One Big Beautiful Bill Act (OBBB), which was enacted on July 4, 2025 (Note 3), we expect to be subject to the corporate alternative minimum tax (CAMT) beginning in fiscal 2026.

Our policy is to consider the impact of future years’ CAMT when evaluating the realizability of deferred tax assets and the need for a valuation allowance.

Recently Adopted Accounting Pronouncement.

| | | | September 28, 2025 | | | | | | September 29, 2024 | | |

| | | | $ | 4,315 | | | | | $ | 3,929 | |

| | | | September 28, 2025 | | | | | | September 29, 2024 | | |

| | | | $ | 6,526 | | | | | $ | 6,423 | |

| | | | September 28, 2025 | | | | | | September 29, 2024 | | |

| | | | 14,504 | | | | | | 13,541 | | |

| | | | $ | 4,690 | | | | | $ | 4,665 | |

| Acquisitions | | | | | | 526 | | | | | | — | | | | | | | | | | | | 526 | | |

| Balance at September 28, 2025 (1) | | | | | | $ | 10,623 | | | | | $ | 735 | | | | | | | | | | | $ | 11,358 | |

| | | | September 28, 2025 | | | | | | | | | | | | | | | | | | September 29, 2024 | | | | | | | | | | | | | | |

| | | | $ | 2,623 | | | | | $ | (1,475) | | | | | 9 | | | | | | $ | 2,567 | | | | | $ | (1,323) | | | | | 9 | | |

| | | | September 28, 2025 | | | | | | September 29, 2024 | | |

| | | | $ | 1,379 | | | | | $ | 1,341 | |

| /s/ Gregory N. Johnson | | | | | | Director | | | | | | November 6, 2024 | | |

| Gregory N. Johnson | | | | | | | | | | | | | | |

| /s/ Anthony J. Vinciquerra | | | | | | Director | | | | | | November 6, 2024 | | |

| Anthony J. Vinciquerra | | | | | | | | | | | | | | |

For certain QCT customer incentive arrangements, there is complexity in applying certain contractual terms to determine the amount recorded as a reduction to revenues.

The amounts accrued for customer incentive arrangements are recorded as a reduction to accounts receivable, net or as other current liabilities based on whether the Company has the intent and contractual right of offset.

These procedures included testing the effectiveness of controls relating to management’s review of and accounting for QCT customer incentive arrangements as well as controls relating to management’s review over the completeness and accuracy of reductions to revenues in fiscal 2024 and accruals for QCT customer incentive arrangements as of the balance sheet date.

These procedures also included, among others, testing the completeness and accuracy of reductions to revenues and accruals for QCT customer incentive arrangements recorded in the consolidated financial statements, and recalculating, on a test basis, reductions to revenues and accruals for QCT customer incentive arrangements based upon customer-specific contractual terms.

November 6, 2024

QUALCOMM Incorporated

| Held for sale assets | | | — | | | | | | 341 | | |

| Held for sale assets | | | — | | | | | | 88 | | |

| Held for sale liabilities | | | — | | | | | | 333 | | |

| Held for sale liabilities | | | — | | | | | | 38 | | |

| | | | | | | | | | | | | | | | | | |

| Inventories | | | 13 | | | | | | 8 | | | | | | (3,137) | | |

| Repayment of debt of acquired company | | | — | | | | | | — | | | | | | (349) | | |

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Our technologies and products have helped power the growth in smartphones and other connected devices.

We are scaling our innovations across industries and applications beyond mobile handsets, including automotive and the internet of things (IoT).

| | | | $ | 5,565 | | | | | $ | 5,149 | |

The fair value of mortgage- and asset-backed securities is derived from the use of matrix pricing (prices for similar securities) or, in some cases, cash flow pricing models with observable inputs, such as contractual terms, maturity, credit rating and/or securitization structure to determine the timing and amount of future cash flows.

Other investments included in Level 3 are comprised of convertible debt instruments issued by private companies.

The inputs we use to estimate the fair values of these instruments are generally unobservable, and therefore, they are included in Level 3.

Our assumptions of future product demand are

License fees are recognized as revenues on a straight-line basis over the estimated period of benefit of the license to the licensee.

As a result of recognizing revenues in the period in which the licensees’ sales occur using estimates, adjustments to revenues are required in subsequent periods to reflect changes in estimates as new information becomes available, primarily resulting from actual amounts reported by our licensees.

performance obligations.

Significant judgments and estimates are required in

For tax years prior to fiscal 2021, we are participating in the IRS Compliance Assurance Process program whereby we endeavor to agree with the IRS on the treatment of all issues prior to filing our federal return.

| | | | $ | 3,929 | | | | | $ | 3,183 | |

| | | | $ | 6,423 | | | | | $ | 6,422 | |

| | | | 13,541 | | | | | | 12,710 | | |

| | | | $ | 4,665 | | | | | $ | 5,042 | |

| Balance at September 25, 2022 | | | | | | $ | 9,777 | | | | | $ | 731 | | | | | | | | | | | $ | 10,508 | |

| | | | $ | 2,567 | | | | | $ | (1,323) | | | | | 9 | | | | | | $ | 4,362 | | | | | $ | (2,954) | | | | | 11 | | |

| | | | $ | 1,341 | | | | | $ | 1,236 | |

| | | | $ | 4,425 | | | | | $ | 4,491 | |

Unearned revenues (which are considered contract liabilities) consist primarily of certain customer contracts for which QCT received fees upfront and QTL license fees for intellectual property with continuing performance obligations (substantially all of which were recognized prior to fiscal 2024).

In fiscal 2024 and fiscal 2023, we recognized revenues of $312 million and $355 million, respectively, that were recorded as unearned revenues at September 24, 2023 and September 25, 2022, respectively.