Qualcomm (QCOM) 10-K risk factor changes: FY2026 vs FY2025

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

Our research, development and other investments in these [removed: new and expanded product] areas, [removed: industries] and [removed: applications, and] related technologies and products, [removed: 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.*

[removed: - *We] [added: *•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 [removed: model.][added: model, and for certain intellectual property.]

[removed: - *Our] [added: *•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.*

[removed: - *The] [added: *•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.*

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

[removed: - *Our] [added: *•Our] business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings.*

[removed: - *Our] [added: *•Our] revenues depend on our customers’ and licensees’ sales of products and services based on cellular [added: communications] and other [removed: communications] technologies, [removed: including 5G,] and [added: increasingly on] customer demand for our products [removed: based on these technologies.*][added: and platform solutions in automotive, IoT and data center.*]

[removed: - *Our] [added: *•The semiconductor] industry is subject to intense competition in an environment of rapid technological change.

[removed: - *Failures] [added: *•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.*

[removed: - *The] [added: *•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.*

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

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

[removed: In addition, a number] [added: Further, certain] of [removed: our largest] [added: those] customers have developed, are developing or may develop their own integrated circuit [removed: products, or may choose our competitors’ integrated circuit products,] [added: products (effectively making them competitors),] which they have in the past [removed: utilized,] [added: used,] currently [removed: utilize and] [added: use or] may in the future [removed: utilize] [added: use] in some or all of their devices, rather than our [removed: products, which could significantly reduce the revenues we derive from these customers.][added: products.]

See also the Risk Factor titled “*Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit [removed: products)*.”][added: products).”*]

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

[removed: The] [added: This concentration means that the] loss of any one of our [removed: significant] [added: key mobile handset] customers, [added: or] a [added: significant] reduction in [removed: the] purchases [removed: of our products by any of these customers or the cancellation of significant purchases by] [added: from] any [removed: of these customers,] [added: such customer,] whether due to [removed: the] [added: such customer’s] use of their own integrated circuit products [added: (i.e., vertical integration)] or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand [removed: (or a shift in consumer demand away from new devices in favor of refurbished] or [removed: secondhand devices) or otherwise,] [added: any other reason,] would [removed: reduce our revenues and could harm] [added: have a significant negative impact on] our [removed: ability to achieve or sustain expected results of operations.][added: business.]

A delay of significant [removed: purchases,] [added: purchases by any of our key mobile handset customers,] even if only temporary, would reduce our revenues in the period of the delay.

In addition, the timing and size of purchases by [removed: our significant] [added: such] customers may be impacted by the timing of such customers’ new or next generation product introductions, over which we have no control, and the timing and success of such introductions may cause our revenues and results of operations to fluctuate.

[removed: Additionally,] [added: In addition, although Apple has historically purchased our modem products for use in its devices and has historically been one of our largest customers,] we expect that Apple will [removed: increasingly] [added: primarily] use its own [added: internally developed] modem products, rather than our products, in its [removed: future devices,] [added: devices going forward,] which will have a significant negative impact on our QCT revenues, results of operations and cash flows.

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 [added: financial results.]

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

[removed: Moreover, the success of our core licensing business depends in part on the ability of our licensees to] continue to develop, introduce and deliver high-volume products that achieve and sustain customer acceptance.

Certain of our largest mobile handset customers (for example, [removed: Apple,] Samsung and Xiaomi) [removed: develop] [added: have developed] their own integrated circuit products, which they have in the past [removed: utilized,] [added: used,] and/or currently [removed: utilize,] [added: use,] in certain of their devices.

We expect such customers will in the future [removed: utilize] [added: use] their own integrated circuit products in some or all of their devices, rather than our [added: products, and additional customers may also develop and use their own integrated circuit] products.

Similarly, we derive a significant portion of our [added: handset] revenues from [added: certain] Chinese OEMs.

[removed: Certain of our customers in China have developed, and others] [added: These OEMs] may [removed: in the future develop, their own integrated circuit products] [added: be incentivized to develop] and use [removed: such] [added: their own] integrated circuit products [removed: in their devices] rather than our [removed: products, including] [added: products] due to pressure from or policies of the Chinese government (which has prioritized semiconductor self-sufficiency), concerns over losing access to our 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 [removed: some or all of] their devices, or increase their use of their own integrated circuit products from current levels, our business, results of operations, cash flows and financial condition could be materially adversely impacted.

[removed: See also the Risk Factor titled “*We] [added: Although we expect to] derive [added: an increasing portion of our revenues from areas outside of mobile handsets, such as automotive, IoT and data center, we continue to derive] a significant portion of our revenues from a small number of [added: mobile handset] customers and licensees, and particularly from their sale of premium-tier handset devices.

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 or Chinese-affiliated customers; our non-Chinese [removed: OEM] customers were limited in, or prohibited from, selling devices that incorporate our integrated circuit products into China; Chinese [removed: OEMs] [added: customers] 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 [added: 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.]

Similarly, if, due to U.S. or Chinese government actions or policies, we were limited in or prohibited from obtaining critical integrated circuit [removed: products] [added: products, components] or manufacturing, assembly or test services from Chinese or 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, results of operations, cash flows and financial condition could be materially harmed.

Our research, development and other investments in these [removed: new and expanded product] areas, [removed: industries] and [removed: applications, and] related technologies and products, [removed: 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.

While we continue to invest significant resources toward advancements of foundational [removed: technologies,] [added: technologies used in the mobile industry,] including wireless connectivity, high-performance and low-power computing and on-device AI, we [removed: also invest] [added: are increasingly investing] 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 our ability to succeed in new and expanded product areas, [removed: and] industries and [removed: applications beyond mobile handsets,] [added: applications,] including [removed: in] automotive, IoT and data center; our ability to develop leading and cost-effective [removed: technologies] [added: technologies, products, software] and [removed: products] [added: full-stack platform solutions] for these [removed: new] [added: areas; our ability to create, integrate] and [removed: expanded product areas, industries] [added: scale developer ecosystems] and [removed: applications;] [added: software platforms;] and third parties incorporating our [removed: technologies and] [added: technologies,] products [added: and solutions] into [removed: devices] [added: devices, vehicles, infrastructure, systems and services] used in these [removed: product areas, industries and applications.][added: areas.]

Accordingly, we intend to continue to make substantial investments in [removed: these new and expanded product areas,] industries and [removed: applications,] [added: applications beyond mobile handsets,] and in developing related products and technologies.

However, our research, development and other investments in these [removed: 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,] [added: areas] 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 [removed: applications beyond mobile handsets,] [added: applications,] 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 successful; alternate [removed: technologies] [added: technologies, architectures] 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.

For example, the automotive industry is subject to long design-in time frames, long product life cycles and a high degree of [removed: regulatory and] [added: regulatory,] safety [removed: requirements,] [added: and other requirements (including, in some cases, customer requirements to meet certain sustainability, climate or other environmental or social-related targets),] necessitating suppliers to the industry to comply with stringent qualification processes, very low defect rates and high reliability [removed: standards, all of which results in significant barriers to entry and increased costs.][added: standards.]

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

In addition, in order to successfully extend our technologies and products into new and expanded product areas, [removed: and] industries and [removed: applications beyond mobile handsets,] [added: applications,] we may need to transition to new business models or transform aspects of our organization, [added: including moving from silicon products to more integrated hardware, software] and [added: platform solutions; developing direct relationships with new types of customers and ecosystem participants; expanding developer, channel and go-to-market capabilities; and operating in markets with different purchasing, deployment and support requirements, and] we may not be successful in doing so.

If we are not successful in extending our technologies and products into new and expanded product areas, [removed: and] industries and [removed: applications beyond mobile handsets,] [added: applications,] if our new technologies and products [added: in these areas] are not successful, or if we are not successful in the time frames we anticipate, we may incur significant costs and asset impairments, our business and revenues may not grow or grow as anticipated, our revenues and margins may be negatively impacted, our stock price may decline and our reputation may be harmed.

RISKS RELATED TO REVENUE AND CUSTOMER CONCENTRATION

RISKS RELATED TO DIVERSIFICATION AND OTHER STRATEGIC INITIATIVES

*•Our growth depends in part on the continued expansion of our business in industries and applications beyond mobile handsets, including in automotive, the internet of things (IoT) and data center.

*•Our increasing focus on artificial intelligence (AI), including on-device AI, agentic AI and AI infrastructure, may not result in the anticipated benefits and could expose us to additional competitive, regulatory, intellectual property and operational risks.*

RISKS RELATED TO REVENUE AND CUSTOMER CONCENTRATION

Device share in the mobile industry, particularly at the premium tier, is concentrated among a few companies, including Apple, Samsung and certain Chinese original equipment manufacturers (OEMs), many of whom are or have in the past been our largest customers.

For example, Apple has historically purchased our modem products for use in its devices and has historically been one of our largest customers, but we expect that Apple will primarily use its own internally developed modem products, rather than our products, in its devices going forward.

This will have a significant negative impact on our QCT revenues, results of operations and cash flows, and our ability to offset that impact depends on the timing and magnitude of growth in our non-handset revenues, including in automotive, IoT and data center, which may not occur as anticipated.

Further, as we seek to grow and diversify our business in areas such as automotive, IoT and data center, we may also

derive a significant portion of revenues in such areas from a limited number of customers, hyperscalers, automakers or other industry participants.

Moreover, the success of our core licensing business depends in part on the ability of our licensees to

We derive a significant portion of our revenues from Chinese customers.

RISKS RELATED TO DIVERSIFICATION AND OTHER STRATEGIC INITIATIVES

Our growth depends in part on the continued expansion of our business in industries and applications beyond mobile handsets, including in automotive, the internet of things (IoT) and data center.

The data center industry is characterized by a limited number of large hyperscalers and cloud service providers, long qualification and deployment cycles, demanding performance, power efficiency, reliability, security and software requirements, and substantial ecosystem and infrastructure dependencies.

Many of our current and potential competitors have longer operating histories in this industry, more established customer relationships, broader software and developer ecosystems, greater experience supporting large-scale data center deployments and, in some cases, existing installed bases or vertically integrated platform offerings.

Our increasing focus on artificial intelligence (AI), including on-device AI, agentic AI and AI infrastructure, may not result in the anticipated benefits and could expose us to additional competitive, regulatory, intellectual property and operational risks.

AI technologies, including machine learning, generative AI, agentic AI and other data driven computational techniques, are increasingly important to our strategy across mobile, automotive, IoT, data center and other industries and applications, and we are investing significant engineering, research and development and other resources to integrate AI capabilities into our integrated circuit products, software platforms and system solutions.

These investments are subject to a high degree of uncertainty and may not generate operating income or contribute to future results of operations or cash flows that meet our expectations, on the timeline we anticipate or at all.

The successful adoption and monetization of AI-enabled products depends on numerous factors beyond our control, including consumer demand, the willingness of customers to pay for AI-enabled functionality, the development of compelling AI use cases, competition from alternative architectures or cloud-based solutions, and the extent to which our customers develop or deploy proprietary AI technologies through vertical integration.

If AI workloads shift toward competing platforms or architectures that do not rely on our products, or if end-user demand for AI-enabled products or functionality does not materialize as anticipated, our revenues, margins and results of operations could be negatively impacted.

AI technologies also may expose us to legal, regulatory, cybersecurity, privacy, intellectual property, operational and reputational risks.

AI algorithms, models or training methodologies may be flawed, and datasets or outputs may be inaccurate, insufficient, biased, misleading or otherwise controversial.

Our use of AI tools in our internal operations, or the use of AI-enabled products, tools or technologies by our customers, developers, vendors or other third parties, may result in inadvertent disclosure or misuse of confidential, proprietary, personal or competitively sensitive information, reliance on inaccurate or flawed outputs, cybersecurity or privacy incidents, claims of infringement or misuse of data, regulatory scrutiny, litigation or use that is inconsistent with our expectations, policies, controls or applicable laws and regulations.

If any of these risks materialize, our AI-related investments may not achieve the anticipated benefits, and our business, results of operations, cash flows and financial condition could be materially adversely affected.

consummate acquisitions has been or is in the future harmed.

commercialization of products.

to bring such products to production, both of which may increase for complex or leading process technologies.

In addition, we license for use in our products certain technologies and intellectual property from Arm, such as the Arm instruction set architecture.

Arm has recently become a supplier of integrated circuit products, putting itself in direct competition with its licensees.

As a result, our ability to obtain a license to Arm’s latest technologies and intellectual property, including on acceptable terms and time frames, has been and may continue to be impacted.

If we are unable to obtain an acceptable license, our ability to compete effectively would be harmed and we could experience significant impacts to our future products and business.

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

misappropriate, wrongfully use, publish or provide to our competitors, customers, licensees or other third parties, including state actors, our technology, intellectual property or other proprietary or confidential information.

Over the years, we have been subject to various litigation and/or governmental investigations and proceedings challenging our patent licensing practices.

shipment delays and/or cause damage to our customer relationships, any of which could have an adverse effect on our results of operations and cash flows.

Further, inflationary pressure may increase our costs,

See also the Risk Factors titled “*Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings,”* “*Changes in our patent licensing practices, whether due to governmental investigations, legal challenges or otherwise, could adversely impact our business and results*

Also, our business model and customer mix could evolve in ways that reduce our FDDEI deduction benefits.

RISKS RELATED TO OUR OPERATING BUSINESSES

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.

RISKS RELATED TO OUR OPERATING BUSINESSES

The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, particularly at the premium tier, contributing to this trend.

Certain Chinese original equipment manufacturers (OEMs) have increased and may continue to increase their device share in China and in certain regions outside of China, and we derive a significant portion of our revenues from a small number of these OEMs as well.

See also the Risk Factor titled “*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*.”

Any such reduction in revenues would also impact our cash resources available for other purposes, such as research and development.

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 products.

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

financial results.

Further, while we derive a portion of our revenues from areas outside of mobile handsets, e.g., from industries such as automotive and IoT, certain product categories within those industries may in themselves be subject to high levels of customer concentration.

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.

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

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 or Chinese-affiliated customers or suppliers, limit, prevent or discourage such customers or suppliers from transacting business with us, or make it more expensive to do so.

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.

For example, in May 2024, the U.S. Department of Commerce revoked the export license under which we previously sold 4G and certain other integrated circuit products to Huawei, which is one of the largest smartphone OEMs in China.

Accordingly, we do not expect to receive any further product revenues from Huawei, and to the extent that Huawei’s devices take share from OEMs that utilize our products (in China or elsewhere), our results of operations and cash flows could be further impacted.

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

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.

Additionally, certain customers have adopted, and other customers may adopt, policies that require us to achieve certain sustainability, climate or other environmental, social and governance (ESG)-related targets, such as our 2040 net-zero global GHG emissions commitment and our interim GHG emissions reduction goals.

If we fail to achieve ESG-related targets that meet our customers’ requirements or expectations, these customers may not purchase products or services from us.

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.

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

Further, to remain competitive and meet customer demand, we may be required to improve our facilities and process technologies and

parties, could harm our competitive position, reduce the value of our investment in research and development and other strategic initiatives, cause us to lose business, damage our reputation, subject us to legal or regulatory proceedings, cause us to incur other loss or liability and otherwise adversely affect our business.

technologies, limiting our ability to seek injunctions against infringers of our standard-essential patents, constraining our ability to make licensing commitments when submitting our technologies for inclusion in future standards (which could make our technologies less likely to be included in such standards) or forcing us to work outside of SDOs or other industry groups to promote our new technologies, and our business, results of operations, cash flows and financial condition could be negatively impacted.

As described in the Risk Factor below titled “*Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings,*” we have been in the past, currently are and may in the future be subject to various governmental investigations and/or legal proceedings, including certain governmental investigations and legal proceedings challenging our patent licensing practices.

Similarly, if we were required to reduce the base on which our royalties are calculated (e.g., license at the chipset level rather than at the device level), our revenues, earnings and cash flows would be negatively impacted unless there was a sufficient increase in the volume of sales of devices upon which royalties are paid or we were able to increase our royalty rates to offset the decrease in revenues resulting from such lower royalty base.

In addition, our licensing revenues and earnings would be negatively impacted if we were not able to obtain, in the aggregate, equivalent revenues under such a multi-level licensing structure.

Further, the timing of our shipments of our products is dependent on the timing of our customers’ and licensees’ deployments of new devices and services based on these technologies.

on devices); access to capacity in the supply chain; and value-added features that drive selling prices and consumer demand for new devices.

For example, if any key supplier of technologies and intellectual property to the semiconductor industry was sold to one of our competitors, it could negatively affect our ability to procure or license such technologies and intellectual property in the future, at all or upon acceptable terms, which could have wide-ranging impacts on our business and operations.

Examples (some of which are strategic partners of ours in other areas) include Broadcom, HiSilicon, MediaTek, Mobileye, Nvidia, NXP Semiconductors, Qorvo, Samsung, Skyworks, Texas Instruments and UNISOC.

and OEMs in certain geographic regions (such as China); longer operating histories in industries and applications beyond mobile handsets (such as automotive, IoT and data center), including more established and/or stronger customer, vendor, distributor or other channel relationships in such industries; and a more established presence in certain regions.

Further, certain of those customers have developed, are developing or may develop their own integrated circuit products (effectively making them competitors), which they have in the past utilized, currently utilize or may in the future utilize in some or all of their devices, rather than our products.

See also the Risk Factor titled “*Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products)*.”

Such competition may also reduce average selling prices for our chipset products or the products of our customers and licensees.

The following section generally discusses fiscal [removed: 2025] [added: 2026] and [removed: 2024] [added: 2025] items and year-to-year comparisons between fiscal [removed: 2025] [added: 2026] and [removed: 2024.][added: 2025.]

Discussions of fiscal [removed: 2023] [added: 2024] items and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] 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: 29, 2024.][added: 28, 2025.]

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

We conduct business primarily through our QCT [removed: (Qualcomm CDMA Technologies)] semiconductor business and our QTL [removed: (Qualcomm Technology Licensing)] licensing business.

Our QSI [removed: (Qualcomm Strategic Initiatives)] reportable segment makes strategic investments.

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

This has resulted in fluctuations in QCT revenues in advance of and during device launches incorporating our products [removed: (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: 2025] [added: 2026] Overview

Revenues were [removed: $44.3] [added: $43.1] billion, [removed: an increase] [added: a decrease] of [removed: 14%] [added: 3%] compared to revenues of [removed: $39.0] [added: $44.3] billion in fiscal [removed: 2024,] [added: 2025,] with net income of [removed: $5.5] [added: $13.6] billion, [removed: a decrease] [added: an increase] of [removed: 45%] [added: 146%] compared to net income of [removed: $10.1] [added: $5.5] billion in fiscal [removed: 2024.][added: 2025.]

Key items from fiscal [removed: 2025] [added: 2026] included:

- QCT revenues [removed: increased] [added: decreased] by [removed: 16%] [added: 3%] in fiscal [removed: 2025] [added: 2026] compared to the prior year, [removed: primarily] due to [added: lower handsets revenues, partially offset by] higher [removed: handsets, IoT and] automotive [added: and IoT] revenues.

- QTL revenues remained approximately flat in fiscal [removed: 2025] [added: 2026] compared to the prior year.

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

| Equipment and services | | | $ | [removed: 37,869] [added: 36,895] | | | | | $ | [removed: 32,791] [added: 37,869] | | | | | | | | | | | $ | [removed: 5,078] [added: (974)] | | | | | | | |

[removed: 2025] [added: 2026] vs. [removed: 2024][added: 2025]

The [removed: increase] [added: decrease] in revenues in fiscal [removed: 2025] [added: 2026] was primarily due to:

[removed: + $5.1] [added: \- $1.1] billion in [removed: higher] [added: lower] equipment and services revenue from our QCT segment

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

| Cost of revenues | | | $ | [removed: 19,738] [added: 20,222] | | | | | $ | [removed: 17,060] [added: 19,738] | | | | | | | | | | | $ | [removed: 2,678] [added: 484] | | | | | | | |

| Gross margin | | | [removed: 55] [added: 53] | | % | | | | [removed: 56] [added: 55] | | % | | | | | | | | | | | | | | | | | | |

[removed: 2025] [added: 2026] vs. [removed: 2024][added: 2025]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

| Research and development | | | $ | [removed: 9,042] [added: 10,207] | | | | | $ | [removed: 8,893] [added: 9,042] | | | | | | | | | | | $ | [removed: 149] [added: 1,165] | | | | | | | |

| % of revenues | | | [removed: 20] [added: 24] | | % | | | | [removed: 23] [added: 20] | | % | | | | | | | | | | | | | | | | | | |

[removed: 2025] [added: 2026] vs. [removed: 2024][added: 2025]

The increase in research and development expenses in fiscal [removed: 2025] [added: 2026] was primarily due [removed: to a $118 million increase in share-based compensation expense.][added: to:]

[removed: Our] [added: + $701 million increase driven by higher] costs related to the development of [removed: wireless] [added: connectivity] and integrated circuit technologies (including investments in key growth and diversification [removed: initiatives) remained approximately flat,] [added: opportunities such as our Data Center business),] primarily driven by [removed: $314 million] [added: an increase] in [removed: higher] [added: employee-related expenses and lower] non-recurring engineering cost reimbursements for product-related development [removed: work, partially offset by an increase in employee-related costs.][added: work]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

| Selling, general and administrative | | | $ | [removed: 3,110] [added: 3,701] | | | | | $ | [removed: 2,759] [added: 3,110] | | | | | | | | | | | $ | [removed: 351] [added: 591] | | | | | | | |

| % of revenues | | | [removed: 7] [added: 9] | | % | | | | 7 | | % | | | | | | | | | | | | | | | | | | |

[removed: 2025] [added: 2026] vs. [removed: 2024][added: 2025]

The increase in selling, general and administrative expenses in fiscal [removed: 2025] [added: 2026] was primarily due to:

\+ [removed: $70] [added: $55] million increase in employee-related expenses

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

[removed: 2025] [added: 2026] vs. [removed: 2024][added: 2025]

Other expenses in fiscal [removed: 2025] [added: 2026] consisted of restructuring and restructuring-related [removed: charges.][added: charges (substantially all of which related to severance costs).]

| | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | Change | | | | | | | | |

| Interest expense | | | $ | [removed: 664] [added: 689] | | | | | $ | [removed: 697] [added: 664] | | | | | | | | | | | $ | [removed: (33)] [added: 25] | | | | | | | |

| Interest and dividend income | | | $ | [removed: 639] [added: 424] | | | | | $ | [removed: 675] [added: 639] | | | | | | | | | | | $ | [removed: (36)] [added: (215)] | | | | | | | |

| Net gains on marketable securities | | | [removed: 254] [added: 386] | | | | | | [removed: 14] [added: 254] | | | | | | | | | | | | [removed: 240] [added: 132] | | | | | | | | |

- In the second quarter of fiscal 2026, we recorded a $5.7 billion income tax benefit from the release of a valuation allowance that was established in the fourth quarter of fiscal 2025, as we now expect to realize substantially all of our existing federal deferred tax assets as a result of additional guidance issued on corporate alternative minimum tax (CAMT) by the U.S. Department of Treasury and the Internal Revenue Service.

| Licensing | | | 6,225 | | | | | | 6,415 | | | | | | | | | | | | (190) | | | | | | | | |

| | | | $ | 43,120 | | | | | $ | 44,284 | | | | | | | | | | | $ | (1,164) | | | | | | | |

+ $235 million in higher equipment and services revenues from our Data Center business, primarily driven by our acquisition of Alphawave IP Group plc (Alphawave) in the first quarter of fiscal 2026

Gross margin percentage decreased in fiscal 2026 primarily due to a decrease in QCT gross margin percentage.

+ $428 million increase in share-based compensation expense

\+ $229 million increase in share-based compensation expense

\+ $84 million increase in acquisition-related expenses

| Other expenses | | | $ | 332 | | | | | $ | 39 | | | | | | | | | | | $ | 293 | | | | | | | |

| Net gains on equity method investments | | | 258 | | | | | | 12 | | | | | | | | | | | | 246 | | | | | | | | |

| | | | $ | 1,445 | | | | | $ | 972 | | | | | | | | | | | $ | 473 | | | | | | | |

Net gains on equity method investments in fiscal 2026 were primarily driven by higher earnings of certain QSI investments.

The decrease in interest and dividend income in fiscal 2026 was primarily due to lower balances of interest-bearing securities.

Such benefits from FDDEI for fiscal 2026 were lower compared to fiscal 2025 as a result of changes to the current deduction of domestic research and development (R&D) expenditures under the One Big Beautiful Bill Act (OBBB).

| | | | 2026 | | | | | | 2025 | | | | | | | | |

| Benefit from FDDEI deduction | | | (368) | | | | | | (1,227) | | | | | | | | |

| Other | | | 187 | | | | | | 203 | | | | | | | | |

In the second quarter of fiscal 2026, the U.S. Department of Treasury and the Internal Revenue Service issued Notice 2026-07, which, among other items, allows us to reduce CAMT by certain previously capitalized domestic R&D expenditures.

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

| Handsets | | | $ | 24,072 | | | | | $ | 27,793 | | | | | | | | | | | $ | (3,721) | | | | | | | |

| EBT (2) | | | $ | 10,101 | | | | | $ | 11,670 | | | | | | | | | | | $ | (1,569) | | | | | | | |

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

\+ higher IoT revenues, primarily due to an increase in revenues per unit primarily driven by favorable mix

\- lower revenues

The decrease in QTL revenues in fiscal 2026 was primarily due to:

\- $194 million decrease in estimated sales of cellular products

\- $43 million in lower royalty revenues recognized related to devices sold in prior periods

\+ $238 million increase in revenues per unit, which was primarily driven by mix

QTL EBT as a percentage of revenue remained flat in fiscal 2026.

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

The extent to which these conditions may affect our business will depend on future developments, including memory supply availability, memory and device pricing dynamics and end‑consumer demand for devices, all of which remain uncertain.

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

As a result, we continue to see increased product costs from certain of our key suppliers, which have and will continue to negatively impact our margins.

In response to these higher costs, we are taking actions to increase our product pricing.

We expect the full benefit of these actions to be reflected in our gross margins in the second half of fiscal 2027.

Further, if these supply and capacity constraints limit the availability of components, manufacturing capacity or related services from our suppliers, we may be unable to fully satisfy customer demand, which could result in lost or delayed revenue and adversely affect our results of operations, cash flows and financial condition.

- Beginning in the first quarter of fiscal 2027, we expect Data Center revenue growth as shipments begin to ramp under our previously announced custom silicon agreements with certain large hyperscale customers.

| | | | $ | 7,681 | | | | | $ | 12,478 | | | | | $ | (4,797) | | | | | | | |

| Debt (2) | | | $ | 15,112 | | | | | $ | 14,811 | | | | | $ | 301 | | | | | | | |

This was partially offset by cash provided by operating activities and $497 million in net proceeds from commercial paper issuance.

- 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

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).

\+ $231 million increase in sales and marketing expenses (including investments in key growth and diversification initiatives)

| Other expenses | | | $ | 39 | | | | | $ | 179 | | | | | | | | | | | $ | (140) | | | | | | | |

Other expenses in fiscal 2024 primarily 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 a securities class action lawsuit.

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

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

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

| Benefit from FDII deduction, excluding the impact of capitalizing research and development expenditures | | | (735) | | | | | | (596) | | | | | | | | |

| Benefit from FDII deduction related to capitalizing research and development expenditures | | | (492) | | | | | | (585) | | | | | | | | |

| Excess tax benefit associated with share-based awards | | | (120) | | | | | | (176) | | | | | | | | |

| Foreign currency losses (gains) related to foreign withholding tax receivable | | | 98 | | | | | | (21) | | | | | | | | |

| Benefit related to the transfer of intellectual property between foreign subsidiaries | | | (8) | | | | | | (317) | | | | | | | | |

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

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.

Beginning in fiscal 2023 and through fiscal 2025, for federal income tax purposes, we were required to capitalize and amortize domestic research and development expenditures over five years (such expenditures were previously deducted as incurred).

Our cash flows from operations were adversely affected due to significantly higher cash tax payments.

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.

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

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

\+ 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

QTL licensing revenues and EBT remained approximately flat in fiscal 2025.

During the second quarter of fiscal 2025, we executed final agreements for new long-term licenses with two key Chinese OEMs (for which the initial terms had expired) and entered into comprehensive 4G and 5G license agreements with Transsion (a growing, China-headquartered OEM that sells primarily in developing regions).

As a result of our agreements with Transsion, all outstanding litigation between the parties has been dismissed.

Beginning in the second quarter of fiscal 2025, QTL revenues did not include royalties from Huawei, whose license agreement has expired.

| Equipment and services revenues | | | $ | — | | | | | $ | 18 | | | | | | | | | | | $ | (18) | | | | | | | |

We believe that on-device AI and high-performance, low-power computing combined with cellular technology (such as 5G) will continue to drive adoption of certain technologies that are already commonly used in smartphones by industries and applications beyond mobile handsets, such as automotive and IoT.

We believe it is important that we remain a leader in such technology development, standardization, intellectual property creation and licensing, and a leading developer and supplier of integrated circuit products in order to sustain and grow our business long-term.

See “Part I, Item 1A.

Risk Factors” in this Annual Report, including the Risk Factor titled “*We operate in the highly cyclical semiconductor industry, which is subject to significant downturns.

We are also susceptible to declines in global, regional and local economic conditions generally.

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

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

At September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] 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.

At September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] all of our issued [added: term] debt was comprised of unsecured fixed-rate notes.

[removed: From time to time,] [added: At September 27, 2026,] we [removed: issue] [added: had $499 million in] commercial paper [added: outstanding,] for which our exposure to interest rate risk [removed: is] [added: was] negligible based on the original maturities of approximately three months or less.

We manage our exposure to certain interest rate risks related to our [removed: long-term] [added: term] debt through the use of interest rate swaps.

At September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] we had an aggregate notional amount of [removed: $3.6] [added: $5.0] billion and [removed: $2.1] [added: $3.6] 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: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] a hypothetical increase in interest rates of 100 basis points would not cause a material loss in earnings.

At September [removed: 28, 2025,] [added: 27, 2026,] 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: $1.4] [added: $2.0] billion.

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 [removed: $2.2] [added: $2.7] billion as of September [removed: 28, 2025),] [added: 27, 2026),] which is described further in this Annual Report in “Notes to Consolidated Financial Statements, 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: $223] [added: $271] million and [removed: $222] [added: $223] million as of September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] respectively.

Certain of our marketable equity investments are in growth stage public companies, and the fair value of these investments have been and may continue to be subject to increased volatility.

At September 27, 2026, the recorded value of our marketable equity securities was $679 million.

At September 27, 2026 and September 28, 2025, a hypothetical adverse price change of 10% would not cause a material loss in earnings.

Our fiscal years for [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] included 52 weeks, [removed: 53] [added: 52] weeks and [removed: 52] [added: 53] weeks, respectively.

Our fiscal year for [removed: 2026] [added: 2027] 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: on-device] [added: advanced] artificial intelligence (AI), high-performance and low-power computing and [removed: advanced wireless] [added: leading] connectivity.

Our platforms help power intelligent [removed: devices that people] [added: products] and [removed: businesses rely on every day] [added: services used around the world,] across industries and applications from handsets to [removed: other areas, including automotive and] [added: automotive,] the internet of things [removed: (IoT).][added: (IoT) and data center.]

In IoT, our [removed: inventions have helped] [added: Snapdragon and Dragonwing™ platforms are helping] power technology advancements in industries and applications [removed: such as consumer] [added: from personal AI and compute] (including personal computers (PCs), extended reality (XR) and other personal computing [removed: devices), edge] [added: devices) to industrial,] networking [added: and robotics applications] (including mobile [removed: broadband and] [added: broadband,] wireless access [removed: points) and industrial (including] [added: points,] handhelds, retail, tracking and [removed: logistics] [added: logistics,] and [removed: utilities).][added: other commercial and home applications).]

We derive revenues principally from sales of integrated circuit [removed: products, including our Snapdragon® and Qualcomm Dragonwing™ families of highly-integrated, system-based solutions,] [added: products (also known as integrated circuit platforms, chips, chipsets or modules)] and licensing of our intellectual property, including patents and other rights.

For [added: over] 40 years, we have been a leader in 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 [removed: wireless] technologies.

[removed: Some] [added: Additionally, we have a substantial patent portfolio related to key technologies used in communications and other devices and/or related services, some] of [removed: these inventions] [added: which] are contributed to and commercialized as industry standards, such as for certain video and [removed: audio] [added: audio/voice] codecs, Wi-Fi, position location, [removed: UWB][added: UWB, memory and component interconnect.]

We conduct business primarily through our QCT (Qualcomm CDMA Technologies) semiconductor business and our QTL (Qualcomm Technology Licensing) licensing [removed: business.]

[added: QCT Segment.] QCT [removed: develops] [added: is a leading developer] and [removed: supplies] [added: supplier of] integrated circuit [removed: platforms] [added: products] and system software with advanced connectivity and high-performance, low-power computing [removed: technologies] [added: technologies,] for use in mobile devices; automotive systems for connectivity, digital cockpit and ADAS/AD; and IoT [added: products,] including [removed: consumer] [added: personal AI and compute] electronic devices, industrial [removed: devices and edge] [added: devices,] networking [removed: products.][added: and robotics.]

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

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

[removed: Industry momentum is] [added: Advancements in AI technology are] driving the emergence of new personal AI devices, such as smart glasses, earbuds and other wearables, that allow [removed: new agentic] AI [removed: and context-aware experiences.][added: agents to be context-aware, seeing what you see and/or hearing what you hear.]

[added: Advancing Connectivity. Building on foundational innovations developed for 3G (third generation) and 4G (fourth generation) cellular technologies, the mobile industry is continuing the global transition to] 5G [added: (fifth generation), which] 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 XR experiences, including augmented reality, virtual reality and mixed reality.

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

5G Advanced is a transformative step, integrating AI-enabled device performance and network performance advancements, [removed: satellite] [added: non-terrestrial (satellite)] communications and lower cost devices to drive innovation across the 5G ecosystem.

[added: Handsets.] 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.

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

According to analyst data, [removed: 68%] [added: 72%] of new vehicles produced in 2030 are projected to have embedded cellular connectivity, with [removed: 48%] [added: 51%] of new vehicles featuring 5G connectivity compared to [removed: 21%] [added: 27%] in [removed: 2025] [added: 2026] (TechInsights, July [removed: 2025).][added: 2026).]

Analysts estimate that the share of new light duty vehicles sold globally with Level 2 (i.e., partial driving automation) or higher autonomy will grow from 24% in 2025 to [removed: 52%] [added: 58%] in 2030 (TechInsights, November [removed: 2024).][added: 2025).]

IoT. Industry demand for IoT [removed: devices] [added: products] is expected to remain strong across [removed: consumer, edge] [added: personal AI and compute and industrial,] networking and [removed: industrial applications,] [added: robotics,] in part due to expanded use cases enabled by 5G and AI technologies, including generative AI.

[removed: *Consumer.* Consumer IoT] [added: *Personal AI and Compute.* Personal AI and compute] products, including PCs, XR and other personal computing devices, continue to adopt the latest [removed: mobile] connectivity, processing and intelligence technologies including on-device AI capabilities.

[removed: Additionally, smart glasses and wearables, such as smartwatches, earbuds and other form factors are being transformed into personal AI] [added: These] devices [removed: as they transition] [added: are transitioning] from simply extending smartphone experiences to providing new and unique personalized [removed: AI,] [added: AI experiences,] connecting the user directly to the AI agent and [removed: model.][added: model in a more seamless interface.]

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

Fiber and 5G technologies continue to [removed: grow,] [added: evolve,] delivering not only high speed broadband and infrastructure but also providing the flexibility to support fixed, mobile and fixed wireless users with the delivery of high-performance, low-latency connections.

[removed: *Industrial.*] [added: *Industrial, Networking and Robotics.*] The combination of IoT [removed: devices] [added: products] with connectivity, edge-computing, on-device AI and power-optimized and/or precise location tracking, along with cloud capabilities, is driving advancements in industries such as retail, transportation logistics, manufacturing, energy and utilities, smart home and video.

We have a long history of investing heavily in research and development and have developed many of these foundational technologies that help drive the continued evolution in mobile, [removed: automotive] [added: automotive, IoT] and [removed: IoT.][added: data center.]

Intelligent Computing. Our processors are purpose-built to elevate computing experiences across mobile, [removed: automotive] [added: automotive, IoT] and [removed: IoT.][added: data center.]

Qualcomm Oryon CPU core technology is custom-designed to deliver a new level of performance and efficiency and developed to be integrated across a wide portfolio of Snapdragon powered products from certain PC and smartphone products to certain automotive [removed: platforms and] [added: platforms,] IoT [removed: products.][added: products and data center solutions.]

We envision 6G will integrate advanced capabilities [removed: including AI,] [added: designed as an AI-native platform that brings together connectivity,] sensing, [removed: digital twinning,] [added: compute across devices, network edge] and [added: the cloud, and includes] a variety of new system features enabling higher levels of efficiency and performance.

- WLAN, such as [removed: Wi-Fi,] [added: Wi-Fi and micro-power Wi-Fi solutions for battery-powered IoT and edge devices,] which link two or more nearby devices wirelessly and usually provide connectivity through an access point; and

QCT’s integrated circuit products are sold and its system software is licensed to manufacturers that use our products in a broad range of devices, from low-tier, entry-level devices primarily for emerging regions to premium-tier [removed: devices, including but not limited to mobile devices, wireless networks, devices used in IoT, broadband gateway equipment, consumer electronic devices and automotive systems.][added: devices.]

[removed: This] [added: Our technology] roadmap is the result of extensive collaboration with manufacturers, operators, developers, system integrators, infrastructure vendors, cloud providers, test tool vendors, service providers, [added: AI companies,] governments and industry standards organizations, as well as our years of research into emerging network standards and the development of integrated circuits.

[removed: Each platform consists] [added: The Snapdragon and Dragonwing families] of [added: highly integrated, system-based solutions generally consist of] application processors and wireless connectivity capabilities, including our cellular modem that provides core baseband modem functionality for voice and data communications, non-cellular wireless connectivity (such as Wi-Fi and Bluetooth) and global positioning functions.

[removed: Our Snapdragon application processor functions] [added: Kryo CPUs, Hexagon NPUs, and Qualcomm Adreno GPUs] include AI, security, graphics, display, audio, video, camera and other compute processing.

We provide comprehensive RFFE product offerings with system level performance from the modem and transceiver to the antenna that include complex 4G/5G transmit and receive modules, power tracking, tuning systems, multimode-multiband power amplification, low noise amplifiers and mmWave antenna solutions, in addition to [added: discrete filtering products, for devices and applications across the mobile handsets, automotive and IoT industries.]

Therefore, we primarily rely on third parties to perform the [removed: manufacturing and] [added: manufacturing, including wafer fabrication,] assembly, [added: packaging,] and most of the testing, of our integrated circuits based primarily on our proprietary designs and test programs.

[removed: Our] [added: While we directly procure certain raw materials and components used in the production of certain of our products, such as memory, substrates and other components, our] suppliers [removed: also] are responsible for the procurement of most of the raw materials [added: and components] used in the production of our integrated circuits.

Under the two-stage manufacturing model, we purchase [removed: die in singular or wafer form] [added: wafers] from semiconductor manufacturing foundries and contract with separate third parties for manufacturing services such as wafer bump, probe, assembly and the majority of our final test requirements.

The primary foundry suppliers for our various digital, analog/mixed-signal, RF and PM integrated circuits include Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and [removed: Global Foundries.][added: GlobalFoundries.]

In handsets, our Snapdragon® platforms combine on-device AI, advanced wireless connectivity, high-performance and low-power computing and multimedia and imaging technologies to deliver differentiated smartphone experiences across a broad range of device tiers.

In data center, our Qualcomm Dragonfly™ products, including products currently in development, are engineered to provide leading performance and power efficiency across central processing units (CPUs), AI accelerators and connectivity.

These offerings, together with our custom silicon solutions and Modular’s AI-native software platform, are designed to deliver comprehensive solutions for data center infrastructure.

Qualcomm’s technology and IP advantage stems from our leadership across connectivity, compute, AI, software, sensing, security and advanced packaging, and a broad portfolio enabling differentiated, integrated platform solutions across industries.

business.

QCT develops and supplies integrated circuit platforms and system software with advanced connectivity and high-performance, low-power computing technologies.

Beginning in the first quarter of fiscal 2027, our Data Center business, which has been presented as a nonreportable segment, will be included within our QCT reportable segment, to align to how we plan to manage the business going forward.

The industry is transitioning from generative AI assistants to agentic AI systems capable of autonomously executing tasks across workflows, driving increased demand for compute and AI infrastructure, custom silicon, high-speed networking and interconnects, orchestration software and hybrid device-to-cloud computing platforms.

Significant investment continues across many industries in the development of generative and physical AI models, assistants, agents and workflows.

6G standardization has now transitioned from early vision and research into concrete 3GPP development phase, with foundational air interface decisions underway and first specifications targeted for 2029/2030, emphasizing AI-native networks, integrated sensing, efficiency gains and global interoperability.

These devices are enabled by the convergence of on-device AI processing at low power, including tailored small language and multimodal models capable of running directly on the device, with advanced sensing, imaging, and audio technologies.

Recent product introductions illustrate the wide span of device types in this category, from audio-only, to camera-equipped, to immersive XR form factors.

We expect an expanded range of agentic use cases to support increased adoption of these technologies across consumer applications.

Data Center. Data center infrastructure is undergoing significant transformation driven by the increasing adoption of AI applications and agentic AI workloads.

As AI adoption continues to expand, the industry is increasingly focused on supporting the deployment and operation of AI inference workloads at scale.

The growth of generative and agentic AI applications is driving demand for data center compute and infrastructure that can efficiently process increasing volumes of inference requests while managing power consumption, performance and total cost of ownership.

As a result, hyperscale and enterprise customers are increasingly evaluating specialized architectures, custom silicon and software solutions designed to improve the efficiency and scalability of AI inference workloads.

As AI adoption expands across cloud, edge and endpoint environments, hybrid computing architectures are expected to play an increasingly important role in enabling scalable, distributed AI experiences.

- audio technologies, including noise cancellation, that utilize advanced digital signal processing, AI-enhanced voice processing and low-power computing to improve speech intelligibility, reduce background noise and enhance audio experiences;

- data center technologies, including High Bandwidth Compute (HBC), designed to enhance AI inference efficiency through a near-memory architecture that optimizes memory utilization, bandwidth, latency, throughput and energy efficiency, as well as connectivity technologies that leverage advanced interconnect, Serializer/Deserializer (SerDes), digital signal processing and optical networking capabilities to enable scalable, high-bandwidth, low-latency communication;

- low-earth orbit (LEO) satellite connectivity technologies that leverage satellite communications, advanced RF systems and non-terrestrial network (NTN) capabilities to provide broadband, backhaul and direct-to-device connectivity beyond terrestrial networks;

- Modular’s open AI-native software platform that enables AI to run efficiently across hardware architectures;

- RISC-V’s open, extensible instruction set architecture and ecosystem, through our increased leadership and participation in related industry organizations, broader deployment of RISC-V cores within products, and support for open, customizable computing architectures that can enable innovation across platforms;

- robotics technologies that support advanced perception and motion planning using models such as vision-language-action models (VLAs) and vision-language models (VLMs), allowing robots to perceive, reason, adapt and act in real-world environments;

Our Snapdragon and Dragonwing application processor functions powered by Qualcomm Oryon and

These products help enable home and enterprise networks to support the demand of dense device environments, always-on services and intelligent applications.

We leverage a broad network of suppliers, foundries and other industry partners, together with our engineering, operations, supply chain and process technology expertise, to deliver quality and reliability on a significant scale worldwide.

We primarily purchase memory components for certain of our products (including automotive) from Micron Technology and Samsung Electronics.

Front-end wafer fabrication is performed in Germany and Singapore, while back-end assembly, packaging, testing and distribution preparation processes are conducted in China and Singapore.

industry to remain very competitive.

Risk Factors” in this Annual Report, including the Risk Factors titled “*The semiconductor industry is subject to intense competition in an environment of rapid technological change.

Per-unit royalties are generally based upon a percentage of

We are expanding our Data Center business with our Qualcomm Dragonfly™ products, engineered to provide leading performance and power efficiency across CPUs, AI accelerators and connectivity.

These offerings, including products currently in development, together with our custom silicon solutions and Modular’s AI-native software platform, are designed to deliver a broad range of data center infrastructure solutions.

Beginning in the first quarter of fiscal 2027, our Data Center business will be included in our QCT reportable segment, to align to how we plan to manage the business going forward.

Our Modular business provides software platforms, tools and cloud-based services that enable developers and enterprises to build, deploy and scale AI applications across heterogeneous computing environments.

products and technologies.

talent.

The foundational technologies we invent help power modern digital experiences.

We share these inventions broadly through our licensing programs enabling wide ecosystem access to technologies at the core of mobile innovation, and through the sale of our integrated circuit platforms (also known as integrated circuit products, chips, chipsets or modules) and other products.

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

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.

We also develop and commercialize numerous other key technologies used in mobile and other devices and services, and we own substantial intellectual property related to these technologies.

(ultra-wideband), 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 user interfaces, graphics and 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.

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

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 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 creation; LVMs (e.g., Stable Diffusion and ControlNet) are used for image and video processing; and LMMs are used to understand and process multiple types of data inputs or modalities such as text, images, audio and video.

Advancing Connectivity. 3G (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 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.

Building on foundational innovations developed for 3G and 4G, the mobile industry continues to transition to 5G technology as 5G network deployments and device launches continue, particularly in emerging regions.

and enterprise services.

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

This estimate includes expected mid single-digit percentage growth in 5G handsets.

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

Our Qualcomm® Adreno™ GPUs are designed to deliver high quality graphics performance for visually rich 3D gaming and user interfaces.

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

QCT Segment. QCT is a leading developer and supplier of integrated circuit products and system software with advanced connectivity and high-performance, low-power computing technologies, for use in mobile devices; automotive systems for connectivity, digital cockpit and ADAS/AD; and IoT products, including consumer electronic devices, industrial devices and edge networking products.

Our technology roadmap delivers the latest technologies across multiple product tiers, devices and industries.

The Snapdragon and Dragonwing families of highly integrated, system-based solutions include the Snapdragon mobile (powering Android devices), compute, sound and automotive platforms, and Dragonwing industrial and edge networking IoT solutions.

Our Qualcomm Oryon and Kryo CPUs are designed to deliver high levels of compute performance with optimized power consumption.

Our Hexagon NPUs are designed to support a variety of AI processing tasks for superior performance-per-watt, thermal efficiency and battery life.

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.

These products help enable home and business networks to support the growing number of connected devices, digital media and data services.

Integrated circuits are die cut from silicon wafers that have completed the package assembly and test manufacturing processes.

The semiconductor package supports the electrical contacts that connect the integrated circuit to a circuit board.

Die cut from silicon wafers are the essential components of all our integrated circuits and a significant portion of the total integrated circuit cost.

The front-end processes primarily take place at manufacturing facilities located in Germany and Singapore and involve the imprinting of substrate wafers with the structure and circuitry required for the products to function (also known as wafer fabrication).

The back-end processes include the assembly, packaging and test of RFFE modules and RF filter products and their preparation for distribution.

Our back-end manufacturing facilities are located in China and Singapore.

The automotive industry is subject to long design-in time frames, long product life cycles and a high degree of regulatory and safety requirements, necessitating suppliers to the industry to comply with stringent qualification processes, very low defect rates and high reliability standards, all of which results in a significant barrier to entry and may result in increased costs.

Additionally, we have a substantial patent portfolio related to key technologies used in communications and other devices and/or related services, some of which are contributed to and commercialized as industry standards, such as for certain video and audio codecs, Wi-Fi, position location, UWB, memory and component interconnect.

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 make investments to provide our integrated circuit customers with chipsets designed on leading-edge technology nodes that combine multiple technologies for use in mobile devices; automotive systems for connectivity, digital cockpit and ADAS/AD; and IoT including consumer products, industrial devices and edge networking products.

organizations on volunteer activities for our employees.

For the fiscal year ended September [removed: 28, 2025][added: 27, 2026]

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 [removed: U.S.C.7262(b))] [added: U.S.C. 7262(b))] by the registered public accounting firm that prepared or issued its audit report.

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant at March [removed: 28, 2025] [added: 27, 2026] (the last business day of the registrant’s most recently completed second fiscal quarter) was [removed: $167.9] [added: $134.0] 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: 1,071] [added: 1,070] million at November [removed: 3, 2025.][added: 2, 2026.]

Portions of the registrant’s definitive Proxy Statement for its [removed: 2026] [added: 2027] 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: 28, 2025] [added: 27, 2026] | | | | | |

| [Item [removed: 1.](#i863bbeb855a44eeab08806ae58fc3327_16)] [added: 1.](#ic4fe8a6057454e229ba09fc3922a572c_13)] | | | [removed: [Business](#i863bbeb855a44eeab08806ae58fc3327_16)] [added: [Business](#ic4fe8a6057454e229ba09fc3922a572c_13)] | | | [removed: [4](#i863bbeb855a44eeab08806ae58fc3327_16)] [added: [4](#ic4fe8a6057454e229ba09fc3922a572c_13)] | | |

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| [Item [removed: 15.](#i863bbeb855a44eeab08806ae58fc3327_175)] [added: 15.](#ic4fe8a6057454e229ba09fc3922a572c_169)] | | | [Exhibits and Financial Statement [removed: Schedules](#i863bbeb855a44eeab08806ae58fc3327_175)] [added: Schedules](#ic4fe8a6057454e229ba09fc3922a572c_169)] | | | [removed: [49](#i863bbeb855a44eeab08806ae58fc3327_175)] [added: [48](#ic4fe8a6057454e229ba09fc3922a572c_169)] | | |

| [Item [removed: 16.](#i863bbeb855a44eeab08806ae58fc3327_181)] [added: 16.](#ic4fe8a6057454e229ba09fc3922a572c_175)] | | | [Form 10-K [removed: Summary](#i863bbeb855a44eeab08806ae58fc3327_181)] [added: Summary](#ic4fe8a6057454e229ba09fc3922a572c_175)] | | | [removed: [53](#i863bbeb855a44eeab08806ae58fc3327_181)] [added: [51](#ic4fe8a6057454e229ba09fc3922a572c_175)] | | |

| [PART I](#ic4fe8a6057454e229ba09fc3922a572c_10) | | | | | | | | |

| [PART II](#ic4fe8a6057454e229ba09fc3922a572c_79) | | | | | | | | |

| [PART III](#ic4fe8a6057454e229ba09fc3922a572c_148) | | | | | | | | |

| [PART IV](#ic4fe8a6057454e229ba09fc3922a572c_166) | | | | | | | | |

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

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

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

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

Our Cybersecurity Program also includes an incident response process that is overseen by our Vice President of Cybersecurity and supported by an internal team of cybersecurity specialists, with involvement from business, legal and [removed: senior management as appropriate.]

Information security, including cybersecurity, is also [removed: incorporated] [added: integrated] into our overall Enterprise Risk Management (ERM) program.

[removed: Our Cybersecurity Program, and portions thereof, are] [added: We] periodically [removed: reviewed by] [added: engage] third-party assessors, consultants, auditors [removed: or] [added: and] other [removed: firms.][added: firms to assess our Cybersecurity Program or portions thereof, including security testing, penetration testing, and tabletop exercises in order to validate the efficacy of our security controls and response capabilities.]

However, during fiscal [removed: 2025,] [added: 2026,] 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.

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

[removed: The Cybersecurity Program is also supported by additional] [added: Additional] members of senior management, including our Chief Financial Officer and Chief Operating Officer, Chief Technology Officer, Chief Human Resources Officer and General Counsel, [added: also support the Cybersecurity Program] through regular reporting and [removed: review.][added: review, and our executive leadership team receives annual updates on enterprise risks, including cybersecurity risks, as part of our ERM program.]

senior management as appropriate.

Cybersecurity incidents are assessed, managed and escalated to senior management, as appropriate, in accordance with that process.

As part of this program, a cross-functional team including members of senior leadership evaluates risks to the enterprise and develops and monitors associated mitigation plans.

We also utilize external advisors and specialists, as appropriate, to support cybersecurity risk management and incident response activities.

This experience is supplemented by the collective experience and expertise across the ISRM organization.

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.

Our ERM Operating Committee includes members in senior leadership positions across various functional areas that evaluate enterprise risks and develop and monitor associated mitigation plans.

Cybersecurity related risks are included in the risk universe that the committee evaluates to assess top risks to the enterprise.

As part of our ERM program, our executive leadership team receives annual updates on enterprise risks, including cybersecurity risks, as well as their potential impact, likelihood, potential mitigation plans and status.

For example, we periodically conduct penetration tests and tabletop exercises to simulate attacks against our infrastructure, systems, or portions thereof, in order to validate the efficacy of our security controls and response capabilities.

Such exercises are typically conducted with assistance from third-party advisors and experts.

Incident response efforts are also supported by external resources such as legal advisors, cybersecurity forensic firms, communications specialists, and other outside advisors and experts as well as law enforcement support, as appropriate.

We benefit from engaging third parties to provide specialized skills, knowledge, tools and resources, and such third parties may also help reduce costs, increase efficiency and/or improve the quality of our Cybersecurity Program.

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.

[removed: We] [added: As of September 27, 2026, we] own and lease properties around the world for use as sales and administrative offices and research and development centers, primarily in [added: India,] the United [removed: States, India] [added: States] and China, and we also operate owned and leased manufacturing facilities in Singapore, Germany and China.

At September 28, 2025, we occupied the following facilities (square footage in millions):

| | | | United States | | | | | | Other Countries | | | | | | Total | | |

| Owned facilities | | | 4.5 | | | | | | 1.4 | | | | | | 5.9 | | |

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

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

Our common stock is traded on the NASDAQ Global Select Market (NASDAQ) under the symbol “QCOM.” At November [removed: 3, 2025,] [added: 2, 2026,] there were [removed: 5,564] [added: 5,308] holders of record of our common stock.

Our purchases of our common stock in the fourth quarter of fiscal [removed: 2025] [added: 2026] were:

(2) On November 6, 2024, we announced a $15.0 billion stock repurchase [removed: program, which has no expiration date.][added: program.]

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: 28, 2025.][added: 27, 2026.]

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: 27, 2020] [added: 26, 2021] and that all dividends were reinvested.

[removed: ][added: ]

| June 29, 2026 to July 26, 2026 | | | 2,312 | | | | | | $ | 181.19 | | | | | 2,312 | | | | | | $ | 20,143 | |

| July 27, 2026 to August 23, 2026 | | | 2,726 | | | | | | 161.07 | | | | | | 2,726 | | | | | | 19,704 | | |

| August 24, 2026 to September 27, 2026 | | | 942 | | | | | | 162.45 | | | | | | 942 | | | | | | 19,551 | | |

| Total | | | 5,980 | | | | | | | | | | | | 5,980 | | | | | | | | |

On March 17, 2026, we announced a new $20.0 billion stock repurchase authorization, which was in addition to the remaining repurchase authority under the previous program.

The stock repurchase programs have no expiration date.

During the fourth quarter of fiscal 2026, we utilized the remaining repurchase authority under the previous program and began repurchases under the new program.

| 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 | | | | | | | | |

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

Based on our evaluation under this framework, our management concluded that our internal control over financial reporting was effective as of September [removed: 28, 2025.][added: 27, 2026.]

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: 28, 2025,] [added: 27, 2026,] 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: 2025] [added: 2026] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter ended September 27, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

On September 11, 2025, Heather Ace, our Chief Human Resources Officer, acting as trustee on behalf of her family trust, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K) providing for the sale of up to 12,800 shares of our common stock.

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

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: 2026] [added: 2027] Annual Meeting of Stockholders [removed: (2026] [added: (2027] Proxy 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: 2026] [added: 2027] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2026] [added: 2027] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2026] [added: 2027] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2026] [added: 2027] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included in our [removed: 2026] [added: 2027] Proxy Statement and is incorporated herein by reference.

| (1) Report of Independent Registered Public Accounting Firm (PCAOB ID: 238) | | | | | | [removed: [F-1](#i863bbeb855a44eeab08806ae58fc3327_187)] [added: [F-1](#ic4fe8a6057454e229ba09fc3922a572c_181)] | | | | | | | | |

| Consolidated Balance Sheets at September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024] [added: 28, 2025] | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_190)3] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_184)3] | | | | | | | | |

| Consolidated Statements of Operations for Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_193)4] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_187)4] | | | | | | | | |

| Consolidated Statements of Comprehensive Income for Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_196)5] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_190)5] | | | | | | | | |

| Consolidated Statements of Cash Flows for Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_199)6] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_193)6] | | | | | | | | |

| Consolidated Statements of Stockholders’ Equity for Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_202)7] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_196)7] | | | | | | | | |

| Notes to Consolidated Financial Statements | | | | | | [removed: [F-](#i863bbeb855a44eeab08806ae58fc3327_205)8] [added: [F-](#ic4fe8a6057454e229ba09fc3922a572c_199)8] | | | | | | | | |

| (2) Schedule II - Valuation and Qualifying Accounts for Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] | | | | | | [removed: [S-1](#i863bbeb855a44eeab08806ae58fc3327_259)] [added: [S-1](#ic4fe8a6057454e229ba09fc3922a572c_253)] | | | | | | | | |

| 3.2 | | | | | | [Amended and Restated [removed: Bylaws.](https://www.sec.gov/Archives/edgar/data/804328/000080432824000020/qcom030524ex32.htm)] [added: Bylaws.](https://www.sec.gov/Archives/edgar/data/804328/000080432825000096/ex32amendedandrestatedbyla.htm)] | | | | | | 8-K | | | | | | [removed: 3/7/2024] [added: 12/10/2025] | | | | | | 3.2 | | | | | | | | |

| 4.23 | | | | | | [removed: [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] [added: [Officers’ Certificate, dated] May [removed: 2](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[1,] [added: 21,] 2025, for the 4.500% Notes due [removed: 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] [added: 2030, the] 4.750% [removed: Not](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[es] [added: Notes] due [removed: 20](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-2.htm)[32] [added: 2032] 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 | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm)[orm] [added: [Form] of 4.500% [removed: 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)] [added: Notes due 2030.](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-3.htm)] | | | | | | 8-K | | | | | | 5/22/2025 | | | | | | 4.3 | | | | | | | | |

| 4.25 | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-4.htm)[orm] [added: [Form] 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 | | | | | | [removed: [F](https://www.sec.gov/Archives/edgar/data/804328/000110465925051981/tm2515698d1_ex4-5.htm)[orm] [added: [Form] 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 | | | | | | | | |

| 4.27 | | | | | | [Description of registrant’s [removed: securities.](https://www.sec.gov/Archives/edgar/data/804328/000172894919000072/qcom092919ex415.htm)] [added: securities.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex427.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 11/6/2019] | | | | | | [removed: 4.15] | | | | | | [added: X] | | |

| 10.2 | | | | | | [Form of Indemnity Agreement [removed: between](https://www.sec.gov/Archives/edgar/data/804328/000123445215000271/qcom92715ex101.htm) [QUALCOMM] [added: between QUALCOMM] Incorporated and its directors and officers. [removed: (](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)] [added: (1)](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: (](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)] [added: (1)](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: (](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)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1062.htm)] | | | | | | 10-Q | | | | | | 4/25/2018 | | | | | | 10.62 | | | | | | | | |

| 10.5 | | | | | | [Amended and Restated QUALCOMM Incorporated 2023 Long-Term Incentive Plan. [removed: (](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)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432826000061/qcom032926ex105.htm)] | | | | | | 10-Q | | | | | | [removed: 4/30/2025] [added: 4/29/2026] | | | | | | 10.5 | | | | | | | | |

| 10.6 | | | | | | [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: (](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)] [added: (1)](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] | | | | | | | | |

| 10.7 | | | | | | [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: (](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)] [added: (1)](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] | | | | | | | | |

| 10.8 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Performance Stock Unit Award Grant Notice and Executive Performance Stock Unit Award Agreement [removed: (2023] [added: (2024] Form). [removed: (](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)] [added: (1)](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] | | | | | | | | |

| 10.9 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Restricted Stock Unit Award Grant Notice and Executive Restricted Stock Unit Award Agreement [removed: (2023] [added: (2024] Form). [removed: (](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)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1013.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | [removed: 1/31/2024] [added: 11/6/2024] | | | | | | [removed: 10.25] [added: 10.13] | | | | | | | | |

| 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: (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)] [added: (2025](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm) [and 20](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm)[26](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm) [Form). (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm)] | | | | | | 10-K | | | | | | [removed: 11/6/2024] [added: 11/5/2025] | | | | | | 10.12 | | | | | | | | |

| 10.11 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Restricted Stock Unit Award Grant Notice and Executive Restricted Stock Unit Award Agreement [removed: (2024 Form). (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1013.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1013.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1013.htm)] [added: (2025](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm) [and 2026](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm) [Form). (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm)] | | | | | | 10-K | | | | | | [removed: 11/6/2024] [added: 11/5/2025] | | | | | | 10.13 | | | | | | | | |

| [removed: 10.14] [added: 10.12] | | | | | | [Form of [removed: 202](https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom122924ex1026.htm)[5](https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom122924ex1026.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom122825ex1014.htm)[6](https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom122825ex1014.htm)] [Annual Cash Incentive Plan Performance Unit [removed: Agreement.(](https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom122924ex1026.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom122924ex1026.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000011/qcom122924ex1026.htm)] [added: Agreement.(1)](https://www.sec.gov/Archives/edgar/data/804328/000080432826000017/qcom122825ex1014.htm)] | | | | | | 10-Q | | | | | | [removed: 2/5/2025] [added: 2/4/2026] | | | | | | [removed: 10.26] [added: 10.14] | | | | | | | | |

| [removed: 10.15] [added: 10.13] | | | | | | [Qualcomm Incorporated Executive Officer Change in Control Severance Plan (as amended and restated). [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1014.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1014.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1014.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1014.htm)] | | | | | | 10-Q | | | | | | 5/3/2023 | | | | | | 10.14 | | | | | | | | |

| [removed: 10.16] [added: 10.14] | | | | | | [Qualcomm Incorporated Executive Officer Severance Plan (as amended and restated). [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1015.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1015.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1015.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1015.htm)] | | | | | | 10-Q | | | | | | 5/3/2023 | | | | | | 10.15 | | | | | | | | |

| [removed: 10.17] [added: 10.15] | | | | | | [Qualcomm Incorporated Non-Executive Officer Change in Control Severance Plan (as amended and restated).](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1016.htm) | | | | | | 10-Q | | | | | | 5/3/2023 | | | | | | 10.16 | | | | | | | | |

| [removed: 10.18] [added: 10.16] | | | | | | [QUALCOMM Incorporated Non-Qualified Deferred Compensation Plan, as amended and restated [removed: effective](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm) [September 1](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)[, 2025](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)[. (](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)] [added: effective September 1, 2025. (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1018.htm)] | | | | | | [added: 10-K] | | | | | | [added: 11/5/2025] | | | | | | [added: 10.18] | | | | | | [removed: X] | | |

| 10.19 | | | | | | [Qualcomm Incorporated [removed: 2025 Director] [added: 202](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)[6](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm) [Director] Compensation Plan. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex1021.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)] | | | | | | 10-K | | | | | | [removed: 11/6/2024] [added: 11/5/2025] | | | | | | [removed: 10.21] [added: 10.20] | | | | | | | | |

| 10.20 | | | | | | [Qualcomm Incorporated [removed: 202](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)[6](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)] [added: 202](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex1020.htm)[7](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex1020.htm)] [Director Compensation Plan. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1020.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex1020.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.21 | | | | | | [Forms of 2016 Long-Term Incentive Plan Non-Employee Director Deferred Stock Unit Grant Notices and Non-Employee Director Deferred Stock Unit Agreements. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1060.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1060.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1060.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000172894918000039/qcom032518ex1060.htm)] | | | | | | 10-Q | | | | | | 4/25/2018 | | | | | | 10.60 | | | | | | | | |

| 10.22 | | | | | | [Forms of Non-Employee Director Deferred Stock Unit Grant Notices and Non-Employee Director Deferred Stock Unit Agreements under the 2016 Long-Term Incentive Plan for Non-Employee Directors in Hong Kong. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000172894921000043/qcom032821ex104.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000172894921000043/qcom032821ex104.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000172894921000043/qcom032821ex104.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000172894921000043/qcom032821ex104.htm)] | | | | | | 10-Q | | | | | | 4/28/2021 | | | | | | 10.4 | | | | | | | | |

| 10.23 | | | | | | [Forms of Non-Employee Director Deferred Stock Unit Grant Notices and Non-Employee Director Deferred Stock Unit Agreements under the 2023 Long-Term Incentive Plan for Non-Employee Directors in the United States. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1027.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1027.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1027.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1027.htm)] | | | | | | 10-Q | | | | | | 5/3/2023 | | | | | | 10.27 | | | | | | | | |

| 10.24 | | | | | | [Forms of Non-Employee Director Deferred Stock Unit Grant Notices and Non-Employee Director Deferred Stock Unit Agreements under the 2023 Long-Term Incentive Plan for Non-Employee Directors in Hong Kong. [removed: (](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1028.htm)[1](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1028.htm)[)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1028.htm)] [added: (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432823000023/qcom032623ex1028.htm)] | | | | | | 10-Q | | | | | | 5/3/2023 | | | | | | 10.28 | | | | | | | | |

| 19 | | | | | | [Insider Trading [removed: Policy.](https://www.sec.gov/Archives/edgar/data/804328/000080432824000075/qcom092924ex19.htm)] [added: Policy.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex19.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 11/6/2024] | | | | | | [removed: 19] | | | | | | [added: X] | | |

| 21 | | | | | | [Subsidiaries of the [removed: r](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex21.htm)[egistrant](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex21.htm)[.](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex21.htm)] [added: r](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex21.htm)[egistrant](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex21.htm)[.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex21.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex231.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex231.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.1 | | | | | | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Cristiano R. [removed: Amon.](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex311.htm)] [added: Amon.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex311.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 31.2 | | | | | | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Akash [removed: Palkhiwala.](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex312.htm)] [added: Palkhiwala.](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex312.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.17 | | | | | | [Amendment No. 1 to the Qualcomm Incorporated Non-Qualified Deferred Compensation Plan. (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex1017.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.18 | | | | | | [Amendment No. 2 to the Qualcomm Incorporated Non-Qualified Deferred Compensation Plan. (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432826000128/qcom092726ex1018.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.12 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Performance Stock Unit Award Grant Notice and Executive Performance Stock Unit Award Agreement (202](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm)[5](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm) [Form). (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1012.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| 10.13 | | | | | | [Form of Qualcomm Incorporated 2023 Long-Term Incentive Plan Executive Restricted Stock Unit Award Grant Notice and Executive Restricted Stock Unit Award Agreement (202](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm)[5](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm) [Form). (1)](https://www.sec.gov/Archives/edgar/data/804328/000080432825000085/qcom092825ex1013.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |

| November [removed: 5, 2025] [added: 4, 2026] | | | By | | | /s/ Cristiano R. Amon | | | | | |

| /s/ Cristiano R. Amon | | | | | | President and Chief Executive Officer, and Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Akash Palkhiwala | | | | | | [added: Executive Vice President,] Chief Financial Officer and Chief Operating Officer | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Patricia Y. Grech | | | | | | Senior Vice President and Chief Accounting Officer | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Sylvia Acevedo | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Mark Fields | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Jeffrey W. Henderson | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Jeremy (Zico) Kolter | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Ann M. Livermore | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Mark D. McLaughlin | | | | | | Chair of the Board | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Jamie S. Miller | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Marie Myers | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Irene B. Rosenfeld | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

| /s/ Jean-Pascal Tricoire | | | | | | Director | | | | | | November [removed: 5, 2025] [added: 4, 2026] | | |

We have audited the accompanying consolidated balance sheets of QUALCOMM Incorporated and its subsidiaries (the “Company”) as of September [removed: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] 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: 28, 2025,] [added: 27, 2026,] 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: 28, 2025,] [added: 27, 2026,] 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: 28, 2025] [added: 27, 2026] and September [removed: 29, 2024,] [added: 28, 2025,] and the results of its operations and its cash flows for each of the three years in the period ended September [removed: 28, 2025] [added: 27, 2026] 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: 28, 2025,] [added: 27, 2026,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

As described in Notes 1 and 2 to the consolidated financial statements, the Company’s total QCT revenues were [removed: $38.4] [added: $37.2] billion for the year ended September [removed: 28, 2025.][added: 27, 2026.]

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/licensee.][added: 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 [removed: 28, 2025] [added: 27, 2026] and, for confirmations not returned, obtaining and inspecting source documents, such as purchase orders, invoices, proof of shipment, and subsequent cash receipts.

| | | | [added: | | | | | | | | | | | | | | | | | | | | |] September [added: 27, 2026 | | | | | | September] 28, 2025 | | | | | | September 29, 2024 | | |

| Cash and cash equivalents | | | $ | [removed: 5,520] [added: 4,636] | | | | | $ | [removed: 7,849] [added: 5,520] | |

| Restricted cash | | | [removed: 2,323] [added: —] | | | | | | [removed: —] [added: 2,323] | | |

| Marketable securities | | | [removed: 4,635] [added: 3,045] | | | | | | [removed: 5,451] [added: 4,635] | | |

| Accounts receivable, net | | | [removed: 4,315] [added: 4,199] | | | | | | [removed: 3,929] [added: 4,315] | | |

| Inventories | | | [removed: 6,526] [added: 8,640] | | | | | | [removed: 6,423] [added: 6,526] | | |

| Other current assets | | | [removed: 2,435] [added: 1,752] | | | | | | [removed: 1,579] [added: 2,435] | | |

| Total current assets | | | [removed: 25,754] [added: 22,272] | | | | | | [removed: 25,231] [added: 25,754] | | |

| Deferred tax assets | | | [removed: 743] [added: 5,783] | | | | | | [removed: 5,162] [added: 743] | | |

| Property, plant and equipment, net | | | [removed: 4,690] [added: 6,104] | | | | | | [removed: 4,665] [added: 4,690] | | |

| Goodwill | | | [removed: 11,358] [added: 16,374] | | | | | | [removed: 10,799] [added: 11,358] | | |

| Other intangible assets, net | | | [removed: 1,148] [added: 1,925] | | | | | | [removed: 1,244] [added: 1,148] | | |

| Other assets | | | [removed: 6,450] [added: 8,371] | | | | | | [removed: 8,053] [added: 6,450] | | |

| Total assets | | | $ | [removed: 50,143] [added: 60,829] | | | | | $ | [removed: 55,154] [added: 50,143] | |

| Trade accounts payable | | | $ | [removed: 2,791] [added: 3,056] | | | | | $ | [removed: 2,584] [added: 2,791] | |

| Payroll and other benefits related liabilities | | | [removed: 1,839] [added: 1,875] | | | | | | [removed: 1,834] [added: 1,839] | | |

| Unearned revenues | | | [removed: 358] [added: 200] | | | | | | [removed: 297] [added: 358] | | |

| Short-term debt | | | [removed: —] [added: 2,492] | | | | | | [removed: 1,364] [added: —] | | |

| Other current liabilities | | | [removed: 4,156] [added: 4,555] | | | | | | [removed: 4,425] [added: 4,514] | | |

| Other liabilities | | | 5,830 | | | | | | 4,982 | | |

| Net (gains) losses on equity method investments | | | (258) | | | | | | (12) | | | | | | 10 | | |

| Repayment of debt of acquired company | | | (174) | | | | | | (4) | | | | | | — | | |

| Customer warrant | | | 268 | | | | | | — | | | | | | — | | |

| Common stock issued to settle convertible debt | | | 67 | | | | | | — | | | | | | — | | |

| | | | $ | 9,908 | | | | | $ | 7,940 | |

| | | | $ | 9,908 | | | | | $ | 7,940 | |

| | | | $ | 4,199 | | | | | $ | 4,315 | |

| | | | $ | 8,640 | | | | | $ | 6,526 | |

| | | | 16,184 | | | | | | 14,504 | | |

| | | | $ | 6,104 | | | | | $ | 4,690 | |

| Acquisitions | | | | | | 694 | | | | | | — | | | | | | 4,349 | | | | | | 5,043 | | |

| Balance at September 27, 2026 (1) | | | | | | $ | 11,287 | | | | | $ | 734 | | | | | $ | 4,353 | | | | | $ | 16,374 | |

| | | | $ | 3,535 | | | | | $ | (1,610) | | | | | 8 | | | | | | $ | 2,623 | | | | | $ | (1,475) | | | | | 9 | | |

| | | | $ | 1,982 | | | | | $ | 1,379 | |

| | | | $ | 4,555 | | | | | $ | 4,514 | |

| Net gains (losses) on equity method investments | | | | | | | | | | | | | | | | | | | | | | | | 258 | | | | | | 12 | | | | | | (10) | | |

(1) Primarily consist of net unrealized gains related to certain marketable equity securities.

| | | | 2026 | | | | | | | | |

| Expected income tax provision at federal statutory tax rate (1) | | | $ | 1,977 | | | | | 21 | | % |

| Foreign tax effects (2): | | | | | | | | | | | |

| China | | | 230 | | | | | | 2 | | % |

| Singapore | | | (195) | | | | | | (2 | | %) |

| South Korea | | | 173 | | | | | | 2 | | % |

| Other foreign jurisdictions | | | 167 | | | | | | 2 | | % |

| Effect of cross-border tax laws: | | | | | | | | | | | |

| Benefit from foreign-derived deduction eligible income (FDDEI) | | | (368) | | | | | | (4 | | %) |

| Income from branches | | | 360 | | | | | | 4 | | % |

| Tax credits: | | | | | | | | | | | |

| Foreign tax credit | | | (752) | | | | | | (8 | | %) |

| Research and development credits | | | (229) | | | | | | (2 | | %) |

| Changes in valuation allowance | | | (5,781) | | | | | | (61 | | %) |

| Nontaxable or nondeductible items | | | 176 | | | | | | 2 | | % |

| Other | | | (96) | | | | | | (1 | | %) |

| | | | $ | (4,214) | | | | | (45 | | %) |

(1) Percentages may not sum due to rounding.

(2) Foreign tax effects in China and South Korea primarily relate to withholding tax and in Singapore primarily relate to non-resident source investment income.

The following is a reconciliation of the expected statutory federal income tax provision to our actual income tax provision from continuing operations for fiscal 2025 and 2024 (in millions):

| Benefit from FDDEI deduction | | | (1,227) | | | | | | (1,181) | | |

| Other | | | 331 | | | | | | (12) | | |

| /s/ Kornelis (Neil) Smit | | | | | | Director | | | | | | November 5, 2025 | | |

| Kornelis (Neil) Smit | | | | | | | | | | | | | | |

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

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

November 5, 2025

| Indefinite and long-lived asset impairment charges | | | 17 | | | | | | 7 | | | | | | 182 | | |

| Unearned revenues | | | 62 | | | | | | 20 | | | | | | (56) | | |

| Proceeds from sales of property, plant and equipment | | | 14 | | | | | | 10 | | | | | | 127 | | |

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

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

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.

*Segment Reporting Disclosures:* In November 2023, the Financial Accounting Standards Board (FASB) issued new requirements to disclose certain incremental segment information on an annual and interim basis, including (among other items) additional disclosure about significant segment expenses.

We will adopt the new requirements starting in fiscal 2026 on a retrospective basis.

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

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

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

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

| Balance at September 24, 2023 | | | | | | $ | 9,909 | | | | | $ | 733 | | | | | | | | | | | $ | 10,642 | |

| Acquisitions | | | | | | 126 | | | | | | — | | | | | | | | | | | | 126 | | |

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

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

| | | | $ | 4,156 | | | | | $ | 4,425 | |

seasonal trends, among other fluctuations in demand.

Other expenses in fiscal 2024 consisted primarily 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 a securities class action lawsuit.

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.

Discontinued Operations. In fiscal 2022, we and SSW Partners, a New York-based investment partnership, entered into and closed a definitive agreement to acquire Veoneer, Inc. (Veoneer).

Total cash consideration paid in the transaction was $4.7 billion.

We acquired Veoneer’s Arriver business and SSW Partners retained Veoneer’s Tier-1 automotive supplier businesses, primarily consisting of the Active Safety and the Restraint Control Systems businesses (the Non-Arriver businesses), with the intent to sell such businesses in multiple transactions.

In exchange for us funding substantially all of the cash consideration payable in the transaction, we obtained the right to receive a majority of the proceeds upon the sale of the Non-Arriver businesses by SSW Partners.

On June 1, 2023, SSW Partners completed the sale of Veoneer’s Active Safety business to Magna International Inc. for net cash proceeds of $1.5 billion.

On March 1, 2024, SSW Partners completed the sale of Veoneer’s Restraint Control Systems business to American Industrial Partners Capital Fund VII.

Although we did not own or operate the Non-Arriver businesses, we were the primary beneficiary, within the meaning of the FASB accounting guidance related to consolidation (ASC 810), of these businesses under the variable interest model, until sold by SSW.

Factors considered in reaching this conclusion included, among others: (i) our involvement in the design of and our funding of substantially all of the total cash consideration payable in the transaction and (ii) our obligation to absorb losses and rights to receive returns from the Non-Arriver businesses.

Accordingly, through the date of disposition by SSW Partners, the results of operations (including the gain or loss on sale, the amounts of which were not material) and cash flows of the Non-Arriver businesses are presented as discontinued operations, with the cash proceeds from those sales presented as investing activities.

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

| Benefit from FDII deduction related to capitalizing research and development expenditures | | | (492) | | | | | | (585) | | | | | | (598) | | |

| Foreign currency losses (gains) related to Korean withholding tax receivable | | | 98 | | | | | | (21) | | | | | | (66) | | |

| 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) | | |