QUALCOMM INC/DE(QCOM)Stock Analysis
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Rank #27 of 2,879 stocksTOP 1%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
QCOM Stock Analysis & AI Quality Score
AI stock analysis and institutional research for QUALCOMM INC/DE (QCOM), a Technology sector company. 13F Pro's AI-powered ranking engine scores QCOM at 81.9/100 on a 32-signal composite quality model, placing it at rank #27 of 2,879 stocks — the top 1% of the AI-ranked universe. QCOM scores in the top quartile across balance sheet strength (98.8), revenue scale (96.8), profitability (93.5). Shareholder dilution risk is elevated at 22.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), QUALCOMM INC/DE reports quarterly revenue of $10.6B, net income of $7.4B, an operating margin of 21.8%. Top institutional holders of QCOM by reported 13-F value include BlackRock,, VANGUARD CAPITAL MANAGEMENT, STATE STREET, based on the most recent SEC filings. QCOM trades on the Nasdaq exchange and files with the SEC under CIK 804328. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate QCOM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for QUALCOMM INC/DE directly from SEC EDGAR. QUALCOMM INC/DE's 13F Pro composite quality score has ranged between 8 and 86 since 2021, currently 81.9 — a stable long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving QCOM's Business? Latest 10-Q Breakdown
✓ 11/11 datapoints verifiedAI-extracted from QUALCOMM INC/DE's 10-Q filed 2026-04-29 — Q2 FY2026 (quarter ended March 29, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Q2 revenues fell 3% to $10.6B as handset weakness offset automotive gains, but net income surged 162% to $7.4B driven by a $5.7B tax benefit from release of CAMT valuation allowance.
Biggest Revenue Drivers
Total revenue: $10.6B-3% YoY
Lower handset revenues due to customer inventory adjustments from memory supply constraints, partially offset by automotive and IoT gains.
Increased estimated revenues per unit, primarily driven by favorable mix.
Includes nonreportable segments such as Data Center and QGOV.
Largest Expense Items
Gross margin decreased primarily due to lower QCT gross margin from higher product costs, partially offset by higher average selling prices.
Higher costs for wireless and integrated circuit technology development, plus increased share-based compensation from two-year equity awards for non-executive leadership.
Increase driven by higher share-based compensation and acquisition-related expenses.
Margins: Gross margin declined to 54% from 55% YoY, primarily from lower QCT gross margin due to higher product costs despite higher average selling prices. QCT operating margin compressed as higher R&D and SG&A expenses offset revenue gains in automotive and IoT.
Watch Items from the Filing
- Two customers represent 24% and 22% of Q2 revenue; a third represents less than 10% after representing 10-12% in prior year. Customer X concentration increased to 24% from 21% in H1 2025.
- Handset revenues declined 13% YoY in Q2 and 5% YoY in H1 2026 due to customer inventory adjustments from memory supply constraints. Management expects these constraints to continue adversely affecting demand.
- Apple expected to increasingly use own modem products rather than QCOM products in future devices, which will have 'significant negative impact' on QCT revenues, results and cash flows.
- Completed $2.3B Alphawave acquisition in Q1 FY2026 for data center expansion; six other acquisitions totaling $985M completed in H1 FY2026, all focused on QCT or Data Center diversification.
- Released $5.7B tax valuation allowance in Q2 after Treasury/IRS Notice 2026-07 allowed reduction of CAMT via previously capitalized R&D; estimates 40% tax benefit rate for FY2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q2 2026
$10.6B
Net Income
Q2 2026
$7.4B
Free Cash Flow
Q2 2026
$1.9B
Operating Margin
Q2 2026
21.8%
D/E Ratio
Q2 2026
0.56
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+13.7% YoYNet Income
-45.4% YoYOperating Income
+22.7% YoYEPS (Diluted)
-44.1% YoYTotal Assets
-9.1% YoYTotal Debt
+1.2% YoYOp. Cash Flow
+14.8% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $44.28B +13.7% | $38.96B +8.8% | $35.82B -19.0% | $44.20B +31.7% | $33.57B +42.6% | $23.53B |
| Net Income | $5.54B -45.4% | $10.14B +40.2% | $7.23B -44.1% | $12.94B +43.0% | $9.04B +74.0% | $5.20B |
| Operating Income | $12.36B +22.7% | $10.07B +29.3% | $7.79B -50.9% | $15.86B +62.0% | $9.79B +56.5% | $6.25B |
| EPS (Diluted) | $5.01 -44.1% | $8.97 +39.7% | $6.42 -43.5% | $11.37 +44.5% | $7.87 +74.1% | $4.52 |
| Total Assets | $50.14B -9.1% | $55.15B +8.1% | $51.04B +4.1% | $49.01B +18.9% | $41.24B +15.9% | $35.59B |
| Total Debt | $14.81B +1.2% | $14.63B -5.0% | $15.40B +2.8% | $14.98B -1.7% | $15.24B +0.1% | $15.23B |
| Operating Cash Flow | $14.01B +14.8% | $12.20B +8.0% | $11.30B +24.2% | $9.10B -13.7% | $10.54B +81.2% | $5.81B |
AI Insight: QCOM Financial Trends
Net income spiked to $7.37B in Q1 2026 after a $3.1B loss in Q3 2025, but revenue remains volatile and debt edges higher.
• Net income recovered sharply to $7.37B in Q1 2026 from $3.00B in Q4 2025, reversing Q3 2025's $3.1B loss.
• Operating cash flow remained healthy at $2.45B–$4.97B over trailing four quarters, averaging $3.57B.
• Total debt rose from $14.55B in Q2 2024 to $15.27B in Q1 2026; equity recovered to $27.28B after Q3 2025 dip to $21.21B.
⚠ Revenue declined 13.4% from Q4 2025 ($12.25B) to Q1 2026 ($10.60B) — largest sequential drop in dataset.
⚠ Operating margin contracted to 21.8% in Q1 2026 from 27.5% in Q4 2025, despite net income surge.
⚠ Q3 2025's $3.1B net loss signals prior operational stress; recovery sustainability unclear.
AI Insight: QCOM Ratio Trends
Q1 2026 shows extreme volatility with NPM spiking to 69.5% while OpMargin contracted to 21.8%, signaling one-off accounting items masking underlying operational softness.
• Operating margin declined from 30.5% in Q4 2024 to 21.8% in Q1 2026, a 8.7pp compression over five quarters.
• ROIC recovered to 35.5% in Q4 2025 from 26.3% in Q2 2025, though latest quarter at 21.7% shows renewed weakness.
• Net profit margin spiked to 69.5% in Q1 2026 versus 24.5% in Q4 2025, inconsistent with operating margin decline—suggests non-operating gains.
⚠ Q3 2025 showed severe distress (NPM -27.7%, ROE -58.8%) despite normalized Q4/Q1 returns; monitor for hidden operational stress.
⚠ Leverage increased to 0.70 D/E in Q3 2025, highest in the dataset; Q1 2026 improved to 0.56 but balance sheet stability uncertain.
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Top Institutional Holders of QCOM
BlackRock, Inc.
$13.7B106,015,881 shVANGUARD CAPITAL MANAGEMENT LLC
$8.9B69,341,312 shSTATE STREET CORP
$6.7B52,091,726 shVANGUARD PORTFOLIO MANAGEMENT LLC
$4.4B34,192,863 shCHARLES SCHWAB INVESTMENT MANAGEMENT INC
$4.0B30,864,702 shGEODE CAPITAL MANAGEMENT, LLC
$3.8B29,734,061 shMORGAN STANLEY
$2.6B19,991,313 shInvesco Ltd.
$1.7B12,851,499 shUBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME
$1.6B12,113,406 shNORTHERN TRUST CORP
$1.5B11,790,442 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $13.7B | 106,015,881 |
| VANGUARD CAPITAL MANAGEMENT LLC | $8.9B | 69,341,312 |
| STATE STREET CORP | $6.7B | 52,091,726 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $4.4B | 34,192,863 |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4.0B | 30,864,702 |
| GEODE CAPITAL MANAGEMENT, LLC | $3.8B | 29,734,061 |
| MORGAN STANLEY | $2.6B | 19,991,313 |
| Invesco Ltd. | $1.7B | 12,851,499 |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AME | $1.6B | 12,113,406 |
| NORTHERN TRUST CORP | $1.5B | 11,790,442 |
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Is QCOM a good stock to buy?
13F Pro's AI-powered analysis of QUALCOMM INC/DE (QCOM) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for QCOM are available on the QCOM stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own QCOM?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling QCOM. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of QUALCOMM INC/DE's investment landscape.