QUALCOMM INC/DE, 10-Q filed on 4/29/2026
Quarterly Report
v3.26.1
Cover Page - shares
shares in Millions
6 Months Ended
Mar. 29, 2026
Apr. 27, 2026
Cover [Abstract]    
Entity Registrant Name QUALCOMM INC/DE  
Entity Central Index Key 0000804328  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Current Fiscal Year End Date --09-27  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 29, 2026  
Document Transition Report false  
Entity File Number 0-19528  
Entity Registrant State of Incorporation DE  
Entity Employer ID 95-3685934  
Entity Address 5775 Morehouse Dr.  
Entity City San Diego  
Entity State CA  
Entity Zip Code 92121-1714  
City Area Code (858)  
Entity Phone Number 587-1121  
Title of 12(b) Security Common Stock, $0.0001 par value  
Trading Symbol QCOM  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   1,054
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Millions, $ in Millions
Mar. 29, 2026
Sep. 28, 2025
Current assets:    
Cash and cash equivalents $ 5,435 $ 5,520
Restricted cash 0 2,323
Marketable securities 4,364 4,635
Accounts receivable, net 4,347 4,315
Inventories 7,368 6,526
Other current assets 1,598 2,435
Total current assets 23,112 25,754
Deferred tax assets 5,968 743
Property, plant and equipment, net 5,071 4,690
Goodwill 14,251 11,358
Other intangible assets, net 1,575 1,148
Other assets 7,159 6,450
Total assets 57,136 50,143
Current liabilities:    
Trade accounts payable 2,973 2,791
Payroll and other benefits related liabilities 1,370 1,839
Unearned revenues 323 358
Short-term debt 498 0
Other current liabilities 4,603 4,156
Total current liabilities 9,767 9,144
Unearned revenues 70 71
Long-term debt 14,772 14,811
Other liabilities 5,249 4,911
Total liabilities 29,858 28,937
Commitments and contingencies (Note 5)
Stockholders’ equity:    
Preferred stock, $0.0001 par value; 8 shares authorized; none outstanding $ 0 $ 0
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 8 8
Preferred stock, shares outstanding 0 0
Common stock and paid-in capital, $0.0001 par value; 6,000 shares authorized; 1,059 and 1,074 shares issued and outstanding, respectively $ 0 $ 0
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 6,000 6,000
Common stock, shares, issued 1,059 1,074
Common stock, shares, outstanding 1,059 1,074
Retained earnings $ 26,901 $ 20,646
Accumulated other comprehensive income 377 560
Total stockholders’ equity 27,278 21,206
Total liabilities and stockholders’ equity $ 57,136 $ 50,143
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Revenues:        
Equipment and services $ 9,060 $ 9,359 $ 19,526 $ 19,301
Licensing 1,539 1,620 3,325 3,348
Total revenues 10,599 10,979 22,851 22,649
Costs and expenses:        
Cost of revenues 4,900 4,937 10,468 10,098
Research and development 2,463 2,216 4,915 4,446
Selling, general and administrative 898 706 1,763 1,430
Other 29 0 29 0
Total costs and expenses 8,290 7,859 17,175 15,974
Operating income 2,309 3,120 5,676 6,675
Interest expense (171) (163) (341) (326)
Investment and other income, net 94 148 444 391
Income before income taxes 2,232 3,105 5,779 6,740
Income tax benefit (expense) 5,138 (293) 4,596 (748)
Net income $ 7,370 $ 2,812 $ 10,375 $ 5,992
Basic earnings per share $ 6.92 $ 2.55 $ 9.71 $ 5.41
Diluted earnings per share $ 6.88 $ 2.52 $ 9.65 $ 5.36
Shares used in per share calculations:        
Basic 1,066 1,104 1,068 1,107
Diluted 1,072 1,115 1,075 1,118
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income $ 7,370 $ 2,812 $ 10,375 $ 5,992
Other comprehensive (loss) income, net of income taxes:        
Foreign currency translation (losses) gains (101) 82 (80) (134)
Net unrealized (losses) gains on available-for-sale debt securities (7) 16 (5) (22)
Net unrealized (losses) gains on derivative instruments (86) 23 (88) (36)
Other reclassifications included in net income (4) 1 (10) 0
Total other comprehensive (loss) income (198) 122 (183) (192)
Comprehensive income $ 7,172 $ 2,934 $ 10,192 $ 5,800
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Statement of Cash Flows [Abstract]    
Net income $ 10,375 $ 5,992
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 806 833
Income tax provision less than income tax payments (5,857) (899)
Share-based compensation expense 1,749 1,461
Net gains on marketable securities and other investments (47) (9)
Equity in net earnings of investees (83) (16)
Other items (47) (12)
Changes in assets and liabilities:    
Accounts receivable, net 58 227
Inventories (802) 202
Other assets 1,019 299
Trade accounts payable 229 (97)
Payroll, benefits and other liabilities 208 (773)
Unearned revenues (194) (67)
Net cash provided by operating activities 7,414 7,141
Investing Activities:    
Capital expenditures (1,082) (491)
Purchases of debt and equity marketable securities (1,925) (3,326)
Proceeds from sales and maturities of debt and equity marketable securities 1,985 2,155
Acquisitions and other investments, net of cash acquired (1,238) (341)
Other items 38 43
Net cash used by investing activities (2,222) (1,960)
Financing Activities:    
Proceeds from short-term debt 1,246 500
Repayment of short-term debt (750) (500)
Repayment of debt of acquired company (174) 0
Proceeds from issuance of common stock 0 201
Repurchases and retirements of common stock (5,442) (3,498)
Dividends paid (1,895) (1,880)
Payments of tax withholdings related to vesting of share-based awards (536) (609)
Other items (24) (3)
Net cash used by financing activities (7,575) (5,789)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (25) (38)
Net decrease in total cash, cash equivalents and restricted cash (2,408) (646)
Total cash and cash equivalents at beginning of period (including $2,323 classified as restricted cash at September 28, 2025) 7,843 7,849
Total cash and cash equivalents at end of period 5,435 $ 7,203
Beginning Balance - Restricted Cash 2,323  
Ending Balance - Restricted Cash $ 0  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock and paid-in capital
Retained earnings
Accumulated other comprehensive income
Balance at beginning of period at Sep. 29, 2024 $ 26,274 $ 0 $ 25,687 $ 587
Common stock issued under employee benefit plans   201    
Repurchases and retirements of common stock   (1,108) (2,406)  
Share-based compensation   1,516    
Tax withholdings related to vesting of share-based payments   (609)    
Common stock issued in acquisition   0    
Common stock issued to settle convertible debt   0    
Net income     5,992  
Dividends     (1,940)  
Balance at end of period at Mar. 30, 2025 $ 27,728 0 27,333 395
Dividends per share announced $ 1.70      
Other comprehensive (loss) income       (192)
Balance at beginning of period at Dec. 29, 2024 $ 26,880 0 26,607 273
Common stock issued under employee benefit plans   200    
Repurchases and retirements of common stock   (632) (1,120)  
Share-based compensation   726    
Tax withholdings related to vesting of share-based payments   (294)    
Common stock issued in acquisition   0    
Common stock issued to settle convertible debt   0    
Net income     2,812  
Dividends     (966)  
Balance at end of period at Mar. 30, 2025 $ 27,728 0 27,333 395
Dividends per share announced $ 0.85      
Other comprehensive (loss) income       122
Balance at beginning of period at Sep. 28, 2025 $ 21,206 0 20,646 560
Common stock issued under employee benefit plans   0    
Repurchases and retirements of common stock   (3,243) (2,161)  
Share-based compensation   1,809    
Tax withholdings related to vesting of share-based payments   (536)    
Common stock issued in acquisition   1,903    
Common stock issued to settle convertible debt   67    
Net income     10,375  
Dividends     (1,959)  
Balance at end of period at Mar. 29, 2026 $ 27,278 0 26,901 377
Dividends per share announced $ 1.78      
Other comprehensive (loss) income       (183)
Balance at beginning of period at Dec. 28, 2025 $ 23,073 0 22,498 575
Common stock issued under employee benefit plans   0    
Repurchases and retirements of common stock   (743) (1,992)  
Share-based compensation   889    
Tax withholdings related to vesting of share-based payments   (256)    
Common stock issued in acquisition   43    
Common stock issued to settle convertible debt   67    
Net income     7,370  
Dividends     (975)  
Balance at end of period at Mar. 29, 2026 $ 27,278 $ 0 $ 26,901 377
Dividends per share announced $ 0.89      
Other comprehensive (loss) income       $ (198)
v3.26.1
Basis of Presentation and Significant Accounting Policies Update
6 Months Ended
Mar. 29, 2026
Basis of Presentation [Abstract]  
Basis of Presentation and Significant Accounting Policies Update
Note 1. Basis of Presentation and Significant Accounting Policies Update
Financial Statement Preparation. These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the interim financial information includes all normal recurring adjustments necessary for a fair statement of the results for the interim periods. These condensed consolidated financial statements are unaudited and should be read in conjunction with our Annual Report on Form 10-K for our fiscal year ended September 28, 2025. Operating results for interim periods are not necessarily indicative of operating results for an entire fiscal year.
We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Each of the three and six months ended March 29, 2026 and March 30, 2025 included 13 weeks and 26 weeks, respectively. Our fiscal year for 2026 will include 52 weeks.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.
Recent Accounting Pronouncements.
Income Tax Disclosures: In December 2023, the FASB issued new requirements to disclose annually certain additional detailed income tax information related to the effective tax rate reconciliation and income taxes paid, among other items. We will adopt the new requirements for our annual periods starting in fiscal 2026, which can be applied on a retrospective or prospective basis.
Income Statement - Expense Disaggregation Disclosures: In November 2024, the FASB issued new requirements to disclose certain additional expense information on an annual and interim basis, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt the new requirements for our annual periods starting in fiscal 2028 (and interim periods thereafter) on a prospective basis.
v3.26.1
Composition of Certain Financial Statement Items
6 Months Ended
Mar. 29, 2026
Condensed Financial Information Disclosure [Abstract]  
Composition of Certain Financial Statement Items
Note 2. Composition of Certain Financial Statement Items
Inventories (in millions)
March 29,
2026
September 28,
2025
Raw materials$580 $336 
Work-in-process4,346 3,985 
Finished goods2,442 2,205 
$7,368 $6,526 
We have multi-year capacity purchase commitments with certain suppliers of our integrated circuit products. Total advance payments related to multi-year capacity purchase commitments recorded on our condensed consolidated balance sheets at March 29, 2026 and September 28, 2025 were $782 million and $1.9 billion, respectively, of which $469 million and $1.5 billion were recorded in other current assets, respectively, and $313 million and $357 million were recorded in other assets, respectively.
Other Current Liabilities (in millions)
March 29,
2026
September 28,
2025
Customer incentives and other customer-related liabilities
$2,865 $1,948 
Income taxes payable
508 1,007 
Other
1,230 1,201 
$4,603 $4,156 
Interest Rate Swaps. At March 29, 2026 and September 28, 2025, we had outstanding interest rate swaps with an aggregate notional amount of $5.0 billion and $3.6 billion, respectively, that are designated as fair value hedges and allow us to effectively convert fixed-rate payments into floating-rate payments on a portion of our outstanding long-term debt.
Commercial Paper Program. We have an unsecured commercial paper program, which provides for the issuance of up to $4.5 billion of commercial paper. At March 29, 2026 and September 28, 2025, we had $498 million and no amounts, respectively, of outstanding commercial paper recorded as short-term debt.
Revenues. We disaggregate our revenues by segment (Note 6), by products and services (as presented on our condensed consolidated statements of operations), and for our QCT (Qualcomm CDMA Technologies) segment, by revenue stream, which is based on the industry and application in which our products are sold (as presented below). In certain cases, the determination of QCT revenues by industry and application requires the use of certain assumptions. Substantially all of QCT’s revenues consist of equipment revenues that are recognized at a point in time, and substantially all of QTL’s (Qualcomm Technology Licensing) revenues represent licensing revenues that are recognized over time and are principally from royalties generated through our licensees’ sales of mobile handsets.
QCT revenue streams were as follows (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Handsets (1)
$6,024 $6,929 $13,848 $14,503 
Automotive (2)1,326 959 2,427 1,920 
IoT (internet of things) (3)
1,726 1,581 3,414 3,130 
Total QCT revenues$9,076 $9,469 $19,689 $19,553 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD).
(3) Primarily includes products sold for use in the following industries and applications: consumer (including personal computers (PCs), extended reality (XR) and other personal computing devices), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain sales-based royalty revenues related to system software, certain amounts related to customer incentives and licensing revenues recognized related to devices sold in prior periods (including revenues resulting from certain settlements and adjustments to prior period royalty estimates, which include the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Revenues recognized from previously satisfied performance obligations$132 $285 $313 $526 
Remaining performance obligations, which are primarily included in unearned revenues (as presented on our condensed consolidated balance sheets), represent the aggregate amount of the transaction price of certain customer contracts yet to be recognized as revenues as of the end of the reporting period and exclude revenues related to (a) contracts that have an original expected duration of one year or less and (b) sales-based royalties (i.e., future royalty revenues) pursuant to our license
agreements. Our patent license agreements with key OEMs are generally long-term, with remaining terms expiring between fiscal 2027 and 2031. We generally seek to renew or renegotiate such license agreements prior to expiration.
Concentrations. A significant portion of our revenues are concentrated with a small number of customers/licensees of our QCT and QTL segments. The comparability of customer/licensee concentrations for the periods presented are impacted by the timing of customer/licensee device launches and/or innovation cycles and other seasonal trends, among other fluctuations in demand. Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Customer/licensee (x)24%27%20%21%
Customer/licensee (y)22182421
Customer/licensee (z)*10*12
*Less than 10%
Other Income, Costs and Expenses. Other expenses in the three months and six months ended March 29, 2026 consisted of $29 million in restructuring and restructuring-related charges (substantially all of which related to severance costs).
Investment and Other Income, Net (in millions)
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Interest and dividend income$113 $167 $250 $336 
Net (losses) gains on marketable securities(64)18 (120)37 
Net gains (losses) on other investments
(5)217 26 
Net losses on deferred compensation plan assets
(56)(34)(13)(20)
Impairment losses on other investments(12)(16)(23)(41)
Equity in net earnings of investees
44 18 83 16 
Other62 — 50 37 
$94 $148 $444 $391 
v3.26.1
Income Taxes
6 Months Ended
Mar. 29, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 3. Income Taxes
In the fourth quarter of fiscal 2025, tax reform legislation included in the One Big Beautiful Bill Act (OBBB) was enacted in the United States. The OBBB included significant corporate tax reforms, including changes to the foreign-derived deduction eligible income (FDDEI) regime and changes allowing domestic research and development (R&D) expenditures to be deducted as incurred beginning in fiscal 2026 (under prior law such expenditures were capitalized and amortized over five years). As a result, we expected to be perpetually subject to corporate alternative minimum tax (CAMT) and established a $5.7 billion valuation allowance on our federal deferred tax assets in fiscal 2025.
In the second quarter of fiscal 2026, the U.S. Department of Treasury and the Internal Revenue Service issued Notice 2026-07, which, among other items, allows us to reduce CAMT by certain previously capitalized domestic R&D expenditures. As a result, we no longer expect to be subject to CAMT in the foreseeable future, and therefore, we now expect to realize our existing federal deferred tax assets. Accordingly, we released our valuation allowance on our federal deferred tax assets resulting in a $5.7 billion income tax benefit in the second quarter of fiscal 2026. Changes in future taxable income, tax laws and other factors may change our determination regarding whether we will be able to realize our deferred tax assets.
We estimate our annual effective income tax rate to be 40% benefit for fiscal 2026, primarily due to the release of our valuation allowance on our federal deferred tax assets. Our annual effective income tax rate for fiscal 2026 also reflects a significant portion of our income qualifying as FDDEI taxable at a 13% effective tax rate and benefits from the federal research and development tax credit. Such benefits from FDDEI for fiscal 2026 will be reduced compared to fiscal 2025 as a result of the current deduction of domestic R&D expenditures under OBBB. However, it will have a favorable effect on our cash flows from operations due to significantly lower cash tax payments.
Our effective tax rate for the second quarter of fiscal 2026 was 230% benefit, primarily due to the release of our valuation allowance on our federal deferred tax assets. Our effective tax rate for the second quarter of fiscal 2025 was 9%, primarily due to net discrete tax benefits.
v3.26.1
Capital Stock
6 Months Ended
Mar. 29, 2026
Equity, Attributable to Parent [Abstract]  
Capital Stock
Note 4. Capital Stock
Stock Repurchase Program. On March 17, 2026, we announced a new $20.0 billion stock repurchase program, which was in addition to the then-remaining repurchase authority of $2.1 billion under the previous program announced in November 2024. The stock repurchase programs have no expiration date. At March 29, 2026, $21.9 billion remained authorized for repurchase under our stock repurchase programs.
Shares Outstanding. Shares of common stock outstanding at March 29, 2026 were as follows (in millions):
Balance at September 28, 2025
1,074 
Issued19 
Repurchased(34)
Balance at March 29, 2026
1,059 
Dividends. On March 17, 2026, we announced an increase in our quarterly dividend per share of common stock from $0.89 to $0.92, which is effective for dividends payable after March 26, 2026.
Earnings Per Common Share. Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of common shares outstanding and the weighted-average number of dilutive common share equivalents, primarily comprised of shares issuable under our share-based compensation plans, during the reporting period, using the treasury stock method. The following table provides information about the diluted earnings per share calculation (in millions):
 Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Dilutive common share equivalents included in diluted shares10 11 
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period18 15 
v3.26.1
Commitments and Contingencies
6 Months Ended
Mar. 29, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 5. Commitments and Contingencies
Legal and Regulatory Proceedings.
ParkerVision, Inc. v. QUALCOMM Incorporated: On May 1, 2014, ParkerVision, Inc. (ParkerVision) filed a complaint against us in the United States District Court for the Middle District of Florida alleging that certain of our products infringed seven ParkerVision patents. ParkerVision subsequently reduced the number of patents asserted to three. The asserted patents are now expired, and injunctive relief is no longer available. ParkerVision continues to seek damages related to the sale of many of our radio frequency (RF) products sold between 2008 and 2018. On March 23, 2022, the district court entered judgment in our favor on all claims and closed the case. ParkerVision appealed to the United States Court of Appeals for the Federal Circuit (Federal Circuit), and on September 6, 2024, the Federal Circuit reversed the judgment of the district court, citing certain substantive and procedural issues, and remanded the case to the district court for further proceedings. Following a claim construction ruling by the district court, the parties agreed to a stipulated judgment of non-infringement with respect to certain of ParkerVision’s claims (Receiver Claims). On October 2, 2025, the court entered a final judgment in our favor with respect to the Receiver Claims and severed and stayed ParkerVision’s remaining claims (Transmitter Claims), pending appeal of the court’s claim construction ruling and resulting determination of non-infringement of the Receiver Claims. ParkerVision has appealed to the Federal Circuit. We intend to continue to vigorously defend ourselves in this matter.
Arm Ltd. v. QUALCOMM Incorporated: On August 31, 2022, Arm Ltd. filed a complaint against us in the United States District Court for the District of Delaware. Our subsidiaries Qualcomm Technologies, Inc. and NuVia, Inc. (Nuvia) are also named in the complaint. The complaint alleges that following our acquisition of Nuvia, we and Nuvia breached Nuvia’s
Architecture License Agreement with Arm (the Nuvia ALA) by failing to comply with the termination obligations under the Nuvia ALA. Arm is seeking specific performance, including that we cease all use of and destroy any technology that was developed under the Nuvia ALA, including processor core technology (which Arm alleges includes our custom Qualcomm Oryon CPU cores). On September 30, 2022, we filed our Answer and Counterclaim in response to Arm’s complaint denying Arm’s claims. Our counterclaim seeks a declaratory judgment that we did not breach the Nuvia ALA or the Technology License Agreement between Nuvia and Arm, and that, following the acquisition of Nuvia, our architected cores (including all further developments, iterations or instantiations of the technology we acquired from Nuvia) and System-on-Chip (SoC) products incorporating such cores are fully licensed under our existing Architecture License Agreement with Arm (the Qualcomm ALA) and Technology License Agreement with Arm (the Qualcomm TLA). A trial was held beginning on December 16, 2024, and on December 20, 2024, the jury found that (i) Qualcomm did not breach the Nuvia ALA and (ii) Qualcomm CPUs that include designs acquired in the Nuvia acquisition are licensed under the Qualcomm ALA. The jury was unable to reach a verdict with respect to Arm’s claim as to whether Nuvia breached the Nuvia ALA. The parties filed various post-trial motions, including motions for judgment as a matter of law. On September 30, 2025, the court entered a final judgment upholding the jury’s verdict in favor of Qualcomm, granting judgment to Nuvia, and dismissing Arm’s remaining claims. On October 1, 2025, Arm filed a notice of appeal to the United States Court of Appeals for the Third Circuit. We intend to continue to vigorously defend ourselves against Arm’s claims in this matter.
On April 18, 2024, we filed a separate complaint, captioned QUALCOMM Incorporated v. Arm Holdings plc f/k/a Arm Ltd., in the United States District Court for the District of Delaware. The complaint alleges that Arm has breached the Qualcomm ALA by failing to provide certain deliverables that Arm is obligated to provide. The complaint seeks an order that Arm comply with its contractual obligations, damages, and additional relief. On December 16, 2024, we filed a First Amended Complaint alleging additional causes of action based on Arm improperly seeking to terminate the Qualcomm ALA and improperly publicizing that it was seeking to terminate the Qualcomm ALA. On June 3, 2025, we filed a Second Amended Complaint to add a claim that Arm has breached the Qualcomm TLA by failing to provide license offers at commercially reasonable prices and terms. Arm has moved to dismiss our amended complaint. On January 8, 2026, we filed a substantially identical complaint against Arm Ltd., which was subsequently consolidated with the Arm Holdings plc complaint. Trial is scheduled to begin on October 5, 2026.
On October 22, 2024, Arm provided us with a notice alleging that we have breached the Qualcomm ALA by marketing products that contain CPUs that Arm alleges use designs, technology and code created by Nuvia employees prior to our acquisition of Nuvia; by seeking support and verification from Arm for additional products that use such alleged designs, technology and code; and by suing Arm for breach of the Qualcomm ALA. Arm’s notice asserts that it will have the right to terminate the Qualcomm ALA if such alleged breaches are not cured within 60 days of such notice. We disagree with Arm’s allegations, including that we are, or have been, in breach of the Qualcomm ALA. On January 8, 2025, Arm notified us that it was withdrawing its October 22, 2024 notice of breach and indicated that it has no current plan to terminate the Qualcomm ALA, while reserving its rights pending the outcome of the ongoing litigation.
Contingent Losses and Other Considerations: Litigation and investigations are inherently uncertain, and we face difficulties in evaluating or estimating likely outcomes or ranges of possible loss, particularly in antitrust and trade regulation investigations. We have not recorded any accrual at March 29, 2026 for contingent losses associated with the matters described above based on our belief that losses, while reasonably possible, are not probable. Further, any possible amount or range of loss cannot be reasonably estimated at this time. The unfavorable resolution of one or more of these matters could have a material adverse effect on our business, results of operations, financial condition or cash flows. We are engaged in numerous other legal actions not described above (including matters arising in the ordinary course of our business, such as those relating to employment matters or the initiation or defense of proceedings relating to intellectual property rights, among others) and, while there can be no assurance, we believe that the ultimate outcome of these other legal actions will not have a material adverse effect on our business, results of operations, financial condition or cash flows.
v3.26.1
Segment Information
6 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Segment Information
Note 6. Segment Information
We are organized on the basis of products and services and have three reportable segments. Our operating segments reflect the way our businesses and management/reporting structure are organized internally and the way our Chief Operating Decision Maker (CODM), who is our CEO, reviews financial information, makes operating decisions and assesses business performance. We also consider, among other items, the way budgets and forecasts are prepared and reviewed and the basis on which executive compensation is determined, as well as the similarities and the level of centralized resource planning within our operating segments, such as the nature of products, the level of shared products, technology and other resources,
production processes and customer base. We conduct business primarily through our QCT semiconductor business and our QTL licensing business. QCT develops and supplies integrated circuit platforms 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 including consumer electronic devices, industrial devices and edge networking products. QTL grants licenses or otherwise provides rights to use portions of our intellectual property portfolio, which includes certain patent rights essential to and/or useful in the manufacture and sale of certain wireless products. Our QSI (Qualcomm Strategic Initiatives) reportable segment makes strategic investments. We also have nonreportable segments, including QGOV (Qualcomm Government Technologies) and our Data Center business.
Our CODM uses revenues and earnings (loss) before income taxes (EBT) to evaluate performance and allocate resources for our segments primarily through our budget and forecasting process. Our CODM primarily uses these metrics by comparing actual results to forecasted and prior period results. Segment EBT includes the allocation of certain corporate expenses to the segments, including depreciation and amortization expense (as presented on the condensed consolidated statements of cash flows, the majority of which is allocated to QCT). Certain income and charges are not allocated to segments in our management reports because they are not considered in evaluating the segments’ operating performance. Unallocated income and charges include certain interest expense, certain net investment income, share-based compensation, gains and losses on our deferred compensation plan liabilities and related assets, certain research and development (R&D) expenses, certain selling, general and administrative (SG&A) expenses and other expenses or income that were deemed to be not directly related to the businesses of the segments. Additionally, unallocated charges include amortization of certain intangible assets and certain other acquisition-related charges, third-party acquisition and integration services costs and certain other items, which may include major restructuring and restructuring-related costs, asset impairment charges and awards, settlements and/or damages arising from legal or regulatory matters and recognition of the step-up of inventories and property, plant and equipment to fair value. Our CODM does not evaluate our operating segments using discrete asset information.
The table below presents revenues and EBT for reportable segments (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
QCT:
Revenues$9,076 $9,469 $19,689 $19,553 
Cost of revenues4,700 4,834 10,145 9,898 
Operating expenses (R&D and SG&A)1,911 1,778 3,777 3,552 
EBT$2,465 $2,857 $5,767 $6,103 
QTL:
Revenues$1,382 $1,319 $2,974 $2,854 
Costs and expenses (1)
388 390 750 768 
EBT$994 $929 $2,224 $2,086 
QSI:
Revenues$— $— $— $— 
Operating expenses
Investment and other (expense) income, net
(27)13 154 35 
EBT$(30)$10 $149 $29 
(1) Substantially all of QTL’s costs and expenses are comprised of operating expenses.
Consolidated revenues and EBT include the following reconciling items (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Revenues
Reportable segments$10,458 $10,788 $22,663 $22,407 
Nonreportable segments141 48 188 99 
Unallocated revenues
— 143 — 143 
$10,599 $10,979 $22,851 $22,649 
EBT
Reportable segments
$3,429 $3,796 $8,140 $8,218 
Nonreportable segments(121)(7)(204)(6)
Unallocated revenues
— 143 — 143 
Unallocated cost of revenues(95)(60)(178)(119)
Unallocated R&D expenses(616)(558)(1,314)(1,156)
Unallocated SG&A expenses(274)(184)(573)(372)
Unallocated other expenses
(29)— (29)— 
Unallocated interest expense(171)(163)(341)(326)
Unallocated investment and other income, net109 138 278 358 
$2,232 $3,105 $5,779 $6,740 
Certain revenues were not allocated to our segments in our management reports because they were not considered in evaluating segment results. Unallocated revenues in the second quarter and first six months of fiscal 2025 were comprised of licensing revenues resulting from a settlement of a licensing dispute in the second quarter of fiscal 2025.
v3.26.1
Fair Value Measurements and Marketable Securities
6 Months Ended
Mar. 29, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements and Marketable Securities
Note 7. Fair Value Measurements and Marketable Securities
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 29, 2026 (in millions):
Level 1Level 2Total
Assets   
Cash equivalents$1,014 $515 $1,529 
Marketable securities:   
Corporate bonds and notes— 3,266 3,266 
Mortgage- and asset-backed securities— 863 863 
U.S. Treasury securities and government-related securities58 37 95 
Equity securities140 — 140 
Total marketable securities198 4,166 4,364 
Derivative instruments— 36 36 
Other investments (1)
1,138 — 1,138 
Total assets measured at fair value$2,350 $4,717 $7,067 
Liabilities   
Derivative instruments$— $295 $295 
Other liabilities (1)
1,134 — 1,134 
Total liabilities measured at fair value$1,134 $295 $1,429 
(1) Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
Long-term Debt. At March 29, 2026, the aggregate fair value of our outstanding fixed-rate notes, based on Level 2 inputs, was approximately $13.7 billion.
Marketable Securities. At March 29, 2026 and September 28, 2025, our marketable securities were all classified as current and were primarily comprised of available-for-sale debt securities (the vast majority of which were corporate bonds and notes).
The contractual maturities of available-for-sale debt securities were as follows (in millions):
March 29,
2026
Years to maturity
Less than one year$870 
One to five years2,489 
Five to ten years
No single maturity date863 
Total$4,224 
Debt securities with no single maturity date included mortgage- and asset-backed securities.
v3.26.1
Acquisitions
6 Months Ended
Mar. 29, 2026
Business Combination [Abstract]  
Acquisitions
Note 8. Acquisitions
Alphawave. On December 18, 2025 (the Closing Date), we completed the acquisition of Alphawave IP Group plc (Alphawave) for $2.3 billion, which primarily consisted of $1.8 billion of equity consideration from the issuance of 11 million shares of our common stock, which includes certain securities exchangeable for shares of our common stock (Exchangeable Shares), and $301 million of cash consideration. Alphawave develops high-speed wired connectivity technologies delivering IP, custom silicon and connectivity products. The acquisition is intended to further accelerate, and provide key assets for, our expansion into data centers.
In connection with the acquisition, we issued Exchangeable Shares of Aqua ExchangeCo ULC, an indirect, wholly-owned subsidiary of QUALCOMM Incorporated, to certain Alphawave executives in exchange for their outstanding capital stock. The Exchangeable Shares (no par value; unlimited shares authorized; 4 million shares issued and outstanding as of March 29, 2026) are exchangeable for our common stock on a one-for-one basis and are substantially the economic equivalent of our common stock. The issued and outstanding Exchangeable Shares have been presented together with our common stock in our condensed consolidated financial statements. The Exchangeable Shares had an estimated fair value of $746 million, of which $453 million is included within the $2.3 billion purchase price and the remainder is subject to a four-year service requirement post-acquisition and will be recognized as compensation expense.
The preliminary purchase price allocation shown below could change as the fair values of the tangible and intangible assets acquired and liabilities assumed, and the related income tax effects, are finalized during the remainder of the measurement period (which will not exceed 12 months from the Closing Date). The preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values was as follows (in millions):
Cash$51 
Intangible assets subject to amortization239 
In-process research and development (IPR&D)107 
Goodwill2,215 
Other assets283 
Total assets2,895 
Convertible debt (1)(278)
Other liabilities(343)
Total liabilities(621)
Net assets acquired$2,274 
(1) Alphawave's outstanding unsecured convertible bonds were settled in the second quarter of fiscal 2026.
Goodwill related to this transaction was allocated to our Data Center operating segment and is not deductible for tax purposes. Goodwill is primarily attributable to assembled workforce which we expect will help accelerate our expansion into data centers, and certain revenue synergies expected to arise after the acquisition such as anticipated growth from new product sales. Acquired intangible assets subject to amortization primarily consists of completed technology that will be amortized on a straight-line basis over the weighted-average useful life of five years. We valued the completed technology and IPR&D using an income approach based on significant unobservable inputs.
Pro forma results of operations have not been presented because the effects of this acquisition were not material to our consolidated results of operations.
Other. During the first six months of fiscal 2026, we acquired six other businesses for a total accounting purchase price of $985 million. These acquisitions were primarily for the purpose of executing on certain products and technology that support our QCT business, including our diversification strategy. The acquired assets primarily consisted of $272 million of intangible assets and $698 million of goodwill, with $622 million allocated to our QCT segment and $76 million allocated to our Data Center operating segment, all of which is primarily attributable to assembled workforce and certain synergies expected to arise after the acquisitions.
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 29, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 13, 2026, Ann Chaplin, our EVP, General Counsel and Corporate Secretary, adopted a Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K) providing for the sale of (i) 50% of the net shares issued to Ms. Chaplin upon the vesting of restricted stock unit awards representing 27,421 shares of our common stock and (ii) 50% of the net shares issued to Ms. Chaplin upon the vesting of performance stock unit awards representing 43,853 shares of our common stock (assuming that such shares underlying performance stock units vest at target amounts), including, in each case, accrued dividend-equivalent shares and excluding any shares withheld to satisfy tax withholding obligations in connection with the settlement of such awards. The plan is scheduled to terminate on December 31, 2027.
Ann chaplin [Member]  
Trading Arrangements, by Individual  
Title EVP, General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 13, 2026
Arrangement Duration 658 days
Aggregate Available 27,421
v3.26.1
Basis of Presentation and Significant Accounting Policies Update (Policies)
6 Months Ended
Mar. 29, 2026
Basis of Presentation [Abstract]  
Fiscal Period, Policy
We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. Each of the three and six months ended March 29, 2026 and March 30, 2025 included 13 weeks and 26 weeks, respectively. Our fiscal year for 2026 will include 52 weeks.
Use of Estimates, Policy The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements, Policy
Income Tax Disclosures: In December 2023, the FASB issued new requirements to disclose annually certain additional detailed income tax information related to the effective tax rate reconciliation and income taxes paid, among other items. We will adopt the new requirements for our annual periods starting in fiscal 2026, which can be applied on a retrospective or prospective basis.
Income Statement - Expense Disaggregation Disclosures: In November 2024, the FASB issued new requirements to disclose certain additional expense information on an annual and interim basis, including (among other items) the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization included within each income statement expense caption, as applicable. We will adopt the new requirements for our annual periods starting in fiscal 2028 (and interim periods thereafter) on a prospective basis.
Revenue Recognition, Policy We disaggregate our revenues by segment (Note 6), by products and services (as presented on our condensed consolidated statements of operations), and for our QCT (Qualcomm CDMA Technologies) segment, by revenue stream, which is based on the industry and application in which our products are sold (as presented below). In certain cases, the determination of QCT revenues by industry and application requires the use of certain assumptions. Substantially all of QCT’s revenues consist of equipment revenues that are recognized at a point in time, and substantially all of QTL’s (Qualcomm Technology Licensing) revenues represent licensing revenues that are recognized over time and are principally from royalties generated through our licensees’ sales of mobile handsets.
Earnings Per Common Share, Policy Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of common shares outstanding and the weighted-average number of dilutive common share equivalents, primarily comprised of shares issuable under our share-based compensation plans, during the reporting period, using the treasury stock method.
Segment Reporting, Policy
We are organized on the basis of products and services and have three reportable segments. Our operating segments reflect the way our businesses and management/reporting structure are organized internally and the way our Chief Operating Decision Maker (CODM), who is our CEO, reviews financial information, makes operating decisions and assesses business performance. We also consider, among other items, the way budgets and forecasts are prepared and reviewed and the basis on which executive compensation is determined, as well as the similarities and the level of centralized resource planning within our operating segments, such as the nature of products, the level of shared products, technology and other resources,
production processes and customer base.
Segment Reporting EBT Policy
Our CODM uses revenues and earnings (loss) before income taxes (EBT) to evaluate performance and allocate resources for our segments primarily through our budget and forecasting process. Our CODM primarily uses these metrics by comparing actual results to forecasted and prior period results. Segment EBT includes the allocation of certain corporate expenses to the segments, including depreciation and amortization expense (as presented on the condensed consolidated statements of cash flows, the majority of which is allocated to QCT). Certain income and charges are not allocated to segments in our management reports because they are not considered in evaluating the segments’ operating performance. Unallocated income and charges include certain interest expense, certain net investment income, share-based compensation, gains and losses on our deferred compensation plan liabilities and related assets, certain research and development (R&D) expenses, certain selling, general and administrative (SG&A) expenses and other expenses or income that were deemed to be not directly related to the businesses of the segments. Additionally, unallocated charges include amortization of certain intangible assets and certain other acquisition-related charges, third-party acquisition and integration services costs and certain other items, which may include major restructuring and restructuring-related costs, asset impairment charges and awards, settlements and/or damages arising from legal or regulatory matters and recognition of the step-up of inventories and property, plant and equipment to fair value. Our CODM does not evaluate our operating segments using discrete asset information.
v3.26.1
Composition of Certain Financial Statement Items (Tables)
6 Months Ended
Mar. 29, 2026
Condensed Financial Information Disclosure [Abstract]  
Inventories
Inventories (in millions)
March 29,
2026
September 28,
2025
Raw materials$580 $336 
Work-in-process4,346 3,985 
Finished goods2,442 2,205 
$7,368 $6,526 
Other Current Liabilities
Other Current Liabilities (in millions)
March 29,
2026
September 28,
2025
Customer incentives and other customer-related liabilities
$2,865 $1,948 
Income taxes payable
508 1,007 
Other
1,230 1,201 
$4,603 $4,156 
QCT Revenues Disaggregated
QCT revenue streams were as follows (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Handsets (1)
$6,024 $6,929 $13,848 $14,503 
Automotive (2)1,326 959 2,427 1,920 
IoT (internet of things) (3)
1,726 1,581 3,414 3,130 
Total QCT revenues$9,076 $9,469 $19,689 $19,553 
(1) Includes revenues from products sold for use in mobile handsets.
(2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD).
(3) Primarily includes products sold for use in the following industries and applications: consumer (including personal computers (PCs), extended reality (XR) and other personal computing devices), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
Revenue recognized from performance obligations satisfied in previous periods
Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain sales-based royalty revenues related to system software, certain amounts related to customer incentives and licensing revenues recognized related to devices sold in prior periods (including revenues resulting from certain settlements and adjustments to prior period royalty estimates, which include the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Revenues recognized from previously satisfied performance obligations$132 $285 $313 $526 
Customer Concentrations - Revenues Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Customer/licensee (x)24%27%20%21%
Customer/licensee (y)22182421
Customer/licensee (z)*10*12
*Less than 10%
Investment and Other Income (Expense), Net
Investment and Other Income, Net (in millions)
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Interest and dividend income$113 $167 $250 $336 
Net (losses) gains on marketable securities(64)18 (120)37 
Net gains (losses) on other investments
(5)217 26 
Net losses on deferred compensation plan assets
(56)(34)(13)(20)
Impairment losses on other investments(12)(16)(23)(41)
Equity in net earnings of investees
44 18 83 16 
Other62 — 50 37 
$94 $148 $444 $391 
v3.26.1
Capital Stock Earnings per Common Share (Tables)
6 Months Ended
Mar. 29, 2026
Earnings Per Share [Abstract]  
Schedule of Capital Units
Shares Outstanding. Shares of common stock outstanding at March 29, 2026 were as follows (in millions):
Balance at September 28, 2025
1,074 
Issued19 
Repurchased(34)
Balance at March 29, 2026
1,059 
Schedule of Earnings Per Share, Basic and Diluted The following table provides information about the diluted earnings per share calculation (in millions):
 Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Dilutive common share equivalents included in diluted shares10 11 
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period18 15 
v3.26.1
Segment Information (Tables)
6 Months Ended
Mar. 29, 2026
Segment Reporting [Abstract]  
Revenues and EBT for reportable segments
The table below presents revenues and EBT for reportable segments (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
QCT:
Revenues$9,076 $9,469 $19,689 $19,553 
Cost of revenues4,700 4,834 10,145 9,898 
Operating expenses (R&D and SG&A)1,911 1,778 3,777 3,552 
EBT$2,465 $2,857 $5,767 $6,103 
QTL:
Revenues$1,382 $1,319 $2,974 $2,854 
Costs and expenses (1)
388 390 750 768 
EBT$994 $929 $2,224 $2,086 
QSI:
Revenues$— $— $— $— 
Operating expenses
Investment and other (expense) income, net
(27)13 154 35 
EBT$(30)$10 $149 $29 
(1) Substantially all of QTL’s costs and expenses are comprised of operating expenses.
Reconciling items for reportable segments - revenues
Consolidated revenues and EBT include the following reconciling items (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Revenues
Reportable segments$10,458 $10,788 $22,663 $22,407 
Nonreportable segments141 48 188 99 
Unallocated revenues
— 143 — 143 
$10,599 $10,979 $22,851 $22,649 
EBT
Reportable segments
$3,429 $3,796 $8,140 $8,218 
Nonreportable segments(121)(7)(204)(6)
Unallocated revenues
— 143 — 143 
Unallocated cost of revenues(95)(60)(178)(119)
Unallocated R&D expenses(616)(558)(1,314)(1,156)
Unallocated SG&A expenses(274)(184)(573)(372)
Unallocated other expenses
(29)— (29)— 
Unallocated interest expense(171)(163)(341)(326)
Unallocated investment and other income, net109 138 278 358 
$2,232 $3,105 $5,779 $6,740 
Reconciling items for reportable segments - EBT
Consolidated revenues and EBT include the following reconciling items (in millions):
Three Months EndedSix Months Ended
March 29,
2026
March 30,
2025
March 29,
2026
March 30,
2025
Revenues
Reportable segments$10,458 $10,788 $22,663 $22,407 
Nonreportable segments141 48 188 99 
Unallocated revenues
— 143 — 143 
$10,599 $10,979 $22,851 $22,649 
EBT
Reportable segments
$3,429 $3,796 $8,140 $8,218 
Nonreportable segments(121)(7)(204)(6)
Unallocated revenues
— 143 — 143 
Unallocated cost of revenues(95)(60)(178)(119)
Unallocated R&D expenses(616)(558)(1,314)(1,156)
Unallocated SG&A expenses(274)(184)(573)(372)
Unallocated other expenses
(29)— (29)— 
Unallocated interest expense(171)(163)(341)(326)
Unallocated investment and other income, net109 138 278 358 
$2,232 $3,105 $5,779 $6,740 
v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Mar. 29, 2026
Fair Value Measurements [Abstract]  
Fair value hierarchy for assets and liabilities measured at fair value on a recurring basis
The following table presents our fair value hierarchy for assets and liabilities measured at fair value on a recurring basis at March 29, 2026 (in millions):
Level 1Level 2Total
Assets   
Cash equivalents$1,014 $515 $1,529 
Marketable securities:   
Corporate bonds and notes— 3,266 3,266 
Mortgage- and asset-backed securities— 863 863 
U.S. Treasury securities and government-related securities58 37 95 
Equity securities140 — 140 
Total marketable securities198 4,166 4,364 
Derivative instruments— 36 36 
Other investments (1)
1,138 — 1,138 
Total assets measured at fair value$2,350 $4,717 $7,067 
Liabilities   
Derivative instruments$— $295 $295 
Other liabilities (1)
1,134 — 1,134 
Total liabilities measured at fair value$1,134 $295 $1,429 
(1) Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
Investments Classified by Contractual Maturity Date
The contractual maturities of available-for-sale debt securities were as follows (in millions):
March 29,
2026
Years to maturity
Less than one year$870 
One to five years2,489 
Five to ten years
No single maturity date863 
Total$4,224 
v3.26.1
Acquisitions (Tables)
6 Months Ended
Mar. 29, 2026
Business Combination [Abstract]  
Preliminary allocation of purchase price The preliminary allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values was as follows (in millions):
Cash$51 
Intangible assets subject to amortization239 
In-process research and development (IPR&D)107 
Goodwill2,215 
Other assets283 
Total assets2,895 
Convertible debt (1)(278)
Other liabilities(343)
Total liabilities(621)
Net assets acquired$2,274 
(1) Alphawave's outstanding unsecured convertible bonds were settled in the second quarter of fiscal 2026.
v3.26.1
Composition of Certain Financial Statement Items Inventories (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 28, 2025
Inventory, Net [Abstract]    
Raw materials $ 580 $ 336
Work-in-process 4,346 3,985
Finished goods 2,442 2,205
Inventories $ 7,368 $ 6,526
v3.26.1
Composition of Certain Financial Statement Items Other Assets (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 28, 2025
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments $ 782 $ 1,900
Other Current Assets    
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments 469 1,500
Other Assets    
Long-Term Purchase Commitment [Line Items]    
Advance payment related to multi-year capacity commitments $ 313 $ 357
v3.26.1
Composition of Certain Financial Statement Items Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 28, 2025
Other Liabilities, Current [Abstract]    
Customer incentives and other customer-related liabilities $ 2,865 $ 1,948
Income taxes payable 508 1,007
Other 1,230 1,201
Other current liabilities $ 4,603 $ 4,156
v3.26.1
Composition of Certain Financial Statement Items Interest Rate Swaps (Details) - USD ($)
$ in Billions
Mar. 29, 2026
Sep. 28, 2025
Interest Rate Swap    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, Notional Amount $ 5.0 $ 3.6
v3.26.1
Composition of Certain Financial Statement Items Debt Credit Facilities (Details) - Commercial Paper [Member] - USD ($)
$ in Millions
Mar. 29, 2026
Sep. 28, 2025
Line of Credit Facility [Abstract]    
Line of Credit Facility, Maximum Borrowing Capacity $ 4,500  
Outstanding Commercial Paper Classified as Short-term Debt $ 498 $ 0
v3.26.1
Composition of Certain Financial Statement Items Revenues (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Revenue        
Revenues $ 10,599 $ 10,979 $ 22,851 $ 22,649
Revenues recognized from previously satisfied performance obligations 132 285 313 526
Operating Segments        
Revenue        
Revenues $ 10,458 10,788 $ 22,663 22,407
Minimum        
Revenue        
Patent license agreement expiration period 2027   2027  
Maximum        
Revenue        
Patent license agreement expiration period 2031   2031  
QCT | Operating Segments        
Revenue        
Revenues $ 9,076 9,469 $ 19,689 19,553
Handsets | QCT        
Revenue        
Revenues [1] 6,024 6,929 13,848 14,503
Automotive | QCT        
Revenue        
Revenues [2] 1,326 959 2,427 1,920
IoT | QCT        
Revenue        
Revenues [3] $ 1,726 $ 1,581 $ 3,414 $ 3,130
[1] Includes revenues from products sold for use in mobile handsets.
[2] Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD).
[3] Primarily includes products sold for use in the following industries and applications: consumer (including personal computers (PCs), extended reality (XR) and other personal computing devices), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).
v3.26.1
Composition of Certain Financial Statement Items Concentrations (Details) - Revenue Benchmark - Customer Concentration Risk
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Customer/licensee (x)        
Concentration Risk        
Concentration Risk, Percentage 24.00% 27.00% 20.00% 21.00%
Customer/licensee (y)        
Concentration Risk        
Concentration Risk, Percentage 22.00% 18.00% 24.00% 21.00%
Customer/licensee (z)        
Concentration Risk        
Concentration Risk, Percentage   10.00%   12.00%
v3.26.1
Composition of Certain Financial Statement Items Other Income, Costs and Expenses (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 29, 2026
Operating Expenses [Abstract]    
Restructuring and Related Cost, Incurred Cost $ 29 $ 29
v3.26.1
Composition of Certain Financial Statement Items Investment and Other Income (Expense), Net (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Investment Income, Net [Abstract]        
Interest and dividend income $ 113 $ 167 $ 250 $ 336
Net (losses) gains on marketable securities (64) 18 (120) 37
Net gains (losses) on other investments 7 (5) 217 26
Net losses on deferred compensation plan assets (56) (34) (13) (20)
Impairment losses on other investments (12) (16) (23) (41)
Equity in net earnings of investees 44 18 83 16
Other 62 0 50 37
Investment and other income, net $ 94 $ 148 $ 444 $ 391
v3.26.1
Income Taxes (Details) - USD ($)
$ in Billions
3 Months Ended 12 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Sep. 27, 2026
Sep. 28, 2025
Income Taxes        
Effective income tax rate (benefit) (230.00%) 9.00%    
U.S. Federal        
Valuation Allowance [Line Items]        
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ (5.7)     $ 5.7
Forecast        
Income Taxes        
Effective income tax rate (benefit)     (40.00%)  
Forecast | FDDEI effective Tax Rate        
Income Taxes        
Effective income tax rate (benefit)     13.00%  
v3.26.1
Capital Stock Share Repurchase Program (Details) - USD ($)
$ in Billions
Mar. 29, 2026
Mar. 17, 2026
$20B stock repurchase program announced March 17, 2026    
Stock Repurchase Program    
Authorized amount   $ 20.0
$15B stock repurchase program announced November 6, 2024    
Stock Repurchase Program    
Remaining authorized amount   $ 2.1
Stock repurchase programs authorized and remaining    
Stock Repurchase Program    
Remaining authorized amount $ 21.9  
v3.26.1
Capital Stock Shares Outstanding (Details)
shares in Millions
6 Months Ended
Mar. 29, 2026
shares
Shares Outstanding [Abstract]  
Balance at September 28, 2025 1,074
Issued 19
Repurchased (34)
Balance at March 29, 2026 1,059
v3.26.1
Capital Stock Dividends (Details) - $ / shares
3 Months Ended 6 Months Ended
Mar. 17, 2026
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Dividends [Abstract]          
Dividends per share announced   $ 0.89 $ 0.85 $ 1.78 $ 1.70
Amount Of Increased Common Stock Dividends Per Share Announced $ 0.92        
v3.26.1
Capital Stock Earnings per Common Share (Details) - shares
shares in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
Mar. 30, 2025
Mar. 29, 2026
Mar. 30, 2025
Earnings Per Share [Abstract]        
Dilutive common share equivalents included in diluted shares 6 10 7 11
Shares of common stock equivalents not included because the effect would be anti-dilutive or certain performance conditions were not satisfied at the end of the period 18 1 15 1
v3.26.1
Commitments and Contingencies Legal and Regulatory Proceedings (Details)
$ in Millions
Mar. 29, 2026
USD ($)
Loss Contingencies [Line Items]  
Loss Contingency, Estimate of Possible Loss $ 0
v3.26.1
Segment Information (Details)
$ in Millions
3 Months Ended 6 Months Ended
Mar. 29, 2026
USD ($)
Mar. 30, 2025
USD ($)
Mar. 29, 2026
USD ($)
numberOfBusinesses
Mar. 30, 2025
USD ($)
Segment Reporting Information [Line Items]        
Number of Reportable Segments | numberOfBusinesses     3  
Revenues $ 10,599 $ 10,979 $ 22,851 $ 22,649
Cost of revenues (4,900) (4,937) (10,468) (10,098)
Research and development expenses (2,463) (2,216) (4,915) (4,446)
Selling, general and administrative expenses (898) (706) (1,763) (1,430)
Other (29) 0 (29) 0
Interest expense (171) (163) (341) (326)
Costs and Expenses 8,290 7,859 17,175 15,974
Investment and other income, net 94 148 444 391
EBT 2,232 3,105 5,779 6,740
Reconciling Items        
Segment Reporting Information [Line Items]        
Cost of revenues (95) (60) (178) (119)
Research and development expenses (616) (558) (1,314) (1,156)
Selling, general and administrative expenses (274) (184) (573) (372)
Other (29) 0 (29) 0
Interest expense (171) (163) (341) (326)
Investment and other (expense) income, net 109 138 278 358
Reconciling Items | Licensing Agreements        
Segment Reporting Information [Line Items]        
Revenues 0 143 0 143
Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 10,458 10,788 22,663 22,407
EBT 3,429 3,796 8,140 8,218
QCT | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 9,076 9,469 19,689 19,553
Revenues 9,076 9,469 19,689 19,553
Cost of revenues 4,700 4,834 10,145 9,898
Operating Expenses 1,911 1,778 3,777 3,552
EBT 2,465 2,857 5,767 6,103
QTL | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 1,382 1,319 2,974 2,854
Costs and Expenses [1] 388 390 750 768
EBT 994 929 2,224 2,086
QSI | Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 0 0 0 0
Operating Expenses 3 3 5 6
Investment and other income, net (27) 13 154 35
EBT (30) 10 149 29
Other Operating Segment | Reconciling Items        
Segment Reporting Information [Line Items]        
Revenues 141 48 188 99
EBT $ (121) $ (7) $ (204) $ (6)
[1] Substantially all of QTL’s costs and expenses are comprised of operating expenses.
v3.26.1
Fair Value Measurements Fair Value Hierarchy (Details) - Fair Value, Recurring
$ in Millions
Mar. 29, 2026
USD ($)
Assets  
Cash equivalents $ 1,529
Marketable securities 4,364
Derivative instruments 36
Other investments (1) 1,138 [1]
Total assets measured at fair value 7,067
Liabilities  
Derivative instruments 295
Other liabilities (1) 1,134 [1]
Total liabilities measured at fair value 1,429
Level 1  
Assets  
Cash equivalents 1,014
Marketable securities 198
Derivative instruments 0
Other investments (1) 1,138 [1]
Total assets measured at fair value 2,350
Liabilities  
Derivative instruments 0
Other liabilities (1) 1,134 [1]
Total liabilities measured at fair value 1,134
Level 2  
Assets  
Cash equivalents 515
Marketable securities 4,166
Derivative instruments 36
Other investments (1) 0 [1]
Total assets measured at fair value 4,717
Liabilities  
Derivative instruments 295
Other liabilities (1) 0 [1]
Total liabilities measured at fair value 295
Corporate bonds and notes  
Assets  
Marketable securities 3,266
Corporate bonds and notes | Level 1  
Assets  
Marketable securities 0
Corporate bonds and notes | Level 2  
Assets  
Marketable securities 3,266
U.S. Treasury and government-related Securities  
Assets  
Marketable securities 95
U.S. Treasury and government-related Securities | Level 1  
Assets  
Marketable securities 58
U.S. Treasury and government-related Securities | Level 2  
Assets  
Marketable securities 37
Mortgage- and asset-backed securities  
Assets  
Marketable securities 863
Mortgage- and asset-backed securities | Level 1  
Assets  
Marketable securities 0
Mortgage- and asset-backed securities | Level 2  
Assets  
Marketable securities 863
Equity securities  
Assets  
Marketable securities 140
Equity securities | Level 1  
Assets  
Marketable securities 140
Equity securities | Level 2  
Assets  
Marketable securities $ 0
[1] Other investments and other liabilities included in Level 1 are comprised of our deferred compensation plan assets and liabilities.
v3.26.1
Fair Value Measurements Long-term Debt (Details)
$ in Billions
Mar. 29, 2026
USD ($)
Level 2  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Long-term Debt, Fair Value $ 13.7
v3.26.1
Marketable Securities (Details) - Available-for-Sale Securities [Member]
$ in Millions
Mar. 29, 2026
USD ($)
Marketable Securities  
Less than one year $ 870
One to five years 2,489
Five to ten years 2
No single maturity date 863
Debt Securities, Available-for-sale $ 4,224
v3.26.1
Acquisitions (Details)
$ / shares in Units, shares in Millions, $ in Millions
6 Months Ended
Dec. 18, 2025
USD ($)
shares
Mar. 29, 2026
USD ($)
numberOfBusinesses
$ / shares
shares
Sep. 28, 2025
USD ($)
Acquisitions      
Goodwill   $ 14,251 $ 11,358
Alphawave      
Acquisitions      
Business Combination, Consideration Transferred $ 2,300    
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Value $ 1,800    
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Number of Shares | shares 11    
Payments to Acquire Businesses, Gross $ 301    
Cash 51    
Intangible assets subject to amortization 239    
In-process research and development (IPR&D) 107    
Goodwill 2,215    
Other assets 283    
Total assets 2,895    
Convertible debt (1) [1] (278)    
Other liabilities (343)    
Total liabilities (621)    
Net assets acquired $ 2,274    
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life 5 years    
Business Combination, Goodwill, Expected Tax Deductible, Amount $ 0    
Alphawave | Exchangeable Shares      
Acquisitions      
Business Combination, Consideration Transferred, Equity Interest, Share Issued, Value 453    
Common Stock, No Par Value | $ / shares   $ 0  
Common Stock, Shares Authorized, Unlimited [Fixed List]   Unlimited  
Common Stock, Other Shares, Outstanding | shares   4  
Exchangeable Shares Issued, Fair Value $ 746    
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period 4 years    
2026 Other Business Acquisitions      
Acquisitions      
Payments to Acquire Businesses, Gross   $ 985  
Intangible assets subject to amortization   272  
Goodwill   $ 698  
Business Combination, Number of Businesses Acquired | numberOfBusinesses   6  
2026 Other Business Acquisitions | QCT      
Acquisitions      
Goodwill   $ 622  
2026 Other Business Acquisitions | Data Center Operating Segment      
Acquisitions      
Goodwill   $ 76  
[1] Alphawave's outstanding unsecured convertible bonds were settled in the second quarter of fiscal 2026.