Qualcomm Inc

qualcomm.com

What Do They Do?

Sells chips and system software for mobile devices, cars and internet-connected products, and licenses patents used in wireless products to device makers.

How Do They Make Money?

Qualcomm earns money from product sales when products ship, and from patent royalties tied to licensees’ sales of products using its technology; royalty amounts are generally received the following quarter.

FY2025 revenue

Who Are Their Customers?

Device makers buy chips and system software for mobile devices, automotive systems and internet-connected products; companies whose wireless products use Qualcomm’s patents obtain licenses.

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 29 cents into free cash flow.

Operating income, FY2025

28% of revenue

▲ +23% vs FY2024 ($10.1B, 26%)

Net income, FY2025

13% of revenue

▼ −45% vs FY2024 ($10.1B, 26%)

Free cash flow, FY2025

29% of revenue

▲ +15% vs FY2024 ($11.2B, 29%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Jun 28, 2026

Revenue: ▼ −4%; vs $10.4B in Q3 FY2025
Net income: ▼ −25%; vs $2.7B in Q3 FY2025

Jul 29, 2026 Completed Modular acquisition and raised non-handset revenue target The company expects non-handset revenue to reach $40 billion by fiscal 2029, nearly double its November 2024 target.

Growing. Revenue grew 32% in 4 years, from $33.6B in FY2021 to $44.3B in FY2025, about 7% a year.

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