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Business Philosophy3 Oct 2024
Irwin Jacobs & Andrew Viterbi: Qualcomm's Pioneering Founders
In 1985, Irwin Jacobs and Andrew Viterbi co-founded Qualcomm, a leading company in telecommunications and semiconductor innovation.
Qualcomm (QCOM) investor relations material
Qualcomm Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Nov, 2025
Executive summary
Fiscal Q4 revenue reached $11.3B, up 10% year-over-year, and Non-GAAP EPS was $3.00, both exceeding the high end of guidance, driven by strong demand in premium Android, automotive, and IoT segments.
Fiscal 2025 non-GAAP revenues totaled $44.1B, up 13% year-over-year, with record QCT annual revenues of $38.4B and non-GAAP EPS of $12.03, up 18%.
Automotive and IoT revenues grew 36% and 22% year-over-year, respectively, with QCT non-Apple revenues up 18%.
Record free cash flow of $12.8B was generated, with nearly 100% returned to shareholders via repurchases and dividends.
Major product launches included Snapdragon 8 Elite Gen 5 for mobile, X2 Elite for PCs, and the debut of Snapdragon Ride Pilot in BMW vehicles.
Financial highlights
QCT EBT margin was 29% in Q4 and 30% for fiscal 2025; QCT EBT grew 17% year-over-year.
QTL revenues were $1.4B in Q4 with a 72% EBT margin; FY25 QTL revenues were $5.6B, flat year-over-year.
Non-GAAP net income for fiscal 2025 was $13.3B, up 15% year-over-year.
Non-GAAP EPS for fiscal 2025 was $12.03, up 18% year-over-year.
A $5.7B non-cash tax charge in Q4 impacted GAAP results, leading to a GAAP net loss for the quarter and a 44% decline in GAAP EPS for the year.
Outlook and guidance
Q1 FY26 revenue guidance: $11.8B–$12.6B; Non-GAAP EPS: $3.30–$3.50.
QCT revenues expected at $10.3B–$10.9B; QTL revenues at $1.4B–$1.6B; QCT EBT margin 30%–32%.
Non-GAAP operating expenses forecasted at $2.45B for the quarter.
Effective tax rate expected to remain at 13%–14% going forward.
On track to achieve FY29 long-term revenue targets for Automotive ($8B) and IoT ($14B).
OBBB Act: Future cash tax payment impact
QCT Automotive/IoT growth drivers & sustainability
QTL revenue stagnation: Underlying causes?
Data center revenue ramp and scale update
Non-Apple QCT handset growth drivers
What underpins FY29 auto/IoT target confidence?
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Qualcomm: Quality Communication and Semiconductor Innovation
Founded in 1985, Qualcomm has transformed the digital communication industry with CDMA technology and its advanced semiconductor business.
Frequently asked questions
Quality Communications
Qualcomm Incorporated is a global semiconductor and telecommunications equipment company. Its primary focus is on designing and marketing wireless telecommunications products and services, and the company has made significant contributions to the development and commercialization of the 3G, 4G, and 5G communication standards. In addition to mobile networks, the company produces a wide range of chipsets, semiconductors, and software solutions used in a variety of devices and applications. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
From Satellites to Telecommunications
Founded in 1985 in San Diego, California, Qualcomm was established by engineers. The company initially concentrated on contracting business satellite communications before shifting its focus to the mobile communications sector. In the 1990s, Qualcomm was pivotal in developing the Code Division Multiple Access (CDMA) technology, which became a foundation for 3G mobile networks. As previously mentioned, Qualcomm played a significant role in the advancements of 4G and has been involved in the development and deployment of 5G technologies.
Focusing on 5G
Today, Qualcomm is a major player in the telecommunications sector, with a strong emphasis on 5G technologies. They collaborate extensively with network operators, equipment vendors, and device manufacturers to facilitate the deployment and optimization of 5G networks worldwide. Qualcomm's suite of products includes advanced modems, RF front-end solutions, and small-cell platforms, which collectively aim to enhance network coverage, increase capacity, and reduce latency.
Additionally, their technology solutions address various use cases beyond just smartphones, encompassing IoT devices, automotive connectivity, and more. The company also plays a significant role in defining 5G standards and specifications while it is being rolled out worldwide.
The Semiconductor Business
While Qualcomm might be best known for its telecommunications operations, it also operates within the production of semiconductors used in mobile devices. Central to this business segment is their Snapdragon platform, a series of system-on-chip (SoC) products for mobile devices, offering robust computing, graphics, and connectivity functionalities. These chipsets incorporate CPU, GPU, and AI modules, enhancing device performance, battery efficiency, and multimedia capabilities. Qualcomm's semiconductor portfolio isn't limited to mobile platforms alone; they serve a broader range of industries including automotive, IoT, and computing.
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