QCOM changes
Pick any two versions below to diff them.
- Balance sheet
- Qualcomm funds itself mainly with cash from its chip and patent license businesses. All of its debt is unsecured debt that the parent company issues. At June 28, 2026, debt was $15.3 billion: fixed-rate notes plus $498 million of commercial paper. $2.0 billion of the notes falls due in May 2027. Interest rate swaps change $5.0 billion of the fixed-rate notes to floating rates. Cash and marketable securities were $8.3 billion, down from $12.5 billion in September 2025. Thus net debt was about $7.0 billion. This is small against operating income plus depreciation and amortization of $8.5 billion in only the first nine months of fiscal 2026. In those nine months, operating income of $7.3 billion covered interest expense of $519 million about 14 times. When Qualcomm last issued notes in May 2025, Moody's rated them A2 and S&P rated them A, both stable. An undrawn $4.0 billion revolving credit line to August 2029 backs a commercial paper program of up to $4.5 billion. In the first nine months of fiscal 2026, Qualcomm spent $6.8 billion on buybacks and $2.9 billion on dividends. This was more than its operating cash flow of $8.4 billion less $1.6 billion of capital spending. It also paid for Alphawave, so cash fell. The balance sheet still has room for the $20 billion buyback plan. But buybacks now come partly from cash and debt. Qualcomm gave Amazon a warrant for about 25 million shares, which can dilute shareholders if Amazon buys enough chips. As of 2026-06-28.
- Checkpoints
- Nov 11, 2026 (estimate): Fiscal Q4 2026 earnings: handset decline and AI chip outlook. Pending. Watch: Revenue inside the $9.7 to $10.5 billion guidance and a December quarter outlook that includes first AI data-center revenue pass; a weaker outlook or a delay of AI revenue fails. Feb 2027 (estimate): Fiscal Q1 2027 earnings: first AI data-center chip revenue. Pending. Watch: Reported AI data-center revenue from Amazon or Humain and automotive growth that offsets lower Apple sales pass; zero AI revenue fails. Apr 2027 (estimate): Fiscal Q2 2027 earnings: AI chip revenue keeps growing. Pending. Watch: AI data-center revenue that rises from the December quarter and stable licensing income pass; flat or falling AI revenue fails.