- Price
- $181.03 → $175.50(−3.1%)
- Discount
- -6.5% → -3.2%(+3.3 pts)
- Next earnings
- 2026-11-11 → 2026-11-04
- Balance sheet
- Cash: $8.3B
Debt: $15.3B
Net debt: $7.0B
Interest cover: 14×
Undrawn credit line: $4.0B, to August 2029
Debt due within 12 months: $2.0B
Ratings: Moody's A2 (stable outlook), S&P A (stable outlook)
Qualcomm funds itself mainly with cash from its chip and patent license businesses, but buybacks now come partly from cash and debt. 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 andincludes marketable securities were $8.3 billion, downand it fell from $12.5 billion in September 2025. Thus net debt was about $7.0 billion. This is small against operatingOperating income plus depreciation and amortization ofwas $8.5 billion in only the first nine months of fiscal 2026. InInterest cover is for those nine months, operating income of $7.3 billion covered interest expense of $519 million about 14 times. When The ratings are from Qualcomm's last issued notes issue in May 2025, Moody's rated them A2 and S&P rated them A, both stable. AnThe 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 114, 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.