QCOM earnings analysis
What we found in QCOM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The supplied 10-Q extract does not contain the income statement, segment tables, balance sheet, or cash-flow statement needed to verify quarterly revenue, margins, EPS, free cash flow, or period-over-period changes; those metrics are therefore reported as null. The filing emphasizes capital returns, with 7.846 million shares repurchased in Q3 and $20.562 billion of remaining repurchase authority. Risk disclosure remains centered on Apple modem insourcing, China/Taiwan geopolitical and supply-chain exposure, and volatility in $926 million of marketable equity securities.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Large remaining repurchase capacity
- Qualcomm repurchased 7.846 million shares during the quarter ended June 28, 2026. It had $20.562 billion of remaining authorization, following the March 17, 2026 announcement of an additional $20.0 billion authorization.
- Controls remained effective
- Management concluded disclosure controls and procedures were effective as of June 28, 2026, and reported no material changes in internal control over financial reporting during Q3 fiscal 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Equity investment volatility
- The company identified equity-price volatility as the only market-risk update versus September 28, 2025: marketable equity securities had a recorded value of $926 million at June 28, 2026, including growth-stage public-company investments subject to increased volatility.
- Apple insourcing and Huawei loss
- Qualcomm states that Apple is expected to increasingly use its own modem products; the company says this will have a significant negative impact on QCT revenue, operating results and cash flow. The filing also notes the U.S. revoked the relevant Huawei export license in May 2024, and Qualcomm does not expect further Huawei product revenue.
- China/Taiwan supply-chain concentration
- The filing highlights heightened China and Taiwan exposure: key foundries are primarily located in Taiwan and Korea, while Qualcomm's RFFE/RF manufacturing facilities are in China, Germany and Singapore. A prolonged China-Taiwan conflict could severely limit chipset supply from Taiwan.
What they said about what is next.
The extracted 10-Q text does not include quantitative revenue or EPS guidance. Quantitative outlook was provided in the separate earnings release, rather than in the supplied 10-Q MD&A text.
The filing reads about the same as the one before it.
What came before.
- 10-Q · April 29, 2026
- Qualcomm reported robust Q2 2026 results with an EPS of $2.65, exceeding estimates and up from $2.52 a year ago. Revenue also increased slightly to $10.60 billion, indicating resilience despite prevailing market…
- 10-K · November 5, 2025
- QUALCOMM positions itself as a platform leader focused on on-device AI, high-performance/low-power compute and advanced wireless connectivity, monetized through integrated circuit product sales and broad IP licensing.…
- 10-Q · July 30, 2025
- Qualcomm's Q3 2025 results show a slight revenue decrease to $10.37 billion, down 5.45% sequentially but up 10.66% from the previous year. Gross margins improved to 55.6%, while EPS also increased to $2.77, surpassing…
- 10-Q · April 30, 2025
- Qualcomm reported solid Q2 results with total revenues of $10,979 million (up $1,590 million, or ~16.9% vs. prior-year quarter) and operating income of $3,120 million (up $780 million, or ~33.3% YoY). Gross margin…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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