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- **Revenue Growth**: Q4 revenue of $11.3 billion (+9% QoQ) and EPS of $3 beat expectations, driven by Android handsets, automotive, and IoT.
- **Automotive Breakthrough**: $1 billion+ Q4 automotive revenue, up 17% YoY, with Snapdragon Ride Pilot validated in 60 countries.
- **AI Innovation**: Launched Snapdragon 8 Elite Gen 5 and AI200/250 SoCs, targeting 150 AI PC design wins by 2026.
- **Financial Strength**: Record free cash flow of $12.8 billion and 100% cash return to shareholders.
- **Future Growth**: FY26 Q1 guidance of $11.8-12.6 billion, with data center revenue expected to ramp in FY27.
- **Strategic Acquisitions**: Acquired Arduino to expand edge AI, and Alphawave to strengthen data center IP.


**【CEO Summary Section】**
- **Revenue and EPS Beat Expectations**: Q4 revenue of $11.3 billion and non-GAAP EPS of $3 exceeded the high end of guidance, driven by strong demand for Snapdragon-powered devices, automotive solutions, and IoT products.
- **Automotive Milestone**: QCT automotive revenue surpassed $1 billion for the first time, up 17% YoY, with the Snapdragon Ride Pilot platform validated in 60 countries.
- **AI and Mobile Innovation**: Launched Snapdragon 8 Elite Gen 5, featuring a custom Oryon Gen 3 CPU, and expanded into AI PCs with the Snapdragon X2 Elite platform, targeting 150 design wins by 2026.
- **Brand Expansion**: Acquired Arduino to accelerate edge AI development, and Snapdragon ranked #38 on Kantar's Global Brands list.
- **Long-Term Growth**: On track to achieve $22 billion in automotive and IoT revenue by FY29, with FY25 non-Apple QCT revenue growing 18% YoY.

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: QCT EBT margin of 29% (vs. 26% YoY), QTL EBT margin of 72%, and record free cash flow of $12.8 billion.
- **Revenue Breakdown**: Handset (+14% YoY), IoT (+7% YoY), and automotive (+36% YoY) all exceeded expectations.
- **Tax Impact**: $5.7 billion noncash tax charge due to U.S. tax legislation, but non-GAAP tax rate expected to remain stable at 13-14%.
- **FY26 Guidance**: Q1 revenue $11.8-12.6 billion, EPS $3.30-3.50, with QCT automotive revenue expected to remain flat to slightly up QoQ.
- **Cash Return**: Returned 100% of free cash flow to shareholders via buybacks and dividends.

**【Q&A Key Highlights】**
- **Data Center Strategy**: Announced AI200/250 SoCs for inference workloads, with HUMAIN deploying 200 MW starting in 2026. Expect data center revenue to become material in FY27.
- **Apple Modem Share**: Maintained 75% share assumption for Galaxy S26, with 100% share in Galaxy S25.
- **Automotive Momentum**: Snapdragon Digital Chassis adoption accelerating, with 60-country validation for Ride Pilot.
- **AI Smart Glasses**: 30 designs in production with partners like Meta, Samsung, and Google.
- **Robotics Expansion**: Acquired Edge Impulse and Foundries.io to build a comprehensive edge AI platform.


QUALCOMM Incorporated (QCOM) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

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Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

QCOM

QCOM fundamentals

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