Aslan Research · Chips
QUALCOMM INC/DE (QCOM)
Data as of 2026-09-03 · 28 quarters · filed in USD
Revenue grew 16% per year while expenses grew 4%, showing a faster top-line pace than cost growth. Trailing-year revenue was $44.1 billion against $30.0 billion of expenses, leaving a much wider revenue base than the expense base.
Earned, collected early, and merely signed
Reports $15B of debt; has promised $15B
Committed money matches reported debt at 1.0x. All $14.8 billion of committed money is tied to debt, with no additional lease or purchase commitments shown here.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The main pressure sits after year five: $10.9 billion of commitments are undated after year five, compared with $7.8 billion due in the next five years. The next-five-year wall is especially large relative to promised revenue, at 4999.2x.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The filings show a $5.7 billion valuation-allowance release presented as an income-tax benefit, identified as a one-time item. They also show receivables and customer-financing balances growing 13.6x while quarterly revenue grew 1.1x over the last 8 periods. Financial guarantees supported European Commission fines while appeals proceeded, rather than cash payments.
circular financing · 1
The company provided financing or guarantees to parties associated with an acquired business while also recording transaction-related proceeds or value from that business.
off balance sheet · 1
The filings disclose financial guarantees supporting European Commission fines rather than cash payments while appeals proceeded.
one time dressing · 1
The FY2025 filing presents a $5.7 billion valuation-allowance release as an income-tax benefit in FY2026.
receivables ratio · 1
Over the last 8 periods, receivables and customer-financing balances grew 13.6x while quarterly revenue grew 1.1x.
redefinition · 1
The Revolving Credit Facility changed from $5.0 billion with near-term expirations in the December 2019 filing to $4.5 billion with a December 2025 expiration in later filings.
regulator challenge · 1
A reply to SEC staff was filed on 2020-11-17, answering a staff comment letter dated 2020-11-12; it quotes 0 staff comments.
related party exposure · 1
Multiple filings report executives' and family trusts' Rule 10b5-1 arrangements covering sales of company shares.
subsequent event · 1
The April 1, 2022 Veoneer closing recontextualized the pending acquisition and related financing commitments disclosed at March 27, 2022.
vanishing item · 1
The $1.8 billion Huawei settlement-related revenue expectation reported at June 28, 2020 was subsequently reported as recognized revenue for fiscal 2020.