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Composition of Certain Financial Statement Items | 9 Months Ended
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Jun. 28, 2026
Condensed Financial Information Disclosure [Abstract] |
Composition of Certain Financial Statement Items | Note 2. Composition of Certain Financial Statement Items
Inventories (in millions) |  |  |
| June 28, 2026 |  | September 28, 2025
Raw materials | $ | 682 |  |  | $ | 336 |
Work-in-process | 5,005 |  |  | 3,985 |
Finished goods | 2,692 |  |  | 2,205 |
| $ | 8,379 |  |  | $ | 6,526 |
We have multi-year capacity purchase commitments with certain suppliers of our integrated circuit products. Total advance payments related to multi-year capacity purchase commitments recorded on our condensed consolidated balance sheets at June 28, 2026 and September 28, 2025 were $769 million and $1.9 billion, respectively, of which $195 million and $1.5 billion were recorded in other current assets, respectively, and $574 million and $357 million were recorded in other assets, respectively.
Other Current Liabilities (in millions) |  |  |
| June 28, 2026 |  | September 28, 2025
Customer incentives and other customer-related liabilities | $ | 2,762 |  |  | $ | 1,948 |
Income taxes payable | 557 |  |  | 1,007 |
Other | 958 |  |  | 1,201 |
| $ | 4,277 |  |  | $ | 4,156 |
Short-term Debt (in millions) |  |  |
| June 28, 2026 |  | September 28, 2025
Commercial paper | $ | 498 |  |  | $ | — |
Current portion of long-term debt | 1,991 |  |  | — |
| $ | 2,489 |  |  | $ | — |
Interest Rate Swaps. At June 28, 2026 and September 28, 2025, we had outstanding interest rate swaps with an aggregate notional amount of $5.0 billion and $3.6 billion, respectively, that are designated as fair value hedges and allow us to effectively convert fixed-rate payments into floating-rate payments on a portion of our outstanding long-term debt. Revenues. We disaggregate our revenues by segment (Note 6), by products and services (as presented on our condensed consolidated statements of operations), and for our QCT (Qualcomm CDMA Technologies) segment, by revenue stream, which is based on the industry and application in which our products are sold (as presented below). In certain cases, the determination of QCT revenues by industry and application requires the use of certain assumptions. Substantially all of QCT’s revenues consist of equipment revenues that are recognized at a point in time, and substantially all of QTL’s (Qualcomm Technology Licensing) revenues represent licensing revenues that are recognized over time and are principally from royalties generated through our licensees’ sales of mobile handsets. QCT revenue streams were as follows (in millions):
|  |  |  |  |  |  |  |  | Three Months Ended |  | Nine Months Ended
|  |  |  |  | June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025
Handsets (1) |  |  |  |  |  |  |  |  | $ | 5,086 |  |  | $ | 6,328 |  |  | $ | 18,934 |  |  | $ | 20,831 |
Automotive (2) |  |  |  |  |  |  |  |  | 1,588 |  |  | 984 |  |  | 4,015 |  |  | 2,904 |
IoT (internet of things) (3) |  |  |  |  |  |  |  |  | 1,830 |  |  | 1,681 |  |  | 5,244 |  |  | 4,811 |
Total QCT revenues |  |  |  |  |  |  |  |  | $ | 8,504 |  |  | $ | 8,993 |  |  | $ | 28,193 |  |  | $ | 28,546 |
(1) Includes revenues from products sold for use in mobile handsets. (2) Includes revenues from products sold for use in automobiles, including connectivity, digital cockpit and advanced driver assistance systems (ADAS) and automated driving (AD). (3) Primarily includes products sold for use in the following industries and applications: personal AI and compute (including personal computers (PCs), extended reality (XR) and other personal computing devices) and industrial, networking and robotics (including mobile broadband, wireless access points, handhelds, retail, tracking and logistics, and other commercial and home applications). Revenues recognized from performance obligations satisfied (or partially satisfied) in previous periods generally include certain sales-based royalty revenues related to system software, certain amounts related to customer incentives and licensing revenues recognized related to devices sold in prior periods (including revenues resulting from certain settlements and adjustments to prior period royalty estimates, which include the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
| Three Months Ended |  | Nine Months Ended
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025
Revenues recognized from previously satisfied performance obligations | $ | 165 |  |  | $ | 189 |  |  | $ | 417 |  |  | $ | 691 |
Remaining performance obligations, which are primarily included in unearned revenues (as presented on our condensed consolidated balance sheets), represent the aggregate amount of the transaction price of certain customer contracts yet to be recognized as revenues as of the end of the reporting period and exclude revenues related to (a) contracts that have an original expected duration of one year or less and (b) sales-based royalties (i.e., future royalty revenues) pursuant to our license agreements. Our patent license agreements with key OEMs are generally long-term, with remaining terms expiring between fiscal 2027 and 2031. We generally seek to renew or renegotiate such license agreements prior to expiration. Concentrations. A significant portion of our revenues are concentrated with a small number of customers/licensees of our QCT and QTL segments. The comparability of customer/licensee concentrations for the periods presented are impacted by the timing of customer/licensee device launches and/or innovation cycles and other seasonal trends, among other fluctuations in demand. Revenues from each customer/licensee that were 10% or greater of total revenues were as follows:
| Three Months Ended |  | Nine Months Ended
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025
Customer/licensee (x) | 23 | % |  | 18 | % |  | 24 | % |  | 20 | %
Customer/licensee (y) | 20 |  |  | 21 |  |  | 20 |  |  | 21 |
Customer/licensee (z) | * |  | 13 |  |  | * |  | 13 |
*Less than 10% Other Income, Costs and Expenses. Other expenses in the three months and nine months ended June 28, 2026 consisted of $68 million and $97 million in restructuring and restructuring-related charges (substantially all of which related to severance costs), respectively.
Investment and Other Income, Net (in millions) |  |  |  |  |  |
| Three Months Ended |  | Nine Months Ended
| June 28, 2026 |  | June 29, 2025 |  | June 28, 2026 |  | June 29, 2025
Interest and dividend income | $ | 97 |  |  | $ | 160 |  |  | $ | 347 |  |  | $ | 495 |
Net gains on marketable securities (1) | 726 |  |  | 204 |  |  | 605 |  |  | 241 |
Net gains on other investments | 19 |  |  | 5 |  |  | 237 |  |  | 30 |
Net gains on deferred compensation plan assets | 149 |  |  | 84 |  |  | 135 |  |  | 65 |
Impairment losses on other investments | (38) |  |  | (52) |  |  | (61) |  |  | (93) |
Equity in net earnings (losses) of investees | 66 |  |  | (4) |  |  | 149 |  |  | 13 |
Other | (5) |  |  | (39) |  |  | 46 |  |  | (3) |
| $ | 1,014 |  |  | $ | 358 |  |  | $ | 1,458 |  |  | $ | 748 |
(1) Primarily consist of net unrealized gains related to certain marketable equity securities.

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