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 29, 2025 and September 29, 2024 were $2.4 billion and $3.0 billion, respectively, of which $1.9 billion and $765 million were recorded in other current assets, respectively, and $557 million and $2.2 billion were recorded in other assets, respectively.


Other Current Liabilities (in millions)
	June 29, 2025		September 29, 2024
Customer incentives and other customer-related liabilities	$	1,823	$	2,480
Income taxes payable	938		1,080
Other	831		865
	$	3,592	$	4,425

Long-term Debt. During the third quarter of fiscal 2025, we repaid $1.4 billion of unsecured fixed-rate notes that matured in May 2025. In May 2025, we also issued $1.5 billion of unsecured fixed-rate notes, consisting of $500 million of 4.50% notes, $400 million of 4.75% notes and $600 million of 5.00% notes (collectively, May 2025 Notes) that mature on May 20, 2030, May 20, 2032 and May 20, 2035, respectively. The net proceeds from the May 2025 Notes will be used for general corporate purposes.

Interest Rate Swaps. During the third quarter of fiscal 2025, in connection with the issuance of the May 2025 Notes, we entered into interest rate swaps with an aggregate notional amount of $1.5 billion, which are designated as fair value hedges and allow us to effectively convert all of our fixed-rate payments due under the May 2025 Notes into floating-rate payments. We entered into these agreements, in part, to manage interest rate risk associated with our cash equivalents and marketable securities, in addition to changes in the fair value of our outstanding 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.


			Three Months Ended				Nine Months Ended
	June 29, 2025	June 23, 2024	June 29, 2025		June 23, 2024
Handsets (1)			$	6,328	$	5,899	$	20,831	$	18,766
Automotive (2)			984		811		2,904		2,012
IoT (internet of things) (3)			1,681		1,359		4,811		3,740


Total QCT revenues			$	8,993	$	8,069	$	28,546	$	24,518

(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: consumer (including personal computers (PCs), tablets, voice and music and extended reality (XR)), edge networking (including mobile broadband and wireless access points) and industrial (including handhelds, retail, tracking and logistics and utilities).

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 29, 2025		June 23, 2024		June 29, 2025		June 23, 2024
Revenues recognized from previously satisfied performance obligations	$	189	$	163	$	691	$	364

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.

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 29, 2025		June 23, 2024		June 29, 2025		June 23, 2024

Customer/licensee (x)	21	%	18	%	21	%	20	%
Customer/licensee (y)	18		17		20		20
Customer/licensee (z)	13		11		13		13


Investment and Other Income, Net (in millions)
	Three Months Ended				Nine Months Ended
	June 29, 2025		June 23, 2024		June 29, 2025		June 23, 2024
Interest and dividend income	$	160	$	182	$	495	$	490
Net gains on marketable securities	204		8		241		16
Net gains on other investments	5		10		30		170

Net gains on deferred compensation plan assets	84		26		65		153
Impairment losses on other investments	(52)		(5)		(93)		(66)



Other	(43)		5		10		5
	$	358	$	226	$	748	$	768

Discontinued Operations. On June 1, 2023, SSW Partners completed the sale of Veoneer’s Active Safety business to Magna International Inc. for net cash proceeds of $1.5 billion. On March 1, 2024, SSW Partners completed the sale of Veoneer’s Restraint Control Systems business (collectively with the Active Safety business, the Non-Arriver businesses) to American Industrial Partners Capital Fund VII. Through the date of disposition by SSW Partners, the results of operations and cash flows of Veoneer’s Non-Arriver businesses are presented as discontinued operations. Cash flows from investing and financing activities from discontinued operations reported for the periods presented were not material.