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Composition of Certain Financial Statement Items
 12 Months Ended
Sep. 28, 2025
Balance Sheet Related Disclosures [Abstract]  
Composition of Certain Financial Statement Items Composition of Certain Financial Statement Items
Accounts Receivable (in millions)
September 28,
2025		September 29,
2024
Trade, net of allowances for doubtful accounts $2,855 $2,347 
Unbilled1,443 1,546 
Other17 36 
$4,315 $3,929 
Inventories (in millions)
September 28,
2025		September 29,
2024
Raw materials$336 $340 
Work-in-process3,985 3,497 
Finished goods2,205 2,586 
$6,526 $6,423 
Property, Plant and Equipment (in millions)
September 28,
2025		September 29,
2024
Land$168 $169 
Buildings and improvements1,915 1,888 
Computer equipment and software2,165 2,022 
Machinery and equipment9,360 8,647 
Furniture and office equipment148 139 
Leasehold improvements594 550 
Construction in progress154 126 
14,504 13,541 
Less accumulated depreciation and amortization(9,814)(8,876)
$4,690 $4,665 
Depreciation and amortization expense related to property, plant and equipment for fiscal 2025, 2024 and 2023 was $1.3 billion, $1.4 billion and $1.4 billion, respectively.
Goodwill and Other Intangible Assets. We allocate goodwill to our reporting units for impairment testing purposes. The following table presents the goodwill allocated to our segments, as described in Note 8, as well as the changes in the carrying amounts of goodwill during fiscal 2025 and 2024 (in millions):
QCTQTLTotal
Balance at September 24, 2023
$9,909 $733 $10,642 
Acquisitions126 — 126 
Foreign currency translation adjustments30 1 31 
Balance at September 29, 2024 (1)
10,065 734 10,799 
Acquisitions526 — 526 
Foreign currency translation adjustments32 1 33 
Balance at September 28, 2025 (1)
$10,623 $735 $11,358 
(1) Cumulative goodwill impairments were $812 million at both September 28, 2025 and September 29, 2024.
The components of other intangible assets, net were as follows (in millions):
September 28, 2025September 29, 2024
Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)		Gross Carrying
Amount		Accumulated
Amortization		Weighted-average amortization period
(years)
Technology-based$2,553 $(1,421)9$2,498 $(1,275)9
Other70 (54)1169 (48)11
$2,623 $(1,475)9$2,567 $(1,323)9
All of these intangible assets are subject to amortization, other than acquired in-process research and development which had no balance at September 28, 2025 and a carrying value of $188 million at September 29, 2024. Amortization expense related to these intangible assets was $321 million, $311 million and $418 million for fiscal 2025, 2024 and 2023, respectively. At September 28, 2025, amortization expense related to other intangible assets is expected to be $331 million, $241 million, $200 million, $155 million and $118 million for each of the five years from fiscal 2026 through 2030, respectively, and $103 million thereafter.
Equity Method and Non-marketable Equity Investments. The carrying values of our equity method and non-marketable equity investments are recorded in other assets and were as follows (in millions):
September 28,
2025		September 29,
2024
Equity method investments$163 $154 
Non-marketable equity investments (1)
1,216 1,187 
$1,379 $1,341 
(1) Cumulative unrealized gains were $394 million and $370 million at September 28, 2025 and September 29, 2024, respectively. Cumulative unrealized losses, including impairments, were $457 million and $385 million at September 28, 2025 and September 29, 2024, respectively.
Other Current Liabilities (in millions)
September 28,
2025		September 29,
2024
Customer incentives and other customer-related liabilities$1,948 $2,480 
Income taxes payable1,007 1,080 
Other1,201 865 
$4,156 $4,425 
Revenues. We disaggregate our revenues by segment (Note 8), by products and services (as presented on our consolidated statements of operations), and for our QCT 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 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):
202520242023
Handsets (1)$27,793 $24,863 $22,570 
Automotive (2)3,957 2,910 1,872 
IoT (internet of things) (3)6,617 5,423 5,940 
Total QCT revenues$38,367 $33,196 $30,382 
(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 ADAS/AD.
(3) Primarily includes products sold for use in the following industries and applications: consumer (including PCs, XR and other personal computing devices), 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 QTL royalty revenues recognized related to devices sold in prior periods (including revenues resulting from certain settlements and adjustments to prior period royalty estimates, which includes the impact of the reporting by our licensees of actual royalties due) and were as follows (in millions):
202520242023
Revenues recognized from previously satisfied performance obligations
$783 $558 $598 
Remaining performance obligations, which are primarily included in unearned revenues (as presented on our consolidated balance sheet), 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 terms expiring at varying dates 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 (Qualcomm Technology Licensing) 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:
202520242023
Customer/licensee (x)
21%22%27%
Customer/licensee (y)
201921
Customer/licensee (z)
1312*
* Less than 10%
We rely on sole- or limited-source suppliers for some products, particularly products in our QCT segment, subjecting us to possible shortages of raw materials or manufacturing capacity. The loss of a supplier or the inability of a supplier to meet performance or quality specifications or delivery schedules could harm our ability to meet our delivery obligations and/or negatively impact our revenues, business operations and ability to compete for future business.
Other Income, Costs and Expenses. Other expenses in fiscal 2025 consisted of $39 million in restructuring and restructuring-related charges.
Other expenses in fiscal 2024 consisted primarily of $107 million in restructuring and restructuring-related charges (substantially all of which related to severance costs) and a $75 million charge related to the settlement of a securities class action lawsuit.
Other expenses in fiscal 2023 consisted of $712 million in total restructuring and restructuring-related charges (substantially all of which related to severance costs, resulting from certain cost reduction actions committed to in fiscal 2023) and a $150 million intangible asset impairment charge related to in-process research and development.
Discontinued Operations. In fiscal 2022, we and SSW Partners, a New York-based investment partnership, entered into and closed a definitive agreement to acquire Veoneer, Inc. (Veoneer). Total cash consideration paid in the transaction was $4.7 billion. We acquired Veoneer’s Arriver business and SSW Partners retained Veoneer’s Tier-1 automotive supplier businesses, primarily consisting of the Active Safety and the Restraint Control Systems businesses (the Non-Arriver businesses), with the intent to sell such businesses in multiple transactions. In exchange for us funding substantially all of the cash consideration payable in the transaction, we obtained the right to receive a majority of the proceeds upon the sale of the Non-Arriver businesses by SSW Partners. 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 to American Industrial Partners Capital Fund VII. Although we did not own or operate the Non-Arriver businesses, we were the primary beneficiary, within the meaning of the FASB accounting guidance related to consolidation (ASC 810), of these businesses under the variable interest model, until sold by SSW. Factors considered in reaching this conclusion included, among others: (i) our involvement in the design of and our funding of substantially all of the total cash consideration payable in the transaction and (ii) our obligation to absorb losses and rights to receive returns from the Non-Arriver businesses. Accordingly, through the date of disposition by SSW Partners, the results of operations (including the gain or loss on sale, the amounts of which were not material) and cash flows of the Non-Arriver businesses are presented as discontinued operations, with the cash proceeds from those sales presented as investing activities.
Investment and Other Income, Net (in millions)
202520242023
Interest and dividend income$639 $675 $313 
Net gains on marketable securities
254 14 75 
Net gains on other investments44 175 21 
Net gains on deferred compensation plan assets
127 198 86 
Impairment losses on other investments(113)(79)(132)
Other21 (21)(14)
$972 $962 $349