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Qualcomm cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q4 FY26

Operating cash flow$2.7B
Capital spending−$916M
Free cash flow+$1.8B
Cash / net income2.2×

Analysis

In Q4 FY26, Qualcomm generated $2.7B of operating cash flow and spent $916M on capital projects, leaving free cash flow of $1.8B.

Operating cash flow was $2.7B against net income of $1.3B — 2.2× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$873M, receivables +$479M, depreciation & amortization +$428M.

Free cash flow

Qualcomm: free cash flow by quarterQualcomm: free cash flow by quarter$4.3BQ1 FY25$2.3BQ2 FY25$2.6BQ3 FY25$3.6BQ4 FY25$4.4BQ1 FY26$1.9BQ2 FY26$495MQ3 FY26$1.8BQ4 FY26
Operating cash flow less capital spending.
Qualcomm: operating cash flow against capital spendingQualcomm: operating cash flow against capital spendingOperating cash flowCapital spending$4.6B$277MQ1 FY25$2.6B$214MQ2 FY25$2.9B$294MQ3 FY25$4.0B$407MQ4 FY25$5.0B$549MQ1 FY26$2.4B$533MQ2 FY26$991M$496MQ3 FY26$2.7B$916MQ4 FY26
Latest (Q4 FY26): Operating cash flow $2.7B, Capital spending $916M.

Capital allocation, year by year

Qualcomm: where the cash came from (up) and went (down), by fiscal yearQualcomm: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $9.1BFY22: Net borrowing −$66.0MFY22: Shares issued $356MFY22: Asset sales $5.0MFY22: Capital spending −$2.3BFY22: Buybacks −$3.1BFY22: Dividends −$3.2B$9.5BFY22FY23: Operating cash flow $11.3BFY23: Net borrowing $1.4BFY23: Shares issued $434MFY23: Asset sales $127MFY23: Capital spending −$1.4BFY23: Buybacks −$3.0BFY23: Dividends −$3.5B$13.2BFY23FY24: Operating cash flow $12.2BFY24: Shares issued $383MFY24: Asset sales $10.0MFY24: Capital spending −$1.0BFY24: Buybacks −$4.1BFY24: Dividends −$3.7B$12.6BFY24FY25: Operating cash flow $14.0BFY25: Net borrowing −$998MFY25: Shares issued $404MFY25: Asset sales $14.0MFY25: Capital spending −$1.2BFY25: Buybacks −$8.8BFY25: Dividends −$3.8B$14.4BFY25FY26: Operating cash flow $11.1BFY26: Net borrowing $497MFY26: Shares issued $224MFY26: Capital spending −$2.5BFY26: Buybacks −$7.8BFY26: Dividends −$3.9B$11.9BFY26
Over these 5 years operating cash flow totalled $57.8B; the largest uses were buybacks ($26.8B) and dividends ($18.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.7B
Debt$13.1B
Net debt$5.4B
Due within a year$2.0B

Qualcomm funds itself: free cash flow was — over the last twelve months, and $7.7B of cash and investments stands against $13.1B of debt ($2.0B due within a year, 3.8× covered by cash).

Qualcomm: debt maturities by year (FY26)Qualcomm: debt maturities by year (FY26)$2.0BYear 1$962MYear 2$1.7BYear 4$10.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $7.7B of cash and investments now.

Where the cash came from and went

Qualcomm: sources (+) and uses (−) of cash, Q4 FY26Qualcomm: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$2.7BBuybacks−$1.0BDividends−$986MCapital spending−$916MOther investing$525MTaxes on employees’ shares−$246MCash drawn (+) / kept (−)−$103MOther financing−$9.0MExchange rates$3.0MNet borrowing (+) / repaid (−)$2.0MShares issued$1.0M

From profit to cash

Qualcomm: net income to operating cash flow, Q4 FY26Qualcomm: net income to operating cash flow, Q4 FY26Net income$1.3BDepreciation & amortization$428MStock-based pay$873MGains on investments$181MOther non-cash$32.0MReceivables$479MInventory−$251MPayables−$152MAccrued liabilities$155MPrepaid and other assets−$91.0MOperating cash flow$2.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$2.7B−$916M−$1.0B−$986M$2.0M$1.0M−$103M$1.8B
Q3 FY26$991M−$496M−$1.4B−$973M−$1.0M$223M$902M$495M
Q2 FY26$2.4B−$533M−$2.8B−$946M$496M—$1.8B$1.9B
Q1 FY26$5.0B−$549M−$2.6B−$949M——$638M$4.4B
Q4 FY25$4.0B−$407M−$2.4B−$957M—$203M−$72.0M$3.6B
Q3 FY25$2.9B−$294M−$2.8B−$968M——−$568M$2.6B
Q2 FY25$2.6B−$214M−$1.7B−$938M——$1.5B$2.3B
Q1 FY25$4.6B−$277M−$1.8B−$942M——−$864M$4.3B

Qualcomm: income statement and cash flow

Qualcomm, Q4 FY26: revenue $10.3B (-8% year over year), operating margin 13.1%. The chart follows the revenue to costs, profit and cash.

Qualcomm: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.