Qualcomm (QCOM)
Designs Snapdragon computing platforms and licenses cellular patents across devices and vehicles.
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Qualcomm makes the small computers and radio parts inside phones, cars, factory gear and other connected devices, then earns again by licensing the wireless inventions behind them. Phones still dominate, while car systems are growing and server chips are the next bet. The licensing arm supplies outsized profit, but Apple’s shrinking chip purchases make diversification urgent.
Item facts: FY2025 · year ended Sep 28, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
5 in detail · 18 more below
Snapdragon Mobile and Snapdragon 5G Modem-RF
Apple, Samsung and Xiaomi each accounted for at least a tenth of company revenue. Apple’s chip contribution is stepping down, so premium Android wins increasingly decide how well this giant core holds up.
Competes with Dimensity 9500 (MediaTek) · Exynos 2600 (Samsung)
In plain English
Open a premium Android phone and Snapdragon is often the main computer inside. It runs apps, draws the screen, handles artificial-intelligence tasks and includes the radio that connects the phone to mobile networks; Qualcomm also sells that radio and supporting parts separately.
Phone makers choose Qualcomm for a device design, clear the parts for network use and pay for every chip shipped. That makes new-model wins and phone demand the volume dials. Apple is buying fewer Qualcomm radio chips, while memory shortages and weaker orders from Chinese manufacturers have recently pulled handset sales down.
QCT IoT (connected devices)
This broad connected-device line produced $6.62 billion in FY2025. The test is whether wins in factories, robots, laptops and glasses become shipments quickly enough to outweigh long replacement cycles and a soft PC market.
Competes with Jetson Thor (NVIDIA) · i.MX 95 (NXP Semiconductors) · Core Ultra Series 3 (Intel) · Vision Pro M5/R1 (Apple)
In plain English
The catch-all beyond phones and cars spans two worlds. Dragonwing supplies the small computers and connection parts inside robots, factory machines, cameras and network boxes. Snapdragon X, XR and Wear power laptops, headsets, glasses and wearable devices; sound, Wi-Fi and battery-control parts fill out the line.
A device maker builds one of these parts into its product and pays as units ship. Developer tools from Arduino, Edge Impulse and Qualcomm AI Hub help customers get from an experiment to something they can manufacture, but broad reach only matters when those projects turn into repeat orders.
Qualcomm Dragonfly
There were no disclosed FY2025 sales. Two large cloud operators have placed custom-chip orders and production has begun; the next proof point is first revenue expected in the December 2026 quarter.
Competes with Vera Rubin (NVIDIA) · Instinct MI400 Series (AMD)
In plain English
Dragonfly moves Qualcomm from pocket-sized computers into rooms full of them. It combines made-to-order silicon, general server processors, chips that speed up artificial-intelligence work and fast connections between machines. Modular software and Alphawave’s connection designs help turn those pieces into a usable system.
Very large cloud operators can pay for chips tailored to their own systems, while others can buy Qualcomm’s standard server parts. Meta anchors the server processor program, and HUMAIN is the first named buyer of the artificial-intelligence chips. Orders are real, but sales still depend on performance, customer approval and enough advanced memory and assembly capacity.
Qualcomm Technology Licensing
Licensing kept 72 cents of every FY2025 sales dollar as profit before tax, making it the quiet profit engine. Several major agreements come up for renewal through FY2031, so preserving their terms matters most.
Competes with Cellular patent licensing (Ericsson) · Nokia Technologies licensing (Nokia)
In plain English
This business sells permission, not chips. Qualcomm helped invent parts of the agreed radio rules that let phones connect to mobile networks, and device makers that use those inventions sign patent licenses.
Licensees report their device sales each quarter and pay Qualcomm a small slice of each device’s wholesale price, within agreed floors or caps. There is no factory bill attached to each royalty, which is why this much smaller revenue stream keeps most of what it collects. Its durability rests on enforceable patents, fair renewal terms and continued use of Qualcomm inventions in each wireless generation.
Snapdragon Digital Chassis
Automotive sales reached $3.96 billion in FY2025, up 36%. The long gap between a carmaker’s choice and production makes wins valuable but slow; watch whether awarded designs become vehicles on schedule.
Competes with DRIVE AGX Thor (NVIDIA) · EyeQ (Mobileye)
In plain English
Cars now need computers for the dashboard, mobile connection and systems that help the driver steer, brake and watch the road. Snapdragon Digital Chassis bundles chips and software for those jobs, giving carmakers a common set of building blocks.
An automaker or major parts supplier chooses the platform years before a vehicle reaches showrooms. Qualcomm earns as those cars enter production, so one design can keep shipping for years, but an announcement is only a promise until the factory starts. BMW is a lead customer, while Volkswagen and Stellantis programs point to later growth that still has to convert.
Snapdragon Mobile and Snapdragon 5G Modem-RFApple, Samsung and Xiaomi each accounted for at least a tenth of company revenue. Apple’s chip contribution is stepping down, so premium Android wins increasingly decide how well this giant core holds up.Apple, Samsung and Xiaomi each accounted for at least a tenth of company revenue. Apple’s chip contribution is stepping down, so premium Android wins increasingly decide how well this giant core holds up.
In plain English
Open a premium Android phone and Snapdragon is often the main computer inside. It runs apps, draws the screen, handles artificial-intelligence tasks and includes the radio that connects the phone to mobile networks; Qualcomm also sells that radio and supporting parts separately.
Phone makers choose Qualcomm for a device design, clear the parts for network use and pay for every chip shipped. That makes new-model wins and phone demand the volume dials. Apple is buying fewer Qualcomm radio chips, while memory shortages and weaker orders from Chinese manufacturers have recently pulled handset sales down.
Competes with Dimensity 9500 (MediaTek) · Exynos 2600 (Samsung)
QCT IoT (connected devices)This broad connected-device line produced $6.62 billion in FY2025. The test is whether wins in factories, robots, laptops and glasses become shipments quickly enough to outweigh long replacement cycles and a soft PC market.This broad connected-device line produced $6.62 billion in FY2025. The test is whether wins in factories, robots, laptops and glasses become shipments quickly enough to outweigh long replacement cycles and a soft PC market.
In plain English
The catch-all beyond phones and cars spans two worlds. Dragonwing supplies the small computers and connection parts inside robots, factory machines, cameras and network boxes. Snapdragon X, XR and Wear power laptops, headsets, glasses and wearable devices; sound, Wi-Fi and battery-control parts fill out the line.
A device maker builds one of these parts into its product and pays as units ship. Developer tools from Arduino, Edge Impulse and Qualcomm AI Hub help customers get from an experiment to something they can manufacture, but broad reach only matters when those projects turn into repeat orders.
Competes with Jetson Thor (NVIDIA) · i.MX 95 (NXP Semiconductors) · Core Ultra Series 3 (Intel) · Vision Pro M5/R1 (Apple)
Qualcomm DragonflyThere were no disclosed FY2025 sales. Two large cloud operators have placed custom-chip orders and production has begun; the next proof point is first revenue expected in the December 2026 quarter.There were no disclosed FY2025 sales. Two large cloud operators have placed custom-chip orders and production has begun; the next proof point is first revenue expected in the December 2026 quarter.
In plain English
Dragonfly moves Qualcomm from pocket-sized computers into rooms full of them. It combines made-to-order silicon, general server processors, chips that speed up artificial-intelligence work and fast connections between machines. Modular software and Alphawave’s connection designs help turn those pieces into a usable system.
Very large cloud operators can pay for chips tailored to their own systems, while others can buy Qualcomm’s standard server parts. Meta anchors the server processor program, and HUMAIN is the first named buyer of the artificial-intelligence chips. Orders are real, but sales still depend on performance, customer approval and enough advanced memory and assembly capacity.
Competes with Vera Rubin (NVIDIA) · Instinct MI400 Series (AMD)
Qualcomm Technology LicensingLicensing kept 72 cents of every FY2025 sales dollar as profit before tax, making it the quiet profit engine. Several major agreements come up for renewal through FY2031, so preserving their terms matters most.Licensing kept 72 cents of every FY2025 sales dollar as profit before tax, making it the quiet profit engine. Several major agreements come up for renewal through FY2031, so preserving their terms matters most.
In plain English
This business sells permission, not chips. Qualcomm helped invent parts of the agreed radio rules that let phones connect to mobile networks, and device makers that use those inventions sign patent licenses.
Licensees report their device sales each quarter and pay Qualcomm a small slice of each device’s wholesale price, within agreed floors or caps. There is no factory bill attached to each royalty, which is why this much smaller revenue stream keeps most of what it collects. Its durability rests on enforceable patents, fair renewal terms and continued use of Qualcomm inventions in each wireless generation.
Competes with Cellular patent licensing (Ericsson) · Nokia Technologies licensing (Nokia)
Snapdragon Digital ChassisAutomotive sales reached $3.96 billion in FY2025, up 36%. The long gap between a carmaker’s choice and production makes wins valuable but slow; watch whether awarded designs become vehicles on schedule.Automotive sales reached $3.96 billion in FY2025, up 36%. The long gap between a carmaker’s choice and production makes wins valuable but slow; watch whether awarded designs become vehicles on schedule.
In plain English
Cars now need computers for the dashboard, mobile connection and systems that help the driver steer, brake and watch the road. Snapdragon Digital Chassis bundles chips and software for those jobs, giving carmakers a common set of building blocks.
An automaker or major parts supplier chooses the platform years before a vehicle reaches showrooms. Qualcomm earns as those cars enter production, so one design can keep shipping for years, but an announcement is only a promise until the factory starts. BMW is a lead customer, while Volkswagen and Stellantis programs point to later growth that still has to convert.
Competes with DRIVE AGX Thor (NVIDIA) · EyeQ (Mobileye)
Named in filings, launches and programs
- Qualcomm DragonwingProduct line · RampingIndustrial and networking chips for robots, cameras, factory computers and gateways; management aims for $8 billion of annual sales in FY2029.
- Snapdragon X Series, Snapdragon XR and Snapdragon WearProduct line · RampingProcessors for laptops, headsets, glasses and wearables, grouped inside the connected-device line and targeted for $6 billion of FY2029 sales.
- Other consumer IoT and supporting connectivity productsProduct lineSound, Wi-Fi, Bluetooth, battery-control and other parts fill the remainder of the connected-device line.
- Qualcomm AI HubPlatformSoftware tools and ready-tuned models help developers run artificial intelligence directly on devices built with Qualcomm chips.
- Qualcomm Strategic InitiativesSegmentThe strategic investment arm had no FY2025 sales but contributed $180 million of profit before tax.
- Qualcomm Government TechnologiesBrandA U.S.-government technology business whose money is grouped with newer activities rather than broken out separately.
- ModularBrandAdds programming tools and cloud software that can run artificial intelligence across Qualcomm and rival chips.
- Alphawave SemiBrandAdds high-speed chip connections and custom-chip design skills needed to execute the Dragonfly server roadmap.
- Arduino–Edge Impulse developer ecosystemEcosystemHardware and artificial-intelligence building tools connect Qualcomm to tens of millions of developers and potential connected-device projects.
- 6G research and standards portfolioProduct · Pre-revenueResearch for the next wireless generation is intended to seed future chips and patent royalties; it has no separate sales today.
- Samsung multigeneration Snapdragon programCustomer programA continuing place in Samsung flagship phones helps defend Snapdragon volume as Apple chip purchases shrink.
- Xiaomi Snapdragon 8 programCustomer programA multi-year agreement covers several generations of premium phones, with planned unit volumes rising over time.
- BMW Digital Chassis programCustomer program · RampingQualcomm will supply lead computing chips for BMW’s next dashboard and driver-assistance programs into the next decade.
- Volkswagen intended Digital Chassis programCustomer program · AnnouncedA nonbinding plan covers entertainment, connectivity and core vehicle software; it is not yet a production award.
- Stellantis Digital Chassis programCustomer program · AnnouncedA collaboration supports the long-dated car pipeline, but sales wait for future Stellantis vehicles to enter production.
- HUMAIN Dragonfly deploymentCustomer program · RampingPlans to deploy Qualcomm chips that run already-trained artificial intelligence beginning in 2026; HUMAIN is Dragonfly’s first named AI-chip customer.
- Meta Dragonfly C1000 CPU programCustomer program · AnnouncedA multi-generation agreement for Dragonfly C1000 server processors, with availability planned for 2028.
- Two large cloud-operator custom-chip programsCustomer program · RampingTwo unnamed large cloud operators placed custom-chip orders; first sales are expected in the December 2026 quarter.
Qualcomm DragonwingProduct line · Ramping
Industrial and networking chips for robots, cameras, factory computers and gateways; management aims for $8 billion of annual sales in FY2029.
Snapdragon X Series, Snapdragon XR and Snapdragon WearProduct line · Ramping
Processors for laptops, headsets, glasses and wearables, grouped inside the connected-device line and targeted for $6 billion of FY2029 sales.
Other consumer IoT and supporting connectivity productsProduct line
Sound, Wi-Fi, Bluetooth, battery-control and other parts fill the remainder of the connected-device line.
Qualcomm AI HubPlatform
Software tools and ready-tuned models help developers run artificial intelligence directly on devices built with Qualcomm chips.
Qualcomm Strategic InitiativesSegment
The strategic investment arm had no FY2025 sales but contributed $180 million of profit before tax.
Qualcomm Government TechnologiesBrand
A U.S.-government technology business whose money is grouped with newer activities rather than broken out separately.
ModularBrand
Adds programming tools and cloud software that can run artificial intelligence across Qualcomm and rival chips.
Alphawave SemiBrand
Adds high-speed chip connections and custom-chip design skills needed to execute the Dragonfly server roadmap.
Arduino–Edge Impulse developer ecosystemEcosystem
Hardware and artificial-intelligence building tools connect Qualcomm to tens of millions of developers and potential connected-device projects.
6G research and standards portfolioProduct · Pre-revenue
Research for the next wireless generation is intended to seed future chips and patent royalties; it has no separate sales today.
Samsung multigeneration Snapdragon programCustomer program
A continuing place in Samsung flagship phones helps defend Snapdragon volume as Apple chip purchases shrink.
Xiaomi Snapdragon 8 programCustomer program
A multi-year agreement covers several generations of premium phones, with planned unit volumes rising over time.
BMW Digital Chassis programCustomer program · Ramping
Qualcomm will supply lead computing chips for BMW’s next dashboard and driver-assistance programs into the next decade.
Volkswagen intended Digital Chassis programCustomer program · Announced
A nonbinding plan covers entertainment, connectivity and core vehicle software; it is not yet a production award.
Stellantis Digital Chassis programCustomer program · Announced
A collaboration supports the long-dated car pipeline, but sales wait for future Stellantis vehicles to enter production.
HUMAIN Dragonfly deploymentCustomer program · Ramping
Plans to deploy Qualcomm chips that run already-trained artificial intelligence beginning in 2026; HUMAIN is Dragonfly’s first named AI-chip customer.
Meta Dragonfly C1000 CPU programCustomer program · Announced
A multi-generation agreement for Dragonfly C1000 server processors, with availability planned for 2028.
Two large cloud-operator custom-chip programsCustomer program · Ramping
Two unnamed large cloud operators placed custom-chip orders; first sales are expected in the December 2026 quarter.