What are the top risks for QUALCOMM INC/DE (QCOM)?

The top risks identified in the 10-Q filing are: Customer Concentration and Vertical Integration, Geopolitical Tensions (US-China), Supply Chain Dependence and Disruptions. The company faces high risks due to significant customer concentration, geopolitical tensions impacting its substantial China business, and critical supply chain dependencies on a limited number of suppliers. Intense competition and evolving technology also pose ongoing challenges.

QCOM - Comprehensive Filing Intelligence

FYNone•10-Q•Filed Feb 4, 2026

5.0/10

Filing Health:CAUTION

Notable concerns that warrant closer review

Executive Summary

Revenue and QCT/QTL segments saw modest growth, but net income declined due to increased operating expenses and lower gross margins.. Management anticipates headwinds from memory supply constraints and increased competition, including from Apple's in-house modem development.. Significant ongoing litigation with ParkerVision and Arm Ltd. poses material financial and operational risks.. QCT revenues increased due to higher handsets, automotive and IoT revenues.

Top Concerns

!Revenue and QCT/QTL segments saw modest growth, but net income declined due to increased operating expenses and lower gross margins.
!Management anticipates headwinds from memory supply constraints and increased competition, including from Apple's in-house modem development.
!The use of assumptions in determining QCT revenues by industry and application warrants scrutiny.
!The significant goodwill recorded ($2,210M) from the Alphawave acquisition requires careful monitoring for impairment.
!Significant ongoing litigation with ParkerVision and Arm Ltd. poses material financial and operational risks.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

7.0/10

Management tone is balanced with focus on decrease in qct gross margin percentage.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

7.0/10

Earnings quality shows moderate accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is high.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

3.0/10

Overall risk profile shows customer concentration and vertical integration as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

7.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.