QCOM · 10-K · 2026A · Full report

Apple Customer Exposure

QUALCOMM INC/DE · 2026-11-04 · Importance 44 · Surprise 24

Qualcomm expects continued intense competition, including vertical integration by Apple and Samsung. Apple already uses its internally developed modem in certain smartphones, and Qualcomm expects Apple to primarily use its own modem products rather than Qualcomm’s going forward. Management says this shift will have a significant negative impact on QCT revenue, results of operations and cash flows; the filing does not quantify the expected impact or provide a timeframe.

Key facts

• QUALCOMM INC/DE expects intense competition, including vertical integration by customers such as Apple and Samsung; Apple uses its own internally developed modem in certain smartphones and is expected primarily to use its own modems rather than QUALCOMM INC/DE products going forward, significantly negatively affecting QCT revenue, results and cash flows. source