Qualcomm

Balance sheet and cash generation are strong. As of June 29, 2025, long‑term debt was about $14.8 billion against cash and marketable securities of roughly $10.0 billion, implying net debt of about $4.8 billion, less than half of a single year’s free cash flow.

Nine‑month FY25 operating cash flow was $10.0 billion with capex of $0.8 billion, and we estimate last‑four‑quarter free cash flow near $11.7 to $11.8 billion. Interest coverage is ample, and cash returns to shareholders are funded by internally generated cash.