퀄컴(QCOM) 2025.12 분기보고서 리스크 변화

이번 보고서

2025.12 분기보고서

10-Q · 기간 말 2025. 12. 28. · 제출 2026. 2. 4.

비교 기준

2025 연차보고서

10-K · 기간 말 2025. 9. 28.

SEC 원문 ↗

새 리스크 항목

신규 문단

수정 문단

삭제

분량 변화

AI 한국어 요약

한 줄 요약

OECD 글로벌 최저한세(Pillar Two) 관련 세금 리스크 문단이 삭제된 것 외에는 의미 있는 변화가 없습니다.

주목할 변화

삭제OECD BEPS·Pillar Two 세제 변화 리스크'세금 부담이 실적에 악영향을 줄 수 있다'는 항목에서 OECD의 국가별 15% 최저한세(Pillar Two)와 추가 국제 조세 원칙 변경 가능성을 다룬 문단이 통째로 빠졌습니다. 삭제된 원문은 "imposes a minimum tax of 15% in each taxing jurisdiction", "may increase tax uncertainty"입니다. 상위 항목인 "Tax liabilities could adversely affect our results of operations."는 그대로 남아 있습니다. 삭제 이유는 공시에 나와 있지 않습니다.

※ ESG 관련 문장의 '삭제'는 직전 보고서에서 둘로 쪼개져 있던 문장이 하나로 합쳐진 것입니다. 내용은 그대로입니다. 나머지 변경도 연간보고서를 분기보고서로 바꾼 표기와 주석 번호 변경(Note 7 → Note 5) 같은 형식 수정입니다.

읽는 법

이번 분기 리스크 요인은 사실상 직전 10-K와 같아서, 회사가 새로 인식한 사업 리스크는 없다고 볼 수 있습니다. 다만 OECD 최저한세 문단이 빠졌다고 해서 해외 세제 리스크가 사라졌다고 단정하기는 어렵습니다. 세금 리스크라는 상위 항목은 여전히 남아 있습니다. 회사가 이 부분을 어떻게 판단하고 있는지는 같은 10-Q의 법인세 관련 주석이나 경영진 논의(MD&A)를 함께 확인해 보는 것이 좋습니다.

원문 비교

수정
You should consider each of the following factors in evaluating our business and our prospects, any of which could negatively impact our business, results of operations, cash flows and financial condition, and require significant management time and attention. Further, the risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not presently known to us or that we currently consider immaterial may also negatively impact our business, results of operations, cash flows and financial condition, and require significant management time and attention. In such cases, the trading price of our common stock could decline. You should also consider the other information set forth in this ~~Annual~~ Quarterly Report in evaluating our business and our prospects, including but not limited to our financial statements and the related notes, and “Part ~~II,~~ I, Item 7. 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.” References to “and,” “or” and “and/or” should be read to include the others, as appropriate.
수정We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices. If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected.
We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices, and we expect this trend to continue in the foreseeable future. The mobile industry is experiencing and may continue to experience concentration of device share among a few companies, particularly at the premium tier, contributing to this trend. Certain Chinese original equipment manufacturers (OEMs) have increased and may continue to increase their device share in China and in certain regions outside of China, and we derive a significant portion of our revenues from a small number of these OEMs as well. See also “Notes to Condensed Consolidated Financial Statements, Note 2. Composition of Certain Financial Statement Items - Concentrations.”
수정RISKS RELATED TO NEW INITIATIVES
If our products fail to perform to specifications, compete with the product quality of our competitors or meet quality or regulatory standards (including product safety and information security standards, which may differ by region, geography and industry, and which are particularly stringent in the automotive industry) or other standards (including sustainability or other ESG-related standards) of a particular industry or application, we may be unable to successfully expand our business in that industry or application, and our growth could be limited.
수정Our business and operations could suffer in the event of security breaches of our IT systems, or other misappropriation of our technology, intellectual property or other proprietary or confidential information.
Although we maintain a cybersecurity program to manage cybersecurity risks, as described in the “Cybersecurity” section of ~~this~~ our 2025 Annual ~~Report,~~ Report on Form 10-K, we cannot anticipate, detect, repel or guarantee the effectiveness of our preventative measures against all cybersecurity threats, particularly because the techniques used are increasingly sophisticated and constantly evolving. For example, as AI continues to evolve, cyber-attackers could also use AI to develop malicious code and increasingly sophisticated phishing attempts. Like many companies, we have encountered, and may continue to encounter, intrusions and attempts to gain unauthorized access to our IT systems or other attacks and incidents, and we have had third-party service providers who have encountered intrusions and may continue to encounter intrusions. In some cases, we might be unaware of an incident or its magnitude and effects. As part of our cybersecurity program, we seek to identify and remediate vulnerabilities in our IT systems and software (including third party software used in our IT systems) that could be exploited by hackers or other malicious actors. However, we may not be aware of all such vulnerabilities, and we may fail to identify and/or remediate such vulnerabilities before they are exploited.
수정Our business may suffer as a result of adverse rulings in governmental investigations or proceedings or other legal proceedings.
We have been in the past and currently are subject to various governmental investigations and/or legal proceedings. Certain of these matters are described in this ~~Annual~~ Quarterly Report in “Notes to Condensed Consolidated Financial Statements, Note 7. 5. Commitments and Contingencies.” Key allegations or findings in such matters include or have in the past included, among others: that we violate FRAND licensing commitments by refusing to grant licenses to chipset manufacturers; that our royalty rates are too high; that the base on which our royalties are calculated should be something less than the wholesale (i.e., licensee’s) selling price of the applicable device (minus certain permitted deductions); that we unlawfully require customers to execute a patent license before we sell them cellular modem chipsets; that we have entered into exclusive agreements with chipset customers that foreclose competition; that we leverage our position in baseband chipsets in the RFFE space; and that we violate antitrust laws and engage in anticompetitive conduct and unfair methods of competition. We may become subject to other litigation or governmental investigations or proceedings in the future.
수정Claims by third parties that we infringe their intellectual property could adversely affect our business.
From time to time, third parties have asserted, and may again assert, patent, copyright, trademark or other intellectual property claims against us relating to our technologies or products, including those we have acquired from other companies. These claims have resulted and may again result in our involvement in litigation, and we are currently involved in such litigation, including certain matters described in this ~~Annual~~ Quarterly Report in “Notes to Condensed Consolidated Financial Statements, Note 7. 5. Commitments and Contingencies.” We may not prevail in such litigation given, among other factors, the complex technical issues and inherent uncertainties in intellectual property litigation. Additionally, our increasing use of AI technologies for productivity and in our products and services may expose us to copyright infringement or other intellectual property misappropriation claims. If any of our products were found to infringe another party’s intellectual property, we could be subject to an injunction or be required to redesign our products, or to license such intellectual property or pay damages or other compensation to such other party (any of which could be costly). If we are unable to redesign our products, license such intellectual property used in our products or otherwise distribute our products (e.g., through a licensed supplier), we could be prohibited from making and selling our products. Similarly, our suppliers could be found to infringe another party’s intellectual property, and such suppliers could then be enjoined from providing products or services to us.
삭제RISKS RELATED TO NEW INITIATIVES
ESG-related standards) of a particular industry or application, we may be unable to successfully expand our business in that industry or application, and our growth could be limited.
삭제Tax liabilities could adversely affect our results of operations.
Further changes in the tax laws of foreign jurisdictions could arise as a result of the base erosion and profit shifting (BEPS) project that was undertaken by the Organization for Economic Co-operation and Development (OECD). The OECD, representing a coalition of member countries, has made certain changes, including the Pillar Two framework, which imposes a minimum tax of 15% in each taxing jurisdiction. The OECD is contemplating additional changes to numerous long-standing tax principles. These changes, if and as adopted by countries, may increase tax uncertainty and may adversely affect our provision for income taxes, results of operations and cash flows.
사소We derive a significant portion of our revenues from a small number of customers and licensees, and particularly from their sale of premium-tier handset devices. If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected.
The loss of any one of our significant customers, a reduction in the purchases of our products by any of these customers or the cancellation of significant purchases by any of these customers, whether due to the use of their own integrated circuit products or our competitors’ integrated circuit products, government restrictions, a decline in global, regional or local economic conditions, a decline in consumer demand (or a shift in consumer demand away from new devices in favor of refurbished or secondhand devices) or ~~otherwise,~~ for any other reasons, would reduce our revenues and could harm our ability to achieve or sustain expected results of operations. A delay of significant purchases, even if only temporary, would reduce our revenues in the period of the delay. Any such reduction in revenues would also impact our cash resources available for other purposes, such as research and development. In addition, the timing and size of purchases by our significant customers may be impacted by the timing of such customers’ new or next generation product introductions, over which we have no control, and the timing and success of such introductions may cause our revenues and results of operations to fluctuate. We spend a significant amount of engineering and development time, funds and resources in understanding our key customers’ feedback and/or specifications and attempt to incorporate such input into our product launches and technologies. These efforts may not require or result in purchase commitments from such customers or we may have lower purchases from such customers than expected, and consequently, we may not achieve the anticipated revenues from these efforts, or these efforts may result in non-recoverable costs. Further, the concentration of device share among a few companies, and the corresponding purchasing power of these companies, may result in lower prices for our products, which could have an adverse effect on our revenues and margins.