Slide 1: Qualcomm Incorporated
AIanw GFZ Qualcomm Incorp: orated
Slide 2: Note regarding forward-looking statements
Note regarding forward-looking statements In addition to historical information, this presentation contains forward-looking statements that are inherently subject to risks and uncertainties, including but not limited to statements regarding: our growth and diversification initiatives and opportuniti
Slide 3: Financial priorities
Financial priorities Accelerating revenue Diversification and entry Operating leverage Capital allocation and EPS growth into Data Center and scale and returns
Slide 4: Qualcomm transformation journey
Qualcomm LEADER IN transformation journey All edge devices Smartphones LEADER IN Processors Connectivity 2020–2025 BEFORE 2020
Slide 5: Qualcomm transformation journey
LEADER IN Qualcomm Edge and cloud transformation journey All edge devices LEADER IN All edge devices Smartphones 2026+ LEADER IN Processors Connectivity Positioned to lead agentic AI inflection across edge and cloud 2020–2025 BEFORE 2020
Slide 6: Revenue and earnings growth trend
LAST FIVE FISCAL YEARS Revenue and earnings $44.1B growth trend 2x GROWTH $12.03 $21.7B ~ 3x GROWTH $4.19 Historical performance FY20 FY25 FY20 FY25 validates growth strategy NON-GAAP REVENUES 1 NON-GAAP EPS 2 1. Non-GAAP information excludes our QSI (Qualcomm Strategic Initiatives) segment and cert
Slide 7: QCT growth and operating leverage
QCT growth and $38.4B $11.7B > 2x > 4x ANDROID HANDSET operating leverage 12% GROWTH GROWTH AUTOMOTIVE 44% $16.5B IOT Earnings grew 2x faster 16% $2.8B than revenue while FY20 FY25 FY20 FY25 investing in diversification REVENUES FIVE-YEAR REVENUE CAGRs EARNINGS BEFORE TAX Beginning in the first quar
Slide 8: Qualcomm businesses $1.7T TAM
Qualcomm businesses $1.7 T Android 2030 TAM Licensing Handsets Automotive IoT Data Center Diversification and growth priorities TAM: Total addressable opportunity. A combination of third-party and internal estimates, as of June 24, 2026.
Slide 9: Updated FY29 revenue targets
2024 INVESTOR DAY TA 2R0G 24E TI N 1 S VESTOR DAY TARGE 2T0S 1 26 INVESTOR DAY UPDATE Automotive $8B Automotive Automotive $8B $10B ~ 2x increase vs. prior Updated FY29 FY29 target revenue targets IoT IoT $14B IoT $14B $14B+ ~ 40% Data Center Data Center - - Data Center $15B+ 4-year CAGR FY25-FY29 T
Slide 10: Data Center: Our largest growth opportunity
Data Center: Our largest growth opportunity Creating a comprehensive roadmap to address expanding TAM Connectivity Custom silicon AI accelerator CPU FY26 Q1 FY27 2H FY27 2H FY28 $1T+ START OF REVENUE RAMP 2029 TAM $65B $115B $680B $200B 2029 TAM 2029 TAM 2029 TAM 2029 TAM
Slide 11: Data Center financial framework
$15B+ FY27 METRICS Data Center OPPORTUNITY OF CUSTOM SILICON > 5% Two hyperscaler customers of financial framework >$1B revenue each $5B Accretive to QCT 1 share of $1T+ TAM operating margin in 5–7 years AI ACCELERATOR AND CPU $0.3B Investment ahead of revenue ramp FY26e FY27 FY29 REVENUES Multiple
Slide 12: The platform of choice for the automotive industry
QUALCOMM COMPUTE CONTENT GROWTH SAM1 CONTENT PER CAR The platform of choice for ~8x $200–$3,000 the automotive industry GROWTH Gen 5 2026-2029 SAM GROWTH CAGR 15% Gen 4 QUALCOMM REVENUE GROWTH Significantly faster than SAM Gen 3 QUALCOMM CONTENT GROWTH DRIVERS FY22 FY24 FY26 Increased digital cockpi
Slide 13: Automotive design-win pipeline growth
Automotive design-win pipeline growth $65B $45B $65B $30B $13B $6.5B Design-win pipeline NOV 2019 NOV 2021 SEP 2022 MAY 2024 JUN 2026 Analyst Day Investor Day Auto Investor Day Q2 FY24 Earnings Investor Day The design-win pipeline reflects the current estimated future size of awarded automaker progr
Slide 14: Set to become the largest automotive silicon supplier
Set to become the largest GROWTH DRIVERS BEYOND FY29 automotive silicon supplier INVESTOR DAY 2026 $10B L2 à L4 AUTONOMY SoC + stack FY25 – FY29 CAGR INVESTOR DAY 2024 26% >$9B ROBOTAXIS FY29 REVENUE TARGET Multi-SoC INVESTOR DAY 2024 INCREASES FROM $8B AI TOKEN ACCELERATOR $4B $8B to $10B 2,000 TOP
Slide 15: IoT revenue growth
PERSONAL AI AND COMPUTE $14B+ PERSONAL AI $6B PERSONAL AI AND COMPUTE Agentic AI will drive the next inflection point for ~20% Smart glasses Mixed reality Earbuds Watch Emerging computing and new device categories CAGR IoT revenue PERSONAL COMPUTE growth PC Tablet Googlebook $7B $8B INDUSTRIAL, NETW
Slide 16: Personal AI: Global silicon and system leadership
Personal AI: Global silicon and system leadership PRODUCTS OEMs QUALCOMM GROWTH DRIVERS Camera New category of devices: Snapdragon is a clear leader with the broadest technology portfolio Perception AI Expanding global design win pipeline across traditional CLOUD OEMs, cloud companies and new entran
Slide 17: Personal Compute: Scaling Windows PC and beyond
Personal Compute: Scaling Windows PC and beyond SCALING ROADMAP ACROSS TIERS ECOSYSTEM AND GO-TO-MARKET MOMENTUM AGENTIC AI: THE NEXT COMPUTE INFLECTION FLAGSHIP CPU 150+ 7,300+ 3,000+ Industry performance leader across tiers, with multi- generation roadmap Design wins Applications Games enabled NPU
Slide 18: Industrial, Networking and Robotics: AI accelerating transformation
Industrial, Networking and Robotics: AI accelerating transformation FROM SILICON TO STACK AND PLATFORM CHANNELS QUALCOMM GROWTH DRIVERS Delivering edge intelligence for 1,000s of customers across verticals 200+ Hardware and tech solutions partners 38,000+ Unique customers $8B FY29 revenue target Sol
Slide 19: Fiscal 2029 financial model
REVENUE TARGETS OTHER KEY METRICS Non-handsets $40B QCT operating margin 1 30% Fiscal 2029 Automotive $10B QTL operating margin 70% financial model IoT $14B+ Non-GAAP Opex as % of revenues 2 19–20% Data Center $15B+ Non-GAAP tax rate ~13% Android handsets ~5% (FY26–29 CAGR) Licensing Scales with 4G
Slide 20: Accelerating semiconductor diversification
Accelerating semiconductor diversification FY25 FY27 FY29 target target Handsets will represent one third of QCT revenue in FY29 1 1. QCT revenue inclusive of Data Center revenue.
Slide 21: Capital allocation
Capital allocation 1 INVEST IN THE BUSINESS M&A STOCKHOLDER RETURNS BALANCE SHEET $43B 35+ $40B A2 / A non-GAAP Opex strategic acquisitions returned to stockholders stable rating 3 Maintain technology leadership Accelerate execution on growth priorities Capital return policy Strong balance sheet and
Slide 22: Realizing operating leverage while funding diversification
NON-GAAP OPEX FY20 TO FY25 NON-GAAP CAGRS NON-GAAP OPEX AS A % OF REVENUES Realizing operating Track record: Managing Opex while driving revenue growth Reduce long-term Opex as a % of revenues Incremental investments in Data Center roadmap leverage while funding 15% to support revenue ramp diversifi
Slide 23: Growth vectors beyond FY29
Data center Robotics Industrial AI Growth vectors Large TAM and product roadmap Extends Qualcomm into the next AI driving upgrade cycle across beyond FY29 adds significant new vector for growth frontier of physical AI industry verticals over the next decade ADAS / autonomy Personal AI 6G transition
Slide 24: Qualcomm investment case
Qualcomm Diversified revenue base across Handsets, investment case Data Center, Automotive and IoT Increasing FY29 non-handset revenue target from $22B to $40B Confidence in scaling non-GAAP EPS to >$18 in FY29 $100B+ annual revenue opportunity in 5–7 years
Slide 25: Thank you
Thank you Nothing in these materials is an offer to sell any of the References in this presentation to “Qualcomm” may mean Qualcomm Incorporated, Qualcomm components or devices referenced herein. Technologies, Inc., and/or other subsidiaries or business units within the Qualcomm corporate © Qualcomm
Slide 26: Note regarding use of Non-GAAP financial measures
Note regarding use of Non-GAAP financial measures The Non-GAAP financial measures presented herein should be considered in addition to, not as a substitute for or superior to, financial measures calculated in accordance with GAAP. In addition, “Non-GAAP” is not a term defined by GAAP, and as a resul
Slide 27: Reconciliations of GAAP to Non-GAAP financial measures
Reconciliations of GAAP to Non-GAAP financial measures Fiscal 2025 results Fiscal 2020 results Less Share- Less Share- (in millions, except GAAP Based Less Other Non-GAAP (in millions, except per share GAAP Based Less Other Non-GAAP per share data) Results Less QSI Compensation Items1 Results data)
Slide 28: Reconciliations of GAAP to Non-GAAP financial measures
Reconciliations of GAAP to Non-GAAP financial measures Revenues and Opex1 FY20 FY26e FY29 FY20 FY25 FY20 to FY25 FY20 FY25 FY20 to FY25 Opex as a % of Opex as a % of Opex as a % of (in millions, except percentages) Revenue Revenue Revenue CAGR Opex Opex Opex CAGR Revenue Revenue3 Revenue3 GAAP $23,5
Slide 29: Reconciliations of GAAP to Non-GAAP financial measures
Reconciliations of GAAP to Non-GAAP financial measures Cumulative Opex FY29 Tax Rate and EPS FY29 Earnings Per (in millions) Sum of FY21 – FY25 (in millions) FY29 Tax Rate2 Share (EPS)3 GAAP $55,384 GAAP ~12% >$14.50 Less QSI 67 Less QSI N/P N/P Less share-based compensation 11,283 Less share-based