December 20, 2025 — With U.S. markets closed for the weekend, the latest read on QUALCOMM Incorporated (NASDAQ: QCOM) comes from Friday’s session: QCOM last closed at $175.25 and traded modestly higher in after-hours. [1]
That price point sits at an interesting intersection for investors: Qualcomm is finishing 2025 with a stronger-than-usual run, expanding its “beyond smartphones” narrative, and stacking near-term catalysts (including a major acquisition and the next earnings cycle) against a valuation that commentators argue has become far less forgiving.
Below is a comprehensive roundup of the most current Qualcomm stock news, forecasts, and market analysis available as of 20.12.2025, along with what it may mean heading into 2026.
Qualcomm stock price today: where QCOM stands heading into the weekend
- Last close (Dec. 19, 2025): $175.25 (+0.61%)
- After-hours (Dec. 19, 2025): $175.75
- Dec. 19 trading range: open $174.44 / high $177.19 / low $174.20
- Dec. 19 volume: ~23.83 million shares [2]
MarketBeat’s snapshot also frames the recent volatility: QCOM has recently traded between a 12‑month low of $120.80 and a 12‑month high of $205.95. [3]
The biggest Qualcomm stock news driving attention on December 20, 2025
1) Qualcomm’s Alphawave Semi acquisition is reframing the “next act” story
One of the most consequential late‑December developments is Qualcomm’s push deeper into data center infrastructure and connectivity IP.
Industry coverage this week highlighted Qualcomm’s $2.4 billion Alphawave Semi acquisition, positioning the deal as an effort to absorb a portfolio that includes custom silicon, high‑speed connectivity solutions, and chiplets—assets increasingly viewed as core building blocks for scaling AI and advanced compute platforms. [4]
Why this matters for QCOM stock:
For years, Qualcomm’s multiple has often been tethered to the smartphone cycle. The market tends to pay higher valuations for semiconductor names with credible exposure to structural growth categories—especially data centers and AI infrastructure. A deal that expands Qualcomm’s IP and product reach into that stack can change how investors model both growth durability and cyclicality risk.
2) Institutional ownership headlines (and why they matter, even if they’re not “catalysts”)
A MarketBeat report dated December 20, 2025 noted that KMG Fiduciary Partners increased its Qualcomm position by 3.1% in Q3, ending the quarter with 95,245 shares valued around $15.845 million (per that firm’s filing). [5]
On its own, a single 13F-related item rarely moves a mega-cap semiconductor name. But clusters of institutional adds can support a stock’s floor—particularly when investors are debating whether a higher valuation is “earned” or “stretched.”
3) Insider selling: CFO/COO Akash Palkhiwala’s Form 4 is in focus
Insider activity is often misunderstood (sales can be routine, planned, and tax-related), but it still becomes part of the narrative when a stock has rallied.
A Form 4 filed December 19, 2025 shows Qualcomm EVP, CFO & COO Akash J. Palkhiwala executed multiple sales across December 18–19, 2025, totaling 12,538 shares, and the filing indicates the trades were made pursuant to a Rule 10b5‑1 trading plan adopted in November 2024. [6]
How investors typically interpret this:
- Neutral-to-mild negative in the very short term (it can reinforce a “profit taking” storyline).
- Potentially less meaningful if clearly structured under a 10b5‑1 plan, which the filing explicitly flags. [7]
A separate MarketBeat roundup also emphasized that insider selling has been notable across a 90‑day window (as tracked by that service), a point traders sometimes watch when momentum names start to reprice. [8]
Qualcomm earnings and fundamentals: the latest official numbers and what they imply for valuation
Qualcomm’s most recent official earnings update (for fiscal Q4 and fiscal year 2025) helps explain why the market has been willing to re-rate the stock.
Q4 FY2025 results (ended Sept. 28, 2025)
Qualcomm reported:
- Revenue: $11.27B (up 10% YoY)
- Non‑GAAP EPS: $3.00 (up from $2.69 YoY)
- GAAP EPS: ($2.89), reflecting a large GAAP-only impact described below [9]
The GAAP vs. non‑GAAP gap: a major tax-related swing
Qualcomm stated that enactment of recent U.S. tax legislation resulted in a non‑cash $5.7 billion charge (about $5.29 per share) in fiscal Q4 2025 to establish a valuation allowance against U.S. federal deferred tax assets, and that this charge was excluded from non‑GAAP metrics while impacting GAAP results. [10]
For investors, the key practical takeaway is that headline GAAP profitability in that quarter is not the cleanest “operating performance” signal—so many analysts and market participants focus more heavily on the non‑GAAP view, while still tracking cash tax and policy impacts going forward.
Full fiscal year 2025 highlights
Qualcomm reported:
- GAAP revenue: $44.284B
- GAAP EPS: $5.01
- Non‑GAAP EPS: $12.03 [11]
Q1 FY2026 guidance: the company’s near-term “forecast anchor”
Qualcomm’s outlook for the next quarter (Q1 FY2026) included:
- Revenue: $11.8B to $12.6B
- QCT revenue: $10.3B to $10.9B
- QTL revenue: $1.4B to $1.6B
- Non‑GAAP diluted EPS: $3.30 to $3.50 [12]
In practice, this guidance range tends to matter as much as (or more than) the prior quarter print—because it sets the bar for how much the market should pay for the stock’s next 90 days of execution.
Capital return: dividends and buybacks remain a core part of the QCOM thesis
Qualcomm has long appealed to investors looking for a blend of growth exposure and shareholder returns.
From the company’s fiscal Q4 FY2025 earnings release:
- Q4 FY2025 repurchases: 16 million shares for $2.443B
- Q4 FY2025 dividends paid:$0.89 per share (about $957M in total)
- FY2025 repurchases: 56 million shares for $8.791B
- FY2025 dividends paid:$3.48 per share (about $3.805B total) [13]
That capital return profile also aligns with third‑party long-horizon analysis: a Trefis note this week estimated Qualcomm has returned $87 billion to shareholders over the last decade via dividends and buybacks (a figure intended as a historical perspective, not a forward guarantee). [14]
Wall Street forecasts for Qualcomm stock: consensus rating and price targets as of Dec. 20, 2025
Across mainstream aggregation of analyst calls, Qualcomm’s consensus skews positive but not euphoric—especially after the stock’s rally.
MarketBeat’s current snapshot shows:
- Consensus rating: “Moderate Buy”
- 21 analysts tracked: 13 Buy, 7 Hold, 1 Sell
- Average 12‑month price target: $192.94
- Range: $155 (low) to $225 (high) [15]
Recent named calls and target changes cited this week
A MarketBeat roundup also listed several notable target updates (timed around the post‑earnings period), including:
- Piper Sandler raising its target to $200 (Overweight)
- Bank of America raising its target to $215 (Buy)
- Wells Fargo raising its target to $165 (Underweight) [16]
These splits illustrate the current debate: how much of Qualcomm’s re‑rating is deserved (given diversification into automotive/IoT/data center ambitions) versus how much is simply multiple expansion that requires flawless execution to sustain.
Options and trader positioning: “mixed-to-modestly bullish” tone
For investors who watch shorter-term sentiment, an options note carried by TipRanks (TheFly) described:
- Options volume relatively light
- Calls leading puts, with a put/call ratio of 0.38 vs a “typical” level near 0.53
- Implied volatility (IV30) around 28.93, with an expected daily move estimated at $3.18
- Skew “flattened,” suggesting a modestly bullish tone [17]
Options metrics can change quickly (and can be noisy), but they’re useful for understanding whether traders are positioning for a sharp move—or staying cautious near year-end.
The key analysis question for 2026: is Qualcomm’s valuation now a feature or a risk?
One of the most widely-circulated late‑week takes argues Qualcomm’s multiple has risen to levels not seen in many years, forcing investors to ask a new question: Is QCOM still a “discount semis” name—or has it earned a new category?
A widely syndicated analysis piece published Dec. 19 noted the stock’s strong year and emphasized that a higher multiple can be interpreted in two opposite ways:
- Bull case: the market is finally pricing Qualcomm as a more diversified semiconductor platform (not merely a handset cycle proxy)
- Bear case: the bar is now high, and any stumble could be punished more aggressively than in the past [18]
This framing matters because, at ~$175, investors are no longer buying a “forgotten” tech value play—they’re buying a company the market is actively re-assessing.
What to watch next: the catalysts that could move Qualcomm stock in early 2026
1) The next earnings date
MarketBeat estimates Qualcomm’s next earnings report around February 4, 2026 (after market close) based on prior scheduling patterns. [19]
2) Execution against Q1 FY2026 guidance
Investors will focus on whether Qualcomm can land within (or above) its guided ranges for:
- revenue ($11.8B–$12.6B)
- non‑GAAP EPS ($3.30–$3.50) [20]
3) Integration and strategic clarity around the Alphawave Semi assets
If investors begin to see Qualcomm articulate a clearer product roadmap—and revenue opportunities—around high‑speed connectivity and chiplet strategies tied to data centers, the market may be more willing to “underwrite” the re‑rating. [21]
4) Insider/institutional flows
Insider sales (even when planned) and institutional positioning updates can become sentiment accelerants when a stock is near the top of its annual range. [22]
Bottom line for Qualcomm stock on December 20, 2025
As of 20.12.2025, Qualcomm stock (QCOM) is being pulled by two strong forces at once:
- Fundamental and narrative tailwinds: record QCT momentum in FY2025, shareholder returns, and a strategic push into higher-growth compute infrastructure categories (with acquisitions reinforcing that story). [23]
- Valuation sensitivity: with QCOM near $175 and consensus targets implying more modest upside, investors are increasingly pricing in “clean execution,” making the next earnings window and 2026 roadmap clarity more important than usual. [24]
References
1. stockanalysis.com, 2. stockanalysis.com, 3. www.marketbeat.com, 4. www.itpro.com, 5. www.marketbeat.com, 6. www.sec.gov, 7. www.sec.gov, 8. www.marketbeat.com, 9. s204.q4cdn.com, 10. s204.q4cdn.com, 11. s204.q4cdn.com, 12. s204.q4cdn.com, 13. s204.q4cdn.com, 14. www.trefis.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. www.tipranks.com, 18. www.nasdaq.com, 19. www.marketbeat.com, 20. s204.q4cdn.com, 21. www.itpro.com, 22. www.sec.gov, 23. s204.q4cdn.com, 24. www.marketbeat.com
