The last printed quarter, three months ended 28 June 2026, is already public. Exhibit 99.1 went out on 29 July. The 10-Q followed the same day. Total net sales 9,947 million, down from 10,365 million. QCT 8,504 million against 8,993 million. Inside that silicon line: handsets 5,086 million against 6,328 million, down 20 percent. Automotive 1,588 million against 984 million. IoT 1,830 million against 1,681 million. QTL licensing revenues 1,278 million against 1,318 million, down 3 percent. Handsets were still the larger category. Handset chips at 5,086 million are the part. QTL at 1,278 million is the license. Automotive at 1,588 million is the third line. They are not one number.
Handset chips missed 20 percent. QTL moved 40 million dollars the other way.
The 10-Q splits recognition the same way. Substantially all of QCT is equipment, recognized at a point in time. Substantially all of QTL is licensing, recognized over time, and principally royalties generated through licensees' sales of mobile handsets. Qualcomm Incorporated holds the licensing business and the patent portfolio. Qualcomm Technologies, Inc. sells the branded parts. Snapdragon and Dragonwing platforms include processors and modems. Stand-alone Mobile Data Modems sit on the same QCT sentence, with radio-frequency, power, connectivity, and RFFE. That is the visit. QTL grants licenses, or otherwise provides rights to use, portions of the portfolio, including patent rights essential to and useful in the manufacture and sale of certain wireless products. That is the standard. The income-statement licensing line printed 1,472 million, flat with the year-ago quarter. QTL is 1,278 million. 1,472 million is the income-statement licensing line. 1,278 million is QTL. This page follows the QTL line.
Unearned revenues are not the royalty book. Current unearned 280 million at 28 June 2026 against 358 million at 28 September 2025. Long-term unearned 81 million against 71 million. Remaining performance obligations sit mostly in that unearned line and, the note says, exclude sales-based royalties, meaning future royalty revenues under the license agreements. The duration is the royalty the balance sheet is not allowed to book. Patent licenses with key OEMs are generally long-term, remaining terms expiring between fiscal 2027 and 2031. The company says it generally seeks to renew or renegotiate before expiration. A renewal counts as revenue only after it is signed. Inventories 8,379 million against 6,526 million at fiscal year-end. QTL licensing is 1,278 million.
A modem on a Snapdragon is a part that ships. A standard-essential license is the right to put a radio on a network that already exists. The 10-Q can sell the part to some OEMs and still collect the royalty on handsets that never bought the part. Handset chips at 5,086 million are the part. QTL at 1,278 million is the license on handsets that may never have bought that part. The MD&A already spent the visit: lower handset dollars from lower chipset shipments to certain major OEMs, customers cutting builds against memory supply and price. QTL moved 40 million dollars the other way. Estimated sales of cellular products down 67 million. Royalty revenues on devices sold in prior periods down 25 million. Revenues per unit up 59 million on mix. That is issuer mix. A percent of handset price is absent from this file. A dollar per device is absent from this file.
The 29 July 10-Q still sold the license. Handset chips were the miss.