Qualcomm Inc. (NASDAQ:QCOM)

Total inventory levels experienced a significant expansion between September 2021 and September 2022, nearly doubling from US$ 3,228 million to US$ 6,341 million. Following this initial surge, the total inventory remained relatively stable through September 2025, before increasing substantially to US$ 8,640 million by September 2026.

Work-in-Process (WIP) Analysis

Work-in-process represents the most substantial portion of the overall inventory. A sharp upward trajectory was observed from 2021 to 2023, where values rose from US$ 1,475 million to a peak of US$ 4,096 million. Despite a moderate decline in 2024 to US$ 3,497 million, a renewed growth trend emerged, leading to a high of US$ 5,450 million by September 2026.

Finished Goods Volatility

Finished goods exhibited fluctuating patterns over the analyzed period. After a peak of US$ 2,791 million in 2022, the balance declined to US$ 2,150 million in 2023. Subsequent years showed inconsistent movements, fluctuating between US$ 2,205 million and US$ 2,586 million, and concluding at US$ 2,533 million in 2026.

Raw Materials Trends

Raw materials constituted the smallest segment of inventory. A downward trend was evident from 2021 to 2023, with levels dropping from US$ 267 million to US$ 176 million. However, a sharp reversal occurred starting in 2024, with the value increasing to US$ 340 million and eventually surging to US$ 657 million by September 2026.

Inventory Composition and Growth

The overall inventory growth is primarily driven by the expansion of work-in-process assets. While finished goods remained relatively range-bound after 2022, the simultaneous increase in raw materials and work-in-process toward 2026 suggests an increase in production capacity or a strategic buildup of supplies.