Qualcomm (QCOM) authorizes $20B stock repurchase program, raises quarterly dividend to $0.92

March 20, 2026 — Qualcomm’s board approved a new $20 billion stock repurchase authorization and raised its quarterly cash dividend to $0.92 per share from $0.89, according to the company’s official press release. The dividend increase takes effect for payments made after March 26, 2026, bringing the annualized payout to $3.68 per share.

Buyback size and structure

The $20 billion authorization has no fixed expiration date and may be carried out through open-market purchases, privately negotiated transactions, or accelerated share repurchase (ASR) arrangements. Qualcomm also disclosed $2.1 billion remaining under its prior 2024 repurchase program, bringing total authorized capacity to roughly $22.1 billion.

At Qualcomm’s market capitalization of approximately $140 billion around the announcement date, the new $20 billion program represents roughly 14% of the company’s equity value, a large commitment by large cap standards.

Repurchase program
Size
Status

New authorization (2026)
$20.0B
Approved March 17, 2026

Remaining prior program (2024)
$2.1B
Still available

Total capacity
$22.1B

The program has no set timeline. The per-share benefit depends on when Qualcomm buys, at what price, and free cash flow trends over the execution period.

Dividend increase

Qualcomm raised its quarterly dividend to $0.92 per share, up from $0.89, effective for dividends payable after March 26, 2026. The annualized payout rises to $3.68 per share.

Dividend metric

Value

New quarterly dividend
$0.92/share

Prior quarterly dividend
$0.89/share

Annualized (new)
$3.68/share

Effective date
Dividends payable after March 26, 2026

 Financial capacity

Qualcomm’s Q1 FY2026 balance sheet (period ending December 28, 2025) shows the company held $7.2 billion in cash and cash equivalents and $4.6 billion in short-term investments, for total liquidity of approximately $11.8 billion. Total debt stood at $14.8 billion, resulting in a net debt position of approximately $3.0 billion.

Balance sheet metric (Dec 28, 2025)

Value

Cash and cash equivalents
$7.2B

Short-term investments
$4.6B

Total cash & short-term investments
$11.8B

Total debt
$14.8B

Net debt
~$3.0B

Historical context

The 2026 authorization follows a 2024 program that had $2.1 billion remaining at announcement. Qualcomm has consistently returned capital through both buybacks and dividends, though the $20 billion size represents one of its largest single authorizations.

Program

Year
Size

Current authorization
2026
$20.0B

Prior authorization
2024
$10.0B (approx.)

What it means for investors

The central question is execution pace. An authorization is not a commitment to buy at any specific rate, Qualcomm will time purchases based on price, cash flow, and capital needs. With $22.1 billion in total repurchase capacity against a ~$140 billion market cap, even partial execution would provide meaningful EPS support.

Investors should track:– Pace of buybacks in upcoming quarterly earnings reports.– Free cash flow trends, whether cash generation supports simultaneous buybacks, dividends, and R&D investment.– ASR usage – accelerated share repurchases can retire shares faster if management views the stock as undervalued.