QUALCOMM INC/DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data QUALCOMM INC/DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	23,554	22,258	22,611	24,273	23,531	33,566	44,200	35,820	38,962	44,284
Cost of revenue	9,749	9,792	10,244	8,599	9,255	14,262	18,635	15,869	17,060	19,738
Gross profit	13,805	12,466	12,367	15,674	14,276	19,304	25,565	19,951	21,902	24,546
Research and development	5,151	5,485	5,625	5,398	5,975	7,176	8,194	8,818	8,893	9,042
Selling, general and administrative	2,385	2,658	2,986	2,195	2,074	2,339	2,570	2,483	2,759	3,110
Operating income	6,495	2,581	621	7,667	6,255	9,789	15,860	7,788	10,071	12,355
Interest expense	297	494	768	627	602	559	490	694	697	664
Interest income	611	619	611	300	156	83	91	313	675	639
Other non-operating income						1,044	-372	349	962	972
Pre-tax income	6,833	2,987	392	7,481	5,719	10,274	14,998	7,443	10,336	12,663
Income tax	1,131	543	5,356	3,095	521	1,231	2,012	104	226	7,122
Income from continuing operations					5,198	9,043	12,986	7,339	10,110	5,541
Net income to minority interests	-3	-1	0	0
Net income	5,705	2,445	-4,964	4,386	5,198	9,043	12,936	7,232	10,142	5,541
EBITDA	7,923	4,042	2,182	9,068	7,648	11,371	17,622	9,597	11,777	13,957
EPS, basic	3.84	1.66	-3.39	3.63	4.58	7.99	11.52	6.47	9.09	5.05
EPS, diluted	3.81	1.64	-3.39	3.59	4.52	7.87	11.37	6.42	8.97	5.01
Shares, basic (weighted)	1,484	1,477	1,463	1,210	1,135	1,131	1,123	1,117	1,116	1,096
Shares, diluted (weighted)	1,498	1,490	1,463	1,220	1,149	1,149	1,137	1,126	1,130	1,105
Dividend per share	2.02	2.20	2.38	2.48	2.54	2.66	2.86	3.10	3.30	3.48

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,946	35,029	11,777	11,839	6,707	7,116	2,773	8,450	7,849	5,520
Short-term investments	12,702	2,279	311	421	4,507	5,298	3,609	2,874	5,451	4,635
Receivables	2,194	3,576	2,667	1,046	2,687	2,214	4,175	1,923	2,347	2,855
Inventory	1,556	2,035	1,693	1,400	2,598	3,228	6,341	6,422	6,423	6,526
Other current assets	558	618	699	634	704	854	1,625	1,194	1,579	2,435
Total current assets	22,981	43,593	17,384	16,765	18,519	20,075	20,724	22,464	25,231	25,754
Property, plant and equipment	2,306	3,216	2,975	3,081	3,711	4,559	5,168	5,042	4,665	4,690
Lease right-of-use assets					460	513	631	612	719	735
Goodwill	5,679	6,623	6,498	6,282	6,323	7,246	10,508	10,642	10,799	11,358
Intangible assets	3,500	3,737	2,955	2,172	1,653	1,458	1,882	1,408	1,244	1,148
Long-term investments	13,702	1,270	35	36	35	0
Other non-current assets	2,161	4,147	1,970	3,461	4,037	6,311	7,729	8,086	8,053	6,450
Total assets	52,359	65,498	32,718	32,957	35,594	41,240	49,014	51,040	55,154	50,143
Accounts payable	1,858	1,971	1,825	1,368	2,248	2,750	3,796	1,912	2,584	2,791
Accrued liabilities	934	1,183	1,081	1,048	1,053	1,531	1,486	1,685	1,834	1,839
Deferred revenue	509	502	500	565	568	612	369	293	297	358
Short-term debt	1,749	2,495	1,005	2,496	500	2,044	1,945	914	1,364	0
Total current liabilities	7,311	10,940	11,389	8,935	8,672	11,951	11,866	9,628	10,504	9,144
Long-term debt			15,365	13,437	15,226	13,701	13,537	14,484	13,270	14,811
Lease liabilities					371	428	573	571	708	730
Other non-current liabilities	895	2,432	1,225
Total liabilities	20,591	34,773	31,911	28,048	29,517	31,290	31,001	29,459	28,880	28,937
Total debt	10,008	19,398	15,365	13,437	15,226	13,701	13,537	14,484	13,270	14,811
Paid-in capital	414	274	0	343	586	0	195	490	0	0
Retained earnings	30,936	30,067	542	4,466	5,284	9,822	17,840	20,733	25,687	20,646
Other comprehensive income	428	384	265	100	207	128	-22	358	587	560
Shareholders' equity	31,778	30,725	807	4,909
Minority interests	-10	0
Total equity	31,768	30,725	807	4,909	6,077	9,950	18,013	21,581	26,274	21,206
Total liabilities and equity	52,359	65,498	32,718	32,957	35,594	41,240	49,014	51,040	55,154	50,143
Shares outstanding	1,476	1,474	1,219	1,145	1,131	1,125	1,121	1,114	1,113	1,074

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,702	2,444	-4,964	4,386	5,198	9,043	12,936	7,232	10,142	5,541
Depreciation and amortization	1,428	1,461	1,561	1,401	1,393	1,582	1,762	1,809	1,706	1,602
Stock-based compensation	943	914	883	1,037	1,212	1,663	2,031	2,484	2,648	2,783
Deferred income tax	-288	-788	2,021	1,937	-216	-237	-9	-1,626	-1,888	4,452
Change in receivables	-232	1,104	734	1,373	-1,529	426	-2,066	2,472	-768	-365
Change in inventory	-49	200	337	273	-1,157	-622	-3,137	8	13	-138
Cash from operations	7,632	5,001	3,908	7,286	5,814	10,536	9,096	11,299	12,202	14,012
Capital expenditures	-539	-690	-784	-887	-1,407	-1,888	-2,262	-1,450	-1,041	-1,192
Purchases of investments		-19,062	-5,936	0	-6,213	-5,907	-1,414	-668	-5,069	-4,694
Sales and maturities of investments	14,386	41,715	9,188	198	2,399	5,555	2,622	1,566	2,677	5,755
Cash from investing	-3,488	20,463	2,381	-806	-5,263	-3,356	-5,804	762	-3,623	-800
Debt issued	0	10,953	0	0	1,988	0	1,477	1,880	0	1,487
Debt repaid	0	0	-5,513	0	-2,219	0	-1,540
Stock issued	668	497	603	414	329	347	356	434	383	404
Share buybacks	-3,923	-1,342	-22,580	-1,793	-2,450	-3,366	-3,129	-2,973	-4,121	-8,791
Dividends paid	-2,990	-3,252	-3,466	-2,968	-2,882	-3,008	-3,212	-3,462	-3,687	-3,805
Cash from financing	-5,754	5,571	-31,500	-6,386	-5,707	-6,798	-7,196	-6,663	-9,269	-13,196
Exchange rate effect	-4	48	-41	-32	24	27
Net change in cash	-1,614	31,083	-25,252	62	-5,132	409	-4,017	5,428	-678	-6
Free cash flow	7,093	4,311	3,124	6,399	4,407	8,648	6,834	9,849	11,161	12,820
Income taxes paid	1,300	1,000	877	1,100	800	1,500	2,100	1,400	3,300	3,100

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $201.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	54.2%	Gross profit / revenue.
Operating margin	23.2%	Operating income / revenue.
EBITDA margin	26.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.4%	Pre-tax income / revenue.
Net margin	21.0%	Net income / revenue.
FCF margin	23.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	28.1%	Cash from operations / revenue.
Effective tax rate	17.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	16.1%	Net income / average total assets.
R&D / revenue	22.4%	Research and development expense / revenue.
SG&A / revenue	8.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.5%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	12.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-1.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	22.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-45.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-24.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	1.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-44.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-23.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	23.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	6.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-9.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.02x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.73x	(Cash + short-term investments) / current liabilities.
Debt / assets	22.3%	Total debt / total assets.
Liabilities / assets	51.8%	Total liabilities / total assets.
Net debt	$4.48B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.8x	Operating income / interest expense.
Working capital	$11.59B	Current assets - current liabilities.
Goodwill and intangibles / assets	27.5%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	8.45x	Revenue / average property, plant and equipment.
Inventory turnover	2.41x	Cost of revenue / average inventory.
Days inventory	152 days	365 x average inventory / cost of revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
FCF conversion	112.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.66	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$41.22	Revenue / diluted weighted shares.
FCF per share	$9.74	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.60	Cash from operations / diluted weighted shares.
Cash per share	$7.86	(Cash + short-term investments) / shares outstanding.
Payout ratio	41.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	36.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	88.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$212.12B	Share price x shares outstanding.
Enterprise value	$216.59B	Market cap + total debt - cash - short-term investments.
P/E	22.9x	Market cap / net income. Only when net income is positive.
P/S	4.81x	Market cap / revenue.
P/FCF	20.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.1x	Market cap / cash from operations, when positive.
EV/Sales	4.91x	Enterprise value / revenue.
EV/EBIT	21.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	4.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	6.2%	(Dividends paid + share buybacks) / market cap.

What was QUALCOMM INC/DE's revenue in fiscal 2025?

QUALCOMM INC/DE reported revenue of $44.28B for fiscal 2025, 13.7% higher than the year before.

Was QUALCOMM INC/DE profitable in fiscal 2025?

Yes. Net income was $5.54B, a net margin of 12.5%.

How much free cash flow did QUALCOMM INC/DE generate in fiscal 2025?

Cash from operations of $14.01B minus capital expenditures of $1.19B left free cash flow of $12.82B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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