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Harmonic vs Qualcomm: revenue, profit, margins and growth compared

Harmonic brought in $360.5M of revenue in fiscal 2025, Qualcomm $44.3B in fiscal 2025. Revenue changed by -26.2% at Harmonic and +13.7% at Qualcomm on the year before, so Qualcomm grew faster. Harmonic kept -12.0% of its revenue as net profit, Qualcomm 12.5%. Free cash flow was $96.9M at Harmonic and $12.8B at Qualcomm.

Side by side, latest fiscal year

HLITQCOM
Fiscal year endedFY2025 (December 31, 2025)FY2025 (September 28, 2025)
Revenue$360.5M$44.3B
Revenue growth-26.2%+13.7%
Net income-$43.3M$5.5B
Net margin-12.0%12.5%
Free cash flow$96.9M$12.8B
Free cash flow margin26.9%28.9%
Earnings per share (diluted)-$0.38$5.01
Cash$124.1M$5.5B
Debt$112.1M$14.8B
Price to earningsn/a40.3
Market value$1.2B$212.1B
Dividend yieldn/a1.72%
Rank by revenue in sector#341 of 530 · Technology#17 of 530 · Technology

Over the years

Revenue
HLIT FY2018: $403.6MHLIT FY2019: $402.9MHLIT FY2020: $378.8MHLIT FY2021: $507.1MHLIT FY2022: $625MHLIT FY2023: $388.5MHLIT FY2024: $488.2MHLIT FY2025: $360.5MQCOM FY2018: $22.6BQCOM FY2019: $24.3BQCOM FY2020: $23.5BQCOM FY2021: $33.6BQCOM FY2022: $44.2BQCOM FY2023: $35.8BQCOM FY2024: $39BQCOM FY2025: $44.3BFY18FY19FY20FY21FY22FY23FY24FY25
HLIT $360.5MQCOM $44.3B
Net income
HLIT FY2018: -$21MHLIT FY2019: -$5.9MHLIT FY2020: -$29.3MHLIT FY2021: $13.3MHLIT FY2022: $28.2MHLIT FY2023: $84MHLIT FY2024: $39.2MHLIT FY2025: -$43.3MQCOM FY2018: -$5BQCOM FY2019: $4.4BQCOM FY2020: $5.2BQCOM FY2021: $9BQCOM FY2022: $12.9BQCOM FY2023: $7.2BQCOM FY2024: $10.1BQCOM FY2025: $5.5BFY18FY19FY20FY21FY22FY23FY24FY25
HLIT -$43.3MQCOM $5.5B
Net margin
HLIT FY2018: -5.2%HLIT FY2019: -1.5%HLIT FY2020: -7.7%HLIT FY2021: 2.6%HLIT FY2022: 4.5%HLIT FY2023: 21.6%HLIT FY2024: 8.0%HLIT FY2025: -12.0%QCOM FY2018: -22.0%QCOM FY2019: 18.1%QCOM FY2020: 22.1%QCOM FY2021: 26.9%QCOM FY2022: 29.3%QCOM FY2023: 20.2%QCOM FY2024: 26.0%QCOM FY2025: 12.5%FY18FY19FY20FY21FY22FY23FY24FY25
HLIT -12.0%QCOM 12.5%
Revenue growth
HLIT FY2019: -0.2%HLIT FY2020: -6.0%HLIT FY2021: +33.9%HLIT FY2022: +23.2%HLIT FY2023: -37.8%HLIT FY2024: +25.7%HLIT FY2025: -26.2%QCOM FY2019: +7.4%QCOM FY2020: -3.1%QCOM FY2021: +42.6%QCOM FY2022: +31.7%QCOM FY2023: -19.0%QCOM FY2024: +8.8%QCOM FY2025: +13.7%FY19FY20FY21FY22FY23FY24FY25
HLIT -26.2%QCOM +13.7%
Free cash flow
HLIT FY2018: $5.2MHLIT FY2019: $21MHLIT FY2020: $7MHLIT FY2021: $28MHLIT FY2022: -$3.8MHLIT FY2023: -$1.4MHLIT FY2024: $52.7MHLIT FY2025: $96.9MQCOM FY2018: $3.1BQCOM FY2019: $6.4BQCOM FY2020: $4.4BQCOM FY2021: $8.6BQCOM FY2022: $6.8BQCOM FY2023: $9.8BQCOM FY2024: $11.2BQCOM FY2025: $12.8BFY18FY19FY20FY21FY22FY23FY24FY25
HLIT $96.9MQCOM $12.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Harmonic and Qualcomm

Which is bigger by revenue, Harmonic or Qualcomm?

Qualcomm is bigger by revenue: $44.3B in fiscal 2025, against $360.5M for Harmonic in fiscal 2025.

Which keeps more of its revenue as profit, Harmonic or Qualcomm?

Harmonic had a net margin of -12.0% in fiscal 2025; Qualcomm had 12.5% in fiscal 2025.

Which grew revenue faster, Harmonic or Qualcomm?

In their latest fiscal years revenue changed by -26.2% at Harmonic and +13.7% at Qualcomm.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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