Analysis of Inventory
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Inventory Disclosure
Qualcomm Inc., balance sheet: inventory
US$ in millions
| Sep 28, 2025 | Sep 29, 2024 | Sep 24, 2023 | Sep 25, 2022 | Sep 26, 2021 | Sep 27, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||||
| Work-in-process | |||||||||||||
| Finished goods | |||||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).
The analysis of the inventory components over the reviewed periods reveals notable fluctuations and trends across raw materials, work-in-process, finished goods, and total inventories.
- Raw Materials
- Raw materials exhibit significant variability with an initial increase from 94 million US dollars in 2020 to 267 million in 2021. This is followed by a decline to 221 million in 2022 and further down to 176 million in 2023. Subsequently, the value rises sharply to 340 million in 2024 before a slight decrease to 336 million in 2025. These fluctuations suggest responses to changing procurement or usage rates, possibly influenced by production planning or supply chain dynamics.
- Work-in-Process
- Work-in-process inventory shows a strong upward trend throughout the period. Starting at 1,155 million US dollars in 2020, it consistently increases each year, reaching a peak of 4,096 million in 2023. Although there is a dip to 3,497 million in 2024, it rebounds to 3,985 million in 2025. This pattern indicates intensified production activities or accumulation of partially completed goods, potentially reflecting longer manufacturing cycles or an attempt to build buffer stocks for future demand.
- Finished Goods
- Finished goods inventory also demonstrates considerable changes. It grows from 1,349 million US dollars in 2020 to 1,486 million in 2021, followed by a sharp increase to 2,791 million in 2022. However, a decline ensues, with values dropping to 2,150 million in 2023, increasing again to 2,586 million in 2024, and falling to 2,205 million in 2025. These movements may reflect variability in sales performance or inventory management strategies to balance supply and demand.
- Total Inventories
- Total inventory levels nearly double from 2,598 million US dollars in 2020 to a peak of 6,422 million in 2023. Thereafter, the inventory remains relatively stable with minor fluctuations: 6,423 million in 2024 and 6,526 million in 2025. This overall growth suggests expansion in production capacity or stockpiling to meet anticipated market demand.
In summary, work-in-process inventory accounts for a significant portion of the total inventories and is the main driver of the upward trend. The oscillations in raw materials and finished goods suggest adjustments in procurement and sales cycles. The stabilization of total inventory levels after 2023 might indicate a strategic effort to optimize inventory holding and enhance operational efficiency.