Qualcomm Inc., adjustment to net income (loss)

US$ in millions

12 months ended:	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net income (loss) (as reported)	7,232)	12,936)	9,043)	5,198)	4,386)	(4,864)
Add: Net unrealized gains (losses) on certain available-for-sale debt securities	54)	(113)	(5)	22)	(6)	29)
Net income (loss) (adjusted)	7,286)	12,823)	9,038)	5,220)	4,380)	(4,835)

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Qualcomm Inc., adjusted profitability ratios

	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
Net Profit Margin
Reported net profit margin	20.19%	29.27%	26.94%	22.09%	18.07%	-21.40%
Adjusted net profit margin	20.34%	29.01%	26.93%	22.18%	18.04%	-21.27%
Return on Equity (ROE)
Reported ROE	33.51%	71.81%	90.88%	85.54%	89.35%	-524.14%
Adjusted ROE	33.76%	71.19%	90.83%	85.90%	89.22%	-521.01%
Return on Assets (ROA)
Reported ROA	14.17%	26.39%	21.93%	14.60%	13.31%	-14.88%
Adjusted ROA	14.28%	26.16%	21.92%	14.67%	13.29%	-14.79%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Qualcomm Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Qualcomm Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Qualcomm Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

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	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	7,232)	12,936)	9,043)	5,198)	4,386)	(4,864)
Revenues	35,820)	44,200)	33,566)	23,531)	24,273)	22,732)
Profitability Ratio
Net profit margin¹	20.19%	29.27%	26.94%	22.09%	18.07%	-21.40%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	7,286)	12,823)	9,038)	5,220)	4,380)	(4,835)
Revenues	35,820)	44,200)	33,566)	23,531)	24,273)	22,732)
Profitability Ratio
Adjusted net profit margin²	20.34%	29.01%	26.93%	22.18%	18.04%	-21.27%

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) ÷ Revenues
= 100 × 7,232 ÷ 35,820 = 20.19%

² Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Revenues
= 100 × 7,286 ÷ 35,820 = 20.34%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Qualcomm Inc. adjusted net profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	7,232)	12,936)	9,043)	5,198)	4,386)	(4,864)
Stockholders’ equity	21,581)	18,013)	9,950)	6,077)	4,909)	928)
Profitability Ratio
ROE¹	33.51%	71.81%	90.88%	85.54%	89.35%	-524.14%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	7,286)	12,823)	9,038)	5,220)	4,380)	(4,835)
Stockholders’ equity	21,581)	18,013)	9,950)	6,077)	4,909)	928)
Profitability Ratio
Adjusted ROE²	33.76%	71.19%	90.83%	85.90%	89.22%	-521.01%

2023 Calculations

¹ ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 7,232 ÷ 21,581 = 33.51%

² Adjusted ROE = 100 × Adjusted net income (loss) ÷ Stockholders’ equity
= 100 × 7,286 ÷ 21,581 = 33.76%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Qualcomm Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019	Sep 30, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income (loss)	7,232)	12,936)	9,043)	5,198)	4,386)	(4,864)
Total assets	51,040)	49,014)	41,240)	35,594)	32,957)	32,686)
Profitability Ratio
ROA¹	14.17%	26.39%	21.93%	14.60%	13.31%	-14.88%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income (loss)	7,286)	12,823)	9,038)	5,220)	4,380)	(4,835)
Total assets	51,040)	49,014)	41,240)	35,594)	32,957)	32,686)
Profitability Ratio
Adjusted ROA²	14.28%	26.16%	21.92%	14.67%	13.29%	-14.79%

2023 Calculations

¹ ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 7,232 ÷ 51,040 = 14.17%

² Adjusted ROA = 100 × Adjusted net income (loss) ÷ Total assets
= 100 × 7,286 ÷ 51,040 = 14.28%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Qualcomm Inc. adjusted ROA improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Qualcomm Inc. (NASDAQ:QCOM)

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