Common-Size Balance Sheet: Assets
Quarterly Data
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Qualcomm Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-28), 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 10-K (reporting date: 2025-09-28), 10-Q (reporting date: 2025-06-29), 10-Q (reporting date: 2025-03-30), 10-Q (reporting date: 2024-12-29), 10-K (reporting date: 2024-09-29), 10-Q (reporting date: 2024-06-23), 10-Q (reporting date: 2024-03-24), 10-Q (reporting date: 2023-12-24), 10-K (reporting date: 2023-09-24), 10-Q (reporting date: 2023-06-25), 10-Q (reporting date: 2023-03-26), 10-Q (reporting date: 2022-12-25), 10-K (reporting date: 2022-09-25), 10-Q (reporting date: 2022-06-26), 10-Q (reporting date: 2022-03-27), 10-Q (reporting date: 2021-12-26), 10-K (reporting date: 2021-09-26), 10-Q (reporting date: 2021-06-27), 10-Q (reporting date: 2021-03-28), 10-Q (reporting date: 2020-12-27), 10-K (reporting date: 2020-09-27), 10-Q (reporting date: 2020-06-28), 10-Q (reporting date: 2020-03-29), 10-Q (reporting date: 2019-12-29).
The asset composition exhibits a structural transition from a highly liquid position toward a greater concentration of operating and non-current assets. Current assets, which initially represented approximately 48.94% of total assets in December 2019, experienced a general decline to 40.10% by June 2026, indicating a shift in the balance sheet's liquidity profile.
- Liquidity and Cash Management
- Cash and cash equivalents demonstrated significant volatility, beginning at a peak of 33.55% in late 2019 before declining sharply to a low of 5.66% in June 2022. While a partial recovery occurred, with levels fluctuating between 8% and 17% in subsequent years, the long-term trend indicates a reduced reliance on immediate cash holdings. Similarly, marketable securities peaked at 14.87% in March 2021 but trended downward to 6.57% by June 2026, further confirming a reduction in the proportion of highly liquid financial instruments.
- Working Capital Dynamics
- A prominent upward trend is observed in inventories, which rose steadily from 4.29% of total assets in December 2019 to 14.61% by June 2026. This suggests a significant increase in the proportion of capital tied up in physical products. Conversely, accounts receivable remained relatively stable, generally fluctuating between 5% and 11%, indicating that credit extension to customers has remained consistent relative to the overall growth of the asset base.
- Non-Current Asset Allocation
- Non-current assets increased from 51.06% in 2019 to 59.90% by June 2026. This growth was primarily driven by an increase in goodwill, which rose from 19.02% to 24.88%, suggesting increased inorganic growth and acquisition activity. This was partially offset by a consistent decline in other intangible assets, which fell from 6.18% to 2.63% over the analyzed period, likely due to scheduled amortization. Property, plant, and equipment remained stable, hovering around 9% to 11% of total assets.
- Other Asset Components
- Other assets showed a period of expansion, peaking at 23.96% in September 2024 before contracting to 13.39% by mid-2026. Additionally, the emergence of deferred tax assets in early 2026, representing approximately 10% of total assets, introduced a new component to the non-current asset mix late in the period.
Overall, the analysis reveals a strategic reallocation of assets, characterized by a decrease in liquid cash and marketable securities and a corresponding increase in inventory and goodwill. This shift suggests a transition from a defensive, cash-rich posture to one more focused on operational scaling and strategic acquisitions.