Common-Size Income Statement
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Qualcomm Inc., common-size consolidated income statement
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 financial data demonstrates notable shifts in revenue composition and profitability ratios over the analyzed periods.
- Revenue Composition
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The proportion of revenue derived from equipment and services consistently increased, rising from 69.26% in 2020 to 85.51% in 2025, indicating a growing emphasis on this segment. Conversely, the licensing revenue contribution showed a continuous decline from 30.74% to 14.49% during the same timeframe, suggesting a strategic or market-driven shift away from licensing income.
- Cost and Profitability
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The cost of revenues maintained a relatively stable pattern, fluctuating modestly around the low 40% range, with a slight upward trend culminating at 44.57% of revenues in 2025. Gross profit as a percentage of revenues experienced a gradual decline from 60.67% in 2020 to 55.43% in 2025, reflecting increased cost pressures or shifts in revenue mix.
- Operating Expenses
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Research and development expenses showed variability, initially decreasing from 25.39% in 2020 to 18.54% in 2022, followed by a rebound to 20.42% by 2025. Selling, general, and administrative expenses decreased from 8.81% in 2020 to a low of 5.81% in 2022, but then fluctuated slightly upwards, settling around 7.02% in 2025, indicating some volatility in operating efficiency.
- Operating Income and Other Income Components
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Operating income as a share of revenues showed a rise from 26.58% in 2020 to a peak of 35.88% in 2022, then declined to 21.74% in 2023, recovering partially to 27.9% by 2025. Interest expense decreased notably from 2.56% to 1.5% over the years, supporting income stability. Investment and other income components exhibited variability with net gains and losses on securities and investments fluctuating, but investment and other net income displayed a generally positive trend, culminating in over 2% of revenues in 2024 and 2025.
- Income Before and After Taxes
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Income from continuing operations before income taxes mirrored operating income trends, peaking at nearly 34% in 2022, then dipping below 21% in 2023, followed by recovery to 28.59% in 2025. The income tax expense percentage showed inconsistent behavior, dropping significantly to -16.08% in 2025, which may indicate changes in tax recognition or one-time tax-related effects. Consequently, income from continuing operations declined sharply to 12.51% of revenues in 2025 from higher levels in previous years.
- Net Income
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Net income mirrored the pattern of income from continuing operations, exhibiting growth until 2022 followed by fluctuations and a notable decrease to 12.51% in 2025. The influence of discontinued operations was minor but present in 2022 and 2023.
Overall, the data reveals a strategic shift toward equipment and services revenue, with licensing diminishing in prominence. Profitability indicators suggest some margin compression despite operating income volatility. Investment income provided some offset to operational costs. Tax expense volatility, particularly the pronounced decrease in 2025, significantly impacted net profitability in the latest period.