Common-Size Income Statement
Quarterly Data
Qualcomm Inc., common-size consolidated income statement (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).
Revenue composition exhibits a structural shift over the observed period. The proportion of revenues derived from equipment and services has grown from 69.61% in late 2019 to approximately 85% by mid-2026. Conversely, licensing revenue as a percentage of total turnover has declined from 30.39% to roughly 14.8%, indicating a transition toward a more hardware- and service-centric revenue model.
- Gross Profitability and Cost Management
- Cost of revenues has remained relatively stable, generally fluctuating between 40% and 46%. However, a gradual increase in costs is observable in the final quarters, rising to 46.95% by June 2026. This has resulted in a corresponding compression of gross profit margins, which declined from a peak of 66.87% in September 2020 to 53.05% by the end of the period.
- Operating Expense Trends
- Research and development (R&D) expenditures remain a significant and volatile cost driver, typically ranging between 18% and 31% of revenues. Selling, general, and administrative (SG&A) expenses showed a period of optimization, decreasing from 10.40% in 2019 to lows around 5.59% in early 2022, before trending upward to 9.81% by June 2026.
- Operational Efficiency
- Operating income margins have experienced substantial volatility. While the company achieved a peak operating margin of 41.37% in September 2020, there is a noticeable downward trend in the most recent quarters, ending at 16.35% in June 2026. This decline aligns with the simultaneous increase in both cost of revenues and SG&A expenses.
- Net Income and Tax Anomalies
- The net profit margin is characterized by extreme volatility in the later years, primarily driven by non-operational tax effects. A significant loss of -27.66% in September 2025 was the result of an exceptional income tax expense of 54.01% of revenues. This was followed by a sharp spike in net income to 69.53% in March 2026, caused by a substantial income tax benefit of 48.48%.
- Financial Costs and Other Income
- Interest expenses have remained consistent and relatively low, typically hovering between 1.3% and 2.9% of revenues. Investment and other income have fluctuated throughout the period, contributing positively to the bottom line in the final quarters, including a notable spike to 10.19% in June 2026.
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