Common-Size Income Statement
Quarterly Data
Qualcomm Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2019-09-29), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-30).
- Revenue Composition Trends
- The proportion of revenues derived from Equipment and Services has generally increased since 2018, starting at around 77.53% and rising in the recent periods to stabilize around the mid-80% range. Notably, some quarters showed a dip, for example mid-2019 and late 2020, but the overall trajectory points to a growing dominance of this segment in the revenue mix. Licensing revenues showed an inverse trend, declining from above 20% to around 14–16% in the latest periods, reflecting a reduced reliance on licensing revenues as a percentage of total revenue.
- Cost of Revenues and Gross Profit Margins
- Cost of revenues as a percentage of revenues fluctuated between approximately -45% and -40%, with occasional decreases to just above -40%. The changes indicate some volatility, but a relatively consistent cost structure. Gross profit margin, inversely related to costs, remained in the range of roughly 54% to 60%, with occasional peaks near 78% in mid-2019, reflecting high variability early on but stabilizing closer to the mid-50s range in more recent quarters.
- Operating Expenses Analysis
- Research and development expenses have shown a variable pattern, oscillating between roughly -14% and -31%, generally trending towards a slight increase in later periods, suggesting a sustained or growing investment in innovation relative to revenues. Selling, general, and administrative costs have tended to decline over time, moving from near -11% to a narrower band closer to -5% to -7%, indicating improved operational efficiencies or cost management in administrative and sales areas.
- Other Income and Expenses
- The “Other” line item exhibited considerable volatility, with values ranging from negative to positive and even a notable outlier around 9.68% in late 2021. This suggests occasional irregular gains or losses impacting the financial results sporadically.
- Operating Income and Profitability
- Operating income as a percentage of revenues showed strong fluctuations, with a low near 14.54% in some quarters and a peak exceeding 40% in mid-2022. While volatility is apparent, the longer-term trend suggests improving operational profitability, particularly notable in the 2021–2023 timeframe.
- Interest Expense and Investment Income
- Interest expense steadily decreased from around -3.22% to under -1.4% in recent periods, reflecting either a reduced debt burden or lower interest rates. Investment and other income or expenses have varied from small positive contributions to some negative impacts, with gains peaking around 5.58% and occasional drops below zero. The overall impact appears moderate relative to core operations.
- Income Before and After Taxes
- Income from continuing operations before income taxes has generally followed operating income trends closely, with significant peaks in mid-2019 and again during 2021–2023, fluctuating between roughly 11.5% and above 35%. The income tax expense has been inconsistent, with some periods showing benefits and others noticeable expenses, sometimes reversing typical tax impacts (e.g., positive tax effects in early and late periods). This variability affected net profits.
- Net Income
- Net income exhibited substantial fluctuations, mirroring patterns in income from continuing operations and tax effects. Periods of strong profitability above 25% have alternated with quarters near or below 20%. Despite variability, an upward trend in net income as a percentage of revenues is observed in the latest quarters, suggesting improved overall financial performance.
- Discontinued Operations
- The data indicates the presence of discontinued operations from mid-2022 onwards, generally with small negative to slightly positive impacts on the bottom line. Their magnitude appears minor compared to continuing operations.