Common-Size Income Statement
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- Statement of Comprehensive Income
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Qualcomm Inc., common-size consolidated income statement (quarterly data)
Based on: 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 financial performance over the analyzed period is characterized by a fundamental shift in revenue composition and significant volatility in net profitability driven by non-operational tax effects. A consistent transition is evident as the business model has moved toward a heavier reliance on equipment and services relative to licensing fees.
- Revenue Stream Transformation
- A structural shift in revenue mix is observed, with Equipment and Services increasing from 69.61% of total revenues in December 2019 to approximately 85.48% by March 2026. Correspondingly, Licensing revenue as a percentage of total revenues declined from 30.39% to 14.52% over the same period. This indicates a growing dependence on hardware and service delivery compared to the higher-margin licensing segment.
- Gross Profitability and Cost Trends
- Gross profit margins have exhibited a gradual downward trend, declining from a peak of 66.87% in September 2020 to 53.77% by March 2026. This compression is mirrored by a steady increase in the cost of revenues, which rose from approximately 41-42% in early periods to 46.23% in the final quarter. This suggests increasing production costs or a change in product mix toward lower-margin offerings.
- Operating Expense Management
- Research and development (R&D) expenditures have remained a significant portion of revenue, generally fluctuating between 18% and 26% after an initial peak of 31.06% in June 2020. Selling, general, and administrative (SG&A) expenses have demonstrated improved efficiency, decreasing from a high of 10.44% in early 2020 to a range between 6% and 8% in subsequent years, contributing to the stabilization of operating margins.
- Operating Income and Volatility
- Operating income as a percentage of revenue has shown considerable variance, peaking at 41.37% in September 2020 and 40.89% in June 2022, before settling into a range between 21% and 30% in more recent quarters. This volatility reflects the interplay between fluctuating gross margins and variable R&D investment levels.
- Net Income and Tax Anomalies
- Net income figures are marked by extreme volatility in the final year of the sequence, primarily driven by irregular income tax entries. A significant tax benefit of 48.48% in March 2026 resulted in a net income spike to 69.53% of revenue, whereas a tax expense of 54.01% in September 2025 led to a net loss of 27.66%. Excluding these anomalies, the underlying net income trend generally mirrors the operating income, typically fluctuating between 18% and 32% of total revenues.