Common-Size Income Statement
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- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Qualcomm Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- The revenue mix reveals a dominant contribution from Equipment and Services, averaging around 77% to 85% of total revenues over the observed periods. There is noticeable volatility, with a brief dip to approximately 36.65% in June 2019. Licensing revenues constitute the remaining portion, fluctuating inversely with Equipment and Services, peaking as high as 63.35% and stabilizing near 15% by recent quarters, indicating a shift toward a more consistent revenue distribution in favor of Equipment and Services over time.
- Cost of Revenues and Gross Profit Margins
- Cost of revenues as a percentage of total revenues remained relatively stable around the 40% to 45% range, demonstrating modest fluctuations without a clear trend upward or downward. Correspondingly, gross profit margins held steady between approximately 54% and 59%, with occasional peaks near 78% notably in June 2019, reflective of the abnormal revenue distribution in that quarter. Overall, the company maintains robust gross margins throughout the timeframe.
- Operating Expenses
- Research and Development (R&D) costs averaged between 18% and 30%, with some variation including an elevated proportion in mid-2019 and late 2019. Recent quarters suggest a slight decreasing trend in R&D intensity relative to revenue. Selling, General and Administrative (SG&A) expenses range from roughly 5.5% to 11.5%, showing a general decline and stabilization near 6% to 7% in later periods, indicating improving operational efficiency or cost control in administrative functions.
- Operating Income and Profitability
- Operating income fluctuated significantly, with low points near 14% and peak levels exceeding 40% in certain quarters, such as mid-2022. The variations largely correspond with changes in gross profit and operating expenses. The most recent quarters indicate operating income stabilizing in the 23% to 30% range, signaling healthy and consistent profitability on operational activities.
- Interest and Other Income
- Interest expense steadily decreased as a percentage of revenues from over 3% early in the timeline to less than 1.5% in recent quarters, suggesting improved financing cost management or reduced debt levels. Investment and other income exhibited volatility, with occasional positive spikes exceeding 5%, but generally remaining modest and occasionally negative, reflecting variable investment results or non-core income effects.
- Income Before Taxes and Tax Expense
- Income before taxes closely tracks the operating income pattern, supported by fluctuating other income figures. Income tax expense displays considerable variability, with some quarters showing tax benefits and others incurring significant expenses, which affects net income margins. Recently, tax expense percentages have moderated but remain a notable factor in net profitability assessment.
- Net Income
- Net income margins demonstrate a broadly cyclical pattern, ranging from lows near 8% to highs around 35%. Peaks often align with periods of high operating income and reduced tax impact. The overall trend toward the latest quarters is a steady net margin approximately in the mid to high 20% range, indicating effective management of cost structures, revenue quality, and tax efficiency, culminating in strong bottom-line performance.
- Discontinued Operations
- Discontinued operations had minimal impact on overall profitability, with small and irregular contributions primarily negative or near zero, suggesting limited influence on the company’s continuing financial results.
- Summary Insights
- The financial data reflects a company with a stable revenue base predominantly sourced from Equipment and Services, accompanied by consistent gross margins. Operating costs, particularly R&D and SG&A, have demonstrated controlled management, contributing to sizable and stable operating income margins. Interest expenses have declined, enhancing net profitability, while income tax variances introduce some earnings variability. The firm exhibits a solid net income margin performance in recent years, indicative of resilient operational and financial management.