Common-Size Income Statement
Quarterly Data
Qualcomm Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- The proportion of revenues derived from Equipment and Services generally increased over the periods, rising from approximately 70% in late 2019 to around 85% by late 2025. Conversely, Licensing revenues as a percentage of total revenues experienced a notable decline, dropping from over 30% to roughly 14-16% during the same timeframe.
- Cost of Revenues and Gross Profit
- Cost of revenues as a percentage of total revenues fluctuated but remained within a range of roughly -33% to -45%. Gross profit margins correspondingly ranged between approximately 55% and 66%, with a visible peak around the third quarter of 2020. Post-2020, gross profit stabilized within a band of 55%-59%, indicating a consistent margin profile after initial volatility.
- Operating Expenses
- Research and development expenses exhibited variability, generally occupying the 18%-31% range of revenues. A peak was observed in mid-2020, after which R&D expenses stabilized mostly between 18% and 26%. Selling, general and administrative expenses were relatively stable, ranging roughly from 5.6% to 10.4%. There was a tendency towards slightly higher SG&A expenditure in earlier years compared to later periods.
- Operating Income
- Operating income as a percentage of revenues showed significant variation, with a notable peak above 40% during mid-2020, followed by fluctuations between 16% and 36% in subsequent quarters. The operating income tended to recover after dips, suggesting periods of operational efficiency and profitability maintenance despite challenges.
- Interest and Investment Income
- Interest expense decreased over time from nearly 3% of revenues to approximately 1.5% on recent dates, indicating potential improvements in debt management or lower interest rates. Net investment and other income exhibited volatility, with positive contributions in several quarters, occasionally turning negative. The overall pattern reflects variable income but with a generally positive net impact on profitability.
- Income from Continuing Operations and Net Income
- Income before taxes generally mirrored operating income trends, maintaining strong levels, often exceeding 25% of revenues. Tax expense fluctuated substantially, occasionally exhibiting negative values, possibly due to one-time tax benefits or adjustments. Net income trends largely aligned with operating income and income from continuing operations, with a significant anomaly in the final reported quarter, where net income dropped sharply into negative territory, indicating an unusual event impacting profitability.
- Discontinued Operations
- Discontinued operations had minimal impact overall, with small fluctuations around zero in several quarters, suggesting limited contributions or charges from non-core activities during the periods analyzed.
- Overall Observations
- The financial profile shows a steady increase in revenue concentration from Equipment and Services and a decline in Licensing revenues. Cost management appears consistent yet challenged by external factors, reflected in varying gross profit margins. Operating expenses and interest costs demonstrate prudent control, contributing to generally healthy operating profits. The exceptional negative net income in the latest quarter warrants further investigation to understand underlying causes. The data signals that, aside from specific volatility periods, the company maintained profitability and operational efficiency across multiple years.