Stock Analysis on Net

Qualcomm Inc. (NASDAQ:QCOM)

$24.99

Adjustments to Financial Statements

Microsoft Excel

Paying user area


We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Adjustments to Total Assets

Qualcomm Inc., adjusted total assets

US$ in millions

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Total assets
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1
Less: Non-current deferred tax assets2
After Adjustment
Adjusted total assets

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).

1 Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

2 Non-current deferred tax assets. See details »


Total assets
The total assets exhibit a consistent upward trend from 35,594 million US dollars in 2020 to a peak of 55,154 million US dollars in 2024. This represents an overall growth in asset base over the five-year period. However, in 2025, there is a noticeable decline to 50,143 million US dollars, indicating a reduction in the asset size compared to the previous year. This could suggest asset disposals, write-downs, or other balance sheet adjustments.
Adjusted total assets
Adjusted total assets follow a similar trajectory to total assets, rising steadily from 34,243 million US dollars in 2020 to 49,992 million US dollars in 2024. The adjustment appears to smooth the values slightly lower than total assets across all years. In 2025, adjusted total assets show a marginal decrease from the prior year to 49,400 million US dollars, mirroring the decline seen in the unadjusted total assets figure. This pattern suggests that even after adjustments, the underlying asset base experienced a contraction in the most recent year.
Overall insights
Over the observed period, there is clear evidence of asset growth supporting the operational capacity of the business, with a significant increase of approximately 55% in total assets from 2020 to the 2024 peak. The dip in 2025 may warrant further investigation into the causes, such as capital structure changes, asset disposals, impairments, or strategic shifts. The close alignment between total assets and adjusted total assets suggests that adjustments do not substantially alter the assessment of the company's asset base trends.

Adjustments to Current Liabilities

Qualcomm Inc., adjusted current liabilities

US$ in millions

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Current liabilities
Adjustments
Less: Current unearned revenues
After Adjustment
Adjusted current liabilities

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).


Current Liabilities
The trend in current liabilities over the six-year period exhibits fluctuations. There was a notable increase from 8,672 million USD in 2020 to a peak of 11,951 million USD in 2021. Subsequently, the current liabilities slightly decreased to 11,866 million USD in 2022 and further declined to 9,628 million USD in 2023. A modest rise occurred in 2024, reaching 10,504 million USD, followed by a decrease to 9,144 million USD in 2025. Overall, after peaking in 2021, the current liabilities demonstrate a general downward trend with some variability.
Adjusted Current Liabilities
Adjusted current liabilities followed a pattern broadly similar to that of current liabilities. Starting at 8,104 million USD in 2020, the values rose significantly to 11,339 million USD in 2021 and remained relatively stable through 2022 at 11,497 million USD. The following years saw reductions to 9,335 million USD in 2023 and a slight recovery to 10,207 million USD in 2024, before declining again to 8,786 million USD in 2025. This pattern suggests adjustments tapered the liabilities somewhat, maintaining lower levels compared to unadjusted liabilities, especially in later years.

Adjustments to Total Liabilities

Qualcomm Inc., adjusted total liabilities

US$ in millions

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Total liabilities
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)1
Less: Non-current deferred tax liabilities (included in Other liabilities)2
Less: Unearned revenues
After Adjustment
Adjusted total liabilities

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Non-current deferred tax liabilities (included in Other liabilities). See details »


Total Liabilities
The total liabilities exhibited a moderate fluctuation over the examined periods. Starting from approximately $29.5 billion in the first period, liabilities increased to about $31.3 billion in the second period, representing a peak. Subsequently, there was a gradual decline, reaching around $28.9 billion by the final period. This pattern suggests a temporary increase in obligations followed by a controlled reduction, indicating potential improvements in liability management or repayment strategies in recent years.
Adjusted Total Liabilities
Adjusted total liabilities mirrored the trend of total liabilities with slightly lower absolute values throughout the periods. The figure rose from about $28.1 billion in the initial period to approximately $30.3 billion in the mid periods, before declining to roughly $28.4 billion by the last period. The close tracking of adjusted liabilities with total liabilities implies consistent adjustments or refinements in liability measurement, maintaining a stable gap between the two metrics. This stability adds credibility to the reported figures and suggests prudent financial adjustments over time.
Overall Trends and Insights
The data reveals a general trend of stabilization in the company's liabilities after an initial increase. The peak in total and adjusted liabilities in the early periods likely reflects increased financial obligations or strategic investments made during that time. The subsequent gradual decline points to effective liability management and possibly improved cash flow or reduced borrowing needs. The consistent relationship between total and adjusted liabilities highlights reliable internal accounting practices. No abrupt shifts or erratic changes are observed, suggesting steady financial stewardship.

Adjustments to Stockholders’ Equity

Qualcomm Inc., adjusted stockholders’ equity

US$ in millions

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Stockholders’ equity
Adjustments
Less: Net deferred tax assets (liabilities)1
Add: Unearned revenues
After Adjustment
Adjusted stockholders’ equity

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).

1 Net deferred tax assets (liabilities). See details »


Stockholders’ Equity
Stockholders' equity exhibited a general upward trend from 2020 to 2024. It increased significantly from approximately 6,077 million USD in 2020 to a peak of around 26,274 million USD in 2024, representing substantial growth over the five-year period. However, in 2025, there was a notable decline to about 21,206 million USD, indicating a reversal from the previous upward momentum.
Adjusted Stockholders’ Equity
Adjusted stockholders' equity followed a similar trend to the unadjusted figure, increasing from approximately 6,111 million USD in 2020 and reaching its highest point in 2024 at 21,611 million USD. Compared to stockholders' equity, the adjusted values remained lower throughout the period but closely tracked the same growth and subsequent decline pattern, falling slightly to around 21,023 million USD in 2025.
Overall Analysis
The data indicate strong equity growth over the majority of the examined period, especially between 2020 and 2024. This suggests increased retained earnings, capital injections, or overall company value appreciation during these years. The decrease observed in 2025 may point to factors such as distributions to shareholders, losses, or other adjustments negatively impacting equity levels. Both raw and adjusted equity figures show consistent directional movement, reinforcing the reliability of these trends.

Adjustments to Capitalization Table

Qualcomm Inc., adjusted capitalization table

US$ in millions

Microsoft Excel
Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Short-term debt
Long-term debt
Total reported debt
Stockholders’ equity
Total reported capital
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)1
Add: Operating lease liabilities (recorded in Other current liabilities)2
Add: Operating lease liabilities (recorded in Other liabilities)3
Adjusted total debt
Adjustments to Equity
Less: Net deferred tax assets (liabilities)4
Add: Unearned revenues
Adjusted stockholders’ equity
After Adjustment
Adjusted total capital

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).

1 Operating lease liability (before adoption of FASB Topic 842). See details »

2 Operating lease liabilities (recorded in Other current liabilities). See details »

3 Operating lease liabilities (recorded in Other liabilities). See details »

4 Net deferred tax assets (liabilities). See details »


The financial data reveals several key trends in the company's capital structure and equity position over the observed periods.

Total reported debt
The total reported debt remained relatively stable over the years, starting at approximately $15.7 billion and exhibiting a slight decline to around $14.6 billion before a modest increase back to about $14.8 billion in the latest period. This indicates prudent debt management and slight fluctuations without significant leverage increase.
Stockholders’ equity
Stockholders’ equity showed a strong upward trend through most of the periods, nearly tripling from roughly $6.1 billion to a peak of about $26.3 billion before decreasing to approximately $21.2 billion in the most recent period. This suggests substantial growth in the company’s net assets, although the recent decline may warrant attention to potential changes in retained earnings, share repurchases, or other equity adjustments.
Total reported capital
Total reported capital, a sum of debt and equity, consistently increased from roughly $21.8 billion to a high of about $40.9 billion. However, it declined to approximately $36.0 billion in the last reported period, largely influenced by the decrease in equity. Overall, the figures reflect growth in the company’s invested capital base, tempered somewhat in the latest period.
Adjusted total debt
The adjusted total debt mirrored the trend of reported debt, starting at $16.2 billion and gradually declining to $15.4 billion before climbing slightly to $15.6 billion, reinforcing the view of stable leverage and controlled debt levels.
Adjusted stockholders’ equity
Adjusted stockholders’ equity rose significantly from $6.1 billion to a peak of $21.6 billion before dropping moderately to $21.0 billion, mostly consistent with the reported equity trends and reflecting robust growth in adjusted net assets.
Adjusted total capital
Adjusted total capital increased from about $22.3 billion to almost $37.1 billion, then experienced a minor decrease to $36.7 billion in the latest period. This outcome aligns with the movements in adjusted equity and adjusted debt, underscoring overall expansion followed by a slight contraction in capital employed.

Overall, the company demonstrates strong growth in equity and capital over the years, with relatively stable and well-managed debt levels. The recent declines in equity and total capital suggest a possible shift in financial strategy or operational factors impacting net asset growth, meriting further investigation to understand the underlying causes.


Adjustments to Revenues

Qualcomm Inc., adjusted revenues

US$ in millions

Microsoft Excel
12 months ended: Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Revenues
Adjustment
Add: Increase (decrease) in unearned revenues
After Adjustment
Adjusted revenues

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).


Revenue Trends
The company's revenues demonstrated a general upward trajectory over the analyzed periods. Starting from approximately $23.5 billion in the fiscal year ending September 2020, revenues increased significantly to $33.6 billion in 2021 and peaked at $44.2 billion in 2022.
However, in 2023, there was a noticeable decline in revenues to around $35.8 billion, representing a drop from the previous year. Following this dip, revenues showed recovery and growth in subsequent years, reaching $38.9 billion in 2024 and returning close to the earlier peak at $44.3 billion in 2025.
Adjusted Revenue Patterns
The adjusted revenues exhibit a pattern closely aligned with the overall revenue trends, reflecting similar growth and decline phases across the periods. Adjusted figures remained slightly below the reported revenues, indicating minor adjustments accounted for in the financial presentation.
From about $23.1 billion in 2020, adjusted revenues grew steadily to approximately $33.2 billion in 2021 and further to $43.7 billion in 2022. Following a decline to approximately $35.7 billion in 2023, adjusted revenues recovered to $38.9 billion in 2024 and nearly $44.3 billion in 2025.
Insights and Observations
The data indicates strong revenue growth from 2020 through 2022, with a notable peak in 2022. The subsequent decrease in 2023 suggests possible market or operational challenges impacting performance during that period.
The rebound in 2024 and 2025 demonstrates resilience and an effective response to prior challenges, ultimately restoring revenue levels to previous highs.
The consistency between reported and adjusted revenues suggests transparency and minimal discrepancies in accounting adjustments.
Overall, the company appears to have executed a recovery strategy post-2022 downturn, resulting in restored growth trajectories by 2025.

Adjustments to Reported Income

Qualcomm Inc., adjusted net income

US$ in millions

Microsoft Excel
12 months ended: Sep 28, 2025 Sep 29, 2024 Sep 24, 2023 Sep 25, 2022 Sep 26, 2021 Sep 27, 2020
As Reported
Net income
Adjustments
Add: Deferred income tax expense (benefit)1
Add: Increase (decrease) in unearned revenues
Less: Discontinued operations, net of income taxes
Add: Other comprehensive income (loss), net of income taxes
After Adjustment
Adjusted net income

Based on: 10-K (reporting date: 2025-09-28), 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27).

1 Deferred income tax expense (benefit). See details »


Net Income
The net income exhibited a general upward trend from 2020 to 2022, increasing significantly from 5,198 million US dollars in 2020 to a peak of 12,936 million US dollars in 2022. Following this peak, there was a marked decline in 2023, with net income falling to 7,232 million US dollars. However, the figure rebounded in 2024 to 10,142 million US dollars before declining again to 5,541 million US dollars in 2025.
Adjusted Net Income
Adjusted net income mirrored a similar pattern to net income over the period. It rose steadily from 4,693 million US dollars in 2020 to 12,364 million US dollars in 2022. This was followed by a noticeable decrease to 5,972 million US dollars in 2023. Thereafter, adjusted net income increased to 8,444 million US dollars in 2024 and again rose to 10,010 million US dollars in 2025.
Observations and Insights
Both net income and adjusted net income show strong growth in the initial years, peaking in 2022. The subsequent decline in 2023 suggests a period of financial challenge or market conditions that adversely impacted profitability. The partial recovery in 2024 indicates some positive turnaround, although net income declined again in 2025, contrasting with the continued increase in adjusted net income for the same year. This divergence between net income and adjusted net income in 2025 could signal unusual or non-recurring expenses affecting net income, which are excluded in the adjusted figures. Overall, the data suggests volatility in profitability with periods of significant growth interspersed with notable declines.