Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Qualcomm Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Jun 28, 2026	Mar 29, 2026	Dec 28, 2025	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 29, 2024	Sep 29, 2024	Jun 23, 2024	Mar 24, 2024	Dec 24, 2023	Sep 24, 2023	Jun 25, 2023	Mar 26, 2023	Dec 25, 2022	Sep 25, 2022	Jun 26, 2022	Mar 27, 2022	Dec 26, 2021	Sep 26, 2021	Jun 27, 2021	Mar 28, 2021	Dec 27, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 29, 2019
Equipment and services	8,475)	9,060)	10,466)	9,675)	8,893)	9,359)	9,942)	8,532)	7,993)	7,950)	8,316)	7,290)	7,108)	7,846)	7,784)	9,806)	9,266)	9,417)	8,682)	7,632)	6,428)	6,239)	6,442)	4,920)	3,794)	4,050)	3,534)
Licensing	1,472)	1,539)	1,786)	1,596)	1,472)	1,620)	1,727)	1,713)	1,400)	1,439)	1,619)	1,341)	1,343)	1,429)	1,679)	1,589)	1,670)	1,747)	2,023)	1,704)	1,632)	1,696)	1,793)	3,425)	1,099)	1,166)	1,543)
Revenues	9,947)	10,599)	12,252)	11,271)	10,365)	10,979)	11,669)	10,245)	9,393)	9,389)	9,935)	8,631)	8,451)	9,275)	9,463)	11,395)	10,936)	11,164)	10,705)	9,336)	8,060)	7,935)	8,235)	8,345)	4,893)	5,216)	5,077)
Cost of revenues	(4,670)	(4,900)	(5,568)	(5,034)	(4,606)	(4,937)	(5,161)	(4,468)	(4,174)	(4,106)	(4,312)	(3,880)	(3,792)	(4,153)	(4,044)	(4,868)	(4,816)	(4,648)	(4,303)	(3,937)	(3,404)	(3,432)	(3,489)	(2,765)	(2,080)	(2,297)	(2,113)
Gross profit	5,277)	5,699)	6,684)	6,237)	5,759)	6,042)	6,508)	5,777)	5,219)	5,283)	5,623)	4,751)	4,659)	5,122)	5,419)	6,527)	6,120)	6,516)	6,402)	5,399)	4,656)	4,503)	4,746)	5,580)	2,813)	2,919)	2,964)
Research and development	(2,607)	(2,463)	(2,453)	(2,370)	(2,226)	(2,216)	(2,230)	(2,302)	(2,259)	(2,236)	(2,096)	(2,135)	(2,222)	(2,210)	(2,251)	(2,178)	(2,052)	(2,034)	(1,930)	(1,879)	(1,864)	(1,780)	(1,653)	(1,581)	(1,520)	(1,468)	(1,406)
Selling, general and administrative	(976)	(898)	(865)	(910)	(771)	(706)	(723)	(761)	(664)	(707)	(627)	(628)	(618)	(614)	(623)	(683)	(655)	(624)	(608)	(618)	(597)	(557)	(567)	(552)	(511)	(483)	(528)
Other	(68)	(29)	—)	(39)	—)	—)	—)	(132)	(75)	—)	28)	(578)	4)	(208)	(80)	—)	1,059)	—)	—)	—)	—)	—)	—)	5)	—)	23)	—)
Operating income	1,626)	2,309)	3,366)	2,918)	2,762)	3,120)	3,555)	2,582)	2,221)	2,340)	2,928)	1,410)	1,823)	2,090)	2,465)	3,666)	4,472)	3,858)	3,864)	2,902)	2,195)	2,166)	2,526)	3,452)	782)	991)	1,030)
Interest expense	(178)	(171)	(169)	(170)	(168)	(163)	(163)	(179)	(168)	(172)	(178)	(173)	(172)	(179)	(170)	(144)	(70)	(137)	(139)	(139)	(138)	(141)	(141)	(165)	(143)	(146)	(148)
Investment and other income (expense), net	1,014)	94)	350)	223)	358)	148)	243)	194)	226)	330)	212)	183)	106)	(16)	76)	(51)	(163)	(298)	140)	521)	200)	104)	219)	19)	229)	(247)	65)
Income from continuing operations before income taxes	2,462)	2,232)	3,547)	2,971)	2,952)	3,105)	3,635)	2,597)	2,279)	2,498)	2,962)	1,420)	1,757)	1,895)	2,371)	3,471)	4,239)	3,423)	3,865)	3,284)	2,257)	2,129)	2,604)	3,306)	868)	598)	947)
Income tax (expense) benefit	(460)	5,138)	(543)	(6,088)	(286)	(293)	(455)	319)	(171)	(223)	(151)	209)	(22)	(193)	(98)	(548)	(509)	(489)	(466)	(485)	(230)	(367)	(149)	(346)	(23)	(130)	(22)
Income from continuing operations	2,002)	7,370)	3,004)	(3,117)	2,666)	2,812)	3,180)	2,916)	2,108)	2,275)	2,811)	1,629)	1,735)	1,702)	2,273)	2,923)	3,730)	2,934)	3,399)	2,799)	2,027)	1,762)	2,455)	2,960)	845)	468)	925)
Discontinued operations, net of income taxes	—)	—)	—)	—)	—)	—)	—)	4)	21)	51)	(44)	(139)	68)	2)	(38)	(50)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net income	2,002)	7,370)	3,004)	(3,117)	2,666)	2,812)	3,180)	2,920)	2,129)	2,326)	2,767)	1,490)	1,803)	1,704)	2,235)	2,873)	3,730)	2,934)	3,399)	2,799)	2,027)	1,762)	2,455)	2,960)	845)	468)	925)

The financial trajectory from December 2019 through June 2026 is characterized by substantial revenue expansion, increasing operational investments, and significant bottom-line volatility driven by non-recurring tax events.

Revenue Trends and Segment Analysis: Total revenues exhibited a general upward trend, rising from 5,077 million USD in December 2019 to a peak of 12,252 million USD in December 2025. This growth was primarily driven by the Equipment and Services segment, which grew from 3,534 million USD to a high of 10,466 million USD over the same period. Licensing revenue remained relatively stable, fluctuating between 1,099 million USD and 2,023 million USD, though it represents a smaller portion of the overall revenue mix.
Gross Profitability and Cost Management: Gross profit followed the revenue trajectory, increasing from 2,964 million USD in late 2019 to 6,684 million USD by December 2025. The cost of revenues scaled proportionally with sales, maintaining a consistent relationship with total revenue. However, a contraction in gross profit is observed in the first half of 2026, mirroring a decline in quarterly revenues during that period.
Operating Expense Evolution: Research and development (R&D) expenses showed a consistent and steady increase, rising from 1,406 million USD in December 2019 to 2,607 million USD by June 2026. This indicates a long-term commitment to product innovation. Selling, general, and administrative (SG&A) expenses remained more stable for the first several years but experienced an upward shift starting in 2024, increasing from approximately 600 million USD per quarter to nearly 1,000 million USD by mid-2026.
Operating Income Performance: Operating income demonstrated significant volatility. A peak was reached in June 2022 at 4,472 million USD, followed by a period of decline and subsequent recovery in late 2024 and 2025. By the second quarter of 2026, operating income decreased to 1,626 million USD, reflecting the combined impact of lower revenues and higher operating expenses.
Net Income and Tax Volatility: Net income patterns were heavily distorted by extreme fluctuations in income tax expenses and benefits toward the end of the period. In September 2025, a substantial tax expense of 6,088 million USD resulted in a net loss of 3,117 million USD. This was followed by a significant tax benefit of 5,138 million USD in March 2026, which drove net income to a period high of 7,370 million USD. Excluding these anomalies, net income generally tracked with operating performance, typically ranging between 1,500 million USD and 3,200 million USD per quarter.

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Qualcomm Inc. (NASDAQ:QCOM)

Income StatementQuarterly Data

Income Statement
Quarterly Data