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:	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	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	1,786)	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	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	(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	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	(2,453)	(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	(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	—)	(39)	—)	—)	—)	(132)	(75)	—)	28)	(578)	4)	(208)	(80)	—)	1,059)	—)	—)	—)	—)	—)	—)	5)	—)	23)	—)
Operating income	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	(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	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	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	(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	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	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 performance, as indicated by the income statement, demonstrates significant fluctuations over the analyzed period spanning from December 2019 to September 2025. Revenues experienced substantial growth initially, peaking in the December 2021 quarter, followed by a period of relative stabilization and then a decline, with a recent recovery observed in the latter quarters. Gross profit mirrored this trend, exhibiting a strong correlation with revenue changes. Operating income also followed a similar pattern, though with more pronounced volatility, influenced by fluctuations in research and development, and selling, general and administrative expenses.

Revenue Trends: Revenues increased from US$5,077 million in December 2019 to a high of US$11,669 million in September 2021. A subsequent decrease was observed, reaching US$8,451 million in June 2023, before recovering to US$12,252 million in September 2025. This suggests a period of strong growth followed by market saturation or increased competition, and a recent resurgence potentially driven by new product offerings or market conditions.
Profitability Analysis: Gross profit exhibited a similar trajectory to revenues, increasing from US$2,964 million in December 2019 to US$6,508 million in September 2021, then declining to US$4,659 million in June 2023, and recovering to US$6,684 million in September 2025. The gross margin remained relatively stable, fluctuating between approximately 58% and 62% throughout the period. Operating income demonstrated greater volatility, peaking at US$3,864 million in December 2021 and experiencing a significant dip to US$1,410 million in June 2023, before recovering to US$3,366 million in September 2025. This indicates that while the company maintained a consistent ability to generate profit from its core operations, its overall profitability was significantly impacted by operating expenses.
Expense Management: Research and development expenses consistently increased over the period, from US$1,406 million in December 2019 to US$2,453 million in September 2025, indicating a continued investment in innovation. Selling, general and administrative expenses also increased, though at a slower rate, from US$528 million to US$910 million over the same period. The increase in these expenses contributed to the volatility observed in operating income. A significant negative impact from 'Other' expenses was observed in June 2025, reaching -US$3,117 million, substantially reducing net income for that quarter.
Net Income Performance: Net income mirrored the trends in operating income, reaching a peak of US$3,399 million in December 2021 and declining to US$1,490 million in June 2023. The impact of the substantial 'Other' expense in June 2025 resulted in a net loss of -US$3,117 million. A recovery was observed in September 2025, with net income reaching US$3,004 million. Fluctuations in investment and other income (expense), net, and income tax expense also contributed to the variability in net income.
Licensing vs. Equipment and Services Revenue: Equipment and services revenue consistently represented the larger portion of total revenue. While both revenue streams experienced growth between December 2019 and December 2021, licensing revenue demonstrated more volatility. The relative contribution of licensing revenue to total revenue decreased over time, suggesting a shift in the company’s revenue model.

In summary, the company experienced a period of robust growth followed by a period of decline and recent recovery. Profitability was impacted by increasing operating expenses and fluctuations in other income and expenses. The company continues to invest heavily in research and development, and its revenue mix is evolving, with equipment and services becoming a more dominant revenue source.

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Qualcomm Inc. (NASDAQ:QCOM)

Income Statement Quarterly Data

Income Statement
Quarterly Data