Income Statement
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.
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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Qualcomm Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-29).
The financial data shows notable fluctuations and trends over the six-year period under review. Total revenues exhibit an overall increasing trend with some variability, rising significantly from 24,273 million USD in 2019 to a peak of 44,200 million USD in 2022, before declining to 38,820 million USD in 2023 and partially recovering to 38,962 million USD in 2024.
- Revenue Composition
- Revenue from the "Equipment and services" segment increased steadily from 14,611 million USD in 2019 to a peak of 37,171 million USD in 2022, followed by a decline to 30,028 million USD in 2023 and a moderate rebound to 32,791 million USD in 2024. Licensing revenues declined consistently after 2019 from 9,662 million USD to 5,792 million USD in 2023, with a slight recovery to 6,171 million USD in 2024.
- Profitability
- Gross profit trends align with total revenues, increasing from 15,674 million USD in 2019 to a high of 25,565 million USD in 2022. This was followed by a decrease to 19,951 million USD in 2023 and a subsequent rise to 21,902 million USD in 2024. The cost of revenues increased in absolute terms during the early years, reflecting the higher sales volume, then slightly decreased in 2023 before rising again in 2024.
- Operating Expenses
- Research and development expenses have shown a steady increase over the period, from 5,398 million USD in 2019 to 8,893 million USD in 2024, indicating continuous investment in innovation and product development. Selling, general, and administrative expenses fluctuated slightly but generally increased from 2,195 million USD in 2019 to 2,759 million USD in 2024.
- Operating Income and Net Income
- Operating income demonstrated substantial growth from 7,667 million USD in 2019 to a peak of 15,860 million USD in 2022, followed by a marked decline to 7,788 million USD in 2023 and then an increase to 10,071 million USD in 2024. Correspondingly, net income increased significantly, peaking in 2022 at 12,936 million USD before decreasing in 2023, with a recovery evident in 2024 at 10,142 million USD.
- Investment and Other Income
- Investment and other income showed volatility, with net gains and losses on marketable securities and other investments varying year over year, including impairment losses that affected total investment income negatively in certain years. Notably, investment and other income was highest in 2024 at 962 million USD compared to a loss in 2022.
- Interest and Tax Expenses
- Interest expense remained relatively stable around the 600-700 million USD range, while interest and dividend income increased notably in 2024 to 675 million USD, almost doubling from previous years. Income tax expense fluctuated widely, with a significant reduction in 2023 to 104 million USD from previous years’ thousands, potentially contributing to the higher net income in that year.
- Other Observations
- Other income and expense items showed inconsistency, with occasional positive and negative variances that impacted overall operating and net results. Discontinued operations had minimal impact, becoming slightly negative in 2022 and 2023 but turning positive in 2024.
In summary, the company experienced substantial revenue and profit growth until 2022, followed by a decline in 2023 and a partial recovery in 2024. Investment in research and development consistently increased, underscoring a focus on innovation. The decline in licensing revenue contrasts with growth in equipment and services. Variations in other income components and income tax expense contributed to volatility in net income over the period.