Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Qualcomm Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-29), 10-Q (reporting date: 2025-12-28), 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).
The financial data reveals a company with robust operational cash generation capable of funding significant shareholder returns and strategic investments. While net income exhibits substantial volatility, particularly in the latter periods, net cash provided by operating activities remains consistently positive and generally trends upward, providing a stable foundation for liquidity.
- Operating Cash Flow Dynamics
- Net cash provided by operating activities demonstrates a general increase over the observed period, peaking at 4,965 million US dollars in December 2025. A notable divergence exists between net income and operating cash flow, largely driven by non-cash adjustments and working capital fluctuations. Share-based compensation serves as a consistent and growing add-back, increasing from approximately 300 million US dollars per quarter in 2019 to over 800 million US dollars by early 2026. Significant volatility is observed in income tax provisions, specifically a 5,515 million US dollar positive adjustment in September 2025 and a 6,148 million US dollar negative adjustment in March 2026, which heavily distorted net income without proportionally impacting operational cash flow.
- Investment and Capital Allocation
- Investing activities are characterized by a consistent commitment to capital expenditures, which generally range between 200 million and 600 million US dollars per quarter. A significant outlier occurred in June 2022, where net cash used by investing activities reached 4,876 million US dollars, primarily due to a 4,455 million US dollar acquisition. The management of marketable securities is active, with frequent purchases and maturities, suggesting a strategic approach to liquidity management. More recently, the company has maintained a pattern of moderate investment in property, plant, and equipment alongside selective acquisitions.
- Financing and Shareholder Returns
- Financing activities show a sustained and aggressive return of capital to shareholders. Dividends have remained stable with a gradual upward trend, increasing from approximately 710 million US dollars per quarter in 2019 to roughly 950 million US dollars by 2026. More pronounced is the acceleration of common stock repurchases, which rose from 762 million US dollars in December 2019 to peaks exceeding 2,800 million US dollars in recent quarters. This strategy is funded primarily through operating cash flows, supplemented occasionally by short-term debt issuances that are typically repaid within the same or subsequent periods.
- Working Capital Trends
- Changes in assets and liabilities exhibit cyclical patterns typical of the semiconductor industry. Accounts receivable and inventories show significant quarterly swings, with notable inventory build-ups in 2020 and 2022. The "Changes in assets and liabilities" line item frequently offsets net income, indicating that working capital management plays a critical role in the timing of cash realizations.
Overall, the organization maintains a high-quality cash flow profile where operating cash exceeds capital expenditures by a wide margin. This surplus is systematically deployed toward aggressive share buybacks and steady dividend growth, while maintaining the capacity for large-scale strategic acquisitions. The extreme fluctuations in net income in the final quarters appear to be driven by tax-related accounting adjustments rather than fundamental shifts in operational viability.