Qualcomm Inc/De
QCOM · NasdaqRadio & Tv Broadcasting & Communications Equipment · Fiscal year ends Sep 27
Qualcomm Inc/De reported revenue of $44.3B in the fiscal year ended Sep 2025, up 13.7% from the year before. Operating income was $12.4B, an operating margin of 27.9%, and net income was $5.5B. Operating cash flow of $14B less capital expenditure of $1.2B left free cash flow of $12.8B. Net debt was $9.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $33.6B | $44.2B | $35.8B | $39B | $44.3B |
| Cost of revenue | $14.3B | $18.6B | $15.9B | $17.1B | $19.7B |
| Gross profit | $19.3B | $25.6B | $20B | $21.9B | $24.5B |
| Research & development | $7.2B | $8.2B | $8.8B | $8.9B | $9B |
| Selling, general & admin | $2.3B | $2.6B | $2.5B | $2.8B | $3.1B |
| Operating income | $9.8B | $15.9B | $7.8B | $10.1B | $12.4B |
| Interest expense | $559M | $490M | $694M | $697M | $664M |
| Pre-tax income | $10.3B | $15B | $7.4B | $10.3B | $12.7B |
| Income tax | $1.2B | $2B | $104M | $226M | $7.1B |
| Net income | $9B | $12.9B | $7.2B | $10.1B | $5.5B |
| Diluted EPS | 7.87 | 11.37 | 6.42 | 8.97 | 5.01 |
| Diluted shares | 1,149M | 1,137M | 1,126M | 1,130M | 1,105M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.1B | $2.8B | $8.5B | $7.8B | $5.5B |
| Receivables | $2.2B | $4.2B | $1.9B | $2.3B | $2.9B |
| Inventory | $3.2B | $6.3B | $6.4B | $6.4B | $6.5B |
| Current assets | $20.1B | $20.7B | $22.5B | $25.2B | $25.8B |
| Net PP&E | $4.6B | $5.2B | $5B | $4.7B | $4.7B |
| Goodwill | $7.2B | $10.5B | $10.6B | $10.8B | $11.4B |
| Total assets | $41.2B | $49B | $51B | $55.2B | $50.1B |
| Payables | $2.8B | $3.8B | $1.9B | $2.6B | $2.8B |
| Deferred revenue | $612M | $369M | $293M | $297M | $358M |
| Current liabilities | $12B | $11.9B | $9.6B | $10.5B | $9.1B |
| Short-term debt | $1.5B | $1.4B | $914M | $1.4B | $0 |
| Long-term debt | $13.7B | $13.5B | $14.5B | $13.3B | $14.8B |
| Total liabilities | $31.3B | $31B | $29.5B | $28.9B | $28.9B |
| Shareholders' equity | $10B | $18B | $21.6B | $26.3B | $21.2B |
| Backlog (remaining obligations) | $1.1B | $690M | – | – | – |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $10.5B | $9.1B | $11.3B | $12.2B | $14B |
| Capital expenditure | $1.9B | $2.3B | $1.5B | $1B | $1.2B |
| Free cash flow | $8.6B | $6.8B | $9.8B | $11.2B | $12.8B |
| Depreciation & amortisation | $1.6B | $1.8B | $1.8B | $1.7B | $1.6B |
| Stock-based compensation | $1.7B | $2B | $2.5B | $2.6B | $2.8B |
| Share buybacks | $3.4B | $3.1B | $3B | $4.1B | $8.8B |
| Dividend per share | 2.66 | 2.86 | 3.10 | 3.30 | 3.48 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.7% | −19.0% | 8.8% | 13.7% |
| Operating income growth (YoY) | – | 62.0% | −50.9% | 29.3% | 22.7% |
| EPS growth (YoY) | – | 44.5% | −43.5% | 39.7% | −44.1% |
| Gross margin | 57.5% | 57.8% | 55.7% | 56.2% | 55.4% |
| Operating margin | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% |
| Net margin | 26.9% | 29.3% | 20.2% | 26.0% | 12.5% |
| Return on equityBlank when equity is negative | 90.9% | 71.8% | 33.5% | 38.6% | 26.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 33.4% | 42.7% | 18.8% | 22.6% | 30.1% |
| Free cash flow margin | 25.8% | 15.5% | 27.5% | 28.6% | 28.9% |
| Cash conversion (CFO ÷ net income) | 1.17x | 0.70x | 1.56x | 1.20x | 2.53x |
| Receivable days | 24 | 34 | 20 | 22 | 24 |
| Inventory days | 83 | 124 | 148 | 137 | 121 |
| Payable days | 70 | 74 | 44 | 55 | 52 |
| Interest cover | 17.5x | 32.4x | 11.2x | 14.4x | 18.6x |
| Debt ÷ equity | 1.53x | 0.83x | 0.71x | 0.56x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.1B | $12.2B | $6.9B | $6.8B | $9.3B |
| Current ratio | 1.68x | 1.75x | 2.33x | 2.40x | 2.82x |
Recent filings
More in Radio & Tv Broadcasting & Communications Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.