Qualcomm (QCOM) financial statements
Qualcomm reported revenue of $44.3B in fiscal 2025, up 7.3% a year over 9 years.
Net income was $5.5B and the operating margin 27.9%, against 27.6% in 2016.
Free cash flow was $12.8B, and the company returned $8.8B in net buybacks.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Qualcomm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23.6B | $22.3B | $22.6B | $24.3B | $23.5B | $33.6B | $44.2B | $35.8B | $39.0B | $44.3B |
| Cost of revenue | $9.7B | $9.8B | $10.2B | $8.6B | $9.3B | $14.3B | $18.6B | $15.9B | $17.1B | $19.7B |
| Gross profit | $13.8B | $12.5B | $12.4B | $15.7B | $14.3B | $19.3B | $25.6B | $20.0B | $21.9B | $24.5B |
| Research and development | $5.2B | $5.5B | $5.6B | $5.4B | $6.0B | $7.2B | $8.2B | $8.8B | $8.9B | $9.0B |
| Selling, general and admin | $2.4B | $2.7B | $3.0B | $2.2B | $2.1B | $2.3B | $2.6B | $2.5B | $2.8B | $3.1B |
| Operating income | $6.5B | $2.6B | $621M | $7.7B | $6.3B | $9.8B | $15.9B | $7.8B | $10.1B | $12.4B |
| Interest expense | $297M | $494M | $768M | $627M | $602M | $559M | $490M | $694M | $697M | $664M |
| Pre-tax income | $6.8B | $3.0B | $392M | $7.5B | $5.7B | $10.3B | $15.0B | $7.4B | $10.3B | $12.7B |
| Income tax | $1.1B | $543M | $5.4B | $3.1B | $521M | $1.2B | $2.0B | $104M | $226M | $7.1B |
| Net income | $5.7B | $2.4B | -$5.0B | $4.4B | $5.2B | $9.0B | $12.9B | $7.2B | $10.1B | $5.5B |
| EPS (diluted) | $3.81 | $1.64 | -$3.39 | $3.59 | $4.52 | $7.87 | $11.37 | $6.42 | $8.97 | $5.01 |
| Diluted shares | 1.50B | 1.49B | 1.46B | 1.22B | 1.15B | 1.15B | 1.14B | 1.13B | 1.13B | 1.10B |
| Gross margin | 58.6% | 56.0% | 54.7% | 64.6% | 60.7% | 57.5% | 57.8% | 55.7% | 56.2% | 55.4% |
| Operating margin | 27.6% | 11.6% | 2.7% | 31.6% | 26.6% | 29.2% | 35.9% | 21.7% | 25.8% | 27.9% |
| Net margin | 24.2% | 11.0% | -22.0% | 18.1% | 22.1% | 26.9% | 29.3% | 20.2% | 26.0% | 12.5% |
Balance sheet
Fiscal years, from Qualcomm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $18.6B | $37.3B | $12.1B | $12.3B | $11.2B | $12.4B | $6.4B | $11.3B | $13.3B | $10.2B |
| Receivables | $2.2B | $3.6B | $2.7B | $1.0B | $2.7B | $2.2B | $4.2B | $1.9B | $2.3B | $2.9B |
| Inventory | $1.6B | $2.0B | $1.7B | $1.4B | $2.6B | $3.2B | $6.3B | $6.4B | $6.4B | $6.5B |
| Total current assets | $23.0B | $43.6B | $17.4B | $16.8B | $18.5B | $20.1B | $20.7B | $22.5B | $25.2B | $25.8B |
| Property, plant and equipment | $2.3B | $3.2B | $3.0B | $3.1B | $3.7B | $4.6B | $5.2B | $5.0B | $4.7B | $4.7B |
| Goodwill | $5.7B | $6.6B | $6.5B | $6.3B | $6.3B | $7.2B | $10.5B | $10.6B | $10.8B | $11.4B |
| Total assets | $52.4B | $65.5B | $32.7B | $33.0B | $35.6B | $41.2B | $49.0B | $51.0B | $55.2B | $50.1B |
| Total current liabilities | $7.3B | $10.9B | $11.4B | $8.9B | $8.7B | $12.0B | $11.9B | $9.6B | $10.5B | $9.1B |
| Long-term debt | — | — | $15.4B | $13.4B | $15.2B | $13.7B | $13.5B | $14.5B | $13.3B | $14.8B |
| Total liabilities | $20.6B | $34.8B | $31.9B | $28.0B | $29.5B | $31.3B | $31.0B | $29.5B | $28.9B | $28.9B |
| Shareholders' equity | $31.8B | $30.7B | $807M | $4.9B | $6.1B | $9.9B | $18.0B | $21.6B | $26.3B | $21.2B |
| Net debt | -$4.2B | -$32.5B | $4.6B | $4.1B | $9.0B | $8.6B | $12.7B | $6.9B | $6.8B | $9.3B |
Cash flow
Fiscal years, from Qualcomm's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $7.6B | $5.0B | $3.9B | $7.3B | $5.8B | $10.5B | $9.1B | $11.3B | $12.2B | $14.0B |
| Capital spending | $539M | $690M | $784M | $887M | $1.4B | $1.9B | $2.3B | $1.4B | $1.0B | $1.2B |
| Free cash flow | $7.1B | $4.3B | $3.1B | $6.4B | $4.4B | $8.6B | $6.8B | $9.8B | $11.2B | $12.8B |
| Stock-based compensation | $943M | $914M | $883M | $1.0B | $1.2B | $1.7B | $2.0B | $2.5B | $2.6B | $2.8B |
| Share buybacks (net) | -$3.9B | -$1.3B | -$22.6B | -$1.8B | -$2.5B | -$3.4B | -$3.1B | -$3.0B | -$4.1B | -$8.8B |
| Net borrowing | $0 | $11.0B | -$5.5B | $0 | -$231M | $0 | -$63M | $1.9B | $0 | $1.5B |
| Free cash flow margin | 30.1% | 19.4% | 13.8% | 26.4% | 18.7% | 25.8% | 15.5% | 27.5% | 28.6% | 28.9% |
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Open QCOM in InvestinglyQuestions
What was Qualcomm's revenue in 2025?
$44.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Qualcomm generate?
$12.8B in fiscal 2025 (operating cash flow minus capital spending).
From Qualcomm's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.