FINANCIAL MODEL

QUALCOMM Incorporated

QCOM · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	23,554	22,258	22,611	24,273	23,531	33,566	44,200	35,820	38,962	44,284
Cost of Goods Sold	9,749	9,792	10,244	8,599	9,255	14,262	18,635	15,869	17,060	19,738
Gross Profit
SG&A	2,385	2,658	2,986	2,195	2,074	2,339	2,570	2,483	2,759	3,110
R&D	5,151	5,485	5,625	5,398	5,975	7,176	8,194	8,818	8,893	9,042
EBITDA
D&A	1,428	1,461	1,561	1,401	1,393	1,582	1,762	1,809	1,706	1,602
EBIT (Operating Income)	6,495	2,581	621	7,667	6,255	9,789	15,860	7,788	10,071	12,355
Interest Expense	297	494	768	627	602	559	490	694	697	664
Pre-Tax Income	6,833	2,987	392	7,481	5,719	10,274	14,998	7,443	10,336	12,663
Tax Expense	1,131	543	5,356	3,095	521	1,231	2,012	104	226	7,122
Net Income	5,705	2,445	-4,964	4,386	5,198	9,043	12,936	7,232	10,142	5,541
Diluted EPS	3.81	1.64	-3.39	3.59	4.52	7.87	11.37	6.42	8.97	5.01
Diluted Shares (M)	1,498.0	1,490.0	1,463.0	1,220.0	1,149.0	1,149.0	1,137.0	1,126.0	1,130.0	1,105.0
Balance Sheet
Total Cash & Equivalents		35,029	11,777	11,839	6,707	7,116	2,773	8,450	7,849	5,520
Short-term Debt		2,495	1,005	2,496	500	2,044	1,945	914	1,364	0
Long-term Debt		19,398	15,365	13,437	15,226	13,701	13,537	14,484	13,270	14,811
Total Debt
Net Debt
Total Current Assets		43,593	17,384	16,765	18,519	20,075	20,724	22,464	25,231	25,754
Total Current Liabilities		10,907	11,389	8,935	8,672	11,951	11,866	9,628	10,504	9,144
Total Assets		65,486	32,718	32,957	35,594	41,240	49,014	51,040	55,154	50,143
Total Liabilities		34,740	31,911	28,048	29,517	31,290	31,001	29,459	28,880	28,937
Shareholders' Equity		30,746	807	4,909	6,077	9,950	18,013	21,581	26,274	21,206
Minority Interest
Intangibles & Goodwill		6,623	6,498	6,282	6,323	7,246	10,508	10,642	10,799	11,358
PP&E		3,216	2,975	3,081	3,711	4,559	5,168	5,042	4,665	4,690
Receivables		3,632	2,904	2,471	4,003	3,579	5,643	3,183	3,929	4,315
Payables		1,971	1,825	1,368	2,248	2,750	3,796	1,912	2,584	2,791
Inventory		2,035	1,693	1,400	2,598	3,228	6,341	6,422	6,423	6,526
Retained Earnings		30,088	542	4,466	5,284	9,822	17,840	20,733	25,687	20,646
Cash Flow
Cash from Operations	7,632	5,001	3,908	7,286	5,814	10,536	9,096	11,299	12,202	14,012
Capital Expenditures	539	690	784	887	1,407	1,888	2,262	1,450	1,041	1,192
Free Cash Flow
Stock-Based Compensation	943	914	883	1,037	1,212	1,663	2,031	2,484	2,648	2,783
Dividends Paid	2,990	3,252	3,466	2,968	2,882	3,008	3,212	3,462	3,687	3,805
Share Repurchases	3,923	1,342	22,580	1,793	2,450	3,366	3,129	2,973	4,121	8,791