Qualcomm (QCOM) FY2014 results: revenue $26.5 billion, up 6.5% on the year
Qualcomm Inc. (QCOM) reported revenue of $26.5 billion for fiscal 2014, the year ended 28 September 2014, up 6.5% on the year before. Net income was $8.0 billion, up 16.3%, and diluted earnings per share $4.65. The figures are the company's own, from the 10-K it filed with the SEC on 5 November 2014.
Revenue
$26.5 billion
+6.5% on the year
FY2007FY2014
Operating margin
28.5%
29.1% a year earlier
FY2007FY2014
Net income
$8.0 billion
+16.3% on the year
FY2007FY2014
Diluted EPS
$4.65
+18.9% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
26,487
24,866
19,121
+6.5%
Cost of revenue
10,686
9,820
7,096
+8.8%
Gross profit
15,801
15,046
12,025
+5.0%
Gross margin
59.7%
60.5%
62.9%
Research and development
5,477
4,967
3,915
+10.3%
Selling, general and administrative
2,290
2,518
2,270
-9.1%
Operating income
7,550
7,230
5,682
+4.4%
Operating margin
28.5%
29.1%
29.7%
Interest expense
5.0
23.0
90.0
-78.3%
Pre-tax income
8,778
8,194
6,562
+7.1%
Income tax
1,244
1,349
1,279
-7.8%
Effective tax rate
14.2%
16.5%
19.5%
Net income
7,967
6,853
6,109
+16.3%
Net margin
30.1%
27.6%
31.9%
Diluted EPS
$4.65
$3.91
$3.51
+18.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
8,887
8,778
5,998
+1.2%
Capital expenditure
1,185
1,048
1,284
+13.1%
Free cash flow
7,702
7,730
4,714
-0.4%
Free cash flow margin
29.1%
31.1%
24.7%
Cash from investing
-1,639
-1,578
-6,877
Cash from financing
-5,480
-4,845
-757
Depreciation and amortisation
1,150
1,017
897
+13.1%
Share-based compensation
1,059
1,105
1,035
-4.2%
Buybacks
4,549
4,610
1,313
-1.3%
Dividends paid
2,586
2,055
1,583
+25.8%
Dividend per share
$1.54
$1.20
$0.93
+28.3%
Diluted shares, weighted
1,714m
1,754m
1,741m
-2.3%
Shares outstanding at period end
1,669m
1,685m
1,706m
-0.9%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
39,169
36,088
33,523
+8.5%
Non-controlling interest
-3.0
-1.0
22.0
Short-term borrowings
0.0
n/a
n/a
Debt
0.0
0.0
0.0
Other liabilities
9,408
9,429
9,467
-0.2%
Total liabilities and equity
48,574
45,516
43,012
+6.7%
Fixed assets
2,487
2,995
2,851
-17.0%
Goodwill
4,488
3,976
3,917
+12.9%
Intangible assets
2,580
2,553
2,938
+1.1%
Investments
24,115
23,264
23,030
+3.7%
Trading assets
511
510
n/a
+0.2%
Cash and equivalents
7,907
6,142
3,807
+28.7%
Receivables
2,362
2,142
1,459
+10.3%
Inventory
1,458
1,302
1,030
+12.0%
Other assets
2,666
2,632
3,980
+1.3%
Total assets
48,574
45,516
43,012
+6.7%
10-K for the year ended 28 September 2014, filed 5 November 2014: the filing.