Qualcomm (QCOM) FY2020 results: revenue $23.5 billion, down 3.1% on the year
Qualcomm Inc. (QCOM) reported revenue of $23.5 billion for fiscal 2020, the year ended 27 September 2020, down 3.1% on the year before. Net income was $5.2 billion, up 18.5%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 4 November 2020.
Revenue
$23.5 billion
-3.1% on the year
FY2013FY2020
Operating margin
26.6%
31.6% a year earlier
FY2013FY2020
Net income
$5.2 billion
+18.5% on the year
FY2013FY2020
Diluted EPS
$4.52
+25.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
23,531
24,273
22,611
-3.1%
Cost of revenue
9,255
8,599
10,244
+7.6%
Gross profit
14,276
15,674
12,367
-8.9%
Gross margin
60.7%
64.6%
54.7%
Research and development
5,975
5,398
5,625
+10.7%
Selling, general and administrative
2,074
2,195
2,986
-5.5%
Operating income
6,255
7,667
621
-18.4%
Operating margin
26.6%
31.6%
2.7%
Interest expense
602
627
768
-4.0%
Pre-tax income
5,719
7,481
392
-23.6%
Income tax
521
3,095
5,356
-83.2%
Effective tax rate
9.1%
41.4%
1366.3%
Net income
5,198
4,386
-4,964
+18.5%
Net margin
22.1%
18.1%
-22.0%
Diluted EPS
$4.52
$3.59
-$3.39
+25.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
5,814
7,286
3,908
-20.2%
Capital expenditure
1,407
887
784
+58.6%
Free cash flow
4,407
6,399
3,124
-31.1%
Free cash flow margin
18.7%
26.4%
13.8%
Cash from investing
-5,263
-806
2,381
Cash from financing
-5,707
-6,386
-31,487
Depreciation and amortisation
1,393
1,401
1,561
-0.6%
Share-based compensation
1,212
1,037
883
+16.9%
Buybacks
2,450
1,793
22,580
+36.6%
Dividends paid
2,882
2,968
3,466
-2.9%
Dividend per share
$2.54
$2.48
$2.38
+2.4%
Diluted shares, weighted
1,149m
1,220m
1,463m
-5.8%
Shares outstanding at period end
1,131m
1,145m
1,219m
-1.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,077
4,909
807
+23.8%
Debt
15,726
15,933
16,370
-1.3%
Operating lease liabilities
371
n/a
n/a
Other liabilities
13,420
12,115
15,509
+10.8%
Total liabilities and equity
35,594
32,957
32,686
+8.0%
Fixed assets
3,711
3,081
2,975
+20.4%
Goodwill
6,323
6,282
6,498
+0.7%
Intangible assets
1,653
2,172
2,955
-23.9%
Investments
4,542
457
346
+893.9%
Cash and equivalents
6,707
11,839
11,777
-43.3%
Receivables
2,687
1,046
2,667
+156.9%
Inventory
2,598
1,400
1,693
+85.6%
Other assets
7,373
6,680
3,775
+10.4%
Total assets
35,594
32,957
32,686
+8.0%
10-K for the year ended 27 September 2020, filed 4 November 2020: the filing.