Qualcomm (QCOM) FY2021 results: revenue $33.6 billion, up 42.6% on the year
Qualcomm Inc. (QCOM) reported revenue of $33.6 billion for fiscal 2021, the year ended 26 September 2021, up 42.6% on the year before. Net income was $9.0 billion, up 74.0%, and diluted earnings per share $7.87. The figures are the company's own, from the 10-K it filed with the SEC on 3 November 2021.
Revenue
$33.6 billion
+42.6% on the year
FY2014FY2021
Operating margin
29.2%
26.6% a year earlier
FY2014FY2021
Net income
$9.0 billion
+74.0% on the year
FY2014FY2021
Diluted EPS
$7.87
+74.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
33,566
23,531
24,273
+42.6%
Cost of revenue
14,262
9,255
8,599
+54.1%
Gross profit
19,304
14,276
15,674
+35.2%
Gross margin
57.5%
60.7%
64.6%
Research and development
7,176
5,975
5,398
+20.1%
Selling, general and administrative
2,339
2,074
2,195
+12.8%
Operating income
9,789
6,255
7,667
+56.5%
Operating margin
29.2%
26.6%
31.6%
Interest expense
559
602
627
-7.1%
Pre-tax income
10,274
5,719
7,481
+79.6%
Income tax
1,231
521
3,095
+136.3%
Effective tax rate
12.0%
9.1%
41.4%
Net income
9,043
5,198
4,386
+74.0%
Net margin
26.9%
22.1%
18.1%
Diluted EPS
$7.87
$4.52
$3.59
+74.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
10,536
5,814
7,286
+81.2%
Capital expenditure
1,888
1,407
887
+34.2%
Free cash flow
8,648
4,407
6,399
+96.2%
Free cash flow margin
25.8%
18.7%
26.4%
Cash from investing
-3,356
-5,263
-806
Cash from financing
-6,798
-5,707
-6,386
Depreciation and amortisation
1,582
1,393
1,401
+13.6%
Share-based compensation
1,663
1,212
1,037
+37.2%
Buybacks
3,366
2,450
1,793
+37.4%
Dividends paid
3,008
2,882
2,968
+4.4%
Dividend per share
$2.66
$2.54
$2.48
+4.7%
Diluted shares, weighted
1,149m
1,149m
1,220m
0.0%
Shares outstanding at period end
1,125m
1,131m
1,145m
-0.5%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
9,950
6,077
4,909
+63.7%
Debt
15,745
15,726
15,933
+0.1%
Operating lease liabilities
428
371
n/a
+15.4%
Other liabilities
15,117
13,420
12,115
+12.6%
Total liabilities and equity
41,240
35,594
32,957
+15.9%
Fixed assets
4,559
3,711
3,081
+22.9%
Goodwill
7,246
6,323
6,282
+14.6%
Intangible assets
1,458
1,653
2,172
-11.8%
Investments
5,298
4,542
457
+16.6%
Cash and equivalents
7,116
6,707
11,839
+6.1%
Receivables
2,214
2,687
1,046
-17.6%
Inventory
3,228
2,598
1,400
+24.2%
Other assets
10,121
7,373
6,680
+37.3%
Total assets
41,240
35,594
32,957
+15.9%
10-K for the year ended 26 September 2021, filed 3 November 2021: the filing.