Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Qualcomm Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Federal	1,306)	1,229)	1,114)	942)	210)	1,563)
State	3)	10)	1)	8)	1)	2)
Foreign	805)	491)	906)	518)	526)	(407)
Current provision	2,114)	1,730)	2,021)	1,468)	737)	1,158)
Federal	(1,553)	(1,475)	(34)	(251)	(192)	2,037)
State	(4)	(8)	15)	2)	2)	17)
Foreign	(331)	(143)	10)	12)	(26)	(117)
Deferred provision (benefit)	(1,888)	(1,626)	(9)	(237)	(216)	1,937)
Income tax provision from continuing operations	226)	104)	2,012)	1,231)	521)	3,095)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

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Item	Description	The company
Current provision	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Qualcomm Inc. current provision decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Deferred provision (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Qualcomm Inc. deferred provision (benefit) decreased from 2022 to 2023 and from 2023 to 2024.
Income tax provision from continuing operations	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Qualcomm Inc. income tax provision from continuing operations decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Qualcomm Inc., effective income tax rate (EITR) reconciliation

		Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
	Federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective tax rate	2.00%	1.00%	13.00%	12.00%	9.00%	41.37%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Qualcomm Inc. effective tax rate decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Qualcomm Inc., components of deferred tax assets and liabilities

US$ in millions

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Capitalized research and development expenditures	3,015)	1,490)	—)	—)	—)	—)
Unused tax credits	2,172)	1,819)	1,624)	1,504)	1,311)	1,137)
Customer incentives	769)	659)	807)	762)	537)	—)
Unused net operating losses	719)	364)	887)	663)	576)	619)
Accrued liabilities and reserves	397)	401)	264)	483)	275)	648)
Operating lease liabilities	282)	216)	202)	188)	107)	—)
Share-based compensation	152)	285)	225)	175)	151)	115)
Unrealized losses on other investments and marketable securities	146)	159)	197)	106)	235)	164)
Other	459)	409)	435)	346)	403)	520)
Gross deferred tax assets	8,111)	5,802)	4,641)	4,227)	3,595)	3,203)
Valuation allowance	(2,061)	(1,803)	(2,223)	(1,926)	(1,728)	(1,672)
Net deferred tax assets	6,050)	3,999)	2,418)	2,301)	1,867)	1,531)
Intangible assets	(388)	(335)	(315)	(198)	(181)	(216)
Operating lease assets	(248)	(194)	(184)	(174)	(100)	—)
Unrealized gains on other investments and marketable securities	(169)	(101)	(84)	(215)	(97)	(99)
Other	(197)	(170)	(199)	(187)	(194)	(123)
Deferred tax liabilities	(1,002)	(800)	(782)	(774)	(572)	(438)
Net deferred tax assets (liabilities)	5,048)	3,199)	1,636)	1,527)	1,295)	1,093)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Qualcomm Inc. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Qualcomm Inc. net deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Qualcomm Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 and from 2023 to 2024.

Qualcomm Inc., deferred tax assets and liabilities, classification

US$ in millions

		Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
	Non-current deferred tax assets	5,162)	3,310)	1,803)	1,591)	1,351)	1,196)
	Non-current deferred tax liabilities (included in Other liabilities)	114)	111)	167)	64)	56)	103)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

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Item	Description	The company
Non-current deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Qualcomm Inc. non-current deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Non-current deferred tax liabilities (included in Other liabilities)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Qualcomm Inc. non-current deferred tax liabilities (included in Other liabilities) decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Qualcomm Inc., adjustments to financial statements

US$ in millions

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Adjustment to Total Assets
Total assets (as reported)	55,154)	51,040)	49,014)	41,240)	35,594)	32,957)
Less: Noncurrent deferred tax assets, net	5,162)	3,310)	1,803)	1,591)	1,351)	1,196)
Total assets (adjusted)	49,992)	47,730)	47,211)	39,649)	34,243)	31,761)
Adjustment to Total Liabilities
Total liabilities (as reported)	28,880)	29,459)	31,001)	31,290)	29,517)	28,048)
Less: Noncurrent deferred tax liabilities, net	114)	111)	167)	64)	56)	103)
Total liabilities (adjusted)	28,766)	29,348)	30,834)	31,226)	29,461)	27,945)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	26,274)	21,581)	18,013)	9,950)	6,077)	4,909)
Less: Net deferred tax assets (liabilities)	5,048)	3,199)	1,636)	1,527)	1,295)	1,093)
Stockholders’ equity (adjusted)	21,226)	18,382)	16,377)	8,423)	4,782)	3,816)
Adjustment to Net Income
Net income (as reported)	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Add: Deferred income tax expense (benefit)	(1,888)	(1,626)	(9)	(237)	(216)	1,937)
Net income (adjusted)	8,254)	5,606)	12,927)	8,806)	4,982)	6,323)

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

Qualcomm Inc., Financial Data: Reported vs. Adjusted

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Qualcomm Inc., adjusted financial ratios

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Net Profit Margin
Reported net profit margin	26.03%	20.19%	29.27%	26.94%	22.09%	18.07%
Adjusted net profit margin	21.18%	15.65%	29.25%	26.23%	21.17%	26.05%
Total Asset Turnover
Reported total asset turnover	0.71	0.70	0.90	0.81	0.66	0.74
Adjusted total asset turnover	0.78	0.75	0.94	0.85	0.69	0.76
Financial Leverage
Reported financial leverage	2.10	2.37	2.72	4.14	5.86	6.71
Adjusted financial leverage	2.36	2.60	2.88	4.71	7.16	8.32
Return on Equity (ROE)
Reported ROE	38.60%	33.51%	71.81%	90.88%	85.54%	89.35%
Adjusted ROE	38.89%	30.50%	78.93%	104.55%	104.18%	165.70%
Return on Assets (ROA)
Reported ROA	18.39%	14.17%	26.39%	21.93%	14.60%	13.31%
Adjusted ROA	16.51%	11.75%	27.38%	22.21%	14.55%	19.91%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Qualcomm Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Qualcomm Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Qualcomm Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Qualcomm Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Qualcomm Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Qualcomm Inc., Financial Ratios: Reported vs. Adjusted

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	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Revenues	38,962)	35,820)	44,200)	33,566)	23,531)	24,273)
Profitability Ratio
Net profit margin¹	26.03%	20.19%	29.27%	26.94%	22.09%	18.07%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	8,254)	5,606)	12,927)	8,806)	4,982)	6,323)
Revenues	38,962)	35,820)	44,200)	33,566)	23,531)	24,273)
Profitability Ratio
Adjusted net profit margin²	21.18%	15.65%	29.25%	26.23%	21.17%	26.05%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenues
= 100 × 10,142 ÷ 38,962 = 26.03%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenues
= 100 × 8,254 ÷ 38,962 = 21.18%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Qualcomm Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	38,962)	35,820)	44,200)	33,566)	23,531)	24,273)
Total assets	55,154)	51,040)	49,014)	41,240)	35,594)	32,957)
Activity Ratio
Total asset turnover¹	0.71	0.70	0.90	0.81	0.66	0.74
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Revenues	38,962)	35,820)	44,200)	33,566)	23,531)	24,273)
Adjusted total assets	49,992)	47,730)	47,211)	39,649)	34,243)	31,761)
Activity Ratio
Adjusted total asset turnover²	0.78	0.75	0.94	0.85	0.69	0.76

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 38,962 ÷ 55,154 = 0.71

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 38,962 ÷ 49,992 = 0.78

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Qualcomm Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	55,154)	51,040)	49,014)	41,240)	35,594)	32,957)
Stockholders’ equity	26,274)	21,581)	18,013)	9,950)	6,077)	4,909)
Solvency Ratio
Financial leverage¹	2.10	2.37	2.72	4.14	5.86	6.71
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	49,992)	47,730)	47,211)	39,649)	34,243)	31,761)
Adjusted stockholders’ equity	21,226)	18,382)	16,377)	8,423)	4,782)	3,816)
Solvency Ratio
Adjusted financial leverage²	2.36	2.60	2.88	4.71	7.16	8.32

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 55,154 ÷ 26,274 = 2.10

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 49,992 ÷ 21,226 = 2.36

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Qualcomm Inc. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Stockholders’ equity	26,274)	21,581)	18,013)	9,950)	6,077)	4,909)
Profitability Ratio
ROE¹	38.60%	33.51%	71.81%	90.88%	85.54%	89.35%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	8,254)	5,606)	12,927)	8,806)	4,982)	6,323)
Adjusted stockholders’ equity	21,226)	18,382)	16,377)	8,423)	4,782)	3,816)
Profitability Ratio
Adjusted ROE²	38.89%	30.50%	78.93%	104.55%	104.18%	165.70%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 10,142 ÷ 26,274 = 38.60%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 8,254 ÷ 21,226 = 38.89%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Qualcomm Inc. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Total assets	55,154)	51,040)	49,014)	41,240)	35,594)	32,957)
Profitability Ratio
ROA¹	18.39%	14.17%	26.39%	21.93%	14.60%	13.31%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	8,254)	5,606)	12,927)	8,806)	4,982)	6,323)
Adjusted total assets	49,992)	47,730)	47,211)	39,649)	34,243)	31,761)
Profitability Ratio
Adjusted ROA²	16.51%	11.75%	27.38%	22.21%	14.55%	19.91%

Based on: 10-K (reporting date: 2024-09-29), 10-K (reporting date: 2023-09-24), 10-K (reporting date: 2022-09-25), 10-K (reporting date: 2021-09-26), 10-K (reporting date: 2020-09-27), 10-K (reporting date: 2019-09-29).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 10,142 ÷ 55,154 = 18.39%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 8,254 ÷ 49,992 = 16.51%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Qualcomm Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

Qualcomm Inc. (NASDAQ:QCOM)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Qualcomm Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Qualcomm Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)