Qualcomm Inc., adjustment to net income

US$ in millions

12 months ended:	Sep 29, 2024	Sep 24, 2023	Sep 25, 2022	Sep 26, 2021	Sep 27, 2020	Sep 29, 2019
Net income (as reported)	10,142)	7,232)	12,936)	9,043)	5,198)	4,386)
Add: Net unrealized gains (losses) on certain available-for-sale debt securities	93)	54)	(113)	(5)	22)	(6)
Net income (adjusted)	10,235)	7,286)	12,823)	9,038)	5,220)	4,380)

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Qualcomm Inc., adjusted profitability 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	26.27%	20.34%	29.01%	26.93%	22.18%	18.04%
Return on Equity (ROE)
Reported ROE	38.60%	33.51%	71.81%	90.88%	85.54%	89.35%
Adjusted ROE	38.95%	33.76%	71.19%	90.83%	85.90%	89.22%
Return on Assets (ROA)
Reported ROA	18.39%	14.17%	26.39%	21.93%	14.60%	13.31%
Adjusted ROA	18.56%	14.28%	26.16%	21.92%	14.67%	13.29%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Qualcomm Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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 total assets.	Qualcomm Inc. adjusted ROA deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

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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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	10,235)	7,286)	12,823)	9,038)	5,220)	4,380)
Revenues	38,962)	35,820)	44,200)	33,566)	23,531)	24,273)
Profitability Ratio
Adjusted net profit margin²	26.27%	20.34%	29.01%	26.93%	22.18%	18.04%

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 × 10,235 ÷ 38,962 = 26.27%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Qualcomm Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

	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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	10,235)	7,286)	12,823)	9,038)	5,220)	4,380)
Stockholders’ equity	26,274)	21,581)	18,013)	9,950)	6,077)	4,909)
Profitability Ratio
Adjusted ROE²	38.95%	33.76%	71.19%	90.83%	85.90%	89.22%

2024 Calculations

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

² Adjusted ROE = 100 × Adjusted net income ÷ Stockholders’ equity
= 100 × 10,235 ÷ 26,274 = 38.95%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by 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: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	10,235)	7,286)	12,823)	9,038)	5,220)	4,380)
Total assets	55,154)	51,040)	49,014)	41,240)	35,594)	32,957)
Profitability Ratio
Adjusted ROA²	18.56%	14.28%	26.16%	21.92%	14.67%	13.29%

2024 Calculations

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

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 10,235 ÷ 55,154 = 18.56%

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

Qualcomm Inc. (NASDAQ:QCOM)

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