Qualcomm Inc. Revenue & Financials

Qualcomm's fiscal year 2024 financial results, covering the twelve months ended September 29, 2024, demonstrated a company executing a strong recovery from the severe industry downturn of fiscal year 2023 while continuing to build diversified revenue streams that extend beyond its smartphone-dependent historical base. Total revenues for fiscal year 2024 reached approximately $38.96 billion, a 9 percent increase from the $35.82 billion reported in fiscal year 2023. Within this, QCT revenues of approximately $33.19 billion grew by approximately 11 percent year over year, driven by recovering smartphone demand globally, strong Snapdragon 8 Gen 3 adoption in premium Android devices, and meaningful contributions from automotive and IoT segments. QTL revenues of approximately $5.54 billion were essentially flat year over year, reflecting stable handset licensing volumes offset by pricing pressures from certain licensees. Gross margins for fiscal year 2024 were approximately 56 percent, reflecting the high-margin character of QTL's licensing revenues combined with the more moderate margins typical of the chip business. Operating income reached approximately $11.0 billion, and net income attributable to Qualcomm stockholders was approximately $10.14 billion — representing a net income margin of approximately 26 percent, exceptional for a company of this scale in the semiconductor industry. Automotive revenues within QCT deserve special mention: the segment generated approximately $899 million in fiscal year 2024, a year-over-year increase of approximately 55 percent, confirming that Qualcomm's automotive diversification is generating real commercial momentum rather than remaining aspirational. IoT revenues within QCT were approximately $5.4 billion for the year. Earnings per diluted share for fiscal year 2024 were approximately $9.01 on a GAAP basis, with non-GAAP earnings per diluted share of approximately $10.22. The company ended fiscal year 2024 with cash, cash equivalents, and marketable securities totaling approximately $12.8 billion, providing substantial financial flexibility for capital returns, acquisitions, and R&D investment.