QUALCOMM Incorporated (QCOM) Cash Flow Statement
Where QCOM’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $14.01B +14.8% vs FY2024
- Capital expenditures
- $1.19B 2.7% of revenue
- Free cash flow
- $12.82B 28.9% margin
- Returned to shareholders
- $12.60B 98% of free cash flow
- Change in cash
- −$6.0M cash at year-end $7.84B
Drawn to scale: where the cash came from and how it was used. Hover for values.
QCOM operating cash flow, capex and free cash flow
QCOM cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $7.40BFY2016 | $14.01BFY2025 | +7.4%/yr | |
| Capital expenditures | $539.0MFY2016 | $1.19BFY2025 | +9.2%/yr | |
| Free cash flow | $6.86BFY2016 | $12.82BFY2025 | +7.2%/yr | |
| Free cash flow margin | 29.1%FY2016 | 28.9%FY2025 | −0.2 pts | |
| Operating cash flow / net income | 1.30FY2016 | 2.53FY2025 | +1.23 | |
| Stock-based compensation | $943.0MFY2016 | $2.78BFY2025 | +12.8%/yr | |
| Dividends paid | $2.99BFY2016 | $3.81BFY2025 | +2.7%/yr | |
| Share buybacks (net) | $3.92BFY2016 | $8.79BFY2025 | +9.4%/yr | |
| Capex / revenue | 2.3%FY2016 | 2.7%FY2025 | +0.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QCOM cash flow by activity
QCOM net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
QCOM cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.54B | $10.11B | $7.34B | $12.99B | $9.04B | $5.20B | $4.39B | −$4.86B | $2.46B | $5.70B |
| Depreciation & amortization | $1.60B | $1.71B | $1.81B | $1.76B | $1.58B | $1.39B | $1.40B | $1.56B | $1.46B | $1.43B |
| Stock-based compensation | $2.78B | $2.65B | $2.48B | $2.03B | $1.66B | $1.21B | $1.04B | $883.0M | $914.0M | $943.0M |
| Change in working capital | $414.0M | $1.22B | $1.15B | −$7.80B | −$461.0M | −$1.61B | −$1.22B | $1.46B | $424.0M | −$153.0M |
| Other non-cash items | $3.67B | −$3.48B | −$1.48B | $117.0M | −$1.29B | −$382.0M | $1.69B | $4.86B | −$571.0M | −$520.0M |
| Cash from operating activities | $14.01B | $12.20B | $11.30B | $9.10B | $10.54B | $5.81B | $7.29B | $3.90B | $4.69B | $7.40B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.19B | −$1.04B | −$1.45B | −$2.26B | −$1.89B | −$1.41B | −$887.0M | −$784.0M | −$690.0M | −$539.0M |
| Investments (net) | −$800.0M | −$3.62B | $762.0M | $1.21B | −$352.0M | −$3.81B | $139.0M | $3.25B | $22.65B | −$2.58B |
| Acquisitions & other investing | $1.19B | $1.04B | $1.45B | −$4.75B | −$1.12B | −$42.0M | −$58.0M | $1.91B | −$3.50B | −$372.0M |
| Cash from investing activities | −$800.0M | −$3.62B | $762.0M | −$5.80B | −$3.36B | −$5.26B | −$806.0M | $4.38B | $18.46B | −$3.49B |
| Financing activities | ||||||||||
| Dividends paid | −$3.81B | −$3.69B | −$3.46B | −$3.21B | −$3.01B | −$2.88B | −$2.97B | −$3.47B | −$3.25B | −$2.99B |
| Share repurchases & issuance (net) | −$8.79B | −$4.12B | −$2.97B | −$3.13B | −$3.37B | −$2.45B | −$1.79B | −$22.58B | −$1.34B | −$3.92B |
| Net borrowing (repayment) | $122.0M | −$914.0M | −$64.0M | −$415.0M | $1.0M | −$229.0M | −$503.0M | −$5.50B | $10.20B | $749.0M |
| Shares issued | $404.0M | $383.0M | $434.0M | $356.0M | $347.0M | $329.0M | $414.0M | $603.0M | $0 | $0 |
| Other financing | −$1.13B | −$930.0M | −$598.0M | −$796.0M | −$772.0M | −$475.0M | −$1.54B | −$548.0M | $271.0M | $642.0M |
| Cash from financing activities | −$13.20B | −$9.27B | −$6.66B | −$7.20B | −$6.80B | −$5.71B | −$6.39B | −$31.49B | $5.88B | −$5.52B |
| Summary | ||||||||||
| Net change in cash | −$6.0M | −$678.0M | $5.43B | −$4.02B | $409.0M | −$5.13B | $62.0M | −$23.25B | $29.08B | −$1.61B |
| Cash at end of period | $7.84B | $7.85B | $8.53B | $3.10B | $7.12B | $6.71B | $11.84B | $11.78B | $35.03B | $5.95B |
| Free cash flow | $12.82B | $11.16B | $9.85B | $6.83B | $8.65B | $4.41B | $6.40B | $3.11B | $4.00B | $6.86B |
| Free cash flow margin | 28.9% | 28.6% | 27.5% | 15.5% | 25.8% | 18.7% | 26.4% | 13.7% | 18.0% | 29.1% |
| Capex / revenue | 2.7% | 2.7% | 4.0% | 5.1% | 5.6% | 6.0% | 3.7% | 3.4% | 3.1% | 2.3% |
| Operating cash flow / net income | 2.53 | 1.21 | 1.54 | 0.70 | 1.17 | 1.12 | 1.66 | — | 1.90 | 1.30 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $2.00B | $7.37B | $3.00B | −$3.12B | $2.67B | $2.81B | $3.18B | $2.92B | $2.11B | $2.27B | $2.81B | $1.63B |
| Depreciation & amortization | $396.0M | $413.0M | $393.0M | $371.0M | $398.0M | $397.0M | $436.0M | $439.0M | $419.0M | $411.0M | $437.0M | $462.0M |
| Stock-based compensation | $830.0M | $861.0M | $888.0M | $663.0M | $659.0M | $702.0M | $759.0M | $697.0M | $644.0M | $705.0M | $602.0M | $608.0M |
| Change in working capital | −$1.65B | −$76.0M | $594.0M | $645.0M | −$22.0M | −$33.0M | $33.0M | −$859.0M | $725.0M | $1.17B | $189.0M | $1.70B |
| Other non-cash items | −$589.0M | −$6.12B | $86.0M | $5.43B | −$826.0M | −$1.32B | $179.0M | −$545.0M | −$844.0M | −$1.00B | −$1.09B | −$310.0M |
| Cash from operating activities | $991.0M | $2.45B | $4.96B | $4.00B | $2.88B | $2.55B | $4.59B | $2.65B | $3.05B | $3.55B | $2.95B | $4.09B |
| Investing activities | ||||||||||||
| Capital expenditures | −$496.0M | −$533.0M | −$549.0M | −$407.0M | −$294.0M | −$214.0M | −$277.0M | −$256.0M | −$387.0M | −$184.0M | −$214.0M | −$293.0M |
| Investments (net) | $1.41B | $176.0M | −$116.0M | −$471.0M | $1.63B | −$1.29B | −$671.0M | −$385.0M | −$1.04B | −$939.0M | −$1.26B | −$618.0M |
| Acquisitions & other investing | −$343.0M | −$144.0M | −$1.06B | $407.0M | $294.0M | $214.0M | $277.0M | $256.0M | $387.0M | $184.0M | $214.0M | $293.0M |
| Cash from investing activities | $574.0M | −$501.0M | −$1.72B | −$471.0M | $1.63B | −$1.29B | −$671.0M | −$385.0M | −$1.04B | −$939.0M | −$1.26B | −$618.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$973.0M | −$946.0M | −$949.0M | −$957.0M | −$968.0M | −$938.0M | −$942.0M | −$948.0M | −$949.0M | −$895.0M | −$895.0M | −$893.0M |
| Share repurchases & issuance (net) | −$1.36B | −$2.79B | −$2.65B | −$2.44B | −$2.85B | −$1.75B | −$1.75B | −$1.30B | −$1.30B | −$731.0M | −$784.0M | −$400.0M |
| Net borrowing (repayment) | −$1.0M | $322.0M | $0 | $0 | $122.0M | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $223.0M | $0 | $0 | $203.0M | $0 | $0 | $0 | $187.0M | $1.0M | $0 | $0 | $201.0M |
| Other financing | −$356.0M | −$277.0M | −$283.0M | −$238.0M | −$276.0M | −$95.0M | −$316.0M | −$135.0M | −$1.20B | $46.0M | −$362.0M | −$25.0M |
| Cash from financing activities | −$2.47B | −$3.69B | −$3.88B | −$3.44B | −$3.97B | −$2.78B | −$3.01B | −$2.20B | −$3.45B | −$1.58B | −$2.04B | −$1.12B |
| Summary | ||||||||||||
| Net change in cash | −$902.0M | −$1.77B | −$638.0M | $72.0M | $568.0M | −$1.51B | $864.0M | $79.0M | −$1.45B | $1.02B | −$333.0M | $2.35B |
| Cash at end of period | $4.53B | $5.43B | $7.21B | $7.84B | $7.77B | $7.20B | $8.71B | $7.85B | $7.77B | $9.22B | $8.19B | $8.53B |
| Free cash flow | $495.0M | $1.92B | $4.42B | $3.59B | $2.58B | $2.34B | $4.31B | $2.39B | $2.67B | $3.37B | $2.73B | $3.80B |
| Free cash flow margin | 5.0% | 18.1% | 36.0% | 31.8% | 24.9% | 21.3% | 36.9% | 23.3% | 28.4% | 35.9% | 27.5% | 44.0% |
| Capex / revenue | 5.0% | 5.0% | 4.5% | 3.6% | 2.8% | 1.9% | 2.4% | 2.5% | 4.1% | 2.0% | 2.2% | 3.4% |
| Operating cash flow / net income | 0.50 | 0.33 | 1.65 | — | 1.08 | 0.91 | 1.44 | 0.91 | 1.45 | 1.56 | 1.05 | 2.51 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
QCOM cash generation
In fiscal 2025 (ended September 30, 2025), Qualcomm generated $14.0 billion of cash from operations (up 14.8%) and spent $1.2 billion on capital expenditures, leaving free cash flow of $12.8 billion, 28.9% of revenue. It returned $12.6 billion to shareholders through dividends ($3.8 billion) and net share buybacks ($8.8 billion). Cash and equivalents fell by $6.0 million over the year.
Related: QCOM income statement, QCOM balance sheet, QCOM dividend history. See the QCOM stock overview for the latest quote and news.
QCOM cash flow FAQ
What is Qualcomm's free cash flow?
Qualcomm's free cash flow was $12.8 billion in fiscal 2025: $14.0 billion of operating cash flow minus $1.2 billion of capital expenditures It was $11.2 billion a year earlier..
How much cash does Qualcomm generate from operations?
Qualcomm generated $14.0 billion of cash from operating activities in fiscal 2025, 2.53 times its net income of $5.5 billion.
How much does Qualcomm spend on capital expenditures?
Qualcomm spent $1.2 billion on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $1.0 billion the year before.
How much stock does Qualcomm buy back?
Qualcomm spent $8.8 billion on net share repurchases in fiscal 2025.
How much does Qualcomm pay in dividends?
Qualcomm paid $3.8 billion in dividends in fiscal 2025, 29.7% of free cash flow.