Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period QUALCOMM’s balance sheet strengthened markedly through 2021–2024 and then contracted in 2025. Total assets rose from $41.2b in 2021 to a peak of $55.2b in 2024 (+$14.0b), before falling to $50.1b in 2025 (‑$5.0b). Liabilities declined modestly from $31.3b to about $28.9b over the period (a net decrease of ~$2.4b), delivering a pronounced improvement in leverage: liabilities as a share of assets fell from ~76% in 2021 to ~52% in 2024, then re‑levered to ~58% in 2025. Stockholders’ equity expanded materially from $9.95b in 2021 to $26.27b in 2024 (+$16.3b), before dropping to $21.21b in 2025—still a substantial net increase vs. 2021 (+$11.3b). The strong 2021–24 trend (rising assets and equity alongside declining liabilities) points to improved solvency and balance-sheet flexibility — consistent with a company that generated excess cash or realized one‑time gains and used them to strengthen equity. The 2025 reversal (asset and equity decline with liabilities flat) suggests the reduction was driven by asset run‑down or distributions to shareholders (e.g., buybacks/dividends) or possibly valuation/working‑capital movements rather than a sharp rise in debt. Given Qualcomm’s exposure to semiconductor cyclical demand and variable licensing receipts, such swings are not uncommon; however, the 2025 pullback partially reverses the prior de‑leveraging and is worth monitoring for effects on liquidity, capital-return policy, and investment capacity.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.