Qualcomm (QCOM) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue reached $39B, up 9% year-over-year, with non-GAAP EPS of $10.22, both exceeding guidance.

• Q4 2024 revenue was $10.2B, with non-GAAP EPS of $2.69, both at the high end of guidance.

• QCT segment delivered $8.7B in Q4 revenue, with automotive revenue up 68% year-over-year and strong design wins.

• Continued transformation into a connected computing company focused on AI-enabled edge computing and significant product launches in AI, PC, IoT, and automotive.

• Returned $2.2B to shareholders in Q4, including $1.3B in buybacks and $0.9B in dividends.

Financial highlights

• Fiscal 2024 non-GAAP EBT rose 20% to $13.3B; net income increased to $11.5B; record free cash flow of $11.2B.

• Q4 2024 revenue was $10.24B (+19% YoY); net income $2.92B (+96% YoY); GAAP EPS $2.59 (+96% YoY).

• QCT FY24 revenue up 9% to $33.2B; QTL revenue up 5% to $5.3B.

• Automotive revenue surged 55% to $2.9B in FY24; IoT revenue declined 9% to $5.4B.

• Record free cash flow of $11.2B in FY24, up from $11.1B in FY23.

Outlook and guidance

• Q1 FY25 revenue guidance: $10.5B–$11.3B; non-GAAP EPS: $2.85–$3.05.

• QCT Q1 FY25 revenue expected at $9.0B–$9.6B; QTL at $1.45B–$1.65B.

• QCT handset revenues to grow mid-single digits year-over-year; IoT revenues to rise over 20% year-over-year.

• QCT automotive revenues to grow 50% year-over-year, flat sequentially.

• Non-GAAP effective tax rate guidance for FY25: 14%.