Qualcomm (QCOM) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue reached $39.0B, up 9% year-over-year, with non-GAAP EPS at $10.22 and record free cash flow of $11.2B.

• Q4 FY24 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% YoY and strong design wins.

• Returned $2.2B to shareholders in Q4 via $1.3B share repurchases and $0.9B dividends.

• Continued progress on diversification strategy, expanding into AI, automotive, IoT, and edge computing.

Financial highlights

• Q4 QCT revenues: $8.7B (EBITDA margin 28%), QTL revenues: $1.5B (EBITDA margin 74%).

• Automotive revenue surged 68% YoY in Q4 and 55% to $2.9B in FY24; IoT revenue declined 9% to $5.4B.

• Fiscal 2024: $39B revenue, non-GAAP EPS $10.22 (21% YoY growth), record free cash flow of $11.2B.

• Q4 net income $2.92B (+96% YoY); operating cash flow hit a record $12.2B.

• Maintained flat non-GAAP operating expenses YoY, reflecting operating leverage.

Outlook and guidance

• Q1 FY25 revenue guidance: $10.5–$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 YoY; IoT revenues to increase >20% YoY; automotive revenues to grow 50% YoY.

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

• Global 3G/4G/5G handset units expected to rise low to mid-single digits YoY in 2024.