QualCom grew revenue 5.4% to 891 million rubles, but lost 16% of profit

QualCom closed out 2025 with mixed results: revenue up, profit down. According to the company's financial statements (published on the Federal Tax Service website in September 2026), the Russian server hardware manufacturer generated revenue of 890.994 million rubles — 5.4% more than a year earlier (845.574 million rubles). But net profit fell: 24.543 million rubles versus 29.335 million rubles in 2024 (a 16.3% drop).

Revenue up, profit down

The company's gross profit grew substantially — from 104.269 million to 133.694 million rubles. Profit from sales also increased: 69.988 million rubles versus 68.309 million in the previous year. Commercial expenses totaled 7.258 million rubles. However, a spike in administrative expenses absorbed the entire gain.

Financial indicators for 2025: • Revenue: 890.994 million rubles (+5.4% year over year) • Net profit: 24.543 million rubles (−16.3%) • Gross profit: 133.694 million rubles (+28.2%) • Profit from sales: 69.988 million rubles (+2.5%) • Commercial expenses: 7.258 million rubles • Administrative expenses: 56.448 million rubles (up 56.8% from 35.960 million in 2024)

Administrative expenses rose 57%

QualCom's paradox lies in its administrative expenses. In 2025 they reached 56.448 million rubles — 56.8% higher than a year earlier (35.960 million rubles). This became the main reason for the drop in net profit, despite growth in revenue and gross profit. The company either expanded its staff or reassessed its costs, but business efficiency declined.

Debt grows faster than assets

Accounts receivable more than doubled: from 76.947 million to 160.645 million rubles. This means customers are paying their bills more slowly or the company has extended payment terms. Accounts payable, by contrast, fell from 125.601 million to 80.144 million rubles.

Short-term borrowed funds totaled 191.437 million rubles, long-term borrowings — 42.266 million rubles. The balance sheet total (assets and liabilities) grew from 250.656 million to 390.015 million rubles (up 55.5%).

Net cash flows from current operations turned out negative: minus 120.471 million rubles. Investment operations yielded 170 thousand rubles, while financing operations brought in 151.801 million rubles. The cash balance at the end of the period stood at 35.106 million rubles (versus 3.606 million at the start of the year).

The paradox is clear: the company earned more revenue, yet net profit fell, administrative expenses doubled, accounts receivable doubled, and cash flow from operations was negative. This points to strain in QualCom's business model.