Revenue for 2021 was 636.8 billion yuan (A$133.4 billion), the company said while announcing its results in Shenzhen on Monday.
In a statement, Huawei said its expenditure on research and development was 142.7 billion yuan for the year, or 22.4% of total revenue.
Huawei's rotating chairman Guo Ping said: "Overall, our performance was in line with forecasts. Our carrier business remained stable, our enterprise business experienced steady growth, and our consumer business quickly expanded into new domains. In addition, we embarked on a fast track of ecosystem development."
Chief financial officer Meng Wanzhou added: "Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty.
"Thanks to the enhanced profitability of its major businesses, the company's cash flow from operating activities dramatically increased in 2021, amounting to 59.7 billion yuan. Its liability ratio also dropped to 57.8%, and its overall financial structure has become more resilient and flexible."
Meng Wanzhou speaking to the media in Shenzhen. Supplied
Meng was freed from Canadian custody in September 2021, after having been arrested in December 2018 for allegedly violating US sanctions against Iran.
She was set free under a deferred prosecution agreement drafted by the US.
The company said its carrier business brought in 281.5 billion yuan in revenue.
"Third-party test results have found that 5G networks built by Huawei for customers in 13 countries, including Switzerland, Germany, Finland, the Netherlands, South Korea, and Saudi Arabia, provide the best user experience," Huawei claimed.
"By working with carriers and partners, Huawei has signed more than 3000 commercial contracts for industrial 5G applications.
"These kinds of 5G applications are currently seeing large-scale commercial use in sectors like manufacturing, mines, iron & steel plants, ports, and hospitals."
Huawei's carrier business has suffered after the US began a campaign claiming that its products posed a security risk to any country that used its gear. However, Washington has never provided any evidence to back its allegations.
The company has always strongly denied such claims.