Broadcom
AVGO Nasdaq Semiconductors Financials FY2016–FY2025
Broadcom's revenue rose 23.9% to $63.9 billion in fiscal 2025. Its operating margin was 39.9%, up from 26.1% a year earlier. Free cash flow was $26.9 billion, up 38.6%. It paid out $13.6 billion in dividends and buybacks, 50% of free cash flow. The diluted share count rose 1.6%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (10-for-1), so every year is on today's share basis.
What Broadcom does
Broadcom designs and sells computer chips and software that large businesses and governments use to run their computer systems. Its chips go into AI data centers, networking gear, servers and storage, smartphones, broadband modems, set-top boxes and factory equipment. Its software, including VMware products, helps companies run their own private clouds (computing systems they control rather than rent), manage mainframe computers and protect against cyberattacks.
Broadcom reports two segments. Semiconductor solutions made 58% of net revenue in fiscal 2025, and infrastructure software made the rest. Its AI products include custom chips built to each customer's design and switches that move data between servers. A few customers bring in much of its money: one customer accounted for 32% of net revenue in fiscal 2025, and Broadcom believes its top five end customers made up about 40%. In chips it competes with other chipmakers and with large equipment makers that design their own; in software it competes with big enterprise software vendors and smaller specialists.
Broadcom had about 33,000 employees at the end of fiscal 2025, about 57% of them in research and development. It has grown through acquisitions, including CA, Symantec's enterprise security business and VMware. Its main warehouse is in Malaysia.
- Legal name
- Broadcom Inc.
- Fiscal year ends
- November 2, 2025
- Latest annual report
- 10-K · Dec 18, 2025
- Accession · CIK
- 0001730168-25-000121
0001730168
Revenue and margins
Broadcom had $63.9B of revenue in fiscal 2025, up 23.9% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $26.9B in fiscal 2025, 42.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Broadcom returned $13.6B to shareholders in fiscal 2025, 51% of free cash flow. The diluted share count rose 1.6%.
Value Broadcom yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$49.0B and divides by 4,853.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 41.0x · peers 20.1x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Broadcom can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $12.2B | $12.4B | $14.2B | $9.3B | $16.2B |
| Debt incl. finance leases | $39.7B | $39.5B | $39.2B | $67.5B | $65.1B |
| Net debt / EBITDA | 3.0x | 1.8x | 1.3x | 2.5x | 1.4x |
| Debt / equity | 1.6x | 1.7x | 1.6x | 1.0x | 0.8x |
| Interest coverage | 4.5x | 8.2x | 10.0x | 3.4x | 7.9x |
| Current ratio | 2.6x | 2.6x | 2.8x | 1.2x | 1.7x |
| Quick ratio | 2.4x | 2.4x | 2.6x | 1.1x | 1.6x |
| Total assets | $75.6B | $73.2B | $72.9B | $165.6B | $171.1B |
| Total liabilities | $50.6B | $50.5B | $48.9B | $98.0B | $89.8B |
| Shareholders' equity | $25.0B | $22.7B | $24.0B | $67.7B | $81.3B |
| Net debt (− = net cash) | $27.6B | $27.1B | $25.0B | $58.2B | $49.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.4M
1 insider
Sold, 12 months
$543M
5 insiders
Of sales under plans
92%
$500M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 23, 2026 | Henry SamueliDirector | Sold plan | 702,190 | $356.04 | $250M | Form 4 |
| Jul 10, 2026 | Mark David BrazealChief Legal & Corp Affairs Ofc | Sold | 25,000 | $401.33 | $10.0M | Form 4 |
| Jul 8, 2026 | Gayla J DellyDirector | Sold | 1,890 | $385.38 | $0.7M | Form 4 |
| Jul 8, 2026 | Mark David BrazealChief Legal & Corp Affairs Ofc | Sold | 25,000 | $379.19 | $9.5M | Form 4 |
| Jun 29, 2026 | Justine PageDirector | Sold | 1,602 | $373.86 | $0.6M | Form 4 |
| Jun 25, 2026 | Mark David BrazealChief Legal & Corp Affairs Ofc | Sold | 25,000 | $387.00 | $9.7M | Form 4 |
| Jun 24, 2026 | Henry SamueliDirector | Sold plan | 654,241 | $382.13 | $250M | Form 4 |
| Jun 17, 2026 | Mark David BrazealChief Legal & Corp Affairs Ofc | Sold | 4,825 | $394.91 | $1.9M | Form 4 |
| Jun 16, 2026 | Mark David BrazealChief Legal & Corp Affairs Ofc | Sold | 3,327 | $381.87 | $1.3M | Form 4 |
| Jun 11, 2026 | Harry L. YouDirector | Bought | 1,000 | $373.57 | $0.4M | Form 4 |
| Apr 10, 2026 | Velaga S. RamPresident, Isg | Sold | 8,000 | $370.52 | $3.0M | Form 4 |
| Apr 9, 2026 | Velaga S. RamPresident, Isg | Sold | 17,260 | $352.12 | $6.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 7 / 9 | 4 / 9 | 7 / 9 |
| Accruals ratio | −5.5% | −11.8% | −2.6% |
| Altman Z'' | 3.34 | 1.39 | 2.64 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Broadcom AVGO | $1.57T | 23.9% | 39.9% | 42.1% | 19.9% | 41.0x | 7 | |
| Intel INTC | $443.8B | −0.5% | −4.2% | −9.4% | −0.8% | — | 6 | Compare → |
| Qualcomm QCOM | $188.0B | 13.7% | 27.9% | 29.0% | 23.7% | 20.1x | 6 | Compare → |
| AMD AMD | $857.4B | 34.3% | 10.7% | 19.4% | 6.7% | 132.9x | 8 | Compare → |
| Micron Technology MU | $1.00T | 256.3% | 74.6% | 44.3% | 106.8% | 11.8x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $13.2B | $17.6B | $20.8B | $22.6B | $23.9B | $27.5B | $33.2B | $35.8B | $51.6B | $63.9B |
| Gross profit | $5.9B | $8.5B | $10.7B | $12.5B | $13.5B | $16.8B | $22.1B | $24.7B | $32.5B | $43.3B |
| Research and development | $2.7B | $3.3B | $3.8B | $4.7B | $5.0B | $4.9B | $4.9B | $5.3B | $9.3B | $11.0B |
| Operating income | −$409M | $2.4B | $5.1B | $3.4B | $4.0B | $8.5B | $14.2B | $16.2B | $13.5B | $25.5B |
| Interest expense | $585M | $454M | $628M | $1.4B | $1.8B | $1.9B | $1.7B | $1.6B | $4.0B | $3.2B |
| Pretax income | −$1.1B | $1.8B | $4.5B | $2.2B | $2.4B | $6.8B | $12.4B | $15.1B | $9.9B | $22.7B |
| Income tax | $642M | $35.0M | −$8.1B | −$510M | −$518M | $29.0M | $939M | $1.0B | $3.7B | −$397M |
| Net income | −$1.7B | $1.7B | $12.3B | $2.7B | $3.0B | $6.7B | $11.5B | $14.1B | $5.9B | $23.1B |
| Diluted EPS | −$0.49 | $0.40 | $2.84 | $0.64 | $0.63 | $1.50 | $2.65 | $3.30 | $1.23 | $4.77 |
| Diluted shares | 3.83B | 4.21B | 4.31B | 4.19B | 4.21B | 4.29B | 4.23B | 4.27B | 4.78B | 4.85B |
| Cash flow | ||||||||||
| Cash from operations | $3.4B | $6.6B | $8.9B | $9.7B | $12.1B | $13.8B | $16.7B | $18.1B | $20.0B | $27.5B |
| Capital expenditure | $723M | $1.1B | $635M | $432M | $463M | $443M | $424M | $452M | $548M | $623M |
| Free cash flow | $2.7B | $5.5B | $8.2B | $9.3B | $11.6B | $13.3B | $16.3B | $17.6B | $19.4B | $26.9B |
| Depreciation and amortization | $3.0B | $4.7B | $4.1B | $5.8B | $570M | $539M | $529M | $3.7B | $9.9B | $8.6B |
| Stock-based compensation | $679M | $921M | $1.2B | $2.2B | $2.0B | $1.7B | $1.5B | $2.2B | $5.7B | $7.6B |
| Acquisitions | $10.1B | $40.0M | $4.8B | $16.0B | $10.9B | $8.0M | $246M | $53.0M | $26.0B | $0.0M |
| Share buybacks | $0.0M | $0.0M | $7.3B | $5.4B | $0.0M | $0.0M | $7.0B | $5.8B | $7.2B | $2.5B |
| Dividends paid | $716M | $1.7B | $2.9B | $4.2B | $5.2B | $5.9B | $6.7B | $7.6B | $9.8B | $11.1B |
| Dividends and buybacks | $716M | $1.7B | $10.2B | $9.7B | $5.2B | $5.9B | $13.7B | $13.5B | $17.0B | $13.6B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.1B | $11.2B | $4.3B | $5.1B | $7.6B | $12.2B | $12.4B | $14.2B | $9.3B | $16.2B |
| Total debt | — | $17.5B | $17.5B | $32.8B | $41.0B | $39.7B | $39.5B | $39.2B | $67.5B | $65.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $68.0M | $65.0M | $59.0M | $49.0M | $39.0M | $0.0M |
| Current assets | — | $15.8B | $9.1B | $9.9B | $11.9B | $16.6B | $18.5B | $20.8B | $19.6B | $31.6B |
| Current liabilities | — | $2.5B | $2.3B | $6.9B | $6.4B | $6.3B | $7.1B | $7.4B | $16.7B | $18.5B |
| Inventory | $0.0M | $1.4B | $1.1B | $874M | $1.0B | $1.3B | $1.9B | $1.9B | $1.8B | $2.3B |
| Property and equipment, net | — | $2.6B | $2.6B | $2.6B | $2.5B | $2.3B | $2.2B | $2.2B | $2.5B | $2.5B |
| Total assets | — | $54.4B | $50.1B | $67.5B | $75.9B | $75.6B | $73.2B | $72.9B | $165.6B | $171.1B |
| Total liabilities | — | $31.2B | $23.5B | $42.5B | $52.0B | $50.6B | $50.5B | $48.9B | $98.0B | $89.8B |
| Shareholders' equity | $21.9B | $20.3B | $26.7B | $24.9B | $23.9B | $25.0B | $22.7B | $24.0B | $67.7B | $81.3B |
| Margins | ||||||||||
| Gross margin | 44.9% | 48.3% | 51.5% | 55.2% | 56.6% | 61.4% | 66.6% | 68.9% | 63.0% | 67.8% |
| Operating margin | −3.1% | 13.4% | 24.6% | 15.2% | 16.8% | 31.0% | 42.8% | 45.3% | 26.1% | 39.9% |
| EBITDA margin | 19.9% | 40.3% | 44.2% | 40.9% | 19.2% | 33.0% | 44.4% | 55.7% | 45.2% | 53.4% |
| Net margin | −13.1% | 9.6% | 58.8% | 12.1% | 12.4% | 24.5% | 34.6% | 39.3% | 11.4% | 36.2% |
| FCF margin | 20.3% | 31.1% | 39.6% | 41.0% | 48.6% | 48.5% | 49.1% | 49.2% | 37.6% | 42.1% |
| Returns | ||||||||||
| Return on capital | — | — | 14.8% | 7.4% | 7.3% | 15.4% | 25.7% | 30.6% | 9.6% | 19.9% |
| Return on capital employed | — | — | 10.3% | 6.4% | 6.2% | 12.3% | 21.0% | 24.6% | 12.6% | 16.9% |
| Return on equity | — | — | 52.2% | 10.6% | 12.1% | 27.6% | 48.2% | 60.3% | 12.9% | 31.1% |
| Return on assets | — | — | 23.5% | 4.6% | 4.1% | 8.9% | 15.5% | 19.3% | 4.9% | 13.7% |
| Growth | ||||||||||
| Revenue growth | — | 33.2% | 18.2% | 8.4% | 5.7% | 14.9% | 21.0% | 7.9% | 44.0% | 23.9% |
| Net income growth | — | — | 624.5% | −77.8% | 8.7% | 127.6% | 70.7% | 22.5% | −58.1% | 292.3% |
| EPS growth | — | — | 607.5% | −77.4% | −1.6% | 137.0% | 76.7% | 24.5% | −62.7% | 287.8% |
| FCF growth | — | 103.9% | 50.4% | 12.4% | 25.2% | 14.9% | 22.5% | 8.1% | 10.1% | 38.6% |
| Share count change | — | 9.9% | 2.4% | −2.8% | 0.5% | 1.9% | −1.4% | 1.0% | 11.8% | 1.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 0.9x | 1.4x | 3.0x | 7.3x | 3.0x | 1.8x | 1.3x | 2.5x | 1.4x |
| Debt / equity | — | 0.9x | 0.7x | 1.3x | 1.7x | 1.6x | 1.7x | 1.6x | 1.0x | 0.8x |
| Interest coverage | −0.7x | 5.2x | 8.2x | 2.4x | 2.3x | 4.5x | 8.2x | 10.0x | 3.4x | 7.9x |
| Current ratio | — | 6.3x | 3.9x | 1.4x | 1.9x | 2.6x | 2.6x | 2.8x | 1.2x | 1.7x |
| Quick ratio | — | 5.7x | 3.4x | 1.3x | 1.7x | 2.4x | 2.4x | 2.6x | 1.1x | 1.6x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.5% | 6.1% | 3.1% | 1.9% | 1.9% | 1.6% | 1.3% | 1.3% | 1.1% | 1.0% |
| Stock comp / revenue | 5.1% | 5.2% | 5.9% | 9.7% | 8.3% | 6.2% | 4.6% | 6.1% | 11.1% | 11.9% |
| Payouts / FCF | 26.6% | 30.2% | 123.5% | 104.4% | 45.1% | 44.4% | 84.2% | 76.4% | 87.5% | 50.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 6.0 | 5.0 | 8.0 | 7.0 | 7.0 | 4.0 | 7.0 |
| Altman Z'' | — | 2.7 | 3.0 | 1.3 | 1.3 | 2.2 | 2.9 | 3.3 | 1.4 | 2.6 |
| Accruals ratio | — | — | 6.5% | −11.9% | −12.7% | −9.3% | −7.0% | −5.5% | −11.8% | −2.6% |
Source: SEC EDGAR XBRL filings (CIK 0001730168). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.