Broadcom Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Broadcom Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	13,240	17,636	20,848	22,597	23,888	27,450	33,203	35,819	51,574	63,887
Cost of revenue	7,300	9,127	10,115	10,114	10,372	10,606	11,108	11,129	19,065	20,593
Gross profit	5,940	8,509	10,733	12,483	13,516	16,844	22,095	24,690	32,509	43,294
Research and development	2,674	3,302	3,768	4,696	4,968	4,854	4,919	5,253	9,310	10,977
Selling, general and administrative	806	789	1,056	1,709	1,935	1,347	1,382	1,592	4,959	4,211
Operating expenses	6,349	6,138	5,598	9,039	9,502	8,325	7,870	8,483	19,046	17,810
Operating income	-409	2,371	5,135	3,444	4,014	8,519	14,225	16,207	13,463	25,484
Interest expense	585	454	628	1,444	1,777	1,885	1,737	1,622	3,953	3,210
Interest income	10	44	114	98	53	16	100	535	461	347
Other non-operating income	10	74	144	226	206	131	-54	512	406	455
Pre-tax income	-1,107	1,825	4,545	2,226	2,443	6,765	12,434	15,097	9,916	22,729
Income tax	642	35	-8,084	-510	-518	29	939	1,015	3,748	-397
Income from continuing operations	-1,633	1,698	12,277
Net income to minority interests	-122	92	351	0	0
Net income	-1,739	1,692	12,259	2,695	2,663	6,437	11,495	14,082	5,895	23,126
EBITDA	-7	2,822	5,650	4,013	4,584	9,058	14,754	16,709	14,056	26,058
EPS, basic	-0.47	0.42	2.93	0.68	0.66	1.57	2.74	3.39	1.27	4.91
EPS, diluted	-0.49	0.40	2.84	0.64	0.63	1.50	2.65	3.30	1.23	4.77
Shares, basic (weighted)	3,664	4,055	4,185	3,985	4,025	4,105	4,089	4,149	4,624	4,712
Shares, diluted (weighted)	3,834	4,215	4,315	4,195	4,215	4,295	4,232	4,272	4,778	4,853
Dividend per share	0.19	0.41	0.70	1.06	1.30	1.44	1.64	1.84	2.11	2.36

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,097	11,204	4,292	5,055	7,618	12,163	12,416	14,189	9,348	16,178
Receivables		2,448	3,325	3,259	2,297	2,071	2,958	3,154	4,416	7,145
Inventory		1,447	1,124	874	1,003	1,297	1,925	1,898	1,760	2,270
Other current assets		724	366	729	977	1,055	1,205	1,606	4,071	5,980
Total current assets		15,823	9,107	9,917	11,895	16,586	18,504	20,847	19,595	31,573
Property, plant and equipment		2,599	2,635	2,565	2,509	2,348	2,223	2,154	2,521	2,530
Lease right-of-use assets					589	588	517	463	1,325	1,318
Goodwill	24,732	24,706	26,913	36,714	43,447	43,450	43,614	43,653	97,873	97,801
Intangible assets		10,832	10,762	17,554	16,782	11,374	7,111	3,867	40,583	32,273
Other non-current assets		458	707	743	1,300	1,812	1,797	2,340	5,073	6,915
Total assets		54,418	50,124	67,493	75,933	75,570	73,249	72,861	165,645	171,092
Accounts payable		1,105	811	855	836	1,086	998	1,210	1,662	1,560
Accrued liabilities		247	160	886	771	1,066	1,202	935	1,971	2,129
Deferred revenue		51	164	1,501	2,620	2,619	2,931	2,487	9,395	9,469
Short-term debt		117	0	2,787	827	264	403	1,563	1,271	3,152
Total current liabilities		2,529	2,338	6,899	6,371	6,281	7,052	7,405	16,697	18,514
Long-term debt		17,431	17,493	30,011	40,235	41,235	39,075	37,621	66,295	61,984
Lease liabilities					527	460	389	359	1,143	1,181
Other non-current liabilities		11,272	3,636	5,613	5,426	4,860	4,413	3,847	14,975	9,302
Total liabilities		31,232	23,467	42,523	52,032	50,581	50,540	48,873	97,967	89,800
Total debt		17,548	17,493	32,798	40,994	39,665	403	1,563	1,245	65,136
Paid-in capital		20,505	23,285	25,081	23,982	24,330	21,159	21,095	67,466	71,308
Retained earnings		-129	3,487	0	0	748	1,604	2,682	0	9,761
Other comprehensive income		-91	-115	-140	-108	-116	-54	207	207	218
Shareholders' equity		20,285	26,657	24,941
Minority interests		2,901	0
Total equity	21,876	23,186	26,657	24,941	23,874	24,962	22,709	23,988	67,678	81,292
Total liabilities and equity		54,418	50,124	67,493	75,933	75,570	73,249	72,861	165,645	171,092
Shares outstanding		4,092	4,081	3,985	4,075	4,135	418	4,139	4,686	4,741

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-1,861	1,784	12,610	2,724	2,960	6,736	11,495	14,082	5,895	23,126
Depreciation and amortization	402	451	515	569	570	539	529	502	593	574
Stock-based compensation	679	921	1,227	2,185	1,976	1,704	1,533	2,171	5,741	7,568
Deferred income tax	418	-235	-8,548	-787	-1,082	-997	-45	-501	1,965	-2,033
Change in receivables	-491	-267	-652	486	981	210	-870	-187	2,327	-2,717
Change in inventory	996	-39	417	250	-31	-294	-627	27	150	-510
Change in payables	33	-97	-325	-42	-3	243	-79	209	121	-118
Cash from operations	3,411	6,551	8,880	9,697	12,061	13,764	16,736	18,085	19,962	27,537
Capital expenditures	-723	-1,069	-635	-432	-463	-443	-424	-452	-548	-623
Acquisitions	-10,055	-40	-4,800	-16,033	-10,872	-8	-246	-53	-25,978	0
Purchases of investments	-58	-207	-249	-5	0	0	-200	-346	-175	-597
Sales and maturities of investments	104	200	54	0	0	169	200	228	156	248
Cash from investing	-9,840	-674	-4,674	-15,422	-11,109	-245	-667	-689	-23,070	-580
Debt issued	19,510	17,426	0	28,793	27,802	9,904	1,935	0	39,954	15,666
Debt repaid	-11,317	-13,668	-973	-16,800	-18,814	-11,495	-2,361	-403	-19,608	-18,478
Stock issued		257	212	253	276	170	114	122	190	221
Share buybacks	0	0	-7,258	-5,435	0	0	-7,000	-5,824	-7,176	-2,450
Dividends paid	-716	-1,653	-2,921	-4,235	-5,235	-5,913	-6,733	-7,645	-9,814	-11,142
Cash from financing	7,704	2,230	-11,118	6,488	1,611	-8,974	-15,816	-15,623	-1,733	-20,127
Net change in cash	1,275	8,107	-6,912	763	2,563	4,545	253	1,773	-4,841	6,830
Free cash flow	2,688	5,482	8,245	9,265	11,598	13,321	16,312	17,633	19,414	26,914
Interest paid	448	310	547	1,287	1,408	1,565	1,386	1,503	3,250	2,672
Income taxes paid	242	349	512	741	501	775	908	1,782	3,155	2,589

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $352.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.8%	Gross profit / revenue.
Operating margin	48.0%	Operating income / revenue.
EBITDA margin	48.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	45.4%	Pre-tax income / revenue.
Net margin	42.9%	Net income / revenue.
FCF margin	44.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	45.6%	Cash from operations / revenue.
Effective tax rate	5.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	20.3%	Net income / average total assets.
R&D / revenue	13.3%	Research and development expense / revenue.
SG&A / revenue	4.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	9.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	23.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	24.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	33.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	25.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	26.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	89.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	44.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	85.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	20.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	41.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	292.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	26.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	54.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	287.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	49.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	18.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	38.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	12.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	12.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.50x	Current assets / current liabilities.
Quick ratio	1.81x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.15x	(Cash + short-term investments) / current liabilities.
Debt / assets	31.6%	Total debt / total assets.
Liabilities / assets	47.0%	Total liabilities / total assets.
Net debt	$35.44B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$31.34B	Current assets - current liabilities.
Goodwill and intangibles / assets	66.0%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	28.3x	Revenue / average property, plant and equipment.
Inventory turnover	6.15x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	6.50x	Revenue / average receivables.
Days sales outstanding	56 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	63 days	Days inventory + days sales outstanding - days payables.
FCF conversion	103.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.83	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$18.23	Revenue / diluted weighted shares.
FCF per share	$8.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.32	Cash from operations / diluted weighted shares.
Cash per share	$5.02	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	21.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.68T	Share price x shares outstanding.
Enterprise value	$1.71T	Market cap + total debt - cash - short-term investments.
P/E	43.9x	Market cap / net income. Only when net income is positive.
P/S	18.8x	Market cap / revenue.
P/FCF	42.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	41.3x	Market cap / cash from operations, when positive.
EV/Sales	19.2x	Enterprise value / revenue.
EV/EBIT	40.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	39.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	43.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	1.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.03x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Broadcom Inc.'s revenue in fiscal 2025?

Broadcom Inc. reported revenue of $63.89B for fiscal 2025, 23.9% higher than the year before.

Was Broadcom Inc. profitable in fiscal 2025?

Yes. Net income was $23.13B, a net margin of 36.2%.

How much free cash flow did Broadcom Inc. generate in fiscal 2025?

Cash from operations of $27.54B minus capital expenditures of $623.0M left free cash flow of $26.91B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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