Broadcom

AVGO · Nasdaq · Information Technology · Financials, fiscal 2016 to 2025

AVGO · Last close · October 26, 2026

$329.17

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%.

Broadcom Inc. Latest fiscal year ended November 2, 2025 10-K filed December 18, 2025 · 0001730168-25-000121 Updated October 10, 2026

Revenue

$63.9B

23.9%

Operating margin

39.9%

13.8 pts

Net income

$23.1B

292.3%

Free cash flow

$26.9B

38.6%

Return on capital

19.9%

10.3 pts

Market cap

$1.61T

Oct 26 close

P/E

42.0x

On $7.84 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

Its biggest risks, as it describes them

Losing, or getting much less business from, the few large customers that account for much of its revenue.
Its reliance on outside manufacturers and a small number of suppliers for key parts of its chips.
Big spending on research and new business models may pay off slowly or not at all.
Its software growth depends on customers accepting its VMware products and business strategy.
Its large debt could limit its options and strain its finances.

From Broadcom's annual report on Form 10-K, filed December 18, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 36.3% a year and net income 38.7% a year, as new shares raised the share count by 15% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Broadcom yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Broadcom says to expect

Fourth quarter fiscal 2026: AI semiconductor revenueIn Q4 the momentum continues, and we expect AI semiconductor revenue to accelerate to $21.7 billion, up 236% year-over-year.
Fourth quarter fiscal 2026: revenue and operating marginQ4 consolidated revenue growth is forecasted to increase 93% year-over-year to $34.8 billion, and we expect to maintain our non-GAAP operating margin at 66%, flat from a year ago.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 2, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Broadcom's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Broadcom's fiscal 2025 free cash flow of $26.9B, net cash of −$49.0B at November 2, 2025 and 4,853 million diluted shares, from its filings. The scenarios are fitted to Broadcom: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 24.4% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11% for a cyclical or higher-risk business (Semiconductors); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at November 2, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Broadcom's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $329.17
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Broadcom's earnings per share of $7.84 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 33.3×, the middle of Broadcom's own P/E today, its peers' median and its sector's median (the Information Technology median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to August 2, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Qualcomm, AMD, Micron Technology.

Earnings growth in the years ahead (% a year) Starts at Broadcom's revenue growth over the last 3 years, 24.4% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $329.17
Value at this multiple, against the last close: —
Broadcom's P/E at the last close: 42.0×

Company	Last close	Earnings per share	P/E today
AMDAMD	$531.28	$3.89	136.6×
BroadcomAVGO	$329.17	$7.84	42.0×
QualcommQCOM	$179.60	$8.75	20.5×
Micron TechnologyMU	$903.70	$74.33	12.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	12.2	12.4	14.2	9.3	16.2
Debt incl. finance leases	39.7	39.5	39.2	67.5	65.1
Net debt (negative means net cash)	27.6	27.1	25.0	58.2	49.0
Net debt to EBITDA	3.0x	1.8x	1.2x	2.5x	1.4x
Debt to 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

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $698,700 of Broadcom shares on the open market, and 8 insiders sold $1.2 billion, $878.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 23, 2026	Henry SamueliDirector	Sold plan	702,190	$356.04	$250.0 million	Form 4
Jul 10, 2026	Mark David BrazealChief Legal & Corp Affairs Ofc	Sold	25,000	$401.33	$10.0 million	Form 4
Jul 8, 2026	Mark David BrazealChief Legal & Corp Affairs Ofc	Sold	25,000	$379.19	$9.5 million	Form 4
Jul 8, 2026	Gayla J DellyDirector	Sold	1,890	$385.38	$728,368	Form 4
Jun 29, 2026	Justine PageDirector	Sold	1,602	$373.86	$598,924	Form 4
Jun 25, 2026	Mark David BrazealChief Legal & Corp Affairs Ofc	Sold	25,000	$387.00	$9.7 million	Form 4
Jun 24, 2026	Henry SamueliDirector	Sold plan	654,241	$382.13	$250.0 million	Form 4
Jun 17, 2026	Mark David BrazealChief Legal & Corp Affairs Ofc	Sold	4,825	$394.91	$1.9 million	Form 4
Jun 16, 2026	Mark David BrazealChief Legal & Corp Affairs Ofc	Sold	3,327	$381.87	$1.3 million	Form 4
Jun 11, 2026	Harry L. YouDirector	Bought	1,000	$373.57	$373,570	Form 4
Apr 10, 2026	Velaga S. RamPresident, Isg	Sold	8,000	$370.52	$3.0 million	Form 4
Apr 9, 2026	Velaga S. RamPresident, Isg	Sold	17,260	$352.12	$6.1 million	Form 4

The latest 12 of 41 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	4 of 9	7 of 9
Accruals ratio	−5.5%	−11.8%	−2.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Broadcom side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Broadcom	FY25	23.9%	39.9%	42.1%	19.9%	1.4x	7
Intel	FY25	−0.5%	−4.2%	−9.4%	−0.8%	1.0x	6	Compare
Qualcomm	FY25	13.7%	27.9%	28.9%	23.7%	0.3x	6	Compare
AMD	FY25	34.3%	10.7%	19.4%	6.7%	−1.0x	8	Compare
Micron Technology	FY26	256.3%	74.6%	44.3%	106.8%	−0.3x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	13.2	17.6	20.8	22.6	23.9	27.4	33.2	35.8	51.6	63.9
Revenue growth	—	33.2%	18.2%	8.4%	5.7%	14.9%	21.0%	7.9%	44.0%	23.9%
Gross profit	5.9	8.5	10.7	12.5	13.5	16.8	22.1	24.7	32.5	43.3
Research and development	2.7	3.3	3.8	4.7	5.0	4.9	4.9	5.3	9.3	11.0
Operating income	−0.4	2.4	5.1	3.4	4.0	8.5	14.2	16.2	13.5	25.5
Net income	−1.7	1.7	12.3	2.7	3.0	6.7	11.5	14.1	5.9	23.1
Diluted EPS (US$)	−0.49	0.40	2.84	0.64	0.63	1.50	2.65	3.30	1.23	4.77
Diluted shares (millions)	3,830	4,210	4,310	4,190	4,210	4,290	4,232	4,272	4,778	4,853
Cash flow
Cash from operations	3.4	6.6	8.9	9.7	12.1	13.8	16.7	18.1	20.0	27.5
Capital expenditure	0.7	1.1	0.6	0.4	0.5	0.4	0.4	0.5	0.5	0.6
Free cash flow	2.7	5.5	8.2	9.3	11.6	13.3	16.3	17.6	19.4	26.9
Dividends paid	0.7	1.7	2.9	4.2	5.2	5.9	6.7	7.6	9.8	11.1
Share buybacks	0.0	0.0	7.3	5.4	0.0	0.0	7.0	5.8	7.2	2.5
Acquisitions	10.1	0.0	4.8	16.0	10.9	0.0	0.2	0.1	26.0	0.0
Stock-based compensation	0.7	0.9	1.2	2.2	2.0	1.7	1.5	2.2	5.7	7.6
Balance sheet at fiscal year end
Cash and short-term investments	3.1	11.2	4.3	5.1	7.6	12.2	12.4	14.2	9.3	16.2
Debt incl. finance leases	—	17.5	17.5	32.8	41.1	39.7	39.5	39.2	67.5	65.1
Total assets	—	54.4	50.1	67.5	75.9	75.6	73.2	72.9	165.6	171.1
Total liabilities	—	31.2	23.5	42.5	52.0	50.6	50.5	48.9	98.0	89.8
Shareholders' equity	21.9	20.3	26.7	24.9	23.9	25.0	22.7	24.0	67.7	81.3
Margins and ratios
Gross margin	44.9%	48.2%	51.5%	55.2%	56.6%	61.4%	66.5%	68.9%	63.0%	67.8%
Operating margin	−3.1%	13.4%	24.6%	15.2%	16.8%	31.0%	42.8%	45.2%	26.1%	39.9%
Net margin	−13.1%	9.6%	58.8%	12.1%	12.4%	24.5%	34.6%	39.3%	11.4%	36.2%
Free cash flow margin	20.3%	31.1%	39.5%	41.0%	48.5%	48.5%	49.1%	49.2%	37.6%	42.1%
Return on capital	—	—	14.8%	7.4%	7.3%	15.4%	25.7%	30.6%	9.6%	19.9%
Return on equity	—	—	52.2%	10.6%	12.1%	27.6%	48.2%	60.3%	12.9%	31.1%
Return on assets	—	—	23.4%	4.6%	4.1%	8.9%	15.4%	19.3%	4.9%	13.7%
Net debt to EBITDA	—	0.9x	1.4x	3.0x	7.3x	3.0x	1.8x	1.2x	2.5x	1.4x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Broadcom's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Broadcom.