Technology · NASDAQ: AVGO
Broadcom: how the business works
Broadcom designs chips for networks and AI data centers and sells infrastructure software such as VMware, with revenue of $63.9 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Broadcom Inc. · Palo Alto, California
Last updated
- Revenue, FY2025
- $63.9B
- Operating income, FY2025
- $25.5B
- Net income, FY2025 (incl. a tax benefit)
- $23.1B
- Revenue, Q3 FY2026
- $29.6B
- Employees, Nov 2, 2025
- About 33,000
The short version
Broadcom in 5 points
1 · What it sells
Broadcom designs chips for networks, AI data centers and phones and sells infrastructure software such as VMware, with $63.9 billion of revenue in FY2025.
2 · Who pays it
Chip buyers paid 57.7% of FY2025 revenue and software buyers 42.3%; Broadcom gives no full split by type of customer.
3 · What it keeps from $100
Of every $100 that came in during FY2025, Broadcom kept $35.9 as net income, helped by a $397 million tax benefit, while its operating income, before interest and tax, was $39.89 per $100 of revenue.
4 · Where the operating profit comes from
Chips earned $21.2 billion and software $20.8 billion of FY2025 segment operating income, before $16.5 billion of stock pay, amortization and other costs left out of the segments.
5 · The one thing to watch
In Q3 FY2026 one distributor was 50% of revenue and the top five end customers about 55%, up from 32% and about 40% in Q3 FY2025.
Sources: From Broadcom's FY2025 10-K and Q3 FY2026 10-Q · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Broadcom's money go?
Broadcom · FY2025
Receipt for every $100
| Making products and services | $22.5 |
|---|---|
| Research and development | $17.1 |
| Amortization of acquired assets | $12.5 |
| Selling, admin and restructuring | $7.6 |
| Interest on debt | $5.0 |
| Income tax (a benefit in FY2025) | −$0.6 |
| Kept as net income | $35.9 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income): each line = line ÷ $64.3 billion × 100. Tax shows as a minus because FY2025 had a $397 million tax benefit, which lifts the profit line.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Broadcom do?
Businesses that buy chips and software pay Broadcom; most of the money goes on making those products, on research and on the cost of past acquisitions, and what's left is profit.
- In FY2025, chips (the semiconductor solutions segment) were 57.7% of revenue and infrastructure software 42.3%. In Q3 FY2026 chips were 70%.
- Revenue in Q3 FY2026 was $29.6 billion, up 86% from $16.0 billion a year earlier. Broadcom's 10-Q says chip growth came primarily from custom AI accelerators and AI networking products.
03Who pays it
Who pays Broadcom?
Chip buyers (semiconductor solutions)
58%
of revenue
Distributors, device makers and their contract manufacturers, and companies building AI data centers. They paid $36.9 billion in FY2025.
Software buyers (infrastructure software)
42%
of revenue
Large enterprises and government agencies. Broadcom says these include most of the Fortune 500. They paid $27.0 billion in FY2025.
- Chip buyers (semiconductor solutions)58%
- Software buyers (infrastructure software)42%
Customer concentration
FY2025: one distributor was 32% of revenue, and Broadcom believes its top five end customers, through all channels, were about 40%. In Q3 FY2026 those figures were 50% and about 55%. They overlap, so they are not added. A distributor resells to others, so it is not the end customer. Broadcom last said Apple was about 20% of revenue in FY2023. One customer was 44% of net receivables on Nov 2, 2025.
- Largest customer
- 32%
- Top 5 customers
- 40%
04Why it makes money
Why does Broadcom make money?
Sales can grow much faster than Broadcom's big fixed costs.
Others make most of its chips, so plant spending is small: 1.0% of FY2025 revenue. Amortization of acquired assets was about $2.0 billion in both Q3 FY2025 and Q3 FY2026. As sales rose, operating income per $100 of revenue went from $36.90 to $53.92 over that year.
Operating income per $100 of revenue
$31.0$39.9
FY2021 to FY2025
- Customers buy chips and software
- Outside manufacturers make most of the chips
- Research money goes into the next chips and software
- Large customers sign long-term contracts
- Sales grow faster than amortization and overhead
- More cash pays for research, debt and dividends
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Broadcom?
Semiconductor solutions
58%Chips and related hardware for networks, wireless devices, servers and storage, broadband and factories. Q3 FY2026 revenue was $20.8 billion, 70% of the total, with $12.8 billion of segment operating income.
Revenue $36.9B · Operating profit $21.2B
Infrastructure software
42%VMware, mainframe, cybersecurity and enterprise software. Revenue jumped in FY2024 mainly because of VMware, bought Nov 22, 2023, so FY2023 and FY2024 are not like-for-like. Segment operating income leaves out $16.5 billion of FY2025 stock pay, amortization and other costs shared by the company.
Revenue $27.0B · Operating profit $20.8B
How the mix changed
- Semiconductor solutions
- Infrastructure software
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Broadcom done?
Revenue
$63.9BFY2025
Revenue rose every year, from $27.5 billion in FY2021 to $63.9 billion in FY2025, but FY2024 is not like-for-like: it added $12.4 billion attributable to VMware, bought Nov 22, 2023, and had 53 weeks.
US$
See the numbers
Net profit
$23.1BFY2025
Net income fell to $5.9 billion in FY2024 on lower operating income, higher interest and a higher tax provision that Broadcom attributes primarily to a one-time internal transfer of intellectual property, then reached $23.1 billion in FY2025 with a $397 million tax benefit.
US$
See the numbers
Profit kept per $100 of revenue
$36.2FY2025
Operating income per $100 of revenue fell from $45.25 in FY2023 to $26.10 in FY2024 after the VMware purchase, then reached $39.89 in FY2025, when net income per $100 was $36.20.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$26.9BFY2025
Free cash flow rose from $13.3 billion in FY2021 to $26.9 billion in FY2025; stock-based compensation, a cost paid in shares that does not reduce it, was $7.6 billion in FY2025, 11.8% of revenue.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Sunday closest to Oct 31: FY2025 ended Nov 2, 2025, and Q3 FY2026 ended Aug 2, 2026. FY2024 had 53 weeks; FY2025 had 52.). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: the $272 million difference in FY2022 is dividends on preferred stock.
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Broadcom, and did they deliver?
Hock E. Tan
Chief Executive Officer · since 2006
FY2025 reported pay was $205.3 million, 543 times the $378,281 median employee; the proxy's supplemental table, excluding a front-loaded award, shows $35.0 million. His Sep 3, 2025 award of 610,521 target stock units vests at the end of FY2030. It depends on service and peak four-quarter AI revenue in FY2028–FY2030: 0% at $60 billion or less, 100% at $90 billion, 200% at $105 billion, 300% at $120 billion or more. These are pay terms, not a company forecast.
Amie Thuener
Chief Financial Officer · since 2026
Took over on Jun 12, 2026 from Kirsten Spears, who retired. Previously chief accounting officer of Alphabet. Adopted a Rule 10b5-1 trading planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more on Jul 2, 2026.
Henry Samueli
Chairman of the Board
Held 1.8% of the shares on Feb 24, 2026.
What they said, and what happened
5 delivered · 2 too early to tell
Said on Jun 5, 2025
Broadcom guided Q3 FY2025 revenue of about $15.8 billion.
DeliveredWhat happened
Reported revenue of $15.95 billion.
Said on Sep 4, 2025
Broadcom guided Q4 FY2025 revenue of about $17.4 billion.
DeliveredWhat happened
Reported revenue of $18.0 billion.
Said on Dec 11, 2025
Broadcom guided Q1 FY2026 revenue of about $19.1 billion.
DeliveredWhat happened
Reported revenue of $19.3 billion.
Said on Mar 4, 2026
Broadcom guided Q2 FY2026 revenue of about $22.0 billion.
DeliveredWhat happened
Reported revenue of $22.2 billion.
Said on Jun 3, 2026
Broadcom guided Q3 FY2026 revenue of about $29.4 billion.
DeliveredWhat happened
Reported revenue of $29.6 billion.
Said on Sep 2, 2026
Broadcom guided Q4 FY2026 revenue of about $34.8 billion.
Too early to tellWhat happened
Q4 FY2026 results are not out yet.
Said on Dec 11, 2025
Broadcom stated a FY2026 dividend target of $2.60 per share.
Too early to tellWhat happened
A $0.65 dividend per share was declared in the Q3 FY2026 release, payable Sep 30, 2026.
08What could go wrong
What could go wrong for Broadcom?
- Concentration
A few buyers bring in most of the revenue
One distributor was 50% of Q3 FY2026 revenue, up from 32% a year earlier. Broadcom believes its top five end customers, through all channels, were about 55%, up from about 40%. The two figures overlap.
Watch The customer percentages in each 10-Q and 10-K.
- Debt
Backstops on leased AI racks
A backstop is a promise to cover a shortfall. If a lease customer defaults, Broadcom pays any gap between 85% of the amount owed and the racks' sale value. The Q3 10-Q puts the maximum at about $29 billion, with nothing paid. An Oct 27, 2026 8-K adds a second one at 72.5%, with a maximum of about $43 billion. Broadcom calls that one a contingent liability with "a low probability of occurring". The filings do not say whether they overlap, so they are not added. Both maximums are undiscounted, on full deployment.
Watch Backstop amounts, and any of the up to $42 billion of convertible notes the customer may issue to Broadcom (none on Aug 2, 2026).
- Cash and liquidity
Large purchase commitments
Purchase commitments, mainly for inventory, rose from $132 million on Nov 2, 2025 to $126.8 billion on Aug 2, 2026. They include $52.7 billion due in FY2027 and $73.0 billion in FY2028.
Watch The commitments note in each 10-Q and 10-K.
- Demand
AI spending could slow
Broadcom's 10-Q says the industry upturn "may not be sustainable due to a market correction, the perceived existence of an AI spending 'bubble' or other factors". It adds that some AI customers may have limited capital.
Watch Semiconductor solutions revenue in each release.
- Pricing
Lower gross margin as AI sales grow
Broadcom's 10-Q says AI sales are likely to raise operating margin but lower gross margin. It also says customers may seek to lease chips or racks, which may bring less revenue, free cash flowCash from operations minus spending on buildings and equipment. Learn more or profit than expected. Gross margin was 69.1% in Q3 FY2026.
Watch Gross margin in each release.
- Execution
Reliance on TSMC and a few suppliers
About 95% of the wafers from contract manufacturers came from TSMC in the nine months to Aug 2, 2026. More than three-quarters of materials came from five suppliers.
Watch Supplier disclosures in the FY2026 10-K.
- Debt
Debt and acquired assets
Debt was $59.4 billion on Aug 2, 2026, and goodwill and intangible assets were $124.1 billion of $188.1 billion total assets. Buying VMware raised debt to $67.6 billion in FY2024.
Watch Debt and interest expense in each 10-Q.
- Regulation
Shipments to China and new minimum taxes
Shipments to China, including Hong Kong, were 17% of FY2025 revenue. Broadcom says this shows where goods ship, and a much smaller share depends on end customers there. Tax incentives lowered its FY2025 tax by about $2.7 billion, and it expects Singapore's global minimum tax, effective in FY2026, to have a material impact.
Watch The China share and the tax rate in the FY2026 10-K.
09Both sides
What do supporters and critics point to?
What supporters point to
- Revenue rose 55% in the first nine months of FY2026, to $71.1 billion from $45.9 billion.
- Operating income per $100 of revenue rose from $36.90 in Q3 FY2025 to $53.92 in Q3 FY2026.
- Remaining performance obligations were $179.2 billion on Aug 2, 2026, up from $33.3 billion on Nov 2, 2025.
- Free cash flow was $39.4 billion in the four quarters to Aug 2, 2026, after $1.3 billion of purchases of property and equipment.
- Reported revenue was above Broadcom's stated guide in each of the eight quarters from Q4 FY2024 to Q3 FY2026.
What critics point to
- One distributor was 50% of Q3 FY2026 revenue, and the top five end customers about 55%.
- Maximum backstops of about $29 billion and about $43 billion appear in separate filings, and the filings do not say whether they overlap.
- Purchase commitments were $126.8 billion on Aug 2, 2026, up from $132 million on Nov 2, 2025.
- Stock-based compensation was $7.6 billion in FY2025, 11.8% of revenue, with $23.8 billion not yet recognized on Nov 2, 2025.
- Software revenue rose 29% in Q3 FY2026 with upfront license revenue of $3.5 billion, while company-wide subscriptions and services revenue rose 11%.
10What to watch next
What should you watch next at Broadcom?
Next event
Q4 FY2026 results
Date not announced yet.
Revenue against the $34.8 billion statement
Broadcom said on Sep 2, 2026 that it expected about $34.8 billion for Q4 FY2026, the quarter ended Nov 1, 2026. Filings give no results date yet.
Customer shares in the FY2026 10-K
One distributor was 50% and the top five end customers about 55% of Q3 FY2026 revenue. The 10-K gives the full-year figures.
Commitments and contracted revenue in the FY2026 10-K
Purchase commitments were $126.8 billion, remaining performance obligationsSigned contracts with customers that have not been billed yet. $179.2 billion and the stated backstop maximums about $29 billion and about $43 billion. The filings do not tie these figures together, so they are never netted or added.
11Key facts
Key facts about Broadcom
- What does Broadcom do, and what is its business model?
- Broadcom Inc. designs chips and sells infrastructure software to other businesses. Its chips go into data centers, networks, phones, broadband equipment and factories, and outside manufacturers make most of them. Its software, including VMware, helps large organizations run their computer systems. Broadcom's revenue was $63.9 billion in FY2025, the year ended Nov 2, 2025.
- How does Broadcom make money?
- Broadcom earned $36.9 billion (57.7% of revenue) from chips and related hardware and $27.0 billion (42.3%) from infrastructure software in FY2025. Of that $63.9 billion, Broadcom kept $25.5 billion as operating income.
- Is Broadcom profitable?
- Yes. Broadcom's FY2025 net income was $23.1 billion on revenue of $63.9 billion, helped by a $397 million tax benefit; operating income was $25.5 billion. FY2024 net income was $5.9 billion, down from $14.1 billion: operating income fell $2.7 billion, interest rose $2.3 billion and the tax provision rose $2.7 billion, an increase Broadcom attributes primarily to a one-time internal transfer of intellectual property rights. Q3 FY2026 net income was $13.1 billion.
- What is Broadcom's revenue by segment?
- Broadcom's semiconductor solutions segment had revenue of $36.9 billion and its infrastructure software segment $27.0 billion in FY2025. In Q3 FY2026 they had $20.8 billion and $8.8 billion.
- How much does Broadcom earn from chips?
- Broadcom's semiconductor solutions segment had $36.9 billion of revenue and $21.2 billion of segment operating income in FY2025. That segment figure leaves out stock pay and amortization. Segment revenue was $20.8 billion in Q3 FY2026, up 127% from a year earlier.
- How much does Broadcom earn from infrastructure software?
- Broadcom's infrastructure software segment, which includes VMware, had $27.0 billion of revenue and $20.8 billion of segment operating income in FY2025. That segment figure leaves out stock pay and amortization. Segment revenue was $8.8 billion in Q3 FY2026, up 29% from a year earlier.
- Who are Broadcom's largest customers?
- One distributor was 50% of Broadcom's revenue in Q3 FY2026, up from 32% in Q3 FY2025. Broadcom believes its top five end customers, through all channels, were about 55% of Q3 FY2026 revenue. The two figures overlap, and that 10-Q names neither the distributor nor those customers.
- Who owns Broadcom?
- Broadcom has one class of common stock with one vote per share. Its 2026 proxy shows 13 directors and executive officers together with 1.9% on Feb 24, 2026, including Chairman Henry Samueli with 1.8%. Vanguard Capital Management reported 7.49% on Mar 31, 2026.
- How did buying VMware change Broadcom's numbers?
- Broadcom bought VMware on Nov 22, 2023. Its FY2024 revenue of $51.6 billion includes $12.4 billion attributable to VMware, so FY2024 is not like-for-like with FY2023's $35.8 billion. Broadcom's debt rose from $39.2 billion to $67.6 billion over the same year.
- How big is Broadcom?
- Broadcom had revenue of $63.9 billion and operating income of $25.5 billion in FY2025, and about 33,000 employees on Nov 2, 2025. Its total assets were $188.1 billion on Aug 2, 2026.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Broadcom sell?
Networking and custom AI chips
Ethernet switches, network cards and custom chips that customers develop with Broadcom for AI and high-performance computing. Broadcom calls its custom AI accelerators XPUs.
Wireless chips
Radio filters, Wi-Fi and Bluetooth chips and touch controllers for smartphones, tablets and wearables.
Server and storage chips
Chips that connect servers to storage, and controllers used inside hard drives and solid-state drives.
Broadband and industrial chips
Chips for set-top boxes and broadband modems, plus parts for factory automation, power systems and medical equipment.
Private cloud software (VMware)
VMware Cloud Foundation lets organizations run computing, storage and networking on their own systems, in the style of a public cloud.
Mainframe, security and enterprise software
Tools for mainframe computers, Symantec and Carbon Black security products, and software for planning and delivering software projects.
What it does
- Does: Designs chips and pays outside manufacturers to make most of them
- Does: Develops custom chips under long-term agreements, including with Google and Apple
- Does: Sells software to large companies and government agencies
- Does: In some cases supplies full server racks, and has arranged financing for them with financial partners
What it does not do
- Does not: Does not make most of its chips itself, though it has some plants of its own
- Does not: Does not report AI chip revenue as a line in its accounts: that figure is management's own statement
13How the money flows
13How the money flows · FY2025
How does money flow through Broadcom?
Money in
- Semiconductor solutions (chips)$36.9B
- Infrastructure software$27.0B
- Other income, net$455M
The company
Broadcom
$64.3B came in
Money out
- Making products and services (cost of revenue)$14.5B
- Research and development$11.0B
- Amortization of acquired assets$8.1B
- Selling, admin and restructuring$4.9B
- Interest on debt$3.2B
- Income tax (a benefit in FY2025)−$397M
- Net income$23.1B
- Chip buyers paid $36.9 billion and software buyers $27.0 billion in FY2025; other income added $0.5 billion.
- Making products and services took $14.5 billion, and research took $11.0 billion.
- Amortization took $8.1 billion: a yearly accounting charge for acquired assets such as VMware's, not cash paid that year.
- Selling, admin and restructuring took $4.9 billion, leaving $25.5 billion of operating income; interest then took $3.2 billion.
- A $397 million tax benefit, instead of a tax bill, left $23.1 billion of net income.
14What it needs to run
14What it needs to run
What does Broadcom need to run?
Outside chip factories
TSMC made about 95% of the wafers (the silicon discs chips are cut from) that came from contract manufacturers in FY2025.
Engineers and patents
About 33,000 employees on Nov 2, 2025, 57% of them in research and development, and about 19,000 patents.
Materials and suppliers
More than three-quarters of materials came from five suppliers in the nine months to Aug 2, 2026. Most inventory is stored in Malaysia.
Borrowed money
Broadcom owed $61.1 billion of debt principal on Aug 2, 2026. Debt rose by $28.3 billion in FY2024, the year it bought VMware.
15Where it sells
15Where it sells · FY2025
Where does Broadcom sell?
- Asia Pacific (delivery location)56%
- Americas (delivery location)30%
- Europe, Middle East and Africa (delivery location)14%
16Competitors and what protects it
16Competitors and what protects it
Who does Broadcom compete with?
NVIDIA
NVIDIA's fiscal 2026 10-K lists Broadcom among its competitors in chips for servers and devices, and in networking products.
Marvell Technology
Marvell's fiscal 2026 10-K lists Broadcom among companies that "compete directly with our businesses".
Nutanix
Nutanix's fiscal 2026 10-K names "VMware by Broadcom, Microsoft, and Red Hat" among its competitors in software for enterprise and hybrid clouds.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Chip design know-how and patents4 of 5
Research and development cost $11.0 billion in FY2025. 57% of about 33,000 employees work in it, and Broadcom has about 19,000 patents.
- Long-term customer agreements4 of 5
Filed agreements run through up to 2031 with Google and through 2031 with Apple. Remaining performance obligations were $179.2 billion on Aug 2, 2026.
- Software used by large organizations4 of 5
Broadcom says most of the Fortune 500 use its infrastructure and security software. Most new software contracts no longer let customers cancel for convenience as of Q3 FY2026.
- Low spending on plants3 of 5
Purchases of property and equipment were 1.0% of FY2025 revenue, but that rests on outside manufacturers, mainly TSMC.
Weak spot
A few very large buyers
One distributor was 50% of Q3 FY2026 revenue and the top five end customers about 55%. The 10-K also says customers may enter Broadcom's markets themselves.
17Where growth could come from
17Where growth could come from
Where could Broadcom's growth come from?
Broadcom said on Sep 2, 2026 that it expected Q4 FY2026 revenue of about $34.8 billion, up 93% from a year earlier.
Custom AI chips and networking
WorkingChips +127% in Q3 FY2026
Semiconductor solutions revenue was $20.8 billion in Q3 FY2026, up from $9.2 billion. The 10-Q says the rise came primarily from custom AI accelerators and AI networking products.
Status: Working, on track against what the company said.
VMware software contracts
WorkingSoftware +29% in Q3 FY2026
Software revenue was $8.8 billion, up from $6.8 billion. Upfront license revenue was $3.5 billion, up from $1.9 billion. Company-wide subscriptions and services revenue rose 11% to $5.3 billion.
Status: Working, on track against what the company said.
Contracted revenue not yet recognized
Early$179.2B on Aug 2, 2026
Remaining performance obligations were $33.3 billion on Nov 2, 2025. They jumped after a long-term custom AI accelerator contract in the quarter ended May 3, 2026, whose customer the filing does not name. Broadcom expects 25% within 12 months, and says the figure does not predict future revenue because it omits some contracts.
Status: Early, too early to judge.
AI XPV financing platform
New$35B first tranche, June 2026
Broadcom's 10-Q says this platform with financial partners is meant to enable more than 20 gigawatts of computing through 2028. The first tranche covers more than 1 gigawatt for a customer the filing does not name. Broadcom gave a backstop (see risks).
Status: New, recently announced.
Named long-term agreements
NewThrough up to 2031
Filed agreements cover custom chips and networking parts for Google through up to 2031, and custom chips for Apple through 2031. Separately, Anthropic will access about 3.5 gigawatts through Broadcom from 2027, which Broadcom says depends on Anthropic's commercial success.
Status: New, recently announced.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2025 and Q3 FY2026
What do Broadcom's own measures show?
Official (GAAP): Operating income, Q3 FY2026
$16.0B
Company's own measure: Non-GAAP operating income, Q3 FY2026
$20.1B
Broadcom leaves out amortization of acquired intangibles, stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more, restructuring and acquisition costs.
Official (GAAP): Net income, Q3 FY2026
$13.1B
Company's own measure: Non-GAAP net income, Q3 FY2026
$16.4B
Leaves out the same items, with tax adjustments.
Official (GAAP): Diluted EPS, Q3 FY2026
$2.68
Company's own measure: Non-GAAP diluted EPS, Q3 FY2026
$3.32
The same adjustments, per share.
Official (GAAP): Net income, FY2025
$23.1B
Company's own measure: Adjusted EBITDA, FY2025
$43.0B
Broadcom's own measure. It also adds back stock-based compensation, so it is above the $34.3 billion EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. in "The numbers". The Q3 FY2026 release no longer gives it.
Official (GAAP): Semiconductor solutions revenue, Q3 FY2026
$20.8B
Company's own measure: AI semiconductor revenue, Q3 FY2026 (management's figure)
$16.7B
Stated in the release as up 221%, with no definition or reconciliation to a GAAP line. The same Sep 2, 2026 release says Broadcom expects $21.7 billion in Q4 FY2026; that is the company's statement.
Official (GAAP): Semiconductor solutions revenue, Q3 FY2025
$9.2B
Company's own measure: AI semiconductor revenue, Q3 FY2025 (management's figure)
$5.2B
Stated in the release, with no definition or reconciliation to a GAAP line.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1); Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares
19Financial strength and debt
19Financial strength · Aug 2, 2026
How much debt does Broadcom have?
- Total debt$59.4B
- Cash and investments$24.0B
- Net debt (debt minus cash)$35.4B
- Net worth (shareholders' money)$99.7B
- Debt to equity
- 0.6×
- $ of debt for every $1 of shareholders' money
- Debt is short-term plus long-term debt at carrying value; net figures are a Cityfort calculation from Q3 FY2026 10-Q. Principal owed was $61.1 billion: $2.3 billion due in the rest of FY2026, none in FY2027 and $5.1 billion in FY2028.
- Debt rose from $39.2 billion at the end of FY2023 to $67.6 billion at the end of FY2024, the year Broadcom bought VMware.
- Goodwill and intangible assets, mostly from acquisitions, were $124.1 billion of $188.1 billion total assets on Aug 2, 2026 (Cityfort calculation from Q3 FY2026 10-Q).
- Not in debt: backstops of up to about $29 billion and about $43 billion, stated in separate filings and never added here (see risks).
- A $7.5 billion revolving credit line and a $4.0 billion commercial paper program were undrawn on Aug 2, 2026.
20Who owns it
20Who owns it · ownership as of Feb 24, 2026
Who owns Broadcom?
- Officers and directors (as a group), shares
- 1.9%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q, Q3 fiscal 2026 (quarter ended Aug 2, 2026); Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026); Proxy statement (DEF 14A), 2026 annual meeting and 1 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Broadcom do with its profit?
Dividend per share
$2.36FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Oct 30, 2022
Bought back $7.0 billion of shares in FY2022.
$7.0B
Buyback · Oct 29, 2023
Bought back $5.8 billion of shares in FY2023.
$5.8B
Buyback · Nov 3, 2024
Bought back $7.2 billion of shares in FY2024.
$7.2B
Buyback · Nov 2, 2025
Bought back $2.45 billion of shares in FY2025.
$2.5B
Buyback · Feb 1, 2026
Bought back $7.85 billion of shares in Q1 FY2026.
$7.9B
Buyback · May 3, 2026
Bought back $0.6 billion of shares in Q2 FY2026.
$600M
Money raised · Jan 13, 2026
Sold $4.5 billion of senior notes for general purposes and debt repayment (8-K of Jan 13, 2026).
$4.5B
22Governance signals
22Governance signals
What do Broadcom's governance filings show?
- Auditor
- PricewaterhouseCoopers LLP, since 2006
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy describes how the Audit Committee approves related party transactions. It says Broadcom, at arm's length in the ordinary course, buys from and sells to entities where a director or manager may have relationships. It lists no amounts.
- Credit rating
- No public credit rating found
Flags to know about
shares as collateral · Nov 15, 2024
Chairman's shares used as collateral
Henry Samueli used 16,175,000 shares as collateral for loans on Nov 15, 2024: about 18% of his holdings and 0.3% of the shares then. The loans are for the OCVIBE development in Orange County, under a board-approved exception to Broadcom's policy against this.
other · Apr 20, 2026
Pay vote
At the Apr 20, 2026 annual meeting, 2,433,503,375 shares voted for executive pay and 1,232,879,962 against: 66.4% of those votes (Cityfort calculation from 8-K filed Apr 21, 2026).
regulatory
Regulator inquiries
The FY2025 10-K and Q3 FY2026 10-Q say Broadcom has been, and may be, involved in investigations or inquiries by authorities in Korea, Japan and the European Union into certain contracting and business practices, and that these have evolved and may evolve into legal or other administrative proceedings.
other
VMware backlog lawsuit settled
A securities class action filed in 2020 alleged that VMware's statements about backlog were materially misleading. The parties agreed to settle, and the court approved the settlement in March 2025.
disclosure
What the filings do not name
Since FY2024 the filings do not name the largest distributor or state Apple's share of revenue. The Q3 FY2026 10-Q does not name the customer behind the long-term AI contract or the backstop.
disclosure
Documents not used on this page
This page rests on SEC filings and Nasdaq closing prices. It uses no earnings call transcripts or slides, and the 10-Q mentions credit ratings without stating them.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Broadcom on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Broadcom closed at $326.08 on Nasdaq. Times 4,773.6 million shares (Aug 28, 2026) that is a market value of about $1,556.6 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 41.6 on diluted EPS of $7.83 for the four quarters to Aug 2, 2026. Those quarters include a $1.6 billion tax benefit in Q4 FY2025.
- Share price
- $326.08
- Market value (market cap)
- $1.56T
- P/E
- 41.6×
Source: AVGO historical closing prices, Oct 20 to Oct 30, 2026; Form 10-Q, Q3 fiscal 2026 (quarter ended Aug 2, 2026); Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) and 3 more
24How it got here
24How it got here
How did Broadcom get here?
2018
Business-model change
Bought CA
Paid $18.8 billion in cash for CA, Inc. on Nov 5, 2018.
2019
Business-model change
Bought Symantec's enterprise security business
Paid $10.7 billion in cash on Nov 4, 2019.
2023
Business-model change
Bought VMware
Paid about $30.8 billion in cash and 544 million shares worth $53.4 billion on Nov 22, 2023, for total consideration of $86.3 billion. FY2024 and later years are not like-for-like with earlier ones.
2024
Milestone
Sold VMware's end-user computing business
Sold it to KKR for $3.5 billion on Jul 1, 2024. It is shown as discontinued operations in FY2024.
2024
Milestone
Ten-for-one stock split
Completed Jul 12, 2024. Per-share figures on this page are after the split; FY2021's are the filed figures divided by 10.
2024
Milestone
Net loss in Q3 FY2024
Broadcom had a net loss of $1.9 billion in Q3 FY2024, with a $4.2 billion tax provision. It attributes FY2024's tax provision primarily to a one-time internal transfer of intellectual property rights to the US.
2026
Business-model change
Long-term AI chip contract
Remaining performance obligations rose from $45.0 billion on Feb 1, 2026 to $164.6 billion on May 3, 2026, including a long-term custom AI accelerator contract.
2026
Business-model change
AI XPV platform and backstops
Launched in June 2026 with a $35 billion first tranche led by a financial partner. A second backstop followed on Oct 26, 2026.
2026
Milestone
New chief financial officer
Amie Thuener succeeded Kirsten Spears on Jun 12, 2026.
25Sources and changes
Where every number on this page comes from
Sources (31 documents)
- S1Form 10-K, fiscal 2025 (year ended Nov 2, 2025) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 18, 2025
- S2Form 10-K, fiscal 2024 (year ended Nov 3, 2024) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 20, 2024
- S3Form 10-K, fiscal 2023 (year ended Oct 29, 2023) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 14, 2023
- S5Form 10-K, fiscal 2021 (year ended Oct 31, 2021) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 17, 2021
- S6Form 10-Q, Q3 fiscal 2026 (quarter ended Aug 2, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 10, 2026
- S7Form 10-Q, Q2 fiscal 2026 (quarter ended May 3, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 9, 2026
- S8Form 10-Q, Q1 fiscal 2026 (quarter ended Feb 1, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
- S9Form 10-Q, Q3 fiscal 2025 (quarter ended Aug 3, 2025) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 10, 2025
- S13Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 2, 2026
- S14Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 3, 2026
- S15Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 4, 2026
- S16Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 11, 2025
- S17Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 4, 2025
- S18Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 5, 2025
- S19Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 6, 2025
- S20Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 12, 2024
- S21Earnings release, Q3 fiscal 2024 (8-K Ex. 99.1) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 5, 2024
- S22Proxy statement (DEF 14A), 2026 annual meeting · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
- S23Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S24Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S25Form 8-K, Item 2.03: second backstop on AI racks (event Oct 26, 2026) · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S26Form 8-K, Item 8.01: Apple agreements through 2031 · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 6, 2026
- S28Form 8-K, Item 5.07: 2026 annual meeting votes · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
- S29Form 8-K, Item 8.01: Google and Anthropic agreements · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 6, 2026
- S30Form 8-K, Item 5.02: CFO transition · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 2, 2026
- S32Form 8-K, Item 8.01: $4.5 billion senior notes, January 2026 · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 13, 2026
- S33Form 8-K, Item 5.02: CEO performance stock award through fiscal 2030 · Broadcom Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 9, 2025
- S34AVGO historical closing prices, Oct 20 to Oct 30, 2026 · Nasdaq · Tier 1: company or exchange filing · Oct 30, 2026
- S35NVIDIA Form 10-K, fiscal 2026 (Competition section) · NVIDIA Corporation (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S36Marvell Technology Form 10-K, fiscal 2026 (Competition section) · Marvell Technology, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 11, 2026
- S37Nutanix Form 10-K, fiscal 2026 (Competition section) · Nutanix, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 18, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version. (first version)
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