Broadcom (AVGO) financial statements
Broadcom reported revenue of $63.9B in fiscal 2025, up 19.1% a year over 9 years.
Net income was $23.1B and the operating margin 39.9%, against -3.1% in 2016.
Free cash flow was $26.9B, and the company returned $11.1B in dividends and $2.5B in net buybacks.
The diluted share count rose 27% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Broadcom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.2B | $17.6B | $20.8B | $22.6B | $23.9B | $27.4B | $33.2B | $35.8B | $51.6B | $63.9B |
| Cost of revenue | $7.3B | $9.1B | $10.1B | $10.1B | $10.4B | $10.6B | $11.1B | $11.1B | $19.1B | $20.6B |
| 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 |
| Selling, general and admin | $806M | $789M | $1.1B | $1.7B | $1.9B | $1.3B | $1.4B | $1.6B | $5.0B | $4.2B |
| 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 |
| Pre-tax income | -$1.1B | $1.8B | $4.5B | $2.2B | $2.4B | $6.8B | $12.4B | $15.1B | $9.9B | $22.7B |
| Income tax | $642M | $35M | -$8.1B | -$510M | -$518M | $29M | $939M | $1.0B | $3.7B | -$397M |
| Net income | -$1.7B | $1.7B | $12.3B | $2.7B | $2.7B | $6.4B | $11.2B | $14.1B | $5.9B | $23.1B |
| EPS (diluted) | -$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 |
| 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% | 11.9% | 11.1% | 23.4% | 33.8% | 39.3% | 11.4% | 36.2% |
Balance sheet
Fiscal years, from Broadcom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $2.2B | $2.4B | $3.3B | $3.3B | $2.3B | $2.1B | $3.0B | $3.2B | $4.4B | $7.1B |
| Inventory | $1.4B | $1.4B | $1.1B | $874M | $1.0B | $1.3B | $1.9B | $1.9B | $1.8B | $2.3B |
| Total current assets | $7.1B | $15.8B | $9.1B | $9.9B | $11.9B | $16.6B | $18.5B | $20.8B | $19.6B | $31.6B |
| Property, plant and equipment | $2.5B | $2.6B | $2.6B | $2.6B | $2.5B | $2.3B | $2.2B | $2.2B | $2.5B | $2.5B |
| Goodwill | $24.7B | $24.7B | $26.9B | $36.7B | $43.4B | $43.5B | $43.6B | $43.7B | $97.9B | $97.8B |
| Total assets | $50.0B | $54.4B | $50.1B | $67.5B | $75.9B | $75.6B | $73.2B | $72.9B | $165.6B | $171.1B |
| Total current liabilities | $3.1B | $2.5B | $2.3B | $6.9B | $6.4B | $6.3B | $7.1B | $7.4B | $16.7B | $18.5B |
| Long-term debt | $13.2B | $17.4B | $17.5B | $30.0B | $40.2B | $39.4B | $39.1B | $37.6B | $66.3B | $62.0B |
| Total liabilities | $28.1B | $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 |
| Net debt | -$3.1B | $6.3B | $13.2B | $27.7B | $33.4B | $27.6B | $27.1B | $25.0B | $58.2B | $49.0B |
Cash flow
Fiscal years, from Broadcom's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.4B | $6.6B | $8.9B | $9.7B | $12.1B | $13.8B | $16.7B | $18.1B | $20.0B | $27.5B |
| Capital spending | $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 |
| Stock-based compensation | $679M | $921M | $1.2B | $2.2B | $2.0B | $1.7B | $1.5B | $2.2B | $5.7B | $7.6B |
| Dividends paid | $750M | $1.7B | $3.0B | $4.2B | $5.5B | $6.2B | $7.0B | $7.6B | $9.8B | $11.1B |
| Share buybacks (net) | $0 | $0 | -$7.3B | -$5.4B | $0 | $0 | -$7.0B | -$5.8B | -$7.2B | -$2.5B |
| Net borrowing | $8.2B | $3.8B | -$973M | $12.0B | $9.0B | -$1.6B | -$426M | -$403M | $20.3B | -$2.8B |
| Free cash flow margin | 20.3% | 31.1% | 39.5% | 41.0% | 48.6% | 48.5% | 49.1% | 49.2% | 37.6% | 42.1% |
| Dividends per share | $0.20 | $0.41 | $0.70 | $1.01 | $1.31 | $1.45 | $1.66 | $1.79 | $2.05 | $2.30 |
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Open AVGO in InvestinglyQuestions
What was Broadcom's revenue in 2025?
$63.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Broadcom generate?
$26.9B in fiscal 2025 (operating cash flow minus capital spending).
From Broadcom's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.