Broadcom (AVGO) FY2020 results: revenue $23.9 billion, up 5.7% on the year
Broadcom Inc. (AVGO) reported revenue of $23.9 billion for fiscal 2020, the year ended 1 November 2020, up 5.7% on the year before. Net income was $2.7 billion, down 1.2%, and diluted earnings per share $0.63. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2020.
Revenue
$23.9 billion
+5.7% on the year
FY2016FY2020
Operating margin
16.8%
15.2% a year earlier
FY2016FY2020
Net income
$2.7 billion
-1.2% on the year
FY2016FY2020
Diluted EPS
$0.63
-1.6% on the year
FY2016FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
23,888
22,597
20,848
+5.7%
Cost of revenue
10,372
10,114
10,115
+2.6%
Gross profit
13,516
12,483
10,733
+8.3%
Gross margin
56.6%
55.2%
51.5%
Research and development
4,968
4,696
3,768
+5.8%
Selling, general and administrative
1,935
1,709
1,056
+13.2%
Operating income
4,014
3,444
5,135
+16.6%
Operating margin
16.8%
15.2%
24.6%
Interest expense
1,777
1,444
628
+23.1%
Pre-tax income
2,443
2,226
4,545
+9.7%
Income tax
-518
-510
-8,084
Effective tax rate
-21.2%
-22.9%
-177.9%
Net income
2,663
2,695
12,259
-1.2%
Net margin
11.1%
11.9%
58.8%
Diluted EPS
$0.63
$0.64
$2.84
-1.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
12,061
9,697
8,880
+24.4%
Capital expenditure
463
432
635
+7.2%
Free cash flow
11,598
9,265
8,245
+25.2%
Free cash flow margin
48.6%
41.0%
39.5%
Cash from investing
-11,109
-15,422
-4,674
Cash from financing
1,611
6,488
-11,118
-75.2%
Depreciation and amortisation
n/a
5,808
4,081
Share-based compensation
1,976
2,185
1,227
-9.6%
Buybacks
0.0
5,435
7,258
Dividends paid
5,235
4,235
2,921
+23.6%
Dividend per share
$1.30
$1.06
$0.70
+22.6%
Diluted shares, weighted
4,210m
4,190m
4,310m
+0.5%
Shares outstanding at period end
4,070m
3,976m
4,076m
+2.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
23,874
24,941
26,657
-4.3%
Non-controlling interest
n/a
n/a
0.0
Debt
41,498
33,059
17,609
+25.5%
Operating lease liabilities
527
n/a
n/a
Finance lease liabilities
48.0
n/a
n/a
Other liabilities
9,986
9,493
5,858
+5.2%
Total liabilities and equity
75,933
67,493
50,124
+12.5%
Fixed assets
2,509
2,565
2,635
-2.2%
Goodwill
43,447
36,714
26,913
+18.3%
Intangible assets
16,782
17,554
10,762
-4.4%
Cash and equivalents
7,618
5,055
4,292
+50.7%
Receivables
2,297
3,259
3,325
-29.5%
Inventory
1,003
874
1,124
+14.8%
Other assets
2,277
1,472
1,073
+54.7%
Total assets
75,933
67,493
50,124
+12.5%
10-K for the year ended 1 November 2020, filed 18 December 2020: the filing.