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Broadcom (AVGO) FY2025 results: revenue $63.9 billion, up 23.9% on the year

Broadcom Inc. (AVGO) reported revenue of $63.9 billion for fiscal 2025, the year ended 2 November 2025, up 23.9% on the year before. Net income was $23.1 billion, up 292.3%, and diluted earnings per share $4.77. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2025.

Revenue
$63.9 billion
+23.9% on the year
FY2018FY2025
Operating margin
39.9%
26.1% a year earlier
FY2018FY2025
Net income
$23.1 billion
+292.3% on the year
FY2018FY2025
Diluted EPS
$4.77
+287.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 4 new, 1 kept.

  • Net income and EPS rose: GAAP net income was $8,518 million, up 97%, and GAAP diluted EPS $1.74 versus $0.90. Non-GAAP net income was $9,714 million, up 39%, and non-GAAP diluted EPS $1.95 versus $1.42.
  • Semiconductor solutions grew 35 percent: Semiconductor solutions revenue was $11,072 million, 61% of the quarter, up from $8,230 million. Full-year semiconductor revenue was $36,858 million, up 22%.
  • Adjusted EBITDA reached 68 percent of revenue: Adjusted EBITDA was 68% of revenue in the quarter, up from 67% reported for the third quarter.
  • AI revenue growth rose to 74 percent: AI semiconductor revenue grew 74% in the fourth quarter, up from 63% growth to $5.2 billion reported for the third quarter.
  • Revenue compared with prior guidance: Fourth-quarter revenue of $18,015 million compared with the approximately $17.4 billion guidance given in the third-quarter release.
Read the Q4 FY2025 earnings call summary

From this 10-K

Broadcom designs, develops and supplies semiconductor and semiconductor-based solutions along with infrastructure software. Its history traces back to AT&T and Bell Labs, Lucent and Hewlett-Packard, and it has grown through acquisitions including LSI Corporation, Broadcom Corporation, Brocade Communications Systems, CA, Symantec Enterprise Security and VMware. Design, product and software development engineering sit primarily in the U.S., Asia and Europe. The semiconductor products are sold into five end markets: Networking Connectivity, Wireless Device Connectivity, Servers and Storage Systems, Broadband and Industrial.

Broadcom Inc., the 10-K for 2025

Broadcom designs, develops and supplies semiconductor and semiconductor-based solutions along with infrastructure software. Its history traces back to AT&T and Bell Labs, Lucent and Hewlett-Packard, and it has grown through acquisitions including LSI Corporation, Broadcom Corporation, Brocade Communications Systems, CA, Symantec Enterprise Security and VMware. Design, product and software development engineering sit primarily in the U.S., Asia and Europe. The semiconductor products are sold into five end markets: Networking Connectivity, Wireless Device Connectivity, Servers and Storage Systems, Broadband and Industrial.

Networking connectivity

The AI semiconductor products are custom accelerators, also called XPUs, Ethernet switching and routing silicon, Ethernet network interface controllers, physical layer devices and optical components, plus racks and systems built on the XPUs. The customers for these are hyperscalers and companies with AI frontier models, along with original equipment manufacturers and system integrators building servers, switches and racks for large-scale AI data centres.

Custom silicon solutions give customers the technology and intellectual property platforms to design application specific integrated circuits for AI, high-performance computing, networking and storage, integrating embedded logic, high-bandwidth memory, serializer and deserializer technology, IP cores and processor cores.

The Ethernet switching and routing products are built for enterprise and AI data centre, service provider and enterprise networks, with high capacity, low-latency switching silicon supporting virtualisation and multi-pathing, and switching fabric technologies that allow flat networks supporting tens of thousands of servers. Ethernet network interface controllers handle virtualisation, flow processing, data centre connectivity and machine learning. Physical layer devices are the transceivers that send and receive Ethernet packets over copper or optical fibre, built on a digital processing architecture.

Wireless, servers and storage

In wireless devices the products are radio frequency front-end modules and filters, Wi-Fi and Bluetooth combination chips, custom touch controllers and inductive charging devices. The radio frequency devices filter, amplify and route signals so that multiple transmissions and receptions do not interfere with each other, using the company's own film bulk acoustic resonator filter technology. The connectivity products go into smartphones, tablets and wearables.

In servers and storage the products move data between host machines and the underlying storage devices. PCIe switches support the peripheral component interconnect express standard, which the filing calls the primary interconnection mechanism inside modern computing systems. SAS and RAID controllers and adapters carry data between a host computer and storage peripherals, with RAID giving protection against data loss from drive failures. Fibre channel host bus adapters connect servers to storage area networks. For drives themselves, the company supplies read channel system-on-chip devices and preamplifiers, the chips that read, write and protect data, along with custom flash controllers that manage the flash memory in solid-state drives, handling error correction, wear levelling and bad block management.

Broadband and industrial

Broadband covers complete system-on-chip platforms for cable, satellite, internet protocol television, over-the-top and terrestrial set-top boxes, and for digital subscriber line, cable, passive optical networking and wireless local area network in both consumer premise equipment and central office deployments. Industrial covers optocouplers, industrial fibre optics, industrial and medical sensors, motion encoders, light emitting diode devices and Ethernet integrated circuits, used in industrial automation, power generation and distribution, medical systems, defence and aerospace, and vehicle subsystems including electric vehicle powertrain, infotainment and driver assistance.

Infrastructure software

There are five software portfolios: Private Cloud, Mainframe Software, Cybersecurity, Enterprise Software and fibre channel storage area network management. VMware Cloud Foundation is the private cloud product, delivering compute, networking, storage, management and security across supported environments, with native Kubernetes for both virtual machines and containerised workloads. Customers can add VMware vDefend, VMware Avi Load Balancer, VMware Tanzu Platform, VMware Private AI and VMware Live Recovery. VMware Cloud Foundation Edge manages edge applications across many sites, VMware vSphere Foundation provides compute, storage, networking and operations on existing infrastructure, and Telco Cloud Platform supports network operations for telecom operators and communications service providers.

Who buys it

Products are sold through a direct sales force and a selected network of distributors and channel partners. Distributors and original equipment manufacturers, or their contract manufacturers, account for the substantial majority of semiconductor sales. Sales to distributors were 48% of net revenue in each of fiscal 2025 and 2024, and the company says aggregate sales to its top five end customers through all channels were approximately 40% of net revenue in each of those years. The filing states it expects that customer concentration to continue.

From Broadcom's annual report on Form 10-K for the year ended 2 November 2025. The filing

Written from the 10-K filed 18 December 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue63,88751,57435,819+23.9%
Cost of revenue20,59319,06511,129+8.0%
Gross profit43,29432,50924,690+33.2%
Gross margin67.8%63.0%68.9%
Research and development10,9779,3105,253+17.9%
Selling, general and administrative4,2114,9591,592-15.1%
Operating income25,48413,46316,207+89.3%
Operating margin39.9%26.1%45.2%
Interest expense3,2103,9531,622-18.8%
Pre-tax income22,7299,91615,097+129.2%
Income tax-3973,7481,015
Effective tax rate-1.7%37.8%6.7%
Net income23,1265,89514,082+292.3%
Net margin36.2%11.4%39.3%
Diluted EPS$4.77$1.23$3.30+287.8%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow27,53719,96218,085+37.9%
Capital expenditure623548452+13.7%
Free cash flow26,91419,41417,633+38.6%
Free cash flow margin42.1%37.6%49.2%
Cash from investing-580-23,070-689
Cash from financing-20,127-1,733-15,623
Depreciation and amortisation8,6369,8603,749-12.4%
Share-based compensation7,5685,7412,171+31.8%
Buybacks2,4507,1765,824-65.9%
Dividends paid11,1429,8147,645+13.5%
Dividend per share$2.36$2.10$1.84+12.1%
Diluted shares, weighted4,853m4,778m4,270m+1.6%
Shares outstanding at period end4,741m4,686m4,140m+1.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity81,29267,67823,988+20.1%
Debt67,12069,84739,229-3.9%
Operating lease liabilities1,1811,143359+3.3%
Finance lease liabilitiesn/a13.04.0
Other liabilities21,49926,9649,281-20.3%
Total liabilities and equity171,092165,64572,861+3.3%
Fixed assets2,5302,5212,154+0.4%
Goodwill97,80197,87343,653-0.1%
Intangible assets32,27340,5833,867-20.5%
Cash and equivalents16,1789,34814,189+73.1%
Receivables7,1454,4163,154+61.8%
Inventory2,2701,7601,898+29.0%
Other assets12,8959,1443,946+41.0%
Total assets171,092165,64572,861+3.3%

10-K for the year ended 2 November 2025, filed 18 December 2025: the filing.