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Broadcom Inc. AVGO

Technology  —  Semiconductors
352.81 2.45 0.70% as of 25 Sep
Market cap
$1.70T
P/E
43.8×
S&P 500 Member Dividend Champion (5y) Cash Flow Champion (10y) Revenue Champion (10y) Insider Buys (last 12m)
Indexes indicate stock being part of an index,
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Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Broadcom Inc. (AVGO) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

Broadcom generated revenue of $63.9 billion in FY2025, with gross profit of $43.3 billion in FY2025, operating income of $25.5 billion in FY2025, and net income of $23.1 billion in FY2025. Market capitalisation was $1.67 trillion as of September 24, 2026.

In Q3 FY2026, revenue was $29.6 billion, gross profit was $20.5 billion, operating income was $16.0 billion, and net income was $13.1 billion. Diluted EPS was $2.68 in Q3 FY2026, while free cash flow was $13.7 billion in Q3 FY2026. Revenue over the trailing twelve months was $89.1 billion to Q3 FY2026, and net income was $38.3 billion over the trailing twelve months to Q3 FY2026.

Growth

Revenue increased 23.9% in FY2025 against FY2024, reaching $63.9 billion in FY2025 from $51.6 billion in FY2024. Revenue compound annual growth was 24.4% in FY2022–FY2025 and 21.7% in FY2020–FY2025. Diluted EPS increased 287.8% in FY2025 against FY2024 to $4.77 in FY2025, while free cash flow increased 38.6% in FY2025 against FY2024 to $26.9 billion in FY2025.

In Q3 FY2026, revenue increased 33.4% against Q2 FY2026 and 85.5% against Q3 FY2025. Diluted EPS increased 40.3% in Q3 FY2026 against Q2 FY2026 and 215.3% in Q3 FY2026 against Q3 FY2025. Free cash flow increased 33.2% in Q3 FY2026 against Q2 FY2026 and 94.5% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 67.8% in FY2025, up 4.7 percentage points in FY2024–FY2025 and up 11.2 percentage points in FY2020–FY2025. Operating margin was 39.9% in FY2025, up 13.8 percentage points in FY2024–FY2025 and up 23.1 percentage points in FY2020–FY2025. Net margin was 36.2% in FY2025, up 24.8 percentage points in FY2024–FY2025 and up 23.8 percentage points in FY2020–FY2025.

In Q3 FY2026, gross margin was 69.1% and operating margin was 53.9%. Gross margin changed by −0.3 percentage points in Q3 FY2026 against Q2 FY2026, while operating margin increased 5.3 percentage points in Q3 FY2026 against Q2 FY2026. Return on equity was 31.1% in FY2025, return on assets was 13.7% in FY2025, and return on invested capital was 12.2% in FY2025. Industry-median profitability comparisons are not reported.

Balance sheet

Total debt was $65.1 billion in FY2025, compared with $67.6 billion in FY2024. Net debt was $49.0 billion in FY2025, compared with $58.2 billion in FY2024, while cash and short-term investments were $16.2 billion in FY2025. Shareholders’ equity was $81.3 billion in FY2025, and working capital was $13.1 billion in FY2025.

By Q3 FY2026, net debt was $35.4 billion, down by −$9.8 billion in Q3 FY2026 against Q2 FY2026 and by −$18.1 billion in Q3 FY2026 against Q3 FY2025. The current ratio was 2.5× in Q3 FY2026, and debt to equity was 0.6× in Q3 FY2026. Balance-sheet cash, total debt, and equity for Q3 FY2026 are not reported.

Cash flow & capital return

Operating cash flow was $27.5 billion in FY2025, increasing 37.9% in FY2025 against FY2024. Capital expenditure was $623.0 million in FY2025, and free cash flow was $26.9 billion in FY2025, increasing 38.6% in FY2025 against FY2024. Free cash flow represented 116.4% of net income in FY2025.

Dividends paid were $11.1 billion in FY2025, and net share repurchases were $6.1 billion in FY2025. Capital returned to shareholders was $17.2 billion in FY2025 and $77.2 billion in FY2021–FY2025. Weighted average shares were 4.7 billion shares in FY2025, while the share count changed 17.2% in FY2020–FY2025. In Q3 FY2026, free cash flow was $13.7 billion and weighted average shares were 4.8 billion shares.

Valuation

Market capitalisation was $1.67 trillion as of September 24, 2026. The P/E was 43.5× as of September 24, 2026, compared with a five-year median of 33.7× as of September 24, 2026, over the five fiscal years to FY2025; the current multiple was 1.3× its five-year median as of September 24, 2026.

The P/S was 18.7× as of September 24, 2026, compared with 9.7× over the five fiscal years to FY2025 and 6.0× over the ten fiscal years to FY2025. EV/Sales was 19.1× as of September 24, 2026, compared with 10.4× over the five fiscal years to FY2025 and 7.0× over the ten fiscal years to FY2025. Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue was $29.6 billion in Q3 FY2026, up 33.4% against Q2 FY2026 and 85.5% against Q3 FY2025. Operating income was $16.0 billion in Q3 FY2026, while operating margin was 53.9% in Q3 FY2026, an increase of 5.3 percentage points against Q2 FY2026 and 17.0 percentage points against Q3 FY2025. Gross margin was 69.1% in Q3 FY2026, changing by −0.3 percentage points against Q2 FY2026 and increasing 2.0 percentage points against Q3 FY2025.

Net income was $13.1 billion in Q3 FY2026, and diluted EPS was $2.68 in Q3 FY2026, up 40.3% against Q2 FY2026 and 215.3% against Q3 FY2025. Free cash flow was $13.7 billion in Q3 FY2026, up 33.2% against Q2 FY2026 and 94.5% against Q3 FY2025. Management’s stated reasons for these changes are not reported.

Open questions

  • What factors drove the revenue increase in Q3 FY2026?
  • What explains the change in gross margin in Q3 FY2026?
  • How is the reduction in net debt being funded?
  • What are the industry-median valuation and profitability comparisons?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.