| Income statement | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $63.89B | $51.57B | $35.82B | $33.20B | $27.45B | $23.89B |
| Cost of revenue | $20.59B | $19.07B | $11.13B | $11.11B | $10.61B | $10.37B |
| Gross profit | $43.29B | $32.51B | $24.69B | $22.09B | $16.84B | $13.52B |
| Gross margin | 67.8% | 63.0% | 68.9% | 66.5% | 61.4% | 56.6% |
| R&D | $10.98B | $9.31B | $5.25B | $4.92B | $4.85B | $4.97B |
| SG&A | $4.21B | $4.96B | $1.59B | $1.38B | $1.35B | $1.94B |
| Operating income | $25.48B | $13.46B | $16.21B | $14.22B | $8.52B | $4.01B |
| Operating margin | 39.9% | 26.1% | 45.2% | 42.8% | 31.0% | 16.8% |
| Pretax income | $22.73B | $9.92B | $15.10B | $12.43B | $6.76B | $2.44B |
| Income tax | -$397.0M | $3.75B | $1.01B | $939.0M | $29.0M | -$518.0M |
| Net income | $23.13B | $5.89B | $14.08B | $11.49B | $6.74B | $2.96B |
| Net margin | 36.2% | 11.4% | 39.3% | 34.6% | 24.5% | 12.4% |
| EPS (diluted) | $4.77 | $1.23 | $3.30 | $2.65 | $1.50 | $0.63 |
| EPS (basic) | $4.91 | $1.27 | $3.39 | $2.74 | $1.57 | $0.66 |
| Shares (diluted) | 4.85B | 4.78B | 4.27B | 4.23B | 4.29B | 4.21B |
| Shares (basic) | 4.71B | 4.62B | 4.15B | 4.09B | 4.10B | 4.02B |
| Balance sheet | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Total assets | $171.09B | $165.65B | $72.86B | $73.25B | $75.57B | $75.93B |
| Cash & equivalents | $16.18B | $9.35B | $14.19B | $12.42B | $12.16B | $7.62B |
| Total liabilities | $89.80B | $97.97B | $48.87B | $50.54B | $50.58B | $52.03B |
| Stockholders' equity | $81.29B | $67.68B | $23.99B | $22.71B | $24.96B | $23.87B |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | $27.54B | $19.96B | $18.09B | $16.74B | $13.76B | $12.06B |
| Capital expenditure | $623.0M | $548.0M | $452.0M | $424.0M | $443.0M | $463.0M |
| Free cash flow | $26.91B | $19.41B | $17.63B | $16.31B | $13.32B | $11.60B |
| Profitability | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Gross margin | 67.8% | 63.0% | 68.9% | 66.5% | 61.4% | 56.6% |
| Operating margin | 39.9% | 26.1% | 45.2% | 42.8% | 31.0% | 16.8% |
| EBITDA margin | 39.9% | 26.1% | 45.2% | 42.8% | 31.0% | 16.8% |
| Net margin | 36.2% | 11.4% | 39.3% | 34.6% | 24.5% | 12.4% |
| Returns | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Return on equity | 28.4% | 8.7% | 58.7% | 50.6% | 27.0% | 12.4% |
| Return on assets | 13.5% | 3.6% | 19.3% | 15.7% | 8.9% | 3.9% |
| Return on invested capital | 19.6% | 6.5% | 30.8% | 26.4% | 16.1% | 8.4% |
| Return on capital employed | 16.7% | 9.0% | 24.8% | 21.5% | 12.3% | 5.8% |
| Liquidity | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Current ratio | 1.71 | 1.17 | 2.82 | 2.62 | 2.64 | 1.87 |
| Quick ratio | 1.58 | 1.07 | 2.56 | 2.35 | 2.43 | 1.71 |
| Cash ratio | 0.87 | 0.56 | 1.92 | 1.76 | 1.94 | 1.20 |
| Working capital | $13.06B | $2.90B | $13.44B | $11.45B | $10.30B | $5.52B |
| Leverage | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Debt to equity | 0.83 | 1.03 | 1.64 | 1.74 | 1.59 | 1.74 |
| Debt to assets | 0.39 | 0.42 | 0.54 | 0.54 | 0.53 | 0.55 |
| Net debt | $50.94B | $60.54B | $25.04B | $27.10B | $27.57B | $33.95B |
| Net debt / EBITDA | 2.00 | 4.50 | 1.55 | 1.91 | 3.24 | 8.46 |
| Interest coverage | 7.9× | 3.4× | 10.0× | 8.2× | 4.5× | 2.3× |
| Financial leverage | 2.10 | 2.45 | 3.04 | 3.23 | 3.03 | 3.18 |
| Efficiency | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Asset turnover | 0.37 | 0.31 | 0.49 | 0.45 | 0.36 | 0.31 |
| Inventory turnover | 9.07 | 10.83 | 5.86 | 5.77 | 8.18 | 10.34 |
| Receivables turnover | 8.94 | 11.68 | 11.36 | 11.22 | 13.25 | 10.40 |
| Days sales outstanding | 41 days | 31 days | 32 days | 33 days | 28 days | 35 days |
| Days inventory outstanding | 40 days | 34 days | 62 days | 63 days | 45 days | 35 days |
| Days payables outstanding | 28 days | 32 days | 40 days | 33 days | 37 days | 29 days |
| Cash flow | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Free cash flow | $26.91B | $19.41B | $17.63B | $16.31B | $13.32B | $11.60B |
| Free cash flow margin | 42.1% | 37.6% | 49.2% | 49.1% | 48.5% | 48.6% |
| Income quality (CFO / net income) | 1.19 | 3.39 | 1.28 | 1.46 | 2.04 | 4.07 |
| Capex to revenue | 1.0% | 1.1% | 1.3% | 1.3% | 1.6% | 1.9% |
| Per share | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue per share | $13.56 | $11.15 | $8.63 | $8.12 | $6.70 | $5.94 |
| Book value per share | $17.25 | $14.64 | $5.78 | $5.55 | $6.09 | $5.94 |
| Cash per share | $3.43 | $2.02 | $3.42 | $3.04 | $2.97 | $1.90 |
| Free cash flow per share | $5.71 | $4.20 | $4.25 | $3.99 | $3.25 | $2.89 |
| Growth | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue growth (YoY) | 23.9% | 44.0% | 7.9% | 21.0% | 14.9% | — |
| Net income growth (YoY) | 292.3% | -58.1% | 22.5% | 70.7% | 127.6% | — |
| EPS growth (YoY) | 286.6% | -62.5% | 23.7% | -82.5% | 137.2% | — |
Broadcom is a global semiconductor and enterprise software company built through a multi-decade sequence of acquisitions and operational restructuring under CEO Hock Tan. The modern company emerged from the 2016 acquisition of legacy Broadcom Corporation by Avago Technologies, which assumed the Broadcom name and listing. The strategy combines two structurally distinct businesses: a semiconductor portfolio focused on networking, custom AI silicon, wireless and broadband connectivity, and storage; and an enterprise software portfolio anchored by the 2023 acquisition of VMware.
The semiconductor business is the strategic foundation of Broadcom's AI infrastructure positioning. Tomahawk and Jericho switch silicon are the dominant high-performance Ethernet switches deployed in AI data centers, providing the networking fabric that connects GPU clusters at scale. The custom ASIC business designs application-specific AI accelerators in partnership with hyperscale customers, including Google's TPU program (the deepest and longest-running partnership), Meta's MTIA family, ByteDance's accelerators, and Apple's networking silicon. Custom silicon revenue with hyperscaler partners has emerged as one of the largest structural growth categories within the broader semiconductor industry.
Wireless and connectivity silicon represents another major revenue category, with Broadcom selling Wi-Fi, Bluetooth, and RF front-end components to Apple and other smartphone OEMs. The Apple relationship has historically been the largest single customer relationship within the wireless segment. Storage and broadband silicon round out the semiconductor portfolio, with products spanning hard-disk and SSD controllers, optical networking, and set-top-box silicon for cable operators.
The enterprise software business has scaled through three large acquisitions: CA Technologies (2018, mainframe and enterprise software), Symantec's enterprise security business (2019), and VMware (2023, $69 billion). The integration model under Hock Tan has consistently focused on the largest enterprise customers, rationalizing the product portfolio, repricing perpetual licenses to subscriptions, and concentrating sales and support on the customers that generate the majority of revenue. The model has been controversial with broader VMware customers but has produced substantial margin expansion within Broadcom's reporting segments.
Broadcom's capital allocation under Hock Tan has combined large transformative acquisitions with substantial dividends and buybacks. The company maintains a fabless model for the semiconductor business, with TSMC as the primary foundry partner across the advanced-node products including custom AI ASICs. The combination of leading-edge custom silicon, dominant AI networking, and high-margin enterprise software has positioned Broadcom as one of the most consequential structural beneficiaries of the AI infrastructure cycle outside of NVIDIA itself.
The principal strategic exposures include customer concentration in custom ASIC partnerships (a single hyperscaler captive-shifting to a different silicon partner would materially impact revenue), continued integration risk from the VMware transaction, and regulatory scrutiny around the combination of dominant AI networking and custom AI silicon roles.
UCLA professor of electrical engineering. Co-founded the original Broadcom Corporation in 1991 with Henry Nicholas, building the company into a leading communications semiconductor designer before its 2016 acquisition by Avago. Continues with Broadcom as Chief Technology Officer of the combined company.
Co-founded the original Broadcom Corporation in 1991 with Henry Samueli. Served as CEO through 2003 before departing under personal circumstances. Did not continue with the company through the Avago acquisition.
Broadcom's customer base concentrates among the world's largest technology companies. In semiconductors, hyperscale cloud and AI customers (Google, Meta, Microsoft, ByteDance, Apple) are the primary buyers of custom ASIC and high-performance networking silicon. Apple is the largest single customer in the wireless and connectivity business, with multi-year purchase commitments documented in regulatory filings. Cable and telecom operators (Comcast, Charter Communications, AT&T, others) buy broadband and set-top-box silicon. Enterprise storage and server OEMs (Dell, HPE, Lenovo, Supermicro) buy storage and switch silicon. In enterprise software, Broadcom's customer base concentrates among the largest enterprises and public-sector institutions globally, with the integration strategy focused intentionally on the customers that generate the majority of segment revenue. The combination is a customer concentration profile structurally similar to the largest semiconductor and enterprise software businesses globally.
| Date | Insider | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jul 10, 2026 | Delly Gayla J | Director | Gift | 500 | — | — |
| Jul 10, 2026 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | Sell | 25,000 | $401.33 | $10M |
| Jul 8, 2026 | Delly Gayla J | Director | Sell | 1,890 | $385.38 | $728,368 |
| Jul 8, 2026 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | Sell | 25,000 | $379.19 | $9M |
| Jun 29, 2026 | Page Justine | Director | Sell | 1,602 | $373.86 | $598,916 |
| Jun 25, 2026 | Brazeal Mark David | Chief Legal & Corp Affairs Ofc | Sell | 25,000 | $387.00 | $10M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 23,253 | $377.61 | $9M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 33,346 | $378.51 | $13M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 30,911 | $379.76 | $12M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 48,996 | $380.57 | $19M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 36,661 | $381.68 | $14M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 26,889 | $382.63 | $10M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 36,188 | $383.69 | $14M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 43,302 | $384.58 | $17M |
| Jun 24, 2026 | Samueli Henry | Director | Sell | 53,722 | $385.57 | $21M |
Source: SEC Form 4. Grants, gifts and option exercises show no market value.
544 institutional holders · $9.4B · 13F, Jun 2026
| Holder | Shares | Value |
|---|---|---|
| Handelsbanken Fonder Ab | 2,485,199 | $939M |
| Assenagon Asset Management S.A. | 2,099,861 | $793M |
| Czech National Bank | 1,347,668 | $509M |
| Cardano Risk Management B.V. | 1,310,174 | $495M |
| Aegon Asset Management Uk Plc | 1,216,678 | $460M |
| Sarasin & Partners Llp | 1,151,150 | $435M |
| Pensiondanmark Pensionsforsikringsaktieselskab | 865,698 | $327M |
| Qrg Capital Management, Inc. | 854,920 | $323M |
| Congress Asset Management Co | 738,306 | $279M |
| Hamlin Capital Management, Llc | 550,927 | $208M |
| Eastern Bank | 505,777 | $191M |
| E. Ohman J:Or Asset Management Ab | 502,788 | $190M |
| Davenport & Co Llc | 485,243 | $183M |
| Sapient Capital Llc | 468,080 | $177M |
| Unicom Systems, Inc. | 325,300 | $123M |
| Signature Estate & Investment Advisors Llc | 279,914 | $106M |
| Global X Japan Co., Ltd. | 275,968 | $104M |
| Lvm Capital Management Ltd/Mi | 232,862 | $88M |
| Franklin Street Advisors Inc /Nc | 220,186 | $83M |
| Annex Advisory Services, Llc | 215,440 | $81M |
Source: SEC Form 13F (latest reported quarter; managers file up to 45 days after quarter-end).
What does Broadcom do?
Who founded Broadcom?
When did Broadcom go public?
What is Broadcom's role in AI infrastructure?
Who are Broadcom's main competitors?
Why did Broadcom acquire VMware?
What is Broadcom's relationship with Google?
Situational Awareness Q1 2026 13F: Semiconductors Take Center Stage as Fund Triples AUM to $13.68B
Leopold Aschenbrenner's AI infrastructure fund opened five major semiconductor positions in Q1 2026, massively increased its Bloom Energy stake by 1,488% in shares, and rotated ou…
Networking at Scale: The Race to Wire the AI Megacluster
Four companies are collectively building the most expensive network ever constructed. Their earnings calls tell a coherent but tension-filled story: Ethernet is winning scale-out,…
Broadcom Inc. Announces Pricing Terms of Offers to Purchase for Cash Certain of its Outstanding Debt Securities PALO ALTO, Calif
Commences Offers to Purchase for Cash Certain of its Outstanding Debt Securities PALO ALTO, Calif., June 11, 2026 — Broadcom Inc.
Broadcom Inc. Announces Second Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend
Broadcom Inc. Announces First Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend
Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results and Quarterly Dividend
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION The following unaudited pro forma condensed combined financial information presents the pro forma effects of the acquisition of VMware, Inc.
Contacts are a premium feature
Upgrade to MLQ.ai premium to search verified business contacts at Broadcom by department, seniority, and role.
Upgrade to premium