Compare · AVGO and QCOM
Broadcom vs. Qualcomm
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Both design chips and use outside foundries to make most of them. Broadcom's chips go into networking, custom AI accelerators, broadband and wireless, and it also sells infrastructure software, including VMware's; Qualcomm's Snapdragon processors and modems go into smartphones, and it licenses wireless patents. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Qualcomm's fiscal year ends on September 28 and Broadcom's on November 2, so the two years overlap by eleven months. Why fiscal years differ.
Comparing Broadcom fiscal 2025 (ended Nov 2, 2025) with Qualcomm fiscal 2025 (ended Sep 28, 2025)
BroadcomQualcomm
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Broadcom (FY2024 to FY2025) | $51.6B | $63.9B | +23.9% |
| Qualcomm (FY2024 to FY2025) | $39.0B | $44.3B | +13.7% |
Broadcom reports net revenue: total net revenue from products and from subscriptions and services. Qualcomm reports revenues: sales of chips (QCT) plus licensing fees from its patents (QTL).
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Broadcom FY2025 | $63.9B | $25.5B | 39.9% | $23.1B | 36.2% |
| Qualcomm FY2025 | $44.3B | $12.4B | 27.9% | $5.5B | 12.5% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Broadcom FY2025 | $27.5B | $623M | $26.9B | $2.5B | $11.1B |
| Qualcomm FY2025 | $14.0B | $1.2B | $12.8B | $8.8B | $3.8B |
Capital spending is property and equipment for Broadcom, and the capital expenditures line for Qualcomm, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Broadcom
The semiconductor solutions segment sells chips for networking, custom AI accelerators, broadband, wireless, storage and industrial uses; outside foundries make most of them. The infrastructure software segment sells software that large organizations use to run, manage and secure their data centers, clouds and mainframes, including VMware's.
Its fiscal year ends on the Sunday closest to October 31, so FY2025 means the twelve months to Nov 2, 2025.
Qualcomm
QCT, its chip business, sells Snapdragon processors and modems used in smartphones, plus chips for cars and Internet of Things devices such as PCs, wearables and industrial equipment. It designs the chips and uses outside foundries to make them.
QTL licenses its large portfolio of wireless patents, collecting royalties on phones and other devices. Its fiscal year ends in late September.
Main risks each one lists
Broadcom
- A small number of customers account for a large share of revenue; losing or cutting back with one could hurt results.
- Chip demand is cyclical and is being reshaped by AI; a slowdown in AI spending would weigh on results.
- It relies on outside foundries and a limited number of suppliers, many in Asia.
- Trade restrictions, tariffs and geopolitical tension, including with China, could disrupt sales and supply.
- Demand for VMware and other software, licensing changes and compatibility issues could affect software revenue.
Qualcomm
- A small number of large phone makers account for much of its revenue, and some are designing their own chips.
- It competes with other chip designers on performance, cost and features.
- Much of its business involves Chinese customers and suppliers, so trade restrictions and tensions can affect sales.
- Licensees can dispute royalty terms, and regulators have challenged its licensing practices.
- It relies on outside foundries and suppliers to make its chips.
How they differ
- Size. Broadcom reported $63.9B of revenue for fiscal 2025, and Qualcomm $44.3B for fiscal 2025.
- Growth. Broadcom's revenue grew 23.9% in its latest year and Qualcomm's 13.7%.
- Margins. Qualcomm kept 12.5% of revenue as net income and Broadcom 36.2%.
- Fiscal calendar. Qualcomm's year ends in September, Broadcom's in November, so news in one company's latest 10-K can be up to one month newer than in the other's.
- Software. Broadcom has an infrastructure software segment that sells software large organizations use to run their data centers, clouds and mainframes.
- Licensing. Qualcomm's QTL licenses its wireless patents and collects royalties on phones and other devices.
- Where the money goes. In the latest year Qualcomm spent $8.8B on buybacks and $3.8B on dividends, and Broadcom $2.5B and $11.1B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Broadcom Form 10-K for fiscal 2025, filed Dec 18, 2025
- Qualcomm Form 10-K for fiscal 2025, filed Nov 5, 2025
Broadcom company file → · Qualcomm company file →
Common questions
Which is bigger by revenue, Qualcomm or Broadcom?
Broadcom reported $63.9B of revenue for fiscal 2025 and Qualcomm $44.3B for fiscal 2025. Their fiscal years end on different dates.
Does Broadcom sell software?
Yes. Its infrastructure software segment, which includes VMware's software, is one of its two segments.
How do their profit margins compare?
In the latest fiscal year Qualcomm's net margin was 12.5% and Broadcom's was 36.2%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.