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Company file · AVGO

Broadcom

Software went from 21% to 42% of Broadcom's revenue in two years

The jump came with VMware, which Broadcom bought in November 2023. In FY2025, infrastructure software brought in $27.0B; semiconductors brought in $36.9B, up 22.5%, and grew 127.4% in the quarter ended Aug 2, 2026.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Dec 18, 2025) · Latest quarter: 10-Q for the quarter ended Aug 2, 2026 (filed Sep 10, 2026) · Data pulled Oct 26, 2026

Key facts

In fiscal 2025, which ended Nov 2, 2025, Broadcom (Nasdaq: AVGO) took in $63.9B of net revenue (up 23.9% on fiscal 2024); net income was $23.1B (up 292.3%). The most recent quarter, ended Aug 2, 2026, brought net revenue of $29.6B, up 85.5% year over year, with net income of $13.1B. Semiconductor solutions was the biggest single line by segment: 58% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Dec 18, 2025) and 10-Q for the quarter ended Aug 2, 2026 (filed Sep 10, 2026).

Net revenue$63.9BFY2025 · +23.9% vs FY2024
Net income$23.1BFY2025 · +292.3% vs FY2024
Operating cash flow$27.5BFY2025 · +37.9% vs FY2024
Cash & equivalents$24.0Bat Aug 2, 2026 · +48.2% vs FY2025 end
Total debt$59.4Bat Aug 2, 2026 · −8.8% vs FY2025 end
Diluted shares4.85BFY2025 avg · +1.6% vs FY2024
Net revenue and net income, three fiscal yearsBy fiscal year, $bn
Net revenueNet income
Net revenue and net income by fiscal yearNet revenue FY2023: $35.8B35.8Net income FY2023: $14.1B14.1FY2023Net revenue FY2024: $51.6B51.6Net income FY2024: $5.9B5.9FY2024Net revenue FY2025: $63.9B63.9Net income FY2025: $23.1B23.1FY2025

Source: 10-K FY2025, filed Dec 18, 2025

Quarterly net revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net revenue, fiscal 2026 vs 2025FY2025 Q1: $14.9B14.9FY2026 Q1: $19.3B19.3Q1FY2025 Q2: $15.0B15.0FY2026 Q2: $22.2B22.2Q2FY2025 Q3: $16.0B16.0FY2026 Q3: $29.6B29.6Q3

Source: 10-Q filed Mar 11, 2026 · 10-Q filed Jun 9, 2026 · 10-Q filed Sep 10, 2026

How it makes money

FY2025 total by categorySemiconductor solutions: $36.9B (58%)Infrastructure software: $27.0B (42%)$63.9BFY2025 total

By segment, FY2025

  • LineAmountSharevs FY2024
  • Semiconductor solutions$36.9B58%+22.5%
  • Infrastructure software$27.0B42%+25.8%

Source: 10-K FY2025, XBRL breakdown

Semiconductor solutions were 58% of FY2025 revenue and infrastructure software 42%, up from 21% in FY2023, the year before the VMware deal closed.

By segment: three-year mixShare of the total each fiscal year
Semiconductor solutionsInfrastructure software

Source: 10-K FY2025

By region (ship-to location), FY2025

Asia-Pacific$35.9B56%+26.3%
Americas$18.9B30%+26.5%
EMEA$9.1B14%+10.6%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (May to Jul 2026) compared with Q3 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Net revenue
$29.6B Q3 FY2026
$16.0B Q3 FY2025
85.5% increase
Net income
$13.1B Q3 FY2026
$4.1B Q3 FY2025
216.1% increase

Source: Broadcom 10-Q for the quarter ended Aug 2, 2026, filed Sep 10, 2026

By segment

Semiconductor solutions
$20.8B Q3 FY2026
$9.2B Q3 FY2025
127.4% increase
Infrastructure software
$8.8B Q3 FY2026
$6.8B Q3 FY2025
29.0% increase

Source: Broadcom 10-Q for the quarter ended Aug 2, 2026, filed Sep 10, 2026

By region

Asia-Pacific
$20.9B Q3 FY2026
$9.0B Q3 FY2025
133.8% increase
Americas
$5.5B Q3 FY2026
$4.7B Q3 FY2025
16.7% increase
EMEA
$3.1B Q3 FY2026
$2.3B Q3 FY2025
38.2% increase

Source: Broadcom 10-Q for the quarter ended Aug 2, 2026, filed Sep 10, 2026

  • Cash & equivalents $24.0B at Aug 2, 2026, vs $16.2B at FY2025 end.
  • Total debt $59.4B at Aug 2, 2026, vs $65.1B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $33.0B vs $19.8B a year earlier.

The bull case and the bear case

The bull case

The bear case

  • Total debt was $65.1B at the end of FY2025, against $16.2B of cash and equivalents. 10-K, FY2025
  • Subscriptions and services revenue grew 11.2% in the quarter ended Aug 2, 2026, much slower than product revenue at 117.3%. 10-Q, quarter ended Aug 2, 2026
  • The 10-K says a small number of customers account for a large share of revenue, and lists VMware licensing changes and competition among its software risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Broadcom designs semiconductors for data centers, networking, broadband, wireless and storage, including custom AI chips, and sells infrastructure software, including VMware.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Broadcom's latest 10-K. Read the original for the full list.

  1. Customer concentrationA small number of customers account for a large share of revenue; losing or cutting back with one could hurt results.
  2. Industry cycles and AIChip demand is cyclical and is being reshaped by AI; a slowdown in AI spending would weigh on results.
  3. Manufacturing and suppliersIt relies on outside foundries and a limited number of suppliers, many in Asia.
  4. Geopolitics and tradeTrade restrictions, tariffs and geopolitical tension, including with China, could disrupt sales and supply.
  5. SoftwareDemand for VMware and other software, licensing changes and compatibility issues could affect software revenue.
  6. DebtIt carries significant debt, which limits its flexibility.
  7. Competition and design winsIt must keep winning designs in customers' products against strong competitors.
  8. TaxesChanges in tax law or tax rulings could raise what it pays.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net revenue$35.8B$51.6B$63.9B
Net income$14.1B$5.9B$23.1B
Operating cash flow$18.1B$20.0B$27.5B
Cash & equivalents (year end)$14.2B$9.3B$16.2B
Total debt (year end)––$65.1B
Diluted shares4.27B4.78B4.85B
  • Net revenue: Total net revenue from products and from subscriptions and services.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Commercial paper plus the current and non-current portions of long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

  • Region is based on where products are shipped or services delivered.
  • Net income for FY2025 is the figure tagged “ProfitLoss” in the 10-K, because the usual net income tag isn't used for that year; it matches the net income line on the income statement.

Recent filings

FormFiledPeriod
10-QSep 10, 2026Aug 2, 2026
10-QJun 9, 2026May 3, 2026
10-QMar 11, 2026Feb 1, 2026
DEF 14AMar 2, 2026Apr 20, 2026
10-KDec 18, 2025Nov 2, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Latest filings

  1. Sep 254:15 PM ET

    Form 4

    Broadcom director Henry Samueli reports selling 702,190 shares under a 10b5-1 plan

    The filing reports 702,190 shares in an open-market or private sale (code S) at weighted-average prices from $354.71 to $361.79, about $250.0 million in total; and 72,474 shares given as a gift (code G).

All Broadcom filings notes →

Common questions about Broadcom

How does Broadcom make money?

In fiscal 2025, net revenue totaled $63.9B. Semiconductor solutions were 58% of FY2025 revenue and infrastructure software 42%, up from 21% in FY2023, the year before the VMware deal closed. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

What was Broadcom's revenue in fiscal 2025?

Net revenue came to $63.9B in the year ended Nov 2, 2025. Going back two years, it was $35.8B in fiscal 2023 and $51.6B in fiscal 2024, so the latest year was up 23.9%. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

Is Broadcom profitable?

Yes, by US accounting rules (GAAP): net income was $23.1B in fiscal 2025, up 292.3% from $5.9B a year earlier. For the quarter ended Aug 2, 2026, net income was $13.1B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Dec 18, 2025.

What did Broadcom report in its latest quarterly filing?

The 10-Q for the quarter ended Aug 2, 2026 shows net revenue of $29.6B, against $16.0B in the same quarter a year before (up 85.5%), and net income of $13.1B, against $4.1B (up 216.1%). Source: 10-Q for the quarter ended Aug 2, 2026, filed Sep 10, 2026.

How much cash and debt does Broadcom have?

On Aug 2, 2026, cash and cash equivalents stood at $24.0B and total debt at $59.4B. Total debt here is commercial paper plus the current and non-current portions of long-term debt, at carrying value. Source: 10-Q filed Sep 10, 2026.

What are the main risks Broadcom lists?

Item 1A of the fiscal 2025 10-K (filed Dec 18, 2025) sets out the risks. Grouped, they fall into 8 areas: Customer concentration; industry cycles and AI; manufacturing and suppliers; geopolitics and trade; software; debt; competition and design wins; taxes. To start with the first: A small number of customers account for a large share of revenue; losing or cutting back with one could hurt results. Source: 10-K, Item 1A Risk Factors.

Where do these Broadcom numbers come from?

Two filings Broadcom made with the SEC: its fiscal 2025 10-K, filed Dec 18, 2025, and its 10-Q for the quarter ended Aug 2, 2026, filed Sep 10, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in AVGO
The editor holds no position in Broadcom (AVGO). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell AVGO from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold AVGO, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
BroadcomAVGOFY2025$63.9B+23.9%$23.1B
NvidiaNVDAFY2026$215.9B+65.5%$120.1B
AMDFY2025$34.6B+34.3%$4.3B
CiscoCSCOFY2026$63.3B+11.8%$13.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.