AVGO Broadcom FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-11-02 · FILED 2025-12-18 · 4,853M DILUTED WTD-AVG SHARES
?
Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company designs, develops, and supplies semiconductor and semiconductor-based products along with infrastructure software solutions. Its semiconductor offerings span networking connectivity, wireless device connectivity, servers and storage systems, broadband, and industrial end markets, including switches, controllers, filters, optical components, and custom application-specific integrated circuits. Its infrastructure software portfolios cover private cloud, mainframe software, cybersecurity, enterprise software, and fibre channel storage area network management.

S&P 500 · INFORMATION TECHNOLOGY · CIK 1730168

S&P 500

REVENUE$63.9B+23.9% YoY
OPERATING CASH FLOW$27.5B+37.9% YoY
FREE CASH FLOW
?
Free cash flow = operating cash flow − capital expenditure, both as filed.
$26.9B+38.6% YoY
72
FILING SCORE / 100
?
How the score is computed: 8 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 14/16 on claims and 8/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG15 CHECKS · 2 red · 2 watchNEXT 10-Q ~DEC 2026 (EST.)
?
Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
?
Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues63,88751,57435,8192
· Products44,84734,96028,949
· Subscriptions and services19,04016,6146,870
Cost of revenue20,59319,06511,129
Gross profit43,29432,50924,6901
Research and development10,9779,3105,2531
Selling, general and administrative4,2114,9591,5921
Total operating expenses17,81019,0468,483
Operating income25,48413,46316,207
Interest expense—3,9531,6221
Other income (expense), net455406512
Income before income taxes22,7299,91615,097
Income tax provision(397)3,7481,0151
— of which current1,6361,7831,516
Net income incl. noncontrolling interests23,1265,89514,082
Net income attributable to common—5,89514,0822
Diluted earnings per share$4.77$1.23$3.30
Weighted-average diluted shares4,8534,7784,2721
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests23,1265,89514,082
Share-based compensation7,5685,7412,171
Deferred income taxes(2,033)1,965(501)
Change in receivables2,717(2,327)187
Change in inventories510(150)(27)
Change in payables(118)121209
Net cash provided by operating activities27,53719,96218,0854
Capital expenditure6235484521
Acquisitions, net of cash025,97853
Net cash used in investing activities(580)(23,070)(689)
Dividends paid11,1429,8147,6452
Repurchases of common stock2,4507,1765,8242
Debt issued15,66639,9540
Debt repaid18,47819,608403
Net cash used in financing activities(20,127)(1,733)(15,623)
Cash and equivalents at end of period16,1789,34814,189
Balance sheet · $ millions20252024
Cash and cash equivalents16,1789,348
Receivables, net7,1454,4161
Inventories2,2701,7601
Total current assets31,57319,595
Property, plant and equipment, net2,5302,521
Goodwill97,80197,8731
Intangible assets, net31,45338,243
Total assets171,092165,6451
Accounts payable1,5601,662
Current debt3,1521,271
Total current liabilities18,51416,697
Long-term debt61,984—
Total liabilities89,80097,967
Total equity81,29267,678
Segments · as filed in the segment note · $ millionsSemiconductor SolutionsInfrastructure SoftwareConsolidated
Net sales36,85827,02963,887

Not shown: Cost of sales, Selling, general & administrative, Operating income. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.

Revenue by product or service · as filed · $ millionsFY2025Share
Products44,84770.2%
Subscriptions and services19,04029.8%
Total revenues, as filed63,887100.0%

Product lines sum to the filed total.

Revenue by geography · as filed · $ millionsFY2025Share
Other18,97929.7%
United States16,50625.8%
China (including Hong Kong)11,15517.5%
Singapore10,79616.9%
Taiwan6,45110.1%
Total revenues, as filed63,887100.0%

Geographic lines sum to the filed total. 3 filed line(s) not shown: Asia Pacific, Americas, Europe, the Middle East and Africa.

Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Acquisitions, net of cash · CF025,978−25,978-100.0%◐ outsized
Debt issued · CF15,66639,954−24,288-60.8%◐ outsized
Net cash used in investing activities · CF(580)(23,070)+22,490+97.5%◐ outsized
Net cash used in financing activities · CF(20,127)(1,733)−18,394-1,061.4%◐ outsized
Net income incl. noncontrolling interests · IS23,1265,895+17,231+292.3%◐ outsized
Net income incl. noncontrolling interests · CF23,1265,895+17,231+292.3%◐ outsized
Total equity · BS81,29267,678+13,614+20.1%—
Income before income taxes · IS22,7299,916+12,813+129.2%◐ outsized
Total revenues · IS63,88751,574+12,313+23.9%—
Operating income · IS25,48413,463+12,021+89.3%◐ outsized
Total current assets · BS31,57319,595+11,978+61.1%◐ outsized
Gross profit · IS43,29432,509+10,785+33.2%—
· Products · IS44,84734,960+9,887+28.3%—
Total liabilities · BS89,80097,967−8,167-8.3%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
31.0%
sector median 17.4%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
+1.2%
sector median -0.7%
diluting
Debt to equity
(current debt + long-term debt) ÷ year-end equity
0.80
sector median 0.41
moderate
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 35.6%
sector median 19.9%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsMAY 25AUG 25FEB 26MAY 26AUG 26
Total revenues15,00415,95219,31122,18729,591
Cost of revenue4,8075,2496,1546,7729,135
Gross profit10,19710,70313,15715,41520,456
Research and development2,6933,0502,9652,9952,895
Selling, general and administrative1,0831,0721,0191,055996
Total operating expenses4,3684,8164,5944,6274,501
Operating income5,8295,8878,56310,78815,955
Interest expense769807801776778
Other income (expense), net2520543311898
Income before income taxes5,0855,2858,19510,13015,275
Income tax provision1201,1458468202,187
Net income incl. noncontrolling interests4,9654,1407,3499,31013,088
Diluted earnings per share$1.03$0.85$1.50$1.91$2.68
Weighted-average diluted shares4,8264,8604,8884,8764,887
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues22,18729,591+7,404+33.4%
Operating income10,78815,955+5,167+47.9%
Income before income taxes10,13015,275+5,145+50.8%
Gross profit15,41520,456+5,041+32.7%
Net income incl. noncontrolling interests9,31013,088+3,778+40.6%
Cost of revenue6,7729,135+2,363+34.9%
Income tax provision8202,187+1,367+166.7%
Total operating expenses4,6274,501−126-2.7%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$939,200M10-K cover · as of 2025-05-02
Insider Form 4s, 90d9 filings · 0 buys / 27 sellsnet selling · −$280,521,061
· Samueli HenrySELL $20,713,592Form 4 filed 2026-06-26 · open market
· Samueli HenrySELL $18,954,289Form 4 filed 2026-06-26 · open market
· Samueli HenrySELL $18,646,408Form 4 filed 2026-06-26 · open market
· Samueli HenrySELL $18,320,331Form 4 filed 2026-06-26 · open market
· Samueli HenrySELL $16,653,083Form 4 filed 2026-06-26 · open market
Insider ownership %—needs the proxy statement — not read yet, never estimated
Institutional %—needs 13F aggregation — not read yet, never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Information Technology →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Broadcom's Form 10-K for FY2025 (accession 0001730168-25-000121), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AVGO is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.