AVGO Broadcom FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-11-02 · FILED 2025-12-18 · 4,853M DILUTED WTD-AVG SHARES
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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
REVENUE$63.9B+23.9% YoY
OPERATING CASH FLOW$27.5B+37.9% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$26.9B+38.6% YoY
72
FILING SCORE / 100
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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 ~SEP 2026 (EST.)
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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
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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
· Product44,84734,96028,949
· Subscriptionsand 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

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

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%—
· Product · 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 17.7%
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 0.43
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 20.1%
volatile
Quarterly · as filed in 10-Q/10-K · $ millionsFEB 25MAY 25AUG 25FEB 26MAY 26
Total revenues14,91615,00415,95219,31122,187
Cost of revenue4,7714,8075,2496,1546,772
Gross profit10,14510,19710,70313,15715,415
Research and development2,2532,6933,0502,9652,995
Selling, general and administrative9491,0831,0721,0191,055
Total operating expenses3,8854,3684,8164,5944,627
Operating income6,2605,8295,8878,56310,788
Interest expense873769807801776
Other income (expense), net10325205433118
Income before income taxes5,4905,0855,2858,19510,130
Income tax provision(13)1201,145846820
Net income incl. noncontrolling interests5,5034,9654,1407,3499,310
Diluted earnings per share$1.14$1.03$0.85$1.50$1.91
Weighted-average diluted shares4,8364,8264,8604,8884,876
Net cash provided by operating activities6,113——8,260—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues19,31122,187+2,876+14.9%
Gross profit13,15715,415+2,258+17.2%
Operating income8,56310,788+2,225+26.0%
Net cash provided by operating activities6,1138,260+2,147+35.1%
Net income incl. noncontrolling interests7,3499,310+1,961+26.7%
Income before income taxes8,19510,130+1,935+23.6%
Cost of revenue6,1546,772+618+10.0%
Other income (expense), net433118−315-72.7%
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, 90d17 filings · 1 buys / 53 sellsnet selling · −$283,323,410
· 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.
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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.