Semiconductor solutions
Custom AI accelerators, Ethernet networking, broadband, wireless, storage and industrial chips.
Stock research
Broadcom Inc. (AVGO) Stock Research
Broadcom supplies networking, broadband, and custom silicon alongside a large enterprise-software portfolio anchored by VMware.
Broadcom Inc. reported revenue of $63.9B for the fiscal year ended November 2, 2025 and net income of $5.9B for the fiscal year ended November 3, 2024. Source: Form 10-K filed December 18, 2025
Reviewed · SEC data as of
- Revenue
- $63.9B
- FY ending 2025-11-02
- Net income
- $5.9B
- FY ending 2024-11-03
- Diluted EPS
- $4.77
- Sector
- Tech
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Broadcom makes money
The company is a key beneficiary of demand for AI-focused data-center connectivity.
Infrastructure software
VMware Cloud Foundation and other enterprise software for mainframe, distributed and cybersecurity uses.
- Exchange
- NASDAQ: AVGO
- Sector
- Information Technology
- SEC industry
- Semiconductors & Related Devices (SIC 3674)
- Fiscal year end
- November 1
- Headquarters
- Palo Alto, California
- Founded
- 1961
AVGO key financials
Reported figures from Broadcom Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $63.9B | 2024-11-04 – 2025-11-02 | SEC filing |
| Net income | $5.9B | 2023-10-30 – 2024-11-03 | SEC filing |
| Operating cash flow | $27.5B | 2024-11-04 – 2025-11-02 | SEC filing |
| Diluted EPS | $4.77 | 2024-11-04 – 2025-11-02 | SEC filing |
| Shares outstanding | 4.74B | As of 2025-11-28 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in AVGO
For Broadcom Inc., the most important recurring operating and market variables are:
- ◆Custom AI accelerator (XPU) and Ethernet networking demand from hyperscalers
- ◆Concentration among the top five end customers and major distributors
- ◆VMware Cloud Foundation subscription transition
- ◆Interest expense and debt paydown after the VMware acquisition
- ◆Semiconductor cyclicality outside AI and reliance on TSMC for wafers
Key questions for the AVGO thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
How concentrated is the AI opportunity?
The 10-K says the top five end customers accounted for roughly 40% of fiscal 2025 net revenue and distributors for 48%, and Item 1A warns that large AI customers are pushing for leasing and deferred-payment structures. Semiconductor solutions were 58% of the $63.9 billion total; check the revenue-by-customer notes for changes in these shares.
Is the VMware software transition complete?
Infrastructure software revenue rose 26% to $27.0 billion in fiscal 2025, which management attributes to VMware Cloud Foundation demand, license revenue recognized on non-cancellable contracts, and the move to subscription licensing. Item 1A ties software growth to demand for data-center virtualization, so watch renewal patterns and pricing complaints.
How fast is leverage coming down?
Interest expense fell to $3.2 billion from $4.0 billion as debt balances declined and were refinanced, although the company issued $14.0 billion of new senior notes during fiscal 2025 while repaying $4.9 billion. Item 1A lists substantial indebtedness as a risk; compare operating income of $25.5 billion with scheduled maturities.
Why is reported net income so far below operating income?
Audited fiscal 2025 net income was $5.9 billion, or $4.77 per diluted share, against operating income of $25.5 billion, reflecting amortization of acquired intangibles, interest, and tax items including potential liabilities from VMware's former Dell ownership. Reconcile GAAP to segment operating income before drawing margin conclusions.
When does Broadcom Inc.'s fiscal year end?
The SEC lists Broadcom Inc.'s fiscal year end as November 1, not December 31. The latest annual figures here run from November 4, 2024 to November 2, 2025. Its reporting year ends on a nearby date rather than a fixed calendar day.
Annual results cover a different 12 months from calendar-year peers. Align periods before comparing growth or margins across companies.
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Read the full researchAVGO primary sources
- Latest annual report: Form 10-K filed December 18, 2025
- Latest quarterly report: Form 10-Q filed September 10, 2026
- Broadcom investor relations
- Broadcom filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in AVGO
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| David Taylor | 2026-08-26 | Purchase | Self | $1,001 - $15,000 | Filing #20035392 |
| David Taylor | 2026-08-26 | Purchase | Self | $1,001 - $15,000 | Filing #20035392 |
| Rick Allen | 2026-08-12 | Purchase | Spouse | $1,001 - $15,000 | Filing #20035492 |
| David Taylor | 2026-07-24 | Purchase | Self | $1,001 - $15,000 | Filing #20035146 |
| Rick Allen | 2026-07-14 | Purchase | Spouse | $1,001 - $15,000 | Filing #20035260 |
| David Taylor | 2026-04-27 | Sale | Self | $1,001 - $15,000 | Filing #20034489 |
| David Taylor | 2026-04-27 | Sale | Self | $1,001 - $15,000 | Filing #20034489 |
| Shelley Capito | 2026-04-13 | Sale | Spouse | $1,001 - $15,000 | Filing #029f67f3-121a-406c-bddf-a9a7e7d6267b |
| Jared Moskowitz | 2026-03-31 | Purchase | Self | $1,001 - $15,000 | Filing #20034274 |
| Alan Armstrong | 2026-03-27 | Sale | Self | $15,001 - $50,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
All verified AVGO congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare AVGO with similar companies
Broadcom peers
NVIDIA Corporation (NVDA)Semiconductors & Related DevicesAdvanced Micro Devices, Inc. (AMD)Semiconductors & Related DevicesIntel Corporation (INTC)Semiconductors & Related DevicesMicron Technology, Inc. (MU)Semiconductors & Related DevicesTexas Instruments Incorporated (TXN)Semiconductors & Related DevicesApplied Materials, Inc. (AMAT)Semiconductors & Related Devices
Research that covers Broadcom
AVGO — frequently asked questions
What does Broadcom Inc. do?
Broadcom supplies networking, broadband, and custom silicon alongside a large enterprise-software portfolio anchored by VMware. Its filings describe these business lines: Semiconductor solutions, Infrastructure software.
What were AVGO's latest reported annual revenue and net income?
Broadcom Inc. reported revenue of $63.9B for the fiscal year ended November 2, 2025 and net income of $5.9B for the fiscal year ended November 3, 2024. The figures come from Broadcom Inc.'s SEC XBRL filings.
When does Broadcom Inc.'s fiscal year end?
The SEC lists Broadcom Inc.'s fiscal year end as November 1.
Do members of Congress trade AVGO?
The current verified House and Senate snapshot contains 87 transaction rows for AVGO, each linked to the original filing.
Where is Broadcom Inc. headquartered?
Broadcom Inc. is headquartered in Palo Alto, California and was founded in 1961.
Is AVGO a good investment?
This page does not rate AVGO as a buy or sell. It sets out what Broadcom Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the AVGO numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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