Skip to content
AnalystLens

BroadcomAVGO

Legal name
Broadcom Inc.
Sector
Technology
Industry
Semiconductors & Related Devices
Exchange
Nasdaq

Stock Price $AVGO

Latest filings

You are here#5 of 89 in Technology by market cap

Filing record · 2018–202610-K810-Q268-K124

AVGO filed 8 annual reports (10-K), 26 quarterly reports (10-Q) and 124 current reports (8-K) between 2018 and 2026.

  1. Material agreement8-K · May ’19May ’19
  2. Material agreement8-K · Jan ’21Jan ’21
  3. Leadership change8-K · Nov ’22Nov ’22
  4. Leadership change8-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $63.89B
YoY changeLargest recent move+44.0%in FY24Latest +23.9%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All AVGO Financial Metrics61 metrics

Income Statement15

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Broadcom Financial Overview 2021–2025

Updated Nov 3, 2026

Broadcom's infrastructure software revenue surged by a dramatic 181%a in FY2024 following its VMware acquisition, proving the company is no longer just a hardware manufacturer. The semiconductor giant has executed a highly successful dual-engine pivot, combining enterprise software consolidation with explosive demand for AI accelerators to drive exceptional cash generation.

The financial impact of this transformation is clear, as total net revenue more than doubled from $27.45 billion in FY2021 to $63.9 billionb in FY2025. Broadcom expanded its gross margin from 61% to 68% over this same period. This profitability translated directly into liquidity, with operating cash flow hitting $27.5 billion in FY2025. This capital engine allowed the company to service the substantial debt load taken on for VMware while still aggressively rewarding shareholders, including paying out $11.1 billion in dividends during the year. Simultaneously, the core semiconductor division remained a powerhouse, growing 22% to $36.9 billion in FY2025 on the back of relentless AI networking demand.

The market has heavily rewarded this strategic realignment. At the close of FY2025, Broadcom commanded a $1.75 trillionc market capitalization, with shares priced at $369.63. This equity valuation represented a premium 77.5x price-to-earnings multiple at year-end, reflecting high conviction in the company’s ability to dominate custom AI infrastructure while monetizing its newly acquired enterprise software subscriptions.

Recent Developments (Q2 and Q3 2026)

Broadcom's Q3 FY2026 revenue reached $29.6 billiond, up 86% year over year, after $22.2 billion in Q2. AI semiconductor revenue rose from $10.8 billion in Q2 to $16.7 billion in Q3, up 221% year over year. Gross margin held at 69%. Free cash flow was $13.7 billion in Q3, and total debt fell from $65.1 billion to $61.1 billion. Q4 guidance calls for about $34.8 billion in revenue. Apple extended its custom silicon partnership through 2031.

The bull case: guided growth of 93% and a 66% non-GAAP operating margin support earnings power. The bear case: the AI rack Backstop liability grew from about $29 billione to roughly $43 billion, and one distributor drives a large share of revenue. At 75.6x earnings as of the September 9, 2026 report date, the stock leaves little room for error. That multiple reflects the price then, not today.

What to watch: Backstop exposure as AI rack deployments scale; delivery of the $21.7 billion Q4 AI revenue guide

03—Filings

Recent SEC Filings

  1. 8-KBroadcom 8-K Report, Financial Obligation (Oct 27, 2026)Broadcom Inc. (AVGO) has disclosed a new financial obligation related to its AI rack deployment agreements, filed on October 27, 2026. The company has arranged for financial partners to assume a portion of agreements for AI racks powered by custom AI accelerators and their associated customer lease agreements. As part of this, Broadcom is providing residual value support through a special purpose vehicle, termed the 'Backstop'. This Backstop represents a contingent liability, which the company views as having a low probability of materializing due to expected customer profitability and the inherent value of the AI hardware.
  2. 8-KBroadcom 8-K Report, Financial Results (Sep 2, 2026)Broadcom reported fiscal third-quarter 2026 results (quarter ended August 2, 2026) with record revenue, operating profit, and free cash flow. Net revenue rose 86% year over year to $29.6 billion, driven by semiconductor solutions, which grew 127% to $20.8 billion and made up 70% of revenue. AI semiconductor revenue reached $16.7 billion, up 221% year over year and 54% sequentially. Infrastructure software grew a more modest 29% to $8.8 billion. GAAP operating income was $16.0 billion (up 171%), and non-GAAP operating income was $20.1 billion (up 92%). GAAP diluted EPS was $2.68 and non-GAAP diluted EPS was $3.32, up 96% on a non-GAAP basis. Cash generation was strong. Operating cash flow was $14.2 billion and free cash flow was $13.7 billion, or 46% of revenue. Cash and equivalents rose to $24.0 billion from $19.6 billion in the prior quarter. Management guided fourth-quarter fiscal 2026 revenue to about $34.8 billion (up 93% year over year), with AI semiconductor revenue expected to reach $21.7 billion (up 236%). Non-GAAP operating margin is guided to about 66%, flat with a year ago. The Board declared a quarterly dividend of $0.65 per share, payable September 30, 2026 to holders of record on September 21, 2026. The filing shows no share repurchases in the quarter, versus $8.45 billion year to date. For investors, the central questions are durability of AI accelerator demand, customer concentration, and the gap between GAAP and non-GAAP results. Non-GAAP figures exclude roughly $2.0 billion of quarterly intangible amortization and $2.0 billion of stock-based compensation. Total debt was about $59.4 billion at quarter end, so deleveraging is an ongoing use of cash alongside the dividend. The filing states that forward-looking statements carry material risk, including semiconductor cyclicality, customer concentration, and supply chain dependence.
  3. 8-KBroadcom 8-K Report, Corporate Update (Jul 6, 2026)Broadcom Inc. has announced a significant expansion of its technology collaboration with Apple Inc., entering into new multi-year agreements extending their partnership through 2031. These agreements will see Broadcom continue to develop and supply custom Application-Specific Integrated Circuit (ASIC) silicon products for multiple upcoming generations of Apple devices. This long-term commitment from a key strategic partner like Apple provides Broadcom with substantial revenue visibility and reinforces its position as a critical supplier in the semiconductor industry.
  4. 8-KBroadcom 8-K Report, Corporate Update (Jun 18, 2026)On June 17, 2026, Broadcom (AVGO) announced the expiration and results of its cash tender offers for six series of its senior notes, with total consideration priced as of 11:00 a.m. ET that day. Holders tendered about $5.5 billion of principal across the six series. Because the offers were capped by a consideration limit, Broadcom accepted only about $2.9 billion of principal, all from the 4.926% Senior Notes due 2037 and the 4.900% Senior Notes due 2038. Broadcom raised the aggregate consideration cap from $2.5 billion to $3.0 billion, which covers all validly tendered notes in those two series. Based on the disclosed total consideration per $1,000 principal (about $982.01 and $970.29), the accepted purchases represent roughly $2.8 billion of cash consideration before accrued coupon payments. The transaction is a liability management action that reduces Broadcom's outstanding senior debt and shifts the balance toward remaining, longer-dated and higher-coupon issues. The accepted notes were the 2037 and 2038 series, which carry the longest maturities in the offering. Notes in the 2030, 2031 and 2032 series were tendered (about $2.7 billion combined) but not accepted because of the consideration cap and acceptance priority ordering. Holders of those series will have their tendered notes returned. Settlement is expected June 18, 2026, with guaranteed-delivery tenders (about $35.0 million, all in the 2037 and 2038 series) settling June 23, 2026, subject to delivery requirements. The filing is a routine debt management disclosure with no change to operations, guidance or financial results. For investors, the key facts are the scale of demand (tenders were roughly 1.9 times the amount accepted), the modest increase in the cap that Broadcom chose to use, and the fact that the filing does not disclose the cash source or any effect on interest expense in detail. The information is drawn only from the press releases attached as Exhibits 99.1 and 99.2.
  5. 8-KBroadcom 8-K Report, Corporate Update (Jun 11, 2026)Broadcom Inc. (AVGO) announced on June 11, 2026 that it has commenced cash tender offers to repurchase up to $2.5 billion (the Consideration Cap Amount, excluding accrued coupon payments) of six series of its outstanding senior notes. The Offers cover the 4.926% notes due 2037, 4.900% notes due 2038, 5.050% notes due 2030, 5.200% notes due 2032, 5.150% notes due 2031, and 4.900% notes due 2032. Broadcom may increase the cap but is not obligated to do so. Acceptance is prioritized by a ranking system, and if a series fails the Consideration Cap Condition it may be excluded even when other series are accepted. Pricing for each series will be set at a Total Consideration equal to a benchmark U.S. Treasury yield plus a fixed spread, ranging from +25 basis points (5.050% notes due 2030) to +80 basis points (4.900% notes due 2038). Pricing is determined as of 11:00 a.m. New York time on June 17, 2026, when the offers also expire at 5:00 p.m. The initial settlement is expected on June 18, 2026, and guaranteed-delivery settlement on June 23, 2026. The Offers are not subject to a financing condition or minimum tender requirement. From an investor standpoint, this is a liability management action rather than an operating or earnings event. It signals that Broadcom is willing to retire higher-coupon debt, which could reduce interest expense and modestly improve leverage metrics, though the filing does not state the funding source or the expected net debt impact. Investors should watch the Price Determination Date announcement for final pricing and acceptance levels, which will indicate how much debt is actually retired.
View all 8-K filings →
View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.