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Broadcom 8-K Report, Financial Results (Mar 6, 2025)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed March 6, 2025
Period End
March 6, 2025
Security
AVGO
In the 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 · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed March 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Broadcom reported first quarter fiscal 2025 results (ended February 2, 2025) that exceeded the prior-year period across nearly every metric.

Net revenue rose 25% year-over-year to a record $14.9 billiona, with semiconductor solutions revenue up 11% to $8.2 billion and infrastructure software up 47% to $6.7 billion. GAAP net income was $5.5 billion (diluted EPS $1.14), versus $1.3 billion (EPS $0.28) a year earlier, while non-GAAP net income reached $7.8 billion (EPS $1.60). Adjusted EBITDA increased 41% to a record $10.1 billion, or 68% of revenue, and free cash flow was $6.0 billion, up 28% year-over-year.

Management attributed growth to AI semiconductor demand from hyperscale customers and to infrastructure software, which benefited from the VMware acquisition. For the second quarter of fiscal 2025 (ending May 4, 2025), Broadcom guided to revenue of approximately $14.9 billionb, up about 19% year-over-year, and Adjusted EBITDA of roughly 66% of projected revenue. Management expects AI semiconductor revenue of $4.4 billion in Q2.

Guidance implies flat sequential revenue against Q1 and a modest decline in EBITDA margin. The company also declared a quarterly cash dividend of $0.59c per share, payable March 31, 2025 to holders of record on March 20, 2025. Investors should weigh the strong top-line and cash generation against the leverage still on the balance sheet.

Total debt (short-term plus long-term) was roughly $66.6 billiond at quarter end, down from about $67.6 billion, and the company continued to repay debt while paying dividends and withholding taxes on equity vesting. Much of the GAAP-to-non-GAAP gap comes from acquisition-related intangible amortization and stock-based compensation, so investors should focus on both measures. Note that the Q2 revenue guide is flat sequentially, which may matter for expectations of continued sequential growth.

02—Key points

Key Highlights

  1. Record Q1 FY25 revenue of $14.9B, up 25% YoY; infrastructure software up 47% to $6.7B and semiconductor solutions up 11% to $8.2B
  2. AI semiconductor revenue grew 77% YoY to $4.1B in Q1, with management guiding to $4.4B in Q2
  3. GAAP diluted EPS of $1.14 (vs. $0.28 a year ago); non-GAAP diluted EPS of $1.60 (vs. $1.10)
  4. Adjusted EBITDA of $10.1B, up 41% YoY and 68% of revenue; free cash flow of $6.0B, up 28% YoY (40% of revenue)
  5. Q2 FY25 guidance of ~$14.9B revenue (up ~19% YoY, roughly flat sequentially) and Adjusted EBITDA of ~66% of revenue
  6. Quarterly dividend of $0.59 per share declared, payable March 31, 2025 to holders of record March 20, 2025
  7. Total debt reduced to about $66.6B from $67.6B, with $2.0B spent on tax withholding for net-settled equity awards

03—Questions

Frequently Asked Questions

  1. How did Broadcom perform in Q1 fiscal 2025?

    Broadcom reported record revenue of $14.9 billion, up 25% year-over-year. GAAP net income was $5.5 billion and non-GAAP net income was $7.8 billion. Adjusted EBITDA reached a record $10.1 billion, and free cash flow was $6.0 billion.

  2. What is the company guiding for Q2 fiscal 2025?

    Broadcom guided to second-quarter revenue of approximately $14.9 billion, up about 19% year-over-year and roughly flat versus Q1. Adjusted EBITDA is expected to be about 66% of revenue, and AI semiconductor revenue is expected to reach $4.4 billion.

  3. What drove growth in the quarter?

    Growth came mainly from AI semiconductor solutions, with AI revenue up 77% year-over-year, and from infrastructure software, which grew 47% year-over-year. Management cited hyperscale customers' continued investment in AI XPUs and AI data center connectivity.

  4. What is the dividend and when is it paid?

    The Board declared a quarterly cash dividend of $0.59 per share. It is payable March 31, 2025 to stockholders of record at the close of business on March 20, 2025.

  5. Why do GAAP and non-GAAP results differ so much?

    Non-GAAP figures exclude acquisition-related intangible amortization (about $2.0 billion this quarter), stock-based compensation ($1.3 billion), restructuring charges, acquisition-related costs, and certain tax items. These adjustments are large given Broadcom's acquisition history, including VMware, so investors should review both GAAP and non-GAAP figures.

04—Continue

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