Broadcom Inc. (AVGO) Q4 2025 Financial Results Summary
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Broadcom Inc. (AVGO) Q4 2025 Financial Results Summary
Release Date: December 11, 2025
Broadcom Inc. (Nasdaq: AVGO) has reported its financial results for the fourth quarter and fiscal year ended November 2, 2025. The company’s performance highlights key areas of growth, particularly driven by its AI semiconductor segment. The summary of the results is as follows:
Fourth Quarter Financial Highlights
- Revenue:
- Total: $18,015 million
-
Year-over-Year Growth: +28% from $14,054 million in Q4 2024
-
Net Income:
- GAAP: $8,518 million
- Year-over-Year Growth: +97% from $4,324 million in Q4 2024
- Non-GAAP: $9,714 million
-
Year-over-Year Growth: +39% from $6,965 million in Q4 2024
-
Earnings Per Share (EPS):
- GAAP Diluted EPS: $1.74
- Year-over-Year Growth: +93% from $0.90 in Q4 2024
- Non-GAAP Diluted EPS: $1.95
-
Year-over-Year Growth: +37% from $1.42 in Q4 2024
-
Adjusted EBITDA:
- Amount: $12,218 million
- Percentage of Revenue: 68%
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Year-over-Year Growth: +34% from $9,089 million in Q4 2024
-
Cash Flow:
- Cash from operations: $7,703 million
- Capital expenditures: $237 million
- Free cash flow: $7,466 million
- Free cash flow as a percentage of revenue: 41%
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Year-over-Year Growth: +36% from $5,482 million in Q4 2024
-
Quarterly Common Stock Dividend:
- Increased by 10% from the prior quarter to $0.65 per share.
Fiscal Year Financial Highlights
- Revenue:
- Total: $63,887 million
-
Year-over-Year Growth: +24% from $51,574 million in FY 2024.
-
Net Income:
- GAAP: $23,126 million
- Year-over-Year Growth: +292% from $5,895 million in FY 2024
- Non-GAAP: $33,728 million
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Year-over-Year Growth: +42% from $23,733 million in FY 2024
-
Earnings Per Share (EPS):
- GAAP: $4.77
- Year-over-Year Growth: +288% from $1.23 in FY 2024
- Non-GAAP: $6.82
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Year-over-Year Growth: +40% from $4.87 in FY 2024
-
Adjusted EBITDA:
- Amount: $43,004 million
-
Year-over-Year Growth: +35% from $31,897 million in FY 2024
-
Cash Flow:
- Cash from operations: $27,537 million
- Year-over-Year Growth: +38% from $19,962 million in FY 2024
- Free cash flow: $26,914 million
- Year-over-Year Growth: +39% from $19,414 million in FY 2024
Segment Performance
- Semiconductor Solutions:
- Revenue: $11,072 million
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Year-over-Year Growth: +35% from $8,230 million in Q4 2024
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Infrastructure Software:
- Revenue: $6,943 million
- Year-over-Year Growth: +19% from $5,824 million in Q4 2024
Business Outlook
- Guidance for Q1 Fiscal Year 2026:
- Expected Revenue: Approx. $19.1 billion
- Year-over-Year Growth: +28% from Q1 FY 2025
- Expected Adjusted EBITDA: 67% of projected revenue
Broadcom’s robust financial performance in Q4 and the fiscal year underscores its growth trajectory, particularly driven by the rising demand in the AI semiconductor sector. The announced increase in dividends reflects the company’s strong cash flow generation and ongoing commitment to returning value to its shareholders.
| Fiscal Quarter Ended | November 2, 2025 | August 3, 2025 | November 3, 2024 | Fiscal Year Ended | November 2, 2025 | November 3, 2024 |
|---|---|---|---|---|---|---|
| Net revenue | $ 18,015 | $ 15,952 | $ 14,054 | $ 63,887 | $ 51,574 | |
| Cost of revenue: | ||||||
| Cost of revenue | 4,213 | 3,704 | 3,399 | 14,486 | 12,788 | |
| Amortization of acquisition-related intangible assets | 1,545 | 1,519 | 1,602 | 6,031 | 6,023 | |
| Restructuring charges | 8 | 26 | 51 | 76 | 254 | |
| Total cost of revenue | 5,766 | 5,249 | 5,052 | 20,593 | 19,065 | |
| Gross margin | 12,249 | 10,703 | 9,002 | 43,294 | 32,509 | |
| Research and development | 2,981 | 3,050 | 2,234 | 10,977 | 9,310 | |
| Selling, general and administrative | 1,107 | 1,072 | 1,010 | 4,211 | 4,959 | |
| Amortization of acquisition-related intangible assets | 507 | 507 | 813 | 2,031 | 3,244 | |
| Restructuring and other charges | 146 | 187 | 318 | 591 | 1,533 | |
| Total operating expenses | 4,741 | 4,816 | 4,375 | 17,810 | 19,046 | |
| Operating income | 7,508 | 5,887 | 4,627 | 25,484 | 13,463 | |
| Interest expense | -761 | -807 | -916 | -3,210 | -3,953 | |
| Other income, net | 122 | 205 | 52 | 455 | 406 | |
| Income from continuing operations before income taxes | 6,869 | 5,285 | 3,763 | 22,729 | 9,916 | |
| Provision for (benefit from) income taxes | -1,649 | 1,145 | -442 | -397 | 3,748 | |
| Income from continuing operations | 8,518 | 4,140 | 4,205 | 23,126 | 6,168 | |
| Income (loss) from discontinued operations, net of income taxes | — | — | 119 | — | -273 | |
| Net income | $ 8,518 | $ 4,140 | $ 4,324 | $ 23,126 | $ 5,895 | |
| Basic income per share: | ||||||
| Income per share from continuing operations | $ 1.80 | $ 0.88 | $ 0.89 | $ 4.91 | $ 1.33 | |
| Income (loss) per share from discontinued operations | — | — | 0.03 | — | -0.06 | |
| Net income per share | $ 1.80 | $ 0.88 | $ 0.92 | $ 4.91 | $ 1.27 | |
| Diluted income per share: | ||||||
| Income per share from continuing operations | $ 1.74 | $ 0.85 | $ 0.87 | $ 4.77 | $ 1.29 | |
| Income (loss) per share from discontinued operations | — | — | 0.03 | — | -0.06 | |
| Net income per share | $ 1.74 | $ 0.85 | $ 0.90 | $ 4.77 | $ 1.23 | |
| Weighted-average shares used in per share calculations: | ||||||
| Basic | 4,732 | 4,714 | 4,679 | 4,712 | 4,624 | |
| Diluted | 4,889 | 4,860 | 4,828 | 4,853 | 4,778 | |
| Stock-based compensation expense included in continuing operations: | ||||||
| Cost of revenue | $ 237 | $ 251 | $ 159 | $ 844 | $ 664 | |
| Research and development | 1,456 | 1,573 | 839 | 5,020 | 3,460 | |
| Selling, general and administrative | 502 | 498 | 316 | 1,704 | 1,546 | |
| Total stock-based compensation expense | $ 2,195 | $ 2,322 | $ 1,314 | $ 7,568 | $ 5,670 |
| November 2, 2025 | November 3, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 16,178 | $ 9,348 |
| Trade accounts receivable, net | 7,145 | 4,416 |
| Inventory | 2,270 | 1,760 |
| Other current assets | 5,980 | 4,071 |
| Total current assets | 31,573 | 19,595 |
| Long-term assets: | ||
| Property, plant and equipment, net | 2,530 | 2,521 |
| Goodwill | 97,801 | 97,873 |
| Intangible assets, net | 32,273 | 40,583 |
| Other long-term assets | 6,915 | 5,073 |
| Total assets | $ 171,092 | $ 165,645 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 1,560 | $ 1,662 |
| Employee compensation and benefits | 2,129 | 1,971 |
| Short-term debt | 3,152 | 1,271 |
| Other current liabilities | 11,673 | 11,793 |
| Total current liabilities | 18,514 | 16,697 |
| Long-term liabilities: | ||
| Long-term debt | 61,984 | 66,295 |
| Other long-term liabilities | 9,302 | 14,975 |
| Total liabilities | 89,800 | 97,967 |
| Stockholders’ equity: | ||
| Preferred stock | — | — |
| Common Stock | 5 | 5 |
| Additional paid-in capital | 71,308 | 67,466 |
| Retained earnings | 9,761 | — |
| Accumulated other comprehensive income | 218 | 207 |
| Total stockholders’ equity | 81,292 | 67,678 |
| Total liabilities and equity | $ 171,092 | $ 165,645 |