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"non_cash_interest_expense": 139000000, "net_cash_provided_by_operating_activities": 18753000000, "purchases_of_property_plant_and_equipment": -481000000, "purchases_of_investments": -137000000, "sales_of_investments": 283000000, "net_cash_used_in_investing_activities": -323000000, "proceeds_from_long_term_borrowings": 4474000000, "payments_on_debt_obligations": -4900000000, "proceeds_from_commercial_paper_net": 0, "payments_of_dividends": -6178000000, "repurchases_of_common_stock_repurchase_program": -8450000000, "shares_repurchased_for_tax_withholdings_on_vesting_of_equity_awards": 0, "issuance_of_common_stock": 113000000, "net_cash_used_in_financing_activities": -14980000000, "net_change_in_cash_and_cash_equivalents": 3450000000, "cash_and_cash_equivalents_end_of_period": 19628000000, "capital_expenditures": 481000000, "free_cash_flow": 18272000000 }, "balance_sheet_reference": "See the FY2026 Q2 entry above for the May 3, 2026 balance sheet.", "segments": { "semiconductor_solutions": { "net_revenue": 27524000000, "cost_of_revenue": 8522000000, "research_and_development": 1940000000, "selling_general_and_administrative": 278000000, "operating_income": 16784000000 }, "infrastructure_software": { "net_revenue": 13974000000, "cost_of_revenue": 999000000, "research_and_development": 1178000000, "selling_general_and_administrative": 827000000, "operating_income": 10970000000 }, "unallocated_expenses": { "stock_based_compensation": 4268000000, "amortization_of_acquisition_related_intangible_assets": 3936000000, "restructuring_and_other_charges": 197000000, "acquisition_related_costs": 2000000 }, "consolidated_operating_income": 19351000000 } }, { "label": "FY2025 first half (prior-year comparative)", "period_type": "year to date", "period_start": "2024-11-04", "period_end": "2025-05-04", "source_accession": "0001730168-26-000054", "source_description": "Prior-year comparative columns as presented in the Form 10-Q for the fiscal quarter ended May 3, 2026 (unaudited)", "income_statement": { "revenue_products": 20452000000, "revenue_subscriptions_and_services": 9468000000, "total_net_revenue": 29920000000, "cost_of_products_sold": 5417000000, "cost_of_subscriptions_and_services": 1152000000, "amortization_of_acquisition_related_intangibles_in_cost_of_revenue": 2967000000, "restructuring_charges_in_cost_of_revenue": 42000000, "total_cost_of_revenue": 9578000000, "gross_profit": 20342000000, "gross_margin_pct": 68.0, "research_and_development": 4946000000, "selling_general_and_administrative": 2032000000, "amortization_of_acquisition_related_intangibles_in_operating_expenses": 1017000000, "restructuring_and_other_charges": 258000000, "total_operating_expenses": 8253000000, "operating_income": 12089000000, "operating_margin_pct": 40.4, "interest_expense": -1642000000, "other_income_net": 128000000, "income_before_income_taxes": 10575000000, "provision_for_income_taxes": 107000000, "net_income": 10468000000, "net_margin_pct": 35.0, "eps_basic": 2.23, "eps_diluted": 2.17, "weighted_average_shares_basic": 4701000000, "weighted_average_shares_diluted": 4831000000, "dividends_declared_per_share": 1.18, "dividends_to_common_stockholders": 5559000000, "stock_based_compensation_expense": 3051000000 }, "cash_flow": { "net_income": 10468000000, "amortization_of_intangible_and_right_of_use_assets": 4056000000, "depreciation": 284000000, "stock_based_compensation": 3051000000, "deferred_taxes_and_other_non_cash_taxes": -1267000000, "loss_on_debt_extinguishment": 65000000, "non_cash_interest_expense": 191000000, "net_cash_provided_by_operating_activities": 12668000000, "purchases_of_property_plant_and_equipment": -244000000, "purchases_of_investments": -162000000, "sales_of_investments": 96000000, "net_cash_used_in_investing_activities": -307000000, "proceeds_from_long_term_borrowings": 3735000000, "payments_on_debt_obligations": -8090000000, "proceeds_from_commercial_paper_net": 3861000000, "payments_of_dividends": -5559000000, "repurchases_of_common_stock_repurchase_program": -2450000000, "shares_repurchased_for_tax_withholdings_on_vesting_of_equity_awards": -3802000000, "issuance_of_common_stock": 118000000, "net_cash_used_in_financing_activities": -12237000000, "net_change_in_cash_and_cash_equivalents": 124000000, "cash_and_cash_equivalents_end_of_period": 9472000000, "capital_expenditures": 244000000, "free_cash_flow": 12424000000 }, "balance_sheet": null, "segments": { "semiconductor_solutions": { "net_revenue": 16620000000, "cost_of_revenue": 5247000000, "research_and_development": 1638000000, "selling_general_and_administrative": 223000000, "operating_income": 9512000000 }, "infrastructure_software": { "net_revenue": 13300000000, "cost_of_revenue": 966000000, "research_and_development": 1317000000, "selling_general_and_administrative": 908000000, "operating_income": 10109000000 }, "unallocated_expenses": { "stock_based_compensation": 3051000000, "amortization_of_acquisition_related_intangible_assets": 3984000000, "restructuring_and_other_charges": 300000000, "acquisition_related_costs": 197000000 }, "consolidated_operating_income": 12089000000 } } ], "trailing_twelve_months": { "label": "Trailing twelve months ended May 3, 2026", "period_start": "2025-05-05", "period_end": "2026-05-03", "derivation": "Fiscal 2025 full year (from the FY2025 10-K, accession 0001730168-25-000121) minus the first half of fiscal 2025 plus the first half of fiscal 2026 (both from the Form 10-Q for the quarter ended May 3, 2026, accession 0001730168-26-000054). Every input is a figure printed on the face of one of those two filings.", "total_net_revenue": 75465000000, "gross_profit": 51524000000, "operating_income": 32746000000, "net_income": 29317000000, "net_cash_provided_by_operating_activities": 33622000000, "capital_expenditures": 860000000, "free_cash_flow": 32762000000, "dividends_paid": 11761000000, "semiconductor_solutions_net_revenue": 47762000000, "infrastructure_software_net_revenue": 27703000000, "note": "Diluted earnings per share is deliberately not shown on a trailing-twelve-month basis, because the weighted-average share counts of the component periods are not additive." }, "notes": [ "Every figure in this file comes from the face of one of two filings: the fiscal 2025 Form 10-K (accession 0001730168-25-000121, fiscal year ended November 2, 2025, filed December 18, 2025) and the Form 10-Q for the fiscal quarter ended May 3, 2026 (accession 0001730168-26-000054, filed June 9, 2026). Amounts printed in millions in those filings have been restated here in actual dollars.", "Broadcom operates on a 52/53-week fiscal year ending on the Sunday closest to October 31. Fiscal 2025 ended November 2, 2025 and was a 52-week year; fiscal 2024 ended November 3, 2024 and was a 53-week year; fiscal 2023 ended October 29, 2023. The extra week in fiscal 2024 flatters year-over-year comparisons against fiscal 2023 slightly.", "The fiscal 2025 10-K presents three years of income statement and cash flow data (fiscal 2025, 2024 and 2023) but only two balance sheet dates (November 2, 2025 and November 3, 2024). Accordingly no fiscal 2023 balance sheet is reported here.", "The fiscal 2025 provision for income taxes was a net benefit of $397 million rather than an expense, which is why net income of $23,126 million exceeds pre-tax income of $22,729 million for that year.", "Fiscal 2024 results were shaped by the VMware acquisition, completed November 22, 2023 (the first day of fiscal 2024). That transaction is the reason infrastructure software revenue jumped from $7,637 million in fiscal 2023 to $21,478 million in fiscal 2024, and it also drove the fiscal 2024 spike in acquisition-related intangible amortization, interest expense and restructuring charges that compressed fiscal 2024 operating and net income.", "Fiscal 2024 also included a $273 million loss from discontinued operations, net of income taxes. Fiscal 2025 and fiscal 2023 had none.", "Total debt is reported two ways because the filings do. The carrying value (short-term debt plus long-term debt on the balance sheet, net of unamortized discount and issuance costs) was $64,907 million at May 3, 2026 and $65,136 million at November 2, 2025. The principal amount outstanding, before that discount, was $66,720 million and $67,120 million on those same dates.", "Retained earnings on the November 3, 2024 balance sheet were zero: fiscal 2024 dividends exceeded accumulated earnings, and the excess of $2,809 million was charged to additional paid-in capital. By November 2, 2025 retained earnings had rebuilt to $9,761 million and by May 3, 2026 to $12,166 million.", "Dividends per share are stated as declared and paid: $2.360 for fiscal 2025, $2.105 for fiscal 2024 and $1.840 for fiscal 2023. The quarterly rate was $0.59 through fiscal 2025 and $0.65 in each quarter of fiscal 2026 so far; on June 2, 2026 the board declared a further quarterly dividend of $0.65 per share, payable June 30, 2026.", "Free cash flow is shown as net cash provided by operating activities less purchases of property, plant and equipment, both taken directly from the cash flow statements. It is a derived measure, not a line item in the filings.", "Segment figures are Broadcom's own two reportable segments. Stock-based compensation, amortization of acquisition-related intangible assets, restructuring and other charges, and acquisition-related costs are not allocated to the segments by the company, so segment operating income sums to more than consolidated operating income; the unallocated expenses that bridge the two are listed for each period. The company does not disclose assets by segment.", "Customer concentration is significant and rising: one customer accounted for 32% of net revenue in fiscal 2025, 28% in fiscal 2024 and 21% in fiscal 2023, and that customer represented 44% of net accounts receivable at November 2, 2025. Broadcom states that its top five end customers accounted for roughly 40% of net revenue in each of fiscal 2025 and 2024.", "Purchase commitments disclosed in the second-quarter fiscal 2026 10-Q rose to $128,110 million as of May 3, 2026, from $132 million as of November 2, 2025, with $55,214 million falling due in fiscal 2027 and $72,870 million in fiscal 2028. This is an extraordinary change in scale, reflecting new unconditional supply commitments entered into during the first half of fiscal 2026, and it is a material forward obligation not visible anywhere on the balance sheet.", "The filings themselves are the source for every number above. Where a figure is not shown on the face of either filing, it is reported here as unavailable rather than reconstructed." ], "uncertainties": [ "The first quarter of fiscal 2026 in isolation (the quarter ended February 1, 2026) is not presented as a column in the second-quarter 10-Q, which shows only the quarter and the two-quarter year-to-date period. Standalone first-quarter figures are therefore not reported here; they can be inferred by subtraction from the year-to-date column but are not printed in either filing used.", "No balance sheet is reported for fiscal 2023 or for any interim date other than May 3, 2026, November 2, 2025 and November 3, 2024, because those are the only balance sheet dates presented in the two filings used.", "Trailing-twelve-month figures are arithmetic combinations of reported periods rather than figures the company itself publishes. They are exact for additive flow measures such as revenue, operating income, net income and cash flow, but should not be applied to per-share metrics.", "The fiscal 2024 income statement and cash flow statement cover a 53-week year while fiscal 2025 and fiscal 2023 cover 52 weeks. No attempt has been made to normalize for the extra week.", "Total debt principal outstanding at the fiscal 2024 balance sheet date is shown as $69,847 million in the fiscal 2025 10-K debt schedule, while the current portion of principal in that same schedule is $1,245 million against $1,271 million of total short-term debt on the balance sheet; the $26 million difference is short-term finance lease liabilities, which the schedule lists separately. The equivalent finance lease balances were nil at November 2, 2025 and are not separately shown at May 3, 2026.", "Subsequent to the second-quarter 10-Q, Broadcom commenced and priced cash tender offers to purchase certain outstanding notes (announced June 11 and June 17, 2026). The resulting change in debt outstanding is not reflected in the May 3, 2026 balance sheet reported here, and the completed amounts were not disclosed in a periodic report available at the time of writing." ], "company_details": { "Name": "Broadcom Inc.", "Ticker": "AVGO", "CIK": "0001730168", "Exchange": "Nasdaq", "State": "California", "Incorporation": "", "SIC": "3674", "Office": "Manufacturing", "Industry": "Semiconductors & Related Devices" }, "next_filing": { "predicted_date": "2026-09-09", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-05-03", "form": "10-Q", "accession": "0001730168-26-000054", "fiscal_year_end": "1101", "source": "facts" } }