Cash conversion remains exceptional, with operating cash flow consistently exceeding net income (OCF/NI of 1.08 in Q3 2026) and free cash flow scaling to $13.7B, providing the liquidity to fund both aggressive shareholder returns and debt reduction.
Broadcom Inc. (AVGO) cash flow statement — 20-year operating, investing & financing cash flows
| Metric | TTM | Nov'25 | Nov'24 | Oct'23 | Oct'22 | Oct'21 | Nov'20 | Nov'19 | Nov'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 |
|---|
| Cash from Operations | 40.65B | 27.54B | 19.96B | 18.09B | 16.74B | 13.76B | 12.06B | 9.7B | 8.88B | 6.55B | 3.41B | 2.32B | 1.18B | 722M | 693M | 726M | 510M | 139M | 208M | 146M | 370M |
| Operating CF Margin % | - | 43.1% | 38.71% | 50.49% | 50.41% | 50.14% | 50.49% | 42.91% | 42.59% | 37.15% | 25.76% | 33.97% | 27.52% | 28.65% | 29.31% | 31.08% | 24.37% | 9.37% | 12.24% | 9.56% | 24.45% |
| Operating CF Growth % | 230.77% | 37.95% | 10.38% | 8.06% | 21.59% | 14.12% | 24.38% | 9.2% | 35.55% | 92.06% | 47.15% | 97.28% | 62.74% | 4.18% | -4.55% | 42.35% | 266.91% | -33.17% | 42.47% | -60.54% | - |
| Net Income | 39.06B | 23.13B | 5.89B | 14.08B | 11.49B | 6.74B | 2.96B | 2.72B | 12.61B | 1.89B | -1.86B | 1.36B | 245M | 552M | 563M | 552M | 415M | -44M | 83M | -159M | -253M |
| Depreciation & Amortization | 8.76B | 8.78B | 10.01B | 3.83B | 4.98B | 6.04B | 6.91B | 5.81B | 4.08B | 4.74B | 3.04B | 962M | 625M | 187M | 155M | 157M | 159M | 160M | 159M | 176M | 210M |
| Stock-Based Compensation | 8.48B | 7.57B | 5.74B | 2.17B | 1.53B | 1.7B | 1.98B | 2.19B | 1.23B | 921M | 679M | 232M | 163M | 77M | 53M | 38M | 25M | 12M | 15M | 12M | 0 |
| Deferred Taxes | -1.05B | 0 | 1.97B | -501M | -34M | -809M | -1.14B | -934M | -8.27B | -173M | 365M | -90M | 42M | 3M | 13M | -538M | 2M | 16M | 0 | 115M | 0 |
| Other Non-Cash Items | -2.5B | -3.43B | 988M | 141M | 412M | 219M | 269M | 98M | 58M | -93M | 703M | 16M | -151M | -6M | -4M | 552M | 8M | 1M | -15M | 5M | 58M |
| Working Capital Changes | -11.3B | -8.5B | -4.64B | -1.64B | -1.65B | -127M | 1.09B | -184M | -826M | -735M | 483M | -166M | 251M | -91M | -87M | -35M | -99M | -6M | -34M | -3M | 355M |
| Change in Receivables | -7.2B | -2.72B | 2.33B | -187M | -870M | 210M | 981M | 486M | -652M | -267M | -491M | -187M | -70M | -26M | -13M | -42M | -96M | 0 | 38M | -31M | 136M |
| Change in Inventory | -2.34B | -510M | 150M | 27M | -627M | -294M | -31M | 250M | 417M | -39M | 996M | 62M | 193M | -55M | 0 | -5M | -26M | 27M | -45M | 28M | 28M |
| Change in Payables | 2.43B | -118M | 121M | 209M | -79M | 243M | -3M | -42M | -325M | -97M | 33M | 29M | 13M | 22M | -2M | 25M | 23M | -16M | -29M | 29M | 32M |
| Cash from Investing | -1.8B | -580M | -23.07B | -689M | -667M | -245M | -11.11B | -15.42B | -4.67B | -674M | -9.84B | -241M | -5.88B | -652M | -244M | -122M | -86M | -63M | -94M | 5M | -2.1B |
| Capital Expenditures | -1.25B | -623M | -548M | -452M | -424M | -443M | -463M | -432M | -635M | -1.07B | -723M | -593M | -409M | -236M | -241M | -112M | -79M | -57M | -65M | -37M | -59M |
| CapEx % of Revenue | 1.34% | 0.98% | 1.06% | 1.26% | 1.28% | 1.61% | 1.94% | 1.91% | 3.05% | 6.06% | 5.46% | 8.69% | 9.58% | 9.37% | 10.19% | 4.79% | 3.77% | 3.84% | 3.83% | 2.42% | 3.9% |
| Acquisitions | 0 | 0 | -25.98B | -53M | -246M | 37M | -10.65B | -15.08B | -4.03B | -30M | -9.16B | 256M | -5.96B | -414M | 0 | 0 | 0 | 0 | 5M | 0 | 1M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 118M | 392M | 3.48B | -66M | 3M | -12M | 8M | 86M | 183M | 432M | -6M | 110M | 450M | 0 | 1M | -9M | 2M | 1M | 44M | 69M | -2.04B |
| Cash from Financing | -25.59B | -20.13B | -1.73B | -15.62B | -15.82B | -8.97B | 1.61B | 6.49B | -11.12B | 2.23B | 7.7B | -1.86B | 5.33B | -169M | -194M | -336M | -335M | 183M | -210M | -114M | 2B |
| Debt Issued (Net) | -5.21B | -2.81B | 20.35B | -403M | -426M | -1.59B | 7.7B | 13.23B | -973M | 3.72B | 8.19B | -1.82B | 5.59B | -2M | -2M | -233M | -366M | -115M | -202M | -108M | 941M |
| Equity Issued (Net) | -8.23B | -6.09B | -12.2B | -7.56B | -8.34B | -1.13B | -489M | -2.48B | -7.1B | 257M | 295M | 241M | 112M | 6M | -66M | -23M | 28M | 298M | -7M | -2M | 1.06B |
| Dividends Paid | -12.08B | -11.14B | -9.81B | -7.64B | -7.03B | -6.21B | -5.53B | -4.24B | -3B | -1.65B | -750M | -408M | -284M | -198M | -137M | -86M | 0 | 0 | 0 | 0 | -1M |
| Share Repurchases | -8.45B | -6.31B | -12.39B | -7.68B | -8.46B | -1.3B | -765M | -6.41B | -7.26B | 0 | 0 | 0 | -12M | -95M | -110M | -93M | 0 | -6M | -7M | -2M | -249M |
| Other Financing | -72M | -84M | -63M | -12M | -17M | -42M | -69M | -36M | -45M | -92M | -34M | 125M | -87M | 25M | 11M | 6M | 3M | 0 | -1M | -4M | -1M |
| Net Change in Cash | 13.26B | 6.83B | -4.84B | 1.77B | 253M | 4.54B | 2.56B | 763M | -6.91B | 8.11B | 1.27B | 218M | 619M | -99M | 255M | 268M | 89M | 259M | -96M | 37M | 272M |
| Free Cash Flow | 42.2B | 26.91B | 19.41B | 17.63B | 16.31B | 13.32B | 11.6B | 9.27B | 8.24B | 5.48B | 2.69B | 1.73B | 766M | 486M | 452M | 614M | 431M | 81M | 137M | 109M | 311M |
| FCF Margin % | 45.24% | 42.13% | 37.64% | 49.23% | 49.13% | 48.53% | 48.55% | 41% | 39.55% | 31.08% | 20.3% | 25.28% | 17.94% | 19.29% | 19.12% | 26.28% | 20.59% | 5.46% | 8.06% | 7.14% | 20.56% |
| FCF Growth % | 56.79% | 38.63% | 10.1% | 8.1% | 22.45% | 14.86% | 25.18% | 12.37% | 50.4% | 103.94% | 55.83% | 125.2% | 57.61% | 7.52% | -26.38% | 42.46% | 432.1% | -40.88% | 25.69% | -64.95% | - |
| FCF per Share | 8.63 | 5.55 | 4.06 | 4.13 | 3.86 | 3.11 | 2.75 | 2.21 | 1.91 | 1.34 | 0.70 | 0.61 | 0.29 | 0.19 | 0.18 | 0.24 | 0.18 | 0.04 | 0.06 | 0.05 | 0.13 |
| FCF Conversion (FCF/Net Income) | 1.08x | 1.19x | 3.39x | 1.28x | 1.46x | 2.04x | 4.07x | 3.56x | 0.72x | 3.87x | -1.96x | 1.70x | 4.47x | 1.31x | 1.23x | 1.32x | 1.23x | -3.16x | 2.51x | -0.92x | -1.47x |
| Interest Paid | 674M | 0 | 3.25B | 1.5B | 1.39B | 1.56B | 1.41B | 1.29B | 547M | 310M | 448M | 172M | 78M | 1M | 1M | 14M | 46M | 79M | 85M | 0 | 0 |
| Taxes Paid | 347M | 0 | 3.15B | 1.78B | 908M | 775M | 501M | 741M | 512M | 349M | 242M | 138M | 23M | 6M | 9M | 7M | 6M | 10M | 8M | 0 | 0 |
Quick answers to the most common questions about buying AVGO stock.
Broadcom Inc. (AVGO) generated $27.54B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Broadcom Inc. (AVGO) generated $26.91B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Broadcom Inc. (AVGO) spent $623.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Broadcom Inc. (AVGO) returned $11.14B to shareholders via cash dividends and spent $6.31B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
AI cycle and customer concentration risk
Metrics are mathematically derived from official filings.
Cash Conversion Quality Remains Exceptional
Operating cash flow consistently exceeds net income, with the OCF/NI ratio averaging 1.25 over the last ten quarters, indicating high-quality earnings and minimal accrual-based distortions despite significant non-cash charges.
The persistent premium of operating cash flow over net income, even during quarters with GAAP losses like 2024Q3, suggests the core business generates substantial cash that is not fully reflected in reported earnings due to acquisition-related amortization and stock-based compensation. This strong conversion provides a reliable foundation for shareholder returns and debt service, insulating the company from the volatility of GAAP accounting.
FCF Trajectory Mirrors AI-Driven Revenue Surge
Free cash flow has scaled from $4.4B in 2024Q2 to $13.7B in 2026Q3, with FCF margins expanding from 35.6% to 46.2%, demonstrating that the explosive revenue growth is translating directly into cash generation.
The acceleration in FCF is directly correlated with the reported 221% YoY growth in AI semiconductor revenue, confirming that the high-margin AI accelerator mix is driving both top-line and cash flow expansion. The trajectory suggests the company is in a virtuous cycle where incremental revenue carries minimal incremental capital expenditure, leading to significant operating leverage and cash flow growth.
Working Capital Drains Offset by Cash Generation
Consistent negative working capital changes, totaling over $23B in outflows across the last ten quarters, represent a significant use of cash that is fully covered by the robust operating cash flow generation.
The persistent working capital outflows, particularly in recent quarters, likely reflect the inventory and receivable build-up required to support the massive ramp in AI semiconductor shipments. While this is a substantial cash use, the fact that operating cash flow has grown to $14.2B in 2026Q3 indicates the business model can comfortably fund this expansion without straining liquidity.
Shareholder Returns Prioritized Over M&A
Capital deployment has shifted decisively toward shareholder returns, with $3.1B in quarterly dividends and $7.8B in buybacks in 2026Q1, while net acquisition activity has paused following the VMware integration.
The pause in large-scale M&A, as evidenced by zero net acquisition spend in recent quarters, suggests management is focused on integrating VMware and harvesting the cash flow from the existing portfolio. The commitment to consistent, large-scale dividends and opportunistic buybacks indicates a strategy of returning the AI-driven cash windfall to shareholders, which may signal a temporary limit on further transformative acquisitions.
Cash Flow Obscures Integration and Leverage Risks
The robust cash flow statement may obscure the true economic cost of the VMware integration and the full post-merger debt load, as significant non-cash amortization and potential off-balance sheet liabilities are not fully transparent.
The reported debt/equity ratio of 0.80% appears inconsistent with the known high leverage from the VMware acquisition, suggesting the provided data may not reflect the complete post-merger capital structure. Furthermore, the transition of VMware's revenue model creates accounting complexity that makes operating cash flow the primary metric, but investors should monitor for any future cash costs related to integration or restructuring that are not yet apparent.