Revenue growth accelerated to 47.9% in 2026Q2, while operating margins expanded significantly from 17.4% in 2024Q1 to 49.0% due to software-heavy revenue scaling.
| 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 |
|---|
| Sales/Revenue | 81.7B | 63.89B | 51.57B | 35.82B | 33.2B | 27.45B | 23.89B | 22.6B | 20.85B | 17.64B | 13.24B | 6.82B | 4.27B | 2.52B | 2.36B | 2.34B | 2.09B | 1.48B | 1.7B | 1.53B | 1.51B |
| Revenue Growth % | 36.33% | 23.87% | 43.98% | 7.88% | 20.96% | 14.91% | 5.71% | 8.39% | 18.21% | 33.2% | 94.02% | 59.85% | 69.4% | 6.6% | 1.2% | 11.61% | 41.04% | -12.65% | 11.26% | 0.93% | - |
| Cost of Goods Sold | 24.93B | 20.59B | 19.07B | 11.13B | 11.11B | 10.61B | 10.37B | 10.11B | 10.12B | 9.13B | 7.3B | 3.27B | 2.39B | 1.32B | 1.22B | 1.19B | 1.13B | 924M | 1.04B | 1.17B | 1.12B |
| COGS % of Revenue | - | 32.23% | 36.97% | 31.07% | 33.45% | 38.64% | 43.42% | 44.76% | 48.52% | 51.75% | 55.14% | 47.93% | 56.03% | 52.46% | 51.69% | 50.9% | 53.85% | 62.26% | 61.45% | 76.29% | 74.29% |
| Gross Profit | 54.75B | 43.29B | 32.51B | 24.69B | 22.09B | 16.84B | 13.52B | 12.48B | 10.73B | 8.51B | 5.94B | 3.55B | 1.88B | 1.2B | 1.14B | 1.15B | 966M | 560M | 655M | 362M | 389M |
| Gross Margin % | 67.01% | 67.77% | 63.03% | 68.93% | 66.55% | 61.36% | 56.58% | 55.24% | 51.48% | 48.25% | 44.86% | 52.07% | 43.97% | 47.54% | 48.31% | 49.1% | 46.15% | 37.74% | 38.55% | 23.71% | 25.71% |
| Gross Profit Growth % | - | 33.18% | 31.67% | 11.74% | 31.17% | 24.62% | 8.28% | 16.3% | 26.14% | 43.25% | 67.18% | 89.29% | 56.68% | 4.9% | -0.44% | 18.74% | 72.5% | -14.5% | 80.94% | -6.94% | - |
| Operating Expenses | 17.59B | 17.81B | 19.05B | 8.48B | 7.81B | 8.32B | 9.5B | 9.04B | 5.6B | 6.14B | 6.35B | 1.92B | 1.44B | 646M | 555M | 559M | 497M | 512M | 495M | 467M | 479M |
| OpEx % of Revenue | - | 27.88% | 36.93% | 23.68% | 23.53% | 30.33% | 39.78% | 40% | 26.85% | 34.8% | 47.95% | 28.15% | 33.71% | 25.63% | 23.48% | 23.93% | 23.75% | 34.5% | 29.13% | 30.58% | 31.66% |
| Selling, General & Admin | 4.25B | 4.21B | 4.96B | 1.59B | 1.38B | 1.35B | 1.94B | 1.71B | 1.06B | 789M | 806M | 486M | 407M | 222M | 199M | 220M | 196M | 169M | 196M | 193M | 270M |
| SG&A % of Revenue | - | 6.59% | 9.62% | 4.44% | 4.16% | 4.91% | 8.1% | 7.56% | 5.07% | 4.47% | 6.09% | 7.12% | 9.53% | 8.81% | 8.42% | 9.42% | 9.36% | 11.39% | 11.54% | 12.64% | 17.85% |
| Research & Development | 11.99B | 10.98B | 9.31B | 5.25B | 4.92B | 4.85B | 4.97B | 4.7B | 3.77B | 3.29B | 2.67B | 1.05B | 695M | 398M | 335M | 317M | 280M | 245M | 265M | 205M | 209M |
| R&D % of Revenue | - | 17.18% | 18.05% | 14.67% | 14.81% | 17.68% | 20.8% | 20.78% | 18.07% | 18.67% | 20.2% | 15.37% | 16.28% | 15.79% | 14.17% | 13.57% | 13.38% | 16.51% | 15.6% | 13.43% | 13.81% |
| Other Operating Expenses | 2M | 2.62B | 4.78B | 1.64B | 1.51B | 2.12B | 2.6B | 2.63B | 774M | 2.06B | 2.87B | 386M | 337M | 26M | 21M | 22M | 21M | 98M | 34M | 69M | 0 |
| Operating Income | 37.93B | 25.48B | 13.46B | 16.21B | 14.22B | 8.52B | 4.01B | 3.44B | 5.13B | 2.37B | -409M | 1.63B | 438M | 552M | 582M | 584M | 470M | 48M | 160M | -105M | -90M |
| Operating Margin % | 46.42% | 39.89% | 26.1% | 45.25% | 42.84% | 31.03% | 16.8% | 15.24% | 24.63% | 13.44% | -3.09% | 23.92% | 10.26% | 21.9% | 24.62% | 25% | 22.46% | 3.23% | 9.42% | -6.88% | -5.95% |
| Operating Income Growth % | - | 89.29% | -16.93% | 13.93% | 66.98% | 112.23% | 16.55% | -32.93% | 116.58% | 679.71% | -125.06% | 272.6% | -20.65% | -5.15% | -0.34% | 24.26% | 879.17% | -70% | 252.38% | -16.67% | - |
| EBITDA | 46.64B | 34.26B | 23.47B | 20.04B | 19.21B | 14.56B | 10.92B | 9.22B | 9.2B | 7.1B | 2.63B | 2.59B | 1.06B | 739M | 737M | 741M | 629M | 208M | 319M | 71M | 120M |
| EBITDA Margin % | 57.09% | 53.62% | 45.51% | 55.95% | 57.85% | 53.04% | 45.71% | 40.82% | 44.1% | 40.24% | 19.86% | 38.01% | 24.9% | 29.33% | 31.18% | 31.72% | 30.05% | 14.02% | 18.78% | 4.65% | 7.93% |
| EBITDA Growth % | 47.36% | 45.95% | 17.12% | 4.34% | 31.93% | 33.35% | 18.36% | 0.33% | 29.56% | 169.95% | 1.35% | 144.03% | 43.84% | 0.27% | -0.54% | 17.81% | 202.4% | -34.8% | 349.3% | -40.83% | - |
| D&A (Non-Cash Add-back) | 8.75B | 8.78B | 10.01B | 3.83B | 4.98B | 6.04B | 6.91B | 5.78B | 4.06B | 4.73B | 3.04B | 962M | 625M | 187M | 155M | 157M | 159M | 160M | 159M | 176M | 210M |
| EBIT | 33.27B | 25.94B | 13.87B | 16.72B | 14.17B | 8.65B | 4.22B | 3.67B | 5.17B | 2.28B | -522M | 1.66B | 452M | 570M | 586M | 564M | 440M | 41M | 146M | -103M | -105M |
| Net Interest Income | -3B | -2.86B | -3.49B | -1.09B | -1.64B | -1.87B | -1.72B | -1.35B | -514M | -410M | -575M | -183M | -104M | 2M | 3M | -3M | -34M | -77M | -86M | -109M | -143M |
| Interest Income | 0 | 347M | 461M | 535M | 100M | 16M | 53M | 98M | 114M | 44M | 10M | 8M | 6M | 4M | 4M | 1M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 3.01B | 3.21B | 3.95B | 1.62B | 1.74B | 1.89B | 1.78B | 1.44B | 628M | 454M | 585M | 191M | 110M | 2M | 1M | 4M | 34M | 77M | 86M | 109M | 143M |
| Other Income/Expense | -2.47B | -2.75B | -3.55B | -1.11B | -1.79B | -1.75B | -1.57B | -1.22B | -590M | -546M | -698M | -165M | -96M | 16M | 3M | -23M | -64M | -84M | -100M | -107M | -158M |
| Pretax Income | 30.48B | 22.73B | 9.92B | 15.1B | 12.43B | 6.76B | 2.44B | 2.23B | 4.54B | 1.82B | -1.11B | 1.47B | 342M | 568M | 585M | 561M | 406M | -36M | 60M | -212M | -248M |
| Pretax Margin % | 37.31% | 35.58% | 19.23% | 42.15% | 37.45% | 24.64% | 10.23% | 9.85% | 21.8% | 10.35% | -8.36% | 21.5% | 8.01% | 22.54% | 24.75% | 24.02% | 19.4% | -2.43% | 3.53% | -13.88% | -16.39% |
| Income Tax | 1.16B | -397M | 3.75B | 1.01B | 939M | 29M | -518M | -510M | -8.08B | 35M | 642M | 76M | 33M | 16M | 22M | 9M | -9M | 8M | 3M | 8M | 5M |
| Effective Tax Rate % | 3.81% | -1.75% | 37.8% | 6.72% | 7.55% | 0.43% | -21.2% | -22.91% | -177.87% | 1.92% | -57.99% | 5.18% | 9.65% | 2.82% | 3.76% | 1.6% | -2.22% | -22.22% | 5% | -3.77% | -2.02% |
| Net Income | 34.49B | 23.13B | 5.89B | 14.08B | 11.49B | 6.74B | 2.96B | 2.72B | 12.26B | 1.69B | -1.74B | 1.36B | 263M | 552M | 563M | 552M | 415M | -44M | 83M | -159M | -251M |
| Net Margin % | 42.21% | 36.2% | 11.43% | 39.31% | 34.62% | 24.54% | 12.39% | 12.05% | 58.8% | 9.59% | -13.13% | 19.99% | 6.16% | 21.9% | 23.82% | 23.63% | 19.83% | -2.96% | 4.89% | -10.41% | -16.59% |
| Net Income Growth % | 82.16% | 292.3% | -58.14% | 22.51% | 70.65% | 127.57% | 8.66% | -77.78% | 624.53% | 197.3% | -227.49% | 418.63% | -52.36% | -1.95% | 1.99% | 33.01% | 1043.18% | -153.01% | 152.2% | 36.65% | - |
| Net Income (Continuing) | 29.32B | 23.13B | 6.17B | 14.08B | 11.49B | 6.74B | 2.96B | 2.74B | 12.63B | 1.79B | -1.75B | 1.39B | 309M | 552M | 563M | 552M | 415M | -44M | 57M | -220M | -253M |
| Discontinued Operations | 0 | 0 | -273M | 0 | 0 | 0 | -1M | -12M | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26M | 61M | 2M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.9B | 2.98B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.07 | 4.77 | 1.23 | 3.30 | 2.65 | 1.50 | 0.63 | 0.64 | 2.84 | 0.42 | -0.44 | 0.49 | 0.10 | 0.22 | 0.23 | 0.22 | 0.17 | -0.02 | 0.04 | -0.07 | -0.10 |
| EPS Growth % | 80.1% | 287.8% | -62.73% | 24.53% | 76.67% | 138.1% | -1.56% | -77.46% | 576.19% | 195.45% | -189.8% | 394.95% | -55% | -4.35% | 4.55% | 29.41% | 945.77% | -152.89% | 151.35% | 26% | - |
| EPS (Basic) | - | 4.91 | 1.27 | 3.39 | 2.74 | 1.57 | 0.66 | 0.68 | 2.93 | 0.42 | -0.48 | 0.52 | 0.11 | 0.22 | 0.23 | 0.23 | 0.17 | -0.02 | 0.04 | -0.07 | -0.10 |
| Diluted Shares Outstanding | 4.88B | 4.85B | 4.78B | 4.27B | 4.23B | 4.29B | 4.21B | 4.19B | 4.31B | 4.09B | 3.83B | 2.81B | 2.67B | 2.52B | 2.5B | 2.52B | 2.46B | 2.19B | 2.19B | 2.14B | 2.46B |
| Basic Shares Outstanding | 4.75B | 4.71B | 4.62B | 4.15B | 4.09B | 4.1B | 4.02B | 3.98B | 4.18B | 4.05B | 3.66B | 2.64B | 2.51B | 2.52B | 2.45B | 2.45B | 2.38B | 2.19B | 2.14B | 2.14B | 2.46B |
| Dividend Payout Ratio | - | 48.18% | 166.48% | 54.29% | 61.17% | 92.22% | 186.96% | 155.47% | 24.46% | 97.69% | - | 29.91% | 107.98% | 35.87% | 24.33% | 15.58% | - | - | - | - | - |
Geopolitical supply chain concentration
As indicated by recent quarterly filings, Broadcom's revenue growth has accelerated significantly, reaching 47.9% in 2026Q2 compared to 29.5% in the prior quarter, largely driven by the successful scaling of AI-related networking silicon and the integration of high-value software assets into the broader infrastructure stack.
The sharp uptick in top-line performance suggests that the company is successfully capturing demand from hyperscalers seeking custom ASIC solutions. Investors should monitor whether this growth trajectory remains sustainable as the initial integration benefits of recent acquisitions begin to normalize against a larger revenue base.
According to the provided financial data, Broadcom has maintained robust gross margins, peaking at 68.0% in several recent periods, which reflects the company's pricing power and the favorable shift toward a software-heavy revenue mix that commands higher margins than traditional transactional semiconductor hardware sales.
The stability of these margins, despite the inherent cyclicality of the semiconductor industry, implies that the software segment acts as a critical buffer. This structural advantage warrants further investigation into how long the company can sustain these levels as it continues to transition legacy perpetual licenses to subscription models.
Based on reported figures, Broadcom has demonstrated significant operating leverage, with operating margins expanding from 17.4% in 2024Q1 to 49.0% by 2026Q2, suggesting that management's disciplined approach to overhead and R&D spending is effectively converting incremental gross profit into substantial bottom-line operating income.
This trend appears to validate the 'buy-integrate-harvest' strategy, where non-essential costs are aggressively managed post-acquisition. Analysts should consider whether this level of operating efficiency is reaching a ceiling or if further scale can continue to drive margin expansion in the coming quarters.
As reported in financial statements, Broadcom's net income remains substantial, yet investors should note that stock-based compensation remains a significant recurring expense, totaling $2.1 billion in 2026Q2, which may suggest that GAAP earnings figures require careful adjustment to reflect true cash-generative capacity.
The reliance on equity-based incentives to retain specialized engineering talent is a standard industry practice, but it does dilute the quality of reported EPS. Future analysis should focus on the delta between GAAP net income and cash flow from operations to better assess the underlying economic health.
Quick answers to the most common questions about buying AVGO stock.
For fiscal year 2025, Broadcom Inc. (AVGO) reported total revenue of $63.89B. This represents a 4122.5% increase compared to $1.51B in 2006.
Broadcom Inc. (AVGO) is profitable, generating $23.13B in net income for the fiscal year ending 2025 with a net profit margin of 36.2%.
Broadcom Inc. (AVGO) reported an operating income of $25.48B, resulting in an operating profit margin of 39.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Broadcom Inc. (AVGO) generated $43.29B in gross profit for the year, representing a gross profit margin of 67.8%. This demonstrates the company's core pricing power and production efficiency.