Common-Size Income Statement
Quarterly Data
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2009
- Return on Assets (ROA) since 2009
- Price to Earnings (P/E) since 2009
- Analysis of Revenues
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Broadcom Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-05-03), 10-Q (reporting date: 2026-02-01), 10-K (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-Q (reporting date: 2025-02-02), 10-K (reporting date: 2024-11-03), 10-Q (reporting date: 2024-08-04), 10-Q (reporting date: 2024-05-05), 10-Q (reporting date: 2024-02-04), 10-K (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-29), 10-K (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-Q (reporting date: 2022-01-30), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-Q (reporting date: 2020-02-02).
Operational efficiency and profitability demonstrated a significant upward trajectory over the observed period, characterized by expanding margins and a disciplined reduction in operating expenses as a percentage of net revenue. While the overall trend is positive, the period was marked by specific intervals of volatility in revenue composition and net income due to tax impacts.
- Revenue Composition and Mix
- A historical reliance on product revenue, typically ranging between 70% and 80% of net revenue, is observed. A notable shift occurred between February 2024 and November 2024, where subscription and services revenue increased to a peak of 43.09%. An extreme outlier is noted on November 2, 2025, where product revenue spiked to 94.04% before reverting to a more stable distribution of approximately 73% to 76% by mid-2026.
- Gross Margin Performance
- Gross margins expanded from 55.72% in February 2020 to a peak of 70.02% in April 2023. This improvement is attributed to a steady decline in the cost of revenue, specifically the reduction of amortization of acquisition-related intangible assets from 16.22% to roughly 6.58% over the timeframe. Despite a temporary contraction to 61.66% in early 2024, gross margins recovered and stabilized between 67% and 69% through 2026.
- Operating Expense Efficiency
- A consistent downward trend in operating expenses as a percentage of net revenue is evident. Research and development expenses decreased from 22.00% to 13.50%, while selling, general, and administrative expenses fell from 10.26% to 4.76%. This optimization contributed to a substantial rise in operating income, which climbed from 12.19% in February 2020 to a high of 48.62% by May 2026, despite a sharp temporary decline to 17.41% in February 2024.
- Net Income and Fiscal Volatility
- Net income margins generally tracked the growth of operating income, rising from 6.57% in early 2020 to peaks exceeding 40%. However, a significant anomaly occurred in August 2024, where a tax provision of -32.42% of net revenue resulted in a net loss of -14.34%. Following this event, net income recovered strongly, reaching 47.28% in November 2025 and maintaining levels above 38% into 2026.
- Debt and Interest Burden
- Interest expense as a percentage of net revenue showed a gradual decline from a peak of 8.56% in January 2021 to 3.50% by May 2026. This indicates a reduction in the relative burden of debt service relative to the growth of total revenue.