Common-Size Income Statement
Quarterly Data
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Broadcom Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
The common-size income statement reveals significant shifts in the company’s revenue composition and profitability over the analyzed period. Initially, products constituted the majority of net revenue, consistently accounting for over 70% from February 2020 through October 2022. However, a notable decline in the proportion of product revenue is observed, falling to 61.97% by February 2024, and further to 56.91% by May 2024, before a substantial increase to 94.04% in November 2024. Conversely, subscriptions and services have gradually increased their share of net revenue, particularly after February 2024, peaking at 43.09% in May 2024.
Gross margin exhibited an upward trend from 55.72% in February 2020 to a peak of 67.12% in May 2022, before fluctuating between 66.36% and 68.01% through October 2023. A slight decrease to 61.66% is seen in February 2024, followed by a recovery to 63.92% in May 2024 and 67.99% in August 2025.
- Cost Structure
- Cost of revenue, as a percentage of net revenue, generally decreased from 44.28% to 32.88% between February 2020 and May 2022, indicating improved cost management or pricing power. However, it increased again to 38.34% in February 2024, before decreasing to 31.87% in February 2026. Amortization of acquisition-related intangible assets consistently represented a substantial portion of revenue, decreasing from 16.22% to 2.63% over the period, suggesting the diminishing impact of past acquisitions on the income statement. Operating expenses also decreased from 43.53% to 23.31% between February 2020 and October 2023, before increasing to 44.24% in February 2024.
Operating income as a percentage of net revenue demonstrated a strong positive trend, rising from 12.19% in February 2020 to 45.62% in October 2023. This growth was interrupted by a decline to 17.41% in February 2024, followed by a recovery to 44.34% in February 2026. Interest expense remained relatively stable, fluctuating between approximately 6% and 8% of net revenue until February 2024, when it increased to 7.74% and 8.38% in February and May 2024 respectively, before decreasing to 4.15% in February 2026.
- Profitability and Taxes
- Income from continuing operations before income taxes mirrored the trend in operating income, increasing from 5.19% to 42.68% between February 2020 and October 2023, with a similar dip in February 2024 and subsequent recovery. The provision for (benefit from) income taxes exhibited considerable variability, including a benefit in some quarters, particularly in October 2021 (-2.43%) and February 2026 (-4.38%). Net income attributable to common stock followed a similar pattern, increasing from 5.31% to 37.91% before the fluctuations in 2024 and 2025, and recovering to 38.06% in February 2026.
The period from November 2024 to February 2026 shows a significant shift in the revenue mix, with products regaining prominence. This is accompanied by changes in cost structure and profitability, suggesting a strategic adjustment or a cyclical effect. The substantial negative impact of certain items, such as amortization of acquisition-related intangible assets and restructuring charges, diminished over time, contributing to improved profitability. The volatility in income tax provision also warrants further investigation.