Broadcom Inc. (NASDAQ:AVGO)

Current Assets

The current assets demonstrated a steady increase from 11,895 million US dollars in the fiscal year ending November 1, 2020, to 20,847 million US dollars by October 29, 2023. This represents a significant growth over the four-year period. However, there was a slight decline observed in the following year, with current assets decreasing to 19,595 million US dollars on November 3, 2024. Subsequently, in the latest period ending November 2, 2025, current assets markedly increased to 31,573 million US dollars, indicating substantial strengthening of short-term assets.

Adjusted Current Assets

The adjusted current assets broadly mirrored the pattern seen in current assets, starting at 11,923 million US dollars in 2020 and gradually rising to 20,851 million US dollars by 2023. Similar to current assets, there was a minor decrease in 2024 to 19,606 million US dollars. The adjusted figures showed a sharp increase thereafter, reaching 31,576 million US dollars in 2025, closely aligning with the total current assets in magnitude and trend, indicating consistency in adjustments applied over time.

Overall Trend and Insights

Both current and adjusted current assets showed a general upward trajectory across the six-year span, reflecting potential growth in liquidity or operational scale. The dip observed in 2024 could suggest a temporary fluctuation in working capital components. The substantial increase in the most recent year suggests significant accumulation or reclassification of current assets. The close alignment between current and adjusted current assets implies limited adjustments or consistent financial reporting practices.

The annual financial data reveals the following trends and observations regarding the asset base over the review periods:

Total Assets (US$ in millions)

From the start of the period until October 29, 2023, total assets demonstrate a gradual decline, decreasing from approximately 75,933 million to 72,861 million. However, a significant and abrupt increase occurs beginning November 3, 2024, with total assets more than doubling to 165,645 million and continuing to grow modestly to 171,092 million by November 2, 2025. This sharp rise suggests a major asset acquisition, business expansion, or revaluation event impacting the company's balance sheet.

Adjusted Total Assets (US$ in millions)

Adjusted total assets follow an almost identical trend to total assets, confirming consistency between reported and adjusted figures. The values decline slightly early in the timeline and then increase sharply starting in late 2024, mirroring the increase in total assets. This parallel movement indicates that adjustments made to asset values do not significantly alter the overall asset trend, reinforcing the reliability of the reported increase.

Overall, the data reflects a period of stability or slight contraction in asset size over the initial years, followed by a pronounced increase in the last observed periods. This pattern may imply strategic growth initiatives, acquisitions, or other factors strengthening asset holdings significantly after 2023.

Total Liabilities

Total liabilities exhibited a decreasing trend from 52,032 million US dollars in the fiscal year ending November 1, 2020, to 48,873 million US dollars by October 29, 2023. This decrease represents a reduction of approximately 6.1% over the four-year period. However, in the subsequent two years, total liabilities increased sharply, reaching 97,967 million US dollars in November 3, 2024, before slightly declining to 89,800 million US dollars by November 2, 2025.

The initial downward trajectory suggests a period of liability management or debt reduction. The dramatic rise beginning in late 2023, more than doubling the prior level, indicates a significant increase in financial obligations, which could be due to new financing activities, acquisitions, or other strategic investments.

Adjusted Total Liabilities

Adjusted total liabilities followed a pattern closely aligned with total liabilities throughout the period. Starting at 51,998 million US dollars in late 2020, the figure decreased gradually to 48,772 million US dollars by late 2023. It then saw a pronounced jump to 93,145 million US dollars in 2024 and a subsequent decline to 87,020 million US dollars in 2025.

The adjusted figures suggest consistency in the underlying liabilities after considering adjustments, reinforcing the observation of significant financial changes beginning in 2024. The adjusted liabilities remained marginally lower than the total liabilities across all periods, indicating minor adjustments applied consistently.

Overall Trend Analysis

The data reveals two distinct phases: a phase of gradual liability reduction through late 2023, followed by an abrupt increase in liabilities starting in 2024. This change represents a strategic shift in the company's financial structure, possibly reflecting external financing, capital expenditures, or other growth initiatives. Monitoring the sustainability of this increased liability level and its impact on financial stability would be prudent in subsequent analyses.

The analysis of the stockholders' equity and adjusted stockholders' equity over the recent six-year period reveals several noteworthy trends. Both metrics exhibit relative stability in the first four years, followed by a substantial increase in the final two years.

Stockholders' Equity

This metric started at 23,874 million USD and showed a modest increase to 24,962 million USD in the second year. Subsequently, there was a decline over the next two years, reaching a low of 22,709 million USD before slightly recovering to 23,988 million USD. However, in the last two years, stockholders' equity experienced pronounced growth, surging to 67,678 million USD and then further to 81,292 million USD. This significant increase could be indicative of capital infusions, retained earnings accumulation, or other equity-enhancing activities.

Adjusted Stockholders' Equity

Adjusted stockholders' equity followed a similar trajectory, closely mirroring the trends of the unadjusted equity figures. It started at 24,265 million USD, remained relatively flat in the second year, then gently declined to 22,143 million USD by the third year, and slightly recovered to 23,296 million USD by the fourth. The final two years again saw a large upswing, with adjusted equity increasing to 72,349 million USD and subsequently to 83,882 million USD. The adjustment appears to have a consistent effect, with adjusted figures generally slightly exceeding the unadjusted stockholders' equity.

Overall, the data indicates a period of stability or slight decline followed by a marked improvement in the company’s equity base. The substantial rise in the last two years suggests a strategic change or financial event that significantly enhanced shareholder value and balance sheet strength. The parallel movement and close values between stockholders’ equity and adjusted stockholders’ equity imply that accounting adjustments do not dramatically alter the equity picture but provide a slightly higher valuation of equity resources.

The financial data demonstrates several notable trends in the company's capital structure over the analyzed period.

Total reported debt

This metric shows relative stability from 2020 through 2023, with values fluctuating slightly between approximately 39,000 and 41,000 million US dollars. However, from 2024 onward, there is a marked increase, reaching over 67,000 million in 2024 and slightly decreasing to about 65,000 million in 2025. This indicates a significant rise in debt levels starting in 2024.

Stockholders’ equity

Equity remained relatively flat with minor fluctuations between approximately 22,700 million and 25,000 million US dollars from 2020 through 2023. A sharp increase is observed in 2024, where equity nearly triples to around 67,700 million US dollars, continuing to rise to over 81,000 million in 2025. This suggests considerable strengthening of equity during the last two years analyzed.

Total reported capital

The total reported capital, which combines debt and equity, remained fairly consistent from 2020 to 2023, hovering around 62,000 to 65,000 million. A pronounced increase occurs in 2024 reaching approximately 135,000 million, with another increase in 2025 to about 146,000 million. This jump corresponds with the increases seen in both debt and equity components, reflecting overall capitalization growth.

Adjusted total debt

The adjusted total debt mirrors the trend of the reported debt, staying stable around 39,500 to 41,700 million US dollars from 2020 to 2023, before sharply increasing to nearly 69,000 million in 2024 and then slightly decreasing to about 66,400 million in 2025. This consistent pattern reaffirms the debt increase starting in 2024.

Adjusted stockholders’ equity

Adjusted equity also remains steady between approximately 22,000 and 24,300 million US dollars in the initial period up to 2023. A pronounced escalation occurs in 2024, rising to above 72,000 million, and continues to increase to over 83,800 million in 2025. This points to a strengthened equity base on an adjusted basis in recent years.

Adjusted total capital

This measure remains stable at around 62,000 to 66,000 million US dollars through 2023. It then experiences a significant increase in 2024, surpassing 141,000 million, and further grows in 2025 to approximately 150,300 million, consistent with rises in both adjusted debt and equity.

In summary, the company's financial structure exhibits stability in both debt and equity components through 2023, followed by a substantial expansion in both areas beginning in 2024. This results in a marked increase in total capital, reflecting potentially major financing activities or structural changes in capitalization strategy during the most recent periods analyzed.

The financial data over the indicated periods reveals distinct fluctuations in both net income and adjusted net income for the company.

Net Income

The net income shows an initial substantial increase from 2,960 million US dollars in the first period to 14,082 million US dollars by the fourth period. This represents significant growth over the first four years. However, in the fifth period, there is a sharp decline to 5,895 million US dollars, followed by a strong recovery in the sixth period to 23,126 million US dollars, which is the highest value recorded. This indicates high volatility with an overall upward trend in net income.

Adjusted Net Income

Adjusted net income follows a somewhat similar trend to net income, starting at 1,819 million US dollars, increasing steadily to 13,841 million US dollars by the fourth period. A noticeable decrease occurs in the fifth period, dropping to 8,257 million US dollars. The sixth period shows a rebound to 21,053 million US dollars. This pattern suggests that the core earnings of the business, after adjustments, experienced growth overall but were affected by factors causing a dip in the fifth period before rebounding strongly.

In summary, both net income and adjusted net income demonstrate strong growth until the fourth period, followed by a significant downturn in the fifth period, and a recovery surpassing previous highs in the sixth period. The data suggests that while the company has experienced notable earnings growth, it has also faced a period of reduced profitability or increased expenses that impacted earnings temporarily before a robust recovery.