Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Broadcom Inc., consolidated income statement

US$ in millions

12 months ended:	Nov 2, 2025	Nov 3, 2024	Oct 29, 2023	Oct 30, 2022	Oct 31, 2021	Nov 1, 2020
Products	44,847)	30,359)	27,891)	26,277)	20,886)	17,435)
Subscriptions and services	19,040)	21,215)	7,928)	6,926)	6,564)	6,453)
Net revenue	63,887)	51,574)	35,819)	33,203)	27,450)	23,888)
Cost of products sold	(12,115)	(9,797)	(8,636)	(7,629)	(6,555)	(5,892)
Cost of subscriptions and services	(2,371)	(2,991)	(636)	(627)	(607)	(626)
Amortization of acquisition-related intangible assets	(6,031)	(6,023)	(1,853)	(2,847)	(3,427)	(3,819)
Restructuring charges	(76)	(254)	(4)	(5)	(17)	(35)
Cost of revenue	(20,593)	(19,065)	(11,129)	(11,108)	(10,606)	(10,372)
Gross margin	43,294)	32,509)	24,690)	22,095)	16,844)	13,516)
Research and development	(10,977)	(9,310)	(5,253)	(4,919)	(4,854)	(4,968)
Selling, general and administrative	(4,211)	(4,959)	(1,592)	(1,382)	(1,347)	(1,935)
Amortization of acquisition-related intangible assets	(2,031)	(3,244)	(1,394)	(1,512)	(1,976)	(2,401)
Restructuring and other charges	(591)	(1,533)	(244)	(57)	(148)	(198)
Operating expenses	(17,810)	(19,046)	(8,483)	(7,870)	(8,325)	(9,502)
Operating income	25,484)	13,463)	16,207)	14,225)	8,519)	4,014)
Interest expense	(3,210)	(3,953)	(1,622)	(1,737)	(1,885)	(1,777)
Interest income	347)	461)	535)	100)	16)	53)
Other income	210)	21)	15)	30)	26)	56)
Gain (loss) on investments	(17)	(12)	11)	(169)	99)	31)
Other expense	(85)	(64)	(49)	(15)	(10)	(50)
Gain from lapse of indemnification	—)	—)	—)	—)	—)	116)
Other income (expense), net	455)	406)	512)	(54)	131)	206)
Income from continuing operations before income taxes	22,729)	9,916)	15,097)	12,434)	6,765)	2,443)
(Provision for) benefit from income taxes	397)	(3,748)	(1,015)	(939)	(29)	518)
Income from continuing operations	23,126)	6,168)	14,082)	11,495)	6,736)	2,961)
Loss from discontinued operations, net of income taxes	—)	(273)	—)	—)	—)	(1)
Net income	23,126)	5,895)	14,082)	11,495)	6,736)	2,960)
Dividends on preferred stock	—)	—)	—)	(272)	(299)	(297)
Net income attributable to common stock	23,126)	5,895)	14,082)	11,223)	6,437)	2,663)

Based on: 10-K (reporting date: 2025-11-02), 10-K (reporting date: 2024-11-03), 10-K (reporting date: 2023-10-29), 10-K (reporting date: 2022-10-30), 10-K (reporting date: 2021-10-31), 10-K (reporting date: 2020-11-01).

The financial data reveals significant trends and fluctuations across multiple fiscal years. The analysis focuses on revenue segments, cost structures, profitability, and other key financial metrics.

Revenue and Sales Trends: Overall net revenue demonstrates a consistent upward trajectory, rising from approximately $23.9 billion to $63.9 billion over the observed period. The Products segment shows steady growth, accelerating notably in the final year to nearly $44.8 billion. Subscriptions and Services revenue remains relatively stable initially but experiences a dramatic spike in the penultimate year at over $21 billion, before decreasing slightly in the last year to about $19 billion.
Cost of Revenue and Margins: Cost of products sold increases steadily, reflecting growth in the Products revenue but with a somewhat slower rate, which contributes to expanding gross margins. Cost of subscriptions and services remains low initially, but rises sharply in line with the subscription revenue surge, yet proportionally it is lower than the revenue increase. The amortization of acquisition-related intangible assets declines initially but then experiences a large increase in the two most recent years, suggesting substantial acquisitions or intensified amortization expenses. Gross margin expands considerably, growing nearly threefold to $43.3 billion by the end of the period, indicating improved operational leverage.
Operating Expenses: Research and development expenses remain relatively stable in early years, then increase significantly from around $9.3 billion to $11 billion in the latter years, indicating a strategic emphasis on innovation and development. Selling, general and administrative expenses fluctuate, with a sharp increase in the penultimate year followed by a decline. The amortization of acquisition-related intangible assets within operating expenses follows a similar trend to the cost side. Restructuring and other charges vary year to year but show a marked increase in recent years, possibly indicating organizational changes or cost rationalizations. Overall, operating expenses nearly double toward the end of the period.
Profitability and Income Measures: Operating income experiences considerable growth, from about $4 billion to over $25 billion over the period, although there is a noticeable decline in the penultimate year before rebounding. Interest expense increases substantially in the same year, possibly reflecting increased debt or financing costs associated with acquisitions or expansions. Interest income and other income fluctuate but remain relatively minor compared to other components. Income from continuing operations before taxes and net income both demonstrate strong growth, with a dip in the penultimate year but recovery afterward. Provision for income taxes reflects volatility, shifting from minor benefits to significant expenses and then a positive benefit again, indicating changes in tax strategy or tax rates.
Dividends and Earnings Attributable to Common Stock: Dividends on preferred stock cease to be reported in the later years, suggesting changes in capital structure. Net income attributable to common stock follows the net income trend closely, confirming that the majority of earnings belong to common shareholders. An exceptional dip in net income occurs in the penultimate year, likely driven by extraordinary charges or restructuring costs, but it recovers substantially in the final year.

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Broadcom Inc. (NASDAQ:AVGO)

Income Statement