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.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2009
- Net Profit Margin since 2009
- Return on Equity (ROE) since 2009
- Price to Sales (P/S) since 2009
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Broadcom Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2019-11-03).
- Revenue Trends
- Over the evaluated periods, total net revenue displayed a consistent upward trend, increasing from $22,597 million in 2019 to $51,574 million in 2024. Within net revenue, product revenues demonstrated steady growth, rising from $18,117 million to $30,359 million. The most notable increase occurred in subscriptions and services revenue, which surged dramatically from $4,480 million in 2019 to $21,215 million in 2024, indicating a strategic shift or expansion in this sector.
- Cost of Revenue and Gross Margin
- The cost of products sold rose from $6,208 million in 2019 to $9,797 million in 2024, reflecting increased sales volume or input costs. Cost of subscriptions and services also increased, particularly in 2024, from $515 million to $2,991 million, mirroring the growth in associated revenue streams. Total cost of revenue increased substantially from $10,114 million to $19,065 million. Despite rising costs, gross margin expanded considerably, nearly tripling from $12,483 million in 2019 to $32,509 million in 2024, demonstrating improved profitability and operational leverage.
- Operating Expenses
- Research and development expenses showed an upward trajectory, increasing from $4,696 million to $9,310 million, highlighting sustained or increased investment in innovation. Selling, general, and administrative expenses fluctuated but ultimately increased notably to $4,959 million in 2024 from $1,709 million in 2019. Amortization of acquisition-related intangible assets within operating expenses decreased initially but then rose sharply in 2024. Restructuring and other charges varied but escalated significantly in 2024. Overall, operating expenses showed an irregular pattern but ended with a marked increase, nearly doubling from $9,039 million in 2019 to $19,046 million in 2024.
- Operating Income
- Operating income exhibited growth until 2023, rising from $3,444 million to $16,207 million, indicating improved operational efficiency or higher margin sales. However, in 2024, operating income decreased to $13,463 million, possibly reflecting the surge in expenses that year.
- Interest and Other Income/Expense
- Interest expense increased from $1,444 million in 2019 to $3,953 million in 2024, implying increased debt or higher interest rates. Interest income fluctuated but increased overall to $461 million in 2024. Other income and related items were relatively minor and inconsistent, with small gains and losses not significantly impacting overall income trends.
- Income Before and After Taxes
- Income from continuing operations before income taxes grew from $2,226 million in 2019 to a peak of $15,097 million in 2023 before declining to $9,916 million in 2024. Provision for income taxes became increasingly negative in the later years, reaching a provision of $3,748 million in 2024, which contributed to a reduction in net income. Consequently, income from continuing operations and net income followed a similar trend, peaking in 2023 and dropping notably in 2024 to $6,168 million and $5,895 million respectively.
- Net Income Attributable to Common Stock
- Net income attributable to common stock rose from $2,695 million in 2019 to a high of $14,082 million in 2023 before declining substantially to $5,895 million in 2024. This decline aligns with rising costs, increased interest expenses, and higher tax provisions in 2024.
- Dividends and Discontinued Operations
- Dividends on preferred stock were reported up to 2022, with no data thereafter. Loss from discontinued operations was minimal in the earlier years but showed a significant loss of $273 million in 2024, negatively affecting overall profitability in that year.
- Summary of Financial Performance
- The data indicates a generally positive growth in revenue and gross margin over the six-year period, with significant expansion in the subscriptions and services segment contributing to overall revenue growth. Operating expenses and interest costs, however, increased substantially, impacting operating income especially in the most recent year. Earnings before taxes and net income peaked in 2023 but experienced a decline in 2024, largely due to higher costs, expenses, interest charges, tax provisions, and losses from discontinued operations. The financial trends suggest an expansive business strategy with increased investment in services and innovation, but with emerging challenges impacting profitability in the latest fiscal year.