Income Statement
Quarterly Data
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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2009
- Net Profit Margin since 2009
- Current Ratio since 2009
- Price to Earnings (P/E) since 2009
- Price to Sales (P/S) since 2009
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Broadcom Inc., consolidated income statement (quarterly data)
US$ in millions
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).
Net revenue exhibits a consistent long-term growth trajectory, increasing from 5,858 million USD in February 2020 to 22,187 million USD by May 2026. A significant inflection point is observed in February 2024, where net revenue jumped to 11,961 million USD from 9,295 million USD in the previous quarter. This acceleration is driven by both product sales and a substantial increase in subscriptions and services, which more than doubled from 2,144 million USD in October 2023 to 4,549 million USD in February 2024.
- Revenue Stream Analysis
- Product revenue grew steadily from 4,204 million USD in early 2020 to 16,892 million USD by May 2026. While products remain the primary revenue driver, subscriptions and services showed a transformative increase starting in 2024, peaking at 6,695 million USD in August 2025 before experiencing a temporary decline and subsequent recovery. This shift indicates an evolving business model with a higher emphasis on recurring revenue.
- Gross Profitability and Cost Management
- Gross margin expanded from 3,264 million USD in February 2020 to 15,415 million USD in May 2026. Although the cost of products sold rose in tandem with revenue, the scale of growth in gross margin suggests strong pricing power and efficient cost management. The cost of revenue saw a notable step-up in February 2024, coinciding with the increase in overall scale, yet remained proportional to the revenue gains.
- Operating Expense Trends
- Operating expenses showed a marked increase in the latter half of the analyzed period. Research and development expenses rose from 1,289 million USD in February 2020 to 2,995 million USD by May 2026. Selling, general, and administrative expenses also climbed, particularly after February 2024, where they jumped from 418 million USD to 1,572 million USD. This increase, combined with a spike in amortization of acquisition-related intangible assets, reflects the operational costs associated with significant corporate expansion or acquisitions during 2024.
- Operating Income and Profitability
- Operating income grew from 714 million USD in February 2020 to 10,788 million USD in May 2026. There was a temporary contraction in operating income in February 2024 (2,083 million USD) compared to October 2023 (4,240 million USD), likely due to the sudden surge in operating expenses and restructuring charges. However, a strong recovery followed, with operating income reaching record levels by 2026.
- Net Income and Tax Impacts
- Net income generally trended upward, but experienced extreme volatility in 2024. A significant loss of 1,875 million USD was recorded in August 2024, primarily driven by a massive tax provision of 4,238 million USD. Excluding this anomaly, the underlying profitability remained robust, with net income attributable to common stock reaching 9,310 million USD by May 2026, representing a substantial increase from the 311 million USD reported in February 2020.