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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Broadcom Inc., consolidated income statement (quarterly data)
US$ in millions
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 financial performance, as indicated by the income statement, demonstrates a generally positive trajectory over the analyzed period, though with notable fluctuations and a significant surge in later quarters. Net revenue exhibited an overall upward trend, increasing from $5.858 billion in February 2020 to $18.015 billion in November 2025, before decreasing to $19.311 billion in February 2026. This growth was not linear, with periods of relative stagnation followed by substantial increases, particularly evident in the latter half of the observed timeframe.
A consistent pattern of increasing costs is also apparent. Both cost of products sold and cost of subscriptions and services generally increased over time, mirroring the revenue growth. However, the rate of increase in costs did not always align with revenue growth, impacting profitability. Amortization of acquisition-related intangible assets also contributed significantly to expenses, with a substantial increase in later periods.
- Revenue Composition
- Products consistently represented the larger portion of net revenue, while subscriptions and services contributed a smaller, but growing, share. The subscriptions and services segment experienced particularly strong growth in the later quarters, culminating in $16.941 billion in November 2025, before decreasing to $1.074 billion in November 2025, and then increasing again to $5.181 billion in February 2026. This suggests a potential shift in business model or a significant, temporary event impacting this segment.
- Gross Margin
- Gross margin generally increased over the period, rising from $3.264 billion in February 2020 to $12.249 billion in November 2025, before decreasing to $13.157 billion in February 2026. This indicates improved efficiency in managing the cost of revenue relative to revenue generation. However, the margin experienced some volatility, particularly in the earlier periods.
- Operating Expenses
- Operating expenses, encompassing research and development, selling, general, and administrative costs, and amortization, also demonstrated an upward trend. A significant increase in operating expenses is observed in the later periods, particularly in selling, general, and administrative expenses, which rose sharply in the quarters leading up to February 2026. This increase in expenses appears to be a key factor in the fluctuations in operating income.
- Profitability
- Operating income generally increased from $714 million in February 2020 to $8.563 billion in February 2026, but with considerable variation. Net income followed a similar pattern, with a substantial increase over the period, reaching $8.518 billion in November 2025 before decreasing to $7.349 billion in February 2026. The impact of interest expense and other income (expense) on net income is also noteworthy, with fluctuations in these items contributing to the overall volatility in profitability.
The period between May 2024 and February 2026 shows a particularly dramatic shift. Revenue, gross margin, and operating income all experienced significant increases, followed by a decrease in February 2026. This period warrants further investigation to understand the underlying drivers of these changes. The substantial increase in amortization of acquisition-related intangible assets and restructuring charges during this period may be contributing factors.
Overall, the financial performance indicates a company experiencing growth, but also facing increasing costs and fluctuating profitability. The recent surge in revenue and income, followed by a decrease, suggests a period of dynamic change and potential challenges that require careful monitoring.