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 (quarterly data)
US$ in millions
3 months ended:
May 3, 2026
Feb 1, 2026
Nov 2, 2025
Aug 3, 2025
May 4, 2025
Feb 2, 2025
Nov 3, 2024
Aug 4, 2024
May 5, 2024
Feb 4, 2024
Oct 29, 2023
Jul 30, 2023
Apr 30, 2023
Jan 29, 2023
Oct 30, 2022
Jul 31, 2022
May 1, 2022
Jan 30, 2022
Oct 31, 2021
Aug 1, 2021
May 2, 2021
Jan 31, 2021
Nov 1, 2020
Aug 2, 2020
May 3, 2020
Feb 2, 2020
Products
16,892)
14,130)
16,941)
9,257)
8,506)
10,143)
8,316)
7,439)
7,192)
7,412)
7,151)
6,917)
6,741)
7,082)
7,180)
6,627)
6,417)
6,053)
5,758)
5,064)
4,983)
5,081)
4,853)
4,125)
4,253)
4,204)
Subscriptions and services
5,295)
5,181)
1,074)
6,695)
6,498)
4,773)
5,738)
5,633)
5,295)
4,549)
2,144)
1,959)
1,992)
1,833)
1,750)
1,837)
1,686)
1,653)
1,649)
1,714)
1,627)
1,574)
1,614)
1,696)
1,489)
1,654)
Net revenue
22,187)
19,311)
18,015)
15,952)
15,004)
14,916)
14,054)
13,072)
12,487)
11,961)
9,295)
8,876)
8,733)
8,915)
8,930)
8,464)
8,103)
7,706)
7,407)
6,778)
6,610)
6,655)
6,467)
5,821)
5,742)
5,858)
Cost of products sold
(4,665)
(4,041)
(3,604)
(3,096)
(2,720)
(2,695)
(2,774)
(2,434)
(2,429)
(2,160)
(2,285)
(2,107)
(2,019)
(2,225)
(2,141)
(1,921)
(1,798)
(1,769)
(1,763)
(1,572)
(1,548)
(1,672)
(1,602)
(1,383)
(1,448)
(1,459)
Cost of subscriptions and services
(636)
(638)
(609)
(608)
(576)
(578)
(625)
(699)
(713)
(954)
(164)
(165)
(158)
(149)
(157)
(156)
(158)
(156)
(157)
(157)
(151)
(142)
(151)
(154)
(144)
(177)
Amortization of acquisition-related intangible assets
(1,461)
(1,462)
(1,545)
(1,519)
(1,483)
(1,484)
(1,602)
(1,525)
(1,516)
(1,380)
(438)
(439)
(441)
(535)
(705)
(705)
(707)
(730)
(849)
(851)
(853)
(874)
(962)
(953)
(954)
(950)
Restructuring charges
(10)
(13)
(8)
(26)
(28)
(14)
(51)
(58)
(53)
(92)
(1)
(1)
—)
(2)
(1)
(1)
(1)
(2)
—)
(1)
(1)
(15)
(5)
(15)
(7)
(8)
Cost of revenue
(6,772)
(6,154)
(5,766)
(5,249)
(4,807)
(4,771)
(5,052)
(4,716)
(4,711)
(4,586)
(2,888)
(2,712)
(2,618)
(2,911)
(3,004)
(2,783)
(2,664)
(2,657)
(2,769)
(2,581)
(2,553)
(2,703)
(2,720)
(2,505)
(2,553)
(2,594)
Gross margin
15,415)
13,157)
12,249)
10,703)
10,197)
10,145)
9,002)
8,356)
7,776)
7,375)
6,407)
6,164)
6,115)
6,004)
5,926)
5,681)
5,439)
5,049)
4,638)
4,197)
4,057)
3,952)
3,747)
3,316)
3,189)
3,264)
Research and development
(2,995)
(2,965)
(2,981)
(3,050)
(2,693)
(2,253)
(2,234)
(2,353)
(2,415)
(2,308)
(1,388)
(1,358)
(1,312)
(1,195)
(1,197)
(1,255)
(1,261)
(1,206)
(1,200)
(1,205)
(1,238)
(1,211)
(1,182)
(1,228)
(1,269)
(1,289)
Selling, general and administrative
(1,055)
(1,019)
(1,107)
(1,072)
(1,083)
(949)
(1,010)
(1,100)
(1,277)
(1,572)
(418)
(388)
(438)
(348)
(370)
(323)
(368)
(321)
(337)
(346)
(325)
(339)
(405)
(428)
(501)
(601)
Amortization of acquisition-related intangible assets
(506)
(507)
(507)
(507)
(506)
(511)
(813)
(812)
(827)
(792)
(348)
(350)
(348)
(348)
(358)
(359)
(398)
(397)
(494)
(494)
(494)
(494)
(599)
(600)
(599)
(603)
Restructuring and other charges
(71)
(103)
(146)
(187)
(86)
(172)
(318)
(303)
(292)
(620)
(13)
(212)
(9)
(10)
(15)
(7)
(18)
(17)
(26)
(26)
(25)
(71)
(35)
(52)
(54)
(57)
Operating expenses
(4,627)
(4,594)
(4,741)
(4,816)
(4,368)
(3,885)
(4,375)
(4,568)
(4,811)
(5,292)
(2,167)
(2,308)
(2,107)
(1,901)
(1,940)
(1,944)
(2,045)
(1,941)
(2,057)
(2,071)
(2,082)
(2,115)
(2,221)
(2,308)
(2,423)
(2,550)
Operating income
10,788)
8,563)
7,508)
5,887)
5,829)
6,260)
4,627)
3,788)
2,965)
2,083)
4,240)
3,856)
4,008)
4,103)
3,986)
3,737)
3,394)
3,108)
2,581)
2,126)
1,975)
1,837)
1,526)
1,008)
766)
714)
Interest expense
(776)
(801)
(761)
(807)
(769)
(873)
(916)
(1,064)
(1,047)
(926)
(405)
(406)
(405)
(406)
(406)
(406)
(518)
(407)
(434)
(415)
(466)
(570)
(420)
(464)
(487)
(406)
Other income (expense), net
118)
433)
122)
205)
25)
103)
52)
82)
87)
185)
132)
124)
113)
143)
40)
6)
(86)
(14)
22)
15)
(23)
117)
31)
49)
130)
(4)
Income from continuing operations before income taxes
10,130)
8,195)
6,869)
5,285)
5,085)
5,490)
3,763)
2,806)
2,005)
1,342)
3,967)
3,574)
3,716)
3,840)
3,620)
3,337)
2,790)
2,687)
2,169)
1,726)
1,486)
1,384)
1,137)
593)
409)
304)
(Provision for) benefit from income taxes
(820)
(846)
1,649)
(1,145)
(120)
13)
442)
(4,238)
116)
(68)
(443)
(271)
(235)
(66)
(261)
(263)
(200)
(215)
(180)
150)
7)
(6)
187)
96)
159)
76)
Income (loss) from continuing operations
9,310)
7,349)
8,518)
4,140)
4,965)
5,503)
4,205)
(1,432)
2,121)
1,274)
3,524)
3,303)
3,481)
3,774)
3,359)
3,074)
2,590)
2,472)
1,989)
1,876)
1,493)
1,378)
1,324)
689)
568)
380)
Income (loss) from discontinued operations, net of income taxes
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.
