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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Reportable Segments
- Dividend Discount Model (DDM)
- Selected Financial Data since 2009
- Current Ratio since 2009
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Broadcom Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-11-03), 10-Q (reporting date: 2019-08-04), 10-Q (reporting date: 2019-05-05), 10-Q (reporting date: 2019-02-03).
- Revenue Trends
- Over the periods observed, total net revenue demonstrated a consistent upward trajectory, rising from approximately $5.8 billion in early 2019 to nearly $16 billion by the third quarter of 2025. The revenue from products generally showed gradual growth with some fluctuations, expanding from about $4.6 billion to approximately $9.3 billion. Subscriptions and services revenue exhibited significant expansion, especially notable in 2024, where it nearly doubled within a short span, contributing substantially to the overall revenue growth.
- Cost Structure and Profitability
- The cost of products sold showed variability but generally increased in line with product revenues, moving from around $1.55 billion up to over $3 billion by the later periods. Similarly, the cost of subscriptions and services rose moderately until 2023, after which a notable surge occurred in 2024, aligning with the increased subscription revenue. Amortization of acquisition-related intangible assets remained a substantial ongoing expense but showed some reduction toward the later periods in product costs, while operating expenses related to amortization persisted at high levels. Overall gross margin increased significantly alongside revenues, reflecting improved profitability at the gross level. Operating income trends supported this, peaking near $6.3 billion by early 2025, although with some volatility in 2024.
- Operating Expenses
- Research and development expenses remained elevated and showed an increasing trend, growing from just over $1.1 billion to more than $3 billion toward the end of the series. This highlights a strong and sustained investment in innovation. Selling, general, and administrative expenses varied but generally decreased in relation to operational scale until 2024, where a moderate increase was observed. Restructuring and other charges fluctuated with occasional spikes, notably around early to mid-2024, which influenced overall operating expenses. Despite these variations, operating expenses as a whole seemed to stabilize or decrease relative to revenue, contributing positively to operating income growth.
- Income and Taxes
- Income from continuing operations increased overall, rising from under $500 million to peaks above $5.5 billion in early 2025, indicating strong operational performance. However, income taxes showed irregular patterns with periods of provisions and benefits, including a very large negative tax impact in one quarter of 2024, potentially related to tax adjustments or extraordinary items. This resulted in some fluctuations in net income and income attributable to common stock. Overall net income followed an upward path, reflecting operational growth and increased profitability, despite occasional volatility caused by tax effects and other charges.
- Financial Expenses and Other Items
- Interest expense remained relatively stable though elevated, averaging between $300 million and $500 million per quarter, with a notable increase in mid-2024 periods. Other income and expense items fluctuated, with both positive and negative values, occasionally providing moderate support to overall income before taxes.
- Significant Observations
- The surge in subscription and services revenue during 2024 represents a critical shift in the business mix, accompanied by a proportionate increase in associated costs. The periodic spikes in restructuring charges and amortization suggest ongoing integration activities related to acquisitions. Despite growing expenses in R&D and some volatility in tax provisions, the company demonstrated a strong capability to scale revenues and grow operating and net incomes steadily over the observed quarters.