Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2009
- Price to Operating Profit (P/OP) since 2009
- Price to Book Value (P/BV) since 2009
- Price to Sales (P/S) since 2009
- Analysis of Debt
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Broadcom Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2025-11-02), 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).
The financial data reveals several key trends and patterns in the company’s performance and cash flow management over the observed periods.
- Net Income
- Net income demonstrated strong growth from 2020 through 2023, increasing from $2,960 million to $14,082 million. However, there was a notable decline in 2024 to $5,895 million, followed by a significant rebound to $23,126 million in 2025, suggesting volatility in profitability.
- Amortization of Intangible and Right-of-Use Assets
- Amortization expenses consistently decreased from 2020 ($6,335 million) to 2023 ($3,333 million), but then sharply increased in 2024 ($9,417 million) and moderately declined in 2025 ($8,201 million), indicating fluctuating intangible asset expenses, possibly linked to acquisitions or impairments.
- Depreciation
- Depreciation remained relatively stable throughout the periods, ranging narrowly around $500-$600 million, indicating steady investment in tangible assets without major fluctuations.
- Share-Based Compensation
- This expense showed an overall upward trend, with a dip from 2020 to 2022, then rising sharply from 2023 ($2,171 million) to 2025 ($7,568 million), reflecting increased employee compensation via stock awards.
- Deferred Taxes and Other Non-Cash Taxes
- The item exhibited high volatility, moving from negative values in early years (-$1,142 million in 2020) to a positive amount in 2024 ($1,965 million), then a sharp negative again in 2025 (-$4,008 million), suggesting variable tax-related adjustments impacting non-cash expenses.
- Loss on Debt Extinguishment and Non-Cash Interest Expense
- Loss on debt extinguishment fluctuated at low levels, mostly below $200 million, with some years showing no amounts. Non-cash interest expense saw an increasing trend especially in 2024 ($427 million), before leveling down somewhat in 2025 ($344 million), indicating changes in debt structure costs.
- Working Capital Components and Changes
- Trade accounts receivable, inventory, and accounts payable movements appear volatile. For instance, trade receivables shifted from positive values early on to negative and back again, including significant negative fluctuations (-$2,717 million in 2025), indicating variations in collection terms or sales patterns. Inventory also oscillated without a consistent trend. Net changes in assets and liabilities, adjusted for acquisitions and disposals, showed increasing negative outflows from 2022 onwards, reaching -$8,500 million in 2025, reflecting increasing working capital demands or operational cash absorption.
- Operating Cash Flows
- Net cash provided by operating activities exhibited steady growth from $12,061 million in 2020 to $27,537 million in 2025, indicating strong and improving core cash generation despite net income variability.
- Investing Activities
- Investing cash flows were mostly negative, with large one-off cash outflows notably in 2020 (-$11,109 million) and 2024 (-$23,070 million) driven primarily by acquisitions of businesses. Capital expenditures for property, plant, and equipment remained relatively stable, moderately increasing over time. Proceeds from sales of businesses and investments fluctuated but were generally minor in relation to acquisitions.
- Financing Activities
- Financing cash flows showed net outflows in most years except 2020. There was significant borrowing activity in 2020 and 2024 with proceeds from long-term borrowings peaking at $39,954 million in 2024, supported by substantial debt repayments each year. Dividends and share repurchases represented consistent cash uses, with dividends increasing steadily from $5,534 million in 2020 to $11,142 million in 2025, and share repurchases peaking around 2022-2024 before declining. Issuance of common stock slightly increased over the years but did not offset repurchase volumes.
- Cash Position
- Cash and cash equivalents at period start and end showed steady increases in 2021-2023, a decrease in 2024, and a recovery in 2025. The net change in cash itself was mostly positive except for a decline in 2024, consistent with large investing outflows and financing outflows in that year.
In summary, the company displayed strong operating cash flow growth and robust profitability with some volatility. Significant investments through acquisitions and substantial financing activities, including debt management and shareholder distributions, were prominent features. Working capital fluctuations and tax-related non-cash adjustments introduced variability in cash flow drivers. The overall financial management appears focused on maintaining a strong cash position while actively managing growth and returns to shareholders.