Stock Analysis on Net
Stock Analysis on Net

Broadcom Inc. (NASDAQ:AVGO)

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Common-Size Income Statement

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Broadcom Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Nov 2, 2025 Nov 3, 2024 Oct 29, 2023 Oct 30, 2022 Oct 31, 2021 Nov 1, 2020
Products
Subscriptions and services
Net revenue
Cost of products sold
Cost of subscriptions and services
Amortization of acquisition-related intangible assets
Restructuring charges
Cost of revenue
Gross margin
Research and development
Selling, general and administrative
Amortization of acquisition-related intangible assets
Restructuring and other charges
Operating expenses
Operating income
Interest expense
Interest income
Other income
Gain (loss) on investments
Other expense
Gain from lapse of indemnification
Other income (expense), net
Income from continuing operations before income taxes
(Provision for) benefit from income taxes
Income from continuing operations
Loss from discontinued operations, net of income taxes
Net income
Dividends on preferred stock
Net income attributable to common stock

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).

Revenue Composition
The proportion of net revenue from products showed an increasing trend from 72.99% in 2020 to a peak of 79.14% in 2022, followed by a decline to 58.86% in 2024, then a partial recovery to 70.2% in 2025. Subscriptions and services exhibited an inverse pattern, decreasing from 27.01% in 2020 to 20.86% in 2022, then rising significantly to 41.14% in 2024 before moderating to 29.8% in 2025.
Cost of Revenue and Gross Margin
The overall cost of revenue as a percentage of net revenue decreased consistently from 43.42% in 2020 to a low of 31.07% in 2023, but increased again to 36.97% in 2024 before reducing to 32.23% in 2025. Cost of products sold followed a similar trend with an improvement through 2023 and a spike in 2024. Correspondingly, gross margin improved steadily from 56.58% in 2020 to a high of 68.93% in 2023, declining to 63.03% in 2024 and climbing again to 67.77% in 2025.
Amortization and Restructuring Charges
Amortization of acquisition-related intangible assets showed a marked reduction from 15.99% in 2020 to 5.17% in 2023 but increased again to 11.68% in 2024 before declining to 9.44% in 2025 within cost of products sold. Within operating expenses, the amortization expense also decreased from 10.05% to 3.89% during 2023, then rose to 6.29% in 2024 and dropped to 3.18% in 2025. Restructuring charges remained low overall but showed a slight increase in 2024 within both cost of revenue and operating expenses categories.
Operating Expenses
Research and development (R&D) expenses as a percentage of net revenue decreased from 20.8% in 2020 to around 14.67% in 2023, then increased moderately to 18.05% in 2024 and slightly decreased to 17.18% in 2025. Selling, general and administrative (SG&A) expenses declined substantially from 8.1% in 2020 to below 5% in 2022 and 2023, spiked to 9.62% in 2024, and decreased again to 6.59% in 2025. Overall operating expenses followed a favorable declining trend from 39.78% in 2020 to approximately 23.68% in 2023, rose significantly to 36.93% in 2024, then improved to 27.88% in 2025.
Profitability Metrics
Operating income experienced a steady increase, more than doubling from 16.8% in 2020 to 45.25% in 2023, followed by a decline to 26.1% in 2024 before rebounding to 39.89% in 2025. Income from continuing operations before taxes showed a similar pattern, advancing to 42.15% in 2023, falling to 19.23% in 2024, and recovering to 35.58% in 2025. Income from continuing operations and net income mirrored these changes, with peaks in 2023, declines in 2024, and subsequent improvement in 2025.
Financial Income and Expenses
Interest expense gradually decreased as a percentage of net revenue from 7.44% in 2020 to 4.53% in 2023, but rose again to 7.66% in 2024 before declining to 5.02% in 2025. Interest income fluctuated overall, with a notable rise to 1.49% in 2023 and lower values in later years. Other income and expenses remained relatively minor but contributed positively overall in most years.
Tax Provision
The tax provision fluctuated, being a small positive in 2020, slightly negative in 2021 and 2022, strongly negative in 2024 (-7.27%), and returning to a small positive value in 2025. This volatility influenced the net income trends in respective years.
Dividends and Earnings Attributable to Common Stock
Dividends on preferred stock decreased over the periods with no recorded values after 2022. Net income attributable to common stock rose steadily from 11.15% in 2020 to 39.31% in 2023, dropped sharply to 11.43% in 2024, and rebounded to 36.2% in 2025, reflecting the overall income pattern.