At a glance
Broadcom Inc is worth $1.54T, about 68 times its fiscal 2025 earnings. Revenue grew 23.9% to $63.89B in fiscal 2025, with 36.2% kept as profit; over 5 years it has grown 21.7% a year. It pays a 1.01% dividend yield, raised every year for at least 9 years, and returned $63.70B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −12.0% over the past year with dividends reinvested and +45.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.8% in the 2020 crash (S&P 500: 33.7%) and 34.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 7 months after the lows.
The business in plain English
Broadcom designs and sells two kinds of products: semiconductors (computer chips and related hardware) and infrastructure software, which large organizations use to run and secure their computer systems. The company grew through acquisitions, including LSI, the original Broadcom Corporation, Brocade, CA, Symantec's enterprise security business and VMware. Revenue was $63.9 billion in the fiscal year ended November 2, 2025.
Semiconductor Solutions brought in $36.9 billion, or 57.7% of revenue. A major focus is data centers for artificial intelligence (AI). Broadcom builds custom AI chips, which it calls XPUs, to each customer's specifications. It also sells Ethernet switching chips, network cards and optical parts that move data between servers. Buyers of these AI products include hyperscalers (the largest cloud computing companies), firms building advanced AI models, and makers of servers and networking gear. The segment also sells Wi-Fi, Bluetooth and radio frequency chips for wireless devices, chips for servers and storage, set-top box and broadband chips, and industrial parts.
Infrastructure Software brought in $27.0 billion, or 42.3%. Its five portfolios are Private Cloud, Mainframe Software, Cybersecurity, Enterprise Software and management tools for Fibre Channel storage networks. Broadcom says most of the Fortune 500 and many government agencies rely on its software. Subscriptions and services made up 29.8% of total revenue, and product sales made up 70.2%.
Price history
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AVGO -12.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $44.85B | 70.2% |
| Subscriptions and services | $19.04B | 29.8% |
By business segment
| Semiconductor Solutions | $36.86B | 57.7% |
| Infrastructure Software | $27.03B | 42.3% |
Latest results
- In Q3 FY2026 (ended Aug 2, 2026), revenue was $29.59B, up 85.5% from a year earlier, and net income was $13.09B (+216.1%).
- For fiscal 2025, revenue was $63.89B (+23.9% year over year; +21.7% a year from FY2020 to FY2025) with a 36.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +21.7% good |
|---|---|
| Operating margin | 39.9% good |
| Free cash flow margin | 42.1% good |
| Return on equity (FY2025) | 28.4% good |
| Return on assets (FY2025) | 13.5% good |
| Net cash (cash minus debt) | $-35.44B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $23.89B | $2.66B | $11.60B |
| FY2021 | $27.45B | $6.44B | $13.32B |
| FY2022 | $33.20B | $11.49B | $16.31B |
| FY2023 | $35.82B | $14.08B | $17.63B |
| FY2024 | $51.57B | $5.89B | $19.41B |
| FY2025 | $63.89B | $23.13B | $26.91B |
Valuation snapshot
| Market value | $1.54T |
|---|---|
| P/E ratio | 67.6 |
| Dividend yield | 1.01% |
Rank among 1514 US companies
Market value at each year end
Broadcom’s market value went from $103.56B at the end of 2018 to $1.54T on Nov 2, 2026, about 14.9 times as much; since the end of 2025 it is down 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $1.54T | -6.3% |
| 2025 | $1.64T | +51.0% |
| 2024 | $1.09T | +108.0% |
| 2023 | $522.56B | +123.6% |
| 2022 | $233.65B | -15.0% |
| 2021 | $274.73B | +54.3% |
| 2020 | $178.08B | +41.7% |
| 2019 | $125.71B | +21.4% |
| 2018 | $103.56B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVGO price data to Nov 2, 2026 | -6.2% | -12.0% | +56.4% | +45.7% | +37.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.2% |
| 2025 | +50.6% |
| 2024 | +110.4% |
| 2023 | +104.2% |
| 2022 | -13.3% |
| 2021 | +56.4% |
| 2020 | +44.9% |
| 2019 | +29.1% |
| 2018 | +2.2% |
| 2017 | +48.3% |
| 2016 | +23.8% |
| 2015 | +46.2% |
| 2014 | +93.6% |
| 2013 | +71.2% |
| 2012 | +11.6% |
| 2011 | +2.9% |
| 2010 | +55.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.7% over that stretch · deepest drop along the way 46.8%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.6% over that stretch · deepest drop along the way 34.3%, back to its old high 7.1 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 1 open-market purchases ($374K) and 74 sales ($548.4M), 38 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 23, 2026 | Henry Samueli Director | sell (plan) | $81.8M |
| Sep 23, 2026 | Henry Samueli Director | sell (plan) | $66.3M |
| Sep 23, 2026 | Henry Samueli Director | sell (plan) | $30.4M |
| Jun 24, 2026 | Henry Samueli Director | sell (plan) | $20.7M |
| Jun 24, 2026 | Henry Samueli Director | sell (plan) | $19.0M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.49% | Mar 31, 2026 |
| Capital International Investors | 4.1% | Sep 30, 2024 |
ETFs with the most weight in AVGO
| SHOC Strive U.S. Semiconductor ETF | 15.94% |
| SMHX VanEck Fabless Semiconductor ETF | 15.17% |
| IETC iShares U.S. Tech Independence Focused ETF | 11.67% |
| SOXQ Invesco PHLX Semiconductor ETF | 10.49% |
| EGGQ NestYield Visionary ETF | 9.6% |
| TRFK Pacer Data and Digital Revolution ETF | 9.23% |
| SMH VanEck Semiconductor ETF | 8.52% |
| WUGI AXS Esoterica NextG Economy ETF | 8.46% |
What could go wrong
- Reliance on a few very large customers. Broadcom warns that a sharp drop in orders from certain customers, or losing one, could hurt results. Its custom AI chips are designed for individual cloud giants and AI model builders, so each relationship matters.
- The AI spending boom could cool. Chip demand moves in boom-and-bust cycles, and Broadcom says AI is profoundly changing its industry. If data center operators slow their AI spending, sales and profits could fall quickly.
- Software growth hinges on virtualization demand. Infrastructure software was 42.3% of fiscal 2025 revenue. Its growth depends on demand for data center virtualization products, customers accepting Broadcom's strategy, and license agreements being signed on acceptable terms.
- Dependence on outside factories and suppliers. Broadcom relies on contract manufacturers and buys many components from a limited number of suppliers. A disruption, or a failure to match supply with customer demand, could delay products and hurt results.
- A heavy debt load. As of August 2, 2026, debt was about $59.4 billion against $24.0 billion of cash and investments. An October 27, 2026 filing reported a new financial obligation. Debt payments reduce flexibility in downturns.
- Trade rules and global politics. Broadcom operates and sells around the world, so trade restrictions, government regulations and political tension between countries could block sales to some customers, raise costs or disrupt its supply chain.
Recent events
- New debt or financial obligation
- Quarterly results released; Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Shareholder vote results
- Other company announcement
- Executive or board change
- Quarterly results released; Other company announcement
- Executive or board change
For income and retirement investors
Broadcom has raised its dividend in at least nine straight fiscal years through fiscal 2025. Dividends per share rose from $1.30 in fiscal 2020 to $2.36 in fiscal 2025, about 12.7% a year. In fiscal 2025, dividends used 48.2% of earnings and 41.4% of free cash flow (cash left after running and investing in the business). The yield was 1% as of October 30, 2026, so the income is modest. Buybacks totaled $22.5 billion from fiscal 2021 to 2025, yet the share count rose 15.6% between November 2021 and August 2026. The company warns that future dividends are not assured.
The stock moved about twice as much as the market over the year to October 30, 2026 (a beta of 2.17). In the 2020 COVID crash it fell 46.8% in under a month and recovered by June 5, 2020. In the 2022 bear market it fell 34.3% and took until May 2023 to recover. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Broadcom make money?
Broadcom makes money by selling chips and infrastructure software to large businesses and government customers. In the fiscal year ended November 2, 2025, its Semiconductor Solutions segment brought in $36.9 billion (57.7% of revenue) and Infrastructure Software brought in $27.0 billion (42.3%), for total revenue of $63.9 billion. Chip customers range from cloud giants and AI model builders to equipment makers. It keeps a large share of sales as profit: the operating margin was 39.9%, and free cash flow was $26.9 billion.
Does Broadcom raise its dividend every year?
Yes, so far. Broadcom has raised its dividend in at least nine straight fiscal years through fiscal 2025, and the streak may be longer. Regular dividends per share grew from $1.30 in fiscal 2020 to $2.36 in fiscal 2025, about 12.7% a year. The yield was 1% as of October 30, 2026. The company's annual report warns there is no assurance it will keep declaring dividends.
Is Broadcom an AI stock?
Partly. Chips for artificial intelligence (AI) data centers are a major focus, but Broadcom also sells many other chips and has a large software business. Its AI products include custom accelerators called XPUs, built to each customer's specifications, plus Ethernet switching chips, network cards, optical components and, in some cases, complete server racks. Buyers include large cloud companies, firms building frontier AI models, and equipment makers. Revenue for the quarter ended August 2, 2026 was $29.6 billion, up 85.5% from a year earlier.
What is Broadcom's P/E ratio?
Broadcom's price-to-earnings (P/E) ratio was about 68.4 as of October 30, 2026, based on fiscal 2025 diluted earnings of $4.77 per share. The P/E shows how many dollars investors pay for each dollar of yearly profit, so 68.4 means a high price relative to past earnings. That figure looks backward: net income for the quarter ended August 2, 2026 was $13.1 billion, up 216.1% from a year earlier. The company's market value was about $1.56 trillion.
How has Broadcom stock performed over the long term?
Strongly, with sharp swings. As of October 30, 2026, the share price had gained about 37.9% a year over 10 years and 46.3% a year over five years. Calendar-year gains included 104.2% in 2023 and 110.4% in 2024. The stock fell 13.3% in 2022 and was down 5.1% for 2026 through October 30. Over the year to that date it lost 12.6%. Past returns do not predict future results.