- Revenue of $18,015 million for the fourth quarter, up 28 percent from the prior year period
- GAAP net income of $8,518 million for the fourth quarter; Non-GAAP net income of $9,714 million for the fourth quarter
- Adjusted EBITDA of $12,218 million for the fourth quarter, or 68 percent of revenue
- GAAP diluted EPS of $1.74 for the fourth quarter; Non-GAAP diluted EPS of $1.95 for the fourth quarter
- Cash from operations of $7,703 million for the fourth quarter, less capital expenditures of $237 million, resulted in $7,466 million of free cash flow, or 41 percent of revenue
- Quarterly common stock dividend increased by 10 percent from the prior quarter to $0.65 per share
- First quarter fiscal year 2026 revenue guidance of approximately $19.1 billion, an increase of 28 percent from the prior year period
- First quarter fiscal year 2026 Adjusted EBITDA guidance of 67 percent of projected revenue (1)
PALO ALTO, Calif., Dec. 11, 2025 /PRNewswire/ -- Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended November 2, 2025, provided guidance for its first quarter of fiscal year 2026 and announced its quarterly dividend.
"In Q4, record revenue of $18.0 billion grew 28% year-over-year, driven primarily by AI semiconductor revenue increasing 74% year-over-year," said Hock Tan, President and CEO of Broadcom Inc. "We see the momentum continuing in Q1 and expect AI semiconductor revenue to double year-over-year to $8.2 billion, driven by custom AI accelerators and Ethernet AI switches. We forecast Q1'26 total revenue of $19.1 billion and adjusted EBITDA of 67%."
"In fiscal year 2025 adjusted EBITDA increased 35% year-over-year to a record $43.0 billion, and free cash flow was strong at $26.9 billion," said Kirsten Spears, CFO of Broadcom Inc. "Based on increased cash flows in fiscal year 2025, we are increasing our quarterly common stock dividend by 10% to $0.65 per share for fiscal year 2026. The target fiscal year 2026 annual common stock dividend of $2.60 per share is a record, and the fifteenth consecutive increase in annual dividends since we initiated dividends in fiscal 2011."
(1) The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort. |
Fourth Quarter Fiscal Year 2025 Financial Highlights
GAAP | Non-GAAP | |||||||||||||||||
(Dollars in millions, except per share data) | Q4 25 | Q4 24 | Change | Q4 25 | Q4 24 | Change | ||||||||||||
Net revenue | $ | 18,015 | $ | 14,054 | +28 | % | $ | 18,015 | $ | 14,054 | +28 | % | ||||||
Net income | $ | 8,518 | $ | 4,324 | +97 | % | $ | 9,714 | $ | 6,965 | +39 | % | ||||||
Earnings per common share - diluted | $ | 1.74 | $ | 0.90 | +93 | % | $ | 1.95 | $ | 1.42 | +37 | % | ||||||
(Dollars in millions) | Q4 25 | Q4 24 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow from operations | $ | 7,703 | $ | 5,604 | +37 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 12,218 | $ | 9,089 | +34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Free cash flow | $ | 7,466 | $ | 5,482 | +36 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net revenue by segment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Q4 25 | Q4 24 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Semiconductor solutions | $ | 11,072 | 61 | % | $ | 8,230 | 59 | % | +35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Infrastructure software | 6,943 | 39 | 5,824 | 41 | +19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net revenue | $ | 18,015 | 100 | % | $ | 14,054 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company's cash and cash equivalents at the end of the fiscal quarter were $16,178 million, compared to $10,718 million at the end of the prior fiscal quarter.
During the fourth fiscal quarter, the Company generated $7,703 million in cash from operations and spent $237 million on capital expenditures, resulting in $7,466 million of free cash flow.
On September 30, 2025, the Company paid a cash dividend of $0.59 per share, totaling $2,797 million.
The differences between the Company's GAAP and non-GAAP results are described generally under "Non-GAAP Financial Measures" below and presented in detail in the financial reconciliation tables attached to this release.
Fiscal Year 2025 Financial Highlights
GAAP | Non-GAAP | |||||||||||||||||
(Dollars in millions, except per share data) | FY 25 | FY 24 | Change | FY 25 | FY 24 | Change | ||||||||||||
Net revenue | $ | 63,887 | $ | 51,574 | +24 | % | $ | 63,887 | $ | 51,574 | +24 | % | ||||||
Net income | $ | 23,126 | $ | 5,895 | +292 | % | $ | 33,728 | $ | 23,733 | +42 | % | ||||||
Earnings per common share - diluted | $ | 4.77 | $ | 1.23 | +288 | % | $ | 6.82 | $ | 4.87 | +40 | % | ||||||
(Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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