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Broadcom (AVGO) investor relations material
Broadcom Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Dec, 2025
Executive summary
Fiscal 2025 consolidated revenue reached $64 billion, up 24% year-over-year, driven by AI semiconductors and VMware, with net income and free cash flow at record levels.
AI revenue grew 65% year-over-year to $20 billion, with Semiconductor revenue at a record $37 billion.
Q4 2025 revenue was a record $18 billion, up 28% year-over-year, driven by a 74% surge in AI semiconductor revenue.
The company maintains a broad IP portfolio with approximately 19,000 patents and 24 category-leading divisions.
Growth has been fueled by strategic acquisitions and innovation, with revenue nearly doubling since FY21.
Financial highlights
Fiscal 2025 adjusted EBITDA reached $43 billion (67% of revenue), and free cash flow grew 39% to $26.9 billion.
Q4 adjusted EBITDA was $12.12 billion, up 34% year-over-year, with a margin of 68%.
Q4 gross margin was 77.9%, with operating income at $11.9 billion, up 35% year-over-year.
FY25 non-GAAP gross margin was 74.7%.
Cash and cash equivalents at year-end were $16.2 billion, up from $10.7 billion at the prior year-end.
Outlook and guidance
Q1 2026 consolidated revenue expected at $19.1 billion, up 28% year-over-year.
Q1 Semiconductor revenue forecast at $12.3 billion, up 50% year-over-year; AI Semiconductor revenue expected to double to $8.2 billion.
Q1 adjusted EBITDA expected at 67% of revenue; gross margin to decline 100 bps sequentially due to higher AI mix.
Fiscal 2026 annual dividend to increase 10% to $2.60 per share.
The company highlights robust business and financial models, positioning for diversified and sustainable revenue growth.
Capital expenditure trends vs. free cash flow
Key non-GAAP adjustments impact on net income
Debt management strategy post-acquisition
Long-term gross margin impact of AI system sales
What factors limit non-AI semiconductor recovery?
Broadcom's strategy for AI supply chain resiliency
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Next Broadcom earnings date
Q1 20265 Mar, 2026
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Frequently asked questions
Semiconductors for Communications
Broadcom Inc. is an American company active in the semiconductor industry. Over the years, the company has developed a range of products used for products in the digital communications sector. Its semiconductor solutions are integral to a multitude of devices, from routers and switches to set-top boxes and smartphones. The company also manufactures chips that enable data transmission through Wi-Fi, Bluetooth, and Ethernet.
Formation and Expansion
The roots of the present-day company can be traced all the way back to 1961. What would later become Broadcom was established as HP Associates, which acted as the semiconductor business arm of Hewlett-Packard. The division was spun off from the parent company as part of a larger reorganization in 1999. What had originated as a part of Hewlett-Packard eventually ended up in the hands of two other companies, who went on to form Avago Technologies. In 2016 Avago acquired Broadcom, a company founded in 1991 that manufactured semiconductors for wireless and broadband products. After the multi-billion dollar deal was finalized Avago adopted the Broadcom name, resulting in the formation of the present-day Broadcom Inc.
The semiconductor business is complex and absolutely crucial for the development of modern technology and companies like Broadcom, TSMC, and ASML play a crucial role in global manufacturing.
The Semiconductors
Broadcom Inc. is a premier manufacturer in the semiconductor sector, specializing in a wide range of integrated circuits utilized across various digital communication platforms. At the core of their offerings are chips designed for both wired and wireless communication systems. Essential products from Broadcom's semiconductor lineup include those facilitating Ethernet connections, Wi-Fi and Bluetooth functionalities, and data center switches. Additionally, the company has made significant strides in the development of custom System-on-a-chip (SoC) components.
The Software Solutions
The company also offers a variety of software solutions alongside its semiconductor products. One segment of their software portfolio is dedicated to mainframe and enterprise solutions, addressing performance optimization, data management, and security concerns. Additionally, Broadcom has products in the cybersecurity domain, providing businesses with tools to protect their digital environments. By integrating these software solutions with their hardware components, Broadcom delivers comprehensive, end-to-end systems that can be tailored and adapted to fit the customer's demands.
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