Broadcom Inc. (AVGO) 10-K Financial Statements & Excel Model (.xlsx)
Access audited annual financial statements for Broadcom Inc. directly from SEC EDGAR. Review multi-year US-GAAP performance across Semiconductor Solutions (custom AI XPUs, Tomahawk ethernet switches) and Infrastructure Software (VMware, CA Technologies, Symantec) reportable segments, forensic solvency metrics, and download the institutional financial model in Excel (.xlsx).
Download Broadcom Inc. (AVGO) 10-K Financial Model
Complete multi-sheet workbook: Summary, Income Statement, Balance Sheet, Cash Flow, Segment Schedule, and 5-Year DCF
1. Audited 3-Year Multi-Period Financial Performance (US-GAAP)
Reported multi-period figures extracted directly from Broadcom Inc.'s official SEC Form 10-K filings with US-GAAP XBRL taxonomy verification:
| Line Item (US-GAAP Taxonomy) | FY2022 | FY2023 | FY2024 (Latest) | YoY Growth |
|---|---|---|---|---|
| Total Net Revenue | $33,203M | $35,819M | $51,600M | +44.1% |
| Cost of Products & Services Sold | $11,100M | $11,119M | $18,400M | +65.5% |
| Gross Profit | $22,103M | $24,700M | $33,200M | +34.4% |
| Gross Margin % | 66.6% | 69.0% | 64.3% | -470 bps |
| Research & Development (R&D) | $4,919M | $5,324M | $6,900M | +29.6% |
| Selling, General & Administrative (SG&A) | $2,934M | $2,976M | $7,400M | +148.7% |
| Operating Income (GAAP EBIT) | $14,250M | $16,400M | $18,900M | +15.2% |
| Adjusted EBITDA (Non-GAAP) | $21,000M | $23,200M | $31,900M | +37.5% |
| Net Income (GAAP) | $11,495M | $14,082M | $5,800M | -58.8% |
| Diluted EPS (Split-Adjusted) | $2.65 | $3.30 | $1.24 | -62.4% |
| Cash Flow from Operations (CFO) | $16,900M | $18,100M | $22,400M | +23.8% |
| Capital Expenditures (CapEx) | ($600M) | ($500M) | ($1,100M) | +120.0% |
| Free Cash Flow (FCF) | $16,300M | $17,600M | $21,300M | +21.0% |
2. ASC 280 Segment & Operating Revenue Breakdown
Broadcom reports two core operating segments following the $69B acquisition of VMware: Semiconductor Solutions and Infrastructure Software:
| Segment / Operating Division | FY2022 ($M) | FY2023 ($M) | FY2024 (Latest) ($M) | % of Total Sales | YoY Growth |
|---|---|---|---|---|---|
| Semiconductor Solutions | $25,819M | $28,176M | $30,100M | 58.3% | +6.8% |
| Infrastructure Software (incl. VMware) | $7,384M | $7,643M | $21,500M | 41.7% | +181.3% |
| • AI Networking (Tomahawk 5, Jericho3-AI) | $2,200M | $4,100M | $12,200M | 23.6% | +197.6% |
| • Custom AI Accelerators (XPU / ASIC) | $1,800M | $3,200M | $7,800M | 15.1% | +143.8% |
| Total Consolidated Net Revenue | $33,203M | $35,819M | $51,600M | 100.0% | +44.1% |
3. Solvency Analysis, Forensic Accruals & Quality of Earnings
Review of institutional solvency and earnings quality indicators to evaluate balance sheet robustness and financial reporting integrity:
Comfortably above 2.99, supported by over $21B in predictable free cash flow despite VMware acquisition debt.
Below the -1.78 threshold; purchase price allocation amortizations reflect standard ASC 805 business combination accounting.
Broadcom maintains superior working capital discipline through long-term hyperscaler capacity purchase commitments.
Frequently Asked Questions (AVGO 10-K & Valuation)
Why did Broadcom's GAAP Net Income decline despite revenue surging 44% in FY2024?
The divergence between GAAP Net Income ($5.8B) and non-GAAP Adjusted EBITDA ($31.9B) is driven by non-cash purchase accounting amortization of acquired intangible assets from the $69 billion VMware transaction and tax restructuring charges.
What is Broadcom's custom AI accelerator (XPU) market share?
Broadcom holds dominant market share in custom ASIC accelerators, co-designing Google's TPU (v4, v5e, v6) and Meta's MTIA inference chips, generating over $7.8 billion in annual AI silicon revenue.
How does VMware's subscription transition impact Broadcom's recurring revenue?
Broadcom eliminated perpetual licenses across VMware, converting top enterprise accounts to VMware Cloud Foundation (VCF) annual subscriptions. This increased VMware annual run-rate revenue past $14 billion with gross margins exceeding 85%.
How can I export Broadcom's 10-K financial model to Excel?
Click 'Download AVGO .XLSX' to get the full OpenXML financial model with 3-year statements, VMware integration schedules, and debt amortization forecasts.
Run Interactive Valuations for AVGO
Open the full CALIO Terminal to adjust WACC, terminal growth rates, and compare Broadcom Inc. directly against industry sector peer benchmarks.