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Arphra AIPlain-English read on Broadcom Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $27.45B | $33.2B | $35.82B | $51.57B | $63.89B | $103.23B | $164.49B | $211.52B | $230.83B |
| Cost of revenue | $10.61B | $11.11B | $11.13B | $19.07B | $20.59B | $34.32B | $55.79B | $70.91B | $75.97B |
| Gross profit | $16.84B | $22.1B | $24.69B | $32.51B | $43.29B | $69.53B | $109.75B | $144.23B | $153.45B |
| Gross margin | +61.36% | +66.55% | +68.93% | +63.03% | +67.77% | +67.36% | +66.72% | +68.19% | +66.48% |
| Operating | |||||||||
| Research & development | $4.85B | $4.92B | $5.25B | $9.31B | $10.98B | $17.42B | $27.15B | $35.21B | $38.49B |
| Selling, general & administrative | $1.35B | $1.38B | $1.59B | $4.96B | $4.21B | $7.25B | $11.22B | $14.2B | $15.68B |
| Total operating expenses | $8.33B | $7.81B | $8.48B | $19.05B | $17.81B | $30.06B | $48.02B | $60.54B | $69.66B |
| Operating income | $8.52B | $14.23B | $16.21B | $13.46B | $25.48B | $37.15B | $59.6B | $78.22B | $87.07B |
| Operating margin | +31.03% | +42.84% | +45.25% | +26.10% | +39.89% | +35.98% | +36.23% | +36.98% | +37.72% |
| EBITDA | $14.69B | $19.16B | $20.55B | $23.88B | $34.71B | $54.26B | $88.65B | $109.36B | $119.43B |
| EBIT | $8.65B | $14.17B | $16.72B | $13.87B | $25.94B | $39.23B | $63.85B | $82.44B | $89.84B |
| Below the line | |||||||||
| Interest expense | $1.89B | $1.74B | $1.62B | $3.95B | $3.21B | $5.79B | $9.4B | $12.31B | $13.59B |
| Interest income | $16M | $100M | $535M | $461M | $347M | $1.02B | $1.59B | $2.07B | $2.22B |
| Other income / expense | -$1.75B | -$1.79B | -$1.11B | -$3.55B | -$2.76B | — | — | — | — |
| Pre-tax income | $6.77B | $12.43B | $15.1B | $9.92B | $22.73B | $33.78B | $52.26B | $67.77B | $72.39B |
| Income tax expense | $29M | $939M | $1.02B | $3.75B | -$397M | $4.73B | $7.62B | $9.88B | $10.53B |
| Earnings | |||||||||
| Net income | $6.74B | $11.5B | $14.08B | $5.9B | $23.13B | $29.7B | $47.71B | $62.87B | $65.4B |
| Net income · continuing ops | $6.74B | $11.5B | $14.08B | $6.17B | $23.13B | $29.86B | $46.93B | $62.96B | $67.58B |
| Net margin | +24.54% | +34.62% | +39.31% | +11.43% | +36.20% | +28.77% | +29.01% | +29.72% | +28.33% |
| EPS · basic | $1.57 | $2.74 | $3.39 | $1.27 | $4.91 | $11.62 | $18.94 | $24.07 | $20.00 |
| EPS · diluted | $1.50 | $2.65 | $3.30 | $1.23 | $4.77 | $11.27 | $18.38 | $23.28 | $19.71 |
| EPS · low estimate | — | — | — | — | — | $10.12 | $13.65 | $17.41 | $12.65 |
| EPS · high estimate | — | — | — | — | — | $13.15 | $21.35 | $29.02 | $23.54 |
| Shares · basic | 4.1B | 4.09B | 4.15B | 4.62B | 4.71B | 4.71B | 4.74B | 4.72B | 4.74B |
| Shares · diluted | 4.29B | 4.23B | 4.27B | 4.78B | 4.85B | 4.81B | 4.81B | 4.83B | 4.83B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 33 | 35 | 20 | 10 |
| Analysts (EPS) | — | — | — | — | — | 25 | 25 | 6 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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