Broadcom Inc. Revenue & Financials

Broadcom's financial trajectory represents one of the most dramatic revenue inflection events in the history of the American technology sector. For fiscal year 2023 (ended October 29, 2023), the company reported revenue of approximately $35.82 billion — already a record at the time. Then, in fiscal year 2024 (ended October 27, 2024), incorporating a full year of VMware revenue for the first time, total revenue surged to approximately $51.57 billion, a year-over-year increase of 44 percent. Semiconductor Solutions revenue for FY2024 reached approximately $30.96 billion, while Infrastructure Software revenue was approximately $21.51 billion. The more revealing metric is profitability. Broadcom's non-GAAP adjusted EBITDA margin for fiscal year 2024 approached 61 percent on a consolidated basis — a profitability level that places it in the company of the most efficient software businesses in the world despite manufacturing physical silicon at scale. Free cash flow for FY2024 was approximately $19.4 billion, providing the financial foundation for both the company's substantial dividend ($21 per share annualized as of late 2024, representing one of the largest absolute dividend payouts in the technology sector) and continued debt reduction from the VMware acquisition. GAAP net income tells a different story, impacted by enormous amortization charges from intangible assets acquired through M&A. GAAP net income for FY2024 was approximately $5.9 billion — substantial in absolute terms but representing only 11.4 percent of revenue, which understates the company's true cash-generating capability. The delta between GAAP and non-GAAP earnings per share has become a defining feature of Broadcom's financial presentation and a recurring point of education for analysts covering the stock. Looking to fiscal year 2025, management guided for revenue of approximately $89 billion at the company's first-quarter FY2025 earnings release — a projection that implies continued double-digit organic semiconductor growth layered atop the fully consolidated VMware base. Analyst consensus as of mid-2025 generally supports this range, underpinned by AI chip ramp volumes, VMware subscription conversion momentum, and stable broadband and wireless demand.