AXA vs Broadcom: Revenue, Profit and Business Model
AXA reported ~$131.1B of revenue in FY2025 and ~$11.1B of net income. Broadcom reported $63.9B of revenue in FY2025 and $23.1B of net income.
Latest financial snapshot
Financial summary
AXA
AXA's results combine large, slow-moving premium income with investment income on the reserves it holds. In 2025 gross written premiums and other revenues rose 6% to ~$131 billion (EUR 116 billion), underlying earnings rose 6% to ~$9.49 billion (EUR 8.4 billion), underlying earnings per share rose 8% to EUR 3.86 and net income rose to ~$11.1 billion (EUR 9.80 billion), helped by the gain on the sale of AXA Investment Managers. The property and casualty combined ratio improved 0.3 points to 90.6%, so underwriting itself was profitable before investment income. The Solvency II ratio ended 2025 at 224%, and 215% on January 1, 2026 once capital instruments under Solvency II transitional measures stopped qualifying. AXA proposed a dividend of EUR 2.32 per share for 2025, up 8%, alongside an annual buyback of up to $1.41 billion (EUR 1.25 billion).
Broadcom
Fiscal 2025 revenue rose 24% to $63.9 billion and net income reached $23.1 billion, up from $5.9 billion in fiscal 2024, when a large income tax charge weighed on results. Operating income was $25.5 billion and free cash flow $26.9 billion, of which $11.1 billion went to dividends and $6.4 billion to buybacks. Fiscal 2026 then accelerated: quarterly revenue went from $19.3 billion in Q1 to $22.2 billion in Q2 and $29.6 billion in Q3, with Q4 guided at about $34.8 billion. Long-term debt taken on for VMware fell to $57.2 billion at 2 August 2026 from $62.0 billion at the end of fiscal 2025, and the quarterly dividend is $0.65 a share after a 10% increase.
Revenue and profit by year
AXA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$131.1B | ~$11.1B | 8.4% | +5.2% | Source |
| FY2024 | ~$124.6B | ~$8.9B | 7.2% | +7.4% | Source |
| FY2023 | ~$116.1B | ~$8.1B | 7.0% | +0.7% | Source |
| FY2022 | ~$115.3B | — | 0.0% | +2.1% | Source |
| FY2021 | ~$112.9B | ~$8.2B | 7.3% | +3.0% | Source |
| FY2020 | ~$109.6B | — | 0.0% | -6.3% | Source |
| FY2019 | ~$117B | — | 0.0% | +0.6% | Source |
| FY2018 | ~$116.3B | — | 0.0% | — | Source |
| FY2016 | ~$113B | — | 0.0% | — | Source |
Broadcom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $63.9B | $23.1B | 36.2% | +23.9% | Source |
| FY2024 | $51.6B | $5.9B | 11.4% | +44.0% | Source |
| FY2023 | $35.8B | $14.1B | 39.3% | +7.9% | Source |
| FY2022 | $33.2B | $11.5B | 34.6% | +21.0% | Source |
| FY2021 | $27.4B | $6.7B | 24.5% | +14.9% | Source |
| FY2020 | $23.9B | $3B | 12.4% | +5.7% | Source |
| FY2019 | $22.6B | $2.7B | 12.1% | +8.4% | Source |
| FY2018 | $20.8B | $12.3B | 58.8% | +18.2% | Source |
| FY2017 | $17.6B | $1.7B | 9.6% | — | Source |
Where the revenue comes from
AXA
- Property & Casualty Insurance~50%
Gross written premiums and revenues of ~$65.5 billion (EUR 58 billion) in 2025, up 5%, including personal lines of ~$22.3 billion (EUR 19.7 billion) and AXA XL Reinsurance of ~$2.94 billion (EUR 2.6 billion). The 90.6% combined ratio means the book was profitable before investment income.
- Life & Savings Insurance~32%
~$42.4 billion (EUR 37.5 billion) of 2025 premiums and revenues, up 9%, with unit-linked business up 13%. Capital-light savings and protection contracts have replaced much of the traditional guaranteed savings book.
- Health Insurance~16%
~$21.5 billion (EUR 19 billion) of 2025 premiums and revenues, up 5% on pricing, spanning individual cover, group schemes and employee benefits. Health earnings grew 17% in 2025.
- Asset Management (divested July 2025)~1%
AXA Investment Managers contributed revenues only until July 1, 2025, when it was sold to BNP Paribas Cardif for ~$5.76 billion (EUR 5.1 billion) in cash out of a ~$6.1 billion (EUR 5.4 billion) total transaction value.
Broadcom
- Semiconductor Solutions
~58% (FY2025); 70% in Q3 FY2026
Custom AI accelerators, Ethernet switch chips, network adapters, optics, broadband, storage connectivity, wireless and RF filters generated $36.9B in fiscal 2025 and $20.8B in Q3 fiscal 2026 alone, up 127% year over year.
- Infrastructure Software
~42% (FY2025); 30% in Q3 FY2026
VMware Cloud Foundation plus CA mainframe and Symantec security software generated $27.0B in fiscal 2025 and $8.8B in Q3 fiscal 2026, up 29%.
- AI Semiconductor Revenue
56% of revenue in Q3 FY2026
AI semiconductor revenue, a subset of Semiconductor Solutions, was about $20B in fiscal 2025 and $16.7B in Q3 fiscal 2026, with $21.7B guided for Q4.
Business model and strategy
AXA
How it makes money
AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits).
Growth strategy
AXA grows mostly organically in insurance lines it can price, supplemented by bolt-on deals: Laya Healthcare in Ireland and GACM España in 2023, and a 51% stake in the Italian direct insurer Prima announced in 2025 for ~$565 million (EUR 500 million). The bigger strategic move has been simplification.
Competitive advantage
AXA's main advantage is a diversified risk pool. Writing motor, home, commercial property, liability, health and life cover in 52 countries lets one bad year in a single market or line be absorbed elsewhere: in 2025 growth in health and European commercial lines offset pressure in other portfolios. Its balance sheet supports that spread, with a Solvency II ratio of 224% at the end of 2025.
Broadcom
How it makes money
Broadcom reports two segments. Semiconductor Solutions sold $36.9 billion of chips in fiscal 2025: custom AI accelerators (XPUs) designed with hyperscale customers, Tomahawk and Jericho Ethernet switch chips, network adapters, optical components, Wi-Fi and Bluetooth chips, RF filters for smartphones, broadband gateway chips and storage connectivity.
Growth strategy
Broadcom's growth plan has two engines. In chips, it co-designs custom accelerators with a short list of customers, including Google's TPU, Meta's MTIA, OpenAI and Anthropic, and sells the Ethernet switches, network adapters and optics that connect them. In software, it is moving VMware's installed base onto VMware Cloud Foundation subscriptions;
Competitive advantage
Broadcom's edge is engineering depth in a few hard problems where customers rarely switch once a design is chosen: high-speed SerDes, switch silicon, advanced packaging and custom ASIC design. Its Tomahawk 6 switch chip, announced in June 2025, handles 102.4 terabits per second. In software, VMware is built into enterprise data centers, which makes migrations slow and costly.
Questions about AXA vs Broadcom
Which company has higher revenue — AXA SA or Broadcom Inc.?
AXA SA reported ~$131.1B (FY2025), while Broadcom Inc. reported $63.9B (FY2025). By last reported revenue, AXA SA is the larger business, with Broadcom Inc. reporting a smaller revenue base.
What is the market cap of AXA SA vs Broadcom Inc.?
AXA SA's market capitalisation stands at $90.3B, while Broadcom Inc.'s is $1.68T. Broadcom Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AXA SA.
Which is more financially efficient — AXA SA or Broadcom Inc.?
AXA SA generates $840k / employee in revenue per employee, while Broadcom Inc. generates $1.94M / employee. Broadcom Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do AXA SA and Broadcom Inc. make money?
AXA SA and Broadcom Inc. generate revenue in fundamentally different ways. AXA SA: AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits). Broadcom Inc.: Broadcom reports two segments.
Which company is valued higher relative to revenue — AXA SA or Broadcom Inc.?
On a price-to-sales (P/S) basis, AXA SA trades at 0.7x P/S and Broadcom Inc. at 26.3x P/S. Broadcom Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AXA SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AXA SA bigger than Broadcom Inc.?
By last reported revenue, AXA SA (~$131.1B (FY2025)) is the larger company compared to Broadcom Inc. ($63.9B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AXA vs Broadcom overview