Broadcom vs L'Oreal: Revenue, Profit and Business Model
Broadcom reported $63.9B of revenue in FY2025 and $23.1B of net income. L'Oreal reported ~$49.8B of revenue in FY2025 and ~$6.9B of net income.
Latest financial snapshot
Financial summary
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.
L'Oreal
L'Oréal's 2025 sales reached ~$49.8 billion (€44.05 billion), up 4.0% like-for-like and 1.3% as reported because of currency headwinds. Gross profit was ~$37 billion (€32.74 billion) (74.3% of sales), operating profit ~$10 billion (€8.89 billion) (20.2%) and net profit after non-controlling interests ~$6.93 billion (€6.13 billion). Net cash flow rose 7.8% to ~$8.14 billion (€7.2 billion). Growth sped up in 2026: first-quarter sales were ~$13.7 billion (€12.15 billion) (+7.6% like-for-like), and first-half sales were ~$26.9 billion (€23.77 billion), up 6.8% like-for-like and 5.8% reported. First-half operating profit rose 6.8% to ~$5.72 billion (€5.06 billion), a record 21.3% margin, and net profit excluding non-recurring items rose 4.7% to ~$4.47 billion (€3.96 billion). On 28 September 2026 L'Oréal's market value was about $232 billion (€205 billion), with the share near €380.
Revenue and profit by year
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 |
L'Oreal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$49.8B | ~$6.9B | 13.9% | +1.3% | Source |
| FY2024 | ~$49.1B | ~$7.2B | 14.7% | +5.6% | Source |
| FY2023 | ~$46.5B | ~$7B | 15.0% | +7.6% | Source |
| FY2022 | ~$43.2B | ~$6.4B | 14.9% | +18.5% | Source |
| FY2021 | ~$36.5B | ~$5.2B | 14.2% | — | Source |
Where the revenue comes from
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.
L'Oreal
- Consumer Products36.5%
~$18.2 billion (€16.09 billion) of 2025 sales. Mass-market brands L'Oréal Paris, Maybelline New York, Garnier, NYX Professional Makeup and Essie, sold through supermarkets, drugstores, mass retailers and e-commerce.
- L'Oréal Luxe35.4%
~$17.6 billion (€15.60 billion) of 2025 sales. Prestige brands including Lancôme, YSL Beauty, Giorgio Armani Beauty, Kiehl's, Aesop, Prada and Valentino, sold through department stores, Sephora-type specialists, travel retail and boutiques. Creed and the Kering licences joined from April 2026.
- Dermatological Beauty16.4%
~$8.14 billion (€7.20 billion) of 2025 sales. CeraVe, La Roche-Posay, Vichy and SkinCeuticals, sold mainly through pharmacies, health channels and online with dermatologist recommendation.
- Professional Products11.7%
~$5.83 billion (€5.16 billion) of 2025 sales. Salon brands Kérastase, L'Oréal Professionnel, Redken and Matrix, sold to hair salons and through their online channels.
Business model and strategy
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.
L'Oreal
How it makes money
L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Growth strategy
L'Oréal grows through innovation, acquisitions, licences and new markets. Recent deals include Aesop (2023, about $2.5 billion), a roughly 20% stake in Galderma, and Kering Beauté (2026, ~$4.52 billion (€4 billion)), which brought Creed plus 50-year licences for Bottega Veneta, Balenciaga and Gucci.
Competitive advantage
L'Oréal's edge comes from three things competitors rarely combine: a portfolio covering mass, luxury, dermatological and salon beauty; a research organisation of roughly 4,000 people that files about 500 patents a year; and distribution in about 150 countries across every channel. Because beauty is its only business, capital and talent are not split with food or household goods, unlike Unilever or Procter & Gamble.
Questions about Broadcom vs L'Oreal
Which company has higher revenue — Broadcom Inc. or L'Oréal SA?
Broadcom Inc. reported $63.9B (FY2025), while L'Oréal SA reported ~$49.8B (FY2025). By last reported revenue, Broadcom Inc. is the larger business, with L'Oréal SA reporting a smaller revenue base.
What is the market cap of Broadcom Inc. vs L'Oréal SA?
Broadcom Inc.'s market capitalisation stands at $1.68T, while L'Oréal SA's is $204.9B. Broadcom Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to L'Oréal SA.
Which is more financially efficient — Broadcom Inc. or L'Oréal SA?
Broadcom Inc. generates $1.94M / employee in revenue per employee, while L'Oréal SA generates $524k / 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 Broadcom Inc. and L'Oréal SA make money?
Broadcom Inc. and L'Oréal SA generate revenue in fundamentally different ways. Broadcom Inc.: Broadcom reports two segments. L'Oréal SA: L'Oréal makes money by developing, manufacturing and marketing beauty products that it sells to retailers, pharmacies, salons, travel retail and directly online.
Which company is valued higher relative to revenue — Broadcom Inc. or L'Oréal SA?
On a price-to-sales (P/S) basis, Broadcom Inc. trades at 26.3x P/S and L'Oréal SA at 4.1x P/S. Broadcom Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to L'Oréal SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Broadcom Inc. bigger than L'Oréal SA?
By last reported revenue, Broadcom Inc. ($63.9B (FY2025)) is the larger company compared to L'Oréal SA (~$49.8B (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 Broadcom vs L'Oreal overview