Broadcom vs Xiaomi: Revenue, Profit and Business Model
Broadcom reported $63.9B of revenue in FY2025 and $23.1B of net income. Xiaomi reported ~$63.6B of revenue in FY2025 and ~$5.8B 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.
Xiaomi
FY2025 was Xiaomi's strongest year: revenue rose 25.0% to ~$63.6B (RMB457.3B), profit attributable to owners was ~$5.78B (RMB41.6B), and adjusted net profit rose 43.8% to ~$5.45B (RMB39.2B). The Smart EV, AI and other new initiatives segment more than tripled to ~$14.7B (RMB106.1B) on 411,082 vehicle deliveries and posted its first full-year operating profit. 2026 has been weaker. Q1 revenue was ~$13.8B (RMB99.1B) (down 10.9%) with adjusted net profit of ~$848M (RMB6.1B) (down 43.1%). Q2 revenue was ~$15.1B (RMB108.9B) (down 6.1%) with adjusted net profit of ~$862M (RMB6.2B) (down 42.6%) and a 19.8% gross margin. In Q2 the EV segment had ~$3.46B (RMB24.9B) of revenue and an operating loss of about $361M (RMB2.6B).
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 |
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.
Xiaomi
- Smartphones
40.8% (FY2025)
~$25.9B (RMB186.4B) from Xiaomi, Redmi and POCO phones.
- IoT, Lifestyle Products and Internet Services
36.0% (FY2025)
Remainder of the Smartphone x AIoT segment, including appliances, TVs, wearables, advertising and games.
- Smart EV, AI and Other New Initiatives
23.2% (FY2025)
~$14.7B (RMB106.1B), mostly from SU7 and YU7 vehicle sales.
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.
Xiaomi
How it makes money
Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games. Smartphones were the largest single product line in FY2025 at ~$25.9B (RMB186.4B) of revenue. IoT products extend the ecosystem into homes, and many of them are made by ecosystem partner companies Xiaomi has invested in.
Growth strategy
Xiaomi's stated strategy is the Human x Car x Home ecosystem: sell more premium smartphones, add large appliances and other IoT categories, scale the car lineup, and invest in its own AI models and chips, such as the MiMo models and the XRING O1 processor.
Competitive advantage
Xiaomi's advantages are scale in smartphones (top three globally by shipments), a very wide range of connected products under one brand and one operating system, a large device base it can monetize through services, and a fast-growing car business that buyers can connect to the same ecosystem.
Questions about Broadcom vs Xiaomi
Which company has higher revenue — Broadcom Inc. or Xiaomi Corp.?
Broadcom Inc. reported $63.9B (FY2025), while Xiaomi Corp. reported ~$63.6B (FY2025). By last reported revenue, Broadcom Inc. is the larger business, with Xiaomi Corp. reporting a smaller revenue base.
What is the market cap of Broadcom Inc. vs Xiaomi Corp.?
Broadcom Inc.'s market capitalisation stands at $1.68T, while Xiaomi Corp.'s is $83.0B. Broadcom Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Xiaomi Corp..
Which is more financially efficient — Broadcom Inc. or Xiaomi Corp.?
Broadcom Inc. generates $1.94M / employee in revenue per employee, while Xiaomi Corp. generates $1.12M / 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 Xiaomi Corp. make money?
Broadcom Inc. and Xiaomi Corp. generate revenue in fundamentally different ways. Broadcom Inc.: Broadcom reports two segments. Xiaomi Corp.: Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games.
Which company is valued higher relative to revenue — Broadcom Inc. or Xiaomi Corp.?
On a price-to-sales (P/S) basis, Broadcom Inc. trades at 26.3x P/S and Xiaomi Corp. at 1.3x P/S. Broadcom Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Xiaomi Corp.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Broadcom Inc. bigger than Xiaomi Corp.?
By last reported revenue, Broadcom Inc. ($63.9B (FY2025)) is the larger company compared to Xiaomi Corp. (~$63.6B (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 Xiaomi overview