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Broadcom (AVGO) Q3 2025 10-Q Quarterly Report

Filed: Sep 10, 2025Period ending Aug 3, 2025
Information Technology
Semiconductors & Related DevicesSEC EDGAR
Broadcom Overview

Broadcom (AVGO) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Sep 10, 2025 for the fiscal period ending Aug 3, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.

Broadcom Q3 2025 10-Q Analysis

Management Discussion & Analysis

  • • Revenue $15,952M Q2 FY25, up 22.0% from $13,072M Q2 FY24; three quarters revenue $45,872M, up 22.3% YoY
  • • Operating margin 36.9% Q2 FY25 ($5,887M operating income on $15,952M revenue) vs 29.0% Q2 FY24 ($3,788M on $13,072M); three quarters margin 39.2% vs 23.5% YoY
  • • Best segment: Infrastructure software operating income up 34.1% Q2 to $5,238M; worst: Unallocated expenses increased 10% Q2 to $4,568M
  • • Cash from operations $7,166M for quarter; ended Q2 FY25 with $10,718M cash & equivalents, up from $9,348M at FY24 end
  • • Management notes strong AI accelerator/networking demand; raised dividends and authorized $10B stock repurchase program through Dec 2025

Risk Factors

  • • New risk: Increased AI-driven cyber-attack sophistication linked to generative automation and deep fake impersonation technology emerging as novel cybersecurity threats
  • • Material update: Suppliers' concentration intensified with TSMC producing ~95% of wafers, raising supply chain risk and pricing vulnerability due to capacity prioritization and price increases
  • • Regulatory/legal risk: Ongoing and potential investigations by FTC, Korea, Japan, EU on contracting practices raise risk of fines, sales bans, or mandates altering business conduct
  • • Operational risk: Customer concentration remains high with 47% net revenue from distributors and ~40% from top 5 end customers, impacting near-term demand and credit risk exposure
  • • Financial risk: Substantial indebtedness at $66.257 billion limits flexibility, increases vulnerability to market downturns, and requires significant cash flow for debt service

Broadcom Q3 2025 Quarterly Financials
XBRL

Revenue

$16.0B

▲ +22.0% YoY▲ +6.3% QoQ

Net Income

$4.1B

▲ +320.8% YoY▼ -16.6% QoQ

Gross Margin

67.1%

▲ +317bp YoY▼ -87bp QoQ

Operating Margin

36.9%

▲ +793bp YoY▼ -195bp QoQ

Net Margin

26.0%

▲ +4030bp YoY▼ -714bp QoQ

EPS (Diluted)

$0.85

▲ +112.2% YoY▼ -17.5% QoQ

Operating Cash Flow

$7.2B

▲ +44.4% YoY▲ +9.3% QoQ

Source: XBRL data from Broadcom Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.

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