Common-Size Income Statement
Quarterly Data
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Broadcom Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-08-02), 10-Q (reporting date: 2026-05-03), 10-Q (reporting date: 2026-02-01), 10-K (reporting date: 2025-11-02), 10-Q (reporting date: 2025-08-03), 10-Q (reporting date: 2025-05-04), 10-Q (reporting date: 2025-02-02), 10-K (reporting date: 2024-11-03), 10-Q (reporting date: 2024-08-04), 10-Q (reporting date: 2024-05-05), 10-Q (reporting date: 2024-02-04), 10-K (reporting date: 2023-10-29), 10-Q (reporting date: 2023-07-30), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-29), 10-K (reporting date: 2022-10-30), 10-Q (reporting date: 2022-07-31), 10-Q (reporting date: 2022-05-01), 10-Q (reporting date: 2022-01-30), 10-K (reporting date: 2021-10-31), 10-Q (reporting date: 2021-08-01), 10-Q (reporting date: 2021-05-02), 10-Q (reporting date: 2021-01-31), 10-K (reporting date: 2020-11-01), 10-Q (reporting date: 2020-08-02), 10-Q (reporting date: 2020-05-03), 10-Q (reporting date: 2020-02-02).
Analysis of the common-size income statement reveals a significant evolution in the cost structure and profitability profile over the analyzed period. A primary trend is the expansion of operating margins, which grew from 12.19% in early 2020 to a peak of 53.92% by August 2026, despite a period of volatility in early 2024.
- Revenue Composition
- The revenue mix shows a long-term dominance of product sales, typically ranging between 70% and 80%. However, a notable shift occurred between February 2024 and November 2024, where subscriptions and services increased to a peak of 43.09%, while product revenue dipped to 56.91%. Following this period, the mix reverted toward products, reaching 82.05% by August 2026.
- Gross Profitability and Cost of Revenue
- Gross margins exhibited a steady upward trajectory, rising from 55.72% in February 2020 to nearly 70% by 2023. This improvement was driven by a reduction in the cost of revenue, which fell from 44.28% to approximately 30.87% by the end of the period. A significant contributor to this margin expansion was the consistent decline in the amortization of acquisition-related intangible assets within the cost of revenue, which dropped from 16.22% to 5.07%.
- Operating Expense Management
- Operating expenses as a percentage of net revenue decreased from 43.53% to 15.21%. This was achieved through substantial reductions across multiple line items: selling, general and administrative expenses fell from 10.26% to 3.37%, and research and development expenses trended downward from 22.00% to 9.78%. The amortization of acquisition-related intangible assets within operating expenses also saw a sharp decline from 10.29% to 1.71%.
- Net Income and Tax Volatility
- Net income attributable to common stock showed a general upward trend, increasing from 5.31% to 44.23%. However, significant volatility is observed in 2024, most notably in August 2024, where a net loss of 14.34% was recorded. This anomaly was primarily driven by a substantial tax provision of 32.42% of net revenue, contrasting with the typically lower or negative tax provisions seen in other quarters.
- Financial Leverage and Other Income
- Interest expense as a percentage of net revenue decreased over time, moving from 6.93% in 2020 to 2.63% by August 2026, suggesting improved debt coverage or a reduction in the relative burden of interest payments relative to revenue growth.