Broadcom Inc.AVGO
Broadcom Inc. Segments Disclosure
Segment Information
Reportable Segments
We have two reportable segments: semiconductor solutions and infrastructure software. Each segment has separate financial information. The CODM considers actual and expected results of regularly provided net revenue and operating income by segment during the budgeting and forecasting processes to support strategic decision-making and to evaluate the performance of and allocate resources to each of the segments. Operating income by segment includes items that are directly attributable to each segment and shared expenses such as marketing, general and administrative activities, facilities and IT expenses. Shared expenses are primarily allocated based on revenue and headcount. The CODM does not evaluate each segment using discrete asset information. The reportable segments are also determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics.
Semiconductor solutions. Our semiconductor solutions are used in a wide array of environments, end products and applications such as enterprise and AI data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays. Our semiconductor solutions segment also includes our IP licensing.
Infrastructure software. Our infrastructure software solutions include revenues from software arrangements, related support, and professional services that help enterprises simplify their IT environments. Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments. This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical FC SAN products and related software.
Depreciation expense directly attributable to each reportable segment is included in the operating results of each segment. However, the CODM does not evaluate depreciation expense by segment and, therefore, it is not separately presented. Amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, and acquisition-related costs are not used in evaluating the results of, or in allocating resources to, our segments and therefore are not allocated to each segment. There was no inter-segment revenue for any of the periods presented. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
| Fiscal Year | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| (In millions) | ||||||||||||||||||||
| Semiconductor solutions: | ||||||||||||||||||||
| Net revenue | $ | 36,858 | $ | 30,096 | $ | 28,182 | ||||||||||||||
| Cost of revenue | 11,740 | 9,809 | 8,447 | |||||||||||||||||
| Research and development | 3,407 | 3,140 | 2,896 | |||||||||||||||||
| Selling, general and administrative | 479 | 388 | 353 | |||||||||||||||||
| Operating income | $ | 21,232 | $ | 16,759 | $ | 16,486 | ||||||||||||||
| Infrastructure software: | ||||||||||||||||||||
| Net revenue | $ | 27,029 | $ | 21,478 | $ | 7,637 | ||||||||||||||
| Cost of revenue | 1,902 | 2,306 | 615 | |||||||||||||||||
| Research and development | 2,550 | 2,707 | 844 | |||||||||||||||||
| Selling, general and administrative | 1,812 | 2,488 | 539 | |||||||||||||||||
| Operating income | $ | 20,765 | $ | 13,977 | $ | 5,639 | ||||||||||||||
| Total: | ||||||||||||||||||||
| Net revenue | $ | 63,887 | $ | 51,574 | $ | 35,819 | ||||||||||||||
| Cost of revenue | 13,642 | 12,115 | 9,062 | |||||||||||||||||
| Research and development | 5,957 | 5,847 | 3,740 | |||||||||||||||||
| Selling, general and administrative | 2,291 | 2,876 | 892 | |||||||||||||||||
Unallocated expenses: | ||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 8,062 | 9,267 | 3,247 | |||||||||||||||||
Stock-based compensation | 7,568 | 5,670 | 2,171 | |||||||||||||||||
| Restructuring and other charges | 667 | 1,787 | 248 | |||||||||||||||||
Acquisition-related costs | 216 | 549 | 252 | |||||||||||||||||
| Operating income | $ | 25,484 | $ | 13,463 | $ | 16,207 | ||||||||||||||
Geographic Information
Net revenue by country is based primarily on the geographic shipment or delivery location as specified by the distributors, OEMs, contract manufacturers, channel partners, or software customers who purchased our products or services. For the majority of our products, title and control transfer to our customers in Penang, Malaysia. The products are then transported to the customer specific locations. Net revenue from the United States for fiscal years 2025, 2024 and 2023 was $16,506 million, $12,887 million and $6,975 million, respectively. Net revenue from China (including Hong Kong) for fiscal years 2025, 2024 and 2023 was $11,155 million, $10,483 million and $11,533 million, respectively. Net revenue from Singapore for fiscal years 2025, 2024 and 2023 was $10,796 million, $9,559 million and $4,479 million, respectively. Net revenue from Taiwan for fiscal year 2025 was $6,451 million (the amount was less than 10% for fiscal years 2024 and 2023). Net revenue from other foreign countries for fiscal years 2025, 2024 and 2023 was $18,979 million, $18,645 million and $12,832 million, respectively. These geographic delivery locations are not necessarily indicative of the geographic location of our end customers or the country in which our end customers sell devices containing our products. For example, we believe a substantial portion of our products shipped or delivered to China (including Hong Kong) is included in devices sold by our end customers in the United States and Europe.
Long-lived assets include property, plant and equipment and are based on the physical location of the assets.
| November 2, 2025 | November 3, 2024 | |||||||||||||
| (In millions) | ||||||||||||||
| Long-lived assets: | ||||||||||||||
| United States | $ | 1,697 | $ | 1,685 | ||||||||||
| Taiwan | 446 | 365 | ||||||||||||
| Other | 387 | 471 | ||||||||||||
| Total long-lived assets | $ | 2,530 | $ | 2,521 | ||||||||||
Significant Customer Information
We sell our products through our direct sales force and a select network of distributors and channel partners globally. During fiscal years 2025, 2024 and 2023, one customer accounted for 32%, 28% and 21% of our net revenue, respectively. Revenue from this customer was included in our semiconductor solutions segment. One customer accounted for 44% and 18% of our net accounts receivable balance as of November 2, 2025 and November 3, 2024, respectively.Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 18, 2025 | Showing above |
| 2024 | Dec 20, 2024 | |
| 2023 | Dec 14, 2023 | |
| 2022 | Dec 16, 2022 | |
| 2021 | Dec 17, 2021 | |
| 2020 | Dec 18, 2020 | |
| 2019 | Dec 20, 2019 | |
| 2018 | Dec 21, 2018 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.