Broadcom Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $63.9B |
| Gross margin | 67.8% |
| Operating income | $25.5B |
| Net income | — not reported |
| Diluted EPS | $4.77 |
| Cash & equivalents | $16.2B |
| Total assets | $171.1B |
| Long-term debt | $62.0B |
Key takeaway
Broadcom reported $63.9B revenue and $25.5B operating income for fiscal 2025, with strong profitability despite a negative effective tax rate.
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Beneath the surface
The effective tax rate was negative 1.7% (income tax benefit of $397M despite $22.7B pretax income), driven largely by a 9.6-point benefit from stock-based compensation excess tax benefits and a 14.9-point foreign rate differential — a one-off tax dynamic that flatters net income relative to underlying operating performance.
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