Broadcom Inc. (AVGO)财务
NASDAQ · Technology · Semiconductors · 员工33,000人 · CEO Hock E. Tan
- 股价
- $326.08 -5.48%
- 市值
- $1.56万亿
- 企业价值
- $1.59万亿
- 最近财报
- Q3 '26 2026-09-10提交
- 下次财报
- 2026-12-09 EPS预期 $3.82
营收(TTM)$891亿+48.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)48.4%+10.6 百分点 对比去年同期营业利润 $431亿
净利润(TTM)$383亿+102.1% 对比去年同期税后,含营业外收益
自由现金流(TTM)$394亿+58.1% 对比去年同期资本支出 $12.5亿
稀释EPS(TTM)$7.83+99.7% 对比去年同期最近4个季度之和
净现金-$354亿+33.8% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1.56万亿 EV $1.59万亿
- 营收
- $891亿 过去12个月
- 营收增速
- +66% FY2026年一致预期
- 净利润率
- 42.9% 净利润 / 营收,TTM
- P/E
- 40.5× 预期 27.9×(FY2026)
- P/S
- 17.5× 股价 / 营收,TTM
- EV / EBITDA
- 30.4× TTM
- 自由现金流
- $394亿 过去12个月
- 净利润
- $383亿 过去12个月
- 营收预期
- $1060亿 FY2026年一致预期
- 盈利
- 2026-12-09 营收预期 $349亿
- 股息
- $2.60 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-09-02):营收超预期1.2%,EPS 超预期3.1%营收$296亿,预期$292亿(+1.2%);EPS $3.32,预期$3.22(+3.1%)。
- 营收增长加速:同比85.5%Q3 '26营收$296亿,此前四个季度的平均值为31.9%。
- 营业利润率48.4%(TTM),较去年同期+10.6 百分点营收增长48.7%,营业利润增长90.6%。
- 资本支出占营收的1.4%(去年为0.8%)最近4个季度投入$12.5亿(同比+146.1%)。自由现金流$394亿,相当于净利润的103.0%。
- 股东回报$205亿 = 自由现金流的52.1%回购$84.5亿(去年为$75.1亿),股息$121亿,股权激励$84.8亿(TTM)。
- 稀释股数一年内增加0.6%Q3 '26稀释股数48.9亿,一年前为48.6亿。
- 净债务 $354亿现金 + 短期投资 $240亿,含租赁债务 $594亿;一年前净债务 $535亿。
- Semiconductor Solutions:营收+127.4%,利润率61.3%(此前为56.9%)Q3 '26增长最快的披露分部:营收$208亿,营业利润$128亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-08-02的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $296亿 | $160亿 | +85.5% |
| 毛利率 | 69.1% | 67.1% | +2.0 百分点 |
| 营业利润 | $161亿 | $58.9亿 | +172.8% |
| 营业利润率 | 54.3% | 36.9% | +17.4 百分点 |
| 净利润 | $131亿 | $41.4亿 | +216.1% |
| 稀释EPS | $2.68 | $0.85 | +215.3% |
| 经营现金流 | $142亿 | $71.7亿 | +98.1% |
| 资本支出 | $5.32亿 | $1.42亿 | +274.6% |
| 自由现金流 | $137亿 | $70.2亿 | +94.5% |
| R&D | $29亿 | $30.5亿 | -5.1% |
| 股权激励费用 | $20.2亿 | $23.2亿 | -13.0% |
实际 vs 一致预期
2026-09-02| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $296亿 | $292亿 | +1.2% |
| EPS(一致预期口径) | $3.32 | $3.22 | +3.1% |
来自2026-09-02发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Semiconductor Solutions | $208亿 | +127.4% | 70.4% | $594亿 | +74.7% | |
| Infrastructure Software | $87.5亿 | +29.0% | 29.6% | $297亿 | +14.5% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Asia Pacific | $209亿 | +133.8% | 70.8% | $579亿 | +75.3% | |
| Americas | $55.1亿 | +16.7% | 18.6% | $207亿 | +14.3% | |
| EMEA | $31.3亿 | +38.2% | 10.6% | $105亿 | +19.4% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Semiconductor Solutions | $208亿 | +127.4% | $128亿 | +144.8% | 61.3% | 56.9% | $361亿 |
| Infrastructure Software | $87.5亿 | +29.0% | $73.3亿 | +39.8% | 83.7% | 77.2% | $237亿 |
| Unallocated Expenses | – | – | – | – | – | – | – |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $407亿
- 资本支出
- -$12.5亿
- 股票回购
- -$84.5亿
- 股息
- -$121亿
- 收购
- $0
- 债务净发行
- -$52.1亿
- 股权激励费用
- $84.8亿
- 自由现金流
- $394亿
- 股东回报 / FCF
- 52.1%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 40.5× | 56.4× | 17.2× – 132.7× |
| EV / EBITDA | 30.4× | 26.4× | 11.5× – 50.6× |
| EV / 营收 | 17.9× | 13.9× | 6.6× – 27.5× |
| 股价 / FCF | 39.5× | 30.3× | 11.8× – 63.5× |
| 股价 / 净资产 | 15.6× | 12.8× | 8.5× – 21.0× |
| FCF收益率 | 2.5% | 4.8% | 1.6% – 8.5% |
| 投入资本回报率 | 24.0% | 15.3% | 5.6% – 22.5% |
| 净资产收益率 | 43.9% | 34.7% | 8.7% – 58.7% |
分析师
一致目标价 $514.37 (+57.7%)
区间 $350.00 – $600.00 · 评级 Buy
强烈买入0
买入55
持有5
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $1060亿 | +65.9% | $11.68 | +145.0% | 27.9× | 27 |
| FY2027 | $1740亿 | +64.4% | $19.32 | +65.3% | 16.9× | 28 |
| FY2028 | $2820亿 | +61.7% | $30.63 | +58.6% | 10.6× | 17 |
| FY2029 | $4160亿 | +47.8% | $47.33 | +54.5% | 6.9× | 7 |
| FY2030 | $5520亿 | +32.6% | $49.51 | +4.6% | 6.6× | 7 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Broadcom Inc.在近期10-Q / 10-K文件中标记的全部265项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $40亿 | $14.3亿 | +179.3% | $15.6亿 | $16.6亿 | -6.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $137亿 | $64.9亿 | +111.1% | $71.5亿 | $44.2亿 | +61.8% |
| Accounts Receivable, Sale | $16亿 | $17亿 | -5.9% | – | – | – |
| Accrued Income Taxes, Noncurrent | $21.9亿 | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $49亿2025-11-02 | $45亿 | +8.7% | $49亿 | $45亿 | +8.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $2.04亿 | $2.21亿 | -7.7% | $2.18亿 | $2.07亿 | +5.3% |
| Additional Paid in Capital | $773亿 | $690亿 | +12.1% | $713亿 | $675亿 | +5.7% |
| Amortization of Debt Issuance Costs and Discounts | $6500万 | $8200万 | -20.7% | $3.44亿 | $4.27亿 | -19.4% |
| Amortization of Intangible Assets | $20.1亿 | $20.3亿 | -1.0% | $80.6亿 | $92.7亿 | -13.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 900万2018-11-04 | 2200万 | -59.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $20.2亿 | $23.2亿 | -13.0% | $75.7亿 | $57.5亿 | +31.7% |
| Assets | $1880亿 | $1660亿 | +13.6% | $1710亿 | $1660亿 | +3.3% |
| Assets, Current | $522亿 | $250亿 | +108.7% | $316亿 | $196亿 | +61.1% |
| Buildings and Improvements, Gross | $14.9亿2025-11-02 | $15.2亿 | -2.0% | $14.9亿 | $15.2亿 | -2.0% |
| Business Combination, Acquisition Related Costs | $0 | $700万 | -100.0% | $2.16亿 | $5.49亿 | -60.7% |
| Cash and Cash Equivalents, at Carrying Value | $240亿 | $107亿 | +123.7% | $162亿 | $93.5亿 | +73.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $240亿 | $107亿 | +123.7% | $162亿 | $93.5亿 | +73.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $43.5亿 | $12.5亿 | +248.9% | $68.3亿 | -$48.4亿 | +241.1% |
| Commercial Paper | $4.96亿2025-08-03 | – | – | – | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $0.65 | $0.59 | +10.2% | $2.36 | $2.11 | +12.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 290亿 | 290亿 | 0.0% | 290亿 | 290亿 | 0.0% |
| Common Stock, Shares, Issued | 47.7亿 | 47.2亿 | +1.1% | 47.4亿 | 46.9亿 | +1.2% |
| Common Stock, Shares, Outstanding | 47.7亿 | 47.2亿 | +1.1% | 47.4亿 | 46.9亿 | +1.2% |
| Common Stock, Value, Issued | $500万 | $500万 | 0.0% | $500万 | $500万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $131亿 | $41.6亿 | +214.9% | $231亿 | $59亿 | +292.5% |
| Construction in Progress, Gross | $7800万2025-11-02 | $5700万 | +36.8% | $7800万 | $5700万 | +36.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $119亿 | $75.8亿 | +57.1% | $89.2亿 | $44亿 | +102.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $71.9亿 | $41.6亿 | +72.9% | $50.1亿 | $19.2亿 | +161.2% |
| Contract with Customer, Liability | $131亿 | $143亿 | -8.5% | $130亿 | $145亿 | -10.2% |
| Contract with Customer, Liability, Current | $95亿 | $103亿 | -7.8% | $94.7亿 | $94亿 | +0.8% |
| Contract with Customer, Liability, Noncurrent | $36.2亿 | $40.3亿 | -10.1% | $35.5亿 | $51亿 | -30.5% |
| Contract with Customer, Liability, Revenue Recognized | $18.6亿 | $19.2亿 | -2.8% | $92.1亿 | $24.4亿 | +277.3% |
| Cost of Revenue | $91.4亿 | $52.5亿 | +74.0% | $206亿 | $191亿 | +8.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $6.6亿 | $10.3亿 | -35.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $7.91亿 | $7.01亿 | +12.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $16.4亿 | $17.8亿 | -8.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.85亿 | $5200万 | +255.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$16.6亿 | -$20.3亿 | +18.4% | $19.8亿 | $23.2亿 | -14.5% |
| Debt, Current | $22.5亿 | $14亿 | +61.0% | – | – | – |
| Debt, Long-term and Short-term, Combined Amount | $611亿 | $663亿 | -7.8% | $671亿 | $698亿 | -3.9% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $8.41亿2025-11-02 | $35.8亿 | -76.5% | $8.41亿 | $35.8亿 | -76.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$18.4亿 | $18.6亿 | -199.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $6800万 | $1.8亿 | -62.2% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$20.3亿 | $19.7亿 | -203.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$2.57亿 | -$7000万 | -267.1% |
| Deferred Tax and Other Liabilities, Noncurrent | $15.3亿 | $35.5亿 | -56.9% | $27亿 | $47亿 | -42.5% |
| Deferred Tax Assets, Deferred Income | $4.9亿2025-11-02 | $7.76亿 | -36.9% | $4.9亿 | $7.76亿 | -36.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $8000万2025-11-02 | $8100万 | -1.2% | $8000万 | $8100万 | -1.2% |
| Deferred Tax Assets, Gross | $94.1亿2025-11-02 | $71.8亿 | +30.9% | $94.1亿 | $71.8亿 | +30.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $54.2亿2025-11-02 | $49.7亿 | +9.2% | $54.2亿 | $49.7亿 | +9.2% |
| Deferred Tax Assets, Other | $5.19亿2025-11-02 | $6.72亿 | -22.8% | $5.19亿 | $6.72亿 | -22.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $13.2亿2025-11-02 | – | – | $13.2亿 | – | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $4.74亿2025-11-02 | $2.91亿 | +62.9% | $4.74亿 | $2.91亿 | +62.9% |
| Deferred Tax Assets, Valuation Allowance | $39.8亿2025-11-02 | $22.2亿 | +79.6% | $39.8亿 | $22.2亿 | +79.6% |
| Deferred Tax Liabilities, Deferred Expense, Debt Issuance Costs | $3.59亿2025-11-02 | $4.2亿 | -14.5% | $3.59亿 | $4.2亿 | -14.5% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $71.6亿2025-11-02 | $87.7亿 | -18.4% | $71.6亿 | $87.7亿 | -18.4% |
| Deferred Tax Liabilities, Gross | $79.3亿2025-11-02 | $95.1亿 | -16.6% | $79.3亿 | $95.1亿 | -16.6% |
| Deferred Tax Liabilities, Other | $2.86亿2025-11-02 | $2.1亿 | +36.2% | $2.86亿 | $2.1亿 | +36.2% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $1.31亿2025-11-02 | $1.05亿 | +24.8% | $1.31亿 | $1.05亿 | +24.8% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-Q 2026-02-01, 10-K 2025-11-02, 10-Q 2025-08-03, 10-Q 2025-05-04, 10-Q 2025-02-02, 10-K 2024-11-03, 10-Q 2024-08-04
数据截至 2026-11-01