Broadcom Inc. AVGO

Q3 FY2025 投资简报
2025-09-04 · ASTRO RESEARCH

01 · 损益表

季度指标

指标 Q3 FY2025 Q2 FY2025 Q/Q Q3 FY2024 Y/Y
营收 Revenue $15,952M $15,004M +6% $13,072M +22%
毛利率 Gross Margin (GAAP) 67.1% 68.0% -0.9 ppt 63.9% +3.2 ppt
毛利率 Gross Margin (Non-GAAP) 78.4%
研发费用 R&D $3,050M $2,693M +13% $2,353M +30%
销售及管理 SG&A $1,072M $1,083M -1% $1,100M -3%
折旧摊销 D&A $2,202M $2,166M +2% $2,483M -11%
股权激励 SBC $2,322M $1,771M +31% $1,381M +68%
营业利润 Operating Income (GAAP) $5,887M $5,829M +1% $3,788M +55%
利息费用 Interest Expense $807M $769M +5% $1,064M -24%
净利润 Net Income (GAAP) $4,140M $4,965M -17% -$1,875M +321%
净利润 Net Income (Non-GAAP) $8,404M

补充指标

指标 Q3 FY2025 Q2 FY2025 Q/Q Q3 FY2024 Y/Y
每股收益 EPS (GAAP) $0.85 $1.03 -17% -$0.40 +313%
每股收益 EPS (Non-GAAP) $1.69
稀释股数 Diluted Shares 4,973M 4,826M +3% 4,663M +7%
实际税率 Effective Tax Rate 21.7% 2.4% +19.3 ppt 151.0% -129.3 ppt

product

板块 收入 占比 QoQ YoY
Semiconductor Solutions $9,166M 57.5% +9% +26%
Infrastructure Software $6,786M 42.5% +3% +17%

geography

Not disclosed in 8K earnings release

customer

Not disclosed in 8K earnings release

02 · 资产负债表

现金及等价物
Cash & Equivalents
$10,718M
总债务
Total Debt
$64,229M
股东权益
Shareholders' Equity
$73,277M

03 · 现金流量表

本季度数据

经营现金流
Operating Cash Flow
$7,166M
资本开支
CapEx
$142M
自由现金流
Free Cash Flow
$7,024M
股票回购
Share Buyback
$0M
债务偿还
Debt Repayments
$6,750M

04 · 动态指标

指标 Q3 FY2025 Q2 FY2025 变化
暂无动态指标配置

06 · 管理层观点

"Broadcom 创纪录第三财季收入源于定制 AI 加速器、网络和 VMware 的持续强劲表现。Q3 AI 收入同比加速增长 63% 至 $5.2B。我们预计 AI 半导体收入将在 Q4 加速至 $6.2B,实现连续十一个季度增长,因客户持续大力投资。" — Hock Tan, Broadcom Inc.

07 · 其他补充数据

指引指标(未注册)

指标数值备注
adj_ebitda_margin_pct 约67%(预计营收占比) 公司以营收百分比形式给出 Adjusted EBITDA 指引(67% of projected revenue),换算为约 $11,658M

动态指标(未注册)

指标数值备注
dividend_per_share $0.59/股 季度普通股股息 $0.59/股,2025年6月30日支付,合计 $2,786M
fcf_margin 44% 自由现金流占营收比例 44%($7,024M / $15,952M),同比提升 7ppt(去年同期 37%)
adjusted_ebitda_margin 67% Adjusted EBITDA 占营收比例 67%($10,702M / $15,952M),同比提升 4ppt(去年同期 63%),体现强劲运营杠杆