Broadcom Inc. AVGO

Q4 FY2025 投资简报
2025-12-11 · ASTRO RESEARCH

01 · 损益表

季度指标

指标 Q4 FY2025 Q3 FY2025 Q/Q Q4 FY2024 Y/Y
营收 Revenue $18,015M $15,952M +13% $14,054M +28%
毛利率 Gross Margin (GAAP) 68.0% 67.1% +0.9 ppt 64.1% +3.9 ppt
毛利率 Gross Margin (Non-GAAP) 77.9% 77.0% +0.9 ppt
研发费用 R&D $2,981M $3,050M -2% $2,234M +33%
销售及管理 SG&A $1,107M $1,072M +3% $1,010M +10%
折旧摊销 D&A $2,233M $2,168M +3% $2,611M -14%
股权激励 SBC $2,195M $2,322M -5% $1,314M +67%
营业利润 Operating Income (GAAP) $7,508M $5,887M +28% $4,627M +62%
利息费用 Interest Expense $761M $807M -6% $916M -17%
净利润 Net Income (GAAP) $8,518M $4,140M +106% $4,324M +97%
净利润 Net Income (Non-GAAP) $9,714M $6,965M +39%

补充指标

指标 Q4 FY2025 Q3 FY2025 Q/Q Q4 FY2024 Y/Y
每股收益 EPS (GAAP) $1.74 $0.85 +105% $0.90 +93%
每股收益 EPS (Non-GAAP) $1.95 $1.42 +37%
稀释股数 Diluted Shares 4,889M 4,860M +1% 4,905M -0%
实际税率 Effective Tax Rate -24.0% 21.7% -45.7 ppt -11.7% -12.3 ppt

product

板块 收入 占比 QoQ YoY
Semiconductor Solutions $11,072M 61.5% +21% +35%
Infrastructure Software $6,943M 38.5% +2% +19%

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
$16,178M
总债务
Total Debt
$65,136M
股东权益
Shareholders' Equity
$81,292M

03 · 现金流量表

本季度数据

经营现金流
Operating Cash Flow
$7,703M
资本开支
CapEx
$237M
自由现金流
Free Cash Flow
$7,466M
股票回购
Share Buyback
$0M
债务偿还
Debt Repayments
$4,126M

04 · 动态指标

指标 Q4 FY2025 Q3 FY2025 变化
暂无动态指标配置

06 · 管理层观点

"Q4 创纪录收入 $18.0B 同比增长 28%,主要由 AI 半导体收入同比增长 74% 驱动。我们预计 Q1 AI 半导体收入将同比翻倍至 $8.2B,由定制 AI 加速器和以太网 AI 交换机驱动。我们预测 Q1'26 总收入 $19.1B,Adjusted EBITDA 占比 67%。" — 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%(预计营收的67%) 公司以营收百分比形式给出 Adjusted EBITDA 指引(67% of projected revenue),而非绝对金额区间。adj_ebitda 字段按 67% × $19.1B 计算得出。

动态指标(未注册)

指标数值备注
dividend_per_share $0.65/股 季度普通股股息提升 10% 至 $0.65/股(较上季 $0.59),FY2026 目标年度股息 $2.60/股,连续第 15 年增加股息
fy2025_adjusted_ebitda $43.0B FY2025 全年 Adjusted EBITDA 同比增长 35% 至创纪录 $43.0B
fy2025_fcf $26.9B FY2025 全年自由现金流 $26.9B,同比增长 39%