Broadcom Inc.

Worth knowing

• Shareholders being diluted. Shares outstanding up 14% from October 2022 to August 2026.

  Broadcom had 14% more shares at August 2026 than at October 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Broadcom had 14% more shares at August 2026 than at October 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $15.5B vs $15.4B spent repurchasing shares over the 3 fiscal years to FY Oct 2025.

  Over three fiscal years Broadcom recorded $15.5B of stock-based pay expense and spent $15.4B repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Broadcom recorded $15.5B of stock-based pay expense and spent $15.4B repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 12% of revenue in FY Oct 2025.

  Broadcom paid employees $7.6B in stock in FY Oct 2025, 12% of its $63.9B revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

• Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $23.9B in FY Oct 2020 to $63.9B in FY Oct 2025.

  Broadcom's fiscal-year revenue rose in each of the five years to FY Oct 2025, from $23.9B to $63.9B.