Why Did Stan Druckenmiller Sell Broadcom Stock?
In Q3, legendary macro investor Stan Druckenmiller sold his entire…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.8B | $3.3B | $3.8B | |
| Revenue Growth (YoY) | 2.22% | 4.01% | 7.02% | 15.43% | 16.41% | |
| Cost of Revenues | $2.2B | $2.3B | $2.5B | $2.7B | $3.1B | |
| Gross Profit | $339M | $323.2M | $360.3M | $511.2M | $676M | |
| Gross Profit Margin | 13.36% | 12.25% | 12.76% | 15.68% | 17.82% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $635.2M | $662.5M | $694M | $763.2M | $832.7M | |
| Operating Expenses | -$5.5M | $110K | $11.4M | -$3.2M | -$3.6M | |
| Operating Income | $344.5M | $323M | $348.9M | $514.4M | $679.7M | |
| Net Interest Expenses | $731K | $4.1M | $2M | -- | -- | |
| EBT. Incl. Unusual Items | $368.5M | $376.4M | $376.5M | $561.9M | $757.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $75.2M | $78.5M | $77.9M | $115.9M | $157M | |
| Net Income to Company | $293.3M | $297.9M | $298.6M | $446.1M | $600.3M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $293.3M | $297.9M | $298.6M | $446.1M | $600.3M | |
| Basic EPS (Cont. Ops) | $6.30 | $6.40 | $6.41 | $9.58 | $12.89 | |
| Diluted EPS (Cont. Ops) | $5.57 | $5.65 | $5.67 | $8.47 | $11.39 | |
| Weighted Average Basic Share | $46.6M | $46.6M | $46.6M | $46.6M | $46.6M | |
| Weighted Average Diluted Share | $52.7M | $52.7M | $52.7M | $52.7M | $52.7M | |
| EBITDA | $378.9M | $372.1M | $400.6M | $568M | $743.6M | |
| EBIT | $344.5M | $323M | $348.9M | $514.4M | $679.7M | |
| Revenue (Reported) | $2.5B | $2.6B | $2.8B | $3.3B | $3.8B | |
| Operating Income (Reported) | $344.5M | $323M | $348.9M | $514.4M | $679.7M | |
| Operating Income (Adjusted) | $344.5M | $323M | $348.9M | $514.4M | $679.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $689.8M | $736.9M | $856.6M | $1B | $1.1B | |
| Revenue Growth (YoY) | 5.24% | 6.83% | 16.24% | 16.77% | 6.72% | |
| Cost of Revenues | $592.7M | $634.8M | $710.5M | $819.8M | $857.8M | |
| Gross Profit | $97M | $102.1M | $146.1M | $180.4M | $209.6M | |
| Gross Profit Margin | 14.07% | 13.86% | 17.06% | 18.04% | 19.63% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $168.5M | $174.9M | $193.7M | $213.6M | -- | |
| Operating Expenses | $312K | $1.9M | -$153K | -$2.6M | -$694K | |
| Operating Income | $96.7M | $100.2M | $146.2M | $183.1M | $210.3M | |
| Net Interest Expenses | $1M | $115K | -- | -- | -- | |
| EBT. Incl. Unusual Items | $114.1M | $106.3M | $163.8M | $200.8M | $232.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $23.9M | $22M | $32.7M | $41M | $49.9M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $90.2M | $84.3M | $131M | $159.8M | $182.9M | |
| Basic EPS (Cont. Ops) | $1.94 | $1.81 | $2.81 | $3.43 | $3.93 | |
| Diluted EPS (Cont. Ops) | $1.71 | $1.60 | $2.49 | $3.03 | $3.47 | |
| Weighted Average Basic Share | $46.6M | $46.6M | $46.6M | $46.6M | $46.6M | |
| Weighted Average Diluted Share | $52.7M | $52.7M | $52.7M | $52.7M | $52.7M | |
| EBITDA | -- | $100.2M | -- | -- | $228.7M | |
| EBIT | $96.7M | $100.2M | $146.2M | $183.1M | $210.3M | |
| Revenue (Reported) | $689.8M | $736.9M | $856.6M | $1B | $1.1B | |
| Operating Income (Reported) | $96.7M | $100.2M | $146.2M | $183.1M | $210.3M | |
| Operating Income (Adjusted) | $96.7M | $100.2M | $146.2M | $183.1M | $210.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.8B | $3.1B | $3.7B | $4B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $2.3B | $2.4B | $2.7B | $3.1B | $3.3B | |
| Gross Profit | $325.7M | $348.4M | $460.4M | $633.8M | $728.1M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $655.8M | $683.2M | $745.9M | $823.5M | -- | |
| Operating Expenses | -$5.5M | $15.9M | -$1.5M | -$8.8M | -$1.3M | |
| Operating Income | $331.3M | $332.5M | $461.9M | $642.6M | $729.3M | |
| Net Interest Expenses | $3.8M | $3.1M | -- | -- | -- | |
| EBT. Incl. Unusual Items | $384.8M | $364.3M | $504M | $705.4M | $820.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $79.2M | $76.2M | $103.4M | $146.2M | $172.1M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $305.6M | $288.1M | $400.6M | $559.2M | $648M | |
| Basic EPS (Cont. Ops) | $6.48 | $6.19 | $8.60 | $12.01 | $13.91 | |
| Diluted EPS (Cont. Ops) | $5.80 | $5.48 | $7.60 | $10.61 | $12.30 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $331.3M | $332.5M | $461.9M | $642.6M | $729.3M | |
| Revenue (Reported) | $2.6B | $2.8B | $3.1B | $3.7B | $4B | |
| Operating Income (Reported) | $331.3M | $332.5M | $461.9M | $642.6M | $729.3M | |
| Operating Income (Adjusted) | $331.3M | $332.5M | $461.9M | $642.6M | $729.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2B | $2.1B | $2.4B | $2.9B | $3.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $1.7B | $1.8B | $2.1B | $2.4B | $2.6B | |
| Gross Profit | $259.9M | $285.6M | $384.5M | $507M | $559.5M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $491.2M | $511.8M | $563.8M | $624.2M | $434.7M | |
| Operating Expenses | -$1.5M | $14.6M | $569K | -$5.1M | -$2.2M | |
| Operating Income | $261.4M | $271M | $383.9M | $512.1M | $561.8M | |
| Net Interest Expenses | $3.1M | $2M | -- | -- | -- | |
| EBT. Incl. Unusual Items | $306.6M | $294.5M | $422M | $565.5M | $628.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $63.8M | $61.4M | $86.9M | $117.2M | $132.3M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $242.8M | $233.1M | $335.1M | $448.3M | $496M | |
| Basic EPS (Cont. Ops) | $5.21 | $5.00 | $7.20 | $9.63 | $10.65 | |
| Diluted EPS (Cont. Ops) | $4.61 | $4.42 | $6.36 | $8.51 | $9.41 | |
| Weighted Average Basic Share | $139.7M | $139.7M | $139.7M | $139.7M | $139.7M | |
| Weighted Average Diluted Share | $158.1M | $158M | $158M | $158.1M | $158.1M | |
| EBITDA | -- | $193.9M | $237.7M | $188.4M | $444.4M | |
| EBIT | $261.4M | $271M | $383.9M | $512.1M | $561.8M | |
| Revenue (Reported) | $2B | $2.1B | $2.4B | $2.9B | $3.1B | |
| Operating Income (Reported) | $261.4M | $271M | $383.9M | $512.1M | $561.8M | |
| Operating Income (Adjusted) | $261.4M | $271M | $383.9M | $512.1M | $561.8M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $179M | $222.1M | $166.4M | $226.1M | $343M | |
| Short Term Investments | $17.7M | $38.4M | $24.3M | $82M | $44.6M | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $732.3M | $763.7M | $778.8M | $930.2M | $1.1B | |
| Property Plant And Equipment | $279.7M | $374.8M | $413.9M | $442.6M | $513.5M | |
| Long-Term Investments | $1B | $995.4M | $943M | $963.5M | $1.1B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2B | $2.3B | $2.3B | $2.5B | $2.9B | |
| Accounts Payable | $150.7M | $138.3M | $165.9M | $175.6M | $190M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $2M | $2.1M | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $627.7M | $630.9M | $665.1M | $709M | $802.5M | |
| Long-Term Debt | $97.5M | $91.7M | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $971.5M | $947M | $833.8M | $847.8M | $940M | |
| Common Stock | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | |
| Other Common Equity Adj | -$78.1M | -$25.3M | -$7.4M | -$13.4M | -$47.6M | |
| Common Equity | $1.2B | $1.3B | $1.4B | $1.7B | $2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $1.2B | $1.3B | $1.4B | $1.7B | $2B | |
| Total Liabilities and Equity | $2.2B | $2.3B | $2.3B | $2.5B | $2.9B | |
| Cash and Short Terms | $179M | $222.1M | $166.4M | $226.1M | $343M | |
| Total Debt | $99.5M | $93.8M | -- | -- | -- | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $266.6M | $123.4M | $172.7M | $269.8M | $632.7M | |
| Short Term Investments | $30.6M | $25.8M | $69.8M | $48.6M | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $831.2M | $724.5M | $873.8M | $1.1B | $1.5B | |
| Property Plant And Equipment | $277.9M | $408.8M | $435M | $480.7M | $557.6M | |
| Long-Term Investments | $993.1M | $917.9M | $924.9M | $1.1B | $1.1B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2B | $2.2B | $2.4B | $2.9B | $3.3B | |
| Accounts Payable | $148.3M | $149M | $165.8M | $194.6M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $2.1M | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $614.3M | $634.2M | $680.9M | $806.9M | $897.6M | |
| Long-Term Debt | $92.3M | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $949.7M | $821.2M | $782.7M | $916.2M | $1B | |
| Common Stock | $2.2M | $2.2M | $2.2M | $2.2M | $2.2M | |
| Other Common Equity Adj | -$77.6M | -$89.2M | -$12.8M | $1.6M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $1.3B | $1.4B | $1.6B | $1.9B | $2.3B | |
| Total Liabilities and Equity | $2.2B | $2.2B | $2.4B | $2.9B | $3.3B | |
| Cash and Short Terms | $266.6M | $123.4M | $172.7M | $269.8M | $632.7M | |
| Total Debt | $94.3M | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $293.3M | $297.9M | $298.6M | $446.1M | $600.3M | |
| Depreciation & Amoritzation | $34.3M | $49.1M | $51.7M | $53.6M | $63.9M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$29.5M | $15.4M | -$47.8M | -$101.6M | -$83.3M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $342.6M | $402.8M | $366.2M | $381.2M | $611.2M | |
| Capital Expenditures | $55.5M | $148.8M | $67.2M | $92.6M | $124.8M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$243.2M | -$185.5M | -$106.9M | -$157.6M | -$226.9M | |
| Dividends Paid (Ex Special Dividend) | $272.9M | $192.8M | $206.8M | $221.7M | $237.5M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $55M | -- | -- | |
| Long-Term Debt Repaid | -$2M | -$2M | -$149.1M | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$274.9M | -$194.8M | -$300.8M | -$221.7M | -$230M | |
| Beginning Cash (CF) | $161.2M | $183.7M | $142.1M | $144.1M | $298.4M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$175.5M | $22.5M | -$41.6M | $2M | $154.3M | |
| Ending Cash (CF) | -$14.3M | $206.2M | $100.5M | $146M | $452.7M | |
| Levered Free Cash Flow | $287.1M | $254M | $298.9M | $288.6M | $486.4M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$2B | -$2.2B | -$2.5B | -$2.9B | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $138.8M | $128M | $148.4M | $193.5M | -- | |
| Capital Expenditures | $110.7M | $16.3M | $20.5M | $46.6M | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$142.3M | -$31.9M | -$51.8M | -$56.5M | -- | |
| Dividends Paid (Ex Special Dividend) | $48.2M | $51.7M | $55.4M | $59.4M | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$517K | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$48.7M | -$51.7M | -$55.4M | -$59.8M | -- | |
| Beginning Cash (CF) | $183.7M | $142.1M | $144.1M | $298.4M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$52.3M | $44.4M | $41.2M | $77.2M | -- | |
| Ending Cash (CF) | $131.4M | $186.5M | $185.2M | $375.6M | -- | |
| Levered Free Cash Flow | $28.1M | $111.7M | $127.9M | $146.8M | -- | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $72.6M | $111.3M | $243.1M | $286.3M | $233.6M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $372.2M | $376.9M | $360.8M | $566.2M | $708.6M | |
| Capital Expenditures | $41.3M | $161.6M | $88.4M | $98.7M | $131.6M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$67.8M | -$217.3M | -$137.7M | -$222.2M | -$157.6M | |
| Dividends Paid (Ex Special Dividend) | $282.7M | $203.3M | $217.9M | $233.6M | $250.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$2M | -$149.6M | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$284.7M | -$297.9M | -$217.9M | -$225.6M | -$203.7M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $19.6M | -$138.3M | $5.2M | $118.3M | $347.3M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $330.8M | $215.3M | $272.4M | $467.5M | $577M | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $15.4M | -$47.8M | -$101.6M | -$83.3M | $3.1B | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $402.8M | $366.2M | $381.2M | $611.2M | $515.1M | |
| Capital Expenditures | $148.8M | $67.2M | $92.6M | $124.8M | $84.9M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$185.5M | -$106.9M | -$157.6M | -$226.9M | -$101.1M | |
| Dividends Paid (Ex Special Dividend) | $192.8M | $206.8M | $221.7M | $237.5M | $190.7M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | $55M | -- | -- | -- | |
| Long-Term Debt Repaid | -$2M | -$149.1M | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | $7.9M | -- | |
| Cash From Financing | -$194.8M | -$300.8M | -$221.7M | -$230M | -$143.9M | |
| Beginning Cash (CF) | $710.9M | $471.4M | $512.3M | $835.1M | $1.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $22.5M | -$41.6M | $2M | $154.3M | $270.2M | |
| Ending Cash (CF) | $733.4M | $429.8M | $514.3M | $989.5M | $1.5B | |
| Levered Free Cash Flow | $254M | $298.9M | $288.6M | $486.4M | $430.2M | |
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