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 | $11.4B | $13.9B | $14.4B | $15B | $15.4B | |
| Revenue Growth (YoY) | 2.39% | 22.2% | 3.9% | 3.77% | 2.95% | |
| Cost of Revenues | $8.8B | $10.5B | $10.5B | $10.9B | $11.1B | |
| Gross Profit | $2.6B | $3.4B | $3.9B | $4.1B | $4.3B | |
| Gross Profit Margin | 22.64% | 24.37% | 27.1% | 27.35% | 27.66% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.8B | $2B | $2.1B | $2.1B | $2B | |
| Other Inc / (Exp) | -- | $84M | -$61M | $34M | $23M | |
| Operating Expenses | $1.8B | $2B | $2.1B | $2.1B | $2B | |
| Operating Income | $782M | $1.4B | $1.8B | $2B | $2.3B | |
| Net Interest Expenses | $403M | $354M | $394M | $719M | $711M | |
| EBT. Incl. Unusual Items | $373M | $1.1B | $1.4B | $1.5B | $1.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $72M | $163M | $260M | $101M | $301M | |
| Net Income to Company | $308M | $971M | $1.1B | $1.4B | $4.1B | |
| Minority Interest in Earnings | $29M | $5M | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $308M | $971M | $1.1B | $1.4B | $1.4B | |
| Basic EPS (Cont. Ops) | $1.46 | $5.05 | $5.82 | $7.39 | $7.57 | |
| Diluted EPS (Cont. Ops) | $1.43 | $4.95 | $5.72 | $7.29 | $7.49 | |
| Weighted Average Basic Share | $191.3M | $191.4M | $187.6M | $183.8M | $181.3M | |
| Weighted Average Diluted Share | $195M | $195M | $190.6M | $186.3M | $183.4M | |
| EBITDA | $2.1B | $2.7B | $3B | $3.2B | $3.4B | |
| EBIT | $782M | $1.4B | $1.8B | $2B | $2.3B | |
| Revenue (Reported) | $11.4B | $13.9B | $14.4B | $15B | $15.4B | |
| Operating Income (Reported) | $782M | $1.4B | $1.8B | $2B | $2.3B | |
| Operating Income (Adjusted) | $782M | $1.4B | $1.8B | $2B | $2.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $3.4B | $3.6B | $3.7B | $3.9B | $4.1B | |
| Revenue Growth (YoY) | 21.51% | 4.84% | 5.26% | 4.06% | 5.29% | |
| Cost of Revenues | $2.6B | $2.6B | $2.7B | $2.8B | $3B | |
| Gross Profit | $801M | $985M | $1B | $1.1B | $1.1B | |
| Gross Profit Margin | 23.63% | 27.72% | 27.21% | 28.18% | 26.49% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $498M | $517M | $502M | $522M | $514M | |
| Other Inc / (Exp) | $59M | -$12M | $5M | -$72M | -- | |
| Operating Expenses | $498M | $517M | $502M | $522M | $514M | |
| Operating Income | $303M | $468M | $516M | $575M | $572M | |
| Net Interest Expenses | $87M | $99M | $198M | $178M | $191M | |
| EBT. Incl. Unusual Items | $273M | $360M | $349M | $349M | $408M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $12M | $70M | $51M | $65M | $76M | |
| Net Income to Company | $261M | $283M | $303M | $285M | $332M | |
| Minority Interest in Earnings | -- | -- | -- | -- | $1M | |
| Net Income to Common Excl Extra Items | $261M | $283M | $303M | $285M | $332M | |
| Basic EPS (Cont. Ops) | $1.36 | $1.52 | $1.66 | $1.57 | $1.94 | |
| Diluted EPS (Cont. Ops) | $1.34 | $1.49 | $1.63 | $1.55 | $1.93 | |
| Weighted Average Basic Share | $191.5M | $186.5M | $182.9M | $182.1M | $170.2M | |
| Weighted Average Diluted Share | $195.3M | $189.4M | $185.5M | $184.2M | $171.7M | |
| EBITDA | $639M | $716M | $813M | $853M | $858M | |
| EBIT | $303M | $468M | $516M | $575M | $572M | |
| Revenue (Reported) | $3.4B | $3.6B | $3.7B | $3.9B | $4.1B | |
| Operating Income (Reported) | $303M | $468M | $516M | $575M | $572M | |
| Operating Income (Adjusted) | $303M | $468M | $516M | $575M | $572M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $13.5B | $14.3B | $14.8B | $15.3B | $15.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $10.4B | $10.4B | $10.8B | $11.1B | $11.7B | |
| Gross Profit | $3.1B | $3.9B | $4B | $4.3B | $4.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.9B | $2B | $2.1B | $2.1B | $2B | |
| Other Inc / (Exp) | $88M | -$70M | $15M | -$35M | -- | |
| Operating Expenses | $1.9B | $2B | $2.1B | $2.1B | $2B | |
| Operating Income | $1.2B | $1.9B | $1.9B | $2.2B | $2.3B | |
| Net Interest Expenses | $377M | $355M | $648M | $730M | $714M | |
| EBT. Incl. Unusual Items | $946M | $1.5B | $1.4B | $1.5B | $1.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $167M | $271M | $251M | $87M | $305M | |
| Net Income to Company | $783M | $1.2B | $1.1B | $1.4B | $4B | |
| Minority Interest in Earnings | $16M | -- | -- | -- | $1M | |
| Net Income to Common Excl Extra Items | $783M | $1.2B | $1.1B | $1.4B | $1.3B | |
| Basic EPS (Cont. Ops) | $4.00 | $6.25 | $6.05 | $7.72 | $7.35 | |
| Diluted EPS (Cont. Ops) | $3.93 | $6.15 | $5.96 | $7.62 | $7.28 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.6B | $2.9B | $3.1B | $3.3B | $3.4B | |
| EBIT | $1.2B | $1.9B | $1.9B | $2.2B | $2.3B | |
| Revenue (Reported) | $13.5B | $14.3B | $14.8B | $15.3B | $15.9B | |
| Operating Income (Reported) | $1.2B | $1.9B | $1.9B | $2.2B | $2.3B | |
| Operating Income (Adjusted) | $1.2B | $1.9B | $1.9B | $2.2B | $2.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $10.2B | $10.7B | $11.1B | $11.4B | $11.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $7.9B | $7.7B | $8.1B | $8.3B | $8.8B | |
| Gross Profit | $2.4B | $2.9B | $3B | $3.2B | $3.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | |
| Other Inc / (Exp) | $88M | -$66M | $10M | -$59M | -$91M | |
| Operating Expenses | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | |
| Operating Income | $940M | $1.4B | $1.5B | $1.6B | $1.6B | |
| Net Interest Expenses | $275M | $272M | $526M | $537M | $540M | |
| EBT. Incl. Unusual Items | $752M | $1.1B | $1.1B | $1.1B | $1.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $104M | $212M | $203M | $189M | $193M | |
| Net Income to Company | $653M | $864M | $889M | $936M | $847M | |
| Minority Interest in Earnings | $5M | -- | -- | -- | $1M | |
| Net Income to Common Excl Extra Items | $653M | $864M | $889M | $936M | $847M | |
| Basic EPS (Cont. Ops) | $3.38 | $4.59 | $4.82 | $5.14 | $4.91 | |
| Diluted EPS (Cont. Ops) | $3.32 | $4.51 | $4.76 | $5.08 | $4.87 | |
| Weighted Average Basic Share | $574.6M | $564.8M | $553.1M | $546.2M | $517.7M | |
| Weighted Average Diluted Share | $585.1M | $573.9M | $560.8M | $552.8M | $522.3M | |
| EBITDA | $1.9B | $2.2B | $2.3B | $2.5B | $2.5B | |
| EBIT | $940M | $1.4B | $1.5B | $1.6B | $1.6B | |
| Revenue (Reported) | $10.2B | $10.7B | $11.1B | $11.4B | $11.9B | |
| Operating Income (Reported) | $940M | $1.4B | $1.5B | $1.6B | $1.6B | |
| Operating Income (Adjusted) | $940M | $1.4B | $1.5B | $1.6B | $1.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.9B | $1.5B | $1.3B | $1.5B | $1.8B | |
| Short Term Investments | $88M | $111M | $93M | $120M | $141M | |
| Accounts Receivable, Net | $2.4B | $2.6B | $2.9B | $3.4B | $3.2B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $159M | $156M | $151M | $141M | $154M | |
| Other Current Assets | $563M | $521M | $561M | $546M | $592M | |
| Total Current Assets | $5.1B | $4.8B | $5B | $5.6B | $5.8B | |
| Property Plant And Equipment | $953M | $903M | $863M | $819M | $773M | |
| Long-Term Investments | $162M | $168M | $164M | $241M | $374M | |
| Goodwill | $12.7B | $13.3B | $13.9B | $14.6B | $14.7B | |
| Other Intangibles | $5.2B | $4.9B | $4.8B | $4.8B | $4.5B | |
| Other Long-Term Assets | $386M | $491M | $472M | $455M | $520M | |
| Total Assets | $24.6B | $24.7B | $25.3B | $26.7B | $26.9B | |
| Accounts Payable | $581M | $621M | $645M | $709M | $736M | |
| Accrued Expenses | $1.4B | $1.4B | $1.7B | $1.9B | $2B | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $242M | $207M | $152M | $294M | $193M | |
| Total Current Liabilities | $4.6B | $5.2B | $5.6B | $6.5B | $7B | |
| Long-Term Debt | $12.9B | $12.5B | $13.1B | $13.4B | $13.2B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $18.3B | $18.6B | $19.6B | $20.6B | $20.8B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | |
| Other Common Equity Adj | -$205M | -$406M | -$727M | -$867M | -$1B | |
| Common Equity | $6B | $6B | $5.8B | $6.1B | $6.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $279M | -- | -- | -- | -- | |
| Total Equity | $6.3B | $6B | $5.8B | $6.1B | $6.1B | |
| Total Liabilities and Equity | $24.6B | $24.7B | $25.3B | $26.7B | $26.9B | |
| Cash and Short Terms | $1.9B | $1.5B | $1.3B | $1.5B | $1.8B | |
| Total Debt | $13B | $12.6B | $13.2B | $14.1B | $14.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.6B | $1.4B | $1.3B | $1.7B | $2B | |
| Short Term Investments | $104M | $87M | $108M | $140M | -- | |
| Accounts Receivable, Net | $2.3B | $2.6B | $3.2B | $3.2B | $3.3B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $164M | $176M | $177M | $195M | $177M | |
| Other Current Assets | $410M | $528M | $423M | $475M | -- | |
| Total Current Assets | $4.5B | $4.8B | $5.2B | $5.6B | $6B | |
| Property Plant And Equipment | $889M | $840M | $790M | $772M | $824M | |
| Long-Term Investments | $158M | $200M | $214M | $320M | $405M | |
| Goodwill | $13.1B | $13.2B | $14.3B | $15.1B | -- | |
| Other Intangibles | $4.8B | $4.7B | $4.9B | $4.7B | -- | |
| Other Long-Term Assets | $411M | $488M | $459M | $467M | -- | |
| Total Assets | $24B | $24.2B | $26B | $27.2B | $28.7B | |
| Accounts Payable | $2.7B | $3B | $3.1B | $3.4B | $3.6B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $214M | $165M | $137M | $354M | -- | |
| Total Current Liabilities | $4.8B | $5.3B | $6.6B | $7B | $8.5B | |
| Long-Term Debt | $12.4B | $12.5B | $12.5B | $12.5B | $13B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $18.2B | $18.9B | $20.2B | $20.2B | $22.4B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | |
| Other Common Equity Adj | -$445M | -$898M | -$903M | -$826M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | $128M | |
| Total Equity | $5.8B | $5.3B | $5.8B | $7B | $6.3B | |
| Total Liabilities and Equity | $24B | $24.2B | $26B | $27.2B | $28.7B | |
| Cash and Short Terms | $1.6B | $1.4B | $1.3B | $1.7B | $2B | |
| Total Debt | $12.5B | $12.7B | $13.8B | $13.7B | $15.2B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $308M | $971M | $1.1B | $1.4B | $4.1B | |
| Depreciation & Amoritzation | $1.3B | $1.3B | $1.1B | $1.1B | $1.1B | |
| Stock-Based Compensation | $95M | $170M | $194M | $217M | $206M | |
| Change in Accounts Receivable | $255M | -$138M | -$421M | -$388M | $182M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2B | $2.9B | $2.3B | $2.1B | $2.7B | |
| Capital Expenditures | $616M | $640M | $674M | $649M | $602M | |
| Cash Acquisitions | $177M | $2.2B | $1.3B | $876M | $735M | |
| Cash From Investing | -$796M | -$2.9B | -$2B | -$1.6B | -$1.4B | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $2.8B | $2.8B | $3.6B | $6.4B | $1.7B | |
| Long-Term Debt Repaid | -$2.5B | -$2.7B | -$2.7B | -$5.6B | -$1.1B | |
| Repurchase of Common Stock | $447M | $406M | $1.2B | $992M | $1.4B | |
| Other Financing Activities | -$68M | -$840M | -$31M | -$131M | -$17M | |
| Cash From Financing | -$217M | -$477M | -$329M | -$382M | -$878M | |
| Beginning Cash (CF) | $1.8B | $1.4B | $1.2B | $1.4B | $1.7B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $977M | -$448M | -$150M | $160M | $326M | |
| Ending Cash (CF) | $2.8B | $866M | $991M | $1.5B | $2B | |
| Levered Free Cash Flow | $1.3B | $2.3B | $1.6B | $1.5B | $2.1B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $261M | $283M | $303M | $285M | $332M | |
| Depreciation & Amoritzation | $336M | $248M | $297M | $278M | $286M | |
| Stock-Based Compensation | $48M | $61M | $47M | $54M | $55M | |
| Change in Accounts Receivable | $663M | $55M | -$107M | $72M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $844M | $863M | $583M | $721M | $908M | |
| Capital Expenditures | $162M | $165M | $146M | $150M | $136M | |
| Cash Acquisitions | $931M | $548M | $425M | $428M | $483M | |
| Cash From Investing | -$1.1B | -$717M | -$573M | -$599M | -$550M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $610M | $350M | $450M | $310M | -- | |
| Long-Term Debt Repaid | -$574M | -$389M | -$441M | -$244M | -- | |
| Repurchase of Common Stock | $91M | $211M | $144M | $200M | -- | |
| Other Financing Activities | -$11M | -$1M | -$9M | -$2M | -- | |
| Cash From Financing | -$64M | -$251M | -$144M | -$137M | -$572M | |
| Beginning Cash (CF) | $1.5B | $1.3B | $1.2B | $1.6B | $1.8B | |
| Foreign Exchange Rate Adjustment | -$20M | -$49M | -$24M | $42M | -$11M | |
| Additions / Reductions | -$337M | -$154M | -$158M | $27M | -$225M | |
| Ending Cash (CF) | $1.1B | $1.1B | $1B | $1.6B | $1.6B | |
| Levered Free Cash Flow | $682M | $698M | $437M | $571M | $772M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $783M | $1.2B | $1.1B | $1.4B | $4B | |
| Depreciation & Amoritzation | $1.3B | $1B | $1.2B | $1.1B | $1.1B | |
| Stock-Based Compensation | $154M | $178M | $230M | $203M | $235M | |
| Change in Accounts Receivable | $590M | -$889M | -$574M | $112M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3B | $2.4B | $2B | $2.6B | $2.8B | |
| Capital Expenditures | $632M | $687M | $641M | $617M | $593M | |
| Cash Acquisitions | $1.8B | $1.5B | $1.2B | $656M | $884M | |
| Cash From Investing | -$2.5B | -$2.2B | -$1.9B | -$1.3B | -$1.5B | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $2.4B | $3.2B | $4.1B | $3.8B | -- | |
| Long-Term Debt Repaid | -$2.5B | -$2B | -$3.3B | -$4.2B | -- | |
| Repurchase of Common Stock | $311M | $1.3B | $816M | $371M | $2.2B | |
| Other Financing Activities | -$836M | -$30M | -$102M | -$45M | -- | |
| Cash From Financing | -$537M | -$274M | -$155M | -$923M | -$1.1B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $6M | -$196M | -$50M | $348M | $242M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2.4B | $1.7B | $1.3B | $2B | $2.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $653M | $864M | $889M | $936M | $847M | |
| Depreciation & Amoritzation | $1B | $773M | $809M | $811M | $827M | |
| Stock-Based Compensation | $128M | $136M | $172M | $158M | $187M | |
| Change in Accounts Receivable | $663M | -$88M | -$241M | $259M | $269M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2.3B | $1.7B | $1.4B | $1.8B | $1.9B | |
| Capital Expenditures | $456M | $503M | $470M | $438M | $429M | |
| Cash Acquisitions | $1.8B | $1B | $869M | $649M | $798M | |
| Cash From Investing | -$2.2B | -$1.5B | -$1.4B | -$1.1B | -$1.2B | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $2.4B | $2.8B | $3.3B | $685M | $4.9B | |
| Long-Term Debt Repaid | -$2.4B | -$1.7B | -$2.3B | -$915M | -$3.8B | |
| Repurchase of Common Stock | $253M | $1.2B | $821M | $200M | $1B | |
| Other Financing Activities | -$837M | -$27M | -$98M | -$12M | -$66M | |
| Cash From Financing | -$339M | -$136M | $38M | -$503M | -$685M | |
| Beginning Cash (CF) | $5.6B | $4.1B | $4.1B | $4.6B | $5.6B | |
| Foreign Exchange Rate Adjustment | -$41M | -$127M | -$41M | $2M | $79M | |
| Additions / Reductions | -$344M | -$92M | $8M | $196M | $112M | |
| Ending Cash (CF) | $5.2B | $3.9B | $4.1B | $4.8B | $5.8B | |
| Levered Free Cash Flow | $1.8B | $1.2B | $932M | $1.4B | $1.5B | |
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