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 | $2.4B | $2.8B | $2.8B | $4.9B | $5.8B | |
| Revenue Growth (YoY) | 3.91% | 15.37% | 0.87% | 76.1% | 18.15% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $58.1M | $65.6M | $55.1M | $27.5M | $28.2M | |
| Operating Expenses | -$803.8M | -$1.1B | -$1.1B | -$1.8B | -$1.9B | |
| Operating Income | $803.8M | $1.1B | $1.1B | $1.8B | $1.9B | |
| Net Interest Expenses | $94.4M | $100.6M | $85.7M | $154.6M | $204.5M | |
| EBT. Incl. Unusual Items | $230M | $594.9M | $786.6M | $1.3B | $1.4B | |
| Earnings of Discontinued Ops. | $163M | $1.1B | -- | -- | -- | |
| Income Tax Expense | $64.3M | $164.6M | $236.3M | $415.2M | $440M | |
| Net Income to Company | $362.2M | $1.6B | $590.8M | $914.6M | $1B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $198.5M | $469.8M | $588.8M | $913.3M | $1B | |
| Basic EPS (Cont. Ops) | $0.40 | $1.76 | $0.66 | $1.02 | $1.15 | |
| Diluted EPS (Cont. Ops) | $0.38 | $1.73 | $0.64 | $0.98 | $1.11 | |
| Weighted Average Basic Share | $898.6M | $897.7M | $898.6M | $898.6M | $898.7M | |
| Weighted Average Diluted Share | $898.6M | $897.7M | $898.6M | $898.6M | $898.7M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $388.2M | $797.1M | $1B | $2.9B | $3.7B | |
| Revenue (Reported) | $2.4B | $2.8B | $2.8B | $4.9B | $5.8B | |
| Operating Income (Reported) | $803.8M | $1.1B | $1.1B | $1.8B | $1.9B | |
| Operating Income (Adjusted) | $388.2M | $797.1M | $1B | $2.9B | $3.7B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $714.3M | $666.8M | $1.3B | $1.5B | $1.4B | |
| Revenue Growth (YoY) | 20.74% | -6.66% | 98.98% | 13.21% | -6.68% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $14.9M | $5.6M | $7.1M | $822.7K | -- | |
| Operating Expenses | -$176.3M | -$222.2M | -$406.9M | -$394.2M | -$428.9M | |
| Operating Income | $176.3M | $222.2M | $406.9M | $394.2M | $428.9M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $171.3M | $217.5M | $402.3M | $391M | $423.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $52.8M | $69M | $121.4M | $120.4M | $125.7M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $130.1M | $160.2M | $290.2M | $282.9M | $315.3M | |
| Basic EPS (Cont. Ops) | $0.14 | $0.18 | $0.32 | $0.31 | $0.35 | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | $898.5M | $898.6M | $898.6M | $898.6M | $898.7M | |
| Weighted Average Diluted Share | $898.9M | $898.9M | $898.6M | $898.6M | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $224.3M | $273.5M | $877.6M | $1B | $871.4M | |
| Revenue (Reported) | $714.3M | $666.8M | $1.3B | $1.5B | $1.4B | |
| Operating Income (Reported) | $176.3M | $222.2M | $406.9M | $394.2M | $428.9M | |
| Operating Income (Adjusted) | $224.3M | $273.5M | $877.6M | $1B | $871.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.7B | $2.7B | $4.4B | $5.9B | $5.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $84.9M | $67.4M | $59.5M | -$7.7M | -- | |
| Operating Expenses | -$601.6M | -$880.2M | -$1.2B | -$1.4B | -$1.7B | |
| Operating Income | $601.6M | $880.2M | $1.2B | $1.4B | $1.7B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $585.1M | $702.7M | $1.2B | $1.4B | $1.5B | |
| Earnings of Discontinued Ops. | $1.2B | -- | -- | -- | -- | |
| Income Tax Expense | $174.4M | $195.1M | $399.8M | $452M | $429.8M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $447.2M | $551.7M | $874.9M | $966.6M | $1.1B | |
| Basic EPS (Cont. Ops) | $1.80 | $0.61 | $0.97 | $1.08 | $1.27 | |
| Diluted EPS (Cont. Ops) | $0.13 | $0.32 | -- | -- | -- | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $773.3M | $927.5M | $2.4B | $3.7B | $3.5B | |
| Revenue (Reported) | $2.7B | $2.7B | $4.4B | $5.9B | $5.6B | |
| Operating Income (Reported) | $601.6M | $880.2M | $1.2B | $1.4B | $1.7B | |
| Operating Income (Adjusted) | $773.3M | $927.5M | $2.4B | $3.7B | $3.5B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2B | $3.7B | $4.5B | $4.2B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $64.8M | $56.7M | $47.2M | $822.7K | -- | |
| Operating Expenses | -$514.2M | -$782.2M | -$1.1B | -$1.2B | -$1.4B | |
| Operating Income | $514.2M | $782.2M | $1.1B | $1.2B | $1.4B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $500.8M | $606M | $1.1B | $1.2B | $1.2B | |
| Earnings of Discontinued Ops. | $1.1B | -- | -- | -- | -- | |
| Income Tax Expense | $152.9M | $182M | $345.3M | $382M | $370.9M | |
| Net Income to Company | $1.4B | $288.7M | $455.7M | $509.8M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $376.6M | $457.5M | $742.2M | $794.4M | $907.6M | |
| Basic EPS (Cont. Ops) | $1.67 | $0.51 | $0.83 | $0.88 | $1.01 | |
| Diluted EPS (Cont. Ops) | -- | $0.32 | -- | -- | -- | |
| Weighted Average Basic Share | $2.7B | $2.7B | $2.7B | $2.7B | $2.7B | |
| Weighted Average Diluted Share | $2.7B | $2.7B | $2.7B | $2.8B | $1.8B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $646.9M | $775M | $2.1B | $2.9B | $2.6B | |
| Revenue (Reported) | $2.1B | $2B | $3.7B | $4.5B | $4.2B | |
| Operating Income (Reported) | $514.2M | $782.2M | $1.1B | $1.2B | $1.4B | |
| Operating Income (Adjusted) | $646.9M | $775M | $2.1B | $2.9B | $2.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $17.9B | $25B | $13.1B | $14.2B | $13.7B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $22.1B | $28.2B | $17.5B | $18.7B | $19.5B | |
| Property Plant And Equipment | $556.8M | $512.2M | $478M | $471.4M | $462.5M | |
| Long-Term Investments | $631.5M | $439.2M | $702.4M | $785.5M | $796.6M | |
| Goodwill | $2.8M | $2.6M | $2.4M | $2.5M | $2.4M | |
| Other Intangibles | $314.6M | $302.8M | $296.7M | $331.3M | $331.1M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $117.8B | $122.3B | $114.7B | $124.8B | $126.3B | |
| Accounts Payable | $402.7M | $359.6M | $720.5M | $786.3M | $485.4M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $72B | $75.4B | $74.4B | $73.2B | $72.7B | |
| Long-Term Debt | $27.7B | $28.6B | $21B | $12.8B | $12.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $111.7B | $116.8B | $109.5B | $119B | $120.2B | |
| Common Stock | $329.9M | $306.7M | $287.8M | $297.9M | $279.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $6.1B | $5.5B | $5.2B | $5.9B | $6.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $6.1B | $5.5B | $5.2B | $5.9B | $6.1B | |
| Total Liabilities and Equity | $117.8B | $122.3B | $114.7B | $124.8B | $126.3B | |
| Cash and Short Terms | $19.8B | $27.2B | $16.7B | $17.8B | $18.7B | |
| Total Debt | $27.7B | $28.6B | $21B | $12.8B | $12.6B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $22.8B | $16.5B | $13.2B | $14.4B | $15.9B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $27.3B | $22.1B | $17.8B | $22.1B | $23.1B | |
| Property Plant And Equipment | $524.2M | $436.8M | $462.1M | $480.1M | $535.8M | |
| Long-Term Investments | $496.8M | $646.4M | $668M | $855.2M | $874.8M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $118.8B | $108.3B | $114.7B | $132.1B | $151.2B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $3.4B | $4.7B | $3.8B | $5.6B | $2.9B | |
| Long-Term Debt | $27.4B | $21.6B | $20B | $19.3B | $23.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $113.1B | $103.5B | $109.1B | $125.5B | $143.7B | |
| Common Stock | -- | -- | -- | -- | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $5.6B | $4.8B | $5.6B | $6.6B | $7.6B | |
| Total Liabilities and Equity | $118.8B | $108.3B | $114.7B | $132.1B | $151.2B | |
| Cash and Short Terms | $22.8B | $16.6B | $13.2B | $14.4B | -- | |
| Total Debt | $27.4B | $21.6B | $20B | $19.3B | $23.1B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $362.2M | $1.6B | $590.8M | $914.6M | $1B | |
| Depreciation & Amoritzation | $86.2M | $91.9M | $84.2M | $88.7M | $94.6M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $4.7B | $14.7B | $618.1M | $6.7B | -$6.2B | |
| Capital Expenditures | $98.8M | $79.6M | $75.9M | $97.7M | $163.4M | |
| Cash Acquisitions | -- | -- | $28.5M | $56.2M | -- | |
| Cash From Investing | $4.9B | -$6.4B | -$9.3B | -$6B | $8.2B | |
| Dividends Paid (Ex Special Dividend) | $100M | $249.1M | $265.3M | $438.8M | $500.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $399.7M | $887.4M | -- | $324.8M | $216.5M | |
| Long-Term Debt Repaid | -$45.7M | -$236.6M | -$527.3M | -- | -- | |
| Repurchase of Common Stock | $67.3M | $57.7M | $88.8M | $85.5M | $85.1M | |
| Other Financing Activities | -- | -- | -- | -- | $1.1K | |
| Cash From Financing | $250.6M | $404.1M | -$791.2M | -$114.4M | -$283.9M | |
| Beginning Cash (CF) | $7.3B | $17.8B | $23.6B | $14.5B | $664.4B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $9.8B | $8.7B | -$9.5B | $549.6M | $1.7B | |
| Ending Cash (CF) | $17.2B | $26.5B | $14.1B | $15B | $666.1B | |
| Levered Free Cash Flow | $4.6B | $14.6B | $542.2M | $6.6B | -$6.4B | |
| 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 | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $48M | $35.6M | $28.5M | $37.4M | $43.5M | |
| Cash Acquisitions | -- | -$65.4M | -$15.3M | -$2.3M | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$96.6M | -$53.9M | -$127M | -$177.7M | -$212.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.4B | $288.7M | $455.7M | $509.8M | -- | |
| Depreciation & Amoritzation | $46.2M | $42.5M | $44.7M | $46M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.9B | -$1.2B | -$1.4B | -$2.6B | -- | |
| Capital Expenditures | $35.6M | $28.5M | $37.4M | $43.5M | -- | |
| Cash Acquisitions | -$65.4M | -$15.3M | -$2.3M | -- | -- | |
| Cash From Investing | -$71.3M | -$18.7M | $43.3M | -$32.1M | -- | |
| Dividends Paid (Ex Special Dividend) | -$53.9M | -$127M | -$177.7M | -$212.4M | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $903.9M | -- | $327.1M | $215.4M | -- | |
| Long-Term Debt Repaid | -$241M | -$532.6M | -- | -- | -- | |
| Repurchase of Common Stock | -$32.2M | -$54.1M | -$49.2M | -$54.6M | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $611.4M | -$660M | $149.6M | $2.5M | -- | |
| Beginning Cash (CF) | $18.1B | $23.8B | $14.6B | $14.9B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $4.5B | -$1.9B | -$1.2B | -$2.7B | -- | |
| Ending Cash (CF) | $22.6B | $21.9B | $13.3B | $12.3B | -- | |
| Levered Free Cash Flow | $3.9B | -$1.2B | -$1.4B | -$2.7B | -- | |
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