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 | $13.9B | $16.6B | $18.5B | $28.6B | $31.5B | |
| Revenue Growth (YoY) | 4.54% | 19.41% | 11% | 55.01% | 10.14% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $191.9M | $41.4M | $31.6M | $110.4M | $81.2M | |
| Operating Expenses | -$2.1B | -$722.2M | -$4.5B | -$7.4B | -$8.8B | |
| Operating Income | $2.1B | $722.2M | $4.5B | $7.4B | $8.8B | |
| Net Interest Expenses | $672.6M | $613.4M | $574.9M | $1.2B | $1.6B | |
| EBT. Incl. Unusual Items | $1.5B | $5.8B | $4.3B | $7.2B | $8.7B | |
| Earnings of Discontinued Ops. | -- | $2.4M | $2.1M | $2.2M | $1.1M | |
| Income Tax Expense | $249.7M | $104M | $1.2B | $2.3B | $2.7B | |
| Net Income to Company | $1.6B | $6.2B | $3.3B | $5.2B | $6.3B | |
| Minority Interest in Earnings | -- | $3.5M | $4.2M | $2.2M | $8.7M | |
| Net Income to Common Excl Extra Items | $1.4B | $5.9B | $3B | $4.9B | $6B | |
| Basic EPS (Cont. Ops) | $0.08 | $0.26 | $0.13 | $0.22 | $0.27 | |
| Diluted EPS (Cont. Ops) | $0.08 | $0.26 | $0.13 | $0.22 | $0.27 | |
| Weighted Average Basic Share | $17.9B | $22.7B | $23.5B | $22.4B | $21.8B | |
| Weighted Average Diluted Share | $17.9B | $22.7B | $23.5B | $22.4B | $21.8B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3.6B | $8B | $7.1B | $15.9B | $19.3B | |
| Revenue (Reported) | $13.9B | $16.6B | $18.5B | $28.6B | $31.5B | |
| Operating Income (Reported) | $2.1B | $722.2M | $4.5B | $7.4B | $8.8B | |
| Operating Income (Adjusted) | $3.6B | $8B | $7.1B | $15.9B | $19.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $3.8B | $3.5B | $6.8B | $7.2B | $6.7B | |
| Revenue Growth (YoY) | 29.93% | -9.23% | 94.17% | 6.45% | -6.76% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$828.6M | -$1.2B | -$2.2B | -$2.4B | -$2.4B | |
| Operating Income | $828.6M | $1.2B | $2.2B | $2.4B | $2.4B | |
| Net Interest Expenses | $53M | $99.7M | $675.5M | $751.4M | $574.9M | |
| EBT. Incl. Unusual Items | $759.1M | $1.2B | $2.2B | $2.3B | $2.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $205.1M | $366.4M | $672.3M | $702M | $795.8M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | $3.3M | $2.3M | |
| Net Income to Common Excl Extra Items | $730.8M | $902M | $1.7B | $1.7B | $1.7B | |
| Basic EPS (Cont. Ops) | $0.03 | $0.04 | $0.07 | $0.08 | $0.08 | |
| Diluted EPS (Cont. Ops) | $0.03 | $0.04 | $0.07 | $0.08 | $0.08 | |
| Weighted Average Basic Share | $24.2B | $22.8B | $22.4B | $21.7B | $21.1B | |
| Weighted Average Diluted Share | $24.2B | $22.8B | $22.4B | $21.7B | $21.1B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $1.3B | $1.8B | $4.6B | $5.1B | $4.4B | |
| Revenue (Reported) | $3.8B | $3.5B | $6.8B | $7.2B | $6.7B | |
| Operating Income (Reported) | $828.6M | $1.2B | $2.2B | $2.4B | $2.4B | |
| Operating Income (Adjusted) | $1.3B | $1.8B | $4.6B | $5.1B | $4.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $14B | $14.9B | $21.5B | $28.4B | $26.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$735.4M | -$1.5B | -$6.5B | -$8.2B | -$9.3B | |
| Operating Income | $735.4M | $1.5B | $6.5B | $8.2B | $9.3B | |
| Net Interest Expenses | $201.6M | $605.5M | $2B | $3B | $2.4B | |
| EBT. Incl. Unusual Items | $5.9B | $3.9B | $6.4B | $8.2B | $9.2B | |
| Earnings of Discontinued Ops. | -- | $2.3M | -- | -- | -- | |
| Income Tax Expense | $20.8M | $1.1B | $2.1B | $2.6B | $3B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$13.4K | $4.6M | -$68.3K | $5.5M | $7.8M | |
| Net Income to Common Excl Extra Items | $6.5B | $3.1B | $4.6B | $5.9B | $6.6B | |
| Basic EPS (Cont. Ops) | $0.28 | $0.13 | $0.21 | $0.27 | $0.31 | |
| Diluted EPS (Cont. Ops) | $0.28 | $0.13 | $0.21 | $0.27 | $0.31 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $8.1B | $6.3B | $12.5B | $18.9B | $18B | |
| Revenue (Reported) | $14B | $14.9B | $21.5B | $28.4B | $26.8B | |
| Operating Income (Reported) | $735.4M | $1.5B | $6.5B | $8.2B | $9.3B | |
| Operating Income (Adjusted) | $8.1B | $6.3B | $12.5B | $18.9B | $18B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $11B | $18.3B | $21.4B | $19.8B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$3.5B | -$5.6B | -$6.5B | -$7B | -- | |
| Operating Income | $3.5B | $5.6B | $6.5B | $7B | -- | |
| Net Interest Expenses | $180.3M | $1.6B | $2.3B | $1.7B | -- | |
| EBT. Incl. Unusual Items | $3.4B | $5.5B | $6.4B | $6.9B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $963.2M | $1.8B | $2.1B | $2.3B | -- | |
| Net Income to Company | $1.7B | $2.3B | $2.9B | -- | -- | |
| Minority Interest in Earnings | $1.1M | -$1.1M | $5.5M | $5.7M | -- | |
| Net Income to Common Excl Extra Items | $2.6B | $4B | $4.6B | $4.9B | -- | |
| Basic EPS (Cont. Ops) | $0.11 | $0.18 | $0.21 | $0.23 | -- | |
| Diluted EPS (Cont. Ops) | $0.11 | $0.18 | $0.21 | $0.23 | -- | |
| Weighted Average Basic Share | $70.6B | $67.4B | $65.5B | $63.8B | -- | |
| Weighted Average Diluted Share | $70.6B | $67.4B | $65.5B | $63.8B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $5.2B | $11.5B | $14.5B | $13.2B | -- | |
| Revenue (Reported) | $11B | $18.3B | $21.4B | $19.8B | -- | |
| Operating Income (Reported) | $3.5B | $5.6B | $6.5B | $7B | -- | |
| Operating Income (Adjusted) | $5.2B | $11.5B | $14.5B | $13.2B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $62.2B | $116.7B | $20.2B | $39.9B | $50.1B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $822.8M | $1.2B | $914.8M | $811.4M | $824.1M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $76.7B | $138.2B | $36.6B | $56.3B | $64.9B | |
| Property Plant And Equipment | $6.1B | $7.3B | $6.3B | $6.5B | $5.9B | |
| Long-Term Investments | $5.2B | $5.1B | $2.9B | $3.2B | $2.4B | |
| Goodwill | $3.8B | $3.9B | $3.4B | $3.4B | $3.2B | |
| Other Intangibles | $1.1B | $1.7B | $2B | $2.1B | $2.1B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $552.5B | $773.3B | $639.1B | $670.7B | $653.4B | |
| Accounts Payable | $1.4B | $1.5B | $1.3B | $1.1B | $1.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $274.5B | $410.8B | $410.2B | $411B | $388.2B | |
| Long-Term Debt | $113.2B | $169.4B | $78.6B | $68.7B | $63.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $521.5B | $733.1B | $603.1B | $630.6B | $615.2B | |
| Common Stock | $7.3B | $9.2B | $8B | $8.3B | $7.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $30.9B | $40.2B | $35.9B | $40.1B | $38.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $30.6M | $35.3M | $34.2M | $35.3M | $35.2M | |
| Total Equity | $30.9B | $40.3B | $36B | $40.1B | $38.2B | |
| Total Liabilities and Equity | $552.5B | $773.3B | $639.1B | $670.7B | $653.4B | |
| Cash and Short Terms | $63.5B | $118.1B | $22B | $41.9B | $51.8B | |
| Total Debt | $113.2B | $169.4B | $78.6B | $68.7B | $63.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $135.9B | $96.1B | $44.8B | $69.7B | $63.1B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $152.9B | $107.9B | $55.4B | $79.1B | $72.4B | |
| Property Plant And Equipment | $7.8B | $7.5B | $7.7B | $7.9B | $7.9B | |
| Long-Term Investments | $6.3B | $2.6B | $3.2B | $3.5B | $3.9B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $794.7B | $662B | $647.3B | $709.6B | $781.4B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $6.4B | $6B | $4.3B | $1.6B | $4.1B | |
| Long-Term Debt | $179.4B | $144.6B | $98.7B | $75.2B | $70.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $754B | $628.5B | $609.9B | $668.3B | $736.1B | |
| Common Stock | $9.3B | $7.9B | $7.9B | $8.1B | $8.3B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $33.6M | $31.3M | $34.9M | $36.8M | $15.3M | |
| Total Equity | $40.7B | $33.6B | $37.4B | $41.3B | $45.2B | |
| Total Liabilities and Equity | $794.7B | $662B | $647.3B | $709.6B | $781.4B | |
| Cash and Short Terms | $136B | $96.4B | $44.7B | $69.7B | -- | |
| Total Debt | $179.4B | $144.6B | $98.7B | $75.2B | $70.9B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.6B | $6.2B | $3.3B | $5.2B | $6.3B | |
| Depreciation & Amoritzation | $564.3M | $768.3M | $726.2M | $796.8M | $805.9M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $72B | $23.2B | -$65.3B | $9.4B | $33B | |
| Capital Expenditures | $786.6M | $801.4M | $962.7M | $866M | $816.7M | |
| Cash Acquisitions | -- | -- | $262.7M | -- | -- | |
| Cash From Investing | -$28.6B | $38.8B | -$18.4B | $7.9B | -$14.9B | |
| Dividends Paid (Ex Special Dividend) | $476.5M | $255.3M | $1.2B | $1.9B | $4.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $852M | $2.1B | $790.9M | $2.5B | $1.9B | |
| Long-Term Debt Repaid | -- | -$786.8M | -$1.9B | -$1.6B | -$2.2B | |
| Repurchase of Common Stock | $9.1M | $17.7M | $1.9B | $554.6M | $1.4B | |
| Other Financing Activities | -$2.1B | -$915.8M | $7.4M | $3B | $772.8M | |
| Cash From Financing | -$1.8B | $104M | -$4.2B | $1.5B | -$5.1B | |
| Beginning Cash (CF) | $17.3B | $61.1B | $109.9B | $22.2B | $41B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $41.6B | $62.2B | -$88B | $18.7B | $12.9B | |
| Ending Cash (CF) | $58.9B | $123.3B | $21.6B | $41B | $53.9B | |
| Levered Free Cash Flow | $71.2B | $22.4B | -$66.3B | $8.5B | $32.1B | |
| 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 | -- | -- | -- | -- | -- | |
| 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 | $378.9M | $361.6M | $360M | $372.9M | $359.6M | |
| Cash Acquisitions | -- | $148.2M | $87.3M | $69.8M | $49.5M | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$460.4M | -$260.3M | -$1.3B | -$1.9B | -$3.1B | |
| 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 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.7B | $2.3B | $2.9B | -- | -- | |
| Depreciation & Amoritzation | $419.7M | $414.4M | $418.9M | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $24.4B | $23.9B | $21.5B | -- | -- | |
| Capital Expenditures | $360M | $372.9M | $359.6M | -- | -- | |
| Cash Acquisitions | $87.3M | $69.8M | $49.5M | -- | -- | |
| Cash From Investing | $307.8M | $154.8M | $62.5M | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.3B | -$1.9B | -$3.1B | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $1.7B | $2.5B | $807.6M | -- | -- | |
| Long-Term Debt Repaid | -$1.1B | -- | -$2.2B | -- | -- | |
| Repurchase of Common Stock | -$701.9M | -$20.7M | -$573.9M | -- | -- | |
| Other Financing Activities | -$2.2B | -$1.6B | -$255.2M | -- | -- | |
| Cash From Financing | -$3.5B | -$965M | -$5.2B | -- | -- | |
| Beginning Cash (CF) | $111B | $22.4B | $40.8B | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $21.3B | $23.1B | $16.3B | -- | -- | |
| Ending Cash (CF) | $132.3B | $45.5B | $57.1B | -- | -- | |
| Levered Free Cash Flow | $24.1B | $23.5B | $21.1B | -- | -- | |
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