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 | $6.3B | $6.6B | $7.5B | $9.1B | $9.3B | |
| Revenue Growth (YoY) | -3.48% | 4.49% | 13.5% | 21.02% | 1.67% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $54M | $6M | -$1M | -$5M | -$208M | |
| Operating Expenses | -$1.4B | -$3.3B | -$2.8B | -$2.8B | -$2.5B | |
| Operating Income | $1.4B | $3.3B | $2.8B | $2.8B | $2.5B | |
| Net Interest Expenses | $187M | $103M | $119M | $322M | $319M | |
| EBT. Incl. Unusual Items | $1.3B | $3.2B | $2.9B | $2.6B | $2.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $220M | $694M | $631M | $533M | $461M | |
| Net Income to Company | $1.1B | $2.5B | $2.2B | $2.1B | $1.9B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $1.1B | $2.5B | $2.2B | $2.1B | $1.9B | |
| Basic EPS (Cont. Ops) | $1.03 | $2.51 | $2.30 | $2.11 | $1.94 | |
| Diluted EPS (Cont. Ops) | $1.03 | $2.49 | $2.28 | $2.11 | $1.93 | |
| Weighted Average Basic Share | $959M | $956M | $935M | $936M | $916M | |
| Weighted Average Diluted Share | $962M | $963M | $942M | $938M | $918M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $1.7B | $3.4B | $3.2B | $4.2B | $4.6B | |
| Revenue (Reported) | $6.3B | $6.6B | $7.5B | $9.1B | $9.3B | |
| Operating Income (Reported) | $1.4B | $3.3B | $2.8B | $2.8B | $2.5B | |
| Operating Income (Adjusted) | $1.7B | $3.4B | $3.2B | $4.2B | $4.6B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2.3B | $2.3B | $2.4B | |
| Revenue Growth (YoY) | -2.28% | 19.76% | 23.02% | -0.47% | 3.69% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $2M | -$1M | -$1M | -$78M | -- | |
| Operating Expenses | -$780M | -$559M | -$620M | -$608M | -$703M | |
| Operating Income | $780M | $559M | $620M | $608M | $703M | |
| Net Interest Expenses | $26M | $31M | $108M | $95M | $83M | |
| EBT. Incl. Unusual Items | $831M | $562M | $619M | $608M | $708M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $180M | $133M | $129M | $118M | $139M | |
| Net Income to Company | $651M | $429M | $490M | $490M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $651M | $429M | $490M | $490M | $569M | |
| Basic EPS (Cont. Ops) | $0.65 | $0.43 | $0.50 | $0.49 | $0.62 | |
| Diluted EPS (Cont. Ops) | $0.65 | $0.43 | $0.49 | $0.49 | $0.61 | |
| Weighted Average Basic Share | $955M | $934M | $939M | $914M | $890M | |
| Weighted Average Diluted Share | $962M | $940M | $940M | $918M | $894M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $872M | $643M | $1.1B | $1.2B | $1.2B | |
| Revenue (Reported) | $1.6B | $1.9B | $2.3B | $2.3B | $2.4B | |
| Operating Income (Reported) | $780M | $559M | $620M | $608M | $703M | |
| Operating Income (Adjusted) | $872M | $643M | $1.1B | $1.2B | $1.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $6.6B | $7.1B | $8.9B | $9.2B | $9.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $14M | -$4M | -$3M | -$180M | -- | |
| Operating Expenses | -$3.4B | -$2.5B | -$3B | -$2.2B | -$2.7B | |
| Operating Income | $3.4B | $2.5B | $3B | $2.2B | $2.7B | |
| Net Interest Expenses | $110M | $106M | $288M | $285M | $355M | |
| EBT. Incl. Unusual Items | $3.4B | $2.5B | $3B | $2.2B | $2.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $712M | $547M | $640M | $418M | $536M | |
| Net Income to Company | $2.7B | $2B | $2.4B | $1.8B | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.7B | $2B | $2.4B | $1.8B | $2.2B | |
| Basic EPS (Cont. Ops) | $2.69 | $2.02 | $2.42 | $1.77 | $2.28 | |
| Diluted EPS (Cont. Ops) | $2.67 | $2.01 | $2.41 | $1.77 | $2.27 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3.6B | $2.7B | $4.2B | $4.4B | $4.9B | |
| Revenue (Reported) | $6.6B | $7.1B | $8.9B | $9.2B | $9.6B | |
| Operating Income (Reported) | $3.4B | $2.5B | $3B | $2.2B | $2.7B | |
| Operating Income (Adjusted) | $3.6B | $2.7B | $4.2B | $4.4B | $4.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.4B | $6.8B | $6.9B | $7.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $8M | -$1M | -$3M | -$178M | -$26M | |
| Operating Expenses | -$2.6B | -$2B | -$2.1B | -$1.8B | -$2B | |
| Operating Income | $2.6B | $2B | $2.1B | $1.8B | $2B | |
| Net Interest Expenses | $79M | $82M | $251M | $214M | $250M | |
| EBT. Incl. Unusual Items | $2.7B | $2B | $2.1B | $1.7B | $2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $591M | $444M | $453M | $338M | $413M | |
| Net Income to Company | $2.1B | $1.6B | $1.7B | $1.4B | $1.1B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.1B | $1.6B | $1.7B | $1.4B | $1.6B | |
| Basic EPS (Cont. Ops) | $2.07 | $1.59 | $1.72 | $1.38 | $1.72 | |
| Diluted EPS (Cont. Ops) | $2.06 | $1.58 | $1.71 | $1.38 | $1.72 | |
| Weighted Average Basic Share | $2.9B | $2.8B | $2.8B | $2.8B | $2.7B | |
| Weighted Average Diluted Share | $2.9B | $2.8B | $2.8B | $2.8B | $2.7B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $2.8B | $2.2B | $3.2B | $3.4B | $3.6B | |
| Revenue (Reported) | $4.9B | $5.4B | $6.8B | $6.9B | $7.1B | |
| Operating Income (Reported) | $2.6B | $2B | $2.1B | $1.8B | $2B | |
| Operating Income (Adjusted) | $2.8B | $2.2B | $3.2B | $3.4B | $3.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $18B | $29.4B | $11.2B | $6.8B | $10.7B | |
| Short Term Investments | $27.2B | $28.5B | $27.9B | $28.1B | $23.4B | |
| Accounts Receivable, Net | $346M | $319M | $511M | $614M | $572M | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $18.3B | $29.7B | $11.8B | $7.4B | $11.3B | |
| Property Plant And Equipment | $2.4B | $2.3B | $2.2B | $2.1B | $2.1B | |
| Long-Term Investments | $3.5B | $4.8B | $4.7B | $4.4B | $4.5B | |
| Goodwill | $5.2B | $5.7B | $5.7B | $5.7B | $5.7B | |
| Other Intangibles | $418M | $723M | $1.1B | $1.1B | $1.2B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $147.4B | $162.9B | $155.2B | $152.2B | $157.3B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | $500M | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $81.4B | $89.9B | $113.6B | $113.3B | $92.7B | |
| Long-Term Debt | $3.8B | $2.8B | $2.7B | $2.7B | $3.5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $128.6B | $144.6B | $139.3B | $134.7B | $139.4B | |
| Common Stock | $10M | $10M | $10M | $10M | $9M | |
| Other Common Equity Adj | $1.3B | $289M | -$3.3B | -$2.8B | -$2.9B | |
| Common Equity | $16.5B | $16.7B | $14.3B | $15.8B | $16.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | $4M | $64M | $31M | |
| Total Equity | $18.1B | $18.3B | $16B | $17.5B | $17.9B | |
| Total Liabilities and Equity | $146.7B | $162.9B | $155.2B | $152.2B | $157.3B | |
| Cash and Short Terms | $45.1B | $57.9B | $39.2B | $34.9B | $34.2B | |
| Total Debt | $4B | $2.8B | $2.7B | $2.8B | $6.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $27.5B | $15.7B | $9B | $10.5B | $12.1B | |
| Short Term Investments | $27B | $25.2B | $23.2B | $25.9B | -- | |
| Accounts Receivable, Net | $304M | $424M | $625M | $596M | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $27.8B | $16.1B | $9.7B | $11.1B | $12.7B | |
| Property Plant And Equipment | $1.8B | $1.7B | $1.6B | $1.6B | $1.7B | |
| Long-Term Investments | $2.6B | $3.6B | $3.4B | $3.7B | $3.5B | |
| Goodwill | $5.2B | $5.7B | $5.7B | $5.7B | -- | |
| Other Intangibles | $511M | $1.1B | $1.1B | $1.1B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $156.2B | $157.8B | $153.6B | $157.4B | $159.9B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | $2B | $1.5B | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $87.9B | $87.4B | $79.4B | $77.2B | $104.9B | |
| Long-Term Debt | $2.5B | $2.3B | $4.2B | $5.3B | $4.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $137.5B | $142.6B | $137.5B | $138.7B | $140.8B | |
| Common Stock | $10M | $10M | $10M | $10M | $9M | |
| Other Common Equity Adj | $532M | -$3.6B | -$4.2B | -$1.9B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -$11M | -- | |
| Minority Interest, Total | $18M | -- | $25M | $51M | $46M | |
| Total Equity | $18.6B | $15.2B | $16.1B | $18.7B | $19.1B | |
| Total Liabilities and Equity | $156.2B | $157.8B | $153.6B | $157.4B | $159.9B | |
| Cash and Short Terms | $54.5B | $40.9B | $32.3B | $36.4B | -- | |
| Total Debt | $2.5B | $2.3B | $4.3B | $6B | $4.8B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.1B | $2.5B | $2.2B | $2.1B | $1.9B | |
| Depreciation & Amoritzation | $421M | $371M | $353M | $236M | $144M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$246M | -$231M | -$2.2B | $194M | -$831M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.1B | $2B | $2.5B | $2.4B | $1.8B | |
| Capital Expenditures | $194M | $165M | $382M | $348M | $304M | |
| Cash Acquisitions | $381M | $1.2B | -- | -- | -- | |
| Cash From Investing | -$5.6B | -$1.9B | -$12.4B | -$1.7B | -$452M | |
| Dividends Paid (Ex Special Dividend) | $698M | $716M | $762M | $885M | $994M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4.7B | $647M | -- | $2B | $3.7B | |
| Long-Term Debt Repaid | -$10.9B | -$1.8B | -- | -$2B | -$100M | |
| Repurchase of Common Stock | -- | $967M | $230M | $252M | $848M | |
| Other Financing Activities | -$11M | -$19M | -$24M | -$35M | -$27M | |
| Cash From Financing | $16.4B | $11.3B | -$8.3B | -$5.1B | $2.6B | |
| Beginning Cash (CF) | $4.1B | $18B | $29.4B | $11.2B | $6.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $13.8B | $11.5B | -$18.2B | -$4.4B | $3.9B | |
| Ending Cash (CF) | $18B | $29.4B | $11.2B | $6.8B | $10.7B | |
| Levered Free Cash Flow | $2.9B | $1.9B | $2.1B | $2B | $1.5B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $651M | $429M | $490M | $490M | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $121M | -$1.4B | -$229M | $581M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $680M | $452M | $768M | $1.1B | $812M | |
| Capital Expenditures | $41M | $49M | $140M | $68M | $39M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $1.3B | -$2.2B | $335M | -$348M | $395M | |
| Dividends Paid (Ex Special Dividend) | $175M | $184M | $212M | $249M | $245M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $647M | -- | -- | $994M | -- | |
| Long-Term Debt Repaid | -$1.1B | -- | -- | -$100M | -- | |
| Repurchase of Common Stock | -- | -- | -- | $601M | $251M | |
| Other Financing Activities | -$7M | -$1M | -$1M | -$1M | -- | |
| Cash From Financing | -$55M | -$3.1B | -$2B | $1.3B | -$283M | |
| Beginning Cash (CF) | $25.6B | $20.5B | $9.9B | $8.5B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.9B | -$4.8B | -$870M | $2B | $924M | |
| Ending Cash (CF) | $27.5B | $15.7B | $9B | $10.5B | -- | |
| Levered Free Cash Flow | $639M | $403M | $628M | $1B | $773M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.7B | $2B | $2.4B | $1.8B | -- | |
| Depreciation & Amoritzation | $354M | $362M | $252M | $176M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$438M | -$2.1B | -$443M | $751M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.9B | $2.2B | $2.5B | $2.6B | $2.3B | |
| Capital Expenditures | $174M | $376M | $308M | $338M | $290M | |
| Cash Acquisitions | -- | $1.2B | -- | -- | -- | |
| Cash From Investing | $2B | -$13.2B | -$3.1B | -$870M | -$1.2B | |
| Dividends Paid (Ex Special Dividend) | $707M | $738M | $845M | $990M | $1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $2B | $3.7B | -- | |
| Long-Term Debt Repaid | -$3.1B | -- | -- | -- | -- | |
| Repurchase of Common Stock | $667M | $530M | -- | $1B | $1B | |
| Other Financing Activities | -$18M | -$25M | -- | -$26M | -- | |
| Cash From Financing | $10.1B | -$843M | -$6.1B | -$252M | $436M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $14B | -$11.8B | -$6.7B | $1.5B | $1.6B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $1.7B | $1.8B | $2.2B | $2.3B | $2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.1B | $1.6B | $1.7B | $1.4B | $1.1B | |
| Depreciation & Amoritzation | $101M | $105M | $63M | $48M | $41M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$192M | -$2B | -$225M | $332M | $611M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.5B | $1.6B | $1.6B | $1.8B | $2.4B | |
| Capital Expenditures | $114M | $325M | $251M | $241M | $227M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $436M | -$10.8B | -$1.6B | -$760M | -$1.5B | |
| Dividends Paid (Ex Special Dividend) | $530M | $552M | $635M | $740M | $748M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $647M | -- | $2B | $3.7B | -- | |
| Long-Term Debt Repaid | -$1.7B | -- | -- | -$100M | -$750M | |
| Repurchase of Common Stock | $667M | $230M | -- | $790M | $987M | |
| Other Financing Activities | -$17M | -$23M | -$34M | -$25M | -$21M | |
| Cash From Financing | $7.6B | -$4.5B | -$2.2B | $2.7B | $523M | |
| Beginning Cash (CF) | $68.5B | $77.9B | $29.9B | $26.5B | $25B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $9.6B | -$13.7B | -$2.2B | $3.7B | $1.4B | |
| Ending Cash (CF) | $78B | $64.1B | $27.7B | $30.3B | $25.5B | |
| Levered Free Cash Flow | $1.4B | $1.3B | $1.3B | $1.6B | $2.1B | |
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In Q3, legendary macro investor Stan Druckenmiller sold his entire…
AI cloud computing business CoreWeave (NASDAQ:CRWV) has been through a…
In Q3, billionaire Stan Druckenmiller bought about 4,620 shares of…
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