AVGO Broadcom (AVGO) Q2 FY26 earnings call
Broadcom is now an AI-infrastructure franchise: a small set of frontier-model customers is booking multi-gigawatt, multi-year compute far ahead of delivery, extending visibility into 2028 and prompting a co-created funding platform to underwrite the buildout. The offsetting tension is structural mix — rich-margin networking cushions but cannot fully offset TPU dilution — so management pushes investors to model semis and software margins separately as the AI mix swells.
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AVGO operating KPIs by quarter
| KPI | Aug 2025 Q3 FY25 | Nov 2025 Q4 FY25 | Feb 2026 Q1 FY26 | Jul 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Backlog | $110BAnd our current consolidated backlog for the company hit a record of $110 billion.Source: earnings call transcript | $162BAnd all these components combined with XPUs, bring our total order on hand in excess of $73 billion today, which is almost half Broadcom's consolidated backlog of $162 billion.Source: earnings call transcript | — | — | +47.3% |
| Customers XPU | — | — | 5Now we expect this momentum to accelerate as our custom AI XPUs hit their next phase of deployment among our 5 customers.Source: earnings call transcript | 6Our 6 XPU customers are accelerating the adoption of custom accelerators.Source: earnings call transcript | +20% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.