Jul 2026 (Q3 FY26) — Sep 2, 2026
Broadcom Q3 FY26 — AI Semiconductor Revenue Triples, Long-Term Outlook Raised
Read the full callBroadcom (AVGO) earnings
- Aug 2026
- Jul 2026 (Q3 FY26)
- Nov 2025
Broadcom earnings: last reported Wed, 2 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 29,591 | +85.5% YoY | Quarterly, as filed | Quarter to Aug 2026 | Revenue from operations as filed. |
| Operating margin | 53.9 | +17.0 pts YoY | Operating profit / revenue | Quarter to Aug 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Aug 2026 | Not in the filed figures for the quarter to aug 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
67 of 76 judged targets kept · 49 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI semiconductor revenue | $16 billion | Apr 2026 | AI semiconductor revenue more than tripled year-over-year to $16.7 billion. | Achieved |
| AI XPU revenue from new customer | $10 billion | Jul 2025 | Ghosted | |
| AI revenue from chips | in excess of $100 billion | Jan 2026 | in 2027, we have secured the supply to again double AI revenue to approximately $115 billion. | Revised Up |
9 of Broadcom Inc.'s 125 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 122 more targets are in the full ledger.
Claimed
- Consolidated revenue reached a record $29.6 billion, up 86% year-on-year.
- AI semiconductor revenue grew 221% year-on-year to $16.7 billion in Q3, and is expected to reach $21.7 billion in Q4, up 236% year-on-year.
- Operating income grew 92% year-on-year, with operating margin at a record 68% of revenue.
- Non-GAAP EPS of $3.32 was up 96% year-on-year.
- Long-term AI revenue guidance raised to $115 billion for FY27 and $230 billion for FY28, with a target to exceed $30 in EPS by FY28.
Qualified
- Consolidated gross margin declined 210 basis points sequentially to 75% in Q3, and is expected to be 73% in Q4, due to the increasing mix of XPUs with higher memory content.
- Supply chain bottlenecks, including leading-edge silicon, substrates, HBM memory, and system memory, remain a constant challenge for meeting demand.
- Constraints related to land, power, and data center shell availability impact the timely deployment of compute capacity.
Price
$334.59 +1.78% · +$5.84
Performance −4.2% 1Y
1Y: $349.33 on 17 Oct 2025 → $334.59. High $481.57 (2 Jun 2026), low $293.41 (30 Mar 2026).
- Previous close
- $328.75
- 52-week range
- $293.41 – $481.57
- One year
- −4.19%
Overview
- Symbol
- AVGO
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
67 of 76 judged targets kept · 49 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI semiconductor revenue | $16 billion | Apr 2026 | AI semiconductor revenue more than tripled year-over-year to $16.7 billion. | Achieved |
| AI XPU revenue from new customer | $10 billion | Jul 2025 | Ghosted | |
| AI revenue from chips | in excess of $100 billion | Jan 2026 | in 2027, we have secured the supply to again double AI revenue to approximately $115 billion. | Revised Up |
Claimed
- Consolidated revenue reached a record $29.6 billion, up 86% year-on-year.
- AI semiconductor revenue grew 221% year-on-year to $16.7 billion in Q3, and is expected to reach $21.7 billion in Q4, up 236% year-on-year.
- Operating income grew 92% year-on-year, with operating margin at a record 68% of revenue.
- Non-GAAP EPS of $3.32 was up 96% year-on-year.
- Long-term AI revenue guidance raised to $115 billion for FY27 and $230 billion for FY28, with a target to exceed $30 in EPS by FY28.
Qualified
- Consolidated gross margin declined 210 basis points sequentially to 75% in Q3, and is expected to be 73% in Q4, due to the increasing mix of XPUs with higher memory content.
- Supply chain bottlenecks, including leading-edge silicon, substrates, HBM memory, and system memory, remain a constant challenge for meeting demand.
- Constraints related to land, power, and data center shell availability impact the timely deployment of compute capacity.
The full ledger
Open Broadcom Inc.’s full ledger
A free account opens 5 company ledgers a month. All 125 tracked commitments, with each call’s wording and source.
Call summaries
May 2026 (Q2 FY26) — Jun 3, 2026
Broadcom Q2 FY26 — Record $22.2B revenue on insatiable AI semiconductor demand
Read the full callFeb 2026 (Q1 FY26) — Mar 4, 2026
Broadcom Inc. Q1 FY26 — AI Semiconductor Revenue Surges, FY27 AI Revenue Projected Over $100B
Read the full callEvery analysed call
Broadcom earnings calls (AVGO)
Financials
What the filings say
| Line item | Nov 2024 | Feb 2025 | May 2025 | Aug 2025 | Nov 2025 | Feb 2026 | May 2026 | Aug 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 14,054 | 14,916 | 15,004 | 15,952 | 18,015 | 19,311 | 22,187 | 29,591 |
| Operating profit | 4,627 | 6,260 | 5,829 | 5,887 | 7,508 | 8,563 | 10,788 | 15,955 |
| Operating margin | 32.9% | 42.0% | 38.9% | 36.9% | 41.7% | 44.3% | 48.6% | 53.9% |
| Interest | 916 | 873 | 769 | 807 | 761 | 801 | 776 | 778 |
| Profit before tax | 3,763 | 5,490 | 5,085 | 5,285 | 6,869 | 8,195 | 10,130 | 15,275 |
| Tax rate | −11.8% | −0.2% | 2.4% | 21.7% | −24.0% | 10.3% | 8.1% | 14.3% |
| EPS ($ per share) | — | 1.17 | 1.05 | 0.88 | — | 1.55 | 1.96 | 2.75 |
| Line item | Nov 2018 | Nov 2019 | Nov 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 23,285 | 0 | 0 | 0 | 0 | 4 | 5 | 5 |
| Reserves | 3,487 | 0 | 0 | 748 | 1,604 | 2,682 | 0 | 9,761 |
| Total liabilities | 23,467 | 42,523 | 52,032 | 50,581 | 50,540 | 48,873 | 97,967 | 89,800 |
| Fixed assets | 2,635 | 2,565 | 2,509 | 2,348 | 2,223 | 2,154 | 2,521 | 2,530 |
| Total assets | 50,124 | 67,493 | 75,933 | 75,570 | 73,249 | 72,861 | 165,645 | 171,092 |
| Line item | Nov 2018 | Nov 2019 | Nov 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 8,880 | 9,697 | 12,061 | 13,764 | 16,736 | 18,085 | 19,962 | 27,537 |
| Cash from investing | -4,674 | -15,422 | -11,109 | -245 | -667 | -689 | -23,070 | -580 |
| Cash from financing | -11,118 | 6,488 | 1,611 | -8,974 | -15,816 | -15,623 | -1,733 | -20,127 |
| Net cash flow | -6,912 | 763 | 2,563 | 4,545 | 253 | 1,773 | -4,841 | 6,830 |
| Capital expenditure | -635 | -432 | -463 | -443 | -424 | -452 | -548 | -623 |
| Free cash flow | 8,245 | 9,265 | 11,598 | 13,321 | 16,312 | 17,633 | 19,414 | 26,914 |
AVGO revenue by segment
Semiconductor Solutions grew from 56% to 70% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Semiconductor Solutions | 56% | 55% | 56% | 57% | 61% | 65% | 68% | 70% | +127.4% |
| Infrastructure Software | 44% | 45% | 44% | 43% | 39% | 35% | 32% | 30% | +29.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
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.
Revenue by region
Q3 FY2026 · share of revenue
- Asia Pacific 71% ↑ 17 pt
- Americas 19% ↓ 12 pt
- EMEA 11% ↓ 5 pt
As AVGO cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
312 filings between Nov 14, 2025 and Sep 23, 2026.
Open market
decisions to buy or sellPurchases
$698.7K
2 purchases by 1 insider
Sales
$1.17B
280 sales by 8 insiders
24% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 12
- Award — granted as compensation
- 3
- Tax withheld — shares kept back by the company to cover tax
Also filed: 15 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| SAMUELI HENRY | — | $878.31M | Sep 23, 2026 |
| TAN HOCK E | — | $101.26M | Jan 6, 2026 |
| Brazeal Mark David | — | $99.87M | Jul 10, 2026 |
| Velaga S. Ram | — | $34.42M | Apr 10, 2026 |
| Spears Kirsten M. | — | $31.92M | Mar 17, 2026 |
| Kawwas Charlie B | — | $25.47M | Apr 8, 2026 |
| PAGE JUSTINE | — | $1.87M | Jun 29, 2026 |
| DELLY GAYLA J | — | $1.09M | Jul 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 10,058 | $3.59M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 11,309 | $4.09M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 4,560 | $1.63M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 397 | $143.2K |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 22,624 | $8.03M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 44,618 | $15.99M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 2,162 | $777.2K |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 22,946 | $8.16M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 186,809 | $66.26M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 6,959 | $2.49M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 230,031 | $81.78M |
| Sep 23, 2026 | SAMUELI HENRY Director | Gift 10b5-1 plan | 72,474 | $0 |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 407 | $147.0K |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 22,579 | $8.12M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 50,998 | $18.23M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 85,221 | $30.39M |
| Sep 23, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 512 | $185.1K |
| Sep 15, 2026 | Brazeal Mark David Chief Legal & Corp Affairs Ofc | Tax withheld | 8,059 | $2.73M |
| Sep 15, 2026 | O'Toole Amie Thuener Chief Financial Officer | Tax withheld | 1,554 | $527.2K |
| Jul 10, 2026 | Brazeal Mark David Chief Legal & Corp Affairs Ofc | Sale | 25,000 | $10.03M |
| Jul 10, 2026 | DELLY GAYLA J Director | Gift | 500 | $0 |
| Jul 8, 2026 | DELLY GAYLA J Director | Sale | 1,890 | $728.4K |
| Jul 8, 2026 | Brazeal Mark David Chief Legal & Corp Affairs Ofc | Sale | 25,000 | $9.48M |
| Jun 29, 2026 | PAGE JUSTINE Director | Sale | 1,602 | $598.9K |
| Jun 25, 2026 | Brazeal Mark David Chief Legal & Corp Affairs Ofc | Sale | 25,000 | $9.68M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 36,661 | $13.99M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 32,950 | $12.64M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 25,134 | $9.62M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 41,290 | $15.88M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 47,510 | $18.32M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 48,996 | $18.65M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 34,517 | $13.17M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 49,805 | $18.95M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 24,073 | $9.14M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 33,346 | $12.62M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 30,456 | $11.53M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 30,911 | $11.74M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 21,603 | $8.16M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 23,253 | $8.78M |
| Jun 24, 2026 | SAMUELI HENRY Director | Gift 10b5-1 plan | 69,498 | $0 |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 660 | $256.1K |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 6,280 | $2.43M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 53,722 | $20.71M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 43,302 | $16.65M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 36,188 | $13.88M |
| Jun 24, 2026 | SAMUELI HENRY Director | Gift 10b5-1 plan | 263,903 | $0 |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 26,889 | $10.29M |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 217 | $84.2K |
| Jun 24, 2026 | SAMUELI HENRY Director | Sale 10b5-1 plan | 6,478 | $2.50M |
| Jun 18, 2026 | SAMUELI HENRY Director | Gift 10b5-1 plan | 1,890 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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