$AVGO · Broadcom Inc.
Broadcom filed its 10-Q for the fiscal quarter ended August 2, 2026 (Q3 FY2026). Total net revenue reached $29.591B, an 85.5% increase from $15.952B in the year-ago quarter, powered by semiconductor solutions revenue more than doubling to $20.839B. Net income tripled to $13.088B ($2.68 diluted EPS) from $4.140B ($0.85 diluted EPS). Gross margin improved to 69.1% and operating margin hit 53.9%.
- Total net revenue of $29.591B, up 85.5% YoY from $15.952B, driven by AI-related semiconductor demand.
- Semiconductor solutions revenue hit $20.839B vs. $9.166B a year ago — more than doubling.
- GAAP diluted EPS of $2.68, up from $0.85 in the year-ago quarter.
- Gross margin expanded to 69.1% from 67.1% a year ago; operating margin reached 53.9%.
- Cash and equivalents swelled to $23.975B; $8.45B spent on buybacks and $9.28B on dividends YTD.
Markets closed — no regular-session reaction yet; extended-hours move not captured here. The modest -1.13% regular-session decline predates the filing and does not reflect the Q3 results.
Broadcom is converting the AI infrastructure buildout into staggering financial results: revenue nearly doubled, net income tripled, and operating margins hit 53.9% — all at a $1.7T market cap.
Broadcom's AI-driven semiconductor surge mirrors the hyperscale capex cycle benefiting peers like NVIDIA and AMD, but its infrastructure software segment ($8.75B revenue, 83.7% operating margin) provides a differentiated, recurring-revenue moat that pure-play chipmakers lack.
$126.8B in purchase commitments, including $52.7B due in FY2027 and $73.0B in FY2028, creates substantial supply-chain and liquidity risk if demand softens. Asia Pacific accounts for $20.9B of quarterly revenue, exposing Broadcom to geopolitical and tariff disruption.
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