BROADCOM · NASDAQ: AVGO
Broadcom (AVGO) Stock Research
Research Broadcom (AVGO) earnings, business trends, valuation context, institutional ownership, risks, and the next investor checkpoints.
- Latest financial period
- Q3 FY2026
- Latest filing
- Sep 10, 2026
- Research updated
- Sep 15, 2026
01
Reported evidence
Latest AVGO financial snapshot
Q3 FY2026 · filed Sep 10, 202602
Latest filing analysis
What changed in the latest reported period
Q3 FY2026 net revenue reached $29.59 billion, up 86% from $15.95 billion a year earlier.
Semiconductor solutions revenue increased 127% to $20.84 billion, driven by networking solutions including custom AI accelerators and AI networking products.
Infrastructure software revenue increased 29% to $8.75 billion, supported by VMware Cloud Foundation demand and additional license revenue.
GAAP gross margin was $20.46 billion, or 69.1% of revenue, while GAAP operating income rose to $15.96 billion.
GAAP net income increased to $13.09 billion and diluted earnings per share rose to $2.68 from $0.85 a year earlier.
03
BasisPilot
What matters for AVGO now
Custom AI accelerator demand
Semiconductor solutions revenue grew 127% to $20.84 billion. Future growth depends on customer design wins progressing into production and sustained AI infrastructure spending.
Evidence checkpointAI networking scale
Broadcom identified networking solutions, including AI networking products, as a principal semiconductor growth driver. Revenue timing depends on data-center build schedules and component availability.
Evidence checkpointVMware Cloud Foundation
Infrastructure software revenue grew 29% to $8.75 billion, with VMware Cloud Foundation demand and license timing contributing to the increase.
Evidence checkpointCustomer concentration
One distributor represented 50% of quarterly revenue and the top five end customers represented about 55%. Customer spending and fulfillment timing can materially affect quarterly comparisons.
Evidence checkpointMargin mix
GAAP gross margin was 69.1%. Broadcom notes that semiconductor solutions generally carry lower gross margins than infrastructure software, so mix changes matter as AI revenue expands.
Evidence checkpoint04
Revenue mix
How Broadcom makes money
05
Historical filings
AVGO earnings history
| Period | Revenue | YoY | EPS | Filed |
|---|---|---|---|---|
| Q3 FY2026 | $29.6B | 85.5% | 2.68 | Sep 10, 2026 |
| CY2025Q4 | $19.3B | 29.5% | 1.5 | Mar 11, 2026 |
06
Valuation context
AVGO valuation
Evaluate AVGO through revenue growth, margins, cash generation and the expectations implied by the market price. BasisPilot does not display an undated valuation multiple.
07
SEC 13F
Institutional ownership
No matching position is available in BasisPilot's current 13F manager coverage.
15
BasisPilot Insights
Latest Broadcom research
Sep 3, 2026
Broadcom Earnings Explained: Why AVGO Fell After AI Revenue Jumped 221%
Broadcom reported $29.6B in Q3 revenue and $16.7B in AI semiconductor revenue, up 221%. See why AVGO slipped and what Q4 AI guidance and VMware mean next.
Aug 30, 2026Stock Market Week Ahead: August Jobs, Broadcom Earnings and the Fed’s September Rate Decision
U.S. stocks enter September with three major catalysts: the August jobs report, Broadcom earnings and rising odds of a Fed rate hike. Here’s what investors should watch.
14
Decision support
Risks and next checkpoints
A small number of distributors and end customers account for a large share of revenue; changes in orders or shipment timing can materially affect results.
Custom AI accelerator and networking programs require design wins, customer financing and data-center capacity; delays or cancellations may reduce expected revenue.
Semiconductor supply depends on a limited supplier base. Broadcom purchased more than three-quarters of its manufacturing materials from five suppliers during the first three fiscal quarters of FY2026.
Trade restrictions, tariffs and geopolitical changes can limit market access, alter sourcing and raise costs.
VMware growth depends on customer adoption of Broadcom's software portfolio, licensing strategy and renewal economics.
Broadcom carried $61.1 billion of borrowings principal at August 2, 2026; refinancing costs and capital-allocation choices affect cash available to shareholders.
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FAQ
AVGO investor questions
What was Broadcom's latest quarterly revenue?
Broadcom reported $29.59 billion of Q3 FY2026 revenue, up 86% year over year.
Where does Broadcom report its AI business?
Custom AI accelerators and AI networking products are reported within semiconductor solutions, which generated $20.84 billion in Q3 FY2026, up 127% year over year.
Which Broadcom segment includes VMware?
VMware is principally included in infrastructure software, which generated $8.75 billion in Q3 FY2026, up 29% year over year.
How concentrated is Broadcom's customer base?
Broadcom disclosed that one distributor represented 50% of Q3 FY2026 revenue and its top five end customers represented approximately 55%.
Are AVGO 13F holdings real-time positions?
No. Form 13F is a delayed quarter-end filing that covers qualifying securities and managers; it is neither a real-time position feed nor a complete portfolio.
What should AVGO investors monitor next?
Key checkpoints include custom AI accelerator ramps, AI networking demand, VMware Cloud Foundation adoption, mix-driven gross margin changes, and customer and supplier concentration.
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Provenance
Sources and methodology
Primary SEC filings and issuer releases take precedence. Financial, market, ownership and page-update dates are shown separately, while historical values retain their original reporting period.