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Broadcom Inc. (AVGO) perpetual futures
AVGO perpetual futures on 26 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade AVGOUSDT.
Broadcom Inc. is a global technology company that designs and supplies advanced semiconductor solutions and infrastructure software for enterprise networking, telecom, mobile devices, and industrial applications.
$340.76-5.9%NASDAQ open
Price chart
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TradingView symbol NASDAQ:AVGO
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Trading data
Perpetual market activity
27/27 live markets
Trading data
Perpetual market activity
Venues
26
Live markets
27/27
24h volume
$111.8MCoverage: 21/27 marketsExchange-reported volume: $176.7M
Open interest
$43.3MCoverage: 23/27 markets
Best liquidity
$2.7M
BingX
Tightest spread
+0.3 bps
MEXC
Highest volume
$45.3M
Binance
Settlement mix
USDT · 18/27
Perp/spot vol.
0.06x
Spot volume $2B
OI / float
0.00%
Float $1.6T
Spot performance
1D-5.57%
5D+10.59%
1M-3.71%
6M-17.45%
YTD-0.59%
1Y+1.20%
Venue matrix
27 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | AVGO/USDT | Trading | $340.77 | 0.0% APR 0.000% every 8h | +0.9 bps | - | $45.3M | $20.9M | USDT | - | |
 MEXC | Trade | AVGO/USDT | Trading | $340.76 | 0.0% APR 0.000% every 8h | +0.3 bps | $2.6M | $29.6M | $4.4M | USDT | 100x | |
 Gate.io | Trade | AVGO/USDT | Trading | $340.82 | 0.0% APR 0.000% every 8h | +8.2 bps | $488.7K | $6.5M | $881.8K | USDT | 50x | |
 Bitget | Trade | AVGO/USDT | Trading | $340.84 | 0.0% APR 0.000% every 8h | +3.5 bps | - | $6.5M | $1.5M | USDT | 20x | |
 OKX | Trade | AVGO/USDT | Trading | $340.81 | 0.0% APR 0.000% every 8h | +2.6 bps | $802.3K | $6.1M | $3.6M | USDT | 20x | |
 Bybit | Trade | AVGO/USDT | Trading | $340.58 | 0.0% APR 0.000% every 8h | +10.9 bps | $746.5K | $6.1M | $3.9M | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:AVGO | Trading | $340.50 | +5.5% APR +0.00063% every 1h | +5.3 bps | - | $5.5M | $4.5M | USDC | 10x | |
 Phemex | Trade | AVGO / USDT | Trading | $341.04 | 0.0% APR 0.000% every 8h | +11.2 bps | - | $1.6M | $1.5M | USDT | 10x | |
 Deribit | Trade | AVGO/USDC | Trading | $340.48 | +6.2% APR +0.00562% every 8h | +4.1 bps | $1.1M | $723.4K | $85.1K | USDC | 10x | |
 Aster | Trade | AVGOUSDT | Trading | $340.85 | 0.0% APR 0.000% every 8h | +5.6 bps | $62K | $444.5K | $134.3K | USDT | - | |
 XT.com | Trade | AVGO/USDT | Trading | $340.86 | 0.0% APR 0.000% every 8h | +1.2 bps | $261.2K | $405.1K | - | USDT | 20x | |
 KuCoin | Trade | AVGO/USDT | Trading | $340.84 | 0.0% APR 0.000% every 8h | +14.4 bps | $26.4K | $288.9K | $761.9K | USDT | 20x | |
 BloFin | Trade | AVGO/USDT | Trading | $340.76 | -2.3% APR -0.00208% every 8h | +0.3 bps | - | $237.1K | $426.8K | USDT | 20x | |
 GRVT | Trade | AVGO/USDT | Trading | $340.80 | 0.0% APR 0.000% every 8h | +3.2 bps | $308.6K | $214.3K | $535.1 | USDT | - | |
 Helix (Injective) | Trade | AVGO/USDC | Trading | $340.55 | +24.1% APR +0.00275% every 1h | - | no public depth feed | $112.5K | - | USDC | 12x | |
 Orderly Network | Trade | AVGO/USDC | Trading | $340.56 | +11.0% APR +0.010% every 8h | - | no public depth feed | $80.8K | $1.8K | USDC | - | |
| Hyperliquid HIP-3 | Trade | para:AVGO | Trading | $340.45 | -42.6% APR -0.00487% every 1h | +46.5 bps | $149.4K | $29K | $160.6K | USDC | 10x | |
 Crypto.com Exchange | Trade | AVGO/USD | Trading | $340.55 | -18.5% APR -0.00212% every 1h | +3.2 bps | $8.7K | $22.5K | $41.2K | USD | 50x | |
 HTX | Trade | AVGO/USDT | Trading | $340.97 | 0.0% APR 0.000% every 8h | +35.5 bps | $485.3K | $20.9K | $8K | USDT | - | |
 Extended | Trade | AVGO/USD | Trading | $340.45 | 0.0% APR 0.000% every 1h | +2.9 bps | - | $19.6K | $18.4K | USD | 10x | |
 Vest | Trade | AVGO/USDC | Trading | $340.41 | +5.0% APR +0.00057% every 1h | +11.2 bps | - | - | - | USDC | 25x | |
 BingX | Trade | AVGO-USDT | Trading | $340.76 | +5.5% APR +0.00500% every 8h | +0.9 bps | $2.7M15 min | $1.9M | - | USDT | - | |
 Deepcoin | Trade | AVGO/USDT | Trading | $340.77 | -11.0% APR -0.010% every 8h | +0.3 bps | $19.8K | $30.5M⚠ | $682.2 | USDT | 25x | |
 Ourbit | Trade | AVGO/USDT | Trading | $340.80 | 0.0% APR 0.000% every 8h | +0.9 bps | $1.6M | $15.9M⚠ | $126.7K | USDT | 100x | |
 LBank | Trade | AVGO/USDT | Trading | $340.83 | 0.0% APR 0.000% every 8h | +1.2 bps | $2.3M | $14M⚠ | $30.7K | USDT | 50x | |
 Ondo Perps | Trade | AVGO/USD | Trading | $340.88 | - | +16.4 bps | $444.4K | $2.6M⚠ | $192.5K | USDC | 10x | |
 Bitunix | Trade | AVGO/USDT | Trading | $340.95 | +0.2% APR +0.00014% every 8h | +40.2 bps | $1.8M | $1.8M⚠ | $147.2K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| AVGOBbStocks | $339.92 | -0.25% | $5.3M | $9.5M | BNB Smart Chain (BEP20) |
| AVGOonOndo GM | $341.31 | +0.16% | $3.9M | $4.9M | Ethereum · BNB Smart Chain (BEP20) · Solana |
| AVGOXxStocks | $339.98 | -0.23% | $1.2M | $7.0M | Solana · Arbitrum · BNB Smart Chain (BEP20) · TON |
| WAVGOXxStocks | $359.45 | +5.48% | $441k | $59k | X Layer · Arbitrum |
| AVGORobinhood | $341.23 | +0.01% | $134k | $210k | Robinhood Chain |
| rAVGOTokenized | $355.28 | +4.26% | $122k | $2.3M | Arbitrum |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
| gateioCEX | AVGOON/USDT ↗ | $340.28 | $276k | – |
 uniswapDEX · robinhood | AVGO/USDG ↗ | $341.23 | $134k | $261k |
| gateioCEX | AVGOX/USDT ↗ | – | – | – |
 raydiumDEX · solana | AVGOx/USDC ↗ | – | – | – |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 16 of 26 venues absorb $10k · Typical cost: +6.8 bps – +12.1 bps
Too thin: Deepcoin, Crypto.com Exchange, Phemex
No fresh book data: Hyperliquid HIP-3, Binance, BloFin, Helix (Injective), Orderly Network, Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
AVGOTightest spread
AVGOHighest volume
AVGOFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-12-09
Revenue est. $34.9B · Updated 20m ago
Dividend
$0.65
2026-09-21
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid341.04
Ask341.13
Volume9,857,953
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202611.68$106B+66%27
FY 202719.32$174.3B+64%28
FY 202830.66$281.9B+62%17
FY 202947.33$416.5B+48%3
FY 203064.01$552.4B+33%1
Q1 20274.11$36.9B+91%14
Source: FMP · Consensus
Company events
62026-12-09EarningsActual - / Estimate 3.83-
2026-09-21Dividend$0.65-
2026-09-02Earnings · After market closeActual 3.32 / Estimate 3.22Beat
2026-06-22Dividend$0.65-
2026-06-03EarningsActual 2.44 / Estimate 2.40Beat
2026-03-23Dividend$0.65-
Peer comparison
Similar listed perpsRevenue mix
Latest annualSemiconductor SolutionsProduct$36.9B
Infrastructure SoftwareProduct$27B
Asia PacificGeographic$35.9B
AmericasGeographic$18.9B
EMEAGeographic$9.1B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $514.37 |
| 12-month target range (low – high) | $350 – $600 |
| Ratings in the provider's consensus | 60 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 8 | 41 | 2 | 0 | 0 |
| Oct 2026 | 8 | 41 | 3 | 0 | 0 |
| Sep 2026 | 8 | 40 | 4 | 0 | 0 |
| Aug 2026 | 8 | 37 | 4 | 0 | 0 |
| Jul 2026 | 7 | 37 | 4 | 0 | 0 |
| Jun 2026 | 8 | 37 | 4 | 0 | 0 |
| May 2026 | 8 | 37 | 4 | 0 | 0 |
| Apr 2026 | 7 | 40 | 3 | 0 | 0 |
| Mar 2026 | 8 | 40 | 2 | 0 | 0 |
| Feb 2026 | 9 | 40 | 2 | 0 | 0 |
| Jan 2026 | 9 | 40 | 3 | 0 | 0 |
| Dec 2025 | 9 | 37 | 3 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float98.1%4.7B shares
Shares outstanding4.8B shares
Institutional37.4%3,998 investors
Investor count change-1,117
Reference market activity
AVGO-PERPDay range (Nov 13)$344.07$358.42
52 week$289.77$495
Spot volume5.9M
Average volume-
Price performance
111D-5.6%
5D+10.6%
1M-3.7%
3M-17.7%
6M-17.4%
YTD-0.6%
1Y+1.2%
3Y+263.4%
5Y+508.1%
10Y+2,000.5%
MAX+21,138.9%
Insider activity
FY2026 Q3Acquisitions0 transactions0 shares
Dispositions23 transactions836,667 shares
Purchases0Ratio 0
Sales19
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Broadcom director Henry Samueli reported selling 702,190 common shares in 16 open-market transactions at $354.71-$361.79, plus gifting 72,474 shares.
Broadcom CFO O'Toole Amie Thuener reported a tax-withholding disposition of 1,554 common shares at $339.27 on 2026-09-15, leaving 48,597 shares directly owned.
Broadcom officer Brazeal Mark David reported 8,059 shares of common stock withheld for taxes at $339.27 per share on 2026-09-15, leaving 186,930 shares owned.
Broadcom director Gayla J. Delly gifted 500 shares of common stock on 2026-07-10, leaving 30,826 shares owned afterward. This was a gift, not a sale or purchase.
Mark David Brazeal, Broadcom's Chief Legal & Corp Affairs Officer, sold 25,000 common shares at $401.329 each on 2026-07-10, leaving him with 194,989 shares.
Gayla J. Delly, a director at Broadcom, sold 1,890 shares of common stock at $385.38 per share, leaving 31,326 shares owned afterward.
Mark David Brazeal, Chief Legal & Corp Affairs Officer of Broadcom, sold 25,000 shares of common stock at $379.188 on 2026-07-08, leaving 219,989 shares owned afterward.
Broadcom director Justine Page sold 1,602 common shares at $373.855 on 2026-06-29, leaving 17,426 shares owned afterward.
Mark David Brazeal (Chief Legal & Corp Affairs Officer) sold 25,000 shares of Broadcom common stock at $387 per share, leaving 244,989 shares owned afterward.
Filings
43 · Latest SEC filings2026-09-254Insider transaction report (Form 4)
Broadcom director Henry Samueli reported selling 702,190 common shares in 16 open-market transactions at $354.71-$361.79, plus gifting 72,474 shares.
2026-09-174Insider transaction report (Form 4)
Broadcom CFO O'Toole Amie Thuener reported a tax-withholding disposition of 1,554 common shares at $339.27 on 2026-09-15, leaving 48,597 shares directly owned.
2026-09-174Insider transaction report (Form 4)
Broadcom officer Brazeal Mark David reported 8,059 shares of common stock withheld for taxes at $339.27 per share on 2026-09-15, leaving 186,930 shares owned.
2026-07-144Insider transaction report (Form 4)
Broadcom director Gayla J. Delly gifted 500 shares of common stock on 2026-07-10, leaving 30,826 shares owned afterward. This was a gift, not a sale or purchase.
2026-07-144Insider transaction report (Form 4)
Mark David Brazeal, Broadcom's Chief Legal & Corp Affairs Officer, sold 25,000 common shares at $401.329 each on 2026-07-10, leaving him with 194,989 shares.
2026-07-104Insider transaction report (Form 4)
Gayla J. Delly, a director at Broadcom, sold 1,890 shares of common stock at $385.38 per share, leaving 31,326 shares owned afterward.
2026-07-104Insider transaction report (Form 4)
Mark David Brazeal, Chief Legal & Corp Affairs Officer of Broadcom, sold 25,000 shares of common stock at $379.188 on 2026-07-08, leaving 219,989 shares owned afterward.
2026-07-014Insider transaction report (Form 4)
Broadcom director Justine Page sold 1,602 common shares at $373.855 on 2026-06-29, leaving 17,426 shares owned afterward.
2026-06-294Insider transaction report (Form 4)
Mark David Brazeal (Chief Legal & Corp Affairs Officer) sold 25,000 shares of Broadcom common stock at $387 per share, leaving 244,989 shares owned afterward.
2026-06-264Insider transaction report (Form 4)
Broadcom director Henry Samueli reported 22 open-market sales of 654,241 common shares at $377.61-$388.17, plus gifts of 336,893 shares disposed and 3,492 shares acquired. He held about 36.5M shares after the sales.
2026-06-184Insider transaction report (Form 4)
Chief Legal Officer Mark Brazeal sold 8,152 shares of Broadcom common stock in 26 open-market transactions on June 16, 2026, at prices between $377.10 and $400.29.
2026-06-173Initial insider ownership statement (Form 3)
This Form 3 filing discloses Broadcom CFO Amie Thuener O'Toole's initial ownership statement, reporting 151 shares of common stock held as of 2026-06-12, with no shares acquired or disposed in this filing.
2026-06-174Insider transaction report (Form 4)
Broadcom CFO Amie Thuener O'Toole was granted an award of 50,000 shares of common stock on 2026-06-15, bringing her total ownership to 50,151 shares.
2026-06-154Insider transaction report (Form 4)
Director Harry L. You purchased 1,000 shares of Broadcom common stock on the open market at $373.57 per share, bringing his ownership to 38,466 shares.
2026-04-234Insider transaction report (Form 4)
Broadcom director Henry Samueli was awarded 864 shares of common stock as compensation on 2026-04-21, bringing his total holding to 4,356 shares.
2026-04-224Insider transaction report (Form 4)
Director Gayla J. Delly received a grant of 864 shares of Broadcom common stock (Award, $0 price), holding 33,216 shares after.
2026-04-224Insider transaction report (Form 4)
Director Diane M. Bryant received a grant of 864 Broadcom common shares on 2026-04-20, increasing her holdings to 8,926 shares.
2026-04-224Insider transaction report (Form 4)
Director Hao Kenneth received a grant of 864 shares of Broadcom Inc. common stock on April 20, 2026, now holding 4,806 shares.
2026-04-224Insider transaction report (Form 4)
Broadcom director Harry L. You received an award grant of 864 common shares on April 20, 2026, bringing his total holdings to 37,466 shares. This was compensation, not an open-market purchase.
2026-04-224Insider transaction report (Form 4)
Director Justine Page received a compensation award of 864 Broadcom common shares on 2026-04-20, now holding 19,028 shares.
2026-04-224Insider transaction report (Form 4)
Director Low Check Kian received 864 shares of Broadcom common stock as compensation on Apr 20, 2026, and 117 shares were withheld to cover taxes at $399.63 each.
Transcripts
Earnings callsFY2026 Q32026-09-02
Earnings calls
AI summary
positiveBroadcom reported exceptional Q3 FY2026 results with record revenue, operating income, and free cash flow, driven by strong AI semiconductor growth. Q3 AI semiconductor revenue grew 221% year-over-year to $16.7 billion, with XPU revenue up over 3.5x. The company highlighted shipments of TPU v7 (Ironwood) and v8i to Google, Jalapeno to OpenAI, and progress on Meta's MTIA. For Q4, management guides AI revenue of $21.7 billion, a 236% year-over-year increase, and consolidated revenue of $34.8 billion, up 93%. Hock Tan provided a multi-year outlook, projecting AI revenue to double to approximately $115 billion in FY2027 and again to $230 billion in FY2028, supported by secured supply and demand from key customers. The company also discussed the AI XPV financing platform with Apollo and Blackstone, enabling compute infrastructure for OpenAI and Anthropic, and reiterated expectations to exceed $30 EPS in FY2028.
Key takeaways
- Q3 FY2026 consolidated revenue reached $29.6 billion, up 86% year-over-year, with record operating income of $20.1 billion and operating margin of 67.9%.
- AI semiconductor revenue more than tripled year-over-year to $16.7 billion, driven by XPUs from six customers, including Google, OpenAI, Anthropic, and Meta.
- Q4 FY2026 guidance includes AI revenue of $21.7 billion (up 236% year-over-year) and consolidated revenue of $34.8 billion (up 93%).
- Broadcom provided multi-year AI revenue outlook: approximately $115 billion in FY2027 and $230 billion in FY2028, doubling each year.
- The AI XPV platform, with Apollo and Blackstone, closed its first $35 billion tranche for Anthropic's 1 gigawatt deployment; more than 20 gigawatts total planned by 2028 for OpenAI and Anthropic.
Financial highlights
- Q3 FY2026 revenue was $29.6 billion, up 86% year-over-year; semiconductor revenue was $20.8 billion (up 127%), and infrastructure software revenue was $8.8 billion (up 29%).
- Non-GAAP EPS was $3.32, up 96% year-over-year.
- Record free cash flow of $13.7 billion, representing 46% of revenue.
- Q3 gross margin was 75% of revenue, down 210 basis points sequentially due to AI revenue mix.
Guidance
- Q4 FY2026 consolidated revenue is expected to be $34.8 billion, up 93% year-over-year.
- Q4 FY2026 AI semiconductor revenue is expected to be $21.7 billion, up over 236% year-over-year.
- Q4 FY2026 operating margin is expected to be approximately 66% of revenue.
- Fiscal year 2026 AI revenue is expected to be $58 billion, up 186% year-over-year (above prior guidance of $56 billion).
Q&A themes
- Supply constraints and multi-year AI revenue outlook: management discussed transparency on demand vs. supply, including land, power, shell, substrates, HBM memory, and Singapore fab capacity.
- Networking attach rates and technology leadership: management highlighted Tomahawk 6 success and Tomahawk Ultra adoption for scale-up over Ethernet.
- Customer financing and XPV platform: management addressed questions on residual value guarantees, future tranches, and financing needs of OpenAI and Anthropic.
- Gross margin impact from AI mix: management explained declining gross margins due to increasing memory content in XPUs, but emphasized operating margin expansion.
Risks
- Gross margin dilution from increasing XPU mix and memory content could pressure overall margins.
- Supply chain constraints, including substrates, HBM memory, and land/power/shell, could impact ability to meet demand.
- Residual value guarantees associated with XPV financing present potential contingent liabilities.
FY2026 Q22026-06-03
Earnings calls
AI summary
positiveBroadcom achieved record Q2 revenue of $22.2 billion, up 48% YoY, with AI semiconductor revenue hitting $10.8 billion and up 143% YoY. The company guides Q3 consolidated revenue to $29.4 billion with Q3 AI semiconductor revenue expected at $16 billion, up over 200% YoY. For full-year FY2026, Broadcom expects AI semiconductor revenue of $56 billion, up ~180% YoY, and reiterates FY2027 AI revenue guidance exceeding $100 billion.
Key takeaways
- Q2 AI semiconductor revenue hit $10.8B (+143% YoY) with bookings exceeding $30B, demonstrating strong demand visibility through 2028
- Operating margin maintained at 67% in Q2 and guided 67% for Q3 despite gross margin compression from product mix shift toward semiconductors
- Announced long-term agreements with Google for multiple generations of TPUs and networking; Anthropic (1GW 2026, +5GW 2027); OpenAI (1.3GW deployment 2027); Meta (3GW through 2028)
- AI XPV platform created with Apollo and Blackstone targeting 20+ gigawatts deployment through 2028 with $35B first tranche currently launching
Financial highlights
- Q2 revenue: $22.2B (+48% YoY); Semiconductor revenue: $15B (+79% YoY); Infrastructure Software revenue: $7.2B (+9% YoY)
- Q2 operating margin: 67.3% (up 200bps YoY); Adjusted EBITDA: 69% of revenue (69% = $15.2B)
- Q2 gross margin: 77.1% (down 230bps YoY due to semiconductor mix); Free cash flow: $10.3B (46% of revenue)
- Q3 guidance: Consolidated revenue $29.4B; Semiconductor revenue $20.5B with AI at $16B; Software revenue $8.9B; Q3 consolidated gross margin ~74%
Guidance
- Q3 consolidated revenue: $29.4B (+84% YoY); Q3 operating margin: 67%; Q3 adjusted EBITDA: ~68% of revenue
- FY2026 AI semiconductor revenue: $56B (~180% growth); FY2027 AI semiconductor revenue: exceeding $100B
- H2 2026 AI semiconductor revenue expected to double from H1 2026; 2027 shipments planned at 10 gigawatts; substantial growth expected in 2028
- Non-GAAP tax rate FY2026: ~16%; Q3 diluted share count: ~4.94B shares (excluding share repurchases)
Q&A themes
- Supply chain confidence: Management confirmed ability to secure wafer and HBM supply for 2026-2029 and indicated capacity to fulfill incremental customer requests
- Networking business trajectory: Networking currently ~40% of AI revenue; expected to normalize toward ~30% of AI revenue as XPU volumes grow; CPO and optical revenues becoming meaningful in future
- Revenue per gigawatt evolution: Content per gigawatt expected to increase with next-generation XPUs incorporating additional SRAMs, CPUs, and multi-die HBM configurations across generations
- Enterprise AI demand: Primary compute capacity demand derives from frontier model developers (Google, Anthropic, OpenAI, Meta) supplying to enterprises/consumers via APIs rather than direct enterprise ASIC purchases
Risks
- Gross margin compression: Consolidated gross margin declining from 77.1% to guided 74% due to rising proportion of lower-margin AI semiconductors relative to higher-margin software
- Customer concentration: Six core customers represent majority of AI semiconductor revenue with substantial commitments; Google agreement includes acceptance of some design diversity
- Execution risk: Maintaining supply chain alignment across chips, HBM, DRAM, and power infrastructure across multiple customer ramps through 2028 requires complex coordination
FY2026 Q12026-03-04
Earnings calls
AI summary
positiveBroadcom achieved record quarterly revenue of $19.3 billion with exceptional 68% adjusted EBITDA margin, fueled by AI semiconductor revenue of $8.4 billion (+106% YoY). The company guides Q2 revenue to $22 billion with AI semiconductor revenue expected to reach $10.7 billion (+140% YoY). Management provided visibility to AI chip revenue exceeding $100 billion in 2027, driven by custom accelerator deployments across 6 strategic customers with secured supply chain through 2028.
Key takeaways
- Q1 total revenue reached record $19.3B (+29% YoY) with AI semiconductor revenue of $8.4B (+106% YoY), significantly exceeding guidance
- Q2 guidance of $22B revenue (+47% YoY) with AI semiconductor revenue of $10.7B (+140% YoY) reflects accelerating custom XPU ramp across 5 existing customers plus OpenAI
- Management has line of sight to AI chip revenue in excess of $100B in 2027, with approximately 10 gigawatts of cumulative deployment planned across 6 customers
- Supply chain secured through 2028 for critical components including advanced packaging, HBM, and SerDes to support forecasted growth
- Infrastructure Software revenue of $6.8B (+1% YoY) with strong VMware bookings of $9.2B and 19% ARR growth demonstrates non-AI business stability
Financial highlights
- Q1 consolidated revenue: $19.3B (+29% YoY), adjusted EBITDA: $13.1B (68% margin)
- Q1 Semiconductor Solutions revenue: $12.5B (+52% YoY) with 60% operating margin; AI revenue: $8.4B (+106% YoY)
- Q1 Infrastructure Software revenue: $6.8B (+1% YoY) with 78% operating margin and 93% gross margin
- Q1 free cash flow: $8B (41% of revenue); capital expenditures: $250M; returned $10.9B to shareholders via dividends and buybacks
Guidance
- Q2 2026 consolidated revenue guidance: $22B (+47% YoY)
- Q2 2026 semiconductor revenue guidance: $14.8B (+76% YoY), with AI semiconductor revenue: $10.7B (+140% YoY)
- Q2 2026 Infrastructure Software revenue guidance: $7.2B (+9% YoY)
- Q2 consolidated gross margin expected flat sequentially at 77%; adjusted EBITDA expected at ~68% of revenue
Q&A themes
- Customer-owned tooling (COT) initiatives by hyperscalers face significant technology, design complexity, and production challenges; Broadcom maintains 12-18 month technology lead with no meaningful COT competition expected for years
- AI networking revenue growing faster than XPU revenue, expected to represent 40% of total AI revenue in Q2 (up from 33% in Q1), driven by Tomahawk 6 100Tbps switches and 200G SerDes adoption
- Architecture evolution shows trend toward workload-specific XPU designs with separate training and inference chips; customers moving from single general-purpose GPU approach to customized silicon
- Custom accelerator business represents strategic multiyear engagement with 6 customers (Google, Anthropic, Meta, OpenAI, plus 2 others) with deep visibility into 2-4 year roadmaps versus transactional GPU cloud arrangements
Risks
- AI business concentration among 6 strategic customers creates customer concentration risk despite characterization of relationships as strategic and multiyear
- Rapid technology evolution in AI chips and alternative architectures (prefill/decode disaggregation) could alter competitive dynamics or customer preferences despite current market leadership
- Global minimum tax and geographic income mix expected to increase non-GAAP tax rate to 16.5% in Q2 from prior year levels, impacting profitability
FY2025 Q42025-12-11
Earnings calls
AI summary
positiveBroadcom achieved record results in fiscal 2025 with consolidated revenue of $64 billion, up 24% year-over-year, driven primarily by AI semiconductor growth of 65% to $20 billion and infrastructure software growth of 26% to $27 billion. The company holds $73 billion in AI-related backlog for delivery over the next 18 months across XPUs, networking, and optical components. For Q1 FY2026, Broadcom expects consolidated revenue of $19.1 billion (up 28% year-over-year) with AI semiconductor revenue expected to double year-over-year to $8.2 billion.
Key takeaways
- AI revenue backlog of $73 billion over next 18 months, with expectation of additional orders; Q1 FY2026 AI revenue guidance of $8.2 billion represents ~100% year-over-year growth
- Acquired fifth XPU customer with $1 billion order for late 2026 delivery; fourth customer (Anthropic) placed additional $11 billion order in Q4 after $10 billion Q3 order
- AI networking showing strong demand with order backlog exceeding $10 billion for switches; latest Tomahawk Six switch at 102 terabit per second achieving record booking rates
- Infrastructure software revenue of $6.9 billion in Q4 (up 19% year-over-year) with $73 billion backlog; expected low double-digit growth for fiscal 2026
- Announced 10% increase in quarterly dividend to $0.65 per share in Q1 FY2026, representing 15th consecutive annual dividend increase since fiscal 2011
Financial highlights
- Q4 FY2025 consolidated revenue: $18 billion (record, up 28% year-over-year); AI revenue acceleration to 65% growth for full year
- Q4 consolidated adjusted EBITDA: $12.12 billion (68% of revenue), up 34% year-over-year; Q4 operating margin: 66.2%
- FY2025 free cash flow: $26.9 billion (up 39% year-over-year); cash returned to shareholders: $17.5 billion ($11.1 billion dividends, $6.4 billion repurchases)
- Q4 gross margin: 77.9% of revenue; semiconductor operating margin: 59% (up 250 basis points year-over-year); infrastructure software operating margin: 78%
Guidance
- Q1 FY2026 consolidated revenue: $19.1 billion (up 28% year-over-year); AI semiconductor revenue: $8.2 billion (approximately 100% year-over-year growth); non-AI semiconductor revenue: ~$4.1 billion (flat year-over-year)
- Infrastructure software revenue Q1 FY2026: $6.8 billion (up 2% year-over-year); expected low double-digit growth for full fiscal year 2026
- Q1 consolidated gross margin expected down ~100 basis points sequentially due to higher AI revenue mix; adjusted EBITDA expected at approximately 67% of revenue
- Non-GAAP tax rate for Q1 and fiscal year 2026 expected to increase from 14% to approximately 6.5% due to global minimum tax impact and geographic income mix shift
Q&A themes
- Customer-owned tooling debate: Hock Tan characterized custom AI accelerator development as a multi-year strategic journey, not a transactional shift; emphasized custom silicon delivers superior performance versus software kernels on GPUs
- System sales transition: Broadcom moving to integrated system/rack sales including XPUs, switches, DSPs, optical components, and networking; system sales will have lower gross margins but gross margin dollars expected to grow with strong operating leverage on opex
- Supply chain readiness: Company has secured sufficient TSMC capacity at 2nm and 3nm nodes; building Singapore advanced packaging facility to insource packaging for multi-chip XPU systems to address supply chain security
- Silicon photonics timing: Technology development continues but full deployment not expected near-term; copper and pluggable optics expected to remain dominant for scale-up and scale-out connectivity in the near term
Risks
- Non-AI semiconductor market remains challenged with enterprise spending limited; broadband showing recovery but other end markets down; non-AI semiconductor guidance flat year-over-year for Q1 FY2026
- Gross margin expected to deteriorate due to higher mix of lower-margin AI revenue and system sales; consolidated gross margin guidance down ~100 basis points sequentially in Q1
- Customer concentration risk implicit in AI business; five XPU customers account for majority of high-growth AI revenue; OpenAI 10 gigawatt agreement characterized as strategic alignment rather than binding commitment, with deployment primarily in 2027-2029 timeframe
FY2025 Q32025-09-04
Earnings calls
AI summary
positiveBroadcom delivered record quarterly results with total revenue of $16 billion, up 22% YoY, and consolidated adjusted EBITDA of $10.7 billion, up 30% YoY. AI semiconductor revenue reached $5.2 billion (up 63% YoY), with a new fourth customer adding over $10 billion in orders expected largely in H2 FY2026. The company raised its FY2026 AI revenue outlook to grow "significantly faster" than previously guided, now expecting Q4 FY2025 AI semiconductor revenue of $6.2 billion (up 66% YoY).
Key takeaways
- Record $110 billion consolidated backlog driven primarily by AI, with semiconductors comprising at least 50% of the backlog
- XPU business accelerated to 65% of AI revenue; fourth customer qualified with over $10B in orders expected to ship materially in FY2026
- Non-AI semiconductor revenue showing signs of stabilization with Q4 guidance up low-double-digits sequentially, though year-over-year growth remains modest
- VMware Cloud Foundation 9.0 launched after two years of engineering; Infrastructure Software revenue up 17% YoY with 77% operating margin
Financial highlights
- Q3 FY2025 total revenue: $16 billion (up 22% YoY); Q3 semiconductor revenue: $9.2 billion (up 26% YoY); Q3 Infrastructure Software revenue: $6.8 billion (up 17% YoY)
- Q3 gross margin: 78.4% of revenue; Semiconductor gross margin: 67% (down 30 bps YoY); Infrastructure Software gross margin: 93%
- Q3 adjusted EBITDA: $10.7 billion or 67% of revenue; Free cash flow: $7 billion or 44% of revenue
- Q4 FY2025 guidance: consolidated revenue $17.4 billion (up 24% YoY); AI semiconductor revenue $6.2 billion (up 66% YoY); Q4 adjusted EBITDA expected at 67% of revenue
Guidance
- Q4 FY2025 consolidated revenue guidance: $17.4 billion, up 24% YoY
- Q4 FY2025 semiconductor revenue: approximately $10.7 billion, up 30% YoY; AI semiconductor revenue: $6.2 billion, up 66% YoY
- Q4 FY2025 Infrastructure Software revenue: approximately $6.7 billion, up 15% YoY
- Q4 FY2025 adjusted EBITDA: 67% of revenue; non-GAAP tax rate: 14% for Q4 and FY2025
Q&A themes
- Fourth customer qualification: Moved from prospect to customer status with over $10 billion in orders; expected to ship substantially in FY2026 H2, likely Q3 FY26
- FY2026 AI revenue outlook improved significantly from prior guidance; growth rate expected to accelerate versus FY2025's 50-60% growth
- XPU share gains at existing three customers will continue progressively with each new generation; networking percentage of AI revenue expected to decline as custom XPU share increases
- Non-AI segment recovery described as U-shaped with only broadband showing consistent sustained recovery; bookings up 20%+ YoY but no V-shaped recovery yet expected until mid-to-late FY26
Risks
- Non-AI semiconductor segment recovery uncertain and slower than typical cyclical cycles; management expects meaningful recovery only by mid-to-late FY2026
- Gross margin guidance down 70 bps sequentially in Q4 due to higher XPU and wireless revenue mix, indicating margin pressure from product mix shifts
- Competition acknowledged in both XPU and networking markets; company must continue heavy investment to maintain competitive position
FY2025 Q22025-06-05
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Broadcom CEO Intervened to Seal $63 Billion Anthropic Debt Deal
- Banks, Blackstone Form $63 Billion Financing Vehicle for Broadcom AI Tech
- Oracle, Broadcom and SpaceX Seek Blockbuster Debt Deals To Pay for AI Chips
- Broadcom to lend Anthropic up to $42 billion to lease its chips
- China surveys Broadcom switch use in state data centers, FT reports
- Broadcom Third-Quarter Profit Soars on AI-Driven Revenue Growth
- Broadcom forecasts quarterly revenue below estimates
- Broadcom's AI Success Story Gets Complicated
- Broadcom seeks more than $60 billion in latest AI debt deal, Bloomberg News reports
Company data
Company intelligence
Updated: Nov 13, 2026, 03:10 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Hock E. Tan
- Employees
- 33,000
- IPO date
- Aug 6, 2009
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei12.78
Piotroski scorei8/9
Overall ratingiB+
Owner earningsi$14.58B$2.98 per share
ESG risk ratingiB-Industry rank: 119/122
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 2/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
Broadcom Contributes VM API Open Source Project to Cloud Native Computing FoundationGlobeNewsWireBroadcom Inc. to Announce Fourth Quarter and Fiscal Year 2026 Financial Results on Wednesday, December 9, 2026PRNewsWireNew Broadcom Enhancements to TrueSource Spring Enterprise with Hub and App Advisor Help Customers Assess their Open Source Security Posture, Prioritize Fixes, and Automate PatchingGlobeNewsWireBank of America, Blackstone, Citi and Morgan Stanley Announce Landmark $63 Billion Financing Structure to Enable AI Compute Capacity in Partnership with BroadcomPRNewsWireBroadcom Launches Arcot Scam Defense to Block Social Engineering FraudGlobeNewsWireBroadcom Announces Continued Infrastructure Agreement with FedEx to Support Global OperationsGlobeNewsWire
Congressional disclosures
Senate
Shelley Moore CapitoSale (Partial) · $1,001 - $15,000Disclosed: May 7, 2026Shelley Moore CapitoSale · $1,001 - $15,000Disclosed: May 7, 2026Alan ArmstrongSale (Full) · $15,001 - $50,000Disclosed: Jul 21, 2026Shelley Moore CapitoPurchase · $1,001 - $15,000Disclosed: Mar 4, 2026Shelley Moore CapitoPurchase · $1,001 - $15,000Disclosed: Mar 4, 2026
House
Market cap history
$1.74T-12.4%Aug 2026 – Nov 2026
Latest: $1.74T · 2026-11-12High: $1.98T · 2026-08-13Low: $1.52T · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| 189400.KS | 1.31% | 13.2T |
| VTI | 2.28% | 151M |
| VOO | 2.54% | 125M |
| FXAIX | 2.53% | 68M |
| IVV | 2.44% | 63.9M |
| 1657.T | 1.86% | 63.9M |
| XAW.TO | 1.44% | 63.9M |
| XSP.TO | 2.48% | 63.9M |
| XWD.TO | 1.75% | 63.9M |
| SPY | 2.43% | 58.3M |
| VUG | 4.34% | 48.4M |
| QQQ | 2.62% | 36.7M |
Analyst track record
How the analysts covering AVGO have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 229 | 596 |
| Analysts | 43 | 56 |
| Buy / hold / sell | 213 / 16 / 0 | 550 / 46 / 0 |
| Upgrades / downgrades / initiations | 7 / 4 / 8 | 13 / 4 / 24 |
| Price targets hit / missed | 5 / 201 (2%) | 279 / 248 (53%) |
| Avg. return after a rating (TipRanks) | -23.8% | +36.2% |
| Best / worst call | +16.0% / -42.2% | +273.7% / -42.2% |
After buy calls on this stock: median 21-day move +0.9% vs S&P 500 0.0% (n = 566)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Vijay RakeshMizuho Securities100% hit rate on this stock · 23 targets measuredBuytarget $530Sep 12, 2026
- Christopher DanelyCiti100% hit rate on this stock · 21 targets measuredBuytarget $480Dec 15, 2025
- Vivek AryaBank of America Securities100% hit rate on this stock · 20 targets measuredBuyno targetNov 9, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 13, 2026 | Mike HarrisonRothschild & Co RedburnNov 13, 2026 | HoldDowngraded | $398↗ | article ↗ |
| Nov 9, 2026 | Harlan SurJ.P. MorganNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 9, 2026 | Vivek AryaBank of America SecuritiesNov 9, 2026 | BuyMaintained | –↗ | article ↗ |
| Oct 28, 2026 | Thomas O'MalleyBarclaysOct 28, 2026 | BuyMaintained | $500↗ | article ↗ |
| Oct 27, 2026 | Gil LuriaD.A. DavidsonOct 27, 2026 | BuyUpgraded | $400↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 229 ratings
Frequently asked questions
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A AVGO perpetual is a derivative that tracks the price of Broadcom Inc. with no expiry date. It lets you take long or short exposure to Broadcom Inc. on crypto venues, around the clock.
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