Broadcom Inc. (AVGO) financials
NASDAQ · Technology · Semiconductors · 33,000 employees · CEO Hock E. Tan
- Price
- $326.08 -5.48%
- Market cap
- $1.56T
- Enterprise value
- $1.59T
- Last report
- Q3 '26 filed 2026-09-10
- Next report
- 2026-12-09 EPS est. $3.82
Revenue (TTM)$89.1B+48.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)48.4%+10.6 pp vs a year agoOperating income $43.1B
Net income (TTM)$38.3B+102.1% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$39.4B+58.1% vs a year agoCapex $1.25B
Diluted EPS (TTM)$7.83+99.7% vs a year agoSum of the last 4 quarters
Net cash-$35.4B+33.8% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.56T EV $1.59T
- Revenue
- $89.1B Trailing 12 months
- Revenue growth
- +66% FY2026 consensus
- Profit margin
- 42.9% Net income / revenue, TTM
- P/E
- 40.5× Forward 27.9× (FY2026)
- P/S
- 17.5× Price / sales, TTM
- EV / EBITDA
- 30.4× TTM
- Free cash flow
- $39.4B Trailing 12 months
- Net income
- $38.3B Trailing 12 months
- Revenue estimate
- $106B FY2026 consensus
- Earnings
- 2026-12-09 Revenue est. $34.9B
- Dividend
- $2.60 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-02): revenue beat by 1.2%, EPS beat by 3.1%Revenue $29.6B vs $29.2B expected (+1.2%); EPS $3.32 vs $3.22 (+3.1%).
- Revenue growth accelerating: 85.5% year on yearQ3 '26 revenue $29.6B, against an average of 31.9% over the four quarters before.
- Operating margin 48.4% (TTM), +10.6 pp on a year agoOperating income grew 90.6% while revenue grew 48.7%.
- Capex 1.4% of revenue (a year ago 0.8%)$1.25B invested in the last 4 quarters (+146.1% on a year earlier). Free cash flow $39.4B = 103.0% of net income.
- Returned $20.5B to shareholders = 52.1% of free cash flowBuybacks $8.45B (a year earlier $7.51B), dividends $12.1B, stock-based pay $8.48B (TTM).
- Diluted share count up 0.6% in a year4.89B diluted shares in Q3 '26, 4.86B a year earlier.
- Net debt $35.4BCash + short-term investments $24B, debt incl. leases $59.4B; a year ago net debt $53.5B.
- Semiconductor Solutions: revenue +127.4%, margin 61.3% (was 56.9%)Fastest-growing reported segment in Q3 '26: operating income $12.8B on revenue $20.8B (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-08-02. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $29.6B | $16B | +85.5% |
| Gross margin | 69.1% | 67.1% | +2.0 pp |
| Operating income | $16.1B | $5.89B | +172.8% |
| Operating margin | 54.3% | 36.9% | +17.4 pp |
| Net income | $13.1B | $4.14B | +216.1% |
| Diluted EPS | $2.68 | $0.85 | +215.3% |
| Operating cash flow | $14.2B | $7.17B | +98.1% |
| Capex | $532M | $142M | +274.6% |
| Free cash flow | $13.7B | $7.02B | +94.5% |
| R&D | $2.9B | $3.05B | -5.1% |
| Stock-based compensation | $2.02B | $2.32B | -13.0% |
Reported vs consensus
2026-09-02| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $29.6B | $29.2B | +1.2% |
| EPS (as estimated) | $3.32 | $3.22 | +3.1% |
From the report of 2026-09-02 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Semiconductor Solutions | $20.8B | +127.4% | 70.4% | $59.4B | +74.7% | |
| Infrastructure Software | $8.75B | +29.0% | 29.6% | $29.7B | +14.5% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Asia Pacific | $20.9B | +133.8% | 70.8% | $57.9B | +75.3% | |
| Americas | $5.51B | +16.7% | 18.6% | $20.7B | +14.3% | |
| EMEA | $3.13B | +38.2% | 10.6% | $10.5B | +19.4% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Semiconductor Solutions | $20.8B | +127.4% | $12.8B | +144.8% | 61.3% | 56.9% | $36.1B |
| Infrastructure Software | $8.75B | +29.0% | $7.33B | +39.8% | 83.7% | 77.2% | $23.7B |
| Unallocated Expenses | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $40.7B
- Capex
- -$1.25B
- Buybacks
- -$8.45B
- Dividends
- -$12.1B
- Acquisitions
- $0
- Net debt issued
- -$5.21B
- Stock-based compensation
- $8.48B
- Free cash flow
- $39.4B
- Returned to shareholders / FCF
- 52.1%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 40.5× | 56.4× | 17.2× – 132.7× |
| EV / EBITDA | 30.4× | 26.4× | 11.5× – 50.6× |
| EV / Sales | 17.9× | 13.9× | 6.6× – 27.5× |
| Price / FCF | 39.5× | 30.3× | 11.8× – 63.5× |
| Price / Book | 15.6× | 12.8× | 8.5× – 21.0× |
| FCF yield | 2.5% | 4.8% | 1.6% – 8.5% |
| Return on invested capital | 24.0% | 15.3% | 5.6% – 22.5% |
| Return on equity | 43.9% | 34.7% | 8.7% – 58.7% |
Analysts
Consensus target $514.37 (+57.7%)
range $350.00 – $600.00 · rating Buy
Strong buy0
Buy55
Hold5
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $106B | +65.9% | $11.68 | +145.0% | 27.9× | 27 |
| FY2027 | $174B | +64.4% | $19.32 | +65.3% | 16.9× | 28 |
| FY2028 | $282B | +61.7% | $30.63 | +58.6% | 10.6× | 17 |
| FY2029 | $416B | +47.8% | $47.33 | +54.5% | 6.9× | 7 |
| FY2030 | $552B | +32.6% | $49.51 | +4.6% | 6.6× | 7 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 265 figures Broadcom Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $4B | $1.43B | +179.3% | $1.56B | $1.66B | -6.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $13.7B | $6.49B | +111.1% | $7.15B | $4.42B | +61.8% |
| Accounts Receivable, Sale | $1.6B | $1.7B | -5.9% | – | – | – |
| Accrued Income Taxes, Noncurrent | $2.19B | – | – | – | – | – |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.9B2025-11-02 | $4.5B | +8.7% | $4.9B | $4.5B | +8.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $204M | $221M | -7.7% | $218M | $207M | +5.3% |
| Additional Paid in Capital | $77.3B | $69B | +12.1% | $71.3B | $67.5B | +5.7% |
| Amortization of Debt Issuance Costs and Discounts | $65M | $82M | -20.7% | $344M | $427M | -19.4% |
| Amortization of Intangible Assets | $2.01B | $2.03B | -1.0% | $8.06B | $9.27B | -13.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | – | – | – | 9M2018-11-04 | 22M | -59.1% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.02B | $2.32B | -13.0% | $7.57B | $5.75B | +31.7% |
| Assets | $188B | $166B | +13.6% | $171B | $166B | +3.3% |
| Assets, Current | $52.2B | $25B | +108.7% | $31.6B | $19.6B | +61.1% |
| Buildings and Improvements, Gross | $1.49B2025-11-02 | $1.52B | -2.0% | $1.49B | $1.52B | -2.0% |
| Business Combination, Acquisition Related Costs | $0 | $7M | -100.0% | $216M | $549M | -60.7% |
| Cash and Cash Equivalents, at Carrying Value | $24B | $10.7B | +123.7% | $16.2B | $9.35B | +73.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $24B | $10.7B | +123.7% | $16.2B | $9.35B | +73.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $4.35B | $1.25B | +248.9% | $6.83B | -$4.84B | +241.1% |
| Commercial Paper | $496M2025-08-03 | – | – | – | – | – |
| Common Stock, Dividends, Per Share, Cash Paid | $0.65 | $0.59 | +10.2% | $2.36 | $2.11 | +12.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 29B | 29B | 0.0% | 29B | 29B | 0.0% |
| Common Stock, Shares, Issued | 4.77B | 4.72B | +1.1% | 4.74B | 4.69B | +1.2% |
| Common Stock, Shares, Outstanding | 4.77B | 4.72B | +1.1% | 4.74B | 4.69B | +1.2% |
| Common Stock, Value, Issued | $5M | $5M | 0.0% | $5M | $5M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $13.1B | $4.16B | +214.9% | $23.1B | $5.9B | +292.5% |
| Construction in Progress, Gross | $78M2025-11-02 | $57M | +36.8% | $78M | $57M | +36.8% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $11.9B | $7.58B | +57.1% | $8.92B | $4.4B | +102.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $7.19B | $4.16B | +72.9% | $5.01B | $1.92B | +161.2% |
| Contract with Customer, Liability | $13.1B | $14.3B | -8.5% | $13B | $14.5B | -10.2% |
| Contract with Customer, Liability, Current | $9.5B | $10.3B | -7.8% | $9.47B | $9.4B | +0.8% |
| Contract with Customer, Liability, Noncurrent | $3.62B | $4.03B | -10.1% | $3.55B | $5.1B | -30.5% |
| Contract with Customer, Liability, Revenue Recognized | $1.86B | $1.92B | -2.8% | $9.21B | $2.44B | +277.3% |
| Cost of Revenue | $9.14B | $5.25B | +74.0% | $20.6B | $19.1B | +8.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $660M | $1.03B | -35.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $791M | $701M | +12.8% |
| Current Income Tax Expense (Benefit) | – | – | – | $1.64B | $1.78B | -8.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $185M | $52M | +255.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | -$1.66B | -$2.03B | +18.4% | $1.98B | $2.32B | -14.5% |
| Debt, Current | $2.25B | $1.4B | +61.0% | – | – | – |
| Debt, Long-term and Short-term, Combined Amount | $61.1B | $66.3B | -7.8% | $67.1B | $69.8B | -3.9% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $841M2025-11-02 | $3.58B | -76.5% | $841M | $3.58B | -76.5% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.84B | $1.86B | -199.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $68M | $180M | -62.2% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$2.03B | $1.97B | -203.5% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$257M | -$70M | -267.1% |
| Deferred Tax and Other Liabilities, Noncurrent | $1.53B | $3.55B | -56.9% | $2.7B | $4.7B | -42.5% |
| Deferred Tax Assets, Deferred Income | $490M2025-11-02 | $776M | -36.9% | $490M | $776M | -36.9% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $80M2025-11-02 | $81M | -1.2% | $80M | $81M | -1.2% |
| Deferred Tax Assets, Gross | $9.41B2025-11-02 | $7.18B | +30.9% | $9.41B | $7.18B | +30.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $5.42B2025-11-02 | $4.97B | +9.2% | $5.42B | $4.97B | +9.2% |
| Deferred Tax Assets, Other | $519M2025-11-02 | $672M | -22.8% | $519M | $672M | -22.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $1.32B2025-11-02 | – | – | $1.32B | – | – |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $474M2025-11-02 | $291M | +62.9% | $474M | $291M | +62.9% |
| Deferred Tax Assets, Valuation Allowance | $3.98B2025-11-02 | $2.22B | +79.6% | $3.98B | $2.22B | +79.6% |
| Deferred Tax Liabilities, Deferred Expense, Debt Issuance Costs | $359M2025-11-02 | $420M | -14.5% | $359M | $420M | -14.5% |
| Deferred Tax Liabilities, Goodwill and Intangible Assets | $7.16B2025-11-02 | $8.77B | -18.4% | $7.16B | $8.77B | -18.4% |
| Deferred Tax Liabilities, Gross | $7.93B2025-11-02 | $9.51B | -16.6% | $7.93B | $9.51B | -16.6% |
| Deferred Tax Liabilities, Other | $286M2025-11-02 | $210M | +36.2% | $286M | $210M | +36.2% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $131M2025-11-02 | $105M | +24.8% | $131M | $105M | +24.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-Q 2026-02-01, 10-K 2025-11-02, 10-Q 2025-08-03, 10-Q 2025-05-04, 10-Q 2025-02-02, 10-K 2024-11-03, 10-Q 2024-08-04
Data as of 2026-11-01