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Broadcom

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Analysis

AVGO Q1 FY2026 Earnings: AI Revenue Doubles but 42% Rides on One Customer

Broadcom reported Q1 FY2026 revenue of $19.3 billion (+28.7% Y/Y) and non-GAAP EPS of $2.05, but the 10-Q reveals a more complex picture. A single distributor now accounts for 42% of total revenue — up from 29% a year ago — as AI semiconductor revenue doubled to $8.4 billion. Meanwhile, infrastructure software grew just 1.4% Y/Y, GAAP EPS declined 14.3% Q/Q due to tax normalization, and capital returns of $10.9 billion exceeded operating cash flow by 32%, requiring new borrowings to bridge the gap.

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12 min

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Research

HBM Demand: What 135 SEC Filings Reveal About AI's Memory Chokepoint

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Research

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AI Infrastructure Capex: What 863 SEC Filings Reveal

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Research

Cybersecurity Incidents: What 916 SEC 8-K Filings Reveal

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