Broadcom Inc. (AVGO) Earnings History
Broadcom Inc. - Q1 2026 EarningsBeat
EXECUTIVE SUMMARY
Broadcom reported record first quarter revenue driven by strong AI semiconductor solutions, with AI revenue growing significantly year-over-year. The company also announced a new $10 billion share repurchase program, signaling confidence in its financial outlook and commitment to shareholder returns.
POSITIVE HIGHLIGHTS
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Record first quarter revenue of $19.311 billion, up 29% year-over-year.
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AI semiconductor revenue reached $8.4 billion, growing 106% year-over-year and exceeding forecast.
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Adjusted EBITDA of $13.128 billion, up 30% year-over-year, representing 68% of revenue.
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Free cash flow of $8.010 billion, up 33% year-over-year, representing 41% of revenue.
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Announced a new $10 billion share repurchase program.
positive
CONCERNS & RISKS
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Inventory increased by $692 million sequentially, outpacing revenue growth in the semiconductor segment.
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Infrastructure software revenue grew only 1% year-over-year, representing a significant deceleration compared to the semiconductor segment.
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Sequential decline in cash and cash equivalents from $16.178 billion to $14.174 billion.
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Significant sequential increase in short-term debt from $3.152 billion to $2.252 billion.
attention
FINANCIAL METRICS
MARGIN ANALYSIS
Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
REVENUE BY SEGMENT — Q1 2026 2026
VISUAL OVERVIEW
DETAILED BREAKDOWN
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Semiconductor solutions | N/A | — | — | — |
Infrastructure software | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
MANAGEMENT GUIDANCE
Q2 2026
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
EARNINGS CALL —
CALL GUIDANCE — Q1 2026 2026
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| AI revenue | $8.2 billion | Q1 FY2026 | — | — |
| nonAI semiconductor revenue | approximately $4.1 billion | Q1 FY2026 | — | — |
| infrastructure software revenue | approximately 6.8 billion | Q1 FY2026 | — | — |
| infrastructure software revenue | low double digits percentage | FY2026 | — | — |
| consolidated revenue | approximately 19.1 billion dollars | Q1 FY2026 | — | — |
| adjusted EBIDA | approximately 67% of revenue | Q1 FY2026 | — | — |
| semiconductor revenue | approximately 12.3 billion | Q1 FY2026 | — | — |
| AI semiconductor revenue | 8.2 billion | Q1 FY2026 | — | — |
| infrastructure software revenue | approximately 6.8 8 billion | Q1 FY2026 | — | — |
| consolidated gross margin | down approximately 100 basis points sequentially | Q1 FY2026 | — | — |
| adjusted EBA dot | approximately 67% | Q1 FY2026 | — | — |
| non-GAAP tax rate | 16 1.5% | Q1 FY2026 | — | — |
| non-GAAP tax rate | 16 1.5% | FY2026 | — | — |
| quarterly common stock cash dividend | 65 cents per share | Q1 FY2026 | — | — |
| annual common stock dividend | $2.60 per share | FY2026 | — | — |
MANAGEMENT COMMENTARY
Broadcom achieved record first quarter revenue on continued strength in AI semiconductor solutions.
Q1 AI revenue of $8.4 billion grew 106% year-over-year, above our forecast, driven by robust demand for custom AI accelerators and AI networking.
Our AI revenue growth is accelerating, and we expect AI semiconductor revenue to be $10.7 billion in Q2.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
OPERATIONAL METRICS
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.