Broadcom (AVGO) Earnings Date & Reports

Key Takeaways

• Broadcom reported record second-quarter fiscal 2026 revenue of $22.2 billion, up 48% year-over-year.
• Non-GAAP diluted EPS reached $2.44, exceeding consensus estimates of $2.32.
• AI semiconductor revenue hit $10.8 billion, growing 143% from the prior year.
• Adjusted EBITDA rose 52% year-over-year to $15.2 billion, or 69% of revenue.
• Company issued strong third-quarter guidance of approximately $29.4 billion in revenue.
• Free cash flow reached $10.3 billion, or 46% of revenue, supporting the $0.65 quarterly dividend.

Earnings Context and Why It Matters

Broadcom’s fiscal second quarter, ended May 3, 2026, highlights the company’s accelerating position in artificial intelligence semiconductors amid robust demand for custom accelerators and networking solutions. Following a 29% revenue increase in the first quarter, this report underscores sustained momentum in the semiconductor solutions segment, which grew 79% year-over-year. Strong results in this high-margin area influence investor views on Broadcom’s ability to capitalize on AI infrastructure spending while maintaining operating leverage across its infrastructure software business.

Reported Results

Broadcom reported net revenue of $22,187 million for the second quarter of fiscal 2026, a 48% increase from $15,004 million in the year-ago period. GAAP net income totaled $9,310 million, while non-GAAP net income reached $12,074 million. GAAP diluted earnings per share stood at $1.91, and non-GAAP diluted EPS was $2.44, surpassing analyst consensus estimates of $2.32. Semiconductor solutions revenue climbed to $15,009 million, up 79%, with AI-related semiconductor revenue contributing $10.8 billion, a 143% year-over-year gain. Infrastructure software revenue increased 9% to $7,178 million. Adjusted EBITDA rose 52% to $15,244 million, representing 69% of revenue. Free cash flow reached $10,262 million after capital expenditures of $231 million.

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Market Reaction and Investor Sentiment

Shares of Broadcom traded higher following the June 3, 2026, release, reflecting investor focus on the substantial AI revenue growth and the company’s raised third-quarter outlook. The earnings beat on non-GAAP EPS and record cash generation reinforced positive sentiment around Broadcom’s execution in the expanding AI market, even as revenue came in modestly below some expectations.

Forward Outlook and Key Factors to Monitor

Broadcom provided third-quarter fiscal 2026 guidance of approximately $29.4 billion in revenue, representing an 84% year-over-year increase. Non-GAAP operating income is expected at about 67% of revenue, with Adjusted EBITDA near 68% of revenue. Management highlighted expectations for AI semiconductor revenue to exceed $16.0 billion in the quarter, more than doubling from the prior year.

Investors will track the pace of AI demand, particularly for custom accelerators and networking products, alongside performance in the infrastructure software segment. Margin stability and free cash flow conversion remain central themes given the company’s capital return program, including the ongoing dividend and share repurchase authorization.

Additional areas of focus include supply chain dynamics, customer concentration in AI, and any updates on broader semiconductor market conditions as Broadcom approaches its fiscal third quarter ending August 2, 2026.

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