undamentalytics Newsletter
Sign in

Broadcom (AVGO) stock

Add to watchlist

Add holding +

NASDAQ: AVGO Nasdaq Semiconductors Next results ~December 9, 2026

B+ Fundamentals grade

Broadcom designs and supplies semiconductors and infrastructure software. Its chip portfolio spans custom accelerators (XPUs), Ethernet switching and routing silicon, network interface controllers, physical layer devices and optical components, radio-frequency front-end modules and filters, Wi-Fi and Bluetooth chips, storage controllers, and system-on-chip platforms for set-top boxes and broadband access, alongside industrial parts. Its software comprises five portfolios: Private Cloud (built around VMware Cloud Foundation), Mainframe Software, Cybersecurity (including Symantec and Carbon Black), Enterprise Software and Fibre Channel SAN management.

Customers include distributors, original equipment manufacturers and their contract manufacturers, hyperscalers and firms building AI models, plus large enterprises and government agencies, many among the Fortune 500. Money comes from product sales, software subscriptions and licences, and intellectual-property royalties. Distributors accounted for 48% of net revenue, and the top five end customers for roughly 40%.

The business runs two segments, Semiconductor Solutions and Infrastructure Software, selling globally through a direct sales force and distributors. It traces its roots over 60 years to AT&T/Bell Labs, Lucent and Hewlett-Packard, employs around 33,000 people, and holds about 19,000 patents.

Based on Broadcom's 10-K filed December 18, 2025.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$400

Cash-flow model

Base case. Range ~$310–$520 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 20% below our base value.

Price used: $322.23, November 2, 2026

Broadcom valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Broadcom files

Where Broadcom stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $89.1bn, up 48.7% on a year earlier, faster than 32.3% a quarter earlier. That growth ranks 4 of 33 among the semiconductor companies we cover. Free-cash-flow margin rose to 44.2% from 41.6% a year earlier. Operating margin widened to 48.0% from 37.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $174 a share, against a share price of $335. At that price, our model says the market is pricing in about 24.8% a year of cash-flow growth for five years, close to the 26.6% a year revenue growth it has delivered.

Source: 10-Q filed September 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 9, 2026 (estimated)

Broadcom's trailing-twelve-month revenue grew 48.7% year on year, with a free-cash-flow margin of 44.2%. Where it stands out: free-cash-flow margin of 44.2% ranks 4 of 75 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$400 per share in the base case (~$310–$520 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 48.7% (+16.4pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $322.23 is 26% below our value per share of $400.
  • Fast growth. Revenue grew 48.7% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 16.4 points higher than a quarter earlier.
  • High operating margin. 48.0% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 10.3 points on a year ago.

Things to watch

  • High earnings multiple. The shares trade at 41 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 46% and a beta of 2.2 against the S&P 500.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 30.4% ranks 37 of 47 semiconductor companies we cover (median 14.0%).

Latest results: FY2026 Q3

Filed September 10, 2026
Earnings per share
$3.32 against an average estimate of $3.24: beat by 2.5%
Revenue
$29.59bn, up 85.5% on a year earlier
Share reaction
-3.4% in the first session after the results on September 2, 2026, against +1.5% for the S&P 500
Guidance given
fourth quarter revenue guidance $34.8bn (Fourth quarter fiscal year 2026); fourth quarter fiscal year 2026 Non-GAAP operating income guidance 66% (Fourth quarter fiscal year 2026)
Next report
December 9, 2026; average EPS estimate $3.84

Broadcom's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week-2.1%
  • 1 month-9.3%
  • This year-6.4%
  • 1 year-12.2%
  • 5 years+549.0%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$89.1B
Operating margin
48.0%
Net margin
42.9%
EPS (TTM, diluted)
$7.83

Growth

Revenue growth
+48.7%
Change in growth rate
+16.4 pts
Share count change
+0.2%

Cash

Free cash flow (TTM)
$39.4B
FCF margin
44.2%
Stock pay % of revenue
9.5%

Earnings

Last results
September 2, 2026
Next results (est.)
December 10, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Financing

    Broadcom sets $43bn cap on AI rack lease backstop

    Broadcom said it arranged for financial partners to assume part of AI rack purchase and lease agreements on 26 October 2026. The company is providing residual value support to a special purpose vehicle. Broadcom stated its maximum potential liability under this backstop is approximately $43 billion.

    SEC 8-KRead source ↗
  2. Insider trade
  3. Results
  4. Guidance
  5. Insider trade
  6. Insider trade
  7. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Broadcom valuation models and calculator

What the price is pricing in

The share price implies about 22.2% a year of cash-flow growth for five years.That is close to the 26.6% a year revenue growth Broadcom has delivered.

  • Priced in22.2%
  • Last 12 months48.7%
  • 3 years a year36.0%
  • 5 years a year26.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($335.36, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$400
Price used
$335.36close November 3, 2026
Implied change
▲ +21%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Broadcom's free cash flow after stock-based pay with after-tax interest added back ($32.1B, FY2026 Q3 TTM), growing 64.1% and 32.7% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$310–~$520 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Broadcom's free cash flow after stock-based pay ( $32.1B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Broadcom as an operating company, with every model that fits that kind of business. Cost of equity 13.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$400 ~$310–$520 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$190 ~$110–$260 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$270–$510 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$57 ~$47–$70 Left out: out of range vs price (0.18x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$72 ~$65–$80 Left out: far from the other models (more than 3x away from their median)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$320 ~$190–$400 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Broadcom with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +6%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $89$124$170$231$310$412
8.5% $67$92$125$168$225$297
10% $53$72$98$131$174$229

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$13.00$19.77$18.00$25.12$31.02$48.67$44.59$81.16$166.04$366.90$322.23
Market value$49.8bn$83.2bn$77.6bn$105.3bn$130.6bn$208.8bn$188.7bn$346.7bn$793.4bn$1.78tn$1.57tn
+ Net debt (− = net cash)−$3.1bn$6.5bn$13.3bn$28.0bn$33.9bn$29.4bn$28.8bn$26.6bn$60.5bn$50.9bn$37.1bn
Enterprise value$46.7bn$89.7bn$90.9bn$133.3bn$164.5bn$238.1bn$217.5bn$373.3bn$853.9bn$1.83tn$1.61tn
Multiples
Price / sales 3.8x4.7x3.7x4.7x5.5x7.6x5.7x9.7x15.4x27.9x17.7x
Price / earnings —49.2x6.3x39.1x49.0x32.4x16.4x24.6x134.6x77.0x41.1x
Price / free cash flow 18.5x15.2x9.4x11.4x11.3x15.7x11.6x19.7x40.9x66.2x40.0x
EV / EBITDA —31.8x16.1x33.2x35.9x26.3x14.7x22.3x60.7x70.3x37.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard Broadcom's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.6% of total assets over 8 years.

  • Pricing power 16 / 20

    Gross margin has been a median 63.9%, moving by 6.3 percentage points (standard deviation) across 9 years.

  • Durability 17 / 20

    Operating margin has been a median 28.2%; its worst year was 15.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 44.2% of revenue.

  • Discipline 3 / 20

    The diluted share count rose 17.2% over five years; stock-based pay has been a median 8.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 9, 2026, after the close. Analysts expect revenue of $34.9bn and EPS of $3.84 (range $3.69 to $3.92) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.67 +71% $106.0bn +66%
Next $19.47 +67% $174.2bn +64%

Next year's EPS estimate has moved −0.6% in 90 days, across 48 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.3% on 90 days ago. In the last 30 days, 22 analysts raised Broadcom's forecast and 15 cut it.

Consensus EPS forecast Broadcom, last 90 days
$10.00 $12.00 $14.00 $16.00 $18.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.63 Current fiscal year, 60 days ago: $11.63 Current fiscal year, 30 days ago: $11.66 Current fiscal year, 7 days ago: $11.66 Current fiscal year, Now: $11.67 $11.67 Next fiscal year, 90 days ago: $19.58 Next fiscal year, 60 days ago: $19.56 Next fiscal year, 30 days ago: $19.38 Next fiscal year, 7 days ago: $19.40 Next fiscal year, Now: $19.47 $19.47

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.63$19.58
60 days ago $11.63$19.56
30 days ago $11.66$19.38
7 days ago $11.66$19.40
Now $11.67$19.47

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $3.24 $3.32 +2.5%
Apr 2026 $2.40 $2.44 +1.7%
Jan 2026 $2.02 $2.05 +1.3%
Oct 2025 $1.87 $1.95 +4.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 2, 2026
  • Fourth quarter revenue guidance Fourth quarter fiscal year 2026 about $34.8bn
    “Fourth quarter fiscal year 2026 revenue guidance of approximately $34.8 billion, an increase of 93 percent from the prior year period” source
  • Fourth quarter fiscal year 2026 Non-GAAP operating income guidance Fourth quarter fiscal year 2026 about 66% Non-GAAP
    “Fourth quarter fiscal year 2026 Non-GAAP operating income guidance of approximately 66 percent of projected revenue (1)” source
  • AI semiconductor revenue Q4 about $21.7bn
    “In Q4 the momentum continues, and we expect AI semiconductor revenue to accelerate to $21.7 billion, up 236% year-over-year.” source

How earlier guidance turned out

  • revenue guidance, third quarter of fiscal year 2026 guided about $29.4bn Above range: $29.591bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Broadcom's revenue by +64.1% next year and +32.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+76.2%, weight 58%) , management guidance (+93.2%, weight 18%) and the company's own record (+13.0%, weight 24%) . How the weights are set.

Analyst recommendations

51 analysts, Oct 2026
Buy4996%
Hold24%
Sell00%

Monthly trend

  1. Oct 202684151
  2. Sep 202674050
  3. Aug 2026837449
  4. Jul 2026737448

Counts of recommendations published by analysts covering Broadcom, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.1%
of tradable shares
Days to cover
2.31
at average volume
Short interest, 1 month
+3%
to October 15, 2026
Held by institutions
80%
of shares
Held by insiders
1.9%
of shares
Employees
33,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −12.2%

$366.90 on October 31, 2025 to $322.23

ThenNowEffect
Revenue (last 12 months) $59.9bn $89.1bn +48.7%
Net margin 31.6% 42.9% +35.9%
P/E multiple 94.5x 41.1x −56.5%
Share count 4877m 4885m −0.2%

Biggest factor: p/e multiple.

Last 3 years +277.1%

$85.45 on November 3, 2023 to $322.23

ThenNowEffect
Revenue (last 12 months) $35.5bn $89.1bn +151.3%
Net margin 39.9% 42.9% +7.7%
P/E multiple 25.9x 41.1x +59.0%
Share count 4282m 4885m −12.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AVGO+57%−13%+104%+111%+51%−6%
Industry peers (median)+35%−39%+15%−15%+16%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AVGO75%58%83%75%67%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AVGO−14%−35%−12%−25%−40%−33%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 48% from February 12, 2020 to March 18, 2020. Getting back needed a 93% gain, reached on July 6, 2020, 110 days after the low.

Price behaviour

52-week range
$292.41 – $479.94
From 52-week high
−32.9%
vs 50-day average
−8.4%
vs 200-day average
−12.1%
Volatility (1 year)
46%
Beta vs S&P 500
2.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±9.1%
After a week
6 up, 6 down
typical move ±12.4%
After a month
7 up, 5 down
typical move ±13.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 2, 2026 −3.4% +1.5% −2.4% −3.8%
June 3, 2026 −13.0% −0.3% −22.7% −22.2%
March 4, 2026 +6.0% +0.1% +8.8% +0.4%
December 11, 2025 −12.8% −0.8% −20.1% −14.0%
September 4, 2025 +10.7% +0.5% +18.9% +12.1%
June 5, 2025 −5.4% +0.5% −1.9% +4.4%
March 6, 2025 +1.8% −1.2% −0.1% −23.4%
December 12, 2024 +22.7% −0.5% +19.2% +24.8%
September 5, 2024 −11.1% −1.9% +6.8% +15.0%
June 12, 2024 +14.9% +1.0% +18.7% +17.7%
March 7, 2024 −3.1% +0.4% −6.5% −0.6%
December 7, 2023 +4.5% +1.2% +22.4% +20.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Broadcom’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.23× the last 60 days’ realised volatility .
  • Puts are priced 3 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

AVGO Broadcom Grade B+ $323.04

Sell the $295 put expiring December 4, 2026 (32 days) for $6.95 a share — $695 per contract.

Previous session · Bid $6.95, ask $7.60, quoted Mon 2 Nov, 17:15 New York time with AVGO at $323.04. Option prices move with the shares: check the live chain at your broker before trading.

  • If AVGO ends above $295: you keep the $695 — 2.4% on the $29,500 set aside, or 26.9% a year at that pace.
  • If it ends below $295: you buy 100 shares at an effective $288.05, 11% below today's price and 28% below our value of ~$400.
$695 $0 −$5.8k Break-even $288.05 Price $323.04 Our value ~$400 →
Profit or loss per contract at expiry, by share price.
Premium
$695
Annualised
26.9%
Break-even
$288.05
Max gain
$695
Chance of buying
~23%

Results are expected around December 10, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

AVGO Broadcom Grade B+ $323.04

Own 100 shares, sell the $400 call expiring December 18, 2026 (46 days) for $3.80 a share — $380 per contract.

Previous session · Bid $3.80, ask $4.25, quoted Mon 2 Nov, 17:15 New York time with AVGO at $323.04. Option prices move with the shares: check the live chain at your broker before trading.

  • If AVGO ends below $400: you keep your shares and the $380 — 1.2% extra on the position, 9.3% a year at that pace.
  • If it ends above $400: your shares are sold at $400, a total return of 25.0% including the premium — at or above our value of ~$400.
$8.1k $0 −$6.4k Break-even $319.24 Price $323.04 Our value $400
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$380
Annualised
9.3%
Break-even
$319.24
Max gain
$8,076
Chance of selling
~15%

Results are expected around December 10, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Broadcom in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Broadcom
$20B $40B $60B $80B $100B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $35.8B Revenue (TTM), FY24 Q1: $38.9B Revenue (TTM), FY24 Q2: $42.6B Revenue (TTM), FY24 Q3: $46.8B Revenue (TTM), FY24 Q4: $51.6B Revenue (TTM), FY25 Q1: $54.5B Revenue (TTM), FY25 Q2: $57B Revenue (TTM), FY25 Q3: $59.9B Revenue (TTM), FY25 Q4: $63.9B Revenue (TTM), FY26 Q1: $68.3B Revenue (TTM), FY26 Q2: $75.5B Revenue (TTM), FY26 Q3: $89.1B $89.1B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $35.8B
FY24 Q1 $38.9B
FY24 Q2 $42.6B
FY24 Q3 $46.8B
FY24 Q4 $51.6B
FY25 Q1 $54.5B
FY25 Q2 $57B
FY25 Q3 $59.9B
FY25 Q4 $63.9B
FY26 Q1 $68.3B
FY26 Q2 $75.5B
FY26 Q3 $89.1B
Revenue growth, TTM YoY Broadcom
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 7.9% Revenue growth, TTM YoY, FY24 Q1: 12.9% Revenue growth, TTM YoY, FY24 Q2: 21.6% Revenue growth, TTM YoY, FY24 Q3: 32.0% Revenue growth, TTM YoY, FY24 Q4: 44.0% Revenue growth, TTM YoY, FY25 Q1: 40.3% Revenue growth, TTM YoY, FY25 Q2: 33.9% Revenue growth, TTM YoY, FY25 Q3: 28.0% Revenue growth, TTM YoY, FY25 Q4: 23.9% Revenue growth, TTM YoY, FY26 Q1: 25.2% Revenue growth, TTM YoY, FY26 Q2: 32.3% Revenue growth, TTM YoY, FY26 Q3: 48.7% 48.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 7.9%
FY24 Q1 12.9%
FY24 Q2 21.6%
FY24 Q3 32.0%
FY24 Q4 44.0%
FY25 Q1 40.3%
FY25 Q2 33.9%
FY25 Q3 28.0%
FY25 Q4 23.9%
FY26 Q1 25.2%
FY26 Q2 32.3%
FY26 Q3 48.7%
Operating margin (TTM) Broadcom
20% 30% 40% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 45.2% Operating margin (TTM), FY24 Q1: 36.5% Operating margin (TTM), FY24 Q2: 30.8% Operating margin (TTM), FY24 Q3: 27.9% Operating margin (TTM), FY24 Q4: 26.1% Operating margin (TTM), FY25 Q1: 32.3% Operating margin (TTM), FY25 Q2: 35.9% Operating margin (TTM), FY25 Q3: 37.7% Operating margin (TTM), FY25 Q4: 39.9% Operating margin (TTM), FY26 Q1: 40.7% Operating margin (TTM), FY26 Q2: 43.4% Operating margin (TTM), FY26 Q3: 48.0% 48.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 45.2%
FY24 Q1 36.5%
FY24 Q2 30.8%
FY24 Q3 27.9%
FY24 Q4 26.1%
FY25 Q1 32.3%
FY25 Q2 35.9%
FY25 Q3 37.7%
FY25 Q4 39.9%
FY26 Q1 40.7%
FY26 Q2 43.4%
FY26 Q3 48.0%
FCF margin (TTM) Broadcom
35% 40% 45% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 49.2% FCF margin (TTM), FY24 Q1: 47.3% FCF margin (TTM), FY24 Q2: 43.3% FCF margin (TTM), FY24 Q3: 39.8% FCF margin (TTM), FY24 Q4: 37.6% FCF margin (TTM), FY25 Q1: 38.0% FCF margin (TTM), FY25 Q2: 39.8% FCF margin (TTM), FY25 Q3: 41.6% FCF margin (TTM), FY25 Q4: 42.1% FCF margin (TTM), FY26 Q1: 42.3% FCF margin (TTM), FY26 Q2: 43.4% FCF margin (TTM), FY26 Q3: 44.2% 44.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 49.2%
FY24 Q1 47.3%
FY24 Q2 43.3%
FY24 Q3 39.8%
FY24 Q4 37.6%
FY25 Q1 38.0%
FY25 Q2 39.8%
FY25 Q3 41.6%
FY25 Q4 42.1%
FY26 Q1 42.3%
FY26 Q2 43.4%
FY26 Q3 44.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Broadcom took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $63.9B
  2. Cost of revenue $20.6B · 32.2%
  3. Gross profit $43.3B · 67.8%
  4. Research and development $11B · 17.2%
  5. Selling, general and admin $4.2B · 6.6%
  6. Other operating costs $2.6B · 4.1%
  7. Operating income $25.5B · 39.9%
  8. Interest and other $2.4B · 3.7%
  9. Net income $23.1B · 36.2%

Shares of revenue. Source: Broadcom's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Oct 2016 2017 Oct 2017 2018 Nov 2018 2019 Nov 2019 2020 Nov 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Nov 2024 2025 Nov 2025 LTM Aug 2026
Income
Revenue 13.2 17.6 20.8 22.6 23.9 27.5 33.2 35.8 51.6 63.9 89.1
Gross profit 5.9 8.5 10.7 12.5 13.5 16.8 22.1 24.7 32.5 43.3 61.3
EBITDA −0.0 2.8 5.7 4.0 4.6 9.1 14.8 16.7 14.1 26.1 43.4
Operating income −0.4 2.4 5.1 3.4 4.0 8.5 14.2 16.2 13.5 25.5 42.8
Net income −1.7 1.7 12.3 2.7 2.7 6.4 11.5 14.1 5.9 23.1 38.3
Diluted EPS −$0.49 $0.40 $2.84 $0.64 $0.63 $1.50 $2.65 $3.30 $1.23 $4.77 $7.83
Growth (year on year)
Revenue — +33.2% +18.2% +8.4% +5.7% +14.9% +21.0% +7.9% +44.0% +23.9% +48.7%
EBITDA — — +100.2% −29.0% +14.2% +97.6% +62.9% +13.3% −15.9% +85.4% +87.4%
Operating income — — +116.6% −32.9% +16.6% +112.2% +67.0% +13.9% −16.9% +89.3% +89.4%
Net income — — +624.5% −78.0% −1.2% +141.7% +78.6% +22.5% −58.1% +292.3% +102.1%
Diluted EPS — — +607.5% −77.4% −1.6% +137.0% +76.7% +24.5% −62.7% +287.8% +101.8%
Margins
Gross margin 44.9% 48.2% 51.5% 55.2% 56.6% 61.4% 66.5% 68.9% 63.0% 67.8% 68.8%
EBITDA margin −0.1% 16.0% 27.1% 17.8% 19.2% 33.0% 44.4% 46.6% 27.3% 40.8% 48.8%
Operating margin −3.1% 13.4% 24.6% 15.2% 16.8% 31.0% 42.8% 45.2% 26.1% 39.9% 48.0%
Net margin −13.1% 9.6% 58.8% 11.9% 11.1% 23.4% 34.6% 39.3% 11.4% 36.2% 42.9%
Free-cash-flow margin 20.3% 31.1% 39.5% 41.0% 48.6% 48.5% 49.1% 49.2% 37.6% 42.1% 44.2%
Cash flow
Cash from operations 3.4 6.6 8.9 9.7 12.1 13.8 16.7 18.1 20.0 27.5 40.7
Capital spending 0.7 1.1 0.6 0.4 0.5 0.4 0.4 0.5 0.5 0.6 1.3
Free cash flow 2.7 5.5 8.2 9.3 11.6 13.3 16.3 17.6 19.4 26.9 39.4
Stock-based pay 0.7 0.9 1.2 2.2 2.0 1.7 1.5 2.2 5.7 7.6 8.5
Free cash flow after stock pay 2.0 4.6 7.0 7.1 9.6 11.6 14.8 15.5 13.7 19.3 30.9
Balance sheet
Cash 3.1 11.2 4.3 5.1 7.6 12.2 12.4 14.2 9.3 16.2 24.0
Total debt 0.0 17.7 17.6 33.1 41.5 41.5 41.2 40.8 69.8 67.1 61.1
Net debt (negative = net cash) −3.1 6.5 13.3 28.0 33.9 29.4 28.8 26.6 60.5 50.9 37.1
Diluted shares 3,830m 4,210m 4,310m 4,190m 4,210m 4,290m 4,232m 4,272m 4,778m 4,853m 4,885m
Returned to shareholders
Dividends 0.8 1.7 3.0 4.2 5.5 6.2 7.0 7.6 9.8 11.1 12.1
Buybacks 0.0 0.0 7.3 5.4 0.0 0.0 7.0 5.8 7.2 2.5 8.5
Total returned 0.8 1.7 10.3 9.7 5.5 6.2 14.0 13.5 17.0 13.6 20.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · August 2, 2026
What it owns · $188.1bn
Short-term assets $52.2bnLonger-term assets $136.0bn
What it owes, and who funded it · $188.1bn
Short-term liabilities $20.8bnLonger-term liabilities $67.6bnShareholders' equity $99.7bn
  • Short-term assets cover short-term liabilities $52.2bn of assets due within a year against $20.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $52.2bn short-term assets against $67.6bn of longer-dated liabilities.
  • More cash than debt $24.0bn of cash against $59.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 60% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 171% to 60% over five years.
  • A year's operating cash flow covers at least 20% of debt $40.7bn of operating cash flow against $59.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $42.8bn against $3.1bn of interest.

From Broadcom's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$8.4B
Dividends (TTM)
$12.1B
Returned to shareholders
52%
of free cash flow
Buybacks, last 3 fiscal years
$15.4B
Diluted share count
+0.2%
year over year
Total shareholder yield
1.3%
dividends 0.8% + buybacks 0.6% of market value
Dividend payout ratio
32%
of net income paid out
R&D spending
13.3%
of revenue
Sales & admin spending
4.7%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated AVGO TSM INTC MU QCOM AMD Median
Revenue, last 12 months $89.1bn $122.4bn $59.9bn $133.2bn $44.1bn $41.3bn $1.1bn
Revenue growth, last 12 months 48.7% 35.8% 12.1% 256.3% 1.9% 39.5% 13.7%
Revenue growth, 3-year average 36.0% — 4.2% 104.6% 4.5% 23.6% 3.9%
Revenue growth, latest quarter 85.5% — 20.9% 379.3% −4.0% 50.1% 20.1%
Gross margin 68.8% 59.9% 39.9% 80.7% 54.2% 53.2% 48.3%
Operating margin 48.0% 50.8% 2.9% 74.6% 23.2% 15.7% 4.8%
Operating margin, 3-year average 37.9% 43.7% −6.3% 35.3% 24.9% 9.0% 4.8%
Net margin 42.9% 44.6% −20.1% 63.8% 21.0% 15.6% 5.3%
Cash from operations / revenue 45.6% 59.7% 29.2% 67.3% 28.1% 24.4% 17.4%
Free-cash-flow margin 44.2% 26.1% 6.3% 44.3% 23.6% 20.3% 9.6%
Free-cash-flow margin, 3-year average 41.9% 22.8% −12.4% 16.4% 28.1% 13.3% 8.5%
Stock pay / revenue 9.5% 0.0% 3.9% 1.0% 7.4% 4.6% 5.8%
Change in share count 0.2% 0.0% 16.0% 1.6% −3.6% 1.1% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 48.7% 13.7% 11 of 75
Change in growth rate Growth +16.4pp +3.7pp 9 of 75
Gross margin Profitability 68.8% 48.3% 10 of 73
Operating margin Profitability 48.0% 4.8% 5 of 75
Net margin Profitability 42.9% 5.3% 5 of 75
Free-cash-flow margin Cash generation 44.2% 9.6% 4 of 75
Stock pay as % of revenue Cash generation 9.5% 6.4% 49 of 74
Long-term debt as % of assets Balance sheet 30.4% 14.0% 37 of 47
Change in share count Balance sheet 0.2% 0.9% 26 of 72
Days sales outstanding Balance sheet 56 days 58 days 30 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to November 2, 2025
Segments
Line of business Revenue Share YoY
Semiconductor Solutions $36.9B 57.7% ▲ 22.5%
Infrastructure Software $27B 42.3% ▲ 25.8%
Products and services
Line of business Revenue Share YoY
Products $44.8B 70.2% ▲ 28.3%
Subscriptions and Services $19B 29.8% ▲ 14.6%
Geography
Region Revenue YoY
Asia Pacific $35.9B ▲ 26.3%
All Other Geographies Member $19B ▲ 1.8%
Americas $18.9B ▲ 26.5%
United States $16.5B ▲ 28.1%
Chinaincluding Hong Kong $11.2B ▲ 6.4%
Singapore $10.8B ▲ 12.9%
EMEA $9.1B ▲ 10.6%
Taiwan $6.5B —

These categories overlap or exclude eliminations, so shares aren't shown.

From Broadcom's 10-K filed December 18, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.4T
Institutions reporting
4,772
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
271 / 137

Top buyers and sellers, Q2 2026: 2,536 institutions bought and 1,989 sold ; the biggest buyer was FMR LLC (+20.2M shares) and the biggest seller Arrowstreet Capital, Limited Partnership (−10.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $150B 398.2M 10.7% ▲ 3.2%
Vanguard Capital Management LLC $117B 309.2M 8.3% ▲ 0.4%
State Street Corp $74.4B 196.9M 5.3% ▲ 2.9%
FMR LLC $54.5B 144.4M 3.9% ▲ 16.3%
Vanguard Portfolio Management LLC $48B 127.0M 3.4% ▼ 1.1%
Capital World Investors $46B 121.9M 3.3% ▲ 4.9%
Geode Capital Management, LLC $43.9B 116.4M 3.1% ▲ 1.8%
Capital Research Global Investors $42.7B 113.1M 3.1% ▼ 2.5%
Jpmorgan Chase & Co $35.4B 95.0M 2.5% ▲ 3.5%
Price T Rowe Associates Inc $31.3B 82.9M 2.2% ▼ 1.9%
Capital International Investors $30.9B 81.8M 2.2% ▼ 2.6%
Morgan Stanley $29.9B 79.0M 2.1% ▲ 4.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Broadcom's complete shareholder register. Values are as reported by the filers ; 13 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $698,699 2 trades by 1 insider, last 12 months Insider sales History → $1.2B 280 trades by 8 insiders · 75% under pre-set plans
Net ▼ $1.2B net selling
Insider Date Trade Shares Price Value
Samueli Henry Director September 23, 2026 Sell pre-set plan 11,309 $361.79 $4.1M
Samueli Henry Director September 23, 2026 Sell pre-set plan 407 $361.18 $147,000
Samueli Henry Director September 23, 2026 Sell pre-set plan 22,579 $359.44 $8.1M
Samueli Henry Director September 23, 2026 Sell pre-set plan 44,618 $358.42 $16M
Samueli Henry Director September 23, 2026 Sell pre-set plan 50,998 $357.52 $18.2M
Samueli Henry Director September 23, 2026 Sell pre-set plan 85,221 $356.58 $30.4M
Samueli Henry Director September 23, 2026 Sell pre-set plan 230,031 $355.50 $81.8M
Samueli Henry Director September 23, 2026 Sell pre-set plan 186,809 $354.71 $66.3M
Samueli Henry Director September 23, 2026 Sell pre-set plan 512 $361.48 $185,078
Samueli Henry Director September 23, 2026 Sell pre-set plan 397 $360.76 $143,222
Samueli Henry Director September 23, 2026 Sell pre-set plan 2,162 $359.48 $777,196
Samueli Henry Director September 23, 2026 Sell pre-set plan 4,560 $358.47 $1.6M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 132 trades and filings

In the last 12 months, 8 members of Congress disclosed 10 purchases and 12 sales of Broadcom shares.

  • John J. McGuire III(R-VA 5):Sale (partial), $1,001 - $15,000, traded September 24, 2026, filed November 1, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded September 16, 2026, filed October 12, 2026
  • David J. Taylor(R-OH 2):Purchase, $1,001 - $15,000, traded August 26, 2026, filed September 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 10, 2026 estimated from the company's past filing pattern, not announced

  • September 2, 2026
  • June 3, 2026
  • March 4, 2026
  • December 11, 2025
  • September 4, 2025
  • June 5, 2025

Recent SEC filings

Data status

When each part of this page on Broadcom was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Broadcom in brief

What does Broadcom do?
Broadcom is a US-listed company in the semiconductors industry. Its financial year ends in October.
What is Broadcom's stock ticker?
Broadcom trades under the ticker AVGO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Broadcom's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Broadcom reported revenue of $89.1B, 48.7% higher than a year earlier, according to its SEC filings.
What is Broadcom's free cash flow?
Broadcom's free-cash-flow margin is 44.2% of revenue over the trailing twelve months, ranking 4 of the 75 semiconductor companies we cover.
What is Broadcom's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Broadcom's free cash flow after stock-based pay gives ~$400 per share in the base case, and ~$310–$520 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Broadcom's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Broadcom buying back stock, and does it pay a dividend?
Broadcom spent $8.4B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.2% over the year.
What is Broadcom's market cap?
On November 2, 2026, Broadcom's market capitalisation was about $1.6T, with a price-to-earnings ratio of 41.1 and net debt of $37.1B. Market figures come from third-party market data and may be delayed.
Does Broadcom pay a dividend?
Yes: Broadcom paid $12.1B in dividends over the trailing twelve months, a dividend yield of 0.79% and a payout ratio of 31.6%.
How much debt does Broadcom have?
Broadcom's debt-to-equity ratio is 59.6%, from its latest balance sheet (170.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Broadcom's competitors?
In our Semiconductors peer group, the companies closest to Broadcom are Taiwan Semiconductor Manufacturing Co LTD, Intel, Micron Technology, Qualcomm and Advanced Micro Devices. The side-by-side comparison below sets their revenue, margins and growth against Broadcom's.
Are insiders buying or selling Broadcom stock?
Over the last 12 months, Broadcom's directors and officers reported 2 open-market purchases and 280 sales on Form 4. The insider trading page charts every trade.
When is Broadcom's next earnings date?
Around December 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Broadcom announces its own schedule.