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Broadcom
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Latest analysis
Updated Sep 2, 2026
Broadcom Q3 FY2026: AI semiconductor revenue tripled YoY to $16.7B; FY2028 AI revenue guided to $230B as XPU deployments accelerate across 6 hyperscaler customers.
Broadcom's Q3 FY2026 results were defined by AI semiconductor revenue of $16.7 billion — up 221% year-on-year — driven by high-volume shipments of Google's Ironwood TPU v7, the new TPU v8i, and OpenAI's first-generation Jalapeno accelerator. Management extended its forward outlook further than any prior period, guiding to $115 billion in AI revenue for FY2027 and $230 billion for FY2028, with supply secured for both years. The XPV financing platform with Apollo and Blackstone — closing a $35 billion first tranche in June — signals Broadcom is now actively underwriting hyperscaler infrastructure buildouts, not merely supplying chips into them.
Tone: bullishRevenue
$63.9B
AVGO 10-K · FY 2025
Employees
33,000
Revenue FY2024
$51.6B
Headquarters
Palo Alto, CA
Profile
AVGO 10-K Item 1 · Dec 18, 2025Broadcom is a global technology company that designs, develops, and supplies semiconductor and semiconductor-based solutions alongside infrastructure software solutions. Its semiconductor portfolio spans networking, wireless, storage, broadband, and industrial end markets, while its software division — anchored by the VMware acquisition — addresses private cloud, mainframe, cybersecurity, and enterprise software. The company serves hyperscalers, large enterprises, OEMs, and government agencies worldwide.
Read filing description ↓ Collapse description ↑
We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our more than 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and has evolved through acquisitions, including LSI Corporation, Broadcom Corporation, Brocade Communications Systems, Inc., CA, Inc., Symantec Enterprise Security, and VMware, Inc. We maintain design, product and software development engineering expertise and resources at locations primarily in the U.S., Asia, and Europe. We combine global scale, engineering depth, broad product portfolio, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions. Our semiconductor solutions enable AI data center infrastructure for training and inference workloads, accelerated compute and networking connectivity at scale, and open, flexible, standards-based Ethernet. Our infrastructure software solutions help enterprises simplify their IT environments, enabling scalability, agility, automation, insights, resiliency and security for the most complex private cloud, hybrid cloud and edge environments. We have two reportable segments: semiconductor solutions and infrastructure software. Our strategy is focused on sustained technology leadership and developing category-leading solutions, achieved through extensive internal research and development as well as strategic acquisitions.
Primary products
- Custom Silicon Solutions (ASICs/XPUs)
- Ethernet Switching & Routing
- Ethernet NIC Controllers
- Physical Layer Devices (PHYs)
- Fiber Optic Components
- RF Semiconductor Devices
Business segments
End markets
Geographies
Named customers
We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% of our net revenue for each of the fiscal years 2025 and 2024.
Named competitors
“We combine global scale, engineering depth, broad product portfolio, superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total net revenue increased from $51,574 million in fiscal year 2024 to $63,887 million in fiscal year 2025, driven by growth in both products revenue and subscriptions and services revenue.
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