Q2 FY2026 revenue was $22.187B, up 48% year over year, with $10.8B of AI semiconductor revenue.
From Portfolio Manager reports
Security report / AVGO
AVGO Operating Console
Broadcom is executing as a scale AI infrastructure and infrastructure-software compounder. The next proof window is Q3 FY2026: revenue versus the about $29.4B guide, AI semiconductor revenue versus about $16.0B, high margin quality, RPO conversion, VMware retention, FCF, debt cadence, and market-data confirmation.
Ticker
AVGO
Knowledge reviewed
2026-06-25
Links checked
2026-06-25
Chart source
Local API
Module 01 / Price
API required
Selected-Security Chart
Loading AVGO daily chart from the local report API.
Loading AVGO chart...
Module 02 / Proof window
High proof bar
Current Company View
Next read
Q3 has to validate a larger AI revenue step while margins and FCF stay high.
Durability, margin quality, and customer breadth matter more than the fact that Q2 was already strong.
At the June 24 close of $382.07 and 4.758B shares, the lane frames equity value near $1.82T.
Q3 revenue, AI revenue, RPO conversion, customer concentration, VMware retention, FCF quality, and debt cadence.
Q2 revenue
$22.187B
Up 48% year over year
AI semis
$10.8B
Q2 result, up 143%
Q3 guide
$29.4B / $16.0B
Total revenue / AI semis
Adjusted EBITDA
$15.244B
69% of Q2 revenue
Q2 FCF
$10.262B
46% of Q2 revenue
Cash / debt
$19.6B / $64.9B
Cash, ST debt, LT debt
Trade Plan
Selected Security Trade Plan
Exposure Map
Business Profile, Segments, And Exposure
Broadcom is a hybrid AI infrastructure semiconductor supplier and infrastructure-software cash-flow platform.
Business model
AI semis plus VMware software
Semiconductor solutions supplied 68% of Q2 revenue, while infrastructure software supplied 32%. The model is fabless and light-capex, but R&D-intensive and acquisition-shaped.
Disclosure map
Strong segment data, limited customer data
Segment revenue, RPO, and financials are visible. Named AI customer economics, margins, contract terms, and customer-specific concentration remain unresolved.
AI accelerators and networking
The central growth engine is already large.
AI semiconductor revenue was $10.8B in Q2 and management guided Q3 AI semiconductor revenue to $16.0B.
More useful evidence
RPO conversion, customer breadth, margin terms, and commentary beyond the next quarter.
Infrastructure software
VMware supports margins and cash flow.
Infrastructure software revenue was $7.178B in Q2, up 9% year over year.
More useful evidence
Retention, renewal quality, customer complaints, and regulatory remedy signals.
Customer concentration
The strongest growth path is concentrated.
The filing language warns that top-customer demand changes could materially affect results.
More useful evidence
Named customer mix, multi-sourcing behavior, cancellation rights, and deployment cadence.
Policy and supply chain
AI chip demand carries policy exposure.
Export controls, restricted-region licensing, trade friction, and Taiwan Strait risk attach to advanced AI supply chains.
More useful evidence
Shipment continuity, licensing enforcement, customer program delays, and supplier-specific constraints.
Value Driver Board
Relative Value And Value Drivers
The valuation is demanding but coherent with the operating evidence. The problem is durability, not current strength.
AI revenue
$10.8B to $16.0B
Q3 AI semiconductor guidance is the cleanest test of the next sequential step.
Next: AI revenue, RPO conversion, and customer concentration commentary.
Margin mix
69% adjusted EBITDA
High margin has to survive rising semiconductor mix and VMware scrutiny.
Next: non-GAAP operating margin, adjusted EBITDA margin, and mix bridge.
Cash conversion
$10.262B FCF
Low capex intensity supports FCF, but receivables and inventory still need watching.
Next: FCF, capex, working capital, and net debt.
Balance sheet
$66.720B scheduled debt
The debt stack is serviceable under current FCF and more sensitive if AI or software durability resets.
Next: maturities, refinancing rates, revolver status, buybacks, and dividends.
Guidance Tests
Guidance Path And What Changed
Q2 cleared the prior proof hurdle. Q3 is a larger test of AI cadence, margin quality, and visibility.
Can AI revenue make the next step?
Confirm Q3 AI semiconductor revenue tracks the about $16.0B guide.
Warn if AI guidance is missed, cut, or tied to narrower customer concentration.
Do high margins hold?
Confirm adjusted EBITDA and non-GAAP margin remain near guided high levels.
Warn if AI mix, VMware concessions, or customer pricing pushes margins materially lower.
Is visibility broad enough?
Confirm RPO conversion and customer evidence support a multi-year AI path.
Warn if customer economics remain opaque while valuation keeps requiring durability.
Operating Evidence
Operating Evidence And KPIs
Use these as evidence tiles, not as a substitute for the full knowledge lane.
$22.187B
Total revenue grew 48% year over year.
$10.8B
Q2 AI revenue grew 143% year over year.
$164.6B
Includes a long-term custom AI accelerator contract; about 30% expected over 12 months.
$8.45B / $6.178B
First-half FY2026 buybacks and dividends paid.
Capital Ledger
Financial Quality And Capital Allocation
Cash generation is strong. The debt stack and working-capital quality become more important if expectations reset.
Financial quality
High FCF, low capex
Q2 FCF was $10.262B, equal to 46% of revenue. First-half operating cash flow was $18.753B against $481M of capex, while receivables and inventory still used cash.
Capital allocation
Cash-supported but debt-aware
At May 3, 2026 Broadcom had $19.628B cash, $2.252B short-term debt, $62.655B long-term debt, no revolver borrowings, no commercial paper outstanding, and covenant compliance.
Position Board
Competitive Position
Broadcom has a real edge in custom silicon, AI networking, and software monetization. The edge is not absolute.
What AVGO has
Custom accelerators, AI networking, switching, NICs, PHYs, and optical content are already visible in revenue.
VMware and infrastructure software provide a large cash-flow pillar alongside semiconductors.
Low capex intensity and high margins support dividends, buybacks, and debt service.
What is not proven
Named customer revenue, margins, contract terms, and hyperscaler dependence remain too opaque.
Customer retention, price elasticity, and regulatory remedy risk are not yet precisely sized.
June trading showed that strong numbers may not clear the valuation bar without durable visibility.
Street View
Ownership, Flows, Valuation, And Street Views
The source pass uses dated market articles as outside-view tape evidence. It does not include full OHLCV or short-interest data.
About $1.87T enterprise value
Using the June 24 close of $382.07, 4.758B shares, and roughly $47.1B of net debt.
Dashboard use: demanding valuation context, not a live market-cap feed. AVGO knowledge lanePullback despite strong Q2
Source pass recorded a June 3 52-week high of $495.00 and a June 18 close 16.90% below that high.
Dashboard use: evidence that expectations, not current operating weakness, are the key bar. June 18 market articleBeat-and-raise still sold off
IBD reported AVGO fell in extended trading after Q2 FY2026 results despite a Q2 revenue/EPS beat and Q3 guidance above consensus.
Dashboard use: future AI durability, margin mix, and customer concentration drive the debate. IBD Q2 FY2026 earnings article$8.45B buybacks and $6.178B dividends
First-half FY2026 cash returns are visible, but the buyback case depends on durable FCF and valuation discipline.
Dashboard use: track repurchase cadence against cash generation and debt. Q2 FY2026 10-QLow-signal June Form 4 sale
The source pass recorded a legal chief sale of about $3.176M, with 269,989 shares retained afterward.
Dashboard use: do not over-read without plan and broader ownership context. June 2026 Form 4
Scenario Board
Scenario Assessment And Sensitivities
The path is constructive but demanding because the market already prices a durable AI and software compounder.
Base
Broadcom delivers against Q3 guidance, AI revenue keeps scaling, VMware stays cash-generative, margins remain high, and FCF supports dividends, buybacks, and debt service.
Upside
AI revenue and RPO conversion exceed the current proof burden, customer breadth improves, VMware retention holds, and macro duration pressure eases.
Downside
AI visibility is missed or cut, customer multi-sourcing rises, VMware remedies constrain monetization, margins disappoint, or policy and funding stress reset the multiple.
Trigger Stack
Monitoring Triggers
These are business evidence checks. Chart overlays remain in the shared overlay rules, outside this page.
Q3 results
Revenue and AI revenue versus guide
Confirm revenue near $29.4B and AI semiconductor revenue near $16.0B with healthy RPO conversion.
Warn if AI revenue misses, visibility is cut, or concentration worsens without offsetting customers.
Margin and FCF
High-margin growth quality
Confirm adjusted EBITDA margin and FCF conversion remain strong.
Warn if AI mix, VMware concessions, receivables, inventory, or capex weaken cash quality.
VMware
Software monetization under scrutiny
Confirm renewals, retention, and pricing hold despite licensing scrutiny.
Warn if regulatory remedies, customer lawsuits, partner changes, or pricing concessions weaken the software pillar.
Policy and supply chain
Advanced AI delivery continuity
Confirm export-control, restricted-region, and Taiwan Strait risks stay contained.
Warn if licensing enforcement, trade friction, or shipping risk delays AI chip or networking programs.
Debt and capital return
Balance-sheet flexibility
Confirm net debt, interest expense, maturities, and capital returns remain supported by FCF.
Warn if FCF durability resets while refinancing rates or buyback demands rise.
Risk Punch Cards
Risks, Invalidations, And Quality Flags
The main risks are proof failures around AI concentration, valuation expectations, VMware, policy, debt, and non-GAAP quality.
AI concentration
Basis
AI semiconductor revenue and RPO are large, but named customer economics are not disclosed.
Warning
A major hyperscaler reduces orders, multi-sources, or lowers AI visibility.
Reduce concern
Customer breadth, RPO conversion, and contract durability become clearer.
High expectations
Basis
June tape showed a pullback despite strong Q2 results and Q3 guidance.
Warning
Good operating results keep failing to clear the AI durability bar.
Reduce concern
Future AI visibility, margin quality, and customer evidence expand faster than expectations.
VMware regulatory
Basis
VMware licensing and partner-program changes have drawn external complaints.
Warning
Regulatory remedies, customer backlash, or price concessions impair software monetization.
Reduce concern
Retention, renewals, and customer adoption hold without material concessions.
Supply chain policy
Basis
Advanced AI chip and networking demand sits inside export-control and geopolitical channels.
Warning
Trade restrictions, licensing enforcement, or Taiwan Strait disruption delays shipments.
Reduce concern
Supply continuity and customer deployment cadence remain intact.
Debt sensitivity
Basis
Scheduled debt principal was $66.720B at May 3, 2026.
Warning
AI or software cash-flow durability resets while refinancing conditions tighten.
Reduce concern
FCF remains strong, debt cadence is manageable, and capital returns stay disciplined.
Non-GAAP quality
Basis
Adjusted EBITDA and non-GAAP EPS remain central to guidance and market framing.
Warning
Adjusted profit improves without GAAP and cash-flow support.
Reduce concern
FCF, GAAP operating income, and working capital confirm the adjusted margin story.
Diagnostics
Diagnostics, Freshness, And Known Unknowns
Freshness is explicit because this page is a projection of a filed source lane, not a research refresh.
Freshness
No stale warning
Source generated
Market data
Missing source classes
Latest filed security source pair generated 2026-06-25T05:37:49Z.
Lane market snapshot includes a June 24, 2026 reported close.
Full transcripts, latest investor presentation, current OHLCV feed, and rating-agency report.
Known unknowns
Evidence gaps
AI customer economics
VMware remedies
Market series
Named customer revenue, margins, contract terms, and hyperscaler dependence are not sized.
Retention, price elasticity, and regulatory remedy risk are not precisely quantified.
The source pass uses dated market articles, not a full beta, volatility, and relative-return dataset.
Source Bay
Links And Filings
Human-useful routes to the source lane, filings, metadata, and local chart host.
Canonical AVGO knowledge lane
Source-routed company research, claim/evidence map, diagnostics, and known unknowns.
Report metadata JSON
Machine provenance, page sections, source trail, chart endpoints, and freshness notes.
Fallback chart page
Universal security chart route for AVGO when a detailed page is not registered.
SEC company filings
SEC browse route for Broadcom, CIK 1730168.
Q2 FY2026 10-Q
Quarter ended May 3, 2026; source route for segment revenue, RPO, cash, debt, capex, buybacks, and dividends.
Q2 FY2026 earnings release
June 3, 2026 release for AI semiconductor revenue, Q3 guidance, adjusted EBITDA, and FCF.
FY2025 10-K
Annual report route for business description and historical segment revenue context.
2026 proxy statement
Governance source for board independence, chair and CEO roles, and annual say-on-pay.
Q2 outside-view tape
Dated article route for the post-earnings beat-and-raise market reaction.
VMware complaint context
External route for VMware licensing and partner-program scrutiny.
Local chart API: supplies the daily 9-month and weekly 5-year AVGO chart views.
Chart overlays: this HTML and JSON do not store page-specific overlay definitions. Shared overlay rules resolve AVGO levels separately if a registry entry exists.