Broadcom Inc. (AVGO) Reports Fiscal Q2 2026 Results: Revenue Doubles Year-Over-Year on AI Semiconductor Demand
Broadcom's 10-Q for the quarter ended May 3, 2026 discloses total net revenue of $22.2 billion, net income of $9.3 billion, and remaining performance obligations of approximately $164.6 billion, driven primarily by demand for custom AI accelerators.
Sourced from the primary SEC filing. 10-Q filed June 9, 2026 · SEC EDGAR ↗
Summary
Broadcom Inc. filed its quarterly report on Form 10-Q for the fiscal quarter ended May 3, 2026, disclosing total net revenue of $22.2 billion — a 48% increase from $15.0 billion in the comparable prior-year quarter — with semiconductor solutions segment revenue rising 79% year-over-year to $15.0 billion. The company reported net income of $9.3 billion for the quarter, up from $5.0 billion a year earlier, while disclosing remaining performance obligations of approximately $164.6 billion, including a new long-term contract for custom AI accelerators. The filing also describes a post-quarter backstop arrangement of up to $29 billion related to AI rack deployment agreements entered on June 8, 2026, which management identifies as a potential source of credit and customer default risk.
Key metrics
Fiscal quarter ended May 3, 2026 versus fiscal quarter ended May 4, 2025.
Two fiscal quarters ended May 3, 2026 versus two fiscal quarters ended May 4, 2025.
Includes upfront license revenue of $1,964 million reclassified from subscriptions and services.
Includes upfront license revenue of $3,719 million reclassified from subscriptions and services.
Fiscal quarter ended May 3, 2026.
Two fiscal quarters ended May 3, 2026.
Increase attributed primarily to strong demand for custom AI accelerators and AI networking products.
Two fiscal quarters ended May 3, 2026.
Increase attributed primarily to strong demand for VMware Cloud Foundation product.
Two fiscal quarters ended May 3, 2026.
Fiscal quarter ended May 3, 2026.
Two fiscal quarters ended May 3, 2026.
Compared to 68% in the fiscal quarter ended May 4, 2025.
Compared to 68% in the two fiscal quarters ended May 4, 2025.
Fiscal quarter ended May 3, 2026; represents 49% of net revenue versus 39% in prior year period.
Two fiscal quarters ended May 3, 2026; represents 47% of net revenue versus 40% in prior year period.
Fiscal quarter ended May 3, 2026.
Two fiscal quarters ended May 3, 2026.
Fiscal quarter ended May 3, 2026.
Two fiscal quarters ended May 3, 2026.
Fiscal quarter ended May 3, 2026 versus $4,965 million in prior year period.
Two fiscal quarters ended May 3, 2026 versus $10,468 million in prior year period.
Fiscal quarter ended May 3, 2026 versus $1.03 in prior year period.
Two fiscal quarters ended May 3, 2026 versus $2.17 in prior year period.
Fiscal quarter ended May 3, 2026 versus $1.05 in prior year period.
Two fiscal quarters ended May 3, 2026 versus $2.23 in prior year period.
Increase primarily due to higher stock-based compensation.
Two fiscal quarters ended May 3, 2026.
Decrease reflects higher stock-based compensation largely offset by lower acquisition-related costs.
Two fiscal quarters ended May 3, 2026.
Fiscal quarter ended May 3, 2026 versus $769 million in prior year period.
Two fiscal quarters ended May 3, 2026 versus $1,642 million in prior year period; decrease due to lower debt balances.
Compared to $120 million in fiscal quarter ended May 4, 2025; increase primarily due to higher pretax income.
Compared to $107 million in two fiscal quarters ended May 4, 2025.
Compared to $1,771 million in prior year period; increase reflects full impact of Two-Year Equity Awards granted in Q2 FY2025.
Two fiscal quarters ended May 3, 2026 versus $3,051 million in prior year period.
Includes amounts in both cost of revenue and operating expenses.
Two fiscal quarters ended May 3, 2026.
Two fiscal quarters ended May 3, 2026 versus $12,668 million in prior year period.
Disclosed in quarterly highlights section of MD&A.
Compared to $16,178 million as of November 2, 2025.
Compared to $171,092 million as of November 2, 2025.
Compared to $67,120 million as of November 2, 2025.
Principal amounts payable within 12 months.
Compared to $61,984 million as of November 2, 2025.
Determined using quoted prices from less active markets; categorized as Level 2 instruments.
Unchanged from November 2, 2025.
Decreased from $32,273 million as of November 2, 2025 due to ongoing amortization.
Compared to $81,292 million as of November 2, 2025.
Increased from $13,059 million as of November 2, 2025.
Increased from $2,270 million as of November 2, 2025, primarily to support higher expected shipments for custom AI accelerators.
Increased from $7,145 million as of November 2, 2025.
Compared to $8,922 million as of November 2, 2025.
Compared to $13,016 million as of November 2, 2025; approximately 64% related to contracts subject to termination for convenience.
Includes a new long-term contract for custom AI accelerators entered in Q2 FY2026; approximately 30% expected to be recognized as revenue over the next 12 months.
Compared to $0.59 in fiscal quarter ended May 4, 2025.
Compared to $1.18 in two fiscal quarters ended May 4, 2025.
Compared to $5,559 million in two fiscal quarters ended May 4, 2025.
2 million shares repurchased and retired during fiscal quarter ended May 3, 2026.
25 million shares repurchased and retired during two fiscal quarters ended May 3, 2026; compared to $2,450 million in prior year period.
Authorized under combined programs approved in April 2025 and March 2026.
Expected to be recognized over a remaining weighted-average service period of 3.0 years.
Compared to 4,741 million shares as of November 2, 2025.
Direct sales to one semiconductor solutions distributor accounted for 42% of net revenue; same percentage for full H1 FY2026.
Estimated aggregate sales through all channels; compared to approximately 40% in prior year period.
Sales to distributors as reported in MD&A customer concentration discussion.
Compared to $1,371 million in two fiscal quarters ended May 4, 2025.
Compared to $1,012 million in two fiscal quarters ended May 4, 2025.
Non-recourse factoring; compared to $1,750 million in fiscal quarter ended May 4, 2025.
Non-recourse factoring; compared to $3,951 million in two fiscal quarters ended May 4, 2025.
Reclassified presentation for software arrangements without termination for convenience provisions.
Two fiscal quarters ended May 3, 2026.
Compared to $4,706 million in fiscal quarter ended May 4, 2025.
Compared to $8,100 million in fiscal quarter ended May 4, 2025.
Compared to $2,198 million in fiscal quarter ended May 4, 2025.
Maximum backstop exposure related to AI rack leases arranged with an investor partner; exposure increases as racks are deployed and decreases as customer makes payments.
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