AVGO earnings analysis
What we found in AVGO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Broadcom Inc. reported strong results for Q2 2026, with revenue reaching $22.19 billion, exceeding prior quarter figures due to significant growth in semiconductor solutions. EPS stood at $2.44, surpassing expectations and reflecting improved operating income driven by robust demand in AI-related products.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Significant Revenue Growth
- Net revenue increased to $22.19 billion from $15.00 billion year-over-year, a 48% increase.
- Strong EPS Performance
- Diluted EPS rose to $2.44, up from $1.03 in the prior year.
- Improved Operating Income
- Operating income reached $10.788 billion, an increase of 49% compared to Q2 2025.
- Segment Performance Boost
- Semiconductor solutions revenue surged by 79%, significantly contributing to the overall revenue growth.
- Healthy Cash Generation
- Operating cash flow stood at $10.493 billion for the quarter.
- Increased Working Capital
- Working capital rose to $23.35 billion from $13.06 billion at the end of the prior fiscal year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Dependence on Significant Customers
- Top five customers accounted for 45% of revenue, increasing reliance risk.
- Cybersecurity Threats
- Heightened risk of cyber-attacks impacting systems due to increasing sophistication of threats.
- Geopolitical and Economic Uncertainties
- Ongoing trade tensions and economic instability could adversely impact demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.44
- Gross margin
- 69.0%
- Operating margin
- 49.0%
- Segment
- Semiconductor solutions: $15 billion
- Segment
- Infrastructure software: $7.18 billion
What they said about what is next.
Q3 2026 revenue guidance raised to approximately $29.4 billion, reflecting strong growth in semiconductor sales.
The filing reads better than the one before it.
What came before.
- 10-Q · March 11, 2026
- Broadcom reported fiscal Q1 revenue of $19,311 million, up $4,395 million (29.5%) versus $14,916 million a year ago, with gross margin essentially stable at ~68.1% and operating margin expanding to 44.3%. Diluted EPS…
- 10-K · December 18, 2025
- Broadcom emphasizes sustained technology leadership via heavy R&D and strategic acquisitions to deliver category-leading semiconductor and infrastructure software solutions, including AI data center products. Recent…
- 10-Q · September 10, 2025
- Broadcom reported a strong quarter: revenue rose to $15,952 million (from $13,072 million a year earlier) with gross margin of 67.1% and operating margin of 36.9%. GAAP diluted EPS from continuing operations was $0.85…
- 10-Q · June 11, 2025
- Broadcom reported a strong quarter with net revenue of $15,004 million, up from $12,487 million in the year‑ago quarter, and gross margin expanding to ~68.0% (gross margin $10,197 million). Operating income increased to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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