[AVGO] Broadcom: Q4 Earnings Preview on the AI Backlog and $21.7B Guide

Broadcom designs and sells semiconductors and infrastructure software, from custom AI accelerators (XPUs) and Ethernet switch chips built for cloud providers to VMware private-cloud software[1][2]. Ahead of Broadcom's Q4 earnings, the company will hold its call on 2026-12-09 to report results for the fourth quarter of fiscal year 2026, ended November 1, 2026[3]. The latest disclosed quarter is the third quarter of fiscal 2026, ended August 2, 2026: consolidated revenue was $29.591 billion, up 86% year over year, including $16.7 billion of AI semiconductor revenue, up 221% year over year and 54% sequentially; non-GAAP operating income was $20.095 billion, and free cash flow was $13.665 billion, or 46% of revenue[4][5][6][7][8]. On September 2, the company guided fourth-quarter consolidated revenue to about $34.8 billion (up 93% year over year), AI semiconductor revenue to $21.7 billion (up 236%) and non-GAAP operating margin to about 66%; on the call, management added guidance of about $4.3 billion of non-AI semiconductor revenue, about $8.7 billion of infrastructure software revenue and a consolidated gross margin of about 73%[9]. The Drillr consensus of 23 analysts puts fourth-quarter revenue at $34.897 billion (range $34.817 billion to $35.147 billion), and 25 analysts put adjusted EPS at $3.83 (range $3.70 to $3.90), so the revenue consensus essentially matches company guidance[10].

Three things matter most in these results. The first is whether AI semiconductor revenue reaches $21.7 billion: remaining performance obligations stood at $179.2 billion at the end of the third quarter, yet management named substrates, HBM memory, leading-edge wafers and lasers as bottlenecks, so fourth-quarter delivery will show what actually limits how fast backlog turns into shipments[11][12]. The second is whether non-GAAP operating margin holds at about 66%: gross margin has already fallen from 78.4% a year earlier to 75.0% and is guided to about 73% in the fourth quarter, and if operating margin slips with it, the dilution from XPUs carrying more memory has reached profit[13][6][9]. The third is how the annual report discloses the status of the AI rack lease backstops and cash conversion after the second backstop of about $43 billion: the two backstops carry about $72 billion of combined maximum potential liability that is still contingent, and changes in free cash flow and receivables will show whether customer credit has started to occupy Broadcom's own balance sheet[14][15][8].

Company Background and Business Structure

Broadcom's mix of semiconductors and software is the product of decades of stacked acquisitions. The company traces its roots to the semiconductor operations of AT&T/Bell Labs, Lucent and Hewlett-Packard, and it built today's footprint by acquiring LSI, Broadcom Corporation, Brocade, CA, Symantec's enterprise security business and VMware[1]. Its fiscal year ends in late October or early November, and the fourth quarter of fiscal 2026 ended on November 1, 2026; growth over the past two years has come mainly from custom AI chips and AI networking chips for large customers, which the company also cited as the drivers of semiconductor segment growth in fiscal 2025[16].

The company reports two segments with very different profit structures. The semiconductor solutions segment earned $36.858 billion of revenue and $21.232 billion of segment operating income in fiscal 2025; its AI products include custom XPUs, Ethernet switching and routing silicon, network interface cards, physical layer devices, optical components and racks and systems built on XPUs, while non-AI semiconductors cover broadband, wireless, storage connectivity and industrial products[17][18][2][19]. The infrastructure software segment earned $27.029 billion of revenue and $20.765 billion of segment operating income in fiscal 2025, led by VMware Cloud Foundation (VCF) alongside mainframe, cybersecurity and other software; under contracts in which customers have no right to terminate, the license portion is recognized in full in the quarter it is delivered[17][18][20][16]. Software made up 42% of fiscal 2025 revenue but contributed about half of segment operating income[16][18].

Outsourced manufacturing and customer concentration are the two starting points for understanding Broadcom's risk exposure. The company relies mostly on outside manufacturing: about 95% of the wafers its contract manufacturers produced in fiscal 2025 came from TSMC, and its own capacity is reserved for a few proprietary processes[21][22]. Customers are highly concentrated: direct sales to one distributor accounted for 32% of fiscal 2025 revenue and rose to 50% in the third quarter of fiscal 2026, and the company estimates that its top five end customers, across all channels, accounted for about 40% of fiscal 2025 revenue and about 55% of third-quarter fiscal 2026 revenue[23][24]. By shipment destination, 17% of fiscal 2025 revenue came from China (including Hong Kong), although the company notes that end customers are often located in other countries[25].

Financial History and Current Position

Broadcom's annual revenue nearly doubled over three fiscal years, and profit grew faster. Revenue rose from $35.819 billion in fiscal 2023 to $51.574 billion in fiscal 2024 (including VMware), then grew another 24% to $63.887 billion in fiscal 2025[26]. Fiscal 2025 gross profit was $43.294 billion, a 68% gross margin, and operating income was $25.484 billion, up from $13.463 billion in fiscal 2024[16][27].

Fiscal 2025 cash flow covered dividends, debt repayment and buybacks, while capital spending stayed low. Operating cash flow for the year was $27.537 billion; the company paid $11.142 billion of dividends, made $2.812 billion of net debt repayments and repurchased $2.450 billion of stock, ending the year with $16.178 billion of cash[28]. Capital expenditure was only $623 million for the year, and debt stood at $67.120 billion at year end[29][30].

Growth accelerated sharply in the first three quarters of fiscal 2026, and the balance sheet expanded with it. Revenue for the first three quarters was $71.089 billion, up 55% year over year, including $22.187 billion in the second quarter and $29.591 billion in the third; third-quarter GAAP operating income was $15.955 billion, non-GAAP operating income was $20.095 billion, or 67.9% of revenue, and non-GAAP gross margin was 75.0%[6][7][13]. Third-quarter operating cash flow was $14.197 billion and capital expenditure was $532 million, leaving $13.665 billion of free cash flow; free cash flow for the first three quarters was $31.937 billion[8]. At the end of the third quarter, cash was $23.975 billion and debt had fallen to $61.079 billion (of which $2.252 billion is due within 12 months), while accounts receivable rose from $7.145 billion at year end to $13.707 billion and inventory rose from $2.270 billion to $4.523 billion[31][32].

Operating Model

Broadcom's revenue is the sum of two lines that move at very different speeds. Consolidated revenue equals semiconductor revenue plus software revenue; semiconductor revenue splits into AI semiconductors (custom XPU or full-rack units shipped times price, plus AI networking chips) and non-AI semiconductors. AI customers place long orders more than a year ahead and revenue is recognized on shipment, so shipments are constrained by wafer, HBM, substrate and laser supply and by customer data-center readiness, leaving a lag of several quarters between rising orders and recognized revenue[33][34][12]. Software revenue has two parts: licenses under non-terminable contracts are recognized in full in the quarter of delivery, while subscriptions and services are recognized over time[35][36].

The key to profit is revenue mix and expense leverage, not gross margin alone. In the third quarter the software segment had a 94% gross margin and an operating margin of about 84%, while the semiconductor segment had a gross margin of about 76% and an operating margin of 61%; the more HBM each XPU carries, the lower the semiconductor and consolidated gross margins[37][12]. Research and development and SG&A expenses are relatively fixed: third-quarter GAAP R&D was $2.895 billion, below $3.050 billion a year earlier, so operating margin can hold even as gross margin falls when revenue scales[6]. GAAP profit also absorbs amortization of acquired intangibles, which was $1.499 billion within third-quarter cost of revenue[6].

Cash conversion depends on low capital spending and the collection of receivables. Free cash flow equals operating cash flow minus capital expenditure, and outsourced manufacturing keeps capital spending low: it was $623 million in fiscal 2025, about 1% of revenue[29][26]. Profit turns into cash mainly as receivables are collected; concentrated shipments to large customers push receivables up, and the company uses non-recourse factoring to collect early, selling $1.6 billion of receivables in the third quarter and $3.95 billion over the first three quarters[38]. Backstops under the AI XPV platform use no cash today but would create cash outflows if a customer defaulted[39][14].

Industry and Competitive Position

In AI chips, Broadcom represents the custom-accelerator path, which competes with the general-purpose GPU path. Management says it now has six XPU customers and that third-quarter XPU shipments rose more than 3.5 times year over year, with customers including Google's TPU, Meta's MTIA and OpenAI's inference chip[40]. In the second quarter, the company signed a long-term agreement with Google covering multiple generations of TPUs and AI networking, and added an Anthropic agreement for about 5 gigawatts of TPU compute to be deployed starting in 2027[33]; in July 2026 it also extended its custom silicon collaboration with Apple through 2031[41]. On the call, the CFO said custom XPUs cost less than half as much as comparable GPUs[34].

AI networking is Broadcom's second pillar, but the limits of the comparison need to be clear. The company has shipped the 100-terabit Tomahawk 6 switch chip and taped out the 200-terabit Tomahawk 7, and management says it holds at least a one-generation lead in AI networking; networking was about 40% of AI revenue in the second quarter, and management expects that share to settle closer to about 30% as XPU shipments grow[33][40][42][43]. According to the company's annual report, its semiconductor competitors include integrated device manufacturers, fabless chip designers and the in-house teams of large customers, while its software business competes with large enterprise software vendors[20]. Public disclosures offer no like-for-like revenue or margin comparison with Nvidia or other ASIC suppliers, and both "less than half the cost" and "one generation ahead" are management's own claims[34][33].

Core Debates

With $179.2 billion of contracted backlog, can Broadcom deliver its $21.7 billion fourth-quarter AI revenue guidance on time, or will HBM, substrates and customer data-center readiness hold shipments back?

This question is the first test of Broadcom's whole growth story. AI semiconductors already made up 56.4% of consolidated revenue in the third quarter and about 62% on fourth-quarter guidance, and nearly all of the year's incremental revenue and profit comes from this line[5][6][9]. Management also raised its fiscal 2026 AI revenue target from $56 billion to $58 billion and laid out targets of about $115 billion for fiscal 2027 and about $230 billion for fiscal 2028, so the quarterly delivery rate is the first checkpoint for those targets[44][9].

Current evidence shows orders running far ahead of shipments. Third-quarter AI revenue of $16.7 billion beat the prior $16 billion guidance; second-quarter AI revenue of $10.8 billion also edged past the $10.7 billion guide, while AI bookings in that quarter exceeded $30 billion[5][44][42][45][33]. Remaining performance obligations rose from $33.3 billion at the end of fiscal 2025 (about 35% to be recognized within 12 months) to $179.2 billion at the end of the third quarter (about 25% within 12 months), driven mainly by a long-term custom accelerator contract signed in the second quarter[46][11]. Over the same period, purchase commitments rose to $126.821 billion, including $52.674 billion for fiscal 2027 and $72.952 billion for fiscal 2028; inventory doubled from $2.270 billion to $4.523 billion, made up of $1.839 billion of finished goods, $1.920 billion of work in process and $764 million of raw materials[47][48].

The financial transmission runs through a chain with built-in lags: customers place long orders that form backlog, Broadcom locks in wafer, HBM and substrate supply against them, XPUs and networking chips ship only once customer data centers are ready, and the result lands in AI semiconductor revenue and semiconductor segment profit. Management's explanation is that demand exceeds supply and that guidance is set conservatively around available supply and customer site readiness, and it acknowledged that not all of the roughly 30 gigawatts targeted by 2028 may come online on time[34][12]. An alternative explanation is that the rapid rise in inventory and purchase commitments reflects customer data-center construction running behind chip delivery, so revenue could shift later rather than being held back by supply itself; finished goods rose from $682 million at year end to $1.839 billion in the third quarter, but a single quarter of data cannot yet separate the two[48].

Four signals matter in the fourth quarter: whether AI semiconductor revenue reaches at least $21.7 billion; whether finished goods pile up visibly in the inventory breakdown in the annual report; whether year-end remaining performance obligations stay at or above $179.2 billion; and whether OpenAI's production XPUs and the first shipments to two new customers arrive on time, with the latter already holding $6 billion of purchase orders[9][48][11][33]. If AI revenue falls short of guidance, supply or customer-readiness constraints have started to affect shipments; if finished goods keep accumulating while revenue only matches guidance, the explanation that customer data centers are running late gains weight.

As each XPU carries more memory and gross margin slides from 78% toward about 73%, is this only accounting dilution, or will it eat into Broadcom's operating profit?

This question shapes how the market measures Broadcom's pricing power. Broadcom has long been known for high gross margins, but management asks investors to look at operating margin instead; the fourth quarter brings the steepest gross-margin decline and the highest AI share, so whether operating margin holds at about 66% is direct evidence for that argument[9][12].

Through the third quarter, expense leverage fully offset gross-margin dilution. Non-GAAP gross margin fell from 78.4% in the third quarter of fiscal 2025 to 77.1% in the second quarter of fiscal 2026 and 75.0% in the third quarter ($22.191 billion divided by $29.591 billion)[13][6]. Over the same span, non-GAAP operating margin rose from 65.5% to 67.9%, with 67.3% in the second quarter, and the semiconductor segment operating margin rose from 56.9% to 61.3% ($12.770 billion divided by $20.839 billion); the fourth-quarter fiscal 2025 segment margin derived from the annual report was 58.7%[7][49][50][18]. Management attributes the fourth-quarter drop in gross margin to about 73% to higher memory content in XPUs, while on a GAAP basis the 10-Q ties the third quarter's 69% gross margin to revenue growth and a higher semiconductor mix[9][51].

The transmission path runs like this: XPUs carry more HBM that Broadcom buys and resells, and AI takes a larger share of revenue, which together push down semiconductor and consolidated gross margins; expense leverage from higher revenue offsets part of that pressure, and the outcome shows up in non-GAAP operating margin and semiconductor segment operating income[12][37]. An alternative explanation is that the memory shortage has raised HBM purchase prices while Broadcom resells at only a fixed markup, so if memory prices keep climbing in the fourth quarter, segment operating margin would come under pressure too. The memory cost per XPU has not been disclosed in writing, so for now only the segment margin can separate the two explanations.

Three numbers matter in the fourth quarter: whether non-GAAP gross margin lands between 72% and 74%; whether non-GAAP operating margin stays at or above 66%; and whether the fourth-quarter semiconductor segment operating margin derived from the annual report stays at or above last year's 58.7%[9][18]. If operating margin drops below 65%, or the semiconductor segment margin falls below the prior-year level, the dilution has reached profit rather than being only a change in accounting mix.

VMware software revenue grew 29% in the third quarter; how much of that came from license revenue recognized upfront at renewal, and how much real growth is left once it is removed?

Software is Broadcom's highest-margin business, so the quality of its growth directly affects how durable profit is. Third-quarter software segment operating income was $7.325 billion, an 83.7% segment operating margin, and in fiscal 2025 software contributed 42% of revenue and about half of segment operating income[49][50][16][18]. Upfront license revenue is recognized in full in the renewal quarter, which makes reported growth look much faster than annual recurring revenue (ARR) and raises the comparison base for later quarters[35].

Once upfront licenses are removed, real software growth is far below reported growth. Third-quarter software revenue was $8.752 billion, up 29% year over year, of which $3.465 billion, or 39.6%, was upfront license revenue, compared with $1.916 billion a year earlier[50][35]. Excluding it leaves about $5.287 billion, up only about 8.6% year over year; management's ARR growth was 15%, down from 17% in the second quarter, and both sit far below 29%[40][42]. Upfront license revenue for all of fiscal 2025 was $7.8 billion, which implies about $2.109 billion in the fourth quarter of fiscal 2025, when software revenue was about $6.943 billion[52][35][17].

The transmission logic is that VCF renewals have shifted to multi-year contracts without termination rights, so the license portion is recognized in full in the delivery quarter, lifting that quarter's software revenue and segment profit; only subscriptions and services recognized over time determine ARR and the base for later quarters[36][16]. The company says that as of the third quarter, most new software contracts no longer include termination-for-convenience clauses, which will pull more license revenue forward[36]. An alternative explanation is that upfront recognition is only a change in accounting timing and that customer adoption of VCF and renewal pricing are still improving, with 15% ARR growth as supporting evidence. Upfront license revenue is not broken out by segment, so this analysis treats it as belonging to the software segment.

Three things matter in the fourth quarter: whether software revenue reaches at least the roughly $8.7 billion the company guided; the share of fourth-quarter software revenue that came from upfront licenses, as derived from the annual report; and whether ARR growth stays at or above 15%[9][40]. If software revenue excluding upfront licenses declines year over year, or ARR growth slows further to below 13%, reported growth is coming mainly from pulling recognition forward rather than from the business itself expanding.

Broadcom has begun backstopping its largest customers' AI rack leases, with roughly $72 billion of combined maximum exposure; could that bring customer credit risk back onto its own books?

The backstops speed up revenue delivery while tying customer credit to Broadcom's own balance sheet. The company set up the AI XPV platform, in which financial partners provide the capital and Broadcom provides the technology, to help frontier AI labs deploy more than 20 gigawatts of compute by 2028; the first $35 billion tranche, launched in June 2026, funds more than 1 gigawatt of compute[39]. Management named Apollo and Blackstone as partners and OpenAI and Anthropic as the labs served[40]. The top five customers already contributed about 55% of third-quarter revenue, so revenue concentration and credit exposure fall on the same group of customers[24].

The backstops disclosed so far remain contingent liabilities with no payments made. The 10-Q says the first backstop covers a customer's five-year rack leases: if the customer defaults, Broadcom covers the gap between 85% of the outstanding lease amount and the value realized from the racks, the maximum potential liability once all racks are deployed is about $29 billion on an undiscounted basis, the fair value is not material, and nothing has been paid[14]. The second backstop, signed on October 26, carries a maximum potential liability of about $43 billion at a 72.5% ratio[15]. The customer may also, if needed, issue Broadcom up to $42 billion of convertible notes, none of which had been issued by the end of the third quarter[14].

The transmission path is that frontier AI labs lack the cash flow to fund upfront investment, so financial partners buy racks built on Broadcom XPUs and lease them out, Broadcom provides residual value support, and AI revenue is recognized sooner; if a customer defaults and the racks lose value, the gap returns to Broadcom's expenses and cash[39][14]. The company considers default unlikely, citing the customers' profitability trajectory and the residual value of the racks themselves[39][15]. An alternative explanation is that the backstops and notes show the customers' own financing capacity is not enough to support the size of their orders, so part of AI revenue is effectively supported by Broadcom's balance-sheet credit. Cash data remain healthy for now: third-quarter free cash flow was 46.2% of revenue, 44.9% for the first three quarters and about 42% for fiscal 2025; days sales outstanding were about 42 days, up from about 36 days at the end of fiscal 2025[8][28][29][31][6].

Three things matter in the annual report: whether any backstop payment or accrued liability appears; whether new backstops are disclosed or the customer begins issuing convertible notes to Broadcom; and whether fourth-quarter free cash flow stays at or above the 44.9% of revenue recorded in the first three quarters[14][8]. A backstop payment or accrual, or free cash flow falling below 40% of revenue, would indicate that customer credit risk has come back onto Broadcom's books.

Risks and Falsifiers

Customer concentration and reliance on one distributor are the most direct revenue risks. One distributor accounted for 50% of third-quarter revenue (32% in fiscal 2025) and the top five end customers for about 55%, so any large customer shifting to in-house chips or a competitor would materially affect semiconductor segment revenue[24][23]. This risk eases if large-customer concentration stops rising while new XPU customers begin contributing revenue.

Reliance on a single foundry directly limits the pace of shipments. About 95% of fiscal 2025 wafers came from TSMC, the annual report warns that TSMC could prioritize capacity for other customers, and advanced packaging and HBM also depend on a few suppliers[21][22]. The risk bears on the shipment timing of both AI and non-AI semiconductor revenue; if fourth-quarter AI revenue meets guidance and management confirms that 2027 supply is secured, the current concern would be falsified[43].

Supply-chain bottlenecks affect when revenue is recognized and how much cash is tied up. Substrates, HBM, leading-edge wafers and optical lasers are all tight, customers face long timelines for land, power and data-center construction, and $126.821 billion of purchase commitments claims future cash[12][34][47]. If fourth-quarter AI revenue meets guidance and inventory days do not rise, this risk has not materialized.

Incomplete pass-through of memory costs would squeeze semiconductor segment profit. Customers lock in HBM but Broadcom buys part of it, so if rising memory prices cannot be fully passed on, semiconductor segment margins come under pressure; on the roughly $34.8 billion fourth-quarter revenue guide, each 1 percentage point of non-GAAP gross margin equals about $350 million of quarterly gross profit[9][12][49]. If fourth-quarter non-GAAP operating margin stays at or above 66% and the semiconductor segment margin at or above 58.7%, the concern is falsified.

Upfront recognition could borrow from future software revenue. Non-terminable contracts concentrate multi-year license revenue in the renewal quarter, so software revenue could fall back once the renewal peak passes, putting the third quarter's $7.325 billion of software segment operating income at risk[35][36][49]. If software revenue excluding upfront licenses keeps growing year over year and ARR growth stays at or above 15%, this risk has not materialized.

Customer credit and residual value risk is a new balance-sheet risk. The two backstops carry about $72 billion of combined undiscounted maximum potential liability, and Broadcom covers the gap if a customer defaults and AI rack residual values fall; if the contingent liability becomes an actual loss, it would be expensed and consume cash, against third-quarter-end cash of $23.975 billion and debt of $61.079 billion[14][15][31][32]. If the backstops see no payments, fair value stays immaterial and the customer pays rent on schedule, the risk stays on paper.

What to Watch Next

• Backlog conversion: third-quarter AI semiconductor revenue was $16.7 billion against fourth-quarter guidance of $21.7 billion; falling short of guidance would show supply or data-center constraints starting to affect shipments.
• Inventory and backlog: inventory was $4.523 billion, including $1.839 billion of finished goods, and remaining performance obligations were $179.2 billion; finished goods piling up while revenue does not beat guidance would support the explanation that customer data centers are running late.
• Margins: third-quarter non-GAAP gross and operating margins were 75.0% and 67.9%, against fourth-quarter guidance of about 73% and about 66%; an operating margin below 65% would mean dilution has reached profit, and a semiconductor segment margin below last year's 58.7% would be a falsifying signal.
• Software quality: third-quarter software revenue was $8.752 billion, including $3.465 billion of upfront licenses, with 15% ARR growth; a year-over-year decline excluding upfront licenses, or ARR growth below 13%, would weaken the growth case.
• Backstops and cash: maximum potential backstop liability is about $29 billion plus $43 billion with no payments, no convertible notes have been issued, and free cash flow was 46.2% of revenue; a payment or accrual, or free cash flow below 40% of revenue, would be the warning sign.

Conclusion

Broadcom's growth now runs on two engines: custom AI chips and AI networking are lifting semiconductor revenue, while VMware software delivers the highest margins. Third-quarter consolidated revenue was $29.591 billion, including $16.7 billion of AI semiconductors, with a 67.9% non-GAAP operating margin and free cash flow at 46% of revenue, while debt fell from $67.120 billion at the end of fiscal 2025 to $61.079 billion[6][5][7][8][30][32]. The central unresolved relationship is whether $179.2 billion of backlog turns into revenue at the pace the company has guided, while memory dilutes gross margin, upfront licenses inflate software growth and part of AI revenue depends on Broadcom backstopping its customers[11][9][35][15].

Since the third-quarter results, independent signed commentary has focused on the second backstop, and it reaches opposite conclusions. Morningstar analyst William Kerwin sees little cause for concern: in his view, Broadcom would be liable only in a worst case in which Anthropic defaults and AI demand collapses to the point that lenders cannot repurpose the chips, and every data point he sees shows no slowdown in AI spending and improving profitability at Anthropic[53]. TIKR's Rexielyn Diaz argues instead that Broadcom is increasingly underwriting its biggest customers' ability to pay, and that the combined ceiling of about $72 billion deserves a discount until those labs prove out their revenue[54]. The split maps onto the two explanations in the backstop debate: the first rests the risk on rack residual value and improving customer profitability, in line with the company's own view, while the second links the backstops to the concentration issue of Anthropic becoming the largest XPU customer[40]. These are outside interpretations, not facts, and they should not be read as a vote; public commentary on margins and software since the third-quarter report has mostly restated the results, and no signed independent analysis of those topics has appeared.

The combination that would materially strengthen the current understanding is fourth-quarter AI revenue reaching $21.7 billion without further finished-goods buildup, non-GAAP operating margin holding at about 66%, software revenue excluding upfront licenses still growing year over year with ARR growth of at least 15%, and an annual report showing no backstop payments and free cash flow of at least 44.9% of revenue. Conversely, AI revenue missing guidance while finished goods keep accumulating, operating margin falling below 65%, software declining once upfront licenses are excluded, or the backstops beginning to require accrued liabilities would materially weaken it.

Sources

[1] AVGO 10-K filed 2025-12-18 · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[2] AVGO 10-K filed 2025-12-18 · AI semiconductor solutions and customers · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[3] AVGO earnings calendar updated 2026-11-09 · 2026-11-09 · Drillr earnings calendar

[4] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · results and Q4 guidance · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[5] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · AI semiconductor revenue · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[6] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · quarterly revenue and cost of revenue · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[7] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · GAAP and non-GAAP operating income · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[8] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · free cash flow · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[9] AVGO Q3 FY2026 earnings call 2026-09-02 · Q4 FY2026 segment and margin guidance · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] Drillr analyst estimates AVGO Q4 FY2026 retrieved 2026-11-09 · 2026-11-09 · Drillr 分析师一致预期 · https://gateway.drillr.ai/mcp/private

[11] AVGO 10-Q filed 2026-09-10 · remaining performance obligations · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[12] AVGO Q3 FY2026 earnings call 2026-09-02 · supply bottlenecks and deployment dependencies · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[13] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · non-GAAP gross margin reconciliation · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[14] AVGO 10-Q filed 2026-09-10 · AI rack lease Backstop · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[15] AVGO 8-K filed 2026-10-27 · second AI rack lease Backstop · 2026-10-27 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000119312526434271/d148323d8k.htm

[16] AVGO 10-K filed 2025-12-18 · infrastructure software growth drivers · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[17] AVGO 10-K filed 2025-12-18 · FY2025 segment revenue · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[18] AVGO 10-K filed 2025-12-18 · FY2025 segment operating income · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[19] AVGO 10-K filed 2025-12-18 · custom silicon solutions · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[20] AVGO 10-K filed 2025-12-18 · competition · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[21] AVGO 10-K filed 2025-12-18 · outsourced manufacturing and TSMC · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[22] AVGO 10-K filed 2025-12-18 · variable low-cost operating model · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[23] AVGO 10-K filed 2025-12-18 · customer concentration · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[24] AVGO 10-Q filed 2026-09-10 · customer concentration · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[25] AVGO 10-K filed 2025-12-18 · China shipments · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[26] AVGO 10-K filed 2025-12-18 · three-year revenue history · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[27] AVGO 10-K filed 2025-12-18 · FY2025 statement of operations · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[28] AVGO 10-K filed 2025-12-18 · FY2025 cash flow and capital returns · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[29] AVGO 10-K filed 2025-12-18 · FY2025 capital expenditures · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[30] AVGO 10-K filed 2025-12-18 · indebtedness · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[31] AVGO 8-K filed 2026-09-02 (Q3 FY2026 earnings release) · balance sheet working capital · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm

[32] AVGO 10-Q filed 2026-09-10 · indebtedness and backstop liquidity · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[33] AVGO Q2 FY2026 earnings call 2026-06-03 · AI bookings and customer commitments · 2026-06-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[34] AVGO Q3 FY2026 earnings call 2026-09-02 · Q&A on supply, gigawatts and financing · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[35] AVGO 10-Q filed 2026-09-10 · upfront license revenue and termination rights · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[36] AVGO 10-Q filed 2026-09-10 · software contracts without termination for convenience · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[37] AVGO Q3 FY2026 earnings call 2026-09-02 · Q3 FY2026 segment margins · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[38] AVGO 10-Q filed 2026-09-10 · receivable factoring · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[39] AVGO 10-Q filed 2026-09-10 · AI XPV platform · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[40] AVGO Q3 FY2026 earnings call 2026-09-02 · XPU customers, software ARR and XPV platform · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[41] AVGO 8-K filed 2026-07-06 · Apple custom ASIC agreements · 2026-07-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1730168/000119312526295589/d84378d8k.htm

[42] AVGO Q2 FY2026 earnings call 2026-06-03 · Q2 FY2026 segment detail · 2026-06-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[43] AVGO Q2 FY2026 earnings call 2026-06-03 · networking share and supply security · 2026-06-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[44] AVGO Q2 FY2026 earnings call 2026-06-03 · Q3 FY2026 guidance · 2026-06-03 · earnings-call · https://gateway.drillr.ai/mcp/private

[45] AVGO Q1 FY2026 earnings call 2026-03-04 · Q2 FY2026 guidance · 2026-03-04 · earnings-call · https://gateway.drillr.ai/mcp/private

[46] AVGO 10-K filed 2025-12-18 · remaining performance obligations · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[47] AVGO 10-Q filed 2026-09-10 · purchase commitments · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[48] AVGO 10-Q filed 2026-09-10 · inventory · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[49] AVGO 10-Q filed 2026-09-10 · Q3 FY2026 segment operating income · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[50] AVGO 10-Q filed 2026-09-10 · Q3 FY2026 segment revenue · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[51] AVGO 10-Q filed 2026-09-10 · gross margin drivers · 2026-09-10 · 10-Q · https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

[52] AVGO 10-K filed 2025-12-18 · upfront license revenue in products · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

[53] Morningstar 2026-10-27 Kerwin on Broadcom Anthropic financing backstop · 2026-10-27 · Morningstar · https://www.morningstar.com/stocks/broadcom-new-anthropic-financing-deal-agrees-with-our-bullish-forecast-this-top-pick

[54] TIKR 2026-10-31 Diaz on Broadcom backstop exposure · 2026-10-31 · TIKR · https://www.tikr.com/blog/broadcom-sinks-5-5-as-its-43-billion-anthropic-backstop-meets-an-intel-led-chip-rout