AVGO
Broadcom Q2 FY26 earnings
Revenue $22.2B, up 48% from a year ago. Net income $9.3B.
Broadcom grew revenue 48% to $22.2B in the May quarter. Product was $16.9B, 76% of revenue, up 64%; net income came in at $9.3B, a 42% margin, up 88%.
Infrastructure software: $27.0B in FY25, four times FY20.
Broadcom's infrastructure software segment brought in $6.6B in FY20 and $27.0B in FY25. FY24, a 53-week year, includes $12.4B attributable to VMware, as filed; the filings do not split the two effects.
Semiconductor solutions: $36.9B in FY25, more than twice FY20.
The semiconductor segment grew from $17.3B in FY20 to $36.9B in FY25. The two segments sum to Broadcom's total revenue to the dollar in every year drawn.
Where the revenue came from
| Segment | Amount | % of revenue% | Y/Y |
|---|---|---|---|
| Products | $16.9B | 76.1% | +64% |
| Subscriptions and services | $5.3B | 23.9% | +13% |
The quarter, line by line
| Line | Amount | % of revenue% | Y/Y |
|---|---|---|---|
| Revenue | $22.2B | +48% | |
| Cost of revenue | $6.8B | 30.5% | +41% |
| Gross profit | $15.4B | 69.5% | +51% |
| Operating expenses | $4.6B | 20.9% | +6% |
| Operating income | $10.8B | 48.6% | +85% |
| Pretax income | $10.1B | 45.7% | |
| Income tax | $820M | 3.7% | +583% |
| Net income | $9.3B | 42.0% | +88% |
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| May 3, 2026 | $22.2B | $9.3B | 42.0% |
| Feb 1, 2026 | $19.3B | $7.3B | 38.1% |
| Nov 2, 2025 | $18.0B | $8.5B | 47.3% |
| Aug 3, 2025 | $16.0B | $4.1B | 26.0% |
| May 4, 2025 | $15.0B | $5.0B | 33.1% |
| Feb 2, 2025 | $14.9B | $5.5B | 36.9% |
| Nov 3, 2024 | $14.1B | $4.3B | 30.8% |
| Aug 4, 2024 | $13.1B | ($1.9B) | (14.3%) |