Broadcom Inc. (AVGO) — Company Research

Last Updated: 18 August 2026

Broadcom Inc. is a fabless semiconductor and enterprise software company that has become the second-largest supplier of AI silicon in the world behind NVIDIA, and the owner of VMware. Its fiscal year ends on the Sunday nearest 31 October, so the most recent audited full year is FY2025, ended 2 November 2025, and the most recent reported quarter is Q2 FY2026, ended 3 May 2026 and reported on 3 June 2026. Q3 FY2026 has not yet been reported and is scheduled for 2 September 2026. This report is built entirely from Broadcom's SEC filings, earnings releases and SEC XBRL company facts. Every figure below is sourced from a primary filing; there are no analyst ratings or price targets anywhere in it.

1. Company Snapshot

Field	Value
Ticker / exchange	AVGO, Nasdaq Global Select Market
Headquarters	Palo Alto, California, United States
Fiscal year end	Sunday nearest 31 October. FY2025 ended 2 November 2025; FY2026 ends 1 November 2026
CEO / Leadership	Hock E. Tan, President and Chief Executive Officer since March 2006. Amie Thuener O'Toole, Chief Financial Officer, effective 12 June 2026. Dr Henry Samueli, Chairman of the Board
Employees	Approximately 33,000 worldwide as of 2 November 2025, with approximately 57 per cent in research and development roles (FY2025 Form 10-K)
Revenue (FY2025)	$63,887m, up 23.9 per cent on FY2024
Revenue (trailing twelve months to 3 May 2026)	$75,465m
GAAP net income (FY2025)	$23,126m
Adjusted EBITDA (FY2025)	$43,004m, 67.3 per cent of revenue
Market capitalisation	Approximately $1,867bn at $392.43 per share (17 August 2026)
Shares outstanding	4,757,580,198 as of 29 May 2026 (Q2 FY2026 Form 10-Q cover page)
Reportable segments	Two: Semiconductor Solutions and Infrastructure Software
Dividend	$0.65 per share per quarter; company target of $2.60 per share for FY2026
Recent corporate action	Ten-for-one forward stock split completed 12 July 2024. All per-share figures in this report are on the post-split basis

You can follow the price action on our Live Charts page and track the scheduled macro releases that move semiconductor names on the Economic Calendar.

2. Bull and Bear Case

Bull Case

• Custom AI silicon franchise with named multi-year customers: AI semiconductor revenue reached $10.8bn in Q2 FY2026, up 143 per cent year on year, and management guided Q3 FY2026 AI revenue to approximately $16.0bn. Broadcom has signed long-term agreements with Google for TPUs through up to 2031, Meta for MTIA silicon through 2029, Apple for custom ASICs through 2031, and OpenAI for 10 gigawatts of accelerators to be deployed between the second half of 2026 and the end of 2029.
• Contracted backlog of unprecedented size: remaining performance obligations stood at $164.6bn at 3 May 2026, an audited disclosure in the Form 10-Q, of which approximately 30 per cent is expected to convert to revenue within twelve months. That is more than twice trailing twelve-month revenue already under contract.
• Extreme cash conversion from a fabless model: capital expenditure was just $231m on $22,187m of Q2 FY2026 revenue, so free cash flow tracks operating cash flow almost one for one. Trailing twelve-month operating cash flow was $33,622m against capital expenditure of $860m, giving free cash flow of $32,762m.
• Networking attaches to every accelerator win: Broadcom is the merchant Ethernet standard for AI fabrics through Tomahawk and Jericho silicon, so a custom accelerator design win pulls high-margin switching and optical content with it. Non-GAAP gross margin was 77.1 per cent and adjusted EBITDA margin 69 per cent in Q2 FY2026.
• Software segment now a large recurring base: Infrastructure Software generated $27,029m in FY2025, up from $7,637m in FY2023, after VMware perpetual licences were converted to multi-year enterprise-wide subscriptions centred on VMware Cloud Foundation.

Bear Case

• Concentration risk is now acute: the FY2025 Form 10-K states that the top five end customers accounted for approximately 40 per cent of net revenue. With AI silicon at roughly 49 per cent of Q2 FY2026 group revenue and confined to a handful of hyperscalers, a single customer deciding to in-source or delay would be severe.
• A $29bn contingent lease backstop appeared as a subsequent event: on 8 June 2026 Broadcom arranged for an investor partner to assume AI rack purchase and lease agreements with a customer, and entered a backstop of that customer's five-year lease obligations with maximum exposure of $29bn. This converts part of a chip vendor's risk profile into a financing risk profile.
• Software growth is decelerating and drawing regulators: Infrastructure Software grew only 9 per cent year on year in Q2 FY2026. CISPE filed a formal competition complaint with the European Commission on 19 March 2026 over VMware licensing and the termination of the VMware Cloud Service Provider programme in Europe, alleging cumulative cost increases of more than 1,000 per cent and requesting interim measures.
• Valuation leaves no room for a stumble: the shares trade on roughly 65 times trailing GAAP earnings and roughly 25 times trailing sales, against a five-year revenue compound annual growth rate of 23.5 per cent that is itself flattered by the VMware acquisition rather than being wholly organic.

3. Business Segments

Broadcom reports exactly two segments. The table below shows the FY2025 full-year split, with the Q2 FY2026 position noted alongside because the mix has shifted sharply toward semiconductors as AI has ramped.

Segment	% of revenue	What it is
Semiconductor Solutions	58 per cent of FY2025 revenue ($36,858m); 68 per cent in Q2 FY2026 ($15,009m)	Custom AI accelerators designed with and for individual hyperscalers, Ethernet switching and routing silicon (Tomahawk, Jericho), optical and SerDes connectivity, wireless RF front-end filters, broadband, storage and industrial products. Grew 22 per cent in FY2025 and 79 per cent year on year in Q2 FY2026
Infrastructure Software	42 per cent of FY2025 revenue ($27,029m); 32 per cent in Q2 FY2026 ($7,178m)	Mission-critical enterprise software licensing: VMware Cloud Foundation private cloud, the former CA mainframe portfolio, Symantec endpoint security and Brocade storage networking. Grew 26 per cent in FY2025 but only 9 per cent year on year in Q2 FY2026
Memo item: AI semiconductor revenue (inside Semiconductor Solutions)	Approximately 31 per cent of FY2025 group revenue ($20bn); approximately 49 per cent in Q2 FY2026 ($10.8bn)	Custom accelerators (XPUs) and AI networking silicon. Disclosed by management as a sub-line rather than a reportable segment. Up 65 per cent in FY2025 and 143 per cent year on year in Q2 FY2026

Broadcom does not break out VMware or VMware Cloud Foundation revenue separately within Infrastructure Software. Sales to distributors accounted for 48 per cent of net revenue in each of FY2025 and FY2024.

4. Business Model and Moat

How it makes money. Broadcom sells silicon and software into two very different buying centres. On the semiconductor side it co-designs custom accelerators and networking chips with a small number of very large customers, then books high-margin revenue against multi-year supply agreements. On the software side it licenses mission-critical enterprise infrastructure on multi-year, enterprise-wide subscriptions with minimum commitments. Manufacturing is outsourced, primarily to TSMC, with internal fabs retained only for proprietary processes such as FBAR filters and GaAs and InP lasers. That makes capital expenditure negligible relative to revenue and means free cash flow tracks operating cash flow closely.

Where the moat comes from. Three layers reinforce each other. First, design incumbency: once a hyperscaler co-designs an accelerator with Broadcom, switching means re-architecting silicon, firmware and the rack network together, and the FY2025 Form 10-K notes that many major customer relationships are the result of years of collaborative product development. Second, the networking attach: Broadcom is effectively the merchant Ethernet switch standard for AI fabrics, so an accelerator win drags high-margin switching and optical silicon with it. Third, renewal economics in software: mainframe and VMware workloads are among the stickiest in enterprise IT, and the shift to enterprise-wide subscriptions locked in multi-year commitments.

What the VMware repricing actually did. Broadcom retired VMware's perpetual licences and collapsed a sprawling catalogue into a small number of subscription bundles centred on VMware Cloud Foundation. Commercially this converted a low-growth licence-and-maintenance business into a high-margin recurring one, taking Infrastructure Software from $7,637m in FY2023 to $27,029m in FY2025. The cost has been customer and regulatory friction. AT&T litigated over an alleged 1,050 per cent price increase before settling confidentially in November 2024, VMware remains in litigation with Siemens over allegedly unlicensed usage, and CISPE has taken the European licensing model to Brussels. The segment decelerating to 9 per cent year-on-year growth in Q2 FY2026 suggests the one-off repricing benefit is annualising out.

Customer concentration, as disclosed. The FY2025 Form 10-K states that aggregate sales through all channels to the top five end customers accounted for approximately 40 per cent of net revenue. Named AI customers now include Google, Meta, OpenAI, Anthropic and Apple.

5. Financial Health

All figures below are taken from Broadcom's Forms 10-K and 10-Q, its quarterly earnings releases, and SEC XBRL company facts for CIK 0001730168. Per-share figures are on the post-split basis throughout following the ten-for-one split completed on 12 July 2024.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021 (ended 31 Oct 2021)	27,450	n/a	$1.50	$2.80	$1.44	$39,440m
FY2022 (ended 30 Oct 2022)	33,203	+21.0%	$2.65	$3.76	$1.64	$39,075m
FY2023 (ended 29 Oct 2023)	35,819	+7.9%	$3.30	$4.23	$1.84	$37,621m
FY2024 (ended 3 Nov 2024)†	51,574	+44.0%	$1.23	$4.87	$2.11	$66,295m
FY2025 (ended 2 Nov 2025)	63,887	+23.9%	$4.77	$6.82	$2.36	$61,984m

† FY2024 is not organically comparable with FY2023. VMware closed on 22 November 2023 and therefore contributed roughly eleven months to FY2024 and nothing to FY2021 through FY2023. Infrastructure Software revenue jumped from $7,637m to $21,478m across that break. FY2024 GAAP earnings per share also fell to $1.23 from $3.30 because of VMware purchase accounting and intangible amortisation, including a GAAP net loss of $1,875m in Q3 FY2024. The adjusted earnings per share column strips those purchase-accounting effects out and is the more comparable series.

Long-term debt is the non-current carrying amount tagged as LongTermDebtAndCapitalLeaseObligations in each year's Form 10-K. Including the current portion, total debt was $65,136m at 2 November 2025 and $64,907m at 3 May 2026.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 FY2026 (ended 3 May 2026)	$22,187m	$2.44	$1.91
Q1 FY2026 (ended 1 Feb 2026)	$19,311m	$2.05	$1.50
Q4 FY2025 (ended 2 Nov 2025)	$18,015m	$1.95	$1.74
Q3 FY2025 (ended 3 Aug 2025)	$15,952m	$1.69	$0.85
Q2 FY2025 (ended 4 May 2025)	$15,004m	$1.58	$1.03
Q1 FY2025 (ended 2 Feb 2025)	$14,916m	$1.60	$1.14
FY2025 total (ended 2 Nov 2025)	$63,887m	$6.82	$4.77

Q3 FY2026 covers the quarter ended 2 August 2026 and has not yet been reported; results are scheduled for 2 September 2026. Management guided Q3 FY2026 revenue to approximately $29.4bn, non-GAAP operating income to approximately 67 per cent of revenue and adjusted EBITDA to approximately 68 per cent of revenue.

Cash flow and balance sheet. FY2025 operating cash flow was $27,537m against capital expenditure of $623m, giving free cash flow of $26,914m. On a trailing twelve-month basis to 3 May 2026, operating cash flow was $33,622m and capital expenditure $860m, giving free cash flow of $32,762m. Cash and cash equivalents were $19,628m at 3 May 2026 against total debt of $64,907m, so net debt was approximately $45.3bn. During the first half of FY2026 Broadcom repurchased $8,450m of stock, with $10.1bn of authorisation remaining at 3 May 2026.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Priced at $392.43 per share on 17 August 2026. The last completed regular session close was $392.99 on 14 August 2026. Trailing twelve-month figures are the sum of Q3 FY2025, Q4 FY2025, Q1 FY2026 and Q2 FY2026.

Metric	Value
Market cap	Approximately $1,867bn ($392.43 x 4,757,580,198 shares outstanding per the Q2 FY2026 Form 10-Q cover page)
Enterprise value	Approximately $1,912bn (market cap $1,867bn + total debt $64,907m - cash and equivalents $19,628m, both per the 3 May 2026 balance sheet). Net debt is approximately $45.3bn
Trailing P/E (GAAP)	Approximately 65.4x on trailing twelve-month GAAP diluted EPS of $6.00. On trailing twelve-month non-GAAP diluted EPS of $8.13 the same price is approximately 48.3x, and the gap between the two is almost entirely VMware intangible amortisation
P/E (forward)	Approximately 20.1x on a forward EPS estimate of $19.53. Treat with caution: that estimate is far above any FY2026 run rate, since first-half FY2026 non-GAAP EPS was $4.49, and almost certainly spans FY2027. Broadcom itself gives no EPS guidance, only revenue and margin
P/S (TTM)	Approximately 24.7x (market cap $1,867bn / trailing twelve-month revenue $75,465m)
EV/EBITDA (TTM)	Approximately 46x on GAAP EBITDA. EBITDA of approximately $41.4bn is trailing twelve-month operating income of $32,746m plus depreciation and amortisation of approximately $8.6bn, of which $8,014m is amortisation of intangible assets and approximately $0.6bn is depreciation. Broadcom's own trailing twelve-month adjusted EBITDA of $51,292m, which excludes stock-based compensation and restructuring, gives approximately 37x on the same enterprise value. The wide gap is the VMware purchase-accounting amortisation running through GAAP
P/FCF	Approximately 57x (market cap $1,867bn / free cash flow $32,762m; free cash flow = trailing twelve-month operating cash flow $33,622m - capital expenditure $860m per the cash flow statements)
52-week high	$495.00 intraday. The highest closing price in the trailing 52 weeks was $480.81 on 2 June 2026
52-week low	$281.87 intraday. The lowest closing price in the trailing 52 weeks was $287.49 on 21 August 2025
Short interest (% of float)	1.31 per cent. 61,196,152 shares short at the 31 July 2026 settlement date against a free float of 4,698,966,810 shares. Short interest has risen roughly 20 per cent since April 2026 but remains very low in float terms
Days to cover	3.22 on the Nasdaq calculation using 19.02m average daily volume at the 31 July 2026 settlement date. A narrower volume window gives 2.87
Dividend yield	Approximately 0.66 per cent on the annualised $2.60 per share FY2026 target rate
Price/book	Approximately 21.3x on book value per share of $18.43

7. What Are They Building

Custom accelerators for five named customers. Broadcom's XPU business designs application-specific AI accelerators alongside individual hyperscalers rather than selling a merchant GPU. Google is the longest-standing relationship, and on 6 April 2026 the two signed a long-term agreement covering custom TPUs across future generations plus a supply assurance agreement for networking and components for Google's next-generation AI racks through up to 2031. Under the same expansion, Anthropic will access approximately 3.5 gigawatts of next-generation TPU-based compute from 2027. On 14 April 2026 Broadcom announced an extended multi-year, multi-generation partnership with Meta covering multiple gigawatts of Meta's MTIA silicon through 2029, with an initial commitment above one gigawatt and first silicon on a 2nm process. On 6 July 2026 Broadcom and Apple entered new multi-year agreements through 2031 for a range of custom ASIC products across multiple generations of Apple products.

The OpenAI programme. Announced on 13 October 2025, Broadcom and OpenAI are collaborating to deploy 10 gigawatts of OpenAI-designed custom accelerators together with Broadcom Ethernet scale-up and scale-out networking. Rack deployments are targeted to begin in the second half of 2026 and complete by the end of 2029. This is the single largest capacity commitment in the portfolio and the main reason management has been able to talk about an eighteen-month backlog running through the first half of FY2027.

Ethernet for AI fabrics. The networking roadmap is what makes the accelerator wins profitable. Tomahawk 6 delivers 102.4 terabits per second of switching capacity, Tomahawk Ultra targets 250-nanosecond latency for scale-up fabrics, and Jericho4 is aimed at clusters of more than a million accelerators spanning multiple data centres. Broadcom's position here is why an XPU design win reliably drags high-margin switching and optical content along with it.

VMware Cloud Foundation. On the software side the build is the consolidation of VMware's catalogue into VMware Cloud Foundation as a single private-cloud platform, with licence portability that lets customers move environments between on-premises data centres and supported cloud endpoints. The company's stated aim is that the enterprise-wide licence model reduces complexity and eases renewals. The commercial results have been strong and the regulatory reception has not been; see Section 10.

Discuss how these AI supply agreements are being read by other traders in the ChartsView Forum.

8. Peer Comparison

Market capitalisations were re-checked live on 18 August 2026. Metrics are each from the named company's own results release or SEC filing.

Peer	Market cap (Aug 2026)	Key 2025 metric
NVIDIA (NVDA)	Approximately $5,450bn	Data-centre revenue of $193.7bn in FY2026, ended 25 January 2026, up 68 per cent year on year; Q1 FY2027 data-centre revenue a record $75.2bn, up 92 per cent
AMD	Approximately $826bn	Q2 2026 Data Center segment revenue of $6.7bn, up 107 per cent year on year, after $5.8bn and 57 per cent growth in Q1 2026
Texas Instruments (TXN)	Approximately $258bn	FY2025 revenue of $17,682m, up 13 per cent on FY2024's $15,641m, per SEC XBRL company facts
Marvell Technology (MRVL)	Approximately $210bn	FY2026 revenue of $8,195m, up 42 per cent year on year and a record; custom-silicon revenue of $1.5bn in FY2026, guided to grow more than 20 per cent in FY2027
Qualcomm (QCOM)	Approximately $170bn	FY2025 revenue of $44.3bn for the year ended 28 September 2025, up 13.6 per cent, with diluted EPS of $9.38
Astera Labs (ALAB)	Approximately $55.5bn	FY2025 revenue of $852.5m, up 115 per cent year on year; Q4 2025 revenue of $270.6m, up 92 per cent
Credo Technology (CRDO)	Approximately $52.7bn	Q2 FY2026 revenue of $268m, up 272 per cent year on year, with FY2026 guided to more than 170 per cent growth

For context on the same basis, Broadcom's own AI semiconductor revenue was $20bn in FY2025 with management guiding to approximately $56bn in FY2026. On revenue Broadcom is a clear second to NVIDIA in AI silicon and well ahead of Marvell in custom accelerators.

9. Insider Activity

Chief Executive Officer Hock E. Tan, who has led Broadcom since March 2006, made no open-market purchases or sales in the six months to 17 August 2026. His only Form 4 activity in the window was a gift of 22,000 shares on 8 April 2026. The wider picture is heavily one-directional selling, dominated by Chairman Henry Samueli's two programmed tranches. The table below is drawn from Form 4 filings under issuer CIK 0001730168; multi-tranche sales are aggregated at a weighted average price.

Name	Date	Type	Shares	Price	Value	Plan Type
Mark D. Brazeal, Chief Legal and Corporate Affairs Officer	10 Jul 2026	Sale	25,000	$401.33	Approximately $10.03m	No 10b5-1 flag on filing
Gayla J. Delly, Director	8 Jul 2026	Sale	1,890	$385.38	Approximately $0.73m	No 10b5-1 flag on filing
Justine F. Page, Director	29 Jun 2026	Sale	1,602	$373.86	Approximately $0.60m	No 10b5-1 flag on filing
Henry Samueli, Chairman of the Board	24 Jun 2026	Sale, multi-tranche	654,241	Approximately $381 weighted average	Approximately $249m	Rule 10b5-1 plan
Amie Thuener O'Toole, Chief Financial Officer	15 Jun 2026	Award, new-hire equity grant	50,000	Nil	Nil	Not applicable
Harry L. You, Director	11 Jun 2026	Open-market purchase	1,000	$373.57	$373,570	No 10b5-1 flag on filing
S. Ram Velaga, President, Infrastructure Software Group	8 to 10 Apr 2026	Sale, multi-tranche	38,215	Approximately $355 weighted average	Approximately $13.60m	No 10b5-1 flag on filing
Hock E. Tan, President and Chief Executive Officer	8 Apr 2026	Gift, disposal	22,000	Nil	Nil	No 10b5-1 flag on filing
Charlie B. Kawwas, President, Semiconductor Solutions Group	8 Apr 2026	Sale	10,000	$345.23	Approximately $3.45m	No 10b5-1 flag on filing
Henry Samueli, Chairman of the Board	25 Mar 2026	Sale, multi-tranche	781,967	Approximately $319.50 weighted average	Approximately $250m	Rule 10b5-1 plan
Mark D. Brazeal, Chief Legal and Corporate Affairs Officer	16 to 17 Mar 2026	Sale, multi-tranche	83,682	Approximately $322.40 weighted average	Approximately $27.0m	No 10b5-1 flag on filing
Kirsten M. Spears, Chief Financial Officer at the time	16 to 17 Mar 2026	Sale, multi-tranche	60,154	Approximately $322.80 weighted average	Approximately $19.4m	No 10b5-1 flag on filing
Charlie B. Kawwas, President, Semiconductor Solutions Group	16 to 17 Mar 2026	Sale, multi-tranche	64,834	Approximately $322.60 weighted average	Approximately $20.9m	No 10b5-1 flag on filing
S. Ram Velaga, President, Infrastructure Software Group	16 to 17 Mar 2026	Sale, multi-tranche	64,379	Approximately $322.50 weighted average	Approximately $20.8m	No 10b5-1 flag on filing

Three points are worth isolating. Chairman Henry Samueli sold approximately 1.44m shares for roughly $499m across two Rule 10b5-1 tranches in March and June 2026, and gifted roughly 756,000 more. The 16 to 17 March 2026 window contains four named executive officers selling into the same two days immediately after the Q1 FY2026 print, for a combined total of approximately $88m. Against all of that, there was exactly one open-market purchase by any insider in the period: Harry You's 1,000 shares for $373,570 on 11 June 2026.

10. Key Risks

• Customer concentration: the FY2025 Form 10-K discloses that the top five end customers accounted for approximately 40 per cent of net revenue, and distributors for 48 per cent. With AI silicon at roughly 49 per cent of Q2 FY2026 revenue and concentrated in a handful of hyperscalers, the loss of a single custom accelerator customer, or a decision by one to in-source, would be severe.
• AI capital-expenditure cyclicality: the Form 10-K explicitly states that Broadcom operates in a highly cyclical semiconductor industry undergoing profound change due to AI. FY2026 AI revenue is guided to approximately $56bn from $20bn in FY2025, a step change resting on customer capital plans. Remaining performance obligations of $164.6bn are large but only around 30 per cent converts within twelve months.
• The $29bn lease backstop: the 8 June 2026 arrangement leaves Broadcom with maximum exposure of $29bn to a single customer's five-year lease obligations. It was disclosed only as a subsequent event in the Q2 FY2026 Form 10-Q and converts part of the risk profile from chip supply to customer credit.
• VMware pricing backlash and EU antitrust: CISPE's complaint of 19 March 2026 seeks interim measures over the termination of the VMware Cloud Service Provider programme in Europe and alleges cost increases above 1,000 per cent. The European Commission has confirmed it is assessing the complaint. Because the Commission originally cleared the VMware acquisition on the basis of commitments to preserve competition, an adverse finding could force licensing remedies that hit the segment directly.
• VMware product security: CVE-2026-59310 in VMware vCenter, disclosed 29 July 2026 with a CVSS score of 9.8 and no workaround, came under active exploitation from 3 August 2026 by a suspected China-nexus actor, with compromises reported across 47 countries and Babuk-derived ransomware deployed. Repeated critical vCenter flaws erode the enterprise trust that the subscription model depends on.
• Substantial indebtedness: the Form 10-K carries a dedicated risk heading on this point. Total debt was $64,907m at 3 May 2026 against $19,628m of cash, leaving net debt of approximately $45.3bn even after repaying a $6.0bn term loan in July 2025 and completing a $3.0bn tender in June 2026.
• Supply-chain dependence on TSMC and Taiwan: the majority of front-end wafer manufacturing is outsourced to external foundries including TSMC, with assembly and test likewise concentrated among TSMC, ASE, Foxconn, Amkor and SPIL. Geographic concentration in Taiwan is a single point of failure for the entire AI franchise.
• Export controls and trade restrictions: the Form 10-K warns that the US government continues to add companies to its restricted entity list and that trade tensions will likely limit or prevent business with certain customers or suppliers. Broadcom's AI accelerators sit inside the US-China export-control perimeter.
• Key-person and governance turnover: the Form 10-K names Hock Tan explicitly under senior-management dependence. Tan is 74. In the six months to August 2026 the Chief Financial Officer retired, the Lead Independent Director retired at the annual meeting, and the Chairman sold approximately $499m of stock.

For completeness, none of the above is a liquidity, solvency or going-concern risk. Broadcom generated $32.8bn of trailing free cash flow, holds $19.6bn of cash and has no near-term funding cliff.

11. Recent Developments

• 13 Oct 2025 — OpenAI and Broadcom announce a 10-gigawatt custom accelerator collaboration. OpenAI-designed accelerators plus Broadcom Ethernet scale-up and scale-out networking, with rack deployments targeted to begin in the second half of 2026 and complete by the end of 2029.
• 11 Dec 2025 — FY2025 results and a tenth of dividend increase. Revenue of $63,887m up 24 per cent, adjusted EBITDA of $43,004m up 35 per cent and free cash flow of $26,914m. The quarterly dividend was raised 10 per cent to $0.65, a fifteenth consecutive annual increase, targeting $2.60 per share for FY2026.
• 06 Jan 2026 — $4.5bn of senior notes priced. Four tranches maturing 2031, 2033, 2036 and 2056, following $5.0bn issued in September 2025.
• 15 Jan 2026 — Broadcom signals termination of the VMware Cloud Service Provider programme in Europe. All but a small set of hand-picked partners were cut, which became the trigger for the subsequent European Commission complaint.
• 04 Mar 2026 — Q1 FY2026 results and a new $10bn buyback. Revenue of $19,311m up 29 per cent, AI revenue of $8.4bn up 106 per cent and non-GAAP EPS of $2.05. A new $10bn share repurchase programme was authorised and $10.9bn was returned in the quarter.
• 19 Mar 2026 — CISPE files a competition complaint with the European Commission. The complaint concerns VMware licensing and the VCSP shutdown, alleges cumulative cost increases of more than 1,000 per cent, and requests interim measures. The Commission has confirmed it is assessing the complaint.
• 02 Apr 2026 — Chief Financial Officer transition announced. Kirsten Spears retired effective 12 June 2026 and Amie Thuener, formerly Alphabet's Chief Accounting Officer, was appointed Chief Financial Officer from the same date.
• 06 Apr 2026 — Long-term agreement with Google for custom TPUs. The agreement covers future TPU generations plus supply assurance for networking and components for Google's next-generation AI racks through up to 2031. Under a parallel expansion, Anthropic will access approximately 3.5 gigawatts of TPU-based compute from 2027.
• 14 Apr 2026 — Extended multi-year partnership with Meta for MTIA silicon. Multiple gigawatts of Meta's custom silicon extending through 2029, with an initial commitment above one gigawatt and first AI silicon on a 2nm process. Hock Tan agreed to leave Meta's board in connection with the deal.
• 03 Jun 2026 — Q2 FY2026 results beat but the shares fell. Record revenue of $22,187m up 48 per cent and AI revenue of $10.8bn up 143 per cent, with Q3 guided to approximately $29.4bn. Infrastructure Software grew only 9 per cent year on year and the FY2026 AI forecast was left unchanged, and the market read the print negatively.
• 08 Jun 2026 — $29bn AI-rack lease backstop disclosed. Broadcom arranged for an investor partner to assume AI rack purchase and lease agreements with a customer, and entered a backstop of that customer's five-year lease obligations with maximum exposure of $29bn.
• 17 Jun 2026 — Cash tender offer upsized and completed. Tender offers for six senior note series, launched 11 June, were upsized from $2.5bn to $3.0bn and expired, retiring all validly tendered 4.926 per cent 2037 and 4.900 per cent 2038 notes.
• 06 Jul 2026 — Apple agreements extended through 2031. New multi-year long-term agreements for Broadcom to develop and supply a range of custom ASIC silicon products for use in multiple generations of Apple products.
• 29 Jul 2026 — Critical VMware vCenter vulnerabilities disclosed. CVE-2026-59310 and CVE-2026-59309, the former with a CVSS score of 9.8 allowing unauthenticated remote code execution with no workaround available.
• 14 Aug 2026 — Shares fall approximately 6 per cent on exploitation of the vCenter flaw. A suspected China-nexus actor had begun exploiting CVE-2026-59310 on 3 August 2026, with compromises at 361 IP addresses across 47 countries and Babuk-derived ransomware deployed. The close fell to $392.99 from $417.82, compounded by a widely-circulated sell-side note modelling Broadcom's chip-financing vehicle carrying up to $370bn of senior debt by mid-2029 at 20-gigawatt scale.

On litigation, VMware sued Siemens and its US subsidiaries in the District of Delaware on 21 March 2024 over allegedly unlicensed VMware copies; Siemens countersued and the parties continue to contest jurisdiction. The AT&T suit over an alleged 1,050 per cent price increase settled confidentially in November 2024, and the VMware backlog securities class action settled with court approval in March 2025.

12. Key Dates

• 02 Sep 2026 — Q3 FY2026 results, confirmed by the company. The quarter ended 2 August 2026. Guidance is for revenue of approximately $29.4bn and adjusted EBITDA of approximately 68 per cent of revenue
• 02 Sep 2026 — Q3 FY2026 dividend declaration expected alongside results. Broadcom declares with each earnings release
• Expected Sep 2026 — next dividend ex-date and payment date at $0.65 per share, not yet declared. The FY2025 equivalents were an ex-date of 22 September 2025 and payment on 30 September 2025
• 01 Nov 2026 — FY2026 fiscal year end
• Expected Dec 2026 — Q4 and full-year FY2026 results, followed by the FY2026 Form 10-K. The FY2025 equivalents were 11 December 2025 and 18 December 2025
• 31 Dec 2026 — expiry of both the extended $11bn and the new $10bn share repurchase authorisations
• Expected Apr 2027 — 2027 annual meeting of stockholders. The 2026 meeting was held on 20 April 2026
• Expected 2027 — first deliveries under the Meta MTIA one-gigawatt commitment, and the start of Anthropic's expanded TPU-based capacity
• TBC — European Commission decision on the CISPE complaint filed 19 March 2026, including the request for interim measures. No decision date has been announced
• TBC — hearing date in VMware versus Siemens. No date has been scheduled publicly

OpenAI rack deployments under the 10-gigawatt collaboration are stated to begin in the second half of 2026 and complete by the end of 2029, but no specific milestone dates have been published. Broadcom has not announced an investor day.

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