VALUFOUR
•••
Source ↗
NASDAQ · AVGO

Broadcom

AI semiconductors · networking · infrastructure software

Earnings release date
2026.09.02
Market data date
2026.10.13
Last checked
2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$29.591B
YoY+$13.639B · +85.5%
QoQ+$7.404B · +33.4%
AI Semiconductor$16.7B
YoY+$11.5B · +221%
QoQ+$5.9B · +54%
Infrastructure Software$8.752B
YoY+$1.966B · +29.0%
QoQ+$1.574B · +21.9%
Free Cash Flow$13.665B
YoY+$6.641B · +94.6%
QoQ+$3.403B · +33.2%
02

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

AI and Software Broadened Growth

AI semiconductor became a much larger growth driver while Infrastructure Software continued to expand. Growth was therefore supported by both Broadcom’s AI semiconductor business and its recurring software base.

AI Semiconductor

AI Semiconductor Business Scaled Up

Custom accelerators and AI networking drove substantial growth in AI semiconductor revenue. The company’s disclosed multi-year customer deployment plans indicate demand extending beyond a single quarter.

Infrastructure Software

Software Remained a Separate Growth Engine

Infrastructure Software continued to grow even as AI semiconductor became a much larger part of the business. Its recurring economics provide a different earnings base from semiconductor deployment cycles.

Free Cash Flow

Growth Continued to Convert Into Cash

Strong profitability across AI semiconductor and Infrastructure Software continued to translate into substantial free cash flow.

03

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$1.71T

$357.31 × 4.77B

TTM revenue$89.104B
See calculation

FY2025 Q4 Revenue $18.015B
+ FY2026 Q1 Revenue $19.311B
+ FY2026 Q2 Revenue $22.187B
+ FY2026 Q3 Revenue $29.591B
= TTM $89.104B

Current P/S19.1x
Current market cap
$1.71T
TTM revenue
$89.104B

$1.71T ÷ $89.104B = 19.1x

Current P/E44.6x
Current market cap
$1.71T
GAAP TTM net income
$38.265B

$1.71T ÷ $38.265B = 44.6x

GAAP TTM net margin 42.9%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$89.104B
FY2026 Q3Annualized latest-quarter revenue$118.364BQuarter revenue $29.591B ×4
FY2026 Q4Annualized Revenue Guidance$139.200BGuidance revenue $34.800B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2026-06-02
Sources and calculations checked
Peak close$481.57
Market cap at peak$2.29T
P/S at peak33.6x
P/E at peak91.7x
Trailing twelve months at the peakTTM revenue at the peak$68.271B

FY2026 Q1Annualized latest quarter at the peak$77.244B

Quarter revenue $19.311B ×4

FY2026 Q2Annualized public guidance at the peak$88.000B

Guidance revenue $22.000B ×4

At peakCurrentChange
TTM revenue$68.271B$89.104B+30.5%
Latest quarter$19.311B$29.591B+53.2%
Public guidance$22.0B$34.8B+58.2%

Only information available at the peak is used. Only FY2026 Q1 results and FY2026 Q2 guidance available on June 2, 2026 are used. Q2 results released the following day are not applied retroactively.

Key Variables at the Peak

The key variables were demand for custom AI accelerators and AI networking, recurring VMware revenue, strong cash generation and the durability of next-generation deployments by existing customers.

Growth and Profitability Conditions Implied by the Peak Multiple

The multiple at the peak required strong AI semiconductor growth and infrastructure-software cash generation to persist for a meaningful period.

Close $481.57 × 4.76B shares outstanding = approximately $2.29T market cap at the peak.

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis
Implied 2030 Revenue CAGR20.9% annuallyTTM revenue growth +48.7% YoY
Current market cap$1.71T
Assumed 2030 P/S8.9x41.0% assumed net margin × 21.8x assumed P/E
Required 2030 revenue$190.6B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic
AVGO assumptions
Current TTM$89.104B
Latest-quarter annualized$118.364B
Annualized revenue guidance$139.200B
Conservative
Assumed 2030 revenue$290.7BRevenue CAGR from TTM 34.4%
CAGR from annualized latest-quarter revenue 25.2% annuallyCAGR from annualized guidance midpoint 20.2% annually
Assumed 2030 net margin
39.5%Current 42.9%
Assumed 2030 P/E
23.0xCurrent 44.6x
Converted P/S
9.1x
Conditional Shareholder Return Bridge
Conditional Market Cap$2.64TVs. current +54.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares4.39BVs. current -7.9%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$600.99Current $357.31 · +68.2%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+71.6%Implied Share Value Change +68.2% · Dividend Contribution +3.4 ppAnnualized +14.4%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.71T$2.64T
Shares
4.77B4.39B
Implied Share Value Change
+68.2%
Shareholder Return Components
Implied Share Value Change
+68.2%
Dividend Contribution
+3.4 pp
Conditional Total Shareholder Return
+71.6%

Next-generation XPU and AI networking deployments from major existing customers continue, but their growth slows quickly after FY2029.

Base
Assumed 2030 revenue$307.5BRevenue CAGR from TTM 36.3%
CAGR from annualized latest-quarter revenue 27.0% annuallyCAGR from annualized guidance midpoint 21.9% annually
Assumed 2030 net margin
41.0%Current 42.9%
Assumed 2030 P/E
25.0xCurrent 44.6x
Converted P/S
10.3x
Conditional Shareholder Return Bridge
Conditional Market Cap$3.15TVs. current +84.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares4.42BVs. current -7.4%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$712.81Current $357.31 · +99.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+102.9%Implied Share Value Change +99.5% · Dividend Contribution +3.4 ppAnnualized +19.3%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.71T$3.15T
Shares
4.77B4.42B
Implied Share Value Change
+99.5%
Shareholder Return Components
Implied Share Value Change
+99.5%
Dividend Contribution
+3.4 pp
Conditional Total Shareholder Return
+102.9%

Follow-on XPU and AI networking deployments from major existing customers continue through FY2029 before growth gradually slows in FY2030.

Optimistic
Assumed 2030 revenue$314.3BRevenue CAGR from TTM 37.0%
CAGR from annualized latest-quarter revenue 27.7% annuallyCAGR from annualized guidance midpoint 22.6% annually
Assumed 2030 net margin
42.5%Current 42.9%
Assumed 2030 P/E
27.0xCurrent 44.6x
Converted P/S
11.5x
Conditional Shareholder Return Bridge
Conditional Market Cap$3.61TVs. current +111.5%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares4.44BVs. current -7.0%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$812.06Current $357.31 · +127.3%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+130.6%Implied Share Value Change +127.3% · Dividend Contribution +3.4 ppAnnualized +23.2%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.71T$3.61T
Shares
4.77B4.44B
Implied Share Value Change
+127.3%
Shareholder Return Components
Implied Share Value Change
+127.3%
Dividend Contribution
+3.4 pp
Conditional Total Shareholder Return
+130.6%

Next-generation XPU and AI networking deployments from major existing customers remain elevated through FY2030.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Conditional Shareholder Return Bridge
Conditional Market Cap$3.15TVs. current +84.8%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares4.42BVs. current -7.4%Reflects company-specific share-count changes, including repurchases and issuance.
Conditional Implied Share Value$712.81Current $357.31 · +99.5%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+102.9%Implied Share Value Change +99.5% · Dividend Contribution +3.4 ppAnnualized +19.3%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$1.71T$3.15T
Shares
4.77B4.42B
Implied Share Value Change
+99.5%
Shareholder Return Components
Implied Share Value Change
+99.5%
Dividend Contribution
+3.4 pp
Conditional Total Shareholder Return
+102.9%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

Broadcom FY2026 Q3 earnings release ↗

Official Broadcom IR/SEC materials and market data.

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

VALUFOUR Operating Principles

  1. We provide the same information to every user.
  2. We do not recommend buying, selling or holding a security.
  3. We do not provide personalized investment advice.
  4. Valuation and shareholder-return results are conditional calculations based on input assumptions.
  5. We distinguish facts disclosed in filings from analytical assumptions.
  6. Advertising and affiliate relationships do not influence the analysis results.
  7. Official filings and each user’s own judgment should take precedence over VALUFOUR’s analysis.

Advertising and Use of Index Names

Analysis cards are clearly separated from advertising, and we do not place affiliate ads that encourage purchases of specific securities. Index names, exchange names and company names are used only as references to describe the subjects of analysis and sources. We do not use wording or logos that imply official affiliation, endorsement or sponsorship.

AI semiconductor revenue

This company-disclosed category includes custom XPU/ASIC and AI networking. Networking revenue is not added again.