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Broadcom (AVGO) Stock Analysis

TechnologySemiconductors & Related Devices

Q3 2026 · +85.5% revenue · +33.4% revenue
Beat the trendvs trailing 3-quarter avg
Revenue▲+50.3 ppvs trend
Net income▲+161.0 ppvs trend
Diluted EPS▲+156.8 ppvs trend
Free cash flow▲+24.1 ppvs trend

Outperformed in 4 of 4 metrics

How the cash was deployedQ3 2026
Operating cash flow$32.95B
$1.01B (3.1 %)
Share buybacks$8.45B (25.6 %)
Dividends paid$3.10B (9.4 %)
Debt repayment$10.53B (32.0 %)
Returned to shareholders this quarter$11.55B▲ +121%
Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.
+85.5% +33.4%
14.05B
Q4 24*
14.92B
Q1 25
15.00B
Q2 25
15.95B
Q3 25
18.02B
Q4 25*
19.31B
Q1 26
22.19B
Q2 26
29.59B
Q3 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueAccelerating
$29.59B
▲+85.5% ▲+33.4%
12.49B
13.07B
14.05B
14.92B
15.00B
15.95B
18.02B
19.31B
22.19B
29.59B
Moving faster than the prior quarter — the trend is picking up speed.
Net incomeAccelerating
$13.09B
▲+216% ▲+40.6%
2.12B
−1.88B
5.89B
5.50B
4.96B
4.14B
8.52B
7.35B
9.31B
13.09B
Moving faster than the prior quarter — the trend is picking up speed.
Free cash flowAccelerating
$31.94B
▲+64.2% ▲+74.8%
9.14B
13.93B
−8.86B
6.01B
12.42B
19.45B
−11.19B
8.01B
18.27B
31.94B
Moving faster than the prior quarter — the trend is picking up speed.
Diluted Accelerating
$2.68
▲+215% ▲+40.3%
4.42
-0.40
-5.63
1.14
1.03
0.85
1.75
1.50
1.91
2.68
Moving faster than the prior quarter — the trend is picking up speed.

Margins

Gross marginReversal
69.1 %
▲+2.0 pp ▼−0.3 pp
62.27
63.92
64.05
68.01
67.96
67.10
67.99
68.13
69.48
69.13
Direction flipped this quarter — watch for a one-off or a new trend.
Operating marginAccelerating
53.9 %
▲+17.0 pp ▲+5.3 pp
23.74
28.98
32.92
41.97
38.85
36.90
41.68
44.34
48.62
53.92
Moving faster than the prior quarter — the trend is picking up speed.
Net marginSlowing
44.2 %
▲+18.3 pp ▲+2.3 pp
16.99
-14.34
41.95
36.89
33.09
25.95
47.28
38.06
41.96
44.23
Still moving the same direction, but at a smaller pace than the prior quarter.
Metric
Q3 2025Same quarter, prior year
Q2 2026Previous quarter
Q3 2026Latest quarter
YoYQoQ
Revenue$15.95B$22.19B$29.59B+85.5%+33.4%
Cost of revenue$5.25B$6.77B$9.13B+74.0%+34.9%
Gross profit$10.70B$15.41B$20.46B+91.1%+32.7%
Operating expenses$4.82B$4.63B$4.50B−6.5%−2.7%
Operating income$5.89B$10.79B$15.96B+171%+47.9%
Net income$4.14B$9.31B$13.09B+216%+40.6%
Diluted $0.85$1.91$2.68+215%+40.3%
Operating cash flow$19.83B$18.75B$32.95B+66.1%+75.7%
$386.00M$481.00M$1.01B+162%+111%
Free cash flow$19.45B$18.27B$31.94B+64.2%+74.8%
Gross margin67.1 %69.5 %69.1 %+2.0 pp−0.3 pp
Operating margin36.9 %48.6 %53.9 %+17.0 pp+5.3 pp
Net margin26.0 %42.0 %44.2 %+18.3 pp+2.3 pp