Broadcom (AVGO) Q2 FY2026 earnings: revenue $22.2 billion, up 47.9% on the year

Broadcom Inc. (AVGO) reported revenue of $22.2 billion for Q2 FY2026, the quarter ended 3 May 2026, up 47.9% on the same quarter a year earlier. Net income was $9.3 billion, up 87.5% on the year, and diluted earnings per share $1.91. The figures are the company's own, from the 10-Q it filed with the SEC on 9 June 2026.

Revenue

$22.2 billion

+47.9% on the year · +14.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

48.6%

38.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$9.3 billion

+87.5% on the year · +26.7% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.91

+85.4% on the year · +27.3% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 1 kept.

Revenue up 48 percent to $22.2 billion: Revenue was $22,187 million, up from $15,004 million a year earlier and $19,311 million in the first quarter. The CFO described the revenue as a record.
Semiconductor solutions up 79 percent: Semiconductor solutions revenue was $15,009 million, or 68 percent of total revenue, up from $8,408 million, or 56 percent, a year earlier.
AI semiconductor revenue up 143 percent: AI semiconductor revenue was $10.8 billion, up 143 percent year-over-year, and above management's forecast. The first-quarter release had expected $10.7 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	22,187	19,311	15,004	+14.9%	+47.9%
Cost of revenue	6,772	6,154	4,807	+10.0%	+40.9%
Gross profit	15,415	13,157	10,197	+17.2%	+51.2%
Gross margin	69.5%	68.1%	68.0%
Research and development	2,995	2,965	2,693	+1.0%	+11.2%
Selling, general and administrative	1,055	1,019	1,083	+3.5%	-2.6%
Operating income	10,788	8,563	5,829	+26.0%	+85.1%
Operating margin	48.6%	44.3%	38.8%
Interest expense	776	801	769	-3.1%	+0.9%
Pre-tax income	10,130	8,195	5,085	+23.6%	+99.2%
Income tax	820	846	120	-3.1%	+583.3%
Effective tax rate	8.1%	10.3%	2.4%
Net income	9,310	7,349	4,965	+26.7%	+87.5%
Net margin	42.0%	38.1%	33.1%
Diluted EPS	$1.91	$1.50	$1.03	+27.3%	+85.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	10,493	8,260	6,555	+27.0%	+60.1%
Capital expenditure	231	250	144	-7.6%	+60.4%
Free cash flow	10,262	8,010	6,411	+28.1%	+60.1%
Free cash flow margin	46.3%	41.5%	42.7%
Cash from investing	-208	-115	-133
Cash from financing	-4,831	-10,149	-6,257
Depreciation and amortisation	2,130	2,119	2,131	+0.5%	-0.0%
Share-based compensation	2,092	2,176	1,771	-3.9%	+18.1%
Buybacks	600	7,850	2,450	-92.4%	-75.5%
Dividends paid	3,092	3,086	2,785	+0.2%	+11.0%
Dividend per share	$0.65	$0.65	$0.59	0.0%	+10.2%
Diluted shares, weighted	4,876m	4,888m	4,826m	-0.2%	+1.0%
Shares outstanding at period end	4,758m	4,736m	4,703m	+0.5%	+1.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	87,691	79,872	69,586	+9.8%	+26.0%
Debt	66,720	67,970	69,407	-1.8%	-3.9%
Finance lease liabilities	n/a	n/a	7.0
Other liabilities	24,747	22,061	25,630	+12.2%	-3.4%
Total liabilities and equity	179,158	169,903	164,630	+5.4%	+8.8%
Fixed assets	2,788	2,599	2,462	+7.3%	+13.2%
Goodwill	97,801	97,801	97,801	0.0%	0.0%
Intangible assets	28,333	30,302	36,393	-6.5%	-22.1%
Cash and equivalents	19,628	14,174	9,472	+38.5%	+107.2%
Receivables	10,830	8,460	5,563	+28.0%	+94.7%
Inventory	4,328	2,962	2,017	+46.1%	+114.6%
Other assets	15,450	13,605	10,922	+13.6%	+41.5%
Total assets	179,158	169,903	164,630	+5.4%	+8.8%

Questions

What was Broadcom's revenue in Q2 FY2026?

Broadcom (AVGO) reported revenue of $22.2 billion for Q2 FY2026, the quarter ended 3 May 2026, up 47.9% on the same quarter a year earlier.

How much did Broadcom earn in Q2 FY2026?

Net income for Q2 FY2026 was $9.3 billion, up 87.5% on the year, and diluted earnings per share $1.91.

When did Broadcom report Q2 FY2026 results?

Broadcom filed its 10-Q for the quarter ended 3 May 2026 with the SEC on 9 June 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	7,407	7,706	8,103	8,464	8,930	8,915	8,733	8,876	9,295	11,961	12,487	13,072	14,054	14,916	15,004	15,952	18,015	19,311	22,187	29,591
Cost of revenue	2,769	2,657	2,664	2,783	3,004	2,911	2,618	2,712	2,888	4,586	4,711	4,716	5,052	4,771	4,807	5,249	5,766	6,154	6,772	9,135
Gross profit	4,638	5,049	5,439	5,681	5,926	6,004	6,115	6,164	6,407	7,375	7,776	8,356	9,002	10,145	10,197	10,703	12,249	13,157	15,415	20,456
Gross margin	63%	66%	67%	67%	66%	67%	70%	69%	69%	62%	62%	64%	64%	68%	68%	67%	68%	68%	69%	69%
R&D	1,200	1,206	1,261	1,255	1,197	1,195	1,312	1,358	1,388	2,308	2,415	2,353	2,234	2,253	2,693	3,050	2,981	2,965	2,995	2,895
SG&A	337	321	368	323	370	348	438	388	418	1,572	1,277	1,100	1,010	949	1,083	1,072	1,107	1,019	1,055	996
Operating income	2,581	3,108	3,394	3,737	3,986	4,103	4,008	3,856	4,240	2,083	2,965	3,788	4,627	6,260	5,829	5,887	7,508	8,563	10,788	15,955
Operating margin	35%	40%	42%	44%	45%	46%	46%	43%	46%	17%	24%	29%	33%	42%	39%	37%	42%	44%	49%	54%
Interest expense	434	407	518	406	406	406	405	406	405	926	1,047	1,064	916	873	769	807	761	801	776	778
Pre-tax income	2,169	2,687	2,790	3,337	3,620	3,840	3,716	3,574	3,967	1,342	2,005	2,806	3,763	5,490	5,085	5,285	6,869	8,195	10,130	15,275
Tax rate	8%	8%	7%	8%	7%	2%	6%	8%	11%	5%	-6%	151%	-12%	-0%	2%	22%	-24%	10%	8%	14%
Net income	1,914	2,398	2,515	2,999	3,583	3,774	3,481	3,303	3,524	1,325	2,121	-1,875	4,324	5,503	4,965	4,140	8,518	7,349	9,310	13,088
Net margin	26%	31%	31%	35%	40%	42%	40%	37%	38%	11%	17%	-14%	31%	37%	33%	26%	47%	38%	42%	44%
Diluted EPS	$0.45	$0.56	$0.59	$0.71	$0.78	$0.88	$0.81	$0.77	$0.82	$0.28	$0.44	-$0.40	$0.90	$1.14	$1.03	$0.85	$1.74	$1.50	$1.91	$2.68
Operating cash flow	3,541	3,486	4,243	4,424	4,583	4,036	4,502	4,719	4,828	4,815	4,580	4,963	5,604	6,113	6,555	7,166	7,703	8,260	10,493	14,197
Capital expenditure	88.0	101	85.0	116	122	103	122	122	105	122	132	172	122	100	144	142	237	250	231	532
Free cash flow	3,453	3,385	4,158	4,308	4,461	3,933	4,380	4,597	4,723	4,693	4,448	4,791	5,482	6,013	6,411	7,024	7,466	8,010	10,262	13,665
Buybacks	0.0	2,724	2,776	1,500	0.0	1,188	2,806	1,707	123	7,176	0.0	0.0	0.0	0.0	2,450	0.0	0.0	7,850	600	0.0
Dividends paid	1,486	1,689	1,676	1,661	1,707	1,926	1,914	1,901	1,904	2,435	2,443	2,452	2,484	2,774	2,785	2,786	2,797	3,086	3,092	3,103
Shares outstanding	4,130m	4,100m	4,060m	4,050m	4,180m	4,170m	4,140m	4,130m	4,140m	4,630m	4,650m	4,671m	4,686m	4,702m	4,703m	4,722m	4,741m	4,736m	4,758m	4,774m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 3 May 2026, filed 9 June 2026: the filing.