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Broadcom 8-K Report, Financial Results (Mar 4, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed March 4, 2026
Period End
March 4, 2026
Security
AVGO
In the record · 2018–202610-K810-Q268-K124

AVGO filed 8 annual reports (10-K), 26 quarterly reports (10-Q) and 124 current reports (8-K) between 2018 and 2026.

  1. Deal closed8-K · Nov ’18Nov ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Feb ’24Feb ’24

01—Abstract

Summary

Summary of the 8-K filed March 4, 2026. Cited figures are marked; the original filing is the authoritative source.

Broadcom reported record first-quarter fiscal 2026 results (quarter ended February 1, 2026), with net revenue of $19.3 billiona, up 29% year over year, driven by semiconductor solutions, which grew 52% to $12.5 billion.

AI semiconductor revenue reached $8.4 billionb, up 106% year over year, and management said AI revenue growth is accelerating. GAAP net income was $7.35 billion (GAAP diluted EPS $1.50), while non-GAAP net income was $10.19 billion (non-GAAP diluted EPS $2.05). Adjusted EBITDA was $13.1 billion, or 68% of revenue, and free cash flow was $8.0 billion, or 41% of revenue.

Note that GAAP net income was reduced by a $315 millionc excise tax benefit adjustment and Q1 non-GAAP figures exclude roughly $2.0 billion of acquisition-related amortization and $2.2 billion of stock-based compensation. Guidance for the second quarter of fiscal 2026 (ending May 3, 2026) calls for revenue of approximately $22.0 billion, up 47% year over year, with adjusted EBITDA near 68% of revenue. Management expects AI semiconductor revenue of $10.7 billion in Q2.

The step-up in guided revenue is large relative to Q1, which investors will want to see sustained in subsequent quarters. Capital returns remained significant. Broadcom returned $10.9 billiond to shareholders in Q1, including $3.1 billion in dividends and $7.8 billion in buybacks.

The Board declared a quarterly dividend of $0.65 per share, payable March 31, 2026 to holders of record on March 23, 2026, and authorized a new $10 billion share repurchase program running through December 31, 2026. Balance sheet debt remains substantial, with total debt of about $66.1 billion against cash of $14.2 billion, and cash declined $2.0 billion during the quarter.

02—Key points

Key Highlights

  1. Record Q1 revenue of $19.3 billion, up 29% YoY; semiconductor solutions up 52% to $12.5 billion (65% of revenue), while infrastructure software was roughly flat at $6.8 billion.
  2. AI semiconductor revenue of $8.4 billion in Q1, up 106% YoY and above management's forecast; Q2 AI revenue guided to $10.7 billion.
  3. Q2 fiscal 2026 revenue guidance of approximately $22.0 billion (up 47% YoY) with adjusted EBITDA of about 68% of revenue.
  4. Profitability: GAAP net income $7.35 billion (diluted EPS $1.50, up 32%); non-GAAP net income $10.19 billion (diluted EPS $2.05, up 28%). Adjusted EBITDA $13.1 billion, up 30%.
  5. Free cash flow of $8.0 billion (41% of revenue), up 33% YoY, with operating cash flow of $8.3 billion and capex of only $250 million.
  6. Shareholder returns of $10.9 billion in Q1 ($3.1 billion dividends, $7.8 billion buybacks); quarterly dividend held at $0.65 per share and a new $10 billion buyback authorized through December 31, 2026.
  7. Balance sheet: long-term debt rose to $63.8 billion and total debt is about $66.1 billion versus $14.2 billion of cash; GAAP net income was boosted in the prior quarter by a $2.1 billion one-time tax benefit, and Q1 GAAP tax expense was $846 million.

03—Questions

Frequently Asked Questions

  1. How fast is Broadcom's AI business growing, and what is expected next quarter?

    AI semiconductor revenue was $8.4 billion in Q1 fiscal 2026, up 106% year over year and above Broadcom's internal forecast, driven by custom AI accelerators and AI networking. Management expects AI semiconductor revenue of $10.7 billion in Q2, implying further sequential growth of roughly 27%.

  2. What is the difference between Broadcom's GAAP and non-GAAP earnings?

    Q1 GAAP diluted EPS was $1.50 versus non-GAAP diluted EPS of $2.05. The gap mainly reflects roughly $2.0 billion of amortization of acquisition-related intangibles and $2.2 billion of stock-based compensation, partly offset by a $315 million excise tax benefit and related tax adjustments. Investors should weigh GAAP results alongside non-GAAP measures, since the company's non-GAAP figures exclude recurring costs such as stock compensation.

  3. Is the dividend changing, and how much capital is Broadcom returning?

    The quarterly dividend remains $0.65 per share, payable March 31, 2026 to holders of record on March 23, 2026. Broadcom paid $3.1 billion in dividends and repurchased $7.8 billion of stock in Q1, and the Board authorized a new $10 billion buyback running through December 31, 2026. The company is not obligated to repurchase any specific amount, and the program can be suspended at any time.

  4. How healthy is Broadcom's balance sheet and cash generation?

    Broadcom generated $8.0 billion of free cash flow in Q1, about 41% of revenue, but cash fell $2.0 billion to $14.2 billion because shareholder returns of $10.9 billion exceeded cash generation. Total debt is roughly $66 billion, including $63.8 billion of long-term debt, so leverage remains a key consideration for investors, though cash interest paid was modest at $619 million in the quarter.

04—Continue

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