AVGO · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
Broadcom Inc. · 2026-06-09 · Importance 84 · Surprise 74 · No source text
Total net revenue for the two fiscal quarters ended May 3, 2026 was $41,498 million, up $11,578 million from $29,920 million for the two fiscal quarters ended May 4, 2025. Semiconductor solutions net revenue increased to $27,524 million for the two fiscal quarters ended May 3, 2026, up $10,904 million year-over-year, driven by networking solutions—primarily custom AI accelerators and AI networking products. Infrastructure software net revenue was $13,974 million for the two fiscal quarters ended May 3, 2026, up $674 million from $13,300 million, primarily due to strong demand for VMware Cloud Foundation ("VCF"). The overall revenue mix shifted toward semiconductor solutions (a lower-margin product mix), increasing the company's exposure to AI-related product cycles in the quarter and two-quarter periods ended May 3, 2026.
Key facts
- Semiconductor solutions net revenue was $15,009 million for the fiscal quarter ended May 3, 2026, an increase of $6,601 million from $8,408 million for May 4, 2025. source
- Semiconductor solutions net revenue was $27,524 million for the two fiscal quarters ended May 3, 2026, an increase of $10,904 million from $16,620 million for May 4, 2025. source
- Total net revenue for the fiscal quarter ended May 3, 2026 was $22,187 million. source
- Total net revenue for the two fiscal quarters ended May 3, 2026 was $41,498 million. source
- Products revenue for the two fiscal quarters ended May 3, 2026 was $31,022 million. source
- Products revenue for the fiscal quarter ended May 3, 2026 was $16,892 million. source
- We included upfront license revenue of $3,719 million within products revenue for the two fiscal quarters ended May 3, 2026. source
- Infrastructure software net revenue was $13,974 million for the two fiscal quarters ended May 3, 2026 compared to $13,300 million for May 4, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +49.1% | Semiconductor solutions net revenue was $27,524 million for the two fiscal quarters ended May 3, 2026, an increase of $10,904 million from… |
| revenue | positive | realized | +29.8% | Semiconductor solutions net revenue was $15,009 million for the fiscal quarter ended May 3, 2026, an increase of $6,601 million from… |
| revenue | positive | realized | +3.0% | Infrastructure software net revenue was $13,974 million for the two fiscal quarters ended May 3, 2026 compared to $13,300 million for May… |
| revenue | positive | realized | +2.6% | Infrastructure software net revenue was $7,178 million for the fiscal quarter ended May 3, 2026 compared to $6,596 million for May 4, 2025. |
| revenue | positive | realized | — | Total net revenue for the fiscal quarter ended May 3, 2026 was $22,187 million. |
| revenue | positive | realized | — | Total net revenue for the two fiscal quarters ended May 3, 2026 was $41,498 million. |
| revenue | positive | realized | — | Products revenue for the two fiscal quarters ended May 3, 2026 was $31,022 million. |
| revenue | positive | realized | — | Products revenue for the fiscal quarter ended May 3, 2026 was $16,892 million. |
| revenue | positive | realized | — | We included upfront license revenue of $1,964 million within products revenue for the fiscal quarter ended May 3, 2026. |