Broadcom Q3 FY26: revenue $29.59 billion, up 85.5% year over year
Broadcom's fiscal Q3 was a blowout: revenue of $29.59 billion rose 85.5% year over year and free cash flow hit $13.67 billion, or 46.2% of revenue. The read-through is that custom AI chips are now the company's main growth engine, with Q4 guidance of about $34.80 billion implying the ramp continues. Watch collections and inventory as the business scales.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $2.68, up 215.3% from $0.85 a year ago, while non-GAAP diluted EPS was $3.32, up 96.4% from $1.69. The 23.9% gap between the two is mostly $2.02 billion of stock-based compensation and $2.01 billion of amortization of acquisition-related intangibles, both stripped out of the non-GAAP figure. Those are real costs to shareholders even if management treats them as non-operating.
Revenue of $29.59 billion was up 85.5% from $15.95 billion a year earlier and 33.4% higher than last quarter's $22.19 billion. Semiconductor solutions did the heavy lifting at $20.84 billion, up 127.4%, while infrastructure software rose 29.0% to $8.75 billion. Custom AI accelerators alone contributed $16.70 billion, or 56.4% of total revenue.
Management guided Q4 revenue to approximately $34.80 billion, which is 93.2% above the $18.02 billion reported in last year's Q4, with non-GAAP operating income at roughly 66% of revenue. The consensus next-quarter estimate of $35.57 billion sits 2.2% above that midpoint. Broadcom has a habit of guiding conservatively: the last three quarters landed 1.1%, 0.9% and 0.6% above the midpoint.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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