Earnings call analysis

Broadcom (AVGO) Q3 FY2026 Earnings Call: Guidance and Outlook

Broadcom provided specific guidance for the fourth quarter of fiscal 2026 and offered a multi-year outlook for AI semiconductor revenue through fiscal 2028.

About Broadcom. Broadcom Inc. is a prominent global technology enterprise focused on the innovation, development, and supply of advanced semiconductor solutions and critical infrastructure software. The company's headquarters are situated in San Jose, California, and it maintains a significant team of 19,000 full-time staff.

Call date

Sep 2, 2026

Sentiment score

+55 Positive

Management tone, -100 to +100

Sentiment change

vs Q2 FY2026 call

Sector

Information Technology, Semiconductors and Semiconductor Equipment

Next report

Dec 9, 2026

View calendar

Quarterly guidance

Consolidated Revenue: $34.8 billion
Semiconductor Revenue: Approximately $26.1 billion
AI Semiconductor Revenue: $21.7 billion
Infrastructure Software Revenue: Approximately $8.7 billion
Operating Margin: Approximately 66%

Annual guidance

FY2026 AI Revenue: $58 billion
FY2027 AI Revenue: Approximately $115 billion
FY2028 AI Revenue: Approximately $230 billion

Outlook

AI Demand: Demand for compute infrastructure is expected to accelerate in 2027 and 2028.
Supply Chain: Management is actively managing bottlenecks in land, power, shell, substrates, and HBM memory.
Singapore Fab: Substrate production in the Singapore fab is scheduled to begin in fiscal 2027.
Operating Leverage: Management expects to maintain operating margins despite potential gross margin dilution from product mix.
Customer Base: The company is focused on six key XPU customers, with Anthropic and OpenAI expected to be the largest by 2027 and 2028.

Sources and method

Dombey's summary of the Broadcom Q3 FY2026 earnings call held Sep 2, 2026, written from the call itself. Every figure on this page was checked against what was said on the call, and quoted lines are management's own words; we do not add estimates or prices. The tone score is our read of management's wording, guidance and answers. Check figures against the company's SEC filings before acting. This is research, not investment advice.

Updated Nov 8, 2026. All earnings call analyses

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