Broadcom Inc. Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Financial Results (Q3 FY2026 vs. Q3 FY2025 unless noted)

  • Consolidated revenue: $29.6 billion, +86% YoY (record high).
  • Operating income: $20.1 billion, +92% YoY; operating margin 67.9% of revenue (record 68% in prepared remarks).
  • Non-GAAP EPS: $3.32, +96% YoY.
  • Free cash flow: $13.7 billion (record), 46% of revenue.
  • Cash balance: $24 billion (vs. $19.6 billion prior quarter).

AI Semiconductor Performance

  • AI revenue: $16.7 billion, +221% YoY and +54% sequentially; represented 56% of total revenue (up from 49% in Q2).
  • AI networking revenue: +2.5x YoY.
  • XPU shipments: +3.5x YoY, 73% of AI revenue.
  • FY2026 AI revenue expected at $58 billion (+186% YoY), above prior $56 billion guidance.

Non-AI Segments (Q3 FY2026)

  • Non-AI semiconductors: $4.2 billion, +5% YoY (flat sequentially); wireless declined, offset by broadband and server storage gains.
  • Infrastructure software: $8.8 billion, +29% YoY; ARR +15% YoY.
  • Announced VMware Private AI Cloud for enterprise AI workloads.

Q4 FY2026 Guidance (vs. Q4 FY2025)

  • Consolidated revenue: $34.8 billion, +93% YoY.
  • AI semiconductor revenue: $21.7 billion, +236% YoY.
  • Semiconductor revenue: ~$26.1 billion, +136% YoY.
  • Infrastructure software: ~$8.7 billion, +24-25% YoY.

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Operator: Welcome to Broadcom Inc.'s Third Quarter Fiscal Year 2026 Financial Results Conference Call. At this time, for opening remarks and introductions, I would like to turn the call over to Ji Yoo, Head of Investor Relations of Broadcom Inc. Please go ahead. Ji Yoo: Thank you, Cherie, and good afternoon, everyone. Joining me on today's call are Hock Tan, President and CEO; Amie Thuener, Chief Financial Officer; and Charlie Kawwas, President, Semiconductor Solutions Group. Broadcom distributed a press release and financial tables after the market closed, describing our financial performance for the third quarter fiscal year 2026. If you did not receive a copy, you may obtain the information from the Investors section of Broadcom's website at broadcom.com. This conference call is being webcast live, and an audio replay of the call can be accessed for 1 year through the Investors section of Broadcom's website. During the prepared comments, Hock and Amie will be providing details of our third quarter fiscal year 2026 results, guidance for our fourth quarter of fiscal year 2026 as well as commentary regarding the business environment. We'll take questions after the end of our prepared comments. Please refer to our press release today and our recent filings with the SEC for information on risk factors that could cause our actual results to differ materially from the forward-looking statements made on this call. In addition to U.S. GAAP reporting, Broadcom reports certain financ

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