Broadcom earnings: guidance and what to watch

Broadcom's next results are expected on December 9, 2026. Watch whether Broadcom's AI shipments become customer cash.

What has Broadcom guided for the next quarter?

For the quarter ending in November 2026, management guided to revenue of $34,800 million, including $21,700 million from AI semiconductors. These include custom accelerators, chips designed for one customer’s particular work, and networking chips, which move data among many processors. AI would therefore provide roughly three-fifths of quarterly sales.

Management also guided to a 66.0% non-GAAP operating margin. Operating income is revenue minus operating costs, before interest and taxes. Non-GAAP means Broadcom excludes selected items, including stock-based compensation and acquisition-related amortization. So 66 cents of adjusted operating income per dollar of revenue is not 66 cents of cash available to spend.

Did Broadcom keep its past revenue promise?

Management also delivered an operating promise: it forecast approximately US$17.4 billion of fourth-quarter revenue and later reported US$18,015 million. Compensation nevertheless received only about 66.4% support. Broadcom says Tan’s existing awards cover annual equity opportunities through fiscal 2030. Investors should therefore judge the next promise by what AI growth leaves behind after pay: lasting cash and value per share.

What were Broadcom's last eight quarters of revenue and profit?

Revenue reached $29,591 million, up 85.5% from the comparable quarter. The broader sequence also climbed from $14,054 million in November 2024 to $18,015 million in November 2025 and then higher through FY2026. This looks like sustained acceleration rather than a single rebound.

Operating income rose 171.0%, and operating margin reached 53.9%. Gross margin was 69.1%, slightly below May’s 69.5%, yet operating economics still strengthened. Net income reached $13,088 million, while diluted EPS was $2.68.