⚡What does Broadcom do, in 30 seconds?
Broadcom designs custom AI chips and networking chips for data centres, plus wireless chips for phones 2 2. It also sells VMware and other software to big companies 2. It sold $63.9bn ✓ in FY2025. Chips made up 58% ✓ of that and software 42% ✓.
📱What does Broadcom sell?
Broadcom has two business lines. Chips bring in more of the money, while software keeps a bigger share of each sale as gross profit 24.
Semiconductor solutions
In FY2025, Broadcom's chip business brought in $36.9bn ✓. It builds custom AI chips, called XPUs, to each customer's own design 2. It also sells Ethernet switch chips and network cards for AI data centres 2. Other chips go into phones, such as Wi-Fi, Bluetooth and radio chips 2. Still others serve storage, broadband, telecom gear and factories 2.
👥 AI chip buyers are big cloud firms and companies building frontier AI models, plus makers of servers, switches and racks 2. Distributors bought 48% of Broadcom's revenue in FY2025 3.
Infrastructure software
In FY2025, Broadcom's software business brought in $27.0bn ✓. It covers private cloud software (VMware Cloud Foundation), mainframe software and security software such as Symantec 2. Demand for VMware Cloud Foundation drove most of its growth in FY2025 3.
👥 Large companies and government agencies; most of the Fortune 500 use it 2. Broadcom sells it directly and through resellers, distributors and cloud providers 2.
How the mix has shifted
Where the customers are
In FY2025, Asia Pacific made up the biggest share of Broadcom's sales, at 56% ✓. But these figures show where products are shipped or delivered, not where they are finally used 3. For most products, the customer takes ownership in Penang, Malaysia 3. The Americas added 30% ✓, and Europe, the Middle East and Africa 14% ✓.
💸How does Broadcom make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Broadcom sold $63.9bn ✓ of chips and software in FY2025. Making and delivering them cost $20.6bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $43.3bn ✓.
Next come the costs of running the company. Research and development took $11.0bn ✓, and sales, marketing and admin took $4.2bn ✓. Other operating costs took $2.6bn ✓. That left operating profit, the profit from the main business, of $25.5bn ✓. Interest and other items came to -$2.8bn ✓, as interest on debt alone cost $3.2bn ✓. Tax came to -$0.4bn ✓, a small credit rather than a bill. Net income was $23.1bn ✓. Put simply, out of every hundred dollars of sales, Broadcom kept about $36 ✓ as profit. That includes about $1 ✓ added on top from other income, gains and the small tax credit.
Out of every $100 customers paid in FY2025…
A tax credit added +$1 for every $100 of sales, so the slices above add up to a little more than $100.
⏱️ Broadcom by the clock
Spread the FY2025 totals evenly over its 364 days and you get this. Source: Broadcom Inc. 10-K [4].
📈How is Broadcom doing?
Broadcom has grown fast for a decade, and even faster lately. From FY2016 to FY2025, sales grew 19.1% ✓ a year on average. Sales rose in all 9 ✓ of those 9 ✓ years. Broadcom grew partly by buying other companies, and it completed its purchase of VMware in November 2023 56 2. Gross margin climbed from 44.9% ✓ to 67.8% ✓. Software keeps more of each sale as gross profit than chips do 24. Operating margin went from -3.1% ✓ to 39.9% ✓.
The latest four quarters, to 2 August 2026, were much stronger. Sales reached $89.1bn ✓, up 48.7% ✓ on the four quarters before. In the quarter to August 2026, AI chip sales were $16.7bn, up 221% on a year earlier 25. Operating margin rose to 48.0% ✓, and free cash flow was $39.4bn ✓. Broadcom's FY2026 ends on 1 November 2026 34. Last year, it reported its fourth-quarter results on 11 December 2025 2528.
📝 The report card
Broadcom earns top marks for growth, profit and cash, a weak mark for steadiness, and the lowest mark for its balance sheet because it carries a lot of debt. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Broadcom (orange) and its 5 peers land; further right is better.
Growth
Broadcom's sales grew 24.4% ✓ a year over its last three fiscal years, which earns an A ✓. That period includes VMware, which Broadcom finished buying in November 2023 56. Among its peers, only NVIDIA grew faster, at 100.0% ✓ a year.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Broadcom kept 36.5% ✓ of sales as operating profit, which earns an A ✓. Texas Instruments is about level at 37.0% ✓, while NVIDIA keeps far more at 60.1% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Broadcom turned 42.3% ✓ of sales into free cash flow, comfortably an A ✓. Among its peers, only NVIDIA did better, at 45.3% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Broadcom's cash and investments minus its borrowings (leases not counted) came to -76.6% ✓ of a year's sales, which earns an F ✓. The VMware deal alone cost about $61bn in cash and stock, plus $8bn of VMware's net debt 56. Net cash stood at -$49.0bn ✓ at the end of FY2025 and -$35.4bn ✓ by 2 August 2026.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Broadcom's yearly growth swings with a standard deviation of 12.6% ✓, which earns a D ✓. The VMware deal closed in November 2023 56, and sales jumped 44.0% ✓ in FY2024. That year also had 53 weeks rather than the usual 52 2. Even so, it ranks 2 ✓ of 6 ✓, as most peers swing more, such as NVIDIA at 43.5% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Broadcom compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
10 years at a glance
Where the cash goes
From FY2016 to FY2025, Broadcom paid out less cash than it brought in. It spent $92.3bn ✓ on dividends and buybacks, against $130.9bn ✓ of free cash flow. In FY2025, payouts equalled 51% ✓ of free cash flow, and most of that was dividends of $11.1bn ✓.
🧮Ratios 101: what are Broadcom's key financial ratios?
Ratios shrink Broadcom's big numbers into easy comparisons, and several show the mark left by its many takeovers. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Broadcom's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 67.8% ✓, up from 44.9% ✓ in FY2016, Broadcom beats the 57.0% ✓ peer median. Its software keeps more of each sale as gross profit than its chips do 24.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Broadcom's 39.9% ✓ is well above the 27.9% ✓ peer median and a big turnaround from -3.1% ✓ in FY2016.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Broadcom kept 36.2% ✓ of sales as final profit, against -13.1% ✓ in FY2016 and a 28.3% ✓ peer median. Tax of -$0.4bn ✓, a small credit, helped in FY2025.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 28.4% ✓ is a little above the 26.1% ✓ peer median. Shareholders' equity is large, at $81.3bn ✓. Broadcom paid for VMware partly in its own stock 56.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 13.5% ✓, up from 3.1% ✓ in FY2017, edges the 12.0% ✓ peer median, even with total assets of $171.1bn ✓.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Broadcom's sales are 0.4x ✓ the value of everything it owns, a little below the 0.5x ✓ peer median. It grew by buying other companies, which adds their assets to its books 2.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Broadcom holds just 40 ✓ days of stock, down from 58 ✓ in FY2017 and far below the 126 ✓ peer median. Software, 42% ✓ of sales, needs no stock, and outside firms make most of its chips 3.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 At 1.7x ✓, Broadcom has more short-term assets than short-term bills, though less cushion than the 2.8x ✓ peer median or its own 6.3x ✓ in FY2017.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Broadcom's 0.8x ✓, against 0.9x ✓ in FY2017 and a 0.3x ✓ peer median, reflects $65.1bn ✓ of debt.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
Interest cover
How many times over operating profit could pay the year's interest bill.
👉 Operating profit covers interest 7.9x ✓, which is comfortable but below the 13.9x ✓ peer median. Interest cost $3.2bn ✓ in FY2025.
📏 Rule of thumb: Above 5x is comfortable; below 2x is a warning sign.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Broadcom turns profit into cash at 1.2x ✓, above the 0.8x ✓ peer median. Outside firms make most of its chips 3, and it spent just $0.6bn ✓ on equipment in FY2025, so little of its operating cash goes on factories.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Broadcom spends 17.2% ✓ of sales on R&D, close to the 16.0% ✓ peer median, and about 57% of its staff work in research and development 2.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 11.8% ✓ of sales, far above the 3.0% ✓ peer median and up from 5.1% ✓ in FY2016.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Broadcom returned 58.8% ✓ of FY2025 profit to shareholders, well below the 129.5% ✓ peer median and its own 103.1% ✓ in FY2017.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Broadcom's competitors?
Broadcom has different rivals in each of its markets. NVIDIA and Marvell compete in AI data-centre chips and networking 132 142. Qualcomm competes in Wi-Fi and Bluetooth chips 15216. Texas Instruments and Analog Devices overlap with Broadcom in industrial chips 1718 1920.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Broadcom (AVGO, FY2025) | Custom AI chips, networking and wireless chips, and VMware software | $63.9bn | 24.4% | 39.9% | 42.1% |
| NVIDIA (NVDA, FY2026) | AI data-centre chips and networking; NVIDIA sells its own GPU platforms and names Broadcom as a networking rival 132 | $215.9bn | 100.0% | 60.4% | 44.8% |
| Marvell Technology (MRVL, FY2026) | Custom AI chips and data-centre Ethernet chips; Marvell names Broadcom as a direct rival 142 | $8.2bn | 11.4% | 16.1% | 17.0% |
| Qualcomm (QCOM, FY2025) | Wi-Fi and Bluetooth chips for phones and other devices; Qualcomm names Broadcom as a rival 15216 | $44.3bn | 0.1% | 27.9% | 28.9% |
| Texas Instruments (TXN, FY2025) | Chips for data centres and factories, a partial overlap 1718 | $17.7bn | -4.1% | 34.1% | 14.7% |
| Analog Devices (ADI, FY2025) | Industrial chips, where Analog Devices sells isolators as an alternative to Broadcom's optocouplers 1920 | $11.0bn | -2.8% | 26.6% | 38.8% |
Broadcom expects more competition, including from some of its own customers 2. AMD also sells AI data-centre chips, but as its own Instinct GPUs rather than custom designs 3536. Marvell also makes custom chips for Google that work with Google's TPU systems 37.
🧭Broadcom SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Broadcom has a long-term deal to develop and supply Google's future TPU chips 22, and its Apple custom-chip deals run through 2031 23.
- AI chip sales grew 221% in the quarter to August 2026 25.
- It had about $179.2bn of firmly committed orders still to deliver at 2 August 2026 243.
- Over the last three years combined, Broadcom turned 42.3% ✓ of sales into free cash flow, an A ✓ on our report card.
🩹 Weaknesses
- One distributor bought 50% of Broadcom's revenue in the quarter to August 2026, and the top five end customers about 55% 24.
- Broadcom carried $65.1bn ✓ of debt at the end of FY2025, and $59.4bn ✓ at 2 August 2026.
- About 95% of the chip wafers made for it by outside factories in fiscal 2025 came from TSMC 3.
- Broadcom depends heavily on CEO Hock Tan, and it does not hold key person insurance 326.
🚀 Opportunities
- A new financing platform aims at more than 20 gigawatts of AI computing for frontier AI labs through 2028 2427.
- From 2027, Anthropic is due to use about 3.5 gigawatts of TPU-based computing through Broadcom 22.
- Broadcom expects AI chip sales of about $21.7bn in the fourth quarter of fiscal 2026, up about 236% 2528.
- Demand for VMware Cloud Foundation and the move to subscription licences drove software growth in fiscal 2025 3.
⚠️ Threats
- If the customer in its first AI rack deal defaults, Broadcom could owe up to about $29bn 24. A second deal, for an unnamed customer, could cost up to about $43bn, though Broadcom sees a low chance of that 29.
- Anthropic's use of its TPU capacity depends on Anthropic's own commercial success, Broadcom says 22.
- A European cloud trade group says VMware's new terms raised costs by more than 1,000%, and it has complained to EU regulators 21.
- US export rules have hurt Broadcom's revenue and supply chain before, and the company says they may do so again 3.
🏰Does Broadcom have a moat?
Why 4?
Custom AI chips are built to one customer's own design on Broadcom's platform 2. Broadcom has a long-term deal for Google's future TPUs 22, and its Apple custom-chip deals run through 2031 23. Most of its new software contracts no longer let customers cancel early 24. Firmly committed orders reached about $179.2bn at 2 August 2026 243.
Why 2?
Broadcom's AI networking chips use Ethernet, an open, standards-based technology 2. It is a shared standard that Broadcom does not own.
Why 4?
Broadcom believes its wafer orders are a meaningful share of TSMC's total output 3. About 95% of its outsourced wafers came from TSMC in fiscal 2025 3. Its gross margin was 69% in the quarter to August 2026, even as more sales came from lower-margin chips 24. Over the last three years combined, it kept 36.5% ✓ of sales as operating profit.
Why 3?
Broadcom held about 19,000 patents and 2,170 pending applications at the end of fiscal 2025 2. It owns building blocks for custom chips, such as high-speed links and advanced packaging 2. Its own US plants are the only source of its FBAR radio filters and the special wafers for its fibre-optic parts 3. But Marvell also designs custom chips to customers' specifications, so rivals can offer a similar service 142.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Broadcom; grey dots are peers).
🔭What should you watch next?
AI rack lease backstops
The backstop amounts rise as AI racks are delivered and fall as the customer pays its lease, and the platform targets deployments through 2028 2429. Broadcom could owe up to about $29bn under its first rack deal if the customer defaults 24. It could owe up to about $43bn under an October 2026 deal, though it sees a low chance of that 29.
Anthropic starts using TPU capacity
Anthropic is due to access about 3.5 gigawatts of TPU-based computing through Broadcom, depending on its continued commercial success 22.
Broadcom's share buyback
Broadcom announced a $10 billion buyback programme in March 2026 that runs to the end of 2026 32.
Hock Tan's AI-revenue award
The board tied a performance award for the CEO to AI revenue targets in fiscal 2028 to 2030, and to him staying through fiscal 2030 38.
📚Learn the words
❓Frequently asked questions about Broadcom
How does Broadcom make money?
Broadcom makes money from chips and from infrastructure software. In FY2025, chips brought in $36.9bn ✓ and software $27.0bn ✓. In the quarter to August 2026, its AI chip sales rose 221% on a year earlier 25.
What is an XPU?
An XPU is a custom AI chip that Broadcom builds to one customer's own design 2. Google's TPU chips are one example 22. NVIDIA, by contrast, sells its own ready-made GPU platforms 132.
Does Broadcom compete with NVIDIA?
Partly: both sell into AI data centres, but in different ways 132. NVIDIA sells its own GPU platforms, while Broadcom builds custom chips to customers' designs and sells Ethernet switch chips 132. NVIDIA's yearly report names Broadcom as a networking rival 132.
Is this the same Broadcom that was founded in 1991?
Not exactly. Today's company took shape on 1 February 2016, when Broadcom Limited took over Avago Technologies and moved to close its purchase of Broadcom Corporation that day 30. Its roots go back more than 60 years, to Bell Labs and Hewlett-Packard 2. Henry Samueli, who co-founded Broadcom Corporation in 1991, has chaired the board since 2018 31.
When did Broadcom buy VMware, and for how much?
Broadcom completed its VMware purchase on 22 November 2023 56. It agreed the deal in May 2022, for about $61bn in cash and stock plus $8bn of VMware's net debt 56.
Why are some VMware customers unhappy?
Some European cloud firms say VMware's new terms cost far more 21. Broadcom moved VMware to subscription licences 3. In March 2026, a European cloud trade group complained to the European Commission that price rises and bundling raised costs by more than 1,000% 21.
Who is Broadcom's biggest customer?
Broadcom's largest direct customer is a distributor, which bought 50% of its revenue in the quarter to August 2026 24. Its top five end customers made up about 55% 24.
Does Broadcom pay a dividend?
Yes. In FY2025 it paid $11.1bn ✓ in dividends. It also announced a $10bn share buyback programme in March 2026, running to the end of 2026 32.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [4] [7] [10] [11] [8] [12].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Broadcom's FY2025 sales came from software?
2. Which sports team does Broadcom's chairman, Henry Samueli, co-own?
3. How are Broadcom's biggest AI chip deals often measured?
4. Why does Asia Pacific look like Broadcom's biggest region?
5. What blocked Broadcom's bid for Qualcomm in 2018?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Broadcom (AVGO) Form 10-K for fiscal year 2025, filed 2025-12-18 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Broadcom Form 10-K, fiscal year 2025 (ended 2025-11-02): Item 1 Business — Incorporation and HQ; fiscal year convention; history and acquisitions; segments, products and customers; custom silicon platform; competition factors; patents; employees and attrition (accessed 2026-10-29)
- Broadcom Form 10-K, fiscal year 2025 (ended 2025-11-02): risk factors, MD&A and notes — Distributor and top-five customer shares; manufacturing and TSMC wafer share; own fabs as sole sources; key person insurance; export rules; upfront licence revenue in products; drivers of software growth; title transfer in Penang; remaining performance obligations (accessed 2026-10-29)
- SEC EDGAR companyfacts: Broadcom (AVGO) — annual 10-K facts (accessed 2026-10-28)
- Broadcom 8-K Exhibit 99.1: Broadcom to acquire VMware, 2022-05-26 — VMware deal terms: cash and stock, about $61 billion, plus $8 billion of net debt (accessed 2026-10-29)
- Broadcom 8-K Item 2.01: completion of VMware acquisition, 2023-11-22 — VMware acquisition completed 2023-11-22 (accessed 2026-10-29)
- SEC EDGAR companyfacts: NVIDIA CORP (NVDA) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: TEXAS INSTRUMENTS INC (TXN) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: Broadcom (AVGO) — balance sheet at 2026-08-02 (accessed 2026-10-28)
- SEC EDGAR companyfacts: Marvell Technology, Inc. (MRVL) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: QUALCOMM INC/DE (QCOM) — annual 10-K facts (accessed 2026-10-28)
- SEC EDGAR companyfacts: ANALOG DEVICES INC (ADI) — annual 10-K facts (accessed 2026-10-28)
- NVIDIA Form 10-K, fiscal year 2026 (ended 2026-01-25): business and competition — NVIDIA networking products (InfiniBand and Ethernet switches, adapters); competitors named include Broadcom (accessed 2026-10-29)
- Marvell Technology Form 10-K, fiscal year 2026 (ended 2026-01-31): business and competition — Custom ASICs and Ethernet switches; direct competitors named include Broadcom; data center share of revenue (accessed 2026-10-29)
- Qualcomm Form 10-K, fiscal year 2025 (ended 2025-09-28): business and competition — Wi-Fi and Bluetooth connectivity products; competitors named include Broadcom (accessed 2026-10-29)
- American Presidency Project: Order regarding the proposed takeover of Qualcomm by Broadcom Limited, 2018-03-12 — Presidential order prohibiting Broadcom's proposed takeover of Qualcomm (accessed 2026-10-29)
- Texas Instruments Form 10-K for fiscal year 2025 — Item 1 markets table, customers, sales and distribution (accessed 2026-10-29)
- Broadcom Form 10-K for fiscal year 2025 — Item 1 semiconductor solutions end markets (accessed 2026-10-29)
- Broadcom 10-K, fiscal 2025 (filed 2025-12-18) — Industrial end market products (accessed 2026-10-29)
- Analog Devices 10-K, fiscal 2025 (filed 2025-11-25) — Item 1: company overview, history, fiscal year, products, listing (accessed 2026-10-29)
- CISPE press release: CISPE files competition complaint against Broadcom, 2026-03-19 — Complaint to the European Commission's competition directorate; claims about VMware terms and the end of the European cloud partner programme (accessed 2026-10-29)
- Broadcom 8-K Item 8.01: Google and Anthropic agreements, 2026-04-06 — Google custom TPU and supply assurance agreements; Anthropic compute capacity from 2027 (accessed 2026-10-29)
- Broadcom 8-K Item 8.01: Apple agreements, 2026-07-06 — Apple custom ASIC agreements through 2031 (accessed 2026-10-29)
- Broadcom Form 10-Q, third quarter of fiscal 2026 (ended 2026-08-02) — Largest-customer, top-five and distributor shares; remaining performance obligations; AI XPV platform and backstop; software contracts without termination for convenience; regulatory inquiries; gross margin drivers (accessed 2026-10-29)
- Broadcom 8-K Exhibit 99.1: third quarter fiscal 2026 results, 2026-09-02 — Q3 FY2026 revenue and segment growth; AI semiconductor revenue; Q4 FY2026 outlook (accessed 2026-10-29)
- Broadcom Form 10-K, fiscal year 2025 (ended 2025-11-02): executive officers — Hock E. Tan, President and CEO since March 2006 (accessed 2026-10-29)
- Apollo press release: Broadcom, Apollo and Blackstone establish AI XPV platform, 2026-06-09 — AI XPV platform: more than 20 GW through 2028; first $35 billion tranche; more than 1 GW for Anthropic (accessed 2026-10-29)
- Broadcom 8-K Exhibit 99.1: fourth quarter and fiscal 2025 results, 2025-12-11 — Q4 FY2025 revenue growth and AI semiconductor revenue growth; release date (accessed 2026-10-29)
- Broadcom 8-K Item 2.03, filed 2026-10-27 (event 2026-10-26) — Further AI rack financing arrangement; backstop threshold and maximum exposure (accessed 2026-10-29)
- Broadcom Limited 8-K Exhibit 99.1: completion of Avago and Broadcom Corporation combination, 2016-02-01 — Avago acquisition of Broadcom Corporation completed 2016-02-01; combined company Broadcom Limited (accessed 2026-10-29)
- Broadcom definitive proxy statement (DEF 14A), 2026 — Henry Samueli biography: Broadcom Corporation co-founder, chairman since 2018, hockey team co-owner (accessed 2026-10-29)
- Broadcom 8-K Exhibit 99.1: first quarter fiscal 2026 results, 2026-03-04 — Q1 FY2026 AI revenue and growth; new share repurchase programme and its end date (accessed 2026-10-29)
- SEC EDGAR companyfacts: Broadcom (AVGO) — quarterly 10-Q/10-K facts (accessed 2026-10-28)
- Broadcom 8-K Item 5.07: 2026 annual meeting results, 2026-04-21 — Annual meeting date; eight directors elected; fiscal 2026 end date (accessed 2026-10-29)
- AMD Form 10-K for fiscal year 2025 (ended 2025-12-27), filed 2026-02-04 — Item 1 Business: segments, products and customers (accessed 2026-10-29)
- Broadcom Form 10-K for fiscal year 2025 (ended 2025-11-02), filed 2025-12-18 — Item 1 Business: AI semiconductor solutions (custom accelerators or XPUs, Ethernet switching, NICs) (accessed 2026-10-29)
- Marvell Technology Form 8-K, Google commercial agreement and warrant, dated 2026-08-19 — 2026-07-29 custom silicon agreement with Google (TPU ecosystem programs); warrant for up to 58,970,907 shares vesting in 240 tranches, one per $500 million of Custom Products revenue, through fiscal 2033 (accessed 2026-10-29)
- Broadcom 8-K Item 5.02: CEO performance award, 2025-09-09 — CEO award granted 2025-09-03; AI revenue targets FY2028-FY2030; service through fiscal 2030 (accessed 2026-10-29)