That wraps up our initial coverage of Broadcom’s Q3 results. Thank you for stopping by!
Broadcom just reported earnings, with shares initially down 5% following the report. Here are the key numbers:
Quick Read:
Wall Street consensus for Q4 FY2026 sits at $34.93 billion in revenue and EPS of 3.8745, with the top-end revenue estimate reaching $37.01 billion.
CEO Hock Tan tends to guide conservatively, then deliver. Q2 guidance called for $22.0 billion; the result landed at $22.2 billion.
Investors want a Q4 AI semiconductor dollar figure, EBITDA margin near 68%, and reaffirmation of the $100 billion FY27 AI target.
With shares down 5.03% over the past month, the outlook matters more than the beat tonight.
This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. Simply stay on this page, and new updates will appear below automatically.
We expect Broadcom to release Q3 earnings shortly after 4:15 p.m. ET.
Broadcom enters tonight’s Q3 earnings report with one enormous number hanging over the stock: management guided for $16 billion of semiconductor revenue, up more than 200% year over year.
The company beat estimates last quarter, but shares still plunged 12.59% as expectations ran ahead of the results. Since then, management has said AI order visibility now extends “all the way to 2028” across hyperscale customers.
Broadcom CEO Hock Tan has previously pointed to more than $100 billion in AI semiconductor revenue for FY27, setting high expectations for tonight’s Q4 guidance.
A stronger Q4 outlook or additional 2027 AI visibility could reignite the stock, while any weakness in networking or AI order conversion could reinforce the concerns that triggered June’s selloff.
Live coverage has ended. The full story is below.
Broadcom (NASDAQ:AVGO | AVGO Price Prediction) is expected to report fiscal Q3 2026 results today at 4:15 PM ET. With a market cap of roughly $1.75 trillion, this report will likely offer the investment world one of the best real-time insights into the current state of the AI infrastructure trade.
Q2 FY26 delivered record numbers: revenue of $22.19 billion (+47.87% YoY), non-GAAP EPS of $2.44, and free cash flow of $10.26 billion, or 46% of revenue. AI semiconductor revenue reached $10.80 billion, up 143% and above management’s forecast.
Yet the market’s reaction was harsh. AVGO fell 12.59% on the day and 7.21% over 30 days. The stock is down 5.03% over the past month and up 7.21% YTD. CEO Hock Tan’s Q3 guidance of $29.4 billion in revenue, up 84% year on year, sets an unusually high bar heading into tonight.
| Metric | Q3 FY26 Estimate | YoY Change | FY26 Estimate | FY27 Estimate |
|---|---|---|---|---|
| Revenue | $29.44B | +84% | $106.04B | $173.57B |
| EPS (Non-GAAP) | $3.2382 | +91.6% | $11.626 | $19.5323 |
Revisions skew positive: Q3 EPS saw 25 upward revisions against 9 downward over 30 days, and FY27 EPS moved from $18.22 to $19.53 over 90 days. The setup implies growth reacceleration, not just AI mix.
Tonight, I’ll be watching the AI semiconductor line first. Management guided $16 billion for Q3 and $56 billion for full-year FY26 AI revenue, with second-half AI revenue expected to double from the first half. Q2 AI bookings alone were over $30 billion.
Analysts will also focus on customer commitments. Broadcom signed a long-term TPU and networking deal with Google, secured over 1 gigawatt for Anthropic in 2026 plus another 5 gigawatts from 2027, is tracking OpenAI production for late 2026, and will deliver 3 gigawatts of Meta MTIA XPUs through 2028.
I’ll also watch networking momentum. AI networking hit almost 40% of Q2 AI revenue, with the 200 terabit next-gen switch tape-out due this quarter. Infrastructure Software is guided to $8.9 billion, up 31% year on year, a sharp acceleration from Q2’s 9%. Finally, gross margin mix matters: TPUs carry lower margins, offset partially by “very rich margins” in networking.
| Quarter | EPS Surprise | Day-Of Move | 1-Week Move | 30-Day Move |
|---|---|---|---|---|
| Q2 FY26 | +1.79% | -12.59% | -7.96% | -7.21% |
| Q1 FY26 | +1.32% | +4.8% | +0.96% | +0.36% |
| Q4 FY25 | +4.27% | -11.43% | -5.44% | -4.7% |
| Q3 FY25 | +1.6% | +9.41% | +7.46% | +0.45% |
On average, shares moved -0.16% seven days after earnings across the past nine reports.
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Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 250 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.
Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.
He specializes in breaking down complex companies into clear, actionable insights for everyday investors, with a focus on fundamentals-driven research.
His work has also been featured on platforms including Seeking Alpha and Sure Dividend.
Outside of work, Thomas enjoys weight lifting and soccer.
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