AVGO earnings analysis — transcript, statement tables博通 (AVGO) 财报解读 — transcript、statement tables
Broadcom Inc. Fiscal 2026 Q2 Earnings Follow-Up Analysis
Actual vs. Consensus Estimates
Per the June 3, 2026 official press release, fiscal 2026 Q2 revenue totaled $22.187B, above the consensus estimate of $22.1B; the initial release snapshot’s revenue miss marker was a placeholder, as official disclosures confirm a beat. GAAP diluted EPS actual was $1.91, against a consensus estimate of $2.40, representing a missed earnings target; non-GAAP diluted EPS was $2.44, and no market consensus for this metric was provided.
Revenue Quality and Profitability
Total revenue rose 48% YoY to a record $22.187B. The Semiconductor Solutions Group generated $15B in revenue, up 79% YoY, with AI semiconductor revenue hitting a record $10.8B, up 143% YoY. Infrastructure Software revenue was $7.2B, up 9% YoY. Gross margin came in at 77.1%, down 32 bps YoY due to a higher mix of semiconductor revenue; operating margin hit 67%, adjusted EBITDA margin 69%, both above prior company guidance. GAAP net income was $9.31B.
Cash Conversion and Capital Structure
Q2 operating cash flow was $10.493B, capex totaled $231M, resulting in $10.262B in free cash flow, equal to 46% of revenue. Ending cash and equivalents were $14.2B, total debt $66.1B, net debt $51.9B.
Guidance and Management Commentary
Non-GAAP guidance for fiscal 2026 Q3 includes revenue of ~$29.4B (84% YoY growth), non-GAAP operating margin ~67% of revenue, and adjusted EBITDA margin ~68% of revenue. Per the earnings call transcript, AI semiconductor backlog exceeded $30B, Q3 AI semiconductor revenue is targeted at $16B, full fiscal 2026 AI semiconductor revenue is expected at $56B, with a 2027 target over $100B. The call also noted incoming CFO Amy Teiner will succeed retiring CFO Kirsten Spears.
Unresolved Investor Questions
Segment-level backlog/RPO details, deferred revenue, full capex breakdown, 10-Q filing details, and complete non-GAAP reconciliation adjustments are not available in the provided materials, and SEC filings have not been accessed.
博通2026财年第二季度业绩跟进分析
实际业绩与市场预期
根据公司2026年6月3日发布的官方财报，2026财年Q2营收为221.87亿美元，高于市场一致预期的221亿美元，初始发布快照标注的营收不及预期应为占位符，此处以官方披露的实际数据为准；GAAP摊薄每股收益（EPS）实际值为1.91美元，市场一致预期为2.4美元，存在未达预期情况；非GAAP摊薄EPS为2.44美元，官方未披露其市场预期。
营收质量与盈利能力
Q2总营收同比增长48%，创历史新高。半导体解决方案板块营收150亿美元，同比增长79%，其中AI半导体营收108亿美元，同比增长143%；基础设施软件板块营收72亿美元，同比增长9%。整体毛利率77.1%，同比下滑32个基点，主要因半导体业务营收占比提升；营业利润率67%，调整后EBITDA利润率69%，均高于此前公司指引。GAAP净利润93.1亿美元。
现金流与资本结构
Q2经营现金流104.93亿美元，资本开支2.31亿美元，自由现金流102.62亿美元，占营收比例46%。期末现金及等价物142亿美元，总债务661亿美元，净债务519亿美元。
指引与管理层评论
公司给出2026财年Q3非GAAP业绩指引：营收约294亿美元（同比增长84%），非GAAP营业利润率约67%，调整后EBITDA利润率约68%。电话会议显示AI半导体订单积压超300亿美元，Q3 AI半导体营收有望达160亿美元，全年AI半导体营收预计560亿美元，2027年目标超1000亿美元，同时披露新任CFO艾米·泰纳将接任退休的柯尔斯滕·斯皮尔斯。
未明确信息
未披露细分业务订单/递延收入、资本开支具体用途、10-Q文件细节及非GAAP调整项完整明细，SEC备案文件暂未获取。
This analysis was generated by InvestLog AI based on SEC filings, Form 4 insider transactions, Form 144 planned-sale notices, 13F institutional holdings, analyst ratings, and market data. It is for informational purposes only and does not constitute investment advice.这篇研究由 InvestLog AI 基于 SEC 披露、Form 4 内部人交易、Form 144 计划减持、13F 机构持仓、分析师评级和市场数据生成。内容仅供参考，不构成投资建议。