Broadcom Inc. Q1 2026 Earnings Recap

Broadcom delivered exceptional first-quarter results in fiscal 2026, with record revenue of $19.3 billion, driven by explosive growth in AI semiconductor sales, positioning the company for continued momentum ahead.

Key Takeaways

• Total revenue increased 29% year-on-year, surpassing guidance, with operating leverage reflected in a record adjusted EBITDA of $13.1 billion (68% of revenue).
• AI semiconductor revenue surged 106% year-on-year to $8.4 billion; projected to reach $10.7 billion in Q2 2026, driven by robust customer demand and the ramp-up of custom AI accelerators.
• Infrastructure Software revenue rose 1% year-on-year to $6.8 billion, with VMware's bookings exceeding $9.2 billion and sustaining a 19% annual recurring revenue growth.
• Broadcom is on track for AI revenue exceeding $100 billion in 2027, bolstered by secured supply chains and deep strategic partnerships with key cloud service providers.
• Non-AI semiconductor revenue remained flat at $4.1 billion in Q1, with expectations for modest growth in the upcoming quarter.