Broadcom reported first quarter 2026 revenue of $19.31 billion, up 29% year-over-year, and non-GAAP EPS of $2.05. These results slightly exceeded analyst expectations for both revenue and earnings, driven by significant outperformance in its AI business.
Key Highlights
- AI-related revenue reached $8.4 billion, a 106% year-over-year increase that surpassed the company's forecast of $8.2 billion, driven by robust demand for custom AI accelerators and networking.
- The company guided for strong second quarter revenue of approximately $22.0 billion, implying a 47% year-over-year growth rate, with AI semiconductor revenue expected to accelerate further to $10.7 billion.
- Broadcom announced a new $10 billion share repurchase authorization and declared a quarterly dividend of $0.65 per share, returning $10.9 billion to shareholders in the first quarter.