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BROADCOM INC.

LISTEDNASDAQ

SYMBOLAVGO

INDICATED DIV.$2.60

RECENT PRICE (9/30/26)351.19

PRICE RANGE (52-WK)495.00–289.96

YIELD0.74%

HIGH GRADE. A CASH-GENERATIVE SOFTWARE FRANCHISE JOINED TO THE FASTEST-GROWING PART OF AI HARDWARE; THE PRICE ALREADY DISCOUNTS MUCH OF THE AI RAMP.

EPS and dividends shown under the calendar year in which the fiscal year ends (early November). SEC XBRL, split-adjusted; not shown before FY16 (predecessor filers). Prices: Yahoo Finance, retrieved 4 Oct 2026.

CAPITALIZATION: (8/2/26)

	($ mill.)	(%)
Long-Term Debt	57,167	36.4
Common Equity	99,690	63.6
Total	$156,857	100.0

Shs. ($0.001 par) – 4,774 mill.

Excl. $2,252M current portion of long-term debt.

INTERIM EARNINGS: (per sh.)

Qu.	Feb	May	Aug	Nov
FY23	0.88	0.82	0.77	0.83
FY24	0.28	0.44	-0.40	0.90
FY25	1.14	1.03	0.85	1.75
FY26	1.50	1.91	2.68

Diluted, split-adjusted; Q4 derived. Fiscal quarters end early Feb., May, Aug. and Nov.

DIVIDENDS:

	RECORD	PAYABLE
0.59Q	9/22/25	9/30/25
0.65Q	12/22/25	12/31/25
0.65Q	3/23/26	3/31/26
0.65Q	6/22/26	6/30/26
0.65Q	9/21/26	9/30/26

Raised to $0.65 qtrly from $0.59 with the Dec. 2025 payment. Source: Nasdaq dividend history.

BACKGROUND:

Broadcom has two businesses. Semiconductor solutions chiefly sells the custom AI accelerators (XPUs) and Ethernet networking chips that hyperscalers use to build AI clusters. Infrastructure software is led by VMware, acquired in November 2023, and is highly cash-generative. Free cash flow margins are near 45%, and the company has a 15-year record of dividend increases; dividends of $41.8 billion over fiscal 2021–2025 compared with $22.5 billion of buybacks.

RECENT DEVELOPMENTS:

For the three months ended 8/2/26 revenue rose 86% to $29.6 billion, and AI semiconductor revenue alone was $16.7 billion, up 221%. Management guides fourth-quarter revenue to $34.8 billion, including $21.7 billion of AI revenue, and has set AI revenue targets of $115 billion for fiscal 2027 and $230 billion for fiscal 2028. The quarterly dividend of $0.65 costs about $3.1 billion a quarter.

PROSPECTS:

At $351.19, 29% below its 52-week high, the shares sell at 30.1× consensus EPS for fiscal 2026 (ending about 11/1/26) and 18.1× fiscal 2027. Fiscal 2027 consensus of $19.38 assumes another 66% rise in EPS, and analysts' revisions over the last 30 days ran 25 down to 11 up. In our view the quality is not in doubt but the price already discounts the AI targets: holding EPS flat after fiscal 2027, our base case returns about 10.7% a year, with no margin of safety.

STATISTICS:

FISCAL YEAR	GROSS REVS. ($MILL.)	PROFIT MARGIN %	NET INCOME ($MILL.)	CAPITAL SPENDING ($MILL.)	ASSETS ($MILL.)	SHARES (MILL.)	BOOK VALUE PER SH.$	EARN. PER SH.$	DIV. PER SH.$	DIV. PAY. %	PRICE RANGE	P/E RATIO	AVG. YIELD %
16	13,240	-13.1	-1,739	723	n/a	n/a	n/a	-0.49	0.19	NM	17.94–11.43	NM	1.3
17	17,636	9.6	1,692	1,069	54,418	4,087	4.96	0.40	0.41	101	25.94–16.06	52.2	1.9
18	20,848	58.8	12,259	635	50,124	4,076	6.54	2.84	0.70	25	28.57–19.75	8.5	2.9
19	22,597	12.1	2,724	432	67,493	3,980	6.27	0.64	1.06	165	32.32–21.37	41.8	3.9
20	23,888	12.4	2,960	463	75,933	4,070	5.87	0.63	1.30	205	38.78–15.57	42.9	4.8
21	27,450	24.5	6,736	443	75,570	4,130	6.04	1.50	1.44	96	53.61–34.67	29.4	3.3
22	33,203	34.6	11,495	424	73,249	4,180	5.43	2.65	1.64	62	67.78–41.51	20.6	3.0
23	35,819	39.3	14,082	452	72,861	4,139	5.80	3.30	1.84	56	92.59–44.14	20.7	2.7
24	51,574	11.4	5,895	548	165,645	4,686	14.44	1.23	2.10	171	186.42–82.71	109.4	1.6
25	63,887	36.2	23,126	623	171,092	4,741	17.15	4.77	2.36	49	386.48–138.10	55.0	0.9

Fiscal years end on the Sunday closest to Oct. 31 (FY25 ended 11/2/25); FY16–17 are the predecessor Broadcom Limited. Per-share data and shares adjusted for the 10-for-1 split (Jul. 2024). Net income = net income attributable to the company (XBRL NetIncomeLoss; ProfitLoss from FY25). Profit margin = net income ÷ revenues; book value = equity ÷ year-end shares; EPS diluted; dividends = cash paid per share. Price range = intraday high–low within the fiscal year; P/E = mid-range price ÷ EPS; avg. yield = dividends ÷ mid-range price.

INCORPORATED:

Delaware

PRINCIPAL OFFICE:

3421 Hillview Avenue, Palo Alto, CA 94304
Tel.: (650) 427-6000

ANNUAL MEETING:

2026 meeting held April 20, at 3421 Hillview Ave., Palo Alto

NUMBER OF STOCKHOLDERS:

2,061 holders of record at 11/28/25

TRANSFER AGENT:

Computershare Trust Company, N.A.

REGISTRAR:

Not disclosed in the 10-K or proxy statement

SUPERINVESTOR HOLDINGS (DATAROMA):

No. of superinvestors: 13
Shares held: 4,640,134 (13F at 6/30/26)

OFFICERS:

Pres. & Chief Exec. Off.Hock E. Tan

Chief Fin. Off. & Chief Acctg. Off.Kirsten M. Spears

Chief Legal & Corp. Affairs Off.Mark D. Brazeal

Pres., Semiconductor Solutions GroupCharlie B. Kawwas

Sources: SEC XBRL company facts (annual and quarterly figures) · 10-K FY2025 (business, incorporation, holders, officers) · 10-Q 8/2/26 (capitalization) · 2026 proxy (annual meeting, transfer agent) · Nasdaq dividend history · Yahoo Finance (prices, consensus, revisions, retrieved 4 Oct 2026) · Dataroma (superinvestors) · Pathos note (results, guidance and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.