Broadcom (NASDAQ:AVGO) reported record financial results for its fiscal first quarter ended February 1, 2026, solidifying its position as a primary beneficiary of the generative artificial intelligence boom.
The technology giant posted revenue of $19.31 billion, representing a 29% increase compared to the same period last year.
The performance was characterized by a potent combination of semiconductor growth and the high-margin recurring revenue generated by its recent acquisition of VMware.
The company’s profitability remained robust during the period, with GAAP net income reaching $7.35 billion.
On a non-GAAP basis, net income climbed to $10.19 billion, supported by an adjusted EBITDA of $13.13 billion, which represents an industry-leading 68% of total revenue.
Diluted earnings per share reached $1.50 on a GAAP basis and $2.05 on an adjusted basis, reflecting the company's ability to scale operations efficiently despite higher system-level costs associated with AI hardware.
Following the quarter's performance, Broadcom's management issued aggressive guidance for the second fiscal quarter, projecting revenue of approximately $22 billion.
This forecast implies a year-over-year jump of roughly 47%, a trajectory driven by the ramp-up of next-generation custom AI chips for major cloud service providers.