AVGO changes
Pick any two versions below to diff them.
- Balance sheet
- Broadcom carries debt mainly from its large purchases of software companies, most recently VMware. At August 2, 2026, goodwill and intangible assets of $124.1 billion were about two thirds of total assets of $188.1 billion. Debt principal was $61.1 billion at that date. Almost all of it was unsecured senior notes, plus $1.75 billion of term loans, all at fixed rates. Only $2.3 billion is due within 12 months, and the rest is spread out to 2056. Cash was $24.0 billion, so net debt was about $37.1 billion. This is about 0.7 times EBITDA of about $52.3 billion over the 12 months to July 2026. In the first three quarters of fiscal 2026, operating income of $35.3 billion covered interest expense of $2.4 billion about 15 times. The $7.5 billion revolving credit facility to January 2030 was undrawn, and there was no commercial paper. The January 2026 bond documents showed ratings of A3 at Moody's, A- at S&P and BBB+ at Fitch, all with positive outlooks. The balance sheet does not show two new exposures to one AI customer. First, Broadcom backs a financial partner's leases of AI racks to that customer, up to a maximum of about $29 billion. Second, that customer can issue up to $42 billion of convertible notes to Broadcom to pay for its leases. The customer had issued none of these notes at August 2, 2026. In the same nine months, cash flow paid dividends of $9.3 billion and buybacks of $8.5 billion, and Broadcom repaid $6.1 billion of net debt. But the customer financing ties more of the balance sheet to the AI ramp. As of 2026-08-02.
- Checkpoints
- Dec 10, 2026 (estimate): Q4 FY2026 results: AI revenue and FY2027 target. Pending. Watch: AI chip revenue near the guided $21.7 billion and a confirmed FY2027 AI target of about $115 billion pass; a miss or a lower FY2027 target fails. Mar 2027 (estimate): Q1 FY2027 results: start of the 2027 AI ramp. Pending. Watch: AI revenue that grows from Q4 and keeps the FY2027 path to about $115 billion passes; flat AI revenue or a customer delay fails. 2027 (estimate): Anthropic TPU deployment grows to about 5 gigawatts. Pending. Watch: Deployments on schedule, lease payments made and no draw on the backstop or convertible notes beyond plan pass; a delay or a lease default fails.