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How Broadcom (AVGO) makes money

Broadcom (AVGO) made $29.6B of revenue in the third quarter fiscal 2026 (Q3 FY26), +86% from a year earlier. Products brought in $24.3B (82%); Subscriptions and services brought in $5.3B (18%). Of every dollar of revenue, 69¢ was left as gross profit, 54¢ was left as operating profit, 44¢ was left as net earnings.

Drawing the Sankey…

Broadcom revenue by segment, Q3 FY26Broadcom revenue by segment, Q3 FY26Products$24.3BSubscriptions and services$5.3B
Broadcom: revenue by line, Q1 FY26 to Q3 FY26Broadcom: revenue by line, Q1 FY26 to Q3 FY26ProductsSubscriptions and ser…Products: $24.3B latest$24.3BSubscriptions and services: $5.3B latest$5.3BQ1 FY26Q2 FY26Q3 FY26
Subscriptions and services went from 27% of revenue in Q1 FY26 to 18% in Q3 FY26, the largest shift in the mix.
Broadcom revenue by quarterBroadcom revenue by quarter$14.1BQ4 FY24$15.0BQ2 FY25$16.0BQ3 FY25$18.0BQ4 FY25$19.3BQ1 FY26$22.2BQ2 FY26$29.6BQ3 FY26
Broadcom: where each dollar of revenue goesBroadcom: where each dollar of revenue goesCost of revenue31¢Gross profit69¢Operating expenses15¢Operating profit54¢Income tax7¢Net earnings44¢Operating cash flow48¢Free cash flow46¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Products$24.3B82.0%+44%+117%
Subscriptions and services$5.3B18.0%+0.3%+11%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$29.6B100.0%
Cost of revenue$9.1B30.9%
Gross profit$20.5B69.1%
Operating expenses$4.5B15.2%
Operating profit$16.0B53.9%
Income tax$2.2B7.4%
Net earnings$13.1B44.2%
Operating cash flow$14.2B48.0%
Free cash flow$13.7B46.2%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$29.6B+86%
Q2 FY26$22.2B+48%
Q1 FY26$19.3B+30%
Q4 FY25$18.0B+28%
Q3 FY25$16.0B+22%
Q2 FY25$15.0B+20%
Q4 FY24$14.1B+51%

From Broadcom's 10-Q filed Sep 10, 2026 (on EDGAR).

Questions

How does Broadcom make money?

Broadcom (AVGO) made $29.6B of revenue in the third quarter fiscal 2026 (Q3 FY26), +86% from a year earlier. Products brought in $24.3B (82%); Subscriptions and services brought in $5.3B (18%). Of every dollar of revenue, 69¢ was left as gross profit, 54¢ was left as operating profit, 44¢ was left as net earnings.

What is Broadcom's biggest business?

Products: $24.3B in the third quarter fiscal 2026, 82% of revenue, +117% from a year earlier.

What is Broadcom's profit margin?

Net earnings were $13.1B, 44.2% of revenue, in the third quarter fiscal 2026; the operating margin was 53.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.