Overview
- Broadcom reported record Q4 2025 revenue of about $18.0 billion and FY revenue of roughly $63.9 billion, driven by AI hardware and networking.
- Management disclosed an AI-related order backlog of approximately $73 billion slated for delivery over the next six quarters, providing extended visibility.
- For Q1 2026, the company guided to $19.1 billion in total revenue, about $8.2 billion from AI, and adjusted EBITDA around 67%, with an expected ~100 basis-point sequential gross-margin decline due to mix.
- Shares have fallen more than 20% from early-December highs as investors weigh margin pressure, customer concentration and elevated valuation multiples.
- J.P. Morgan, Piper Sandler and Morgan Stanley reiterated bullish views or raised targets, while separate commentary speculates about very large OpenAI and Anthropic custom-chip deals that remain unconfirmed by the company.