AVGO Earnings June 5: EPS & Revenue Expectations

Key Takeaways

• Broadcom (AVGO) is scheduled to report fiscal Q2 2025 (February-April) earnings on June 5, 2025, after market close.
• According to FactSet consensus estimates, Broadcom is projected to report non-GAAP EPS of $14.93 per share and revenue of $14.6 billion for the quarter.
• AI revenue from custom silicon chips, co-designed for hyperscalers including Google and Meta, is the primary metric analysts are watching this quarter.
• The Infrastructure Software segment, anchored by the VMware acquisition, is the second major earnings driver and contributes roughly half of total company revenue.
• The earnings call follows the press release the same evening; the live webcast streams at ir.broadcom.com.

Broadcom Inc. (NASDAQ: AVGO), the S&P 500 semiconductor and infrastructure software company headquartered in Palo Alto, California, is scheduled to report fiscal Q2 2025 (February-April) earnings on June 5, 2025, after market close. President and CEO Hock Tan leads the company, which operates two reporting segments: Semiconductor Solutions and Infrastructure Software. Two narratives are dominating analyst focus this quarter: the trajectory of AI revenue from custom silicon chips, and the ongoing integration of VMware.

When Does Broadcom Report Earnings?

Broadcom is scheduled to release its fiscal Q2 2025 earnings on June 5, 2025, after the close of U.S. markets.

EARNINGS DATE Broadcom (AVGO) fiscal Q2 2025 earnings release: June 5, 2025, after market close Earnings call: June 5, 2025, 5:00 PM ET Webcast: ir.broadcom.com

The earnings release and the earnings call are two separate events. Broadcom first publishes a written press release with the headline financial results. The earnings call, a live audio event where CEO Hock Tan and management discuss results and take analyst questions, follows approximately one hour later the same evening. See the fiscal calendar section below for an explanation of what "fiscal Q2 2025" means in calendar terms.

What Analysts Expect for Broadcom's Fiscal Q2 2025

According to FactSet consensus estimates, Broadcom is projected to report non-GAAP EPS of $14.93 per share and revenue of $14.6 billion for fiscal Q2 2025. These figures represent the aggregated mean of individual analyst forecasts and serve as the benchmark against which Broadcom's actual results will be measured. For an explanation of why GAAP EPS differs from non-GAAP EPS for Broadcom specifically, see the dedicated section below.

Current Quarter Consensus Estimates

Source: FactSet analyst consensus estimates. Estimates are subject to revision prior to the earnings release.

How Analyst Consensus Works

Analyst consensus estimates aggregate the individual forecasts of the analysts covering Broadcom, typically 30 or more at any given time, compiled and averaged by data providers including FactSet. The consensus is not a single analyst's opinion. It is the mean forecast across the coverage universe, and it updates continuously as analysts revise their models. The consensus figure is the benchmark: when Broadcom reports, the first question asked is whether the actual result beat or missed that figure, and by how much.

Revenue Guidance: What Broadcom Previously Projected

On the fiscal Q1 2025 earnings call, Broadcom guided for fiscal Q2 2025 revenue of approximately $14.9 billion. That figure sits above the current analyst consensus of $14.6 billion, according to FactSet. Guidance is management's own forward revenue forecast, not an analyst estimate, which makes it authoritative. Broadcom typically provides only next-quarter revenue guidance, not EPS guidance. Historically, guidance has been the more decisive stock price driver for AVGO, more so than the backward-looking EPS result.

GAAP vs. Non-GAAP EPS: Why Broadcom Reports Two Figures

Broadcom reports both GAAP and non-GAAP earnings per share each quarter, and for AVGO the two figures diverge more than they do for most large companies. The primary driver of that gap is amortization of intangible assets, a non-cash accounting charge Broadcom records when it acquires companies. The $61 billion VMware acquisition made that charge particularly large.

Broadcom's GAAP EPS subtracts these non-cash charges from reported earnings, pulling the GAAP figure well below the non-GAAP figure. Non-GAAP EPS, which excludes amortization and certain other acquisition-related costs, is the figure analysts use for beat/miss comparisons because it reflects the ongoing performance of the business rather than the accounting treatment of past acquisitions. The terms "non-GAAP EPS" and "adjusted EPS" are used interchangeably for Broadcom in most financial sources.

Broadcom's Fiscal Calendar: When Each Quarter Ends

Broadcom's fiscal year ends in late October, which means its quarterly schedule does not align with the standard calendar year.

BROADCOM'S FISCAL CALENDAR (FY2025) Fiscal Q1: November 2024 - January 2025 Fiscal Q2: February 2025 - April 2025 Fiscal Q3: May 2025 - July 2025 Fiscal Q4: August 2025 - October 2025 Fiscal year ends: Late October

When this article refers to "fiscal Q2 2025," it means the quarter ending in late April 2025, not the calendar second quarter of 2025 (April through June). Every fiscal quarter label in this article corresponds to the periods shown above.

Key Metrics to Watch: AI Revenue and Custom Silicon

AI revenue from custom silicon is the metric analysts are most focused on for Broadcom's fiscal Q2 2025 earnings. It has been the primary growth driver in the Semiconductor Solutions segment for multiple consecutive quarters.

Key metrics analysts are tracking this quarter:

• AI revenue (total dollar figure and year-over-year growth rate)
• Revenue guidance for fiscal Q3 2025 vs. analyst consensus
• VMware annual recurring revenue (ARR) progression
• Non-GAAP EPS vs. FactSet consensus estimate
• Networking segment revenue

What Are Hyperscalers?

Hyperscalers are the world's largest cloud computing and AI infrastructure companies. Google, Meta, Amazon, and Microsoft are among them. These organizations build and operate data centers at global scale, invest billions annually in AI computing infrastructure, and require chips designed specifically for their workloads. Broadcom designs custom AI chips for these companies, which is the foundation of its AI revenue segment.

AI Revenue and XPU Custom Silicon

Broadcom's custom AI chips, called XPUs, custom accelerators, or custom silicon, are co-designed with individual hyperscaler customers for their specific AI training and inference workloads rather than sold as general-purpose products. In fiscal Q1 2025 (November 2024-January 2025), Broadcom reported $4.1 billion in AI revenue, representing growth of 77% year-over-year, according to the Broadcom fiscal Q1 2025 earnings press release. AI revenue accounted for approximately 60% of total semiconductor segment revenue that quarter.

Broadcom co-designs custom AI chips for Google, whose Tensor Processing Units (TPUs) are among the most widely deployed custom AI accelerators in the world. Broadcom also designs custom AI accelerators for Meta Platforms, which has committed to large-scale AI infrastructure buildouts.

Broadcom vs. NVIDIA: Different Approaches to AI Chips

NVIDIA (NASDAQ: NVDA) and Broadcom both serve the AI infrastructure market, but their approaches differ in a way that matters for understanding Broadcom's revenue model. NVIDIA sells standardized, off-the-shelf GPU-based accelerators, including its H100 and Blackwell series, to any buyer. Broadcom designs application-specific integrated circuits (ASICs), which are custom chips built exclusively for one hyperscaler's specific workload. The custom approach can offer meaningful cost and efficiency advantages for hyperscalers with sufficient scale to justify co-designing their own silicon.

Broadcom also competes in the custom AI ASIC market with Marvell Technology (NASDAQ: MRVL), which designs ASICs for hyperscalers including Amazon Web Services. Some hyperscalers use both NVIDIA GPUs and Broadcom ASICs for different workloads, so the two companies are not pure competitors. Investors tracking both companies' report schedules can find NVIDIA's earnings calendar in the NVIDIA stock earnings date guide.

Networking Semiconductor Revenue

Broadcom's networking semiconductor business, which includes Ethernet switching chips (Tomahawk product line), routing chips (Jericho product line), and fiber optics components, is the second major product category within the Semiconductor Solutions segment alongside AI accelerators. These products are separate from XPU revenue and are tracked independently by analysts. The networking segment has benefited from AI data center buildouts because AI computing clusters require high-speed network interconnects between servers; demand for Broadcom's switching chips has risen alongside investment in AI infrastructure.

VMware Integration: What the Infrastructure Software Segment Contributes

VMware, acquired by Broadcom for approximately $61 billion in November 2023, now contributes a substantial portion of total company revenue through the Infrastructure Software segment.

The VMware Acquisition in Brief

VMware is a virtualization and cloud infrastructure software company whose products allow organizations to run multiple operating environments on shared physical hardware and manage cloud infrastructure at scale. After the acquisition closed, VMware operates as a business unit called "VMware by Broadcom." In Broadcom's financial reporting, this business flows into the Infrastructure Software segment, which also includes legacy CA Technologies enterprise software and Symantec Enterprise Security products, though VMware is by far the dominant revenue contributor within the segment.

Annual Recurring Revenue (ARR): The Integration Metric to Watch

The primary metric analysts use to track VMware's integration progress is annual recurring revenue, or ARR: the total annualized value of Broadcom's active VMware subscription contracts. In fiscal Q1 2025, Broadcom reported VMware ARR of $16.7 billion, according to the Broadcom fiscal Q1 2025 earnings press release. Total infrastructure software segment revenue was $6.7 billion for that quarter.

The ARR figure matters because of how Broadcom restructured VMware's business model after the acquisition. VMware's customers were previously able to purchase perpetual software licenses, which are one-time payments for the right to use the software indefinitely. Broadcom converted that model to recurring annual subscriptions.

The transition initially compressed reported segment revenue as large upfront payments were replaced by smaller recurring ones spread across the contract period, but it builds a predictable annuity revenue stream that analysts value more highly than lumpy license sales. ARR tracks how much of that annuity base has been locked in through subscription contracts, which is why management and analysts treat it as the integration's key progress indicator (Broadcom Form 10-Q, filed March 2025).

Broadcom Earnings History: Recent Beat/Miss Performance

Broadcom has beaten Wall Street's non-GAAP EPS estimates in each of the last eight reported quarters, with an average positive surprise of approximately 3%, according to Broadcom quarterly earnings press releases.

EPS Beat/Miss History (Last 8 Quarters)

Source: Broadcom quarterly earnings press releases. Positive surprise = actual exceeded consensus estimate.

What Broadcom Reported Last Quarter

In fiscal Q1 2025 (November 2024-January 2025), Broadcom reported the following results:

• Non-GAAP EPS: $14.90 per share vs. estimate of $14.28 (beat by $0.62, or +4.3%)
• Revenue: $14.9 billion vs. estimate of $14.6 billion (beat by $0.3 billion)
• AI revenue: $4.1 billion, +77% year-over-year
• Guidance issued for fiscal Q2 2025: revenue of approximately $14.9 billion
• Key CEO commentary: Hock Tan stated on the earnings call that Broadcom now sees a serviceable addressable market of $60-90 billion in custom AI accelerators by fiscal year 2027, driven by three confirmed hyperscaler customers scaling XPU deployments

How AVGO Stock Has Reacted to Past Earnings Reports

In post-earnings trading sessions over the past eight quarters, AVGO stock has risen in six and fallen in two, based on publicly available closing price data. The table below shows the direction of each post-earnings session alongside whether guidance came in above or below analyst consensus that quarter.

Source: Broadcom quarterly earnings press releases; post-session price data from public market records.

Post-earnings stock direction for AVGO has historically correlated more closely with revenue guidance relative to analyst consensus than with the EPS beat or miss alone. In five of the six sessions where the stock rose, guidance came in above or at the top of analyst expectations. As an S&P 500 component with significant passive fund ownership, AVGO earnings moves can be amplified by institutional rebalancing and options activity around the event date.

Past post-earnings performance is not indicative of how AVGO stock will move following any future earnings release.

Analyst Ratings and Valuation Context

Consensus Analyst Ratings

As of May 2025, according to FactSet, approximately 35 of 42 analysts covering AVGO rate the stock a Buy or Strong Buy, with the remainder split between Hold and Sell ratings, and an average 12-month price target of $235. Analyst ratings are updated continuously and can change within hours of an earnings release. Verify current ratings and price targets through your brokerage platform before making any decisions.

Forward Valuation and Free Cash Flow

AVGO trades at approximately 27x forward earnings on a non-GAAP basis, according to FactSet, a premium to the broader semiconductor sector average of roughly 22x forward non-GAAP earnings. Broadcom generates free cash flow, calculated as operating cash flow minus capital expenditures. Its FCF margin (free cash flow as a percentage of revenue) has consistently exceeded 40% in recent fiscal years; in fiscal Q1 2025, Broadcom reported free cash flow of approximately $6.0 billion, according to the Broadcom fiscal Q1 2025 earnings press release.

That cash generation funds both share repurchases and the company's growing quarterly dividend. Broadcom returns capital to shareholders through a dividend it has historically funded from its free cash flow, increasing the payout each year for more than a decade.

How to Access the Broadcom Earnings Call

Broadcom publishes its earnings press release after market close on June 5, 2025. The earnings call, where CEO Hock Tan and management discuss results and take questions from analysts, begins at 5:00 PM ET the same evening. The live webcast streams at ir.broadcom.com; a replay and transcript are typically available within 24-48 hours of the call ending.

On the earnings call, analysts and investors typically focus on:

• Hock Tan's characterization of AI revenue and the trajectory of the XPU custom silicon business
• Next-quarter revenue guidance vs. current analyst consensus
• VMware ARR progress and any milestone announcements on the subscription transition
• Whether Broadcom discloses any new or expanded hyperscaler customer relationships
• Capital return update: dividend and share repurchase activity

Earnings call transcripts are also available on financial services platforms including Seeking Alpha within a few hours of the call's conclusion.

Broadcom (AVGO) Earnings: Frequently Asked Questions

When does Broadcom report earnings?

Broadcom (AVGO) is scheduled to report fiscal Q2 2025 (February-April) earnings on June 5, 2025, after market close. The earnings call follows at 5:00 PM ET. Broadcom reports quarterly results four times per year. Its fiscal year ends in late October, so fiscal Q2 covers February through April, not the standard calendar second quarter.

What are analysts expecting for Broadcom earnings?

According to FactSet consensus estimates, Broadcom is projected to report non-GAAP EPS of $14.93 per share and revenue of $14.6 billion for fiscal Q2 2025. These figures represent the mean of individual analyst forecasts and are subject to revision. Broadcom previously guided for revenue of approximately $14.9 billion for this quarter.

What is Broadcom's earnings per share?

According to FactSet consensus estimates, Broadcom's non-GAAP EPS is projected at $14.93 per share for fiscal Q2 2025. Broadcom reports both GAAP and non-GAAP EPS; the non-GAAP figure is the standard used for beat/miss comparisons. GAAP EPS is projected lower due to amortization charges from the VMware acquisition. See the GAAP vs. non-GAAP section for a full explanation.

What is Broadcom's fiscal year calendar?

Broadcom's fiscal year ends in late October, not in December like the standard calendar year. Fiscal Q1 runs November through January, fiscal Q2 runs February through April, fiscal Q3 runs May through July, and fiscal Q4 runs August through October. This offset is a common source of confusion. "Fiscal Q2 2025" means the quarter ending in April 2025, not June 2025.

What segment drives Broadcom's revenue growth?

AI revenue from custom silicon chips, called XPUs or custom accelerators, is the primary growth driver within Broadcom's Semiconductor Solutions segment. Broadcom co-designs these chips for hyperscalers including Google and Meta. The Infrastructure Software segment, anchored by the VMware acquisition, contributes roughly half of total company revenue and is the second major earnings driver.

Who is Broadcom's CEO?

Hock Tan is Broadcom's President and CEO. He has led the company since 2006, originally as CEO of Avago Technologies before the 2016 merger that created the current Broadcom Inc. His prepared remarks on each earnings call, particularly his commentary on AI revenue trajectory and next-quarter revenue guidance, are closely monitored by analysts and investors as the primary market-moving signal.

How does Broadcom compare to NVIDIA?

NVIDIA sells standardized GPU-based AI accelerators to all customers. Broadcom co-designs custom AI chips called ASICs (Application-Specific Integrated Circuits) exclusively for individual hyperscaler customers. Marvell Technology also competes in the custom ASIC market. Some hyperscalers use both NVIDIA GPUs and Broadcom ASICs for different workloads, so the two companies serve overlapping but distinct needs rather than competing head to head.

Why is Broadcom's GAAP EPS different from non-GAAP EPS?

Broadcom's GAAP EPS includes amortization of intangible assets, a non-cash accounting charge the company records when it acquires other companies. The $61 billion VMware acquisition in 2023 created a large amortization charge that reduces reported GAAP earnings each quarter without affecting actual cash generation. Non-GAAP EPS excludes this charge and is the figure analysts use for beat/miss comparisons because it reflects operating performance rather than acquisition accounting.

Related reading

• NVIDIA stock earnings date guide for investors

This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. All analyst estimates and forecasts are subject to change. Investors should conduct their own research and consult a qualified financial professional before making investment decisions.