Compute, memory and networkingAVGOFilings through September 10, 2026
Broadcom capital spending
In the quarter ended August 2, 2026, Broadcom spent $0.5 billion on capital equipment, 4% of its $14.2 billion of operating cash flow and up 275% from a year earlier. Free cash flow was $13.7 billion, and long-term debt fell by $5.5 billion.
Next report: December 9, 2026, after the close. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through September 10, 2026
Broadcom’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, Broadcom capital spending, filings through September 10, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 16 reported quarters shown.
Broadcom’s quarterly capital spending has been above the same quarter a year earlier for four consecutive quarters, and Aug 2026 was the highest quarter in the 37-quarter record held here. Over the latest four quarters it generated $40.7 billion from operations and spent $1.3 billion, leaving $39.4 billion of free cash flow against $24.9 billion over the four before.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Nov 2024 Q4 FY2024 | Feb 2025 Q1 FY2025 | May 2025 Q2 FY2025 | Aug 2025 Q3 FY2025 | Nov 2025 Q4 FY2025 | Feb 2026 Q1 FY2026 | May 2026 Q2 FY2026 | Aug 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 5,604 | 6,113 | 6,555 | 7,166 | 7,703 | 8,260 | 10,493 | 14,197 |
| Long-term debt issued | 4,969 | 2,986 | 749 | 6,960 | 4,971 | 4,474 | 0 | 0 |
| Short-term borrowing, net | 0 | 3,980 | (119) | (3,373) | 0 | 0 | 0 | 0 |
| Stock issued | 126 | 0 | 118 | 0 | 103 | 0 | 113 | 0 |
| Capital spending | 122 | 100 | 144 | 142 | 237 | 250 | 231 | 532 |
| Finance-lease principal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-term debt repaid | 7,472 | 8,090 | 0 | 6,750 | 3,638 | 3,650 | 1,250 | 5,628 |
| Share repurchases | 0 | 0 | 2,450 | 0 | 0 | 7,850 | 600 | 0 |
| Dividends | 2,484 | 2,774 | 2,785 | 2,786 | 2,797 | 3,086 | 3,092 | 3,103 |
| Free cash flow | 5,482 | 6,013 | 6,411 | 7,024 | 7,466 | 8,010 | 10,262 | 13,665 |
| Net long-term debt issued | (2,503) | (5,104) | 749 | 210 | 1,333 | 824 | (1,250) | (5,628) |
| Returned to shareholders | 2,484 | 2,774 | 5,235 | 2,786 | 2,797 | 10,936 | 3,692 | 3,103 |
| Outside funding needed | (2,998) | (3,239) | (1,176) | (4,238) | (4,669) | 2,926 | (6,570) | (10,562) |
| Change in cash | (604) | (41) | 165 | 1,246 | 5,460 | (2,004) | 5,454 | 4,347 |
| Interest expense | 916 | 873 | 769 | 807 | 761 | 801 | 776 | 778 |
| Stock-based compensation | 1,314 | 1,280 | 1,771 | 2,322 | 2,195 | 2,176 | 2,092 | 2,019 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | FY2018 Nov 2018 | FY2019 Nov 2019 | FY2020 Nov 2020 | FY2021 Oct 2021 | FY2022 Oct 2022 | FY2023 Oct 2023 | FY2024 Nov 2024 | FY2025 Nov 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 635 | 432 | 463 | 443 | 424 | 452 | 548 | 623 |
| Equipment acquired under finance leases | — | — | 74 | 15 | 1 | 0 | 49 | — |
| Capital spending including finance leases | — | — | 537 | 458 | 425 | 452 | 597 | — |
| Finance-lease principal paid | 21 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Finance-lease liability | — | — | 68 | 65 | 59 | 49 | 39 | — |
| Operating-lease liability | — | 591 | 627 | 543 | 463 | 419 | 1,350 | 1,325 |
Broadcom discloses equipment acquired under finance leases only in its annual 10-K, so this section runs by fiscal year as filed. The addition is a non-cash item and is not in cash capital spending.
The balance sheet
The five hyperscalers combined| Millions of dollars | Nov 2024 Q4 FY2024 | Feb 2025 Q1 FY2025 | May 2025 Q2 FY2025 | Aug 2025 Q3 FY2025 | Nov 2025 Q4 FY2025 | Feb 2026 Q1 FY2026 | May 2026 Q2 FY2026 | Aug 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 9,348 | 9,307 | 9,472 | 10,718 | 16,178 | 14,174 | 19,628 | 23,975 |
| Cash and investments | 9,348 | 9,307 | 9,472 | 10,718 | 16,178 | 14,174 | 19,628 | 23,975 |
| Long-term debt | 66,295 | 60,926 | 61,751 | 62,830 | 61,984 | 63,805 | 62,655 | 57,167 |
| Current debt | 1,245 | 1,650 | 1,650 | 900 | 3,152 | 2,252 | 2,252 | 2,252 |
| Commercial paper | 0 | 3,992 | 3,877 | 496 | — | — | — | — |
| Gross debt | 67,540 | 62,576 | 63,401 | 63,730 | 65,136 | 66,057 | 64,907 | 59,419 |
| Finance-lease liability | 39 | 22 | 11 | 10 | — | — | — | — |
| Net debt | 58,192 | 53,269 | 53,929 | 53,012 | 48,958 | 51,883 | 45,279 | 35,444 |
| Property and equipment, net, as reported | 2,521 | 2,465 | 2,462 | 2,451 | 2,530 | 2,599 | 2,788 | 3,144 |
| Accumulated depreciation | 4,504 | — | — | — | 4,896 | — | — | — |
| Construction in progress | 57 | — | — | — | 78 | — | — | — |
| Inventory | 1,760 | 1,908 | 2,017 | 2,180 | 2,270 | 2,962 | 4,328 | 4,523 |
| Inventory days | 32 days | 37 days | 38 days | 38 days | 36 days | 44 days | 58 days | 45 days |
| Total assets | 165,645 | 165,358 | 164,630 | 165,621 | 171,092 | 169,903 | 179,158 | 188,148 |
| Shareholders’ equity | — | — | — | — | — | — | — | — |
| Interest expense | 916 | 873 | 769 | 807 | 761 | 801 | 776 | 778 |
| Interest paid | 738 | 671 | 700 | 602 | 699 | 619 | 695 | 674 |
| Effective interest cost | 5.4% | 5.6% | 4.9% | 5.1% | 4.7% | 4.9% | 4.8% | 5.2% |
| Stock-based compensation | 1,314 | 1,280 | 1,771 | 2,322 | 2,195 | 2,176 | 2,092 | 2,019 |
| Shares outstanding, millions | 4,686 | 4,702 | 4,703 | 4,722 | 4,741 | 4,736 | 4,758 | 4,774 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
Largest customers
Share of revenue or receivables, as disclosed| Period | Customer | Benchmark | Share | Filing |
|---|---|---|---|---|
| Year to Nov 2025 | Major Customer One | Accounts receivable | 44.0% | 10-K |
| Year to Nov 2025 | Major Customer One | Revenue | 32.0% | 10-K |
Broadcom does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 2 customer labels seen in filings since 2023.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Jan 7, 2026 | Registered notes | 4 tranches, 2031 to 2056 | 4.30 to 5.70% | 4,500 | High: term sheet | FWP |
| Sep 23, 2025 | Registered notes | 3 tranches, 2030 to 2038 | 4.20 to 4.90% | 5,000 | High: term sheet | FWP |
| Jul 8, 2025 | Registered notes | 3 tranches, 2030 to 2035 | 4.60 to 5.20% | 6,000 | High: term sheet | FWP |
| Jan 7, 2025 | Registered notes | 3 tranches, 2028 to 2032 | 4.80 to 5.20% | 3,000 | High: term sheet | FWP |
| Sep 27, 2024 | Registered notes | 4 tranches, 2028 to 2034 | 4.15 to 4.80% | 5,000 | High: term sheet | FWP |
| Jul 9, 2024 | Registered notes | 3 tranches, 2027 to 2031 | 5.05 to 5.15% | 5,000 | High: term sheet | FWP |
In 2026 Broadcom has priced $4.5B of notes and term loans in 1 filing. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.
1 filing could not be parsed and is listed without an amount: 8-K 2.03 of Oct 27, 2026.
Demand behind the capex
All companies, side by side| Millions of dollars | Nov 2024 Q4 FY2024 | Feb 2025 Q1 FY2025 | May 2025 Q2 FY2025 | Aug 2025 Q3 FY2025 | Nov 2025 Q4 FY2025 | Feb 2026 Q1 FY2026 | May 2026 Q2 FY2026 | Aug 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,054 | 14,916 | 15,004 | 15,952 | 18,015 | 19,311 | 22,187 | 29,591 |
| Remaining performance obligations | 20,500 | 22,400 | 24,700 | 27,500 | 33,300 | 45,000 | 164,600 | 179,200 |
| Backlog over trailing revenue | 0.4× | 0.4× | 0.4× | 0.5× | 0.5× | 0.7× | 2.2× | 2.0× |
| Deferred revenue, current | 9,395 | 9,908 | 10,303 | 10,305 | 9,469 | 9,188 | 10,038 | 9,501 |
| Deferred revenue | 14,495 | 14,536 | 14,457 | 14,336 | 13,016 | 12,855 | 14,242 | 13,124 |
At Aug 2026 Broadcom carried $179.2B of remaining performance obligations, 2.0× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Nov 2024 Q4 FY2024 | Feb 2025 Q1 FY2025 | May 2025 Q2 FY2025 | Aug 2025 Q3 FY2025 | Nov 2025 Q4 FY2025 | Feb 2026 Q1 FY2026 | May 2026 Q2 FY2026 | Aug 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 122 | 100 | 144 | 142 | 237 | 250 | 231 | 532 |
| Depreciation of property and equipment | 156 | 142 | 142 | 142 | 148 | 150 | 163 | 171 |
| Capex to depreciation | 0.8× | 0.7× | 1.0× | 1.0× | 1.6× | 1.7× | 1.4× | 3.1× |
| Amortization of intangibles | — | 1,995 | 1,989 | 2,026 | 2,052 | 1,969 | 1,967 | 2,006 |
| Depreciation and amortization, as reported | — | 2,137 | 2,131 | 2,168 | 2,200 | 2,119 | 2,130 | 2,177 |
| Property and equipment, net, as reported | 2,521 | 2,465 | 2,462 | 2,451 | 2,530 | 2,599 | 2,788 | 3,144 |
| Property and equipment, gross | 7,025 | — | — | — | 7,426 | — | — | — |
In Aug 2026 Broadcom spent 3.1× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 36 of 42 quarters on file.
The statement
Download the source data| Millions of dollars | Nov 2024 Q4 FY2024 | Feb 2025 Q1 FY2025 | May 2025 Q2 FY2025 | Aug 2025 Q3 FY2025 | Nov 2025 Q4 FY2025 | Feb 2026 Q1 FY2026 | May 2026 Q2 FY2026 | Aug 2026 Q3 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14,054 | 14,916 | 15,004 | 15,952 | 18,015 | 19,311 | 22,187 | 29,591 |
| Operating cash flow | 5,604 | 6,113 | 6,555 | 7,166 | 7,703 | 8,260 | 10,493 | 14,197 |
| Capital spending | 122 | 100 | 144 | 142 | 237 | 250 | 231 | 532 |
| Free cash flow | 5,482 | 6,013 | 6,411 | 7,024 | 7,466 | 8,010 | 10,262 | 13,665 |
| Depreciation and amortization | — | 2,137 | 2,131 | 2,168 | 2,200 | 2,119 | 2,130 | 2,177 |
| Long-term debt | — | — | — | — | 61,984 | 63,805 | 62,655 | 57,167 |
| First filed / release date | Dec 20, 2024 | Mar 12, 2025 | Jun 11, 2025 | Sep 10, 2025 | Dec 18, 2025 | Mar 11, 2026 | Jun 9, 2026 | Sep 10, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did Broadcom spend on capital expenditures last quarter?
- Broadcom spent $0.5 billion on purchases of property and equipment in the quarter ended August 2, 2026, up 275% from the same quarter a year earlier. Over its latest four reported quarters it spent $1.3 billion.
- Did Broadcom's capital spending exceed its operating cash flow?
- No. In the quarter ended August 2, 2026 capital spending was 4% of Broadcom's $14.2 billion of operating cash flow, leaving free cash flow of $13.7 billion.
- What is Broadcom's free cash flow?
- $13.7 billion in the quarter ended August 2, 2026, and $39.4 billion over the latest four reported quarters, against $24.9 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. All four of the last four quarters were positive.
- Is Broadcom's capital spending still rising?
- Yes. Broadcom's quarterly capital spending has been above the same quarter a year earlier for four consecutive quarters, and Aug 2026 was the highest quarter in its 37-quarter record on this site. The latest four quarters' spending is 146% above the four before.
- Did Broadcom borrow to fund its spending?
- Broadcom's long-term debt fell by $5.5 billion over the quarter ended August 2, 2026. The balance-sheet change is a proxy for net borrowing: maturities, reclassification and acquisitions also move it, and the cash flow statement's financing lines are the exact record.
- Is this Broadcom's AI spending?
- No. These are Broadcom's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.