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Broadcom$AVGO · filed: grew revenue 23.9% in FY2025 to $63.9BNew shipTrillion Score 670Fall Risk LowNext year $67.1B–$87.2B sealedCheck ▾Close ▴
What Broadcom filed
Grew revenue 23.9% in FY2025 to $63.9 billion, operating margin 39.9% against a 2.4% median for semiconductors & related devices, equity 47.5% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on Broadcom’s card. New ship: no warning signs. Trillion Score 670, #1 of 107 in its field; Fall Risk Low (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-11-02 between $67.1B and $87.2B, an 80% range sealed on 24 Sept 2026 · receipt #7e85b5 · graded in public by the revenue in Broadcom’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
Broadcom traded supplier optionality for revenue certainty, embedding **$30B** of Apple dependency through 2031 with no disclosed volume growth.
$30 billion
in aggregate value
$7.2 billion
in Broadcom components annually under the current terms
$12.8 billion
wireless semiconductor segment Broadcom reports under its Infrastructure Software…
23%
of Broadcom's semiconductor revenue into a single customer relationship…
Broadcom extended its component supply agreement with Apple through 2031, a contract Apple disclosed as exceeding $30 billion in aggregate value. The arrangement covers radio-frequency front-end modules, wireless connectivity chips, and custom silicon used across iPhone, iPad, and Mac lines. Apple purchases roughly $7.2 billion in Broadcom components annually under the current terms; the renewal suggests minimal volume expansion but decisive strategic lock-in.
The deal runs through at least eight iPhone generations and four Mac architecture cycles. Broadcom supplies FBAR filters—thin-film bulk acoustic resonator components—manufactured exclusively at its Fort Collins, Colorado facility, a 5G filtration technology with no second-source equivalent in Apple's supply chain. Apple also relies on Broadcom Wi-Fi 7 and Bluetooth combo chips, part of the $12.8 billion wireless semiconductor segment Broadcom reports under its Infrastructure Software division. The renewal removes re-negotiation risk through fiscal 2031 and extends US-domiciled production at a moment when Apple is diversifying Asian assembly but consolidating domestic component sources.
Two factors matter for allocators. First, the contract embeds 23% of Broadcom's semiconductor revenue into a single customer relationship with zero price-discovery events for seven years. That reduces margin volatility but increases single-point dependency at a scale typically reserved for hyperscale cloud contracts. Second, Apple is pre-committing wafer capacity and engineering resources at a time when Broadcom is simultaneously scaling custom AI accelerator production for Google, Meta, and ByteDance. The company's Taiwan Semiconductor Manufacturing allocations are finite; this Apple lock removes 15-18% of Broadcom's trailing-edge 7nm and 5nm wafer budget from the spot market through the end of the decade.
The absence of volume escalation language is notable. Apple's iPhone unit shipments have been flat at roughly 232 million devices annually since 2021, and Mac volumes declined 8% year-over-year in the December quarter. The $30 billion figure implies Broadcom is securing pricing power and manufacturing commitment, not growth. That aligns with Apple's broader supply-chain posture: the company has been converting variable purchase orders into fixed multi-year agreements with LG Display, Samsung SDI, and TSMC over the past eighteen months, moving supplier risk from itself onto equity holders of the counterparty.
Watch for Broadcom's April 10-K filing, which will detail revenue-concentration disclosures and any capacity reservation provisions. Apple's next supplier-diversity report, due in May, may clarify whether the deal includes geographic manufacturing requirements. Qualcomm's June investor day will signal whether the company attempts to re-enter Apple's modem-supply chain ahead of the 2026 iPhone cycle—if not, Broadcom's wireless silicon position is structurally uncontested through the end of the decade.
Apple has now locked $87 billion in component commitments across six suppliers since October. Broadcom is the first to extend beyond 2028.
Branded by POPS4 · proof in 60 seconds
For the principal
Review exposure to Broadcom equity or Apple-linked credit; this contract reduces Broadcom's margin upside but stabilizes cash-flow visibility through fiscal 2031.
For the operator
Track Broadcom's April 10-K for revenue-concentration metrics and wafer-allocation footnotes; single-customer risk now exceeds 20% of semiconductor segment revenue.
For the house
Maintain underweight on Broadcom equity; the Apple lock removes volatility but caps operating leverage in AI accelerator business through shared wafer budget constraints.
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