Added10-Q 2026-09-10 vs 10-K 2025-12-18
• incurring additional debt related to acquisitions or other strategic transactions;
AVGOBroadcom
We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. 10-K, Item 1
- Employees
- 33,000
- Headquarters
- Palo Alto, CA
- CEO
- Hock E. Tan
- Next results
- around Dec 10, 2026
Risk factors in the latest filings
14 new paragraphs in the 10-K, 8 new in the latest 10-Q
New in the 10-K
Paragraphs with nothing like them in last year's 10-K
14 paragraphs in Risk Factors of the 10-K filed Dec 18, 2025 with nothing like them in the 10-K filed Dec 20, 2024. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
•We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.
Read in the 10-K ↗
While U.S. tariffs and counter-tariffs, including semiconductor-related tariffs, have not had a material impact on our financial condition or results of operations, tariffs and other macroeconomic factors could materially increase costs and disrupt our supply chain. We continuously manage product availability and costs in our supply chain to mitigate the direct and indirect impact of tariffs and other macroeconomic impacts. The ultimate impact remains uncertain and will depend on
Read in the 10-K ↗
We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.
The semiconductor industry is highly cyclical and is subject to rapid price erosion, wide fluctuations in product supply and demand, constant and rapid technological change, evolving technical standards and evolving product applications. The semiconductor industry is undergoing profound change due to the adoption and proliferation of AI and has experienced a significant upturn, which may not be sustainable. The growth of AI is creating pressure on the semiconductor industry to timely design, manufacture and deliver semiconductor products and solutions to meet customer demand for computing power and AI infrastructure. Some of these AI customers may have constrained resources or capital and may be unable to pay for their required AI infrastructure and/or seek alternative financings or novel or deferred payment models from their vendors and suppliers. If our AI customers substantially reduce their expansion plans, cancel, reduce or delay their orders, are unable to generate the profit required to offset their spending or are otherwise unable to meet their obligations and we cannot offset the downturn in their business, it could have a material adverse effect on our business, operating results, financial condition and stock price.
Read in the 10-K ↗
The timing of design wins is unpredictable and implementing production for a major design win or multiple design wins at the same time, such as our design wins for our custom AI accelerators or XPUs, network switches and other AI-related products, may strain our resources and those of our CMs. Some of our customers who have selected us may also have constrained resources or capital but require immediate availability of our custom XPUs. In such event, we may dedicate significant additional resources or execute on new business strategies or models such as the sale or leasing of AI racks or systems based on our XPUs to our customers with alternative financings or novel or deferred payment models, which could result in additional costs, expenses, credit or customer default risks, reduced gross margin and cash flows.
Read in the 10-K ↗
Our business depends on a wide variety of complex IT systems and services, including cloud-based and other critical corporate services relating to, among other things, product research and development, financial reporting, product orders
Read in the 10-K ↗
Show the other 5
•the development and availability of AI data centers that could impact our ability to ship our products;
Read in the 10-K ↗
•fluctuations in our financial metrics to execute our current or new business strategies or models;
•the timing and extent to which we enter into and utilize factoring arrangements;
•the timing and extent of delivery of and payment for our semiconductor and semiconductor-based solutions, including AI racks or systems based on our XPUs;
•the inability of our customers to pay for our products or services due to their constrained resources or capital;
Read in the 10-K ↗
•market volatility impacting our ability or the cost to fund acquisitions or investments;
Read in the 10-K ↗
Various jurisdictions, investors, customers and other stakeholders continue to focus on corporate responsibility matters. A number of our customers have adopted, or may adopt, procurement policies that include corporate responsibility provisions or requirements that their suppliers should comply with, or seek to include such provisions or requirements in their procurement terms and conditions. Some investors are asking companies to publicly disclose corporate responsibility-related policies, practices and metrics.
Read in the 10-K ↗
The amount, timing and execution of our stock repurchase program may fluctuate based on our priorities for the use of cash for other purposes. These purposes include operational spending, capital spending, acquisitions, repayment of debt and returning cash to our stockholders as dividend payments. Changes in cash flows, tax laws and our stock price could also impact our stock repurchase program. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase program may be suspended or terminated at any time.
Read in the 10-K ↗
New in the latest 10-Q
Paragraphs in the 10-Q filed Sep 10, 2026 that were not in the one before
8 paragraphs in the 10-Q filed Sep 10, 2026 with nothing like them in the 10-Q filed Jun 9, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Our maximum potential liability under the Backstop upon the deployment of all AI racks, on an undiscounted basis, was approximately $ 29 billion. The fair value of the Backstop was not material. No amounts have been paid under the Backstop.
Read in the 10-Q ↗
In connection with lease agreements that enable access to compute capacity, our customer may, under certain circumstances and if needed, issue to us convertible promissory notes up to an aggregate principal amount of $ 42 billion. The notes are subject to various conditions, including the requirement to use the notes or proceeds from the notes, if any, solely for the customer’s obligations under the lease agreements. As of August 2, 2026, no notes have been issued to us.
Read in the 10-Q ↗
Highlights during the fiscal quarter ended August 2, 2026 include the following:
Read in the 10-Q ↗
We see unprecedented demand for our custom AI accelerators or XPUs and AI networking solutions from our customers, including the leading frontier AI labs, due to the demand for AI compute. However, deploying AI infrastructure to meet this demand requires our customers to access significant capital.
Read in the 10-Q ↗
We established the AI XPV platform with certain sophisticated financial partners to enable more than 20 gigawatts in compute capacity using our custom AI accelerators or XPUs and networking solutions customized for the leading frontier AI labs through 2028. The AI XPV platform provides for future deployments of XPU-based compute capacity and networking that enable frontier model training and inference. The AI XPV platform bridges the gap between the current cash flows of the leading frontier AI labs and significant upfront investments required for their businesses. Through the AI XPV platform, the financial partners fund and we provide the technology to the leading frontier AI labs to allow them to deploy AI infrastructure at a scale that meets their increasing demand. Where necessary, we may provide residual value guarantees, which are contingent liabilities we believe would have a low probability of occurring, supported by the strong profitability trajectory of the leading frontier AI labs and the sustaining value of the underlying assets.
Read in the 10-Q ↗
Show the other 3
Our maximum potential liability under the Backstop upon the deployment of all AI racks, on an undiscounted basis, was approximately $29 billion. The fair value of the Backstop was not material. No amounts have been paid under the Backstop. Refer to Note 10. “Commitments and Contingencies” in Part 1, Item 1 of this Form 10-Q.
Read in the 10-Q ↗
significantly, disrupt supply chain operations and could affect trends in our operating results. We continuously monitor the broader impacts of these circumstances on our business, our supply chain and our results of operations.
Read in the 10-Q ↗
Other information
On July 2, 2026, Amie Thuener, our Chief Financial Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act that provides for the sale of 50% of the shares (net of tax withholding) resulting from the vesting of (i) up to 150,000 shares of Broadcom common stock and (ii) any future equity awards granted during the term of the trading plan. The trading plan will expire on September 28, 2027, subject to early termination for certain specified events set forth in the trading plan.
Read in the 10-Q ↗
10-Q against the 10-K
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Sep 10, 2026 against Item 1A of the 10-K filed Dec 18, 2025.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-09-10 vs 10-K 2025-12-18
Furthermore, we have entered into and may enter into financing arrangements where we provide a backstop or a guarantee to support our strategic initiatives or other corporate purposes, which could increase our fixed obligations, expose us to additional counterparty credit risk and a decrease in value of the underlying assets, have a negative impact on our financial condition and reduce our financial and business flexibility.
Added10-Q 2026-09-10 vs 10-K 2025-12-18
• announcements of proposed acquisitions, significant innovations, strategic partnerships, joint ventures or capital commitments by us or our competitors;
Added10-Q 2026-09-10 vs 10-K 2025-12-18
• significant sales of our common stock by one or more of our largest investors.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
We make significant decisions, including determining the levels of business that we will seek and accept, evolving our business strategy or adopting new business models such as the sale or leasing of AI racks or systems based on our XPUs, production schedules, levels of reliance on CMs and outsourcing, internal fabrication utilization and other resource requirements, and evolving our business strategy or adopting new business models such as those that enable our customers to access additional compute capacity, including through the purchase and leasing of AI racks or systems based on our XPUs, based on customer requirements or estimates thereof, which may not be accurate and could result in reallocation of resources. rapidly change.
Show the other 12
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
If our AI customers substantially reduce their expansion business or AI infrastructure plans, substantially cancel, reduce or delay their orders, or are unable to generate the a profit required to offset support their spending or are otherwise unable to meet their obligations and we cannot offset the downturn in their business, expenditures, it could have a material adverse effect on our business, operating results, financial condition and condition, results of operations, cash flow or stock price.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
In addition, increased competition and the existence of product alternatives, more complex engineering requirements, lower demand, shifts in spending priorities, constrained resources or capital of our customers, supply constraints, increased costs, unfavorable changes in economic conditions, industry oversupply or reductions in our technological lead compared to our competitors, and other factors have in the past and may in the future lead to further price erosion, lower revenue and lower gross margin.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
In addition, some customers may cancel, reduce the amount of products or delay their orders or decline to purchase from us due to reduced capital expenditure spending, changes in their business strategy, lack of access to sufficient capital, delayed or cancelled AI infrastructure buildouts, downturn in their business, governmental actions such as being designated a “supply chain risk,” purchases from our competitors or their internal development of the products. competing products or customer-owned tooling.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Moreover, our top customers, including our AI solutions customers, may make and have made greater demands on us with regards to pricing and contractual terms, such as seeking to lease our custom AI accelerators or XPUs or requiring us to purchase and then lease to them full AI racks or systems based on our XPUs instead of purchasing, purchasing these chips or racks directly, as well as alternative financings financing arrangements for such leases leases, including through our AI XPV platform, or other novel or deferred payment models.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Businesses we acquire have previously increased, and may continue to increase, the scope and complexity of our IT networks, and this has, from time to time, increased our risk exposure to cyber-attacks when there are difficulties integrating diverse legacy systems that support operations for the acquired businesses.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
As a result, our semiconductor products may be used in applications for which they were not necessarily designed or tested, and the misuse or failure of our semiconductor products could result in significant liabilities to us, damage our reputation and harm our business, operating results and cash flow. tested.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
We may be required to indemnify our customers or purchasers for third-party IP infringement claims, including defense costs and damages on adverse rulings, while our CMs and suppliers are not always obligated to defend those claims, and payment of damages indemnify us in the case of adverse rulings. turn.
Reworded10-Q 2026-09-10 vs 10-K 2025-12-18
Quiet changes10-Q 2026-09-10 vs 10-K 2025-12-18
We may be required to incur significant expenses to comply with these legal requirements or respond to any governmental actions.
The first 17 of 82 are shown (at most 12 of each type).
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