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AVGOBroadcom

Technology · Semiconductors · Nasdaq

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
Compare with peers → Embed

10-K 0001730168-25-000121 (2025-12-18) vs 10-K 0001730168-24-000139 (2024-12-20)

SectionCompared textWords nowChanged
Risk FactorsItem 1A13,178 20.2%
MD&AItem 77,100 22.2%
Legal ProceedingsItem 3, via Note 14 – Commitments and Contingencies980 5.8%
Accounting PoliciesItem 8, Note 2 – Summary of Significant Accounting Policies5,096 11.0%

The redline: what was cut and what was added

In each section, the paragraph that changed most, marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 233 words changed in this paragraph; it is 50% similar to last year's version.
A general slowdown in weakening of the global economy globally or in a particular region or industry, uncertainty and volatility in financial markets, efforts of governments to stimulate or stabilize the economy or to achieve specific policy objectives such as onshoring of semiconductor manufacturing and other unfavorable changes in economic conditions, such as inflation, higher interest rates, tightening of the credit markets, recession or slowing growth, or as well as an increase in trade tensions and related tariffs with U.S. trading partners partners, could negatively impact our business, financial condition condition, cash flows and liquidity. Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the industries and markets in which we operate, which have adversely affected our business and results of operations. Macroeconomic weakness and uncertainty may also make it more difficult for us to accurately forecast operating results, and market volatility stemming from current macroeconomic events may make it more difficult materially impact our cash flow and our ability to raise or refinance debt. debt at favorable rates. An escalation of trade tensions between the U.S. and China has resulted in trade restrictions, increased protectionism and increased tariffs that harm our ability to participate in Chinese markets or compete effectively with Chinese companies. Sustained uncertainty about, or worsening of, current global economic conditions and further escalation of trade tensions between the U.S. and its trading partners, especially China, and the decoupling of the U.S. and China economies, could partners may continue to result in a global economic slowdown trade restrictions and long-term changes increased protectionism on both ends that harm our ability to global trade. Such events may also (i) cause our customers and consumers to reduce, delay participate in some markets or forgo technology spending, (ii) result in customers sourcing products from other suppliers not subject to such restrictions or tariffs, (iii) lead to the insolvency or consolidation of key suppliers and customers, and (iv) intensify pricing pressures. Any or all of these factors could negatively affect demand for our products and our business, financial condition and results of operations. compete effectively.

Source: Item 1A, 10-K 0001730168-25-000121 vs Item 1A, 10-K 0001730168-24-000139

Accounting Policies 140 words changed in this paragraph; it is 56% similar to last year's version.
We recognize software products revenue for the upfront license portion of software arrangements sold. Our software arrangements primarily consist of fees, which may be paid either at contract inception or in installments over the contract term, that provide customers with a right to use the software, access general support and maintenance, and utilize our professional services. Our software licenses have standalone functionality from which customers derive benefit, and the customer obtains control of the software when it is delivered or made available for download. We believe that for the majority of software arrangements, customers derive significant benefit from the ongoing support we provide. Certain of our subscriptions and services software arrangements permit our customers to unilaterally terminate or cancel these arrangements at any time at the customer’s convenience, referred to as termination for convenience provisions, without substantive termination penalty and receive a pro-rata refund of any prepaid fees. Accordingly, For software arrangements without termination for convenience provisions, we recognize revenue for the license portion of the agreements upfront upon transfer of control to the customer, referred to as upfront license revenue, within products revenue. For software arrangements with termination for convenience provisions, we account for these arrangements with these termination for convenience provisions as a series of daily contracts, resulting in ratable revenue recognition of software revenue over the contractual period. period, and include them within subscriptions and services revenue.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001730168-25-000121 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001730168-24-000139

MD&A 137 words changed in this paragraph; it is 67% similar to last year's version.
We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. We develop Our semiconductor devices with and semiconductor-based solutions include a focus on broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor based devices and analog transistors, III-V based products. We offer thousands of products that devices, network interface cards and other modules, switches, subsystems and, in some cases, racks. Our solutions are used in a wide array of environments, end products and applications, such as enterprise and data center networking, including artificial intelligence (“AI”) data centers, servers and networking and connectivity, connectivity equipment, as well as storage systems, home connectivity, connectivity devices, set-top boxes, broadband access, telecommunication equipment, smartphones wireless devices and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions help enterprises simplify their information technology environments so they can increase business velocity and flexibility, and enable environments. Our customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms. Our portfolio of rely on our infrastructure and security software is designed solutions to modernize, optimize, and secure the most complex private and cloud, hybrid cloud environments, enabling and edge environments. This enables scalability, agility, automation, insights, resiliency and security security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

Source: Item 7, 10-K 0001730168-25-000121 vs Item 7, 10-K 0001730168-24-000139

Legal Proceedings 51 words changed in this paragraph; it is 86% similar to last year's version.
From time to time, we are involved in litigation that we believe is of the type common to companies engaged in our lines of business, including commercial disputes, employment issues, tax disputes and disputes involving claims by third parties that our activities infringe their patent, copyright, trademark or other IP rights, as well as regulatory investigations or inquiries. Legal proceedings and regulatory investigations or inquiries are often complex, may require the expenditure of significant funds and other resources, and the outcomes of such proceedings are inherently uncertain, with material adverse outcomes possible. IP property claims generally involve the demand by a third-party that we cease the manufacture, use or sale of the allegedly infringing products, processes or technologies and/or pay substantial damages or royalties for past, present and future use of the allegedly infringing IP. Claims that our products or processes infringe or misappropriate any third-party IP rights (including claims arising through our contractual indemnification of our customers) often involve highly complex, technical issues, the outcome of which is inherently uncertain. Moreover, from time to time, we pursue litigation to assert our IP rights. Regardless of the merit or resolution of any such litigation, complex IP litigation is generally costly and diverts the efforts and attention of our management and technical personnel.

Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001730168-25-000121 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001730168-24-000139

Every change, by type

Sentences and paragraphs of AVGO's Risk Factors and MD&A, 10-K 2025-12-18 against 10-K 2024-12-20. Each links to the text at sec.gov.

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

AddedRisk Factors
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 it in 10-K 2025-12-18 at sec.gov ↗

AddedRisk Factors
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 it in 10-K 2025-12-18 at sec.gov ↗

AddedRisk Factors
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 it in 10-K 2025-12-18 at sec.gov ↗

AddedRisk Factors
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 it in 10-K 2025-12-18 at sec.gov ↗

AddedRisk Factors
•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;

Read it in 10-K 2025-12-18 at sec.gov ↗

RemovedRisk Factors
As part of our integration of the VMware business, we are focusing on VMware’s core business of creating private cloud environments on-premises among large enterprises globally and divesting non-core assets. If VMware customers do not accept our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio, the investments we have made or may make to implement our strategy may be of no or limited value, we may lose significant customers, our financial results may be adversely affected and our stock price may suffer.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedRisk Factors
Although we expect significant benefits to result from the VMware Merger, if we do not successfully manage the challenges inherent in integrating an acquired business, we may not realize these benefits, and our revenue, expenses, operating results, financial condition and stock price could be materially adversely affected. Achieving these benefits will depend, in part, on our ability to integrate VMware's business successfully and efficiently and VMware customers accepting our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio. The successful integration of the VMware business has required, and will continue to require, significant management attention, and may divert the attention of management from other business and operational issues.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedRisk Factors
The semiconductor industry is highly cyclical and is characterized by rapid price erosion, wide fluctuations in product supply and demand, constant and rapid technological change, evolving technical standards, evolving markets such as AI, frequent new product introductions, and short product life cycles. From time to time, these factors, together with changes in general economic conditions, cause significant upturns and downturns in the industry and in our business. The market for AI-related products has resulted in a significant upturn in certain segments of the industry resulting in record revenue, which may not be sustainable. Previously the industry experienced a significant upturn due to a supply imbalance that resulted in record profitability and increases in average selling prices, which was followed by a down-cycle resulting in diminished demand for end-user products, high inventory levels and periods of inventory adjustment, and elimination of expedite fees. Historically, such down-cycles have also been characterized by under-utilization of manufacturing capacity, changes in revenue mix and accelerated erosion of average selling prices, which can lead to reduced profitability and a decline in our stock price. The Creating Helpful Incentives to Produce Semiconductors for America Act could also result in an increase in supply leading to excess inventory and a decrease in average selling prices. We expect our business to continue to be subject to cyclical downturns even when overall economic conditions are relatively stable. If we cannot offset industry or market downturns, our net revenue may decline and our financial condition and results of operations may suffer.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedRisk Factors
As a result of the VMware Merger, we are subject to tax audits in various jurisdictions for the Dell Technologies, Inc. (“Dell”) consolidated group, of which VMware was a member beginning in Dell’s fiscal year 2017 until November 2021. While VMware is no longer a member of the Dell consolidated group, it is still subject to audit for the periods in which it was member of the Dell consolidated group. While we believe VMware’s positions are reasonable, the final determination of tax audits could be materially different from our income tax provisions and accruals. Further, pursuant to a tax agreement between VMware and Dell, in the event VMware becomes subject to audits as a member of Dell’s consolidated group, Dell has authority to control the audit and represent Dell and our interests, which could limit our ability to affect the outcome of such audits.

Read it in 10-K 2024-12-20 at sec.gov ↗

RewordedRisk Factors
Our logging, alerting and cyber incident detection mechanisms have technical limitations that, in some instances, have led, and may not cover every system potentially in the future lead, to gaps in visibility into events occurring on systems targeted by threat actors, may not have the capability to detect certain types of actors or other unauthorized activities, and have not and may not always capture and or surface information sufficient to enable us to timely detect and take responsive action to insider or external threats.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
A general slowdown in weakening of the global economy globally or in a particular region or industry, uncertainty and volatility in financial markets, efforts of governments to stimulate or stabilize the economy or to achieve specific policy objectives such as onshoring of semiconductor manufacturing and other unfavorable changes in economic conditions, such as inflation, higher interest rates, tightening of the credit markets, recession or slowing growth, or as well as an increase in trade tensions and related tariffs with U.S. trading partners partners, could negatively impact our business, financial condition condition, cash flows and liquidity.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
Although our policies and procedures prohibit us, our employees and our agents from engaging in unethical business practices, practices and are designed to satisfy regulatory requirements, there can be no assurance that all of our employees, distributors these measures will be effective in preventing violations or other agents will refrain from acting in violation claims of our related anti-corruption or other policies and procedures. violations.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
We make A slow or the unsuccessful return on our investments in research and development and the slow or unsuccessful return development, expansion of our investments business strategy or adoption of new business models could materially adversely affect our business, financial condition condition, cash flows and results of operations. margins.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
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 contract manufacturing CMs and outsourcing, internal fabrication utilization and other resource requirements, based on customer requirements or estimates thereof, which may not be accurate. accurate and could result in reallocation of resources.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
If we fail to timely develop new and enhanced products and technologies, if we focus on technologies that do not become widely adopted, or if new competitive technologies that we do not support become widely accepted, demand for our products such as our custom AI accelerators or XPUs and other AI-related products may be reduced.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
Although we continually seek to improve our countermeasures to prevent such incidents, we may be unable to anticipate every scenario and it is possible that and, as a result, certain cyber threats or vulnerabilities will have in the past been and may in the future be undetected or unmitigated in time to prevent an attack harm to us or an accidental incident on us and our customers.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
If demand demand, adoption and continued usage of our software is significantly less than anticipated or we fail to realize the expected returns on our business strategy, the investments we have made to implement our strategy may be of no or limited value, we may lose significant customers and our business, financial condition, results of operations and cash flows may be adversely affected.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
In addition, to compete successfully in the semiconductor industry, we must continue to develop and respond to technological advancements and requirements, such as low-power consumption, higher bandwidth and increase in large compute clusters, and we have, from time to time, evolved our business strategy and adopted new business models to address the number needs and challenges of clusters. our customers.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
Failure to successfully develop increasingly advanced technologies, including ASICs such as our custom AI accelerators or XPUs XPUs, network switches and other AI-related products, or execute on new strategies or models such as the sale or leasing of AI racks or systems based on our XPUs could impair our competitive position.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
However, such an event could disrupt our operations, forgo revenue opportunities, potentially lose market share, result in us being unable to timely satisfy customer demand, expose us to claims by our customers, result in significant expense to repair or replace our affected facilities, products or equipment, and, in some instances, could significantly curtail our research and development efforts in a particular product area or target market, any of which could materially and adversely affect our business.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedRisk Factors
Concerns Additionally, concerns about government interference, sovereignty interference and digital sovereignty, as well as expanding privacy, cybersecurity and data governance legislation legislation, particularly in cloud computing and AI, could adversely affect our customers and customers, our products and services, particularly in cloud computing, AI services and our own data management practices.

Read it in 10-K 2025-12-18 at sec.gov ↗

Quiet changesRisk Factors
However, TSMC also fabricates wafers for other companies, including some of our competitors, and could choose or be required to materially prioritize capacity for other customers or reduce or eliminate deliveries to us on short notice.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
Many countries have enacted or are in the process of enacting a global minimum tax, some of which became effective for us starting in our fiscal year 2025 and, more importantly, the enactment in Singapore will become effective in our fiscal year ending November 1, 2026 (“fiscal year 2026”). While the tax did not have a material impact on our fiscal year 2025 consolidated results of operations, we expect a material impact from the enactment of these laws on our consolidated results of operations and cash flows for our fiscal year 2026.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
In fiscal year 2025, we included upfront license revenue of $7,800 million within products revenue. To conform to the current year presentation, we reclassified $4,601 million of upfront license revenue from subscriptions and services revenue to products revenue for fiscal year 2024. We also reclassified the related costs for the upfront license revenue, which were immaterial, for the periods presented. See Note 3. “Revenue from Contracts with Customers” in Part II, Item 8. of this Annual Report on Form 10-K for additional information.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
revenue is ultimately dependent on sales of either our product or our customers’ product incorporating our product, to end customers located in China (including Hong Kong).

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
Higher operating income from our infrastructure software segment was primarily due to strong demand for our VCF product, including license revenue recognized on contracts where customers do not have the right to terminate and the transition to a subscription license model. In addition, labor costs were lower following our integration of the VMware business.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
Provision for (benefit from) income taxes. On July 4, 2025, the United States enacted the One Big Beautiful Bill Act, which allows for the immediate expensing of domestic research and development costs and certain capital expenditures, and changes the United States taxation of profits derived from foreign operations. As a result, it is no longer more-likely-than-not that we are able to utilize our federal corporate alternative minimum tax (“CAMT”) credits, and we established a $1,321 million valuation allowance against our CAMT credit carryforwards and CAMT credits generated in the current fiscal year. Our policy is to not consider the impact of future years’ CAMT in our valuation allowance assessment for regular deferred tax assets. Most of the provisions are effective beginning in our fiscal years ending November 1, 2026 or October 31, 2027, with the exception of immediate expensing of qualifying property being effective in fiscal year 2025.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
The benefit from income taxes was $397 million for fiscal year 2025, and was primarily due to the recognition of uncertain tax benefits from expiration of statutes of limitations and audit settlements, and excess tax benefits from stock-based awards, partially offset by income from operations and a valuation allowance against our CAMT credits.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
Working capital increased to $13,059 million at November 2, 2025 from $2,898 million at November 3, 2024. The increase was primarily attributable to the following:

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
•Trade accounts receivable, net increased to $7,145 million at November 2, 2025 from $4,416 million at November 3, 2024 primarily due to higher billings.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
•Other current assets increased to $5,980 million at November 2, 2025 from $4,071 million at November 3, 2024 primarily from higher software contract assets, offset in part by lower prepaid taxes and the sale of assets held for sale.

Read it in 10-K 2025-12-18 at sec.gov ↗

AddedMD&A
Repurchases under this stock repurchase program may be effected through a variety of methods, including open market or privately negotiated purchases. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. 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 it in 10-K 2025-12-18 at sec.gov ↗

RemovedMD&A
Our fiscal year 2024 was a 53-week fiscal year compared to our fiscal year 2023, which was a 52-week fiscal year. The additional week in the first quarter of fiscal year 2024 resulted in higher net revenue, gross margin dollars, research and development expense, and selling general and administrative expense for fiscal year 2024, compared to the corresponding prior year fiscal period.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
•On November 22, 2023, we completed the acquisition of VMware, Inc. (“VMware”), for approximately $30.8 billion in cash and 544 million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $53.4 billion.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
•We completed a ten-for-one forward stock split of our common stock. All share, equity award and per share amounts have been retroactively adjusted to reflect the stock split.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
In addition, we may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash tenders and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise. Such tenders, exchanges or purchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We may also make additional prepayments of the 2023 Term Loans. The amounts involved may be material.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
On November 22, 2023, we completed the VMware Merger. The following table presents the changes in selected balance sheet captions other than assets acquired and liabilities assumed from the VMware Merger during fiscal year 2024.

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
Balances at Balances Acquired and Assumed from VMware (a) Balances at Non-VMware Acquisition October 29, November 3, Change 2023 2024 (In millions) Trade accounts receivable, net $3,154 $3,571 $4,416 $ (2,309) Other current assets $1,606 $1,108 $4,071 $ 1,357 Accounts payable $1,210 $359 $1,662 $ 93 Employee compensation and benefits $935 $848 $1,971 $ 188 Current portion of long-term debt $1,608 $1,264 $1,271 $ (1,601) Other current liabilities $3,652 $11,217 $11,793 $ (3,076)

Read it in 10-K 2024-12-20 at sec.gov ↗

RemovedMD&A
•Other current liabilities decreased primarily from lower contract liabilities as software revenue was recognized from previous software contracts.

Read it in 10-K 2024-12-20 at sec.gov ↗

RewordedMD&A
The $22,381 $22,490 million increase decrease in cash used in investing activities for during fiscal year 2024 2025 compared to fiscal year 2023 2024 was primarily due to a $25,925 $25,416 million increase cash paid in cash used for acquisitions due to the VMware Merger and connection with the acquisition of Seagate’s SoC operations, VMware, net of cash acquired, acquired in fiscal year 2024, offset in part by $3,485 $3,185 million lower proceeds from the sale sales of the EUC business. businesses in fiscal year 2025 compared to fiscal year 2024.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
(i) business acquisitions and investments we may make from time to time, (ii) working capital requirements, (iii) (ii) research and development and capital expenditure needs, (iv) (iii) cash dividend payments (if and when declared by our Board of Directors), (v) (iv) interest and principal payments related to our $69,847 $67,120 million of outstanding indebtedness, and (vi) indebtedness with $3,152 million principal amounts payable within 12 months, (v) payment of income taxes. taxes, (vi) business acquisitions and investments we may make from time to time, and (vii) discretionary share repurchases.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Cost of products sold 9,797 8,636 12,115 9,805 19 24 19 Cost of subscriptions and services 2,991 636 2,371 2,983 4 6 2 Amortization of acquisition-related intangible assets 6,031 6,023 1,853 9 12 5 Restructuring charges 76 254 4 — — Total cost of revenue 20,593 19,065 11,129 32 37 31 Gross margin 43,294 32,509 24,690 68 63 69 Research and development 10,977 9,310 5,253 17 18 15 Selling, general and administrative 4,211 4,959 1,592 7 10 4 Amortization of acquisition-related intangible assets 2,031 3,244 1,394 3 6 4 Restructuring and other charges 591 1,533 244 1 3 1 Total operating expenses 17,810 19,046 8,483 28 37 24 Operating income $ 25,484 $ 13,463 $ 16,207 40% 26% 45%

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
During the first fiscal quarter of fiscal year ended November 3, 2019 (“fiscal year 2019”), our Compensation Committee approved a broad-based program of multi-year equity grants of May 4, 2025, we granted two-year time- and market-based RSUs restricted stock unit awards (the “Multi-Year “Two-Year Equity Awards”) Awards”), in lieu of our annual employee equity awards historically granted on March 15 in the second quarter of each fiscal year.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
We offer thousands of products that Our solutions are used in a wide array of environments, end products and applications, such as enterprise and data center networking, including artificial intelligence (“AI”) data centers, servers and networking and connectivity, connectivity equipment, as well as storage systems, home connectivity, connectivity devices, set-top boxes, broadband access, telecommunication equipment, smartphones wireless devices and base stations, data center servers and storage systems, factory automation, power generation and alternative energy systems, and electronic displays.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
The $1,877 $7,575 million increase in cash provided by operations during fiscal year 2024 2025 compared to fiscal year 2023 2024 was primarily due to contributions $17,231 million higher net income, offset in part by $5,973 million lower non-cash adjustments for deferred taxes and other non-cash taxes, as well as $3,863 million from VMware. changes in operating assets and liabilities.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
During the first quarter of fiscal years 2024 and 2023, year 2024, we repurchased and retired approximately 67 million and 91 million shares of our common stock for $7,176 million million, and $5,824 million, respectively. all $20 billion of the aggregate authorized amount was utilized prior to expiration on December 31, 2023.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Fiscal Year Ended Operating Income by Segment November 2, 2025 November 3, 2024 October 29, 2023 $ Change % Change (In millions, except percentages) Semiconductor solutions $ 21,232 $ 16,759 $ 16,486 $ 273 2% 4,473 27% Infrastructure software 20,765 13,977 5,639 8,338 148% 6,788 49% Unallocated expenses (16,513) (17,273) (5,918) (11,355) 192% 760 (4)% Total operating income $ 25,484 $ 13,463 $ 16,207 $ (2,744) (17)% 12,021 89%

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Amortization of acquisition-related intangible assets Restructuring and other charges recognized in operating expenses increased $1,850 decreased $942 million, or 133%, 61%, in fiscal year 2024, 2025, compared to the prior fiscal year primarily due to higher amortization lower employee termination costs associated with the integration of customer-related intangible assets from the VMware Merger. business.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Our portfolio of customers rely on our infrastructure and security software is designed solutions to modernize, optimize, and secure the most complex private and cloud, hybrid cloud environments, enabling scalability, agility, automation, insights, resiliency and security making it easy for customers to run their mission-critical workloads. edge environments.

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Fiscal Year Ended Net Revenue by Segment November 2, November 3, October 29, $ Change % Change 2025 2024 2023 (In millions, except percentages) Semiconductor solutions $ 30,096 $28,182 $1,914 7% 36,858 $30,096 $6,762 22% Infrastructure software 27,029 21,478 7,637 13,841 181% 5,551 26% Total net revenue $ 51,574 $35,819 $15,755 44% 63,887 $51,574 $12,313 24%

Read it in 10-K 2025-12-18 at sec.gov ↗

RewordedMD&A
Our portfolio of infrastructure and security software is designed to modernize, optimize, and secure the most complex private and hybrid cloud environments, enabling This enables scalability, agility, automation, insights, resiliency and security security, making it easy for customers to run their mission-critical workloads.

Read it in 10-K 2025-12-18 at sec.gov ↗

Work on AVGO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AVGO/export.csv") into a cell.