10-K 0000849399-26-000017 (2026-05-21) vs 10-K 0000849399-25-000033 (2025-05-15)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 17,561 |
30.9% |
| MD&A | Item 7 | 5,139 |
31.9% |
| Legal Proceedings | Item 3, via Note 18 – Commitments and Contingencies | 2,089 |
40.1% |
| Accounting Policies | 10-K text, Note 1 – Consolidated Financial Statements: | 7,577 |
23.2% |
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 266 words changed in this paragraph; it is 52% similar to last year's version.
U.S. federal regulators, state attorneys general or other state enforcement authorities and other governmental agencies have in the past and may in the future take formal or informal actions again in against us, which and could cause reputational and financial harm to our business, financial condition, results of operations and cash flows. These formal and informal actions may involve inquiries, subpoenas, exams, pending investigations, enforcement matters and litigation by state and federal regulators, cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action or force us to adopt new compliance programs or policies, remove personnel including senior executives, provide remediation or refunds to customers, or undertake other changes to our business operations, such as limits or prohibitions of our ability to offer certain products and services, or suspension or revocation of one or more of our licenses. Any weaknesses in our compliance management system may also subject us to penalties or enforcement action by the CFPB. CFPB or state regulators. We have in the past, and may again in the future, enter into settlements, consent decrees and similar arrangements with the FTC, the CFPB, state attorneys generals and other state regulators, and other sovereign regulators and competition authorities such as the United Kingdom’s Competition and Markets Authority (CMA). In addition, certain products and offers we offer, including loans or advance products facilitated through our platform, could be rendered void or unenforceable in whole or in part, which could adversely affect our business, financial condition, results of operations and cash flows. If we fail to manage our legal and regulatory risk in the jurisdictions in which we operate, our business could suffer, our reputation could be harmed and we would be subject to additional legal and regulatory risks. This could, in turn, increase the size and number of claims and damages asserted against us and/or subject us to regulatory investigations, enforcement actions or other proceedings, or lead to increased regulatory concerns. We may also be required to spend additional time and resources on remedial measures and conducting inquiries, beyond those already initiated and ongoing, which could have an adverse effect on our business. Additionally, the highly regulated environment in which our third-party financial institution partners operate may subject us to regulation, which could have an adverse effect on our business, financial condition, results of operations and cash flows. We rely on bank partners, payment processors and other institutions with licensures we do not have to facilitate offerings.
Source: Item 1A, 10-K 0000849399-26-000017 vs Item 1A, 10-K 0000849399-25-000033
Legal Proceedings 256 words changed in this paragraph; it is 38% similar to last year's version.
On July 21, 2023, Jeffrey Frommer, Lyusen Krubich, Daniel Fried and Pat Capra, the former equity owners of MALKA MALKA, a subsidiary of MoneyLion (collectively, the “Seller Members”), brought a civil action in the SDNY Southern District of New York (“SDNY”) against MoneyLion Technologies Inc. alleging, among other things, breaches of the Membership Interest Purchase Agreement (the “MIPA”) governing the acquisition of MALKA (the “MALKA Acquisition”). Among other claims, the Seller Members allege that they are entitled to payment of $ 25 million of Class A Common Stock pursuant to the earnout provisions set forth in the MIPA, based on the Seller Members’ assertion that MALKA achieved certain financial targets for the year ended December 31, 2022 (such payment, the “2022 Earnout Payment”). The Company believes that the Seller Members are not entitled to any portion of the 2022 Earnout Payment under the terms of the MIPA and MALKA. MoneyLion filed counterclaims against the Seller Members, Sellers Members alleging, among other things, fraud, negligent misrepresentation, conversion, breach of fiduciary duties and breach of contract contract. The court issued its decision on September 29, 2025, finding that MoneyLion breached the parties’ agreements and seeking compensatory awarding the Sellers Members damages and other remedies attorneys’ fees and costs, for which we have accrued $ 48 million as a result pre-acquisition contingency in Other long-term obligations in our Consolidated Balance Sheet. On October 28, 2025, MoneyLion filed a notice of wrongdoing by the Seller Members. The Company continues to vigorously pursue its remaining counterclaims and defend against the Seller Members’ claims, which the Company believes are meritless. The bench trial of all remaining claims concluded on May 5, 2025, and a decision is currently pending. At this stage, we are assessing the impact of this case on appeal. See Note 4 for details regarding our allocation of the purchase price to the underlying assets acquired and liabilities assumed in the MoneyLion acquisition, and also allocation for future periods if any material loss or adverse effect is probable or estimable. our acquisition of MoneyLion.
Source: Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000849399-26-000017 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000849399-25-000033
MD&A 165 words changed in this paragraph; it is 31% similar to last year's version.
In connection Due to the uncertainty with respect to the timing of future cash flows associated with our unrecognized tax benefits and other long-term taxes as of April 3, 2026, we are unable to make reasonably reliable estimates of the period of cash settlement with the acquisition of Avast, our Board of Directors approved a restructuring plan (the September 2022 Plan) to realize cost savings and operational synergies, which became effective upon the close of the acquisition on September 12, 2022. We have incurred and expect to incur cash expenditures for severance and termination benefits, contract terminations, facilities closures, and the sale of underutilized facilities as well as stock-based compensation charges for accelerated equity awards for certain terminated employees. We expect that we will incur total costs up to $150 million following the completion of the acquisition. These actions are expected to be completed by the end of calendar year 2025. During fiscal 2025, we made $25 respective taxing authorities. Therefore, $1,584 million in cash payments related to long-term income taxes payable has been excluded from the September 2022 Plan. contractual obligations table. See Note 12 13 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further cash flow information associated with our restructuring activities. information.
Source: Item 7, 10-K 0000849399-26-000017 vs Item 7, 10-K 0000849399-25-000033
Accounting Policies 145 words changed in this paragraph; it is 81% similar to last year's version.
Year Ended April 3, 2026 March 28, 2025 March 29, 2024 March 31, 2023 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── OPERATING ACTIVITIES: Net income (loss) $ 973 $ 643 $ 607 $ 1,334 Adjustments: Amortization and depreciation 493 419 485 329 Impairments and write-offs of current and long-lived assets — 7 (3) 25 Stock-based compensation expense 237 133 138 134 Loss on sale of Instacash Advances 205 — — Deferred income taxes 92 (32) (991) (145) Loss (gain) on extinguishment of debt 9 — — 9 Gain on sale of nonfinancial assets (15) — — Gain on sale of properties — — (9) — Non-cash operating lease expense 18 16 18 23 Impairment on Change in fair value and impairment of non-marketable equity investments 79 30 40 — Foreign currency remeasurement loss (gain) 54 (2) (18) Legal contract dispute cost (Note 1) (1) — 66 — — Other 11 22 2 47 13 40 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net (32) (53) 7 11 Accounts payable (48) 26 (12) (8) Accrued compensation and benefits 8 27 (24) (6) Contract liabilities 74 36 47 16 Income taxes payable (96) (80) 446 (128) Instacash Advances held for sale, net (205) — — Other assets 16 86 861 (702) Other liabilities (364) (114) 432 (137) Net cash provided by (used in) operating activities 1,545 1,221 2,064 757 INVESTING ACTIVITIES: Purchases of property and equipment (22) (15) (20) (6) Purchase of non-marketable equity investments — (4) — — Payments for acquisitions, net of cash acquired (1,032) (84) — (6,547) Payments for originations of notes receivable (283) — — Proceeds from principal repayments of notes receivable 253 — — Proceeds from the maturities and sales of short-term investments 13 — — 4 Proceeds from the sale of properties 21 — 25 Proceeds from sale of nonfinancial assets 40 — — Other (1) 3 (3) 2 Net cash provided by (used in) investing activities (1,011) (100) 2 (6,547) FINANCING ACTIVITIES: Repayments of debt and related equity component (3,620) (1,311) (1,183) (3,047) Proceeds from issuance of debt, net of issuance costs (2) 3,475 941 — 8,954 Net proceeds from sales of common stock under employee stock incentive plans 13 11 12 12 Tax payments related to vesting of stock units (55) (26) (26) (20) Dividends and dividend equivalents paid (312) (313) (323) (314) Repurchases of common stock (634) (272) (441) (904) Net cash provided by (used in) financing activities (1,133) (970) (1,961) 4,681 Effect of exchange rate fluctuations on cash and cash, cash equivalents and restricted cash 4 9 (9) (28) Change in cash and cash, cash equivalents and restricted cash (595) 160 96 (1,137) Beginning cash and cash, cash equivalents and restricted cash 1,006 846 750 1,887 Ending cash and cash, cash equivalents and restricted cash $ 411 $ 1,006 $ 846 $ 750
Source: 10-K text, Note 1 – Consolidated Financial Statements:, 10-K 0000849399-26-000017 vs 10-K text, Note 1 – Consolidated Financial Statements:, 10-K 0000849399-25-000033
Every change, by type
Sentences and paragraphs of GEN's Risk Factors and MD&A, 10-K 2026-05-21 against 10-K 2025-05-15.
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 list
adverse, 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
Our cyber safety and financial wellness businesses compete with a broad range of companies, including established security software vendors, operating system and platform providers, companies who specialize in a niche segment of the cyber safety market and which are expanding their portfolios into competing cyber safety products, traditional banks and credit unions, licensed and non-bank digital financial service providers, specialty finance companies, digital wealth management and brokerage platforms, embedded finance providers, financial marketplaces, and other technology companies. Many of these competitors have longer operating histories, greater brand recognition, larger customer bases, and significantly greater financial, technical, and marketing resources than we do. They may be able to offer more competitive pricing or terms, bundle products more effectively, introduce new, enhanced, broader or more specialized offerings more quickly (including for free), or respond more rapidly to technological and consumer trends. We expect our competition to continue to increase, as there are generally no substantial barriers to entry into the markets we serve.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
In addition, operating system and platform providers increasingly incorporate native security, privacy, and financial features into their products, often at no additional cost, which may reduce demand for our offerings or diminish their differentiation. We also depend on strategic distribution and bundling relationships, and partners have in the past replaced, and may in the future replace, our solutions with competing or internally developed offerings, promote competing products more favorably, or limit interoperability. Industry consolidation, vertical integration, and the introduction of new or alternative technologies may further intensify competition.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
We have incorporated, and are continuing to develop and deploy, AI, including Gen AI, into many of our products, solutions and services. AI systems, including AI internally developed and AI present in third party solutions, may be flawed, contain errors or vulnerabilities, reflect unintended bias, or produce inaccurate, misleading or “hallucinatory” outputs, and such deficiencies may not be easily detectable. Customers may rely on AI-generated outputs in making financial, security or other significant decisions. If AI-enabled features in our products produce incorrect, incomplete or biased outputs, we could face claims of misrepresentation, negligence, product liability or other legal theories, as well as customer dissatisfaction, reputational harm and loss of business. Furthermore, we may face allegations of misrepresentations or “AI washing” if our disclosures about our AI capabilities or our AI-related governance are deemed to be exaggerated or misleading, which could result in enforcement actions, litigation or reputational harm.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
A significant portion of our revenue is generated through indirect sales and distribution channels, including distributors, resellers, telecom service providers and strategic partners that bundle or incorporate our products into their offerings. In our MoneyLion business specifically, we also depend on channel partners that provide access to consumers – such as news sites, content publishers, product comparison sites and financial institutions – and on product partners that offer financial products through our marketplace platform.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
Our channel and partner agreements are generally nonexclusive, impose no minimum sales or marketing commitments and may be terminated or renegotiated at any time, potentially on less favorable terms. Many of our partners frequently offer competing products or services and may prioritize those offerings based on pricing, promotional support, incentives, economics or strategic considerations.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
We have limited control over our partners’ business practices, and any misconduct, regulatory or legal noncompliance, financial distress, reputational harm or failure to perform involving a partner could negatively affect our brand, customer relationships and operations. If a partner fails to perform its obligations or comply with applicable requirements, our operations and financial results could be negatively impacted.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
Consolidation among retailers, online platforms, financial institutions or other distribution intermediaries may increase their negotiating leverage, reduce available distribution channels for us and negatively affect pricing and margins. In our MoneyLion business, changes in product partners’ underwriting standards, marketing budgets, financial condition or strategic priorities could reduce the availability of financial products on our platform, decrease marketing and advertising revenue, delay payments or otherwise negatively affect our results.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
•Multiple and possibly overlapping tax regimes, which may increase our tax exposure and compliance burden.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
and the erosion of trust from our customers, which could negatively impact our results of operations, brand and reputation, and require us to take steps to reduce fraud risk, which could increase our costs.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedRisk Factors
In the operation of our business, particularly in relation to our identity and information protection service and financial wellness offerings, we collect, use, process, store, transmit or disclose (collectively, process) an increasingly large amount of confidential information, including personal information (which includes credit card information and other critical data) from
Read it in 10-K 2026-05-21 at sec.gov ↗
RemovedRisk Factors
We face competition from a broad range of companies, including software vendors focusing on cyber safety solutions such as Bitdefender, Kaspersky, McAfee and Trend Micro, operating system providers such as Apple, Google and Microsoft, and companies such as Nord, Life360, LastPass and others that currently specialize in one or a few particular segments of the market and many of which are expanding their product portfolios into different segments. We also face growing competition from other technology companies, as well as from companies in the identity threat protection space such as credit bureaus. Further, many of our competitors are increasingly developing and incorporating into their products data protection software and other competing cyber safety products, such as antivirus protection or VPN, often free of charge, that compete with our offerings. Our competitive position could be adversely affected by the functionality incorporated into these products rendering our existing solutions obsolete and therefore causing us to fail to meet customer expectations.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
For our MoneyLion business, we face competition from a broad range of companies across our business lines, including traditional banks and credit unions; new entrants obtaining banking licenses; non-bank digital providers offering banking-related services; specialty finance and other non-bank digital providers offering consumer lending-related or earned wage access products; digital wealth management platforms such as robo-advisors offering consumer investment services and other brokerage-related services; and digital financial platform, embedded finance and marketplace competitors, which aggregate and connect consumers to financial product and service offerings. We also compete with advertising agencies and other service providers to attract marketing budget spending from our Enterprise clients. We expect our competition to continue to increase, as there are generally no substantial barriers to entry to the markets we serve.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
Some of our current and potential competitors have longer operating histories, particularly with respect to financial services products similar to ours, significantly greater resources and a larger customer base than we do. This allows them, among other things, to potentially offer more competitive pricing or other terms or features, a broader range of financial or other products or a more specialized set of specific products or services, as well as respond more quickly than we can to new or emerging technologies and changes in consumer preferences.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
In addition, the introduction of new products or services by existing or future competitors, and/or market acceptance of products or services based on emerging or alternative technologies, could make it easier for other products or services to compete with our solutions and reduce our market share in the future. Further consolidation among our competitors and within our industry or, in addition to other changes in the competitive environment, such as greater vertical integration from key computing and operating system suppliers could result in larger competitors that compete more frequently with us.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
Specifically, in addition to competing with cyber safety vendors directly for sales to end-users of our solutions, we compete with them for the opportunity to have our solutions bundled with the offerings of our strategic partners, such as computer hardware OEMs, internet service providers, operating systems and telecom service providers. Our competitors could gain market share from us if any of these strategic partners replace our solutions with those of our competitors or with their own solutions or promote our competitors’ solutions or their own solutions more frequently or more favorably than our solutions. In addition, software vendors who have bundled our solutions with theirs may choose to bundle their solutions with their own or other vendors’ solutions or may limit our access to standard interfaces and inhibit our ability to develop solutions for their platform. Further product development by these vendors could cause our solutions to become redundant, which could significantly impact our sales and operating results.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
Issues in the development and deployment of artificial intelligence (“AI”) may result in reputational harm and legal liability and could adversely affect our results of operations.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
A portion of our revenues is derived from sales through indirect channels, including, but not limited to, distributors that sell our products to end-users and other resellers, and partners that incorporate our products into, or bundle our products with, their products. These channels involve risks, including:
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
•Our resellers, distributors and telecom service providers are generally not subject to minimum sales requirements or any obligation to market our solutions to their customers;
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
•Our reseller and distributor agreements are generally nonexclusive and may be terminated at any time without cause and our partners may terminate or renegotiate their arrangements with us and new terms may be less favorable due to competitive conditions in our markets and other factors;
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
•Our resellers and distributors may encounter issues or have violations of applicable law or regulatory requirements or otherwise cause damage to our reputation through their actions;
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
•Our resellers and distributors frequently market and distribute competing solutions and may, from time to time, place greater emphasis on the sale of competing solutions due to pricing, promotions and other terms offered by our competitors;
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedRisk Factors
•Any consolidation of electronics retailers can increase their negotiating power with respect to software providers such as us and any decline in the number of physical retailers could decrease the channels of distribution for us;
Read it in 10-K 2025-05-15 at sec.gov ↗
RewordedRisk Factors
The burdens imposed by the new state privacy laws and other similar laws that may be enacted at the federal and state level may require us to modify our data processing practices and policies, adapt our goods and services and incur substantial expenditures in order to comply Any failure or perceived failure by us to comply with such obligations has previously and may in the future result in governmental enforcement actions, fines, litigation (including class actions) or public statements against us by consumer advocacy groups or others and could cause our customers to lose trust in us, which could have an adverse effect on our reputation and business. comply.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
For example, developing and acting on sustainability-related initiatives and collecting, measuring and reporting sustainability-related information and metrics can be costly, difficult and time consuming and Our business is subject to evolving reporting standards, including the recent California legislation, Voluntary Carbon Market Disclosures Act, which includes disclosure requirements relating to voluntary carbon offsets and a wide range of environmental marketing claims. claims, and the Corporate Sustainability Reporting Directive, which requires large EU companies to make detailed disclosures in relation to certain sustainability-related issues.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
If we are unable to adjust our business operations effectively in response to account for rises in unemployment, rising unemployment or deteriorating credit conditions, or if our platform is unable we cannot accurately assess borrower creditworthiness or ability to more successfully predict the creditworthiness of potential borrowers compared to pay for loans, earned wage advances or other lenders, then MoneyLion products and services, our business, financial condition, results of operations and cash flows could be adversely affected.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
The burdens imposed by the new state privacy laws and other similar laws that may be enacted at the federal and state level may require us to modify our data processing practices and policies, adapt our goods and services and incur substantial expenditures in order to comply Any failure or perceived failure by us to comply with such obligations has previously and may in the future result in governmental enforcement actions, fines, litigation (including class actions) or public statements against us by consumer advocacy groups or others and could cause our customers to lose trust in us, which could have an adverse effect on our reputation and business.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
We Global privacy and data protection legislation and enforcement are rapidly expanding and evolving, and, in some jurisdictions, may be or become subject to impose data localization laws mandating that data collected in a foreign country be processed and stored only or primarily within that country, cross-border transfer restrictions, which may require us to expand our data storage facilities there or build new ones in order to comply.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
Similarly, experienced computer programmers or other sophisticated individuals or entities, including malicious Malicious hackers, state-sponsored organizations, and insider threats including actions by employees actors, insiders and third-party service providers, providers have attempted to penetrate, and in some cases have penetrated, succeeded in penetrating, our network security networks or the security those of our vendors or suppliers. vendors.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
U.S. These formal and informal actions may involve inquiries, subpoenas, exams, pending investigations, enforcement matters and litigation by state and federal regulators, state attorneys general or other state enforcement authorities and other governmental agencies may take formal or informal actions again in cease and desist orders, fines, civil penalties, criminal penalties or other disciplinary action or force us to adopt new compliance programs or policies, remove personnel including senior executives, provide remediation or refunds to customers, or undertake other changes to our business operations, such as limits or prohibitions of our ability to offer certain products and services, or suspension or revocation of one or more of our licenses.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
For example, the regulatory frameworks for an open banking paradigm and AI and machine learning technology are evolving and remain uncertain. uncertain and may affect the operation of our platform and the way in which we use consumer data, AI and machine learning technology, including with respect to consumer protection laws and the laws and regulations governing financial services products.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
Additionally, the nature of our MoneyLion, identity, and information protection products subjects us to the broad regulatory, supervisory and enforcement powers of the Consumer Financial Protection Bureau which These authorities may exercise authority with respect to our services, or the marketing and servicing of those services, through the oversight of our financial institution or credit reporting agency customers partners and suppliers, or by otherwise exercising its their supervisory, regulatory or enforcement authority over consumer financial products and services.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
The loss of any key employee or the failure to effectively manage succession planning and knowledge transfer could result in significant disruptions to disrupt our operations, including adversely affecting the timeliness of product releases, the successful implementation and completion delaying product development, impairing execution of strategic company initiatives, expending resources to train new hires, or adversely affecting our internal control over financial reporting and our results of operations.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
If our existing funding arrangements are not renewed Any uninsured or replaced or our existing funding sources are unwilling or unable to provide funding to us on terms acceptable to us, or at all, it underinsured loss could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedRisk Factors
For example, the process The development and integration of developing and integrating new technologies, technologies — including generative artificial intelligence AI (“Gen AI”) and machine learning models, — is complex, time-consuming time-consuming, and may cause errors or inadequacies that are not easily detectable. subject to significant risks.
Read it in 10-K 2026-05-21 at sec.gov ↗
Quiet changesRisk Factors
Any In general, any changes in these relationships or loss of these partners or vendors, any failure of them to perform their obligations in a timely manner or at all or if they were to cease to provide such functions for any reason, could degrade the functionality of our platform, materially and adversely affect usage of our products and services, impose additional costs or requirements or disadvantage us compared to our competitors.
Read it in 10-K 2026-05-21 at sec.gov ↗
Quiet changesRisk Factors
If Finally, if we fail to manage our sales and distribution channels successfully, these channels may conflict with one another or otherwise fail to perform as we anticipate, which could reduce our sales and increase our expenses as well as weaken our competitive position.
Read it in 10-K 2026-05-21 at sec.gov ↗
Quiet changesRisk Factors
Any An unfavorable outcome in a matter could result in significant fines, settlements, monetary damages, or injunctive relief that could negatively and materially impact our ability to conduct our business, results of operations and cash flows.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures. Through its trusted brands, including Norton, Avast, LifeLock and MoneyLion, Gen offers cybersecurity, online privacy, identity protection and financial wellness solutions to consumers worldwide.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Our Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world securely, privately and with confidence. Our Trust-Based Solutions includes our identity protection, restoration support services, digital reputation, and secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
•Net revenues increased $1,065 million, primarily due to higher sales in both our Cyber Safety Platform products and Trust-Based Solutions, including an increase of $823 million due to the acquisition of MoneyLion, and an increase of $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Despite challenging global macroeconomic conditions and although we recognize that inflation and broader economic uncertainty can influence customer behavior, we are confident in the long-term overall health of our business, the strength of our
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Net revenues increased $1,065 million, due to a $163 million increase in sales of our Cyber Safety Platform products and a $902 million increase in sales of our Trust-Based Solutions, including a $823 million increase in Trust-Based Solutions due to the acquisition of MoneyLion. Net revenues also increased $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026, impacting both segment financials. Specifically, the additional week contributed $56 million to Cyber Safety Platform and $31 million to Trust-Based Solutions.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Fiscal Year (In millions) 2026 2025 Cyber Safety Platform $3,339 $3,176 Trust-Based Solutions 1,661 759 Total net revenues $5,000 $3,935 Direct revenues $4,137 $3,463 Partner revenues 863 472 Total net revenues $5,000 $3,935 Total bookings $5,107 $3,988
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Revenue from Cyber Safety Platform increased $163 million during fiscal 2026 due to growth across our cyber safety membership offerings and the additional week in the first quarter of fiscal 2026. Revenue from Trust-Based Solutions increased $902 million during fiscal 2026 primarily due to the acquisition of MoneyLion, continued growth in our identity point solutions and the additional week in the first quarter of fiscal 2026.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Direct revenue reflects subscriptions sold directly through e-commerce or mobile channels, and revenue generated from financial transactions directly made through Gen properties or marketplaces.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Partner revenue reflects partner-sourced and channel revenue via retailers, employee benefits, telcos, publishers, and strategic partnerships, including revenue generated from product usage or products sold through our financial marketplace.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Total bookings are defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our performance in future periods.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
We define paid customers as active users of our products and solutions, including subscribers with an active paid subscription to our products at the end of the reported period. Paid customers also includes product users with a unique account and at least one revenue-generating transaction in the relevant active period of each respective product category, whether through our first-party personal finance products, transacting through our financial marketplaces, or generating revenue through product usage. We exclude users on free trials and those who have not actively transacted in the relevant period of each respective product category.
Read it in 10-K 2026-05-21 at sec.gov ↗
AddedMD&A
Percentage of revenue in Americas increased primarily due to our acquisition of MoneyLion during fiscal 2026 as compared to fiscal 2025.
Read it in 10-K 2026-05-21 at sec.gov ↗
RemovedMD&A
Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock, MoneyLion and more. Our core cyber safety portfolio provides protection across three key categories in multiple channels and geographies, including security and performance management, identity protection, and online privacy. We have built a technology platform that brings together software and service capabilities within these three categories into a comprehensive and easy-to-use integrated platform across our brands. We bring award-winning products and services in cybersecurity, covering security, privacy and identity protection to approximately 500 million users in more than 150 countries so they can live their digital lives safely, privately, and confidently today and for generations to come.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
•Net revenues increased $135 million, primarily due to higher sales in both our consumer security and identity and information protection products.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
•During fiscal 2025, we increased net Direct customers by 1.3 million, increased monthly Direct ARPU by $0.04 and increased our Direct retention rate by 1%.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
Net revenues increased $135 million, due to a $95 million increase in sales of our identity and information protection products and a $53 million increase in sales of our consumer security products. This was partially offset by a $13 million decrease in our legacy product offerings. This is inclusive of $11 million of foreign exchange headwinds, in our consumer security solutions.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
(1) Legacy revenues includes revenues from products or solutions from markets that we have exited and in which we no longer operate, have been discontinued or identified to be discontinued, or remain in maintenance mode as a result of integration and product portfolio decisions.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
We define direct customer count as active paid users of our products and solutions who have a direct billing and/or registration relationship with us at the end of the reported period. We exclude users on free trials from our direct customer count. Users who have indirectly purchased and/or registered for our products or solutions through partners are excluded unless such users convert or renew their subscription directly with us or sign up for a paid membership through our web stores or third-party app stores.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
ARPU is calculated as estimated direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure. Non-GAAP estimated direct customer revenues and ARPU have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP estimated direct customer revenues or other U.S. GAAP measures. We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
Retention rate is defined as the percentage of direct customers as of the end of the period from one year ago who are still active as of the most recently completed fiscal period. We monitor the retention rate to evaluate the effectiveness of our strategies to improve renewals of subscriptions.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
(1) From time to time, changes in allocation methodologies cause changes to the revenue by geographic area above. When changes occur, we recast historical amounts to match the current methodology, such as for fiscal 2024 where we aligned allocation methodologies across similar product categories.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
Percentage of revenue by geographic region remained consistent in fiscal 2025 and fiscal 2024.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
Sales and marketing, research and development and impairment of intangible assets expenses remained relatively flat.
Read it in 10-K 2025-05-15 at sec.gov ↗
RemovedMD&A
The Organization for Economic Cooperation and Development (OECD) and many countries have proposed to reallocate a portion of profits of large multinational enterprises (MNE) with an annual global turnover exceeding €20 billion to markets where
Read it in 10-K 2025-05-15 at sec.gov ↗
RewordedMD&A
Fiscal Year $ Change (In millions) 2026 2025 2024 2026 vs. 2025 vs. 2024 Interest expense $ (569) $ (578) $ (669) $ 91 9 Interest income 25 28 25 3 (3) Foreign exchange gain (loss) 4 2 3 (1) Gain (loss) 2 Loss on early extinguishment of debt (9) — (9) Change in fair value and impairment of non-marketable equity investments (79) (30) (40) 10 (49) Gain on sale of nonfinancial assets 15 — 15 Gain (loss) on sale of properties (1) — 9 (9) (1) Other 5 (3) 9 (12) 8 Non-operating income (expense), net $ (609) $ (581) $ (663) $ 82 (28)
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
As a global company, our results of operations and cash flows may be influenced by global Global macroeconomic conditions, including, conditions include, but are not limited to, increased tariffs, tariffs and an uncertain global trade environment, foreign currency exchange rate fluctuations, the impact of interest rate fluctuations, elevated inflation, ongoing and new geopolitical conflicts, including the unknown impacts of current and future trade regulations, instability in the global banking sector, economic slowdown slow growth and recession risks, and changes in legislation or regulations and actions by regulators, including changes in enforcement and administrative policies, any of which may be difficult to predict and may persist for an extended period.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Our Net cash flows used in financing activities of $1,133 million in fiscal 2025 decreased $991 million, 2026 was primarily due to the issuance of our 6.25% Senior Notes, lower voluntary prepayments repayment of our Term A Facility, principal payments of our Term A and B facility and Facilities, repurchases of common stock under our repurchase program. program and quarterly dividend payments.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Fiscal Year % Change (In millions, except for percentages) 2026 2025 2024 2026 vs. 2025 vs. 2024 Sales and marketing $ 1,228 $ 745 $ 733 2% 65% Research and development 409 329 332 (1)% 24% General and administrative (87) 291 604 (52)% (130)% Amortization of intangible assets 218 174 233 (25)% 25% Restructuring and other costs 35 7 57 (88)% 400% Impairment of intangible assets — 3 — —% (100)% Total operating expenses $ 1,803 $ 1,549 $ 1,959 (21)% 16%
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Debt (principal payments) (1) $ 291 181 $ 8,064 8,094 $ 8,355 8,275 Interest payments on debt (2) 605 1,465 2,070 474 1,525 1,999 Purchase obligations (3) 316 118 434 Deemed repatriation taxes (4) 139 — 139 532 106 638 Operating leases (5) 16 48 64 (4) 22 51 73 Total $ 1,367 1,209 $ 9,695 9,776 $ 11,062 10,985
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
General and administrative expense decreased $313 $378 million, primarily due to the absence of $369 a $354 million in legal costs litigation accrual reversal related to our litigation with the Trustees of the University of Columbia and GSA in fiscal 2024. the City of New York (Columbia).
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Restructuring and other costs decreased $50 increased $28 million, primarily due a $48 million decrease to an increase in severance, severance and termination benefits, contract cancellation costs and other exit and disposal costs benefits in connection with the September 2022 April 2025 Plan.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Fiscal 2025, 2026, 2025 and 2024 and 2023 in this report refers to fiscal years ended April 3, 2026, March 28, 2025, 2025 and March 29, 2024 and March 31, 2023, respectively, each of which was a 52-week year. 2024, respectively.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Fiscal Year (In millions, except for per share amounts) 2026 2025 2024 Net revenues $5,000 $3,935 $3,800 Operating income (loss) $2,120 $1,610 $1,110 Net income (loss) $973 $643 $607 Net income (loss) per share - diluted $1.57 $1.03 $0.95 Net cash provided by (used in) operating activities $1,545 $1,221 $2,064 As of (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Cash and Cash, cash equivalents and restricted cash $411 $1,006 $846
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
Sales and marketing 19 25 19 Research and development 8 9 8 General and administrative (2) 7 16 Amortization of intangible assets 4 6 4 Restructuring and other costs 1 0 2 Impairment of intangible assets — 0 — Total operating expenses 36 39 52 Operating income (loss) 42 41 29 Interest expense (11) (15) (18) Other income (expense), net (1) 0 — Income (loss) before income taxes 30 26 12 Income tax expense (benefit) 11 10 (4) Net income (loss) 16 19 % 16%
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
See Note 10 of the Notes to the Consolidated Financial Statements included in this Annual Report on Form 10-K for further information regarding our debt, including applicable financial ratios and ratios, debt covenant compliance. compliance and the springing maturity provision applicable to the Extended Term A Facility and Revolving Facility.
Read it in 10-K 2026-05-21 at sec.gov ↗
RewordedMD&A
GAAP) The preparation of our Consolidated Financial Statements and related notes in accordance with generally accepted accounting principles in the U.S. requires us to make estimates, including judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.
Read it in 10-K 2026-05-21 at sec.gov ↗
Quiet changesMD&A
Our However, our ability to recalculate our historical metrics may be impacted by data limitations or other factors that require us to apply different methodologies for such adjustments.
Read it in 10-K 2026-05-21 at sec.gov ↗
