What changed in this filing

/stocks — the workspaceLOADING

Item 8. Financial Statements and Supplementary Data

2025-12-18 compared with 2024-12-20 · 340 added, 326 removed, 1241 unchanged (35% of the section changed)

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We have audited the accompanying consolidated balance sheets of Broadcom Inc.

and its subsidiaries (the “Company”) as of November 3, 2024 and October 29, 2023, and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended November 3, 2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

and its subsidiaries (the “Company”) as of November 2, 2025 and November 3, 2024, and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended November 2, 2025, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of November 2, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 3, 2024 and October 29, 2023, and the results of its operations and its cash flows for each of the three years in the period ended November 3, 2024 in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November 2, 2025 and November 3, 2024, and the results of its operations and its cash flows for each of the three years in the period ended November 2, 2025 in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of November 2, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

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The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Acquisition of VMware — Valuation of VMware Cloud Foundation (“VCF”) Developed Technology, Certain Customer Contracts and Related Relationships, VCF In-process Research and Development, and VMware Trade Name Intangible Assets

As described in Notes 2 and 4 of the consolidated financial statements, on November 22, 2023, the Company completed the acquisition of VMware LLC for total consideration of $86,290 million.

The Company acquired $45,572 million of intangible assets in connection with the acquisition.

Of these acquired intangible assets, $24,156 million related to developed technology valued using the multi-period excess earnings method under the income approach, of which a significant portion related to VCF;

$15,239 million related to customer contracts and related relationships valued using the with-and-without method under the income approach, of which a significant portion related to certain customer contracts and relationships;

$4,730 million related to in-process research and development valued using the multi-period excess earnings method under the income approach, of which $4,705 million related to VCF;

and $1,205 million related to trade names valued using the relief-from-royalty method, of which a significant portion related to the VMware trade name.

The present value of projected cash flows included significant judgment and assumptions regarding (a) the projected revenues, projected expenses, technology obsolescence rate, contributory asset charges, and the discount rate for the VCF developed technology, (b) the projected revenues, customer retention rate, customer ramp up period, and the discount rate for the certain customer contracts and related relationships, (c) the projected revenues, technology obsolescence rate and the discount rate for the VCF in-process research and development, and (d) the projected revenues, brand asset phase-out pattern, brand asset royalty rate, and the discount rate for the VMware trade name.

The principal considerations for our determination that performing procedures relating to the valuation of the VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name intangible assets acquired in the VMware acquisition is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates;

(ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to (a) the projected revenues, projected expenses, technology obsolescence rate, contributory asset charges, and discount rate for the VCF developed technology, (b) certain projected revenues, customer retention rate, customer ramp up period, and discount rate for the certain customer contracts and related relationships, (c) the projected revenues, technology obsolescence rate and discount rate for the VCF in-process research and development, and (d) certain projected revenues, brand asset phase-out pattern, brand asset royalty rate, and discount rate for the VMware trade name (collectively referred to as “the aforementioned significant assumptions”);

and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Revenue Recognition — Certain Software and Support Revenue in the Infrastructure Software Segment

As disclosed in Note 13 to the consolidated financial statements, the Company’s net revenue for the infrastructure software segment for the year ended November 2, 2025 was $27,029 million, a significant portion of which related to certain software and support revenue.

As disclosed in Note 2, revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer.

Software arrangements primarily consist of fees that provide customers with a right to use the Company’s software and access general support and maintenance.

Certain software arrangements permit customers to unilaterally cancel these arrangements at any time at the customer’s convenience, referred to as termination for convenience provisions.

For software arrangements without termination for convenience provisions, management recognizes revenue for the license portion of the agreements upfront upon transfer of control to the customer.

For software arrangements with termination for convenience provisions, management accounts for these arrangements as a series of daily contracts, resulting in ratable revenue recognition over the contractual period.

Support services consist primarily of telephone support and the provision of unspecified updates and upgrades on a when-and-if-available basis for which revenue is recognized ratably over the term of the arrangement.

Management allocates total contract consideration to each distinct performance obligation in a bundled arrangement on a relative standalone selling price basis.

Management uses directly observable transactions to determine the standalone selling prices for performance obligations.

The principal consideration for our determination that performing procedures relating to revenue recognition of certain software and support revenue in the infrastructure software segment is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue recognition.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.

These procedures included testing the effectiveness of controls relating to the acquisition accounting, including controls over management’s valuation of the acquired developed technology, customer contracts and related relationships, in-process research and development, and the trade names.

These procedures also included, among others, (i) reading the purchase agreement;

(ii) testing management’s process for developing the fair value estimate of the acquired VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name;

(iii) evaluating the appropriateness of the multi-period excess earnings, with-and-without, and relief-from-royalty methods used by management;

(iv) testing the completeness and accuracy of underlying data used in the multi-period excess earnings, with-and-without, and relief-from-royalty methods;

and (v) evaluating the reasonableness of the aforementioned significant assumptions used by management.

Evaluating management’s assumptions related to (a) the projected revenues and projected expenses for the VCF developed technology, (b) certain projected revenues, customer retention rate, and customer ramp up period for the certain customer contracts and related relationships, (c) projected revenues for the VCF in-process research and development, and (d) certain projected revenues for the VMware trade name involved considering (i) the current and past performance of VMware;

(ii) the consistency with external market and industry data;

and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Professionals with specialized skill and knowledge were used to assist in (i) evaluating the appropriateness of multi-period excess earnings, with-and-without, and relief-from-royalty methods and (ii) the reasonableness of (a) the technology obsolescence rate, contributory asset charge, and discount rate for the VCF developed technology, (b) the discount rate for the certain customer contracts and related relationships, (c) the technology obsolescence rate and discount rate for the VCF in-process research and development, and (d) brand asset phase-out pattern, brand asset royalty rate, and discount rate for the VMware trade name.

These procedures included testing the effectiveness of controls relating to the revenue recognition process.

These procedures also included, among others, (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as quotes, contracts, purchase orders, evidence of transfer of control, and invoices;

(ii) recalculating revenue recognized for a sample of transactions, including, where applicable, the allocation of transaction price to the performance obligations based on relative standalone selling price;

(iii) testing the completeness and accuracy of the historical selling price data used to determine the standalone selling price of the performance obligations and recalculating management’s determination of the standalone selling price;

and (iv) confirming a sample of outstanding customer invoice balances as of November 2, 2025 and, for confirmations not returned, obtaining and inspecting source documents such as contracts, invoices, sales orders, and subsequent cash receipts.

/s/ PricewaterhouseCoopers LLP

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CONSOLIDATED BALANCE SHEETS

2024 October 29,

2025 November 3,

(In millions, except par value)

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Employee compensation and benefits 2,129 1,971

Current portion of long-term debt 1,271 1,608

Short-term debt 3,152 1,271

Other current liabilities 11,673 11,793

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29,000 shares authorized;

4,686 and 4,139 shares issued and outstanding as of November 3, 2024 and October 29, 2023, respectively

4,741 and 4,686 shares issued and outstanding as of November 2, 2025 and November 3, 2024, respectively

Additional paid-in capital

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Fiscal Year Ended

2024 October 29,

2025 November 3,

2024 October 29,

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Restructuring and other charges

591 1,533 244

Total operating expenses 17,810 19,046 8,483

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Interest expense ( 3,210 ) ( 3,953 ) ( 1,622 )

Other income (expense), net 406 512 ( 54 )

Other income, net

Income from continuing operations before income taxes

22,729 9,916 15,097

Provision for income taxes

Provision for (benefit from) income taxes

( 397 ) 3,748 1,015

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Net income $ 23,126 $ 5,895 $ 14,082

Dividends on preferred stock — — ( 272 )

Net income attributable to common stock $ 5,895 $ 14,082 $ 11,223

Basic income per share attributable to common stock:

Basic income per share:

Income per share from continuing operations

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$ 4.91 $ 1.27 $ 3.39

Diluted income per share attributable to common stock:

Diluted income per share:

Income per share from continuing operations $ 4.77 $ 1.29 $ 3.30

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Fiscal Year Ended

2024 October 29,

2025 November 3,

2024 October 29,

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Fiscal Year Ended

2024 October 29,

2025 November 3,

2024 October 29,

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Acquisitions of businesses, net of cash acquired — ( 25,978 ) ( 53 )

Proceeds from sale of business

Proceeds from sales of businesses

Purchases of property, plant and equipment ( 623 ) ( 548 ) ( 452 )

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

8.00 % Mandatory Convertible Preferred Stock

Common Stock Additional Paid-in Capital Retained

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Stockholders’

Shares Par Value Shares Par Value

Shares Par Value

(In millions)

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— — — — 261 261

Fair value of partially vested equity awards assumed in connection with an acquisition

— — — — 4 — — 4

Dividends to common stockholders — — — ( 7,645 ) — ( 7,645 )

Dividends to preferred stockholders — — — — — ( 272 ) — ( 272 )

Common stock issued 77 — 122 — — 122

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( 91 ) — ( 481 ) ( 5,359 ) — ( 5,840 )

Common stock issued in connection with Mandatory Convertible Preferred Stock conversion

( 4 ) — 116 — — — — —

Shares repurchased for tax withholdings on vesting of equity awards

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Net income — — — 5,895 — 5,895

Other comprehensive income

Issuance of common stock upon the acquisition of VMware, Inc.

544 1 53,420 — — 53,421

Fair value of partially vested equity awards assumed in connection with the acquisition of VMware, Inc.

— — 750 — — 750

Dividends to common stockholders — — ( 2,809 ) ( 7,005 ) — ( 9,814 )

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( 38 ) — ( 5,323 ) — — ( 5,323 )

Balance as of October 29, 2023 — — 4,139 4 21,095 2,682 207 23,988

Balance as of November 3, 2024 4,686 5 67,466 — 207 67,678

Net income — — — 23,126 — 23,126

Issuance of common stock upon the acquisition of VMware, Inc.

— — 544 1 53,420 — — 53,421

Fair value of partially vested equity awards assumed in connection with the acquisition of VMware, Inc.

— — — — 750 — — 750

Other comprehensive income — — — — 11 11

Dividends to common stockholders — — — ( 11,142 ) — ( 11,142 )

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Broadcom Inc.

(“Broadcom”), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions.

We develop semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products.

We offer thousands of products that are used in end products such as enterprise and data center networking, including artificial intelligence (“AI”) networking and connectivity, home connectivity, set-top boxes, broadband access, telecommunication equipment, smartphones 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 (“IT”) environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

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

(“Broadcom”), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions.

Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based 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 artificial intelligence (“AI”) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays.

Our infrastructure software solutions help enterprises simplify their information technology (“IT”) environments.

Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments.

This enables scalability, agility, automation, insights, resiliency and 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.

Unless stated otherwise or the context otherwise requires, references to “Broadcom,” “we,” “our,” and “us” mean Broadcom and its consolidated subsidiaries.

We have two reportable segments:

semiconductor solutions and infrastructure software.

“Segment Information” for additional information.

On November 22, 2023, we completed the acquisition of VMware, Inc.

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We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31.

Our fiscal year ended November 3, 2024 (“fiscal year 2024”) was a 53-week fiscal year, with the first fiscal quarter containing 14 weeks.

Our fiscal year ended October 29, 2023 (“fiscal year 2023”) and fiscal year ended October 30, 2022 (“fiscal year 2022”) were both 52-week fiscal years.

Our fiscal year ended November 2, 2025 (“fiscal year 2025”) was a 52-week fiscal year.

Our fiscal year ended November 3, 2024 (“fiscal year 2024”) was a 53-week fiscal year.

Our fiscal year ended October 29, 2023 (“fiscal year 2023”) was a 52-week fiscal year.

The accompanying consolidated financial statements include the accounts of Broadcom and its subsidiaries and have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

All intercompany balances and transactions have been eliminated in consolidation.

On July 12, 2024, we completed a ten -for-one forward stock split of our common stock through the filing of an amendment (“Amendment”) to our Amended and Restated Certificate of Incorporation.

The Amendment proportionately increased the number of shares of our authorized common stock without changing the par value of $ 0.001 per share.

All share, equity award and per share amounts and related stockholders’ equity balances presented in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split.

Certain prior period amounts reported in our consolidated statements of operations have been reclassified to conform to the current year presentation.

“Revenue from Contracts with Customers” for additional information.

Summary of Significant Accounting Policies

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We determine the allowance based on historical experience and current economic conditions, among other factors.

Allowances for doubtful accounts were not material as of November 3, 2024 or October 29, 2023.

Allowances for doubtful accounts were not material as of November 2, 2025 or November 3, 2024.

Accounts receivable are also recognized net of sales returns and distributor credit allowances.

These amounts are recognized when it is both probable and estimable that discounts will be granted or products will be returned.

Allowances for sales returns and distributor credit allowances as of November 3, 2024 and October 29, 2023 were $ 101 million and $ 137 million, respectively.

amounts are recognized when it is both probable and estimable that discounts will be granted or products will be returned.

Allowances for sales returns and distributor credit allowances as of November 2, 2025 and November 3, 2024 were $ 74 million and $ 101 million, respectively.

Concentrations of credit risk and significant customers.

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We use foreign exchange forward contracts to manage exposure to foreign exchange risk.

These forward contracts are not designated as hedging instruments, and the changes in fair value are recognized in other income (expense), net in the period of change.

We did not have any material foreign exchange forward contracts outstanding as of November 3, 2024 or October 29, 2023.

The gains and losses recorded in other income (expense), net for derivative instruments not designated as hedges were not material.

During fiscal years 2023 and 2022, we entered into treasury rate lock contracts that mature in approximately one year to hedge variability of cash flows due to changes in the benchmark interest rate of anticipated future debt issuances.

These forward contracts are not designated as hedging instruments, and the changes in fair value are recognized in other income, net in the period of change.

We did not have any material foreign exchange forward contracts outstanding as of November 2, 2025 or November 3, 2024.

The gains and losses recorded in other income, net for derivative instruments not designated as hedges were not material.

During fiscal year 2023 and the fiscal year ended October 30, 2022, we entered into treasury rate lock contracts that mature in approximately one year to hedge variability of cash flows due to changes in the benchmark interest rate of anticipated future debt issuances.

These treasury rate locks were designated and accounted for as cash flow hedging instruments.

In August 2023, we early settled all treasury rate lock contracts, which had a $ 5.5 billion notional amount, for a cumulative gain of $ 371 million.

The cumulative gain was recorded net of tax of $ 44 million as a component of accumulated other comprehensive income as of October 29, 2023.

In August 2023, we early settled all treasury rate lock contracts, which had a $ 5.5 billion notional amount, for a cumulative gain of $ 371 million, net of $ 44 million of tax, as a component of accumulated other comprehensive income as of October 29, 2023.

The cash receipts from the settlement were included in cash flows from operating activities in the consolidated statement of cash flows during fiscal year 2023.

In fiscal year 2024, upon the issuance of our $ 1.75 billion 4.800 % senior notes due October 2034 as discussed in Note 10.

“Borrowings”, $ 75 million out of the $ 371 million pre-tax cumulative gain in accumulated other comprehensive income will be amortized to interest expense through October 15, 2034 using the effective interest method.

The remaining cumulative gain will be amortized to interest expense associated with future debt referencing the hedged treasury rates.

In fiscal years 2025 and 2024, upon the issuance of certain senior notes, as discussed in Note 10.

“Borrowings”, we began amortizing a portion of the pre-tax cumulative gain in accumulated other comprehensive income to interest expense using the effective interest method through the maturity dates of the senior notes.

Property, plant and equipment.

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Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Our Level 1 assets include cash equivalents, banker's acceptances, trading securities investments and investment funds.

We measure trading securities investments and investment funds at quoted market prices as they are traded in active markets with sufficient volume and frequency of transactions.

Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

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Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

Level 3 assets and liabilities include investment in equity securities without readily determinable fair values, goodwill, intangible assets, and property, plant and equipment, which are measured at fair value using a discounted cash flow approach when they are impaired.

Quantitative information for Level 3 assets and liabilities reviewed at each reporting period includes indicators of significant deterioration in the earnings performance, credit rating, asset quality, business prospects of the investee, and financial indicators of the investee's ability to continue as a going concern.

Quantitative and qualitative information for Level 3 assets and liabilities reviewed at each reporting period includes indicators of significant deterioration in the earnings performance, credit rating, asset quality, business prospects of the investee, and financial indicators of the investee's ability to continue as a going concern.

Business combinations.

values, except for revenue contracts acquired, which are recognized in accordance with our revenue recognition policy.

We account for business combinations under the acquisition method of accounting, which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition-date fair values, except for revenue contracts acquired, which are recognized in accordance with our revenue recognition policy.

While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement.

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the projected revenues, customer retention rate, customer ramp up period, discount rate and income tax rate for the customer contracts and related relationships;

the projected revenues, technology obsolescence rate, expected costs to develop in-process research and development (“IPR&D”) into commercially viable products, discount rate and income tax rate for the IPR&D;

the projected revenues, technology obsolescence rate, expected costs to develop in-process research and development (“IPR&D”) into commercially

viable products, discount rate and income tax rate for the IPR&D;

and the projected revenues, brand asset phase-out pattern, brand asset royalty rate, discount rate and the income tax rate for the trade name.

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The following is a description of the principal activities from which we generate revenue.

We recognize revenue from sales to direct customers and distributors when control transfers to the customer.

Our products revenue consists of sales of semiconductor and semiconductor-based solutions and the license portion of software arrangements when we recognize revenue upfront.

We recognize semiconductor products revenue from sales to direct customers and distributors when control transfers to the customer.

Rebates and incentives offered to distributors, which are earned when sales to end customers are completed, are estimated at the point of revenue recognition.

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Such fees are included in the transaction price of the product orders and are recognized as revenue in the period that control over the products is transferred to the customer.

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.

Certain of our 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.

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 as a series of daily contracts, resulting in ratable revenue recognition of software revenue over the contractual period, and include them within subscriptions and services revenue.

Subscriptions and services.

Our subscriptions and services revenue consists of sales and royalties from software arrangements, support services, professional services, transfer of IP, and non-recurring engineering (“NRE”) arrangements.

Revenue from software arrangements primarily consists 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 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, we account for 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.

Support services consist primarily of telephone support and the provision of unspecified updates and upgrades on a when-and-if-available basis.

We believe that for the majority of software arrangements, customers derive significant benefit from the ongoing support we provide.

Support services represent stand-ready obligations for which revenue is recognized ratably over the term of the arrangement.

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We do not recognize revenue for products or services that are expected to be returned.

Practical expedient elected.

We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

For contracts that were modified before the beginning of the earliest reporting period presented, we have not retrospectively restated the contract for those modifications.

We have disclosed the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations for purposes of determining the transaction price and allocating the transaction price at transition.

Research and development.

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The fair value of RSUs is the closing market price of Broadcom common stock on the date of grant, reduced by the present value of dividends expected to be paid on Broadcom common stock prior to vesting.

We recognize compensation expense for time-based stock options and employee stock purchase plan rights under the Broadcom Inc.

We recognize compensation expense for employee stock purchase plan rights under the Broadcom Inc.

Employee Stock Purchase Plan, as amended (“ESPP”) based on the estimated grant-date fair value determined using the Black-Scholes valuation model with a straight-line amortization method.

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We recognize net deferred tax assets to the extent we believe these assets will more likely than not be realized.

In making such determination, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations.

In making such determination, we consider all available positive and negative evidence, including scheduled reversals of

deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations.

If we determine that we are able to realize our deferred income tax assets in the future in excess of their net carrying values, we adjust the valuation allowance and reduce the provision for income taxes or increase the benefit from income taxes.

Likewise, if we determine that we are not able to realize all or part of our net deferred tax assets, we increase the provision for income taxes or decrease the benefit from income taxes in the period such determination is made.

Tax Cuts and Jobs Act enacted on December 22, 2017 (the “2017 Tax Act”) introduced significant changes to U.S.

income tax law.

The Global Intangible Low-Taxed Income (“GILTI”) provisions of the 2017 Tax Act require Broadcom to include in its U.S.

income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets.

We have elected to record the impacts of GILTI during the period incurred.

We account for uncertainty in income taxes in accordance with the applicable accounting guidance on income taxes.

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Net income per share.

Basic net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income per share is computed by dividing net income attributable to common stock by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period.

Potentially dilutive shares outstanding include the dilutive effect of unvested RSUs and ESPP rights (together referred to as “equity awards”), as well as convertible preferred stock.

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period.

Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period.

Potentially dilutive shares outstanding include the dilutive effect of unvested RSUs and ESPP rights (together referred to as “equity awards”).

Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share.

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Under the treasury stock method, the amount the employee must pay for purchasing shares under the ESPP and the amount of compensation expense for future service that we have not yet recognized are collectively assumed to be used to repurchase shares.

The dilutive effect of convertible preferred stock is calculated using the if-converted method.

The if-converted method assumes that these securities were converted at the beginning of the reporting period to the extent that the effect is dilutive.

Recently Adopted Accounting Guidance.

In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which enhances disclosures about significant segment expenses.

We adopted this standard in the fourth quarter of fiscal year 2025.

“Segment Information” for additional information.

Revenue from Contracts with Customers

Reclassifications to Consolidated Statements of Operations

In fiscal year 2025, we included upfront license revenue of $ 7,800 million within products revenue in our consolidated statements of operations.

To conform to the current year presentation, we reclassified $ 4,601 million and $ 1,058 million of upfront license revenue from subscriptions and services revenue to products revenue for fiscal years 2024 and 2023, respectively.

We also reclassified the related costs for the upfront license revenue, which were immaterial, for the periods presented.

In the revenue disaggregation tables by type and by region presented below, we included $ 5,539 million, $ 559 million and $ 1,702 million of upfront license revenue in products revenue within the Americas;

Asia Pacific;

and Europe, the Middle East and Africa regions, respectively, for fiscal year 2025.

To conform to the current year presentation, we reclassified $ 2,654 million, $ 650 million, and $ 1,297 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas;

Asia Pacific;

and Europe, the Middle East and Africa regions, respectively, for fiscal year 2024.

We also reclassified $ 990 million, $ 9 million, and $ 59 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas;

Asia Pacific;

and Europe, the Middle East and Africa regions, respectively, for fiscal year 2023.

Disaggregation

25 unchanged sentences

Total $ 8,279 $ 23,920 $ 3,620 $ 35,819

Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose net revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer (“OEM”) customers, contract manufacturers, channel partners, or software customers.

Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer (“OEM”) customers, contract manufacturers, channel partners, or software customers.

Contract Balances

Contract assets and contract liabilities balances were as follows:

2024 October 29,

2025 November 3,

(In millions)

1 unchanged sentence

Contract Liabilities $ 13,016 $ 14,495

Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment.

Contract assets and contract liabilities as of November 3, 2024 included the impact of VMware balances acquired on November 22, 2023.

We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer.

We recognize a contract asset when we transfer products or services to a customer and the right to consideration is conditional on something other than the passage of time.

Accounts receivable are recorded when the customer has been billed or the right to consideration is unconditional.

We recognize contract liabilities when we have received consideration or an amount of consideration is due from the customer and we have a future obligation to transfer products or services.

We recognize a contract asset when revenue recognized on a contract exceeds the amount invoiced.

A contract asset is a right to consideration that is conditional on something other than the passage of time.

A contract asset becomes a receivable when invoiced upon the right to consideration becoming unconditional.

We recognize a contract liability when billings on a contract exceed the revenue recognized and there is a future obligation to transfer products or services to a customer.

Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment.

As of November 2, 2025 , approximately 67 % of contract liabilities related to contracts subject to termination for convenience provisions .

The amount of revenue recognized during fiscal year 2024 that was included in the contract liabilities balance as of October 29, 2023 was $ 2,440 million.

The amount of revenue recognized during fiscal year 2025 that was included in the contract liabilities balance as of November 3, 2024 was $ 9,205 million.

The amount of revenue recognized during fiscal year 2024 that was included in the contract liabilities balance as of October 29, 2023 was $ 2,440 million.

2 unchanged sentences

Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods, but do not include contracts for software, subscriptions or services where the customer is not committed.

The customer is not considered committed when termination for convenience without payment of a substantive penalty exists, either contractually or through customary business practice.

The customer is not considered committed when the customer contract permits termination for convenience.

Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of IP.

Certain multi-year customer contracts in our semiconductor solutions and infrastructure software segments contain firmly committed amounts and the remaining performance obligations under these contracts as of November 3, 2024 were approximately $ 20.5 billion.

Certain multi-year customer contracts in our semiconductor solutions segment and infrastructure software segment, including contracts where customers do not have termination rights, contain firmly committed amounts and the remaining performance obligations under these contracts as of November 2, 2025 were approximately $ 33.3 billion.

We expect approximately 35 % of this amount to be recognized as revenue over the next 12 months.

For contracts with termination for convenience rights, our customers generally do not exercise those rights.

In addition, the majority of our revenue is from contracts with a duration of one year or less.

Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods .

49 unchanged sentences

It is impracticable to determine the effect on net income attributable to VMware as we immediately integrated VMware into our ongoing operations.

Transaction costs related to the VMware Merger of $ 255 million were primarily included in selling, general and administrative expense for fiscal year 2024 .

Transaction costs related to the VMware Merger of $ 255 million were included in selling, general and administrative expense for fiscal year 2024 .

Intangible Assets

39 unchanged sentences

(a) Released during fiscal year 2024.

(b) $ 1,380 million of the $ 2,900 million was released during fiscal year 2024.

The remaining balance is expected to be released during the second half of the fiscal year ending November 2, 2025 (“fiscal year 2025”) .

(b) $ 1,520 million and $ 1,380 million were released during fiscal years 2025 and 2024, respectively.

37 unchanged sentences

Cash Equivalents

Cash equivalents included $ 1,716 million and $ 1,470 million of time deposits and $ 1,171 million and $ 1,650 million of money-market funds as of November 3, 2024 and October 29, 2023, respectively.

Cash equivalents included $ 3,163 million and $ 1,716 million of time deposits and $ 2,239 million and $ 1,171 million of money-market funds as of November 2, 2025 and November 3, 2024, respectively.

For time deposits, carrying value approximates fair value due to the short-term nature of the instruments.

4 unchanged sentences

Total trade accounts receivable sold under the factoring arrangements were $ 7,401 million, $ 5,900 million and $ 3,975 million during fiscal years 2025, 2024 and 2023, respectively.

Factoring fees for the sales of receivables were recorded in other income (expense), net and were not material for any of the

periods presented.

2024 October 29,

Factoring fees for the sales of receivables were recorded in other income, net and were not material for any of the periods presented.

2025 November 3,

(In millions)

4 unchanged sentences

Property, Plant and Equipment, Net

2024 October 29,

2025 November 3,

(In millions)

8 unchanged sentences

Other Current Assets

2024 October 29,

2025 November 3,

(In millions)

4 unchanged sentences

Other Current Liabilities

2024 October 29,

2025 November 3,

(In millions)

5 unchanged sentences

Other Long-Term Liabilities

2024 October 29,

2025 November 3,

(In millions)

4 unchanged sentences

Total other long-term liabilities $ 9,302 $ 14,975

Other Income (Expense), Net

Other Income, Net

2025 2024 2023

4 unchanged sentences

Other expense ( 85 ) ( 64 ) ( 49 )

Other income (expense), net $ 406 $ 512 $ ( 54 )

Other income and other expense include foreign exchange gains and losses, factoring fees for the sales of receivables, and other miscellaneous items.

Other income, net

$ 455 $ 406 $ 512

Other income and other expense include gains on sales of businesses, foreign exchange gains and losses, factoring fees for the sales of receivables, and other miscellaneous items.

Discontinued Operations

8 unchanged sentences

Loss from discontinued operations, net of income taxes

We have operating and finance leases for our facilities, land, data centers and certain equipment.

We have operating leases for our facilities, land, data centers and certain equipment.

Operating lease expense was $ 182 million, $ 187 million and $ 91 million for fiscal years 2025, 2024 and 2023, respectively.

Finance lease expense was $ 27 million, $ 16 million and $ 18 million for fiscal years 2024, 2023 and 2022, respectively.

Other lease information, which included the impact of VMware leases acquired on November 22, 2023, was as follows.

Other operating lease information, which included the impact of VMware leases acquired on November 22, 2023, was as follows:

2025 2024 2023

(In millions)

Cash paid for operating leases included in operating cash flows $ 223 $ 90 $ 103

ROU assets obtained in exchange for operating lease liabilities $ 1,165 $ 28 $ 16

ROU assets obtained in exchange for finance lease liabilities $ 49 $ — $ 1

2024 October 29,

Weighted-average remaining lease term – operating leases (In years) 11 10

Weighted-average remaining lease term – finance leases (In years) 2 2

Weighted-average discount rate – operating leases 5.31 % 3.90 %

Weighted-average discount rate – finance leases 3.13 % 3.09 %

Supplemental balance sheet information related to leases, which included the VMware leases acquired on November 22, 2023, was as follows:

Cash paid for leases included in operating cash flows

$ 277 $ 223 $ 90

ROU assets obtained in exchange for lease liabilities

$ 220 $ 1,165 $ 28

2025 November 3,

Weighted-average remaining lease term (in years)

Weighted-average discount rate

4.78 % 5.31 %

Supplemental balance sheet information related to operating leases was as follows:

Classification on the Consolidated Balance Sheets November 2,

2024 October 29,

2025 November 3,

(In millions)

ROU assets - operating leases Other long-term assets $ 1,325 $ 463

ROU assets - finance leases Property, plant and equipment, net $ 15 $ 22

Short-term lease liabilities - operating leases Other current liabilities $ 207 $ 60

Long-term lease liabilities - operating leases Other long-term liabilities $ 1,143 $ 359

Short-term lease liabilities - finance leases Current portion of long-term debt $ 26 $ 45

Long-term lease liabilities - finance leases Long-term debt $ 13 $ 4

Future minimum lease payments under non-cancelable leases as of November 3, 2024 were as follows:

Operating Leases Finance Leases

Other long-term assets $ 1,318 $ 1,325

Short-term lease liabilities

Other current liabilities $ 144 $ 207

Long-term lease liabilities

Other long-term liabilities $ 1,181 $ 1,143

Future minimum operating lease payments under non-cancelable leases as of November 2, 2025 were as follows:

(In millions)

2025 $ 268 $ 26

Thereafter 877

6 unchanged sentences

Balance as of October 29, 2023 $ 26,001 $ 17,652 $ 43,653

Acquisitions 34 5 39

Balance as of October 29, 2023 26,001 17,652 43,653

Acquisition of VMware — 54,206 54,206

1 unchanged sentence

Balance as of November 3, 2024 26,015 71,858 97,873

We completed three acquisitions in fiscal year 2023, all of which qualified as business combinations.

The consideration for these acquisitions was primarily allocated to goodwill and intangible assets.

Sales of businesses ( 2 ) ( 70 ) ( 72 )

Balance as of November 2, 2025 $ 26,013 $ 71,788 $ 97,801

During the fourth quarter of fiscal years 2025, 2024 and 2023, we completed our annual impairment assessments and concluded that goodwill was not impaired in any of these years.

12 unchanged sentences

Total $ 51,190 $ ( 18,917 ) $ 32,273

As of October 29, 2023:

As of November 3, 2024:

Purchased technology $ 35,467 $ ( 12,551 ) $ 22,916

20 unchanged sentences

$ 23,126 $ 6,168 $ 14,082

Dividends on preferred stock — — ( 272 )

Income from continuing operations attributable to common stock

6,168 14,082 11,223

Loss from discontinued operations, net of income taxes, attributable to common stock

Net income attributable to common stock

Loss from discontinued operations, net of income taxes

$ 23,126 $ 5,895 $ 14,082

2 unchanged sentences

Weighted-average shares outstanding - diluted 4,853 4,778 4,272

Basic income per share attributable to common stock:

Basic income per share:

Income per share from continuing operations

3 unchanged sentences

$ 4.91 $ 1.27 $ 3.39

Diluted income per share attributable to common stock:

Diluted income per share:

Income per share from continuing operations

3 unchanged sentences

$ 4.77 $ 1.23 $ 3.30

For fiscal year 2022, diluted net income per share excluded the potentially dilutive effect of 104 million shares of common stock issuable upon the conversion of 8.00 % Mandatory Convertible Preferred Stock, Series A, $ 0.001 par value per share (“Mandatory Convertible Preferred Stock”) as their effect was antidilutive.

All shares of our Mandatory Convertible Preferred Stock were converted into shares of our common stock before the end of fiscal year 2022.

Retirement Plans

6 unchanged sentences

There are no active participants under the dollar-per-month program.

We also have a frozen non-qualified supplemental pension plan in the United States that principally provides benefits based on compensation in excess of amounts that can be considered under the qualified pension plan.

For certain non-U.S.

7 unchanged sentences

Expected return on plan assets ( 53 ) ( 60 ) ( 59 )

( 3 ) ( 2 ) —

Net periodic benefit cost $ 13 $ 18 $ 9

Net actuarial (gain) loss $ ( 1 ) $ ( 3 ) $ 20

The components of net periodic benefit cost other than the service cost are included in other income (expense), net.

Service cost is recognized in operating expenses.

The components of net periodic benefit cost other than the service cost are included in other income, net and service cost is recognized in operating expenses in the consolidated statements of operations.

Benefit Obligations and Plan Assets

Pension Benefits

2024 October 29,

2025 November 3,

(In millions)

13 unchanged sentences

Interest cost 56 63

Actuarial (gain) loss

Actuarial loss

Plan participants’ contributions

4 unchanged sentences

Benefit obligations — end of period 1,236 1,194

Overfunded (underfunded) status of benefit obligations (a)

Actuarial losses and prior service costs recognized in accumulated other comprehensive loss, net of taxes

Underfunded status of benefit obligations (a)

$ ( 39 ) $ ( 36 )

Actuarial losses and prior service costs recognized in accumulated other comprehensive income, net of taxes

$ ( 111 ) $ ( 106 )

_______________________________

(a) Substantially all amounts recognized on the consolidated balance sheets were recorded in other long-term assets and other long-term liabilities for all periods presented.

Plans with benefit obligations less than plan assets:

2024 October 29,

2025 November 3,

(In millions)

3 unchanged sentences

Plans with benefit obligations in excess of plan assets:

2024 October 29,

2025 November 3,

(In millions)

2 unchanged sentences

Fair value of plan assets $ 1,004 $ 40

The fair value of pension plan assets as of November 3, 2024 and October 29, 2023 included $ 229 million and $ 204 million, respectively, of assets for our non-U.S.

The fair value of pension plan assets as of November 2, 2025 and November 3, 2024 included $ 299 million and $ 229 million, respectively, of assets for our non-U.S.

pension plans.

The projected benefit obligations as of November 3, 2024 and October 29, 2023 included $ 260 million and $ 202 million, respectively, of obligations related to our non-U.S.

The projected benefit obligations as of November 2, 2025 and November 3, 2024 included $ 329 million and $ 260 million, respectively, of obligations related to our non-U.S.

pension plans.

The accumulated benefit obligations as of November 3, 2024 and October 29, 2023 included $ 229 million and $ 188 million, respectively, of obligations related to our non-U.S.

The accumulated benefit obligations as of November 2, 2025 and November 3, 2024 included $ 294 million and $ 229 million, respectively, of obligations related to our non-U.S.

pension plans.

30 unchanged sentences

Government bonds — 47 (c)

Asset-backed securities — 1 (c)

Plan assets measured by fair value hierarchy

2 unchanged sentences

Total plan assets

October 29, 2023

November 3, 2024

Fair Value Measurements at Reporting Date Using

10 unchanged sentences

Asset-backed securities — 1 (c)

Total plan assets

Plan assets measured by fair value hierarchy

$ 100 $ 936 1,036

Plan assets measured at net asset value

Total plan assets

______________________________

10 unchanged sentences

as of Assumptions for Net Periodic Benefit Cost

2024 October 29,

2025 November 3,

2024 2025 2024 2023

9 unchanged sentences

2.00 %- 10.00 %

Expected long-term return on assets

N/A N/A 2.50 %- 7.25 %

Expected long-term return on assets N/A N/A 2.50 %- 6.75 %

2.50 %- 7.25 %

10 unchanged sentences

Effective Interest Rate November 2,

2024 October 29,

2025 November 3,

(Dollars in millions)

October 2024 Senior Notes - fixed rate

4.150 % notes due February 2028

September 2025 Senior Notes

4.200 % notes due October 2030

4.34 % $ 1,000 $ —

2 unchanged sentences

4.900 % notes due February 2038

4.800 % notes due October 2034

4.99 % 1,750 —

July 2024 Senior Notes - fixed rate

July 2025 Senior Notes

4.600 % notes due July 2030

4.900 % notes due July 2032

5.04 % 1,750 —

5.200 % notes due July 2035

January 2025 Senior Notes

4.800 % notes due April 2028

5.03 % 1,100 —

5.150 % notes due November 2031

5.050 % notes due April 2030

5.200 % notes due April 2032

5.34 % 1,100 —

2023 Term Loans - floating rate

SOFR plus 1.125 % term loan due November 2026

October 2024 Senior Notes

4.150 % notes due February 2028

4.36 % 875 875

SOFR plus 1.375 % term loan due November 2028

4.350 % notes due February 2030

4.51 % 1,500 1,500

April 2022 Senior Notes - fixed rate

4.550 % notes due February 2032

4.70 % 875 875

4.800 % notes due October 2034

July 2024 Senior Notes

5.050 % notes due July 2027

5.27 % 1,250 1,250

5.050 % notes due July 2029

5.23 % 2,250 2,250

5.150 % notes due November 2031

5.30 % 1,500 1,500

April 2022 Senior Notes

4.000 % notes due April 2029

4 unchanged sentences

5.33 % 2,500 2,500

September 2021 Senior Notes - fixed rate

September 2021 Senior Notes

3.137 % notes due November 2035

2 unchanged sentences

4.79 % 2,750 2,750

March 2021 Senior Notes - fixed rate

March 2021 Senior Notes

3.419 % notes due April 2033

2 unchanged sentences

4.63 % 3,250 3,250

January 2021 Senior Notes - fixed rate

Effective Interest Rate November 2,

2025 November 3,

(Dollars in millions)

January 2021 Senior Notes

1.950 % notes due February 2028

9 unchanged sentences

10,000 10,000

June 2020 Senior Notes - fixed rate

June 2020 Senior Notes

3.459 % notes due September 2026

2 unchanged sentences

5.02 % 1,118 1,118

May 2020 Senior Notes - fixed rate

2.250 % notes due November 2023

May 2020 Senior Notes

3.150 % notes due November 2025

3.29 % 900 900

Effective Interest Rate November 3,

2024 October 29,

(Dollars in millions)

4.150 % notes due November 2030

2 unchanged sentences

4.39 % 2,000 2,000

April 2020 Senior Notes - fixed rate

April 2020 Senior Notes

5.000 % notes due April 2030

5.18 % 606 606

April 2019 Senior Notes - fixed rate

3.625 % notes due October 2024

April 2019 Senior Notes

4.750 % notes due April 2029

4.95 % 1,655 1,655

2017 Senior Notes - fixed rate

3.625 % notes due January 2024

2017 Senior Notes

3.125 % notes due January 2025

3.23 % 495 495

3.875 % notes due January 2027

2 unchanged sentences

3.60 % 777 777

Assumed VMware Senior Notes - fixed rate

Assumed VMware Senior Notes

4.500 % notes due May 2025

5 unchanged sentences

1.800 % notes due August 2028

5.44 % 750 750

4.700 % notes due May 2030

5.75 % 750 750

2.200 % notes due August 2031

5.74 % 1,500 1,500

Assumed CA Senior Notes - fixed rate

Assumed CA Senior Notes

4.700 % notes due March 2027

5.15 % 215 215

Other senior notes - fixed rate

3.500 % notes due August 2024

Other senior notes

4.500 % notes due August 2034

Total principal amount outstanding $ 69,847 $ 40,815

Total senior notes outstanding

65,370 56,252

Effective Interest Rate November 2,

2025 November 3,

(Dollars in millions)

4.540 % term loan due May 2028

4.59 % 1,000 —

4.489 % term loan due May 2028

2023 Term Loans - floating rate

SOFR plus 1.125 % term loan due November 2026

6.23 % — 5,595

SOFR plus 1.125 % term loan due November 2028

5.63 % — 8,000

Total term loans outstanding

Total debt principal outstanding

$ 67,120 $ 69,847

Current portion of principal amount outstanding $ 3,152 $ 1,245

Short-term finance lease liabilities — 26

Total current portion of long-term debt $ 1,271 $ 1,608

Total short-term debt

$ 3,152 $ 1,271

Non-current portion of principal amount outstanding $ 63,968 $ 68,602

2 unchanged sentences

Total long-term debt $ 61,984 $ 66,295

The senior notes and term loans are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of such instruments.

The effective interest rates are calculated based on contractual interest, discount and issuance costs and, if applicable, reclassification of the cumulative gain from derivatives.

______________________________

(a) In addition to contractual interest, discount and issuance costs, the effective interest rate also includes reclassification of the cumulative gain from derivatives.

"Summary of Significant Accounting Policies" for additional information for derivative instruments.

We issued senior unsecured notes for an aggregate principal amount of $ 5,000 million in October 2024 and $ 5,000 million in July 2024.

In connection with the VMware Merger, we assumed $ 8,250 million of VMware’s outstanding senior unsecured notes.

We repaid $ 1,250 million of 1.000 % notes upon maturity in August 2024.

The senior notes and term loans are recorded net of discount and issuance costs, which are amortized to interest expense over the respective terms of such instruments.

We may redeem or purchase, in whole or in part, any of our senior notes prior to their respective maturities, subject to a specified make-whole premium determined in accordance with the indentures governing the respective notes, plus accrued and unpaid interest.

In the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101 % of the principal amount of such notes, plus accrued and unpaid interest.

2023 Term Loans

On August 15, 2023, we entered into a credit agreement (the “2023 Credit Agreement”), which provided us with the ability to borrow term loans in connection with the VMware Merger.

Upon completion of the VMware Merger, we entered an $ 11,195 million unsecured term A-2 facility (the "Term A-2 Loan”), an $ 11,195 million unsecured term A-3 facility (the “Term A-3 Loan”), and an $ 8,000 million unsecured term A-5 facility (the “Term A-5 Loan”, collectively, the “2023 Term Loans”).

During fiscal year 2024, we repaid $ 11,195 million of our Term A-2 Loan using the net proceeds from the senior notes issued in July 2024 and the sale of the EUC business, as well as cash on hand.

We also repaid $ 5,600 million of our Term A-3 Loan using the net proceeds from the senior notes issued in October 2024 and cash on hand.

As a result of these repayments, we wrote off unamortized discount and issuance costs of $ 157 million, which were included in interest expense in the consolidated statement of operations.

The 2023 Term Loans bear interest, payable monthly or every three months at our election, at floating interest rates tied to the Secured Overnight Financing Rate (“SOFR”).

The Term A-3 Loan and Term A-5 Loan will mature and be payable on the third or fifth anniversary, respectively, of the date of the VMware Merger.

Subject to the terms of the 2023 Credit Agreement, we are permitted to v oluntarily make prepayments of the term loans without penalty.

Our obligations under the 2023 Credit Agreement are unsecured and are not guaranteed by any of our subsidiaries.

With the exception of the senior notes issued in September 2025, in the event of a change in control, note holders will have the right to require us to repurchase their notes at a price equal to 101 % of the principal amount of such notes, plus accrued and unpaid interest.

Each series of the senior notes pays interest semi-annually.

During fiscal year 2025, we issued senior unsecured notes for an aggregate principal amount of $ 3.0 billion in January 2025, $ 6.0 billion in July 2025, and $ 5.0 billion in September 2025.

We repaid and redeemed a total of $ 4,882 million of senior notes.

Fixed-Rate Term Loans

We entered into a $ 750 million three-year term loan at a 4.489 % fixed rate on May 2, 2025 and a $ 1.0 billion three-year term loan at a 4.540 % fixed rate on May 9, 2025.

Interest on the term loans is due quarterly.

We are permitted to prepay the term loans at any time, subject to a specified make-whole premium determined in accordance with the credit agreements governing the respective term loans, plus accrued and unpaid interest.

2025 Credit Agreement

In January 2025, we entered into a credit agreement (the “2025 Credit Agreement”), which provides for a five-year $ 7.5 billion unsecured revolving credit facility, of which $ 500 million is available for the issuance of multi-currency letters of credit.

The issuance of letters of credit and certain other instruments would reduce the aggregate amount otherwise available under the revolving credit facility for revolving loans.

Subject to the terms of the 2021 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 19, 2026 and (b) the date of termination in whole of the revolving lenders’ commitments under the 2021 Credit Agreement.

We had no borrowings outstanding under the revolving credit facility at either November 3, 2024 or October 29, 2023.

The issuance of letters of credit under the revolving credit facility would reduce the aggregate amount otherwise available under such facility for revolving loans.

Subject to the terms of the 2025 Credit Agreement, we are permitted to borrow, repay and reborrow revolving loans at any time prior to the earlier of (a) January 13, 2030 or (b) the date that the commitments are terminated either at our request or, if an event of default occurs, by the lenders.

In connection with the 2025 Credit Agreement, we terminated the credit agreement entered into in January 2021, which provided for a five-year $ 7.5 billion unsecured revolving credit facility.

We had no borrowings outstanding under our revolving credit facility at either November 2, 2025 or November 3, 2024.

Commercial Paper

We have a commercial paper program pursuant to which we may issue unsecured commercial paper notes (“Commercial Paper”) in principal amount of up to $ 2 billion outstanding at any time with maturities of up to 397 days from the date of issue.

Commercial Paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of their issuance.

In January 2025, we increased the maximum amount of our commercial paper program, pursuant to which we may issue unsecured commercial paper notes in an aggregate principal amount of up to $ 4.0 billion outstanding at any time with maturities of up to 397 days from the date of issue.

Commercial paper is sold under customary terms in the commercial paper market and may be issued at a discount from par or, alternatively, may be sold at par and bear interest at rates dictated by market conditions at the time of issuance.

The discount associated with the commercial paper is amortized to interest expense over its term.

Outstanding Commercial Paper reduces the amount that would otherwise be available to borrow for general corporate purposes under our revolving credit facility.

We had no Commercial Paper outstanding at either November 3, 2024 or October 29, 2023.

We had no commercial paper outstanding at either November 2, 2025 or November 3, 2024.

2023 Term Loans

On August 15, 2023, we entered into a credit agreement (the “2023 Credit Agreement”), which provided us with the ability to borrow term loans in connection with the VMware Merger.

Upon completion of the VMware Merger, we entered a series of unsecured facilities for an aggregate principal amount of $ 30,390 million (the “2023 Term Loans”).

The 2023 Term Loans bore interest, payable monthly or every three months at our election, at floating interest rates tied to the Secured Overnight Financing Rate (“SOFR”).

Subject to the terms of the 2023 Credit Agreement, we were permitted to v oluntarily make prepayments of the term loans without penalty.

During fiscal year 2025, we repaid the remaining $ 13,595 million of 2023 Term Loans and terminated the 2023 Credit Agreement.

As a result of these repayments, we wrote off unamortized discount and issuance costs of $ 118 million, which were included in interest expense in the consolidated statements of operations.

Fair Value of Debt

As of November 3, 2024, the estimated aggregate fair value of our debt was $ 65,022 million.

The fair value of our senior notes was determined using quoted prices from less active markets.

The carrying value of the 2023 Term Loans approximates their fair value as the 2023 Term Loans are carried at a market observable interest rate that resets periodically.

As of November 2, 2025, the estimated aggregate fair value of our debt was $ 64,609 million which was determined using quoted prices from less active markets or other observable inputs.

All of our debt obligations are categorized as Level 2 instruments.

5 unchanged sentences

Total $ 67,120

As of November 3, 2024 and October 29, 2023, we were in compliance with all debt covenants.

As of November 2, 2025 and November 3, 2024, we were in compliance with all debt covenants.

Stockholders’ Equity

On July 12, 2024, we completed a ten -for-one forward stock split of our common stock, proportionately increasing the number of shares of our authorized common stock from 2.9 billion to 29 billion without changing the par value of $ 0.001 per share.

All share, equity award and per share amounts and related stockholders’ equity balances presented herein have been retroactively adjusted, where applicable, to reflect the stock split.

Cash Dividends Declared and Paid

3 unchanged sentences

Dividends to common stockholders $ 11,142 $ 9,814 $ 7,645

Dividends per share to preferred stockholders $ — $ — $ 80.00

Dividends to preferred stockholders $ — $ — $ 299

On September 30, 2019, we completed an offering of approximately 4 million shares of Mandatory Convertible Preferred Stock, which generated net proceeds of approximately $ 3,679 million and would automatically convert into shares of our common stock on September 30, 2022.

The holders of Mandatory Convertible Preferred Stock were entitled to receive, when, as and if declared by our Board of Directors, or an authorized committee thereof, out of funds legally available for payment, cumulative dividends at the annual rate of 8.00 % of the liquidation preference of $ 1,000 per share (equivalent to $ 80 annually per share), payable in cash or, subject to certain limitations, by delivery of shares of our common stock or any combination of cash and shares of our common stock, at our election.

During fiscal year 2022, outstanding shares of our Mandatory Convertible Preferred Stock converted into an aggregate of approximately 116 million shares of our common stock at conversion rates ranging between 30.894 and 31.149 common shares per share of Mandatory Convertible Preferred Stock.

We paid cash in lieu of fractional shares of common stock upon conversion.

Stock Repurchase Programs

In December 2021, our Board of Directors authorized a stock repurchase program to repurchase up to $ 10 billion of our common stock from time to time through December 31, 2022, which was subsequently extended to December 31, 2023.

In May 2022, our Board of Directors authorized another stock repurchase program to repurchase up to an additional $ 10 billion of our common stock from time to time through December 31, 2023.

During fiscal years 2024, 2023 and 2022, we repurchased and retired approximately 67 million, 91 million and 117 million shares of our common stock for $ 7,176 million, $ 5,824 million and $ 7,000 million, respectively.

All $ 20 billion of the authorized amount under these stock repurchase programs was utilized prior to expiration on December 31, 2023.

In April 2025, our Board of Directors authorized a stock repurchase program to repurchase up to $ 10 billion of our common stock from time to time through December 31, 2025, which was extended to December 31, 2026 subsequent to fiscal year 2025 .

During fiscal year 2025, we repurchased and retired 16 million shares of our common stock for $ 2,450 million with a $ 7,550 million remaining authorized amount available for future purchases as of November 2, 2025.

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.

In December 2021 and May 2022, our Board of Directors authorized stock repurchase programs to repurchase up to an aggregate of $ 20 billion of our common stock from time to time through December 31, 2023.

During fiscal years 2024 and 2023, we repurchased and retired 67 million and 91 million shares of our common stock for $ 7,176 million and $ 5,824 million, respectively.

All $ 20 billion of the aggregate authorized amount was utilized prior to expiration on December 31, 2023.

Equity Incentive Award Plans

In connection with the acquisition of Broadcom Corporation, we assumed its 2012 stock incentive plan and outstanding unvested RSUs that were held by its employees.

During the second quarter of fiscal year 2021, our stockholders approved the amendment and restatement of the Broadcom Corporation 2012 stock incentive plan, now called the Broadcom Inc.

2012 Stock Incentive Plan (the “2012 Plan”).

Under the 2012 Plan, we may grant stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant, restricted stock awards, and RSUs to employees.

Under the Broadcom Inc.

2012 Stock Incentive Plan (the “2012 Plan”), we may grant stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant, restricted stock awards, and RSUs to employees.

No participant may be granted such awards for more than an aggregate of 40 million shares in any fiscal year.

Equity awards granted generally vest over four years .

The 2012 Plan reduced the number of shares available for new equity award grants to 200 million shares and removed the annual share replenishment provision provided under the Broadcom Corporation 2012 stock incentive plan.

During the second quarter of fiscal year 2023, our stockholders approved the amendment and restatement of the 2012 Plan to increase the number of shares of common stock authorized for issuance by 250 million shares.

The total shares authorized for issuance under the 2012 Plan are 450 million.

Awards cancelled or forfeited and shares withheld to satisfy tax withholding obligations become available for future issuance.

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The market-based RSUs generally vest over four years , subject to satisfaction of market conditions.

During fiscal years 2024, 2023 and 2022, we granted market-based RSUs under which grantees may receive the number of shares ranging from 0 % to 300 % of the original grant on a stock split adjusted basis at vesting based upon the total stockholder return (“TSR”) on our common stock on an absolute basis and as compared to the TSR of an index group of companies.

During fiscal years 2025, 2024 and 2023, we granted market-based RSUs under which grantees may receive the number of shares ranging from 0 % to 200 % of the original grant at vesting based upon the total stockholder return (“TSR”) on our common stock on an absolute basis and as compared to the TSR of an index group of companies.

During fiscal year 2023, we also granted market-based RSUs vesting over five years , subject to satisfaction of stock price performance milestones.

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Amended and Restated 2007 Equity and Incentive Plan (the “2007 Plan”) and outstanding unvested RSU awards and PSU awards originally granted by VMware under the 2007 Plan that were held by continuing employees.

These assumed awards were converted into approximately 46 million Broadcom RSU awards and will vest in accordance with their original terms, generally over four years .

These assumed awards were converted into approximately 46 million Broadcom RSUs and will vest in accordance with their original terms, generally over four years .

Under the 2007 Plan, we may grant stock options and stock appreciation rights with an exercise price that is no less than the fair market value on the date of grant, restricted stock, RSUs, and other stock-based or cash-based awards to employees.

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(a) Does not include stock-based compensation expense related to discontinued operations recognized during fiscal year 2024, which was included in loss from discontinued operations, net of income taxes in our consolidated statement of operations.

Fiscal year 2024 stock-based compensation expense included $ 1,613 million related to equity awards assumed in connection with the VMware Merger.

During the first quarter of fiscal year 2019, the Compensation Committee of our Board of Directors approved a broad-based program of multi-year equity grants of time- and market-based RSUs (the “Multi-Year Equity Awards”) in lieu of our annual employee equity awards historically granted on March 15 of each year.

Each Multi-Year Equity Award vests on the same basis as four annual grants made March 15 of each year, beginning in fiscal year 2019, with successive four-year vesting periods.

Stock-based compensation expense related to the Multi-Year Equity Awards was $ 356 million, $ 596 million and $ 794 million for fiscal years 2024, 2023 and 2022, respectively.

Stock-based compensation expense for fiscal years 2025 and 2024 included $ 479 million and $ 1,613 million, respectively, related to equity awards assumed in connection with the VMware Merger.

During the second quarter of fiscal year 2025, we granted two-year time- and market-based RSU awards (the “Two-Year Equity Awards”) in lieu of our annual employee equity awards historically granted in the second quarter of each fiscal year.

Each of the Two-Year Equity Awards vests on the same basis as two annual grants with staggered vesting start dates of March 15, 2025 and March 15, 2026 and successive four -year vesting periods.

We recognize stock-based compensation expense related to these awards from the grant date through their respective vesting date, ranging from four to five years .

Stock-based compensation expense related to the Two-Year Equity Awards was $ 2,846 million for fiscal year 2025.

As of November 2, 2025, the total unrecognized compensation cost related to unvested stock-based awards was $ 23,833 million, which is expected to be recognized over the remaining weighted-average service period of 3.4 years.

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Restricted Stock Unit Awards

A summary of time- and market-based RSU activity was as follows:

A summary of RSU activity was as follows:

Number of RSUs

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Balance as of October 29, 2023

Assumed in VMware Merger

Granted 81 $ 115.58

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Forfeited ( 25 ) $ 88.62

Balance as of October 29, 2023

Assumed in VMware Merger

Balance as of November 3, 2024

Granted 120 $ 192.37

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Balance as of November 2, 2025

The aggregate fair value of time- and market-based RSUs that vested in fiscal years 2024, 2023 and 2022 was $ 14,914 million, $ 5,423 million and $ 4,207 million, respectively, which represented the market value of our common stock on the date that the RSUs vested.

The aggregate fair value of RSUs that vested in fiscal years 2025, 2024 and 2023 was $ 21,721 million, $ 14,914 million and $ 5,423 million, respectively, which represented the market value of our common stock on the date that the RSUs vested.

The number of RSUs vested included shares of common stock that we withheld for settlement of employees’ tax obligations due upon the vesting of RSUs.

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(In millions)

Domestic loss $ ( 4,851 ) $ ( 63 ) $ ( 2,020 )

Domestic income (loss)

$ 2,507 $ ( 4,851 ) $ ( 63 )

Foreign income 20,222 14,767 15,160

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$ 22,729 $ 9,916 $ 15,097

The components of the provision for income taxes were as follows:

The components of the provision for (benefit from) income taxes were as follows:

2025 2024 2023

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Total ( 2,033 ) 1,965 ( 501 )

Total provision for income taxes

Total provision for (benefit from) income taxes

$ ( 397 ) $ 3,748 $ 1,015

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Deemed inclusion of foreign earnings 7.1 16.3 9.9

Change in valuation allowance

Impact of non-recurring intra-group transfer of certain IP rights

Uncertain tax benefits

Releases and settlements from statutes expirations

( 7.9 ) — ( 2.2 )

Tax contingency interest accrual

Excess tax benefits from stock-based compensation ( 9.6 ) ( 13.1 ) ( 3.4 )

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Effective tax rate on income before income taxes ( 1.7 ) % 37.8 % 6.7 %

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.

The benefit from income taxes in fiscal year 2025 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.

The increase in provision for income taxes in fiscal year 2024 compared to fiscal year 2023 was primarily due to the impact of a non-recurring intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in jurisdictional mix of income, partially offset by an increase in excess tax benefits from stock-based awards.

The increase in provision for income taxes in fiscal year 2023 compared to fiscal year 2022 was primarily due to higher income before income taxes, partially offset by an increase in the recognition of uncertain tax benefits as a result of lapses of statutes of limitations.

We derive the effective tax rate benefit attributed to foreign income taxed at different rates primarily from our operations in Singapore and Malaysia.

Our tax incentives from the Singapore Economic Development Board provide that any qualifying income earned in Singapore is subject to tax incentives or reduced rates of Singapore income tax, subject to our compliance with the conditions specified in these incentives and legislative developments.

These Singapore tax incentives are scheduled to expire in November 2030.

These Singapore tax incentives are

scheduled to expire through November 2030.

We have also obtained a tax holiday on our qualifying income in Malaysia, which is scheduled to expire in fiscal year 2028.

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Significant components of our deferred tax assets and liabilities consisted of the following:

2024 October 29,

2025 November 3,

(In millions)

Deferred income tax assets:

Net operating loss, credit and other carryforwards $ 2,905 $ 1,809

Net operating loss, credits and other carryforwards

$ 4,261 $ 2,905

Capitalized research and development

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Deferred income tax liabilities 7,933 9,507

Net deferred income tax assets (liabilities)

Net deferred income tax liabilities

$ ( 2,511 ) $ ( 4,541 )

As a result of the acquisition of VMware, we established $ 3,642 million of net deferred tax liabilities on the excess of book basis over the tax basis of acquired assets.

Our net deferred tax liabilities also increased during the year due to the non-recurring intra-group transfer of certain IP rights to the United States.

The valuation allowance disclosed in the table above relates to substantially all U.S.

The valuation allowance disclosed in the table above relates to all CAMT credit carryforwards and substantially all U.S.

state and foreign net operating loss carryforwards and research and development tax credits that may not be realized.

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As of November 2, 2025, we had tax effected U.S.

state net operating loss carryforwards of $ 126 million and foreign net operating loss carryforwards of $ 92 million, all of which expire in various years beginning in fiscal year 2025.

state net operating loss carryforwards of $ 182 million and foreign net operating loss carryforwards of $ 151 million, all of which expire in various years beginning in fiscal year ended November 1, 2026 ("fiscal year 2026").

We had $ 2,504 million of state research and development tax credits which begin to expire in fiscal year 2026.

We had $ 1,321 million of CAMT credits which do not expire under the current law.

Uncertain Tax Positions

9 unchanged sentences

Ending balance $ 3,174 $ 5,843 $ 4,655

We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes.

We recognize interest and penalties related to unrecognized tax benefits within the provision for (benefit from) income taxes.

Accrued interest and penalties were included within other long-term liabilities.

During fiscal years 2024, 2023 and 2022, we recognized interest and penalties of $ 144 million, $ 22 million and $ 25 million respectively, within the provision for income taxes.

As of November 3, 2024 and October 29, 2023, the total accrued interest and penalties was approximately $ 701 million and $ 389 million, respectively.

The increase in total accrued interest and penalties was primarily the result of the VMware acquisition in addition to the current year accrual.

As of November 3, 2024 and October 29, 2023, approximately $ 6,544 million and $ 5,044 million, respectively, of the unrecognized tax benefits and accrued interest and penalties would, if recognized, benefit our effective income tax rate.

In fiscal year 2025, we recognized a benefit of $ 118 million related to interest and penalties within the benefit from income taxes.

During fiscal years 2024 and 2023, we recognized interest and penalties of $ 144 million and $ 22 million, respectively, within the provision for income taxes.

As of November 2, 2025 and November 3, 2024, the total accrued interest and penalties was approximately $ 583 million and $ 701 million, respectively.

The decrease in total accrued interest and penalties was primarily the result of the lapses of statutes of limitations.

As of November 2, 2025 and November 3, 2024, approximately $ 3,757 million and $ 6,544 million, respectively, of the unrecognized tax benefits and accrued interest and penalties would, if recognized, benefit our effective income tax rate.

We are subject to U.S.

income tax examination for fiscal years 2018 and later.

income tax examination for the fiscal years ended October 30, 2022 and later.

Certain of our acquired companies are subject to tax examinations in major jurisdictions outside of the U.S.

for fiscal years 2005 and later.

for the fiscal years ended October 31, 2005 and later.

It is possible that our existing unrecognized tax benefits may change up to $ 841 million as a result of lapses of the statute of limitations for certain audit periods and/or audit examinations expected to be completed within the next 12 months.

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semiconductor solutions and infrastructure software.

Each segment has separate financial information that is utilized on a regular basis by the CODM in determining how to allocate resources and evaluate performance.

The reportable segments are determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics.

Each segment has separate financial information.

The CODM considers actual and expected results of regularly provided net revenue and operating income by segment during the budgeting and forecasting processes to support strategic decision-making and to evaluate the performance of and allocate resources to each of the segments.

Operating income by segment includes items that are directly attributable to each segment and shared expenses such as marketing, general and administrative activities, facilities and IT expenses.

Shared expenses are primarily allocated based on revenue and headcount.

The CODM does not evaluate each segment using discrete asset information.

The reportable segments are also determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics.

Semiconductor solutions .

We provide semiconductor solutions for managing the movement of data in data center, service provider, and enterprise networking applications, including AI networking and connectivity.

We provide a broad variety of radio frequency semiconductor devices, wireless connectivity solutions, custom touch controllers, and inductive charging solutions for mobile applications.

We also provide semiconductor solutions for enabling the set-top box and broadband access markets and for enabling secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives and solid state drives.

We also provide a broad variety of products for the general industrial and automotive markets.

Our semiconductor solutions are used in a wide array of environments, end products and applications such as enterprise and AI data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays.

Our semiconductor solutions segment also includes our IP licensing.

Infrastructure software.

We provide a portfolio of software solutions that help enterprises simplify their IT environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

Our infrastructure software solutions include revenues from software arrangements, related support, and professional services that help enterprises simplify their IT environments.

Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments.

This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads.

We also offer mission-critical FC SAN products and related software.

Our CODM assesses the performance of each segment and allocates resources to each segment based on net revenue and operating results and does not evaluate each segment using discrete asset information.

Operating results by segment include items that are directly attributable to each segment and also include shared expenses such as marketing, general and administrative activities, facilities and IT expenses.

Shared expenses are primarily allocated based on revenue and headcount.

Unallocated Expenses

Unallocated expenses include amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, and other costs, which are not used in evaluating the results of, or in allocating resources to, our segments.

Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.

Depreciation expense directly attributable to each reportable segment is included in the operating results of each segment.

However, the CODM does not evaluate depreciation expense by operating segment and, therefore, it is not separately presented.

However, the CODM does not evaluate depreciation expense by segment and, therefore, it is not separately presented.

Amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, and acquisition-related costs are not used in evaluating the results of, or in allocating resources to, our segments and therefore are not allocated to each segment.

There was no inter-segment revenue for any of the periods presented.

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Semiconductor solutions:

Infrastructure software 21,478 7,637 7,385

Total net revenue $ 51,574 $ 35,819 $ 33,203

Net revenue $ 36,858 $ 30,096 $ 28,182

Cost of revenue 11,740 9,809 8,447

Research and development 3,407 3,140 2,896

Selling, general and administrative 479 388 353

Operating income $ 21,232 $ 16,759 $ 16,486

Semiconductor solutions $ 16,759 $ 16,486 $ 15,075

Infrastructure software:

Net revenue $ 27,029 $ 21,478 $ 7,637

Cost of revenue 1,902 2,306 615

Research and development 2,550 2,707 844

Selling, general and administrative 1,812 2,488 539

Operating income $ 20,765 $ 13,977 $ 5,639

Net revenue $ 63,887 $ 51,574 $ 35,819

Cost of revenue 13,642 12,115 9,062

Research and development 5,957 5,847 3,740

Selling, general and administrative 2,291 2,876 892

Unallocated expenses:

Total operating income $ 13,463 $ 16,207 $ 14,225

Amortization of acquisition-related intangible assets 8,062 9,267 3,247

Stock-based compensation

7,568 5,670 2,171

Restructuring and other charges 667 1,787 248

Acquisition-related costs

Operating income $ 25,484 $ 13,463 $ 16,207

Geographic Information

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Net revenue from Singapore for fiscal years 2025, 2024 and 2023 was $ 10,796 million, $ 9,559 million and $ 4,479 million, respectively.

Net revenue from Taiwan for fiscal year 2025 was $ 6,451 million (the amount was less than 10% for fiscal years 2024 and 2023).

Net revenue from other foreign countries for fiscal years 2025, 2024 and 2023 was $ 18,979 million, $ 18,645 million and $ 12,832 million, respectively.

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Long-lived assets include property, plant and equipment and are based on the physical location of the assets.

2024 October 29,

2025 November 3,

(In millions)

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We sell our products through our direct sales force and a select network of distributors and channel partners globally.

One customer accounted for 18 % and 21 % of our net accounts receivable balance as of November 3, 2024 and October 29, 2023, respectively.

During fiscal years 2025, 2024 and 2023, one customer accounted for 32 %, 28 % and 21 % of our net revenue, respectively.

Revenue from this customer was included in our semiconductor solutions segment.

One customer accounted for 44 % and 18 % of our net accounts receivable balance as of November 2, 2025 and November 3, 2024, respectively.

Commitments and Contingencies

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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.

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.

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On April 2, 2023, the California Court denied the defendants’ motion to dismiss finding that the plaintiffs had adequately stated claims under Sections 10 and 20A of the Securities Exchange Act of 1934.

The parties have agreed to settlement terms pending approval by the California Court.

The parties have agreed to settlement terms and in March 2025 the California Court approved the settlement.

Other Matters

26 unchanged sentences

Utilization ( 1,393 ) ( 277 ) ( 1,670 )

Balance as of October 29, 2023 2 — 2

Balance as of November 3, 2024 119 — (a)

Restructuring charges 428 169 597

Utilization ( 471 ) ( 169 ) ( 640 )

Balance as of November 3, 2024

Balance as of November 2, 2025 $ 76 $ — (a)

_____________________________

(a) As of November 2, 2025 and November 3, 2024, outstanding restructured lease liabilities of $ 172 million and $ 192 million, respectively, were primarily included in long-term lease liabilities within other long-term liabilities.

In connection with the VMware Merger, we initiated restructuring activities to integrate the acquired business, align our workforce and improve efficiencies in our operations.

Restructuring charges in fiscal year 2024 primarily related to employee termination costs.

We also incurred $ 277 million of impairment charges primarily related to lease assets and property, plant and equipment.

We expect these restructuring activities to be substantially completed by the end of fiscal year 2025.

Restructuring charges in fiscal years 2025 and 2024 primarily related to employee termination costs.

We also recognized lease and impairment charges primarily related to lease assets and property, plant and equipment of $ 169 million and $ 277 million during fiscal years 2025 and 2024, respectively.

We have substantially completed these restructuring activities.

These charges were recognized primarily in operating expenses.

During fiscal year 2023, we incurred $ 24 million of impairment charges primarily related to lease assets and property, plant and equipment.

During fiscal year 2022, we incurred $ 38 million of impairment charges related to lease assets.

As of November 3, 2024 and October 29, 2023, short-term and long-term lease liabilities included $ 192 million and $ 44 million of obligations related to restructured leases, respectively.

Other Charges

Restructuring and other charges in our consolidated statement of operations for fiscal year 2023 included $ 204 million of non-recurring charges related to IP litigation .

Restructuring and other charges in our consolidated statements of operations included a $ 70 million non-recurring impairment charge related to an asset held-for-sale during fiscal year 2025 and $ 204 million of non-recurring charges related to IP litigation during fiscal year 2023 .

Subsequent Events

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$ 94 $ 418 $ ( 439 ) $ 73

Fiscal year ended October 29, 2023

Fiscal year ended November 3, 2024

$ 133 $ 351 $ ( 390 ) $ 94

4 unchanged sentences

$ 11 $ 11 $ ( 19 ) $ 3

Fiscal year ended October 29, 2023

Fiscal year ended November 3, 2024

$ 4 $ 17 $ ( 10 ) $ 11

4 unchanged sentences

$ 2,218 $ 1,867 $ ( 102 ) $ 3,983

Fiscal year ended October 29, 2023

Fiscal year ended November 3, 2024

$ 1,789 $ 3,151 $ ( 2,722 ) $ 2,218

7 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data