Gen Digital Inc. 10-K

Item 9A. Controls and Procedures (a) Evaluation of Disclosure Controls and Procedures The SEC defines the term “disclosure controls and procedures” to mean a company’s controls and other procedures that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported, within the time periods specified in the SEC’s rules and forms. “Disclosure controls and procedures” include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures are designed to provide reasonable assurance that such information is accumulated and communicated to our management. Our management (with the participation of our Chief Executive Officer and Chief Financial Officer) has conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based on such evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period covered by this Annual Report on Form 10-K. (b) Management’s Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) for Gen Digital. Our internal control over financial reporting is a process designed under the supervision of our CEO and CFO to provide reasonable assurance regarding the preparation and reliability of financial reporting and preparation of our financial statements for external purposes in accordance with accounting principles generally accepted in the U.S. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of April 3, 2026, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). We completed the acquisition of MoneyLion in April 2025. Management has excluded MoneyLion from its assessment of the effectiveness of Gen’s internal control over financial reporting as of April 3, 2026. Total assets (excluding goodwill and intangibles) and total revenues of MoneyLion represent approximately 2%, or $354 million and 16%, or $823 million, respectively, of the Consolidated Financial Statement amounts as of, and for the fiscal year ended, April 3, 2026. This exclusion is in accordance with the SEC staff’s general guidance that an assessment of an acquired business may be omitted from the scope of management’s assessment of the effectiveness of internal control over financial reporting during the first year after completion of an acquisition while integrating the acquired company. Our management has concluded that, as of April 3, 2026, our internal control over financial reporting was effective at the reasonable assurance level based on these criteria. The effectiveness of our internal control over financial reporting, as of April 3, 2026, has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which is included in Part IV, Item 15 of this Annual Report on Form 10-K. (c) Changes in Internal Control over Financial Reporting There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended April 3, 2026 that has materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. On April 17, 2025, we completed our acquisition of MoneyLion and are currently integrating MoneyLion into our operations and internal control processes. Our initial assessment of MoneyLion’s internal control over financial reporting is ongoing. We have designed and implemented new controls as needed. MoneyLion Material Weakness A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a registrant’s financial statement will not be prevented or detected on a timely basis. Prior to the acquisition by Gen, MoneyLion reported an identified material weakness in its internal control over financial reporting. As a result, MoneyLion concluded that, as of December 31, 2024, its disclosure controls and procedures were not 42 Table of Contents effective in providing reasonable assurance that information required to be disclosed in reports filed or submitted under the Exchange Act was recorded, processed, summarized and reported within the time periods specified by SEC rules and forms. The material weakness identified relates to MoneyLion’s Credit Builder Loan product, involving certain cash disbursements made to customer escrow accounts that were not in accordance with the product’s terms. While the related transactions were properly reflected in the financial statements and no misstatements were identified, the control deficiency could have resulted in unauthorized disbursements of cash. Accordingly, this deficiency was determined to constitute a material weakness. MoneyLion has undertaken steps to remediate the material weakness and we are evaluating the steps that have been taken under Gen’s control framework. (d) Limitations on Effectiveness of Controls Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. The design of a control system also is based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that a given control will be effective under all potential future conditions. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. Item 9B. Other Information Insider adoption or termination of trading arrangements During the fiscal quarter ended April 3, 2026, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K, Item 408. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 43 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance The information required by this item will be included under the captions “The Board and Its Committees”, “Our Executive Officers” and “Corporate Governance” in our proxy statement for the 2026 Annual Meeting to be filed with the SEC within 120 days of the fiscal year ended April 3, 2026 (the 2026 Proxy Statement) and is incorporated herein by reference . With regard to the information required by this item regarding compliance with Section 16(a) of the Exchange Act, we will provide disclosure of delinquent Section 16(a) reports, if any, in the 2026 Proxy Statement, and such disclosure, if any, is incorporated herein by reference. Item 11. Executive Compensation The information required by this item will be included under the captions “Director Compensation” and “Executive Compensation and Related Information” in our 2026 Proxy Statement and is incorporated herein by reference (excluding the information under the subheading “Pay Versus Performance”). Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by this item will be included under the captions “Security Ownership of Certain Beneficial Owners and Management” and “Equity Compensation Plan Information” in our 2026 Proxy Statement and is incorporated herein by reference. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by this item will be included under the captions “Certain Relationships and Related Transactions” and “Board Independence” in our 2026 Proxy Statement and is incorporated herein by reference. Item 14. Principal Accountant Fees and Services Our independent registered public accounting firm is KPMG LLP , Santa Clara, CA , Auditor Firm ID: 185 . The information required by this item will be included under the caption “Principal Accountant Fees and Services” in our 2026 Proxy Statement and is incorporated herein by reference. 44 Table of Contents PART IV Item 15. Exhibits and Financial Statement Schedules (a) (1). Financial Statements Upon written request, we will provide, without charge, a copy of this annual report, including the Consolidated Financial Statements and financial statement schedule. All requests should be sent to: Gen Digital Inc. Attn: Investor Relations 60 E. Rio Salado, Suite 1000 Tempe, Arizona 85281 (650) 527-8000 The following documents are filed as part of this report: Page 1. Consolidated Financial Statements: Report of Independent Registered Public Accounting Firm 46 Consolidated Balance Sheets 48 Consolidated Statements of Operations 49 Consolidated Statements of Comprehensive Income (Loss) 50 Consolidated Statements of Stockholders’ Equity (Deficit) 51 Consolidated Statements of Cash Flows 52 Notes to the Consolidated Financial Statements 53 Note 1. Description of Business and Significant Accounting Policies 53 Note 2. Recent Accounting Standards 58 N ote 3. S ale of Instacash Advances 58 Note 4. Business Combinations 59 Note 5. Revenues 62 Note 6. Goodwill and Intangible Assets 62 Note 7. Supplementary Information 64 Note 8. Financial Instruments and Fair Value Measurements 66 Note 9. Leases 66 Note 10. Debt 67 Note 11. Derivatives 69 Note 12. Restructuring and Other Costs 70 Note 13. Income Taxes 72 Note 14. Stockholders’ Equity 75 Note 15. Stock-Based Compensation and Other Benefit Plans 76 Note 16. Net Income (Loss) Per Share 78 Note 17. Segment and Geographic Information 79 Note 18. Commitments and Contingencies 80 Note 19. Subsequent Events 83 Financial statement schedules have been omitted since they are either not required, not applicable, or the information is otherwise included. 2. Exhibits: The information required by this Item is set forth in the Exhibit Index that precedes the signature page of this Annual Report. 84 45 Table of Contents Report of Independent Registered Public Accounting Firm To the Stockholders and Board of Directors Gen Digital Inc.: Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting We have audited the accompanying consolidated balance sheets of Gen Digital Inc. and subsidiaries (the Company) as of April 3, 2026 and March 28, 2025, the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity (deficit), and cash flows for each of the years in the three-year period ended April 3, 2026, and the related notes (collectively, the consolidated financial statements). We also have audited the Company’s internal control over financial reporting as of April 3, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of April 3, 2026 and March 28, 2025, and the results of its operations and its cash flows for each of the years in the three-year period ended April 3, 2026, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of April 3, 2026 based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company acquired MoneyLion Inc. during the year ended April 3, 2026, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of April 3, 2026, MoneyLion Inc.’s internal control over financial reporting associated with total assets (excluding goodwill and intangibles) and total revenues representing approximately 2%, or $354 million, and 16%, or $823 million, respectively, included in the consolidated financial statements of the Company as of and for the year ended April 3, 2026. Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of MoneyLion Inc. Basis for Opinions The Company’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s consolidated financial statements and an opinion on the Company’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 46 Table of Contents Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. 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 matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Sufficiency of audit evidence over net revenues As discussed in Note 1 to the consolidated financial statements, the Company’s net revenues are principally derived from the sale of products and services directly to end-user customers through multiple partner distribution channels. The processing of customer orders through to the determination of net revenues to be recognized is reliant upon multiple information technology (IT) systems. The Company recorded $5,000 million of net revenues for the year ended April 3, 2026. We identified the evaluation of sufficiency of audit evidence over net revenues as a critical audit matter. The evaluation of sufficiency of audit evidence over net revenues required a high degree of subjective auditor judgment due to the number of revenue-related IT systems involved. Specifically, judgment was required to evaluate that revenue data was captured and aggregated throughout various IT systems. Additionally, IT professionals with specialized skills and knowledge were required to evaluate the nature and extent of evidence obtained over net revenues. The following are the primary procedures we performed to address this critical audit matter. We applied auditor judgment to determine the nature and extent of procedures to be performed over net revenues. We evaluated the design and tested the operating effectiveness of certain internal controls related to the revenue processes, including controls related to IT. We involved IT professionals with specialized skills and knowledge, who assisted in identifying and testing key IT configuration and IT interface controls for the various systems processing and recording revenue transactions. For a sample of transactions, we assessed the recorded revenue by comparing cash receipts to the revenue recognized. We evaluated the sufficiency of audit evidence obtained over net revenues by assessing the results of procedures performed. Accounting for the Sale of Instacash Advances As discussed in Note 3 to the consolidated financial statements, the Company originates and sells Instacash Advances pursuant to a Master Receivables Purchase Agreement. These advances are not loans and carry no contractual obligation for customer repayment. The Company accounts for the transfer of these advances as sales of financial assets under ASC 860, Transfers and Servicing . During the year, Instacash Advances sold aggregated $4,126 million with a resulting loss on sale of $205 million. As of April 3, 2026, the Company was servicing $343 million of sold Instacash Advances. We identified the evaluation of the accounting for Instacash Advances as a critical audit matter. Complex auditor judgment was required to evaluate whether the terms and conditions of Instacash Advances met the criteria for sale of financial asset accounting under relevant accounting guidance. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of an internal control related to the Instacash sale accounting. We involved accounting professionals with specialized skills and knowledge, who assisted in evaluating management's accounting analysis and related disclosures and inspecting the underlying agreements to assess the application of the accounting guidance. Additionally, for a sample of Instacash transactions, we compared the originations, transfers and repayments to the underlying documentation as well as the Company's accounting policy to determine that the transactions were accounted for in accordance with the relevant accounting guidance. /s/ KPMG LLP We have served as the Company’s auditor since 2002. Santa Clara, California May 21, 2026 47 Table of Contents GEN DIGITAL INC. CONSOLIDATED BALANCE SHEETS (In millions, except par value per share amounts) April 3, 2026 March 28, 2025 ASSETS Current assets: Cash, cash equivalents and restricted cash $ 411 $ 1,006 Accounts receivable, net 361 171 Other current assets 295 245 Assets held for sale 14 22 Total current assets 1,081 1,444 Property and equipment, net 71 60 Intangible assets, net 2,096 2,267 Goodwill 10,996 10,237 Deferred income tax assets 1,153 1,218 Other long-term assets 192 269 Total assets $ 15,589 $ 15,495 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 96 $ 94 Accrued compensation and benefits 115 105 Current portion of long-term debt 181 291 Contract liabilities 1,904 1,846 Other current liabilities 414 515 Total current liabilities 2,710 2,851 Long-term debt 8,015 7,968 Long-term contract liabilities 73 77 Deferred income tax liabilities 198 222 Long-term income taxes payable 1,588 1,420 Other long-term liabilities 394 688 Total liabilities 12,978 13,226 Commitments and contingencies (Note 18) Stockholders’ equity (deficit): Common stock and additional paid-in capital, $ 0.01 par value: 3,000 shares authorized; 598 and 617 shares issued and outstanding as of April 3, 2026 and March 28, 2025, respectively 2,341 2,066 Accumulated other comprehensive income (loss) 1 ( 33 ) Retained earnings (accumulated deficit) 269 236 Total stockholders’ equity (deficit) 2,611 2,269 Total liabilities and stockholders’ equity $ 15,589 $ 15,495 The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements. 48 Table of Contents GEN DIGITAL INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) Year Ended April 3, 2026 March 28, 2025 March 29, 2024 Net revenues $ 5,000 $ 3,935 $ 3,800 Cost of revenues 1,077 776 731 Gross profit 3,923 3,159 3,069 Operating expenses: Sales and marketing 1,228 745 733 Research and development 409 329 332 General and administrative ( 87 ) 291 604 Amortization of intangible assets 218 174 233 Restructuring and other costs 35 7 57 Impairment of intangible assets — 3 — Total operating expenses 1,803 1,549 1,959 Operating income (loss) 2,120 1,610 1,110 Interest expense ( 569 ) ( 578 ) ( 669 ) Other income (expense), net ( 40 ) ( 3 ) 6 Income (loss) before income taxes 1,511 1,029 447 Income tax expense (benefit) 538 386 ( 160 ) Net income (loss) $ 973 $ 643 $ 607 Net income (loss) per share - basic $ 1.59 $ 1.04 $ 0.95 Net income (loss) per share - diluted $ 1.57 $ 1.03 $ 0.95 Weighted-average shares outstanding: Basic 612 617 637 Diluted 619 624 642 The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements. 49 Table of Contents GEN DIGITAL INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (In millions) Year Ended April 3, 2026 March 28, 2025 March 29, 2024 Net income (loss) $ 973 $ 643 $ 607 Other comprehensive income (loss), net of taxes: Foreign currency translation gain (loss) 37 ( 31 ) 10 Net unrealized gain (loss) on interest rate derivative ( 3 ) ( 13 ) 16 Other comprehensive income (loss), net of taxes 34 ( 44 ) 26 Comprehensive income (loss) $ 1,007 $ 599 $ 633 The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements. 50 Table of Contents GEN DIGITAL INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) (In millions, except share amounts) Common Stock and Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Accumulated Deficit) Total Stockholders’ Equity (Deficit) Shares Amount Balance as of March 31, 2023 640 $ 2,800 $ ( 15 ) $ ( 633 ) $ 2,152 Net income (loss) — — — 607 607 Other comprehensive income (loss), net of taxes — — 26 — 26 Common stock issued under employee stock incentive plans 6 12 — — 12 Shares withheld for taxes related to vesting of stock units ( 2 ) ( 26 ) — — ( 26 ) Repurchases of common stock (1) ( 21 ) ( 444 ) — — ( 444 ) Cash dividends declared ($ 0.50 per share of common stock) and dividend equivalents accrued — ( 253 ) — ( 72 ) ( 325 ) Stock-based compensation — 138 — — 138 Balance as of March 29, 2024 623 2,227 11 ( 98 ) 2,140 Net income (loss) — — — 643 643 Other comprehensive income (loss), net of taxes — — ( 44 ) — ( 44 ) Common stock issued under employee stock incentive plans 6 11 — — 11 Shares withheld for taxes related to vesting of stock units ( 1 ) ( 26 ) — — ( 26 ) Repurchases of common stock (1) ( 11 ) ( 274 ) — — ( 274 ) Cash dividends declared ($ 0.50 per share of common stock) and dividend equivalents accrued — ( 6 ) — ( 309 ) ( 315 ) Stock-based compensation — 134 — — 134 Balance as of March 28, 2025 617 2,066 ( 33 ) 236 2,269 Net income (loss) — — — 973 973 Other comprehensive income (loss), net of taxes — — 34 — 34 Common stock issued under employee stock incentive plans 8 13 — — 13 Shares withheld for taxes related to vesting of stock units ( 2 ) ( 56 ) — — ( 56 ) Repurchases of common stock (1) ( 25 ) ( 5 ) — ( 634 ) ( 639 ) Cash dividends declared ($ 0.50 per share of common stock) and dividend equivalents accrued — ( 8 ) — ( 306 ) ( 314 ) Stock-based compensation — 237 — — 237 Fair value of replacement awards issued in connection with business acquisitions — 21 — — 21 Fair value of CVR issued in connection with business acquisitions — 73 — — 73 Balance as of April 3, 2026 598 $ 2,341 $ 1 $ 269 $ 2,611 (1) Amount includes excise tax on share repurchases. The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements. 51 Table of Contents GEN DIGITAL INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended April 3, 2026 March 28, 2025 March 29, 2024 OPERATING ACTIVITIES: Net income (loss) $ 973 $ 643 $ 607 Adjustments: Amortization and depreciation 493 419 485 Impairments and write-offs of current and long-lived assets — 7 ( 3 ) Stock-based compensation expense 237 133 138 Loss on sale of Instacash Advances 205 — — Deferred income taxes 92 ( 32 ) ( 991 ) Loss on extinguishment of debt 9 — — Gain on sale of nonfinancial assets ( 15 ) — — Gain on sale of properties — — ( 9 ) Non-cash operating lease expense 18 16 18 Change in fair value and impairment of non-marketable equity investments 79 30 40 Foreign currency remeasurement loss (gain) 54 ( 2 ) ( 18 ) Legal contract dispute cost (1) — 66 — Other 47 13 40 Changes in operating assets and liabilities, net of acquisitions: Accounts receivable, net ( 32 ) ( 53 ) 7 Accounts payable ( 48 ) 26 ( 12 ) Accrued compensation and benefits 8 27 ( 24 ) Contract liabilities 74 36 47 Income taxes payable ( 96 ) ( 80 ) 446 Instacash Advances held for sale, net ( 205 ) — — Other assets 16 86 861 Other liabilities ( 364 ) ( 114 ) 432 Net cash provided by (used in) operating activities 1,545 1,221 2,064 INVESTING ACTIVITIES: Purchases of property and equipment ( 22 ) ( 15 ) ( 20 ) Purchase of non-marketable equity investments — ( 4 ) — Payments for acquisitions, net of cash acquired ( 1,032 ) ( 84 ) — Payments for originations of notes receivable ( 283 ) — — Proceeds from principal repayments of notes receivable 253 — — Proceeds from the maturities and sales of short-term investments 13 — — Proceeds from the sale of properties 21 — 25 Proceeds from sale of nonfinancial assets 40 — — Other ( 1 ) 3 ( 3 ) Net cash provided by (used in) investing activities ( 1,011 ) ( 100 ) 2 FINANCING ACTIVITIES: Repayments of debt ( 3,620 ) ( 1,311 ) ( 1,183 ) Proceeds from issuance of debt, net of issuance costs (2) 3,475 941 — Net proceeds from sales of common stock under employee stock incentive plans 13 11 12 Tax payments related to vesting of stock units ( 55 ) ( 26 ) ( 26 ) Dividends and dividend equivalents paid ( 312 ) ( 313 ) ( 323 ) Repurchases of common stock ( 634 ) ( 272 ) ( 441 ) Net cash provided by (used in) financing activities ( 1,133 ) ( 970 ) ( 1,961 ) Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 4 9 ( 9 ) Change in cash, cash equivalents and restricted cash ( 595 ) 160 96 Beginning cash, cash equivalents and restricted cash 1,006 846 750 Ending cash, cash equivalents and restricted cash $ 411 $ 1,006 $ 846 (1) During fiscal 2025, in connection with a legal settlement terminating our agreement with an Avast e-commerce partner that acted as payment processor and merchant of record for a subset of customers, we released our claims to $ 66 million of outstanding accounts receivable (net of any fees payable) in exchange for the transfer of the related customer information to us. The $ 66 million was charged off as general and administrative expense and is reflected as a non-cash item within the change in accounts receivable in operating activities for fiscal 2025. No comparable activity occurred in fiscal 2026 or fiscal 2024. (2) Issuance costs paid for issuance of debt for fiscal year ended 2026 and 2025 was $ 16 million and $ 9 million, respectively. The accompanying Notes to the Consolidated Financial Statements are an integral part of these statements. 52 Table of Contents GEN DIGITAL INC. Notes to the Consolidated Financial Statements Note 1. Description of Business and Significant Accounting Policies Business Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures. Through its trusted brands, including Norton, Avast, LifeLock and MoneyLion, Gen offers cybersecurity, online privacy, identity protection and financial wellness solutions to consumers worldwide. Basis of presentation The accompanying Consolidated Financial Statements of Gen Digital Inc. and our wholly-owned subsidiaries are prepared in conformity with generally accepted accounting principles in the United States (U.S. GAAP). All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Fiscal 2026, 2025 and 2024 in this report refers to fiscal years ended April 3, 2026, March 28, 2025 and March 29, 2024, respectively. Fiscal year 2026 consisted of 53 weeks, whereas fiscal years 2025 and 2024 each consisted of 52 weeks. Use of estimates The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported and disclosed in the Consolidated Financial Statements and accompanying Notes. Such estimates include, but are not limited to, valuation of business combinations including acquired intangible assets and goodwill, loss contingencies, provision for credit losses, valuation of our contingent value rights (CVRs), the recognition and measurement of current and deferred income taxes, including assessment of unrecognized tax benefits, and valuation of assets and liabilities. On an ongoing basis, management determines these estimates and assumptions based on historical experience and on various other assumptions that are believed to be reasonable. Third-party valuation specialists are also utilized for certain estimates. Actual results could differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment as a result of macroeconomic factors such as inflation, fluctuations in foreign currency exchange rates relative to the U.S. dollar, our reporting currency, changes in interest rates, ongoing and new geopolitical conflicts, and such differences may be material to the Consolidated Financial Statements. Significant Accounting Policies With the exception of those discussed in Note 2, there were no material changes in accounting pronouncements issued by the Financial Accounting Standards Board (FASB) that were applicable or adopted by us during fiscal 2026. Revenue recognition We sell products and services directly to end-users and through multiple partner distribution channels. Revenue recognition begins when we transfer control of the promised products or services to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for such products or services. Our customer definition aligns with the control principles as outlined under Accounting Standards Codification (ASC) 606. Performance periods are generally one year or less, and payments are generally collected up front. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. Our customers are primarily users of our products and solutions and have a direct billing relationship with us. However, our customers, also include users who do not have a direct billing relationship with us but register on our e-commerce site through our e-commerce partners. When referring to e-commerce partners, we are referring to those that are our fulfillment and payment processors who perform primarily administrative functions, such as collecting payment and remitting any required sales tax to governmental authorities. Revenue from these e-commerce partners is recognized on a gross basis, excluding fees paid to e-commerce partners. We also generate revenue from stand-ready referral arrangements with third-party partners based on variable transaction prices. Revenue from these arrangements is recognized in the period in which services are provided, to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. We offer various channel rebates for our products. Our estimated reserves for channel volume incentive rebates are based on distributors’ and resellers’ performance compared to the terms and conditions of volume incentive rebate programs, which are typically entered into quarterly. Our reserves for rebates are estimated based on the terms and conditions of the promotional program, actual sales during the promotion, the amount of redemptions received, historical redemption trends by product and by type of promotional program and the value of the rebate. We record estimated reserves for rebates as an offset to revenue or contract liabilities. As of April 3, 2026 and March 28, 2025, reserves for rebates, recorded in Other current liabilities, were $ 4 million and $ 2 million, respectively. For products that include content updates and services, rebates are recognized as a ratable offset to revenue or contract liabilities over the term of the subscription. 53 Table of Contents Performance obligations At contract inception, we assess the products and services promised in the contract to identify each performance obligation and evaluate whether the performance obligations are capable of being distinct and are distinct within the context of the contract. Performance obligations that are not both capable of being distinct and are distinct within the context of the contract are combined and treated as a single performance obligation in determining the allocation and recognition of revenue. Our software solutions typically consist of a term-based subscription as well as when-and-if available software updates and upgrades. We have determined that our promises to transfer the software license subscription and the related support and maintenance are not separately identifiable because: • the licensed software and the software updates and upgrades are highly interdependent and highly interrelated, working together to deliver continuously updated protection to customers; • by identifying and addressing new threats, the software updates and upgrades significantly modify the licensed software and are integral to maintaining its utility; and • given the rapid pace with which new threats are identified, the value of the licensed software diminishes rapidly without the software updates and upgrades. We therefore consider the software license and related support obligations a single, combined performance obligation with revenue recognized over time as our solutions are delivered. Revenue from services is recognized as services are completed or ratably over the contractual period. Sale of Instacash Advances Sales of Instacash Advances (the amount advanced to the customer) are accounted for as a sale when we determine that the Instacash Advances meet all the necessary criteria, including legal isolation for transferred assets, lack of constraint on the transferee to pledge or exchange the transferred assets for their benefit and the transfer of control. As a result, we no longer record these Instacash Advances in our Consolidated Financial Statements. We have also concluded that our continuing involvement in the sales arrangement does not affect this determination. We retain the servicing rights for the Instacash Advances sold and receive a market-based service fee for servicing the assets sold. Instacash Advances held for sale are recorded at the lower of cost or fair value. If fair value is lower than cost, the difference between cost and fair value is recorded as a component of loss on sale within our sales and marketing expense in the Consolidated Statement of Operations. If we no longer have the intent to sell Instacash Advances held for sale, they are reclassified to Accounts Receivables, net at cost. Net Interest Income on Notes Receivables Net interest income on notes receivables is generated by interest earned on our Credit Builder Loan product, which are classified as notes receivables within accounts receivable, net on the Consolidated Balance Sheet. Interest income and the related accrued interest receivables on notes receivables are accrued based upon the daily principal amount outstanding except for loans that are on nonaccrual status. We recognize interest income using the effective interest method. Our policy is to suspend recognition of interest income on notes receivables and place the loan on nonaccrual status when the account is 60 days or more past due on a contractual basis or when, in our estimation, the collectability of the account is uncertain and has not yet been charged-off. Fair value measurements For assets and liabilities measured at fair value, fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, we consider the principal or most advantageous market in which we would transact, and we consider assumptions that market participants would use when pricing the asset or liability. The three levels of inputs that may be used to measure fair value are: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in less active markets or model-derived valuations. All significant inputs used in our valuations, such as discounted cash flows, are observable or can be derived principally from or corroborated with observable market data for substantially the full term of the assets or liabilities. • Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. We monitor and review the inputs and results of these valuation models to help ensure the fair value measurements are reasonable and consistent with market experience in similar asset classes. 54 Table of Contents Assets measured and recorded at fair value: Cash equivalents . We consider all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents are carried at amounts that approximate fair value due to the short period of time to maturity. Non-marketable investments. Our non-marketable investments consist of equity investments in privately-held companies without a readily determinable fair value. We primarily measure these investments at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. We may elect to measure certain investments at fair value, for which we utilize third-party valuation specialists at least annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate a change in the fair value of the investment. Gains and losses on these investments, whether realized or unrealized, are recognized in Other income (expense), net in our Consolidated Statements of Operations. We assess the recoverability of our non-marketable investments by reviewing various indicators of impairment. If indicators are present, a fair value measurement is made by performing a discounted cash flow analysis of the investment. We immediately recognize the impairment to our non-marketable equity investments if the carrying value exceeds the fair value. Accounts receivable Accounts receivable are recorded at the invoiced amount and are not interest bearing. We maintain an allowance for credit losses to reserve for expected uncollectible receivables. We also maintain an allowance for credit losses on notes receivable, related accrued interest and retained Instacash Advances. The allowance is recorded through a provision for credit losses and subsequent charge-offs, net of recoveries, are applied directly against this allowance. We review our accounts receivable by aging category to identify specific customers or accounts with known disputes, delinquencies or collectability issues. In addition, we maintain an allowance for all other receivables not included in the specific reserve by applying estimates of expected credit losses to receivables with similar risk characteristics. In determining these percentages, we use judgment based on our historical collection experience and current economic trends as well as reasonable and supportable forecasts of future economic conditions, recent trends in delinquencies and charge-offs and other relevant factors. Due to the short-term nature of certain receivables, recent delinquency and charge-off trends are a primary consideration in estimating expected credit losses for those balances. Our policy is to charge off notes receivable, related accrued interest and certain trade receivables, net of expected recoveries, in the month an account becomes 90 days contractually past due or earlier in the month an account is determined to be uncollectible. We determine past-due status based on contractual payment terms, which serve as a credit quality indicator. Restricted Cash Restricted cash consists of cash we are required to hold in reserve under our arrangements with certain vendors, including payment processors and partner banks, to support loan and Instacash Advance processing and funding activities. All cash accounts are held in federally insured institutions, which may at times exceed federally insured limits. Property and equipment Property, equipment, and leasehold improvements are stated at cost, net of accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives. Estimated useful lives for financial reporting purposes are as follows: buildings, 20 to 30 years; building improvements, 7 to 20 years; leasehold improvements, the lesser of the life of the improvement or the initial lease term, and computer hardware and software and office furniture and equipment, 3 to 5 years. Internal-use software development costs We capitalize qualifying costs incurred during the application development stage related to software developed for internal-use and amortize them over the estimated useful life of 3 years. We expense costs incurred related to the planning and post-implementation phases of development as incurred. As of April 3, 2026 and March 28, 2025, capitalized costs, net of amortization, were $ 9 million and $ 6 million, respectively. Leases We determine if an arrangement is a lease at inception. We have elected to not recognize a lease liability or right-of-use (ROU) asset for short-term leases (leases with a term of twelve months or less that do not include an option to purchase the underlying asset). Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The interest rate we use to determine the present value of future payments is our incremental borrowing rate because the rate implicit in our leases is not readily determinable. Our incremental borrowing rate is a hypothetical rate for collateralized borrowings in economic environments where the leased asset is located based on credit rating factors. Our operating lease assets also include adjustments for prepaid lease payments , lease incentives and initial direct costs . Certain lease contracts include obligations to pay for other services, such as operations and maintenance. We elected the practical expedient whereby we record all lease components and the related minimum non-lease components as a single lease component. Cash payments made for variable lease costs are not included in the measurement of our operating lease assets and liabilities. Many of our lease terms include one or more options to renew. We do not assume renewals in our determination of the lease term unless it is reasonably certain that we will exercise that option. Lease costs for minimum lease payments for 55 Table of Contents operating leases are recognized on a straight-line basis over the lease term. Our lease agreements do not contain any residual value guarantees. Business combinations We use the acquisition method of accounting under the authoritative guidance on business combinations. We allocate the purchase price of our acquisitions to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of these identifiable assets and liabilities is recorded as goodwill. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred. Each acquired company’s operating results are included in our Consolidated Financial Statements starting on the date of acquisition. Goodwill Goodwill is recorded when consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired. Goodwill is allocated to our reporting units, which are an operating segment or one level below an operating segment. We perform an impairment assessment of goodwill at the reporting unit level at least annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. The accounting guidance gives us the option to perform a qualitative assessment to determine whether further impairment testing is necessary. The qualitative assessment considers events and circumstances that might indicate that a reporting unit’s fair value is less than its carrying amount. If it is determined, as a result of the qualitative assessment, that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, a quantitative test is performed. In fiscal 2026, based on our qualitative assessments, we concluded that it is more likely than not that the fair values are more than their carrying values. Accordingly, there was no indication of impairment of goodwill, and further quantitative testing was not required. Long-lived assets In connection with our acquisitions, we generally recognize assets for customer relationships, developed technology, finite-lived trade names, other intangibles and indefinite-lived trade names. Finite-lived intangible assets are carried at cost less accumulated amortization. Such amortization is provided on a straight-line basis over the estimated useful lives of the respective assets, generally from 1 to 10 years. Amortization for developed technology is recognized in cost of revenue. Amortization for customer relationships and certain trade names is recognized in operating expenses. Indefinite-lived intangible assets are not subject to amortization but instead tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets, including finite-lived intangible assets, property and equipment and ROU lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or group may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. An impairment loss is recognized when estimated undiscounted future cash flows generated from the assets are less than their carrying amount. Measurement of an impairment loss is based on the excess of the carrying amount of the asset group over its fair value. There were no impairments of long-lived assets recognized during fiscal 2026 and 2024. In fiscal year 2025, based on our qualitative assessment, we recognized an impairment of $ 3 million related to our long-lived assets. Contract liabilities Contract liabilities consist of deferred revenue and customer deposit liabilities and represent cash payments received or due in advance of fulfilling our performance obligations. Deferred revenue represents billings under non-cancelable contracts before the related product or service is transferred to the customer. Certain arrangements include terms that allow the customer to terminate the contract and receive a refund for a period of time. In these arrangements, we have concluded there are no future enforceable rights and obligations during the period in which the option to cancel is exercisable by the customer, and therefore the consideration received or due from the customer is recorded as a customer deposit liability. Debt Our debt includes senior unsecured notes, senior term loans and a senior secured revolving credit facility. Our senior unsecured notes are recorded at par value at issuance less a discount representing the amount by which the face value exceeds the fair value at the date of issuance and an amount which represents issuance costs. Our senior term loans are recorded at par value less debt issuance costs, which are recorded as a reduction in the carrying value of the debt. The discount and issuance costs associated with the various notes are amortized using the effective interest rate method over the term of the debt as a non-cash charge to interest expense. Borrowings under our revolving credit facility, if any, are recognized at principal balance plus accrued interest based upon stated interest rates. Debt maturities are classified as current liabilities on our Consolidated Balance Sheets if we are contractually obligated to repay them in the next twelve months or, prior to the balance sheet date, we have the authorization and intent to repay them prior to their contractual maturities and within the next twelve months. 56 Table of Contents Treasury stock We account for treasury stock under the cost method. Shares repurchased under our share repurchase program are retired. Upon retirement, we allocate the value of treasury stock between Additional paid-in capital and Retained earnings. Contingent Value Rights (CVRs) We account for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 480, Distinguishing Liabilities from Equity and ASC 815, Derivatives and Hedging . The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of liability pursuant to ASC 480, and whether the warrants meet all the requirements for equity classification under ASC 815, including whether the warrants are indexed to our own common stock, among other conditions for equity classification. The currently outstanding CVRs issued as part of the MoneyLion acquisition consideration are classified as equity under these conditions. Restructuring Restructuring actions generally include significant actions involving employee-related severance charges, contract termination costs and asset write-offs and impairments. Employee-related severance charges are largely based upon substantive severance plans, while some charges result from mandated requirements in certain foreign jurisdictions. These charges are reflected in the period when both the actions are probable and the amounts are estimable. Contract termination costs reflect costs that will continue to be incurred under a contract for its remaining term without future economic benefit. These charges are reflected in the period when a contract is terminated. Asset write-offs and impairments, including those associated with ROU lease assets, are recorded in the period when an asset is retired or a facility is no longer operational. Income taxes We compute the provision for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities and for operating losses and tax credit carryforwards in each jurisdiction in which we operate. We measure deferred tax assets and liabilities using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We also assess the likelihood that deferred tax assets will be realized from future taxable income and based on weighting positive and negative evidence, we will assess and determine the need for a valuation allowance, if required. The determination of our valuation allowance involves assumptions, judgments and estimates, including forecasted earnings, future taxable income and the relative proportions of revenue and income before taxes in the various domestic and international jurisdictions in which we operate. To the extent we establish a valuation allowance or change the valuation allowance in a period, we reflect the change with a corresponding increase or decrease to Income tax expense (benefit) in our Consolidated Statements of Operations. We record accruals for unrecognized tax benefits when we believe that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. We also record accruals for unrecognized tax benefits at the largest amount that is greater than 50 % likely of being realized based on the technical merits of the position. We adjust these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The provision for income taxes includes the effects of adjustments for unrecognized tax benefits as well as any related interest and penalties. Stock-based compensation We measure and recognize stock-based compensation for all stock-based awards, including restricted stock units (RSU), performance-based restricted stock units (PRU), stock options and rights to purchase shares under our employee stock purchase plan (ESPP), based on their estimated fair value on the grant date. We recognize the costs in our Consolidated Financial Statements on a straight-line basis over the award’s requisite service period except for PRUs with graded vesting, for which we recognize the costs on a graded basis. For awards with performance conditions, the amount of compensation cost we recognize over the requisite service period is based on the actual or estimated achievement of the performance condition. We estimate the number of stock-based awards that will be forfeited due to employee turnover. The fair value of each RSU and PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation model. The fair values of RSUs and PRUs are not discounted by the dividend yield because our RSUs and PRUs include dividend-equivalent rights, except for the 4 million unvested RSUs assumed as part of our acquisition MoneyLion. We use the Black-Scholes model to determine the fair value of stock options and the fair value of rights to acquire shares of common stock under our ESPP . The Black-Scholes valuation model incorporates a number of variables, including our expected stock price volatility over the expected life of the awards, actual and projected employee exercise and forfeiture behaviors, risk-free interest rates and expected dividends. If we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected life, we estimate the expected life of the stock option awards granted based on its expected term using the simplified method available under U.S. GAAP. 57 Table of Contents Foreign currency For foreign subsidiaries whose functional currency is the local currency, assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Meanwhile, revenue and expenses are translated using the average exchange rates during the period. Gains and losses resulting from translation of these foreign currency financial statements into U.S. dollars are recorded in AOCI. Remeasurement adjustments are recorded in Other income (expense), net in our Consolidated Statements of Operations. Concentrations of risk A significant portion of our revenue is derived from international sales. Fluctuations of the U.S. dollar against foreign currencies, changes in local regulatory or economic conditions, or piracy could adversely affect our operating results. We are exposed to credit risk principally through cash, cash equivalents and restricted cash and trade accounts receivable. The associated risk of concentration for cash, cash equivalents and restricted cash is mitigated by maintaining balances with creditworthy financial institutions in accordance with our investment policy, which limits the amount of credit exposure to any one bank and to any one country. At certain times, amounts on deposit may exceed federal deposit insurance limits. A majority of our trade receivables are derived from sales to E-commerce partners and retailers that distribute our cyber safety products. We also make consumer loans and advances to our Trust-Based Solutions customers. The credit risk in our trade accounts receivable is substantially mitigated by our credit evaluation process, reasonably short collection terms, and the consumer nature and geographical dispersion of sales transactions. We maintain an allowance for credit losses on our trade accounts receivable. No e-commerce partners accounted for over 10% of our total billed and unbilled accounts receivable for the fiscal year ended April 3, 2026. One e-commerce partner accounted for approximately 11 % of accounts receivable as of March 28, 2025. Advertising and other promotional costs Advertising and other promotional costs are expensed as incurred, and are recorded in sales and marketing expenses. These costs totaled $ 584 million, $ 441 million and $ 438 million for fiscal 2026, 2025 and 2024, respectively. Contingencies We evaluate contingent liabilities including threatened or pending litigation in accordance with the authoritative guidance on contingencies. We assess the likelihood of any adverse judgments or outcomes from potential claims or proceedings, as well as potential ranges of probable losses, when the outcomes of the claims or proceedings are probable and reasonably estimable. A determination of the amount of an accrual required, if any, for these contingencies is made after the analysis of each separate matter. Because of uncertainties related to these matters, we base our estimates on the information available at the time of our assessment. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates. Government Regulation We are subject to various state and federal laws and regulations in each of the states in which we operate, which are subject to change and may impose significant costs or limitations on the way we conduct or expand our business. Our consumer loans and advances are originated under individual state laws, which may carry different rate and rate limits, and have varying terms and conditions depending upon the state in which they are offered. We are also subject to state licensing requirements of each individual U.S. state in which we operate, including with respect to certain consumer lending, life insurance and mortgage products and services that we offer directly or to which we connect consumers through third parties. Other governmental regulations include, but are not limited to, imposed limits on certain charges, insurance products and required licensing and qualifications. Note 2. Recent Accounting Standards Recently adopted authoritative guidance ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. In December 2023, the FASB issued new guidance to update income tax disclosure requirements, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid. This is effective for fiscal years beginning after December 15, 2024. We have adopted the standard in our Annual Report on Form 10-K for the fiscal year ended April 3, 2026 using a prospective approach in Note 13. The adoption of the standard has resulted in the modification of our disclosures but had no impact on our consolidated financial position, results of operations or statement of cash flows. Note 3. Sale of Instacash Advances Instacash Advance Product Overview Instacash Advances are our non-recourse earned wage access (EWA) product that provides customers with early access to their anticipated income deposits. Customers who link a bank account can access Instacash Advances at any time during a regular deposit period, up to an approved limit. This product gives customers financial flexibility to address short-term cash needs. Instacash Advance eligibility is based on verification of the customer’s identity, the linked bank account and identification of recurring income deposits. Repayments are made via pre-authorized bank debits, which customers may cancel without penalty, 58 Table of Contents modify, defer, or reschedule within allowable limits. Customers must be current on Instacash Advance repayments in order to access new ones. Instacash Advances do not bear interest or mandatory fees. There are no fees for standard fund delivery, although expedited delivery is available for an optional fee (Turbo Fee). Customers may also leave an optional tip (Tip) for use of the service. Accounting for Instacash Advances Instacash Advances are not loans. The customer has no contractual obligation to repay an Instacash Advance, although the customer must be current on Instacash Advance repayments to request another Instacash Advance. At the point of Instacash Advance origination, the customer requests an available Instacash Advance amount, decides whether to incur an optional Turbo Fee and leave a tip, confirms the scheduled repayment date and authorizes automatic debit repayment. In the absence of directly applicable authoritative guidance, although Instacash Advances do not meet the U.S. GAAP definition of financial assets, we believe that financial asset accounting is the most relevant for financial reporting purposes, as there is a history of customers repaying the amount advanced. We originate Instacash Advances with an intent to immediately sell, and sales of Instacash Advances are accounted for as sales under ASC 860, Transfers and Servicing (ASC 860), when all required conditions are met, including legal isolation of the transferred assets, no constraints on the transferee’s ability to pledge or exchange the assets, and no effective control over the assets. Instacash Advances are sold pursuant to a Master Receivables Purchase Agreement (the Purchase Agreement) with Sound Point Capital Management LP (Sound Point). The Purchase Agreement has an initial two-year term beginning on June 30, 2024, with a one-year extension option upon mutual agreement. The Purchase Agreement allows the purchasers to acquire, on a committed basis and subject to certain conditions and concentration limits, a majority of our eligible Instacash Advances, up to an aggregate facility limit of $ 225 million at any given time. During fiscal 2026, we sold $ 4,126 million of Instacash Advances under the Purchase Agreement and had no unused capacity as of April 3, 2026. Optional Turbo Fees and Tips associated with Instacash Advances are excluded from the sale and are not transferred under the Purchase Agreement. Each Instacash Advance portfolio is initially priced at a fixed discount based on historical portfolio performance and loss rates. Future purchase prices are subject to adjustment based on the updated portfolio performance and changes to the applicable discount rate. Consistent with ASC 860, Instacash Advances sold under the Purchase Agreement are removed from our balance sheet. We retain the associated servicing rights and earn a market-based servicing fee. Turbo Fees and Tips are recognized after performance is completed and cash is collected. Instacash Advances that have been originated and are pending sale under the Purchase Agreement are classified as held for sale and are measured at the lower of cost or fair value. During fiscal 2026, we recognized $ 205 million in loss on the mark-to-market and sale of Instacash Advances, which is recorded in sales and marketing in our Consolidated Statement of Operations. If an Instacash Advance does not qualify for sale pursuant to the Purchase Agreement or if the intent to sell ceases, the Instacash Advance is reclassified to Accounts receivable, net, and carried at net realizable value. In connection with the Purchase Agreement, MoneyLion Technologies Inc. (the Servicer), a wholly owned subsidiary of ours, entered into a Servicing Agreement with Sound Point and the purchasers party thereto. Under this agreement, we are responsible for servicing the sold receivables, including collections, remittances, and reporting. We earn a fixed percentage of net collections as a servicing fee, which is recognized as income when collections are received. As of April 3, 2026, we were responsible for servicing $ 343 million of Instacash Advances sold under the Purchase Agreement. During fiscal 2026, we recognized $ 59 million in servicing income , recorded in Net revenues in our Consolidated Statement of Operations. As of April 3, 2026, we had $ 32 million payable to Sound Point relating to the servicing activity, which will be settled using restricted cash and receivables from payment processors recorded in Other current assets. Refer to Note 7 for a breakdown of our Instacash Advances balance, which is included in Accounts receivable, net in our Consolidated Balance Sheets. Note 4. Business Combinations Fiscal 2025 acquisition On January 28, 2025, we acquired all of the outstanding shares of a technology-enabled personal finance education and recommendation platform for an aggregate purchase price of $ 84 million, net of $ 1 million cash acquired. The net purchase price was primarily allocated to goodwill and intangible assets of $ 52 million and $ 32 million, respectively. Fiscal 2026 MoneyLion acquisition On December 10, 2024, we entered into a definitive agreement to acquire MoneyLion. We completed the acquisition of MoneyLion on April 17, 2025. MoneyLion extends our identity solutions into offering comprehensive financial wellness through MoneyLion’s full-featured personal finance platform that includes credit building and financial management services. Under the terms of the definitive agreement, each share of Class A common stock, par value $ 0.0001 per share, of MoneyLion, that was issued and outstanding as of immediately prior to the effective time of the acquisition was automatically cancelled, extinguished, and converted into the right to receive cash in an amount equal to $ 82.00 , without interest thereon. Additionally, we cancelled all in-the money outstanding stock options, whether vested or unvested, and converted into the right to receive (i) an amount in cash, without interest thereon, equal to the product obtained by multiplying (a) the number of in-the- 59 Table of Contents money outstanding stock option immediately prior to the close by (b) the excess, if any, of MoneyLion’s closing stock price over the exercise price per share of such in-the-money stock option and (ii) one CVR in respect of each in-the-money stock option immediately prior to the close. Any outstanding stock option with an exercise price greater than or equal to MoneyLion’s closing stock price per share was forfeited and canceled for no consideration. We paid cash consideration of approximately $ 935 million for 100 % of MoneyLion’s issued and outstanding common stock and in-the-money outstanding stock options. In addition, for each share owned, MoneyLion shareholders received at closing one CVR that entitles the holder to a contingent payment of $ 23.00 in the form of shares of our common stock (issuable based on an assumed share price of $ 30.48 per Gen share) if our average volume-weighted average share price reaches at least $ 37.50 per share over 30 consecutive trading days from December 10, 2024 until April 17, 2027. As of the close of the acquisition, we issued 12 million CVRs representing a fair value of approximately $ 73 million. Refer to Note 14 for further discussion on the CVRs. Additionally, all outstanding and unvested RSUs and PSUs were assumed and converted into 4 million service-based RSUs of Gen’s common stock. The conversion was calculated by multiplying the total number of unvested RSUs and PSUs by an equity conversion ratio of 3.48 . All converted RSUs will vest in accordance with the vesting period set forth in the original award agreement assuming continued service by the recipients through such date. The total fair value of these converted restricted stock awards was approximately $ 92 million, which $ 21 million was for pre-combination services and therefore, represents purchase consideration and $ 71 million will be recognized as stock-compensation expense over the requisite service period. Consideration transferred The total consideration for the acquisition of MoneyLion was approximately $ 951 million, net of cash acquired, and consisted of the following: (In millions) April 17, 2025 Cash consideration for outstanding MoneyLion common shares $ 935 Fair value of assumed and converted equity awards 21 Fair value of CVRs 73 Total consideration 1,029 Less cash acquired 78 Net consideration transferred $ 951 Fair value of assets acquired and liabilities assumed Our final allocation of the aggregate purchase price for the acquisition as of April 17, 2025 was as follows: (In millions) April 17, 2025 Assets: Accounts receivable (1) $ 140 Other current assets 32 Assets held for sale 14 Property and equipment 2 Operating lease assets 14 Intangible assets 347 Goodwill 560 Other long-term assets 58 Total assets acquired 1,167 Liabilities: Accounts payable 41 Current liabilities 108 Contract liabilities 1 Operating lease liabilities 14 Other long-term obligations 52 Total liabilities assumed 216 Total purchase price $ 951 (1) Gross accounts receivable at acquisition date and the amount of receivables expected to be collected are materially the same. Our estimates and assumptions were subject to refinement within the measurement period, which ended during the fourth quarter of fiscal 2026. Adjustments to the purchase price during the measurement period required adjustments to be made to goodwill. During the fourth quarter of fiscal 2026, we recorded measurement period adjustments resulting in a decrease to goodwill of $ 7 million, primarily related to deferred tax assets, which resulted in an increase of $ 7 million to other long-term assets. 60 Table of Contents The goodwill of $ 560 million represents the excess of the consideration transferred over the fair values of the assets acquired and liabilities assumed. It is attributable to the expected synergies of the acquisition, including future cost savings from planned integration of infrastructure, facilities, personnel and systems, and other benefits that are anticipated to be generated by combining both companies. Goodwill is allocated to our Trust-Based Solutions Segment. The goodwill recognized is not expected to be deductible for U.S. tax purposes. See Note 6 for further information on goodwill. The identified intangible assets and their respective useful lives, as of April 17, 2025, are as follows: (In millions, except for useful lives) Fair Value Weighted-Average Estimated Useful Life (Years) Customer and partner relationships (1) $ 102 3 Developed technology (2) 161 5 Finite-lived trade names and other (3) 84 8 Total identified intangible assets $ 347 (1) Customer and partner relationships include marketplace partner relationships, banking partner relationships, and customer relationships of $ 42 million, $ 4 million, and $ 56 million, respectively. Marketplace partner relationships were valued using the multi-period excess earnings method (MPEEM), which is a form of the income approach, which considers significant assumptions like discount rate, long-term growth rate, and attrition factor. Banking partner relationships and customer relationships were valued using the replacement cost approach. The replacement cost approach is a valuation method that relies on estimating the replacement costs of assets based on the cost that a market participant would incur to generate the acquired portfolio of relationships. (2) Developed technology was valued using the Relief-from-Royalty method, which is a form of the income approach, which considers significant assumptions like long-term growth rates, royalty rates, discount rates, and obsolescence rates. (3) Finite-lived trade names and other include content library and the MoneyLion trade name intangibles of $ 14 million and $ 70 million, respectively. Content library was valued using the replacement cost approach, which relies on estimating the replacement cost of the asset based on the cost of a market participant would incur to reconstruct a substitute asset of comparable utility. The MoneyLion trade name was valued using the Relief-from-Royalty method, which considers significant assumptions like long-term growth rates, royalty rates, discount rates, and probability of use. Financing In connection with our acquisition of MoneyLion, we entered into the Second Amendment to Amended and Restated Credit Agreement (the Second Amendment) with certain financial institutions to fund a portion of the cash consideration paid, in which they agreed to provide to us a $ 750 million Incremental Term B Facility, which matures on April 16, 2032. We incurred $ 9 million of debt issuance costs associated with the Incremental Term B Facility, which was capitalized and included in long-term debt in our Consolidated Balance Sheets. See Note 10 for further information about this debt instrument and the related debt covenants. Impact on operating results Our results of operations for fiscal 2026 includes $ 823 million of net revenues attributable to MoneyLion beginning April 17, 2025. It is impracticable to provide after-tax earnings attributable to MoneyLion subsequent to the acquisition due to the integration of our operations. We do not consider MoneyLion to be a separate operating segment or reporting unit, but rather an integrated brand, selling and marketing strategy within our Trust-Based Solutions segment. We recognized immaterial transaction costs during fiscal 2026. These costs were primarily associated with legal and professional services, which were expensed as incurred and included in general and administrative expenses in our Consolidated Statement of Operations. Unaudited pro forma information The following unaudited pro forma financial information represents the combined historical results for the fiscal years 2026 and 2025, as if the acquisition had been completed on March 30, 2024, the first day of fiscal 2025. The results below include the alignment of fiscal reporting periods and the impact of nonrecurring pro forma adjustments, including amortization of acquired intangible assets, interest on debt issued to finance the acquisition, stock-based compensation related to awards issued in conjunction with the acquisition, acquisition-related transaction costs, accounting policy alignment and the income tax effect of other pro forma adjustments. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The following table summarizes the unaudited pro forma financial information: Year Ended (In millions) April 3, 2026 March 28, 2025 Net revenues $ 5,032 $ 4,469 Net income (loss) $ 1,015 $ 555 61 Table of Contents The unaudited pro forma financial information is provided for informational purposes only and is not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of fiscal 2025. Fiscal 2026 acquisition On March 10, 2026, we acquired all of the outstanding shares of a technology-enabled company that provides a digital personal insurance marketplace platform in the United States. The platform delivers insurance comparison and advisory services using data-driven matching capabilities, real-time bidding technology, and conversational interfaces supported by licensed insurance advisors. The acquisition brings additional insurance capabilities into the Engine by Gen marketplace. The total purchase consideration was $ 175 million, net of $ 6 million cash acquired. The acquisition was not material to our Consolidated Financial Statements for the fiscal year ended April 3, 2026. Accordingly, we have not presented certain disclosures otherwise required by ASC 805, including the impact on our operating results or pro-forma financial information. The accounting for the acquisition is preliminary as we continue to evaluate certain assets acquired and liabilities assumed. The valuation of assets acquired and liabilities assumed remains in process. As a result, the allocation of the purchase price has not been finalized. We currently expect that the purchase consideration will be primarily allocated to goodwill in our Trust-Based Solutions Segment. Based on preliminary estimates, approximately $ 171 million of the purchase consideration has been allocated to goodwill. We expect to finalize the purchase price allocation during the measurement period, which will not exceed one year from the acquisition date. Note 5. Revenues Disaggregation of revenues The following table summarizes the components of our net revenues: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Subscription and service revenue (1) $ 4,982 $ 3,935 $ 3,800 Net interest income on notes receivable 18 — — Net revenues $ 5,000 $ 3,935 $ 3,800 (1) Subscription and service revenue includes amounts related to our Instacash Advances of $ 479 million in fiscal 2026. Refer to Note 3 for additional information regarding our Instacash Advances. Contract liabilities During fiscal 2026 and 2025, we recognized $ 1,820 million and $ 1,777 million of revenue, respectively, from the contract liabilities balance at the beginning of the respective fiscal years. Remaining performance obligations Remaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities and, when applicable, amounts that will be billed and recognized as revenue in future periods. As of April 3, 2026, we had $ 1,320 million of remaining performance obligations, excluding customer deposit liabilities of $ 657 million, of which we expect to recognize approximately 94 % as revenue over the next 12 months. See Note 1 for a description of our revenue recognition policy and Note 17 for tabular disclosures of disaggregated revenue by reportable segment and geographic region. Note 6. Goodwill and Intangible Assets Goodwill Subsequent to the completion of our acquisition of MoneyLion on April 17, 2025, our portfolio now spans two reportable segments, Cyber Safety Platform and Trust-Based Solutions. See Note 17 for additional information on our reportable segments and Note 4 for additional information on our acquisition of MoneyLion. We perform an impairment assessment of goodwill at the reporting unit level at least annually in the fourth quarter of each fiscal year, or more frequently if events or changes in circumstances indicate that the asset may be impaired. As a result of the change in reportable segments, our reporting units also changed. We used the relative fair value method to allocate goodwill to the associated reporting units. In connection with the preparation of our Condensed Financial Statements for the fiscal quarter ended July 4, 2025, we tested goodwill for impairment immediately before and after the change. As a result of these analyses, we determined that goodwill was not impaired before or after the change. To determine the fair value of a reporting unit, we utilized a combination of the income and market approaches, applying equal weighting to both. The income approach is estimated through discounted cash flow analysis, which requires us to use significant estimates and assumptions, including long-term growth rates, discount rates, and other inputs. The market approach estimates the fair value of the reporting unit by utilizing the market comparable method, which is based on various market-based valuation multiples. 62 Table of Contents The changes in the carrying amount of goodwill are as follows: (In millions) Cyber Safety Platform Trust-Based Solutions Total Balance as of March 29, 2024 $ 7,389 $ 2,821 $ 10,210 Acquisitions — 52 52 Translation adjustments ( 18 ) ( 7 ) ( 25 ) Balance as of March 28, 2025 7,371 2,866 10,237 Acquisition — 731 731 Translation adjustments 20 8 28 Balance as of April 3, 2026 $ 7,391 $ 3,605 $ 10,996 Intangible assets, net The following table summarizes the components of our intangible assets, net: April 3, 2026 March 28, 2025 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 1,220 $ ( 620 ) $ 600 $ 1,159 $ ( 442 ) $ 717 Developed technology 1,450 ( 825 ) 625 1,332 ( 595 ) 737 Other 179 ( 47 ) 132 98 ( 24 ) 74 Total finite-lived intangible assets 2,849 ( 1,492 ) 1,357 2,589 ( 1,061 ) 1,528 Indefinite-lived trade names 739 — 739 739 — 739 Total intangible assets $ 3,588 $ ( 1,492 ) $ 2,096 $ 3,328 $ ( 1,061 ) $ 2,267 Amortization expense for purchased intangible assets is summarized below: Year Ended Consolidated Statements of Operations Classification (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Customer relationships and other $ 218 $ 174 $ 233 Operating expenses Developed technology and other 259 227 229 Cost of revenues Total $ 477 $ 401 $ 462 As of April 3, 2026, future amortization expense related to intangible assets that have finite lives is as follows by fiscal year: (In millions) April 3, 2026 2027 $ 460 2028 455 2029 281 2030 110 2031 16 Thereafter 35 Total $ 1,357 Asset purchase agreement In October 2025, we entered into a purchase agreement to sell certain developed technology and assets for $ 40 million plus the assumption of liabilities related to our digital identity offering to a third-party, who previously licensed the use of the intellectual property from us. We completed the transaction in November 2025. Pursuant to the sale, we derecognized developed technology and other assets, net of associated liabilities, with an aggregate carrying value of approximately $ 22 million. We accounted for the transaction as a sale of nonfinancial assets under ASC Topic 610-20, Gains and Losses from the Derecognition of Nonfinancial assets . We recognized a gain on sale of nonfinancial assets of approximately $ 15 million during fiscal 2026, which is included as part of Other income (expense), net in our Consolidated Statement of Operations. 63 Table of Contents Note 7. Supplementary Information Cash, cash equivalents and restricted cash: (In millions) April 3, 2026 March 28, 2025 Cash $ 283 $ 462 Cash equivalents 119 544 Restricted cash 9 — Total cash, cash equivalents and restricted cash $ 411 $ 1,006 Accounts receivable, net: (In millions) April 3, 2026 March 28, 2025 Trade receivable $ 225 $ 173 Notes receivable 135 — Instacash Advances 10 — Allowance for doubtful accounts ( 9 ) ( 2 ) Total accounts receivable, net $ 361 $ 171 Assets held for sale: (In millions) April 3, 2026 March 28, 2025 Properties held for sale $ — $ 22 Instacash Advances held for sale 14 — Total assets held for sale $ 14 $ 22 Properties held for sale In April 2025, we completed the sale of certain land and buildings in Tettnang, Germany, which were previously classified to assets held for sale during the second quarter of fiscal year 2025 for cash consideration of $ 9 million, net of transaction costs, and recognized an immaterial loss on sale. In October 2025, we completed the sale of certain land and buildings in Dublin, Ireland, which were previously classified to assets held for sale during the fourth quarter of fiscal year 2023 for cash consideration of $ 12 million, net of transaction costs, and recognized an immaterial gain on sale. Instacash Advances held for sale Instacash Advances held for sale as of April 3, 2026, represent Instacash Advances that we originated and are pending sale under the Purchase Agreement. Refer to Note 3 for additional information regarding the sale of our Instacash Advances. Other current assets: (In millions) April 3, 2026 March 28, 2025 Prepaid expenses $ 144 $ 136 Income tax receivable and prepaid income taxes 57 76 Other tax receivable 15 15 Other 79 18 Total other current assets $ 295 $ 245 Property and equipment, net: (In millions) April 3, 2026 March 28, 2025 Land $ 12 $ 12 Computer hardware and software 372 360 Office furniture and equipment 17 16 Buildings 15 15 Leasehold improvements 37 37 Construction in progress 11 2 Total property and equipment, gross 464 442 Accumulated depreciation and amortization ( 393 ) ( 382 ) Total property and equipment, net $ 71 $ 60 Depreciation and amortization expense of property and equipment was $ 16 million, $ 18 million and $ 23 million in fiscal 2026, 2025 and 2024, respectively. 64 Table of Contents Other long-term assets: (In millions) April 3, 2026 March 28, 2025 Non-marketable equity investments $ 16 $ 109 Long-term income tax receivable and prepaid income taxes 84 66 Operating lease assets 54 49 Other 38 45 Total other long-term assets $ 192 $ 269 Short-term contract liabilities: (In millions) April 3, 2026 March 28, 2025 Deferred revenue $ 1,247 $ 1,189 Customer deposit liabilities 657 657 Total short-term contract liabilities $ 1,904 $ 1,846 Other current liabilities: (In millions) April 3, 2026 March 28, 2025 Income taxes payable $ 47 $ 215 Other taxes payable 131 105 Accrued legal fees 30 12 Accrued royalties 78 41 Accrued interest 6 86 Unremitted collections from servicing of trade receivables 32 — Current operating lease liabilities 19 14 Other accrued liabilities 71 42 Total other current liabilities $ 414 $ 515 Other long-term liabilities: (In millions) April 3, 2026 March 28, 2025 Long-term accrued legal fees $ 304 $ 601 Long-term operating lease liabilities 45 42 Other 45 45 Total other long-term liabilities $ 394 $ 688 Long-term income taxes payable: (In millions) April 3, 2026 March 28, 2025 Unrecognized tax benefits (including interest and penalties) $ 1,584 $ 1,419 Other long-term income taxes 4 1 Total long-term income taxes payable $ 1,588 $ 1,420 Other income (expense), net: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Interest income $ 25 $ 28 $ 25 Foreign exchange gain (loss) (1) 4 2 3 Loss on early extinguishment of debt ( 9 ) — — Change in fair value and impairment of non-marketable equity investments ( 79 ) ( 30 ) ( 40 ) Gain on sale of nonfinancial assets 15 — — Gain (loss) on sale of properties ( 1 ) — 9 Other 5 ( 3 ) 9 Total other income (expense), net $ ( 40 ) $ ( 3 ) $ 6 (1) We recognize foreign currency remeasurement adjustments on unrecognized tax benefits and deferred taxes as a component of Income tax expense (benefit) in our Consolidated Statements of Operations. Foreign currency remeasurement adjustments recognized in Income tax expense (benefit) were $ 56 million, $ 11 million and ($ 27 ) million for fiscal 2026, 2025 and 2024, respectively. 65 Table of Contents Supplemental cash flow information: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Income taxes paid (received), net of refunds $ 445 $ 425 $ ( 476 ) Interest expense paid $ 626 $ 557 $ 607 Cash paid for amounts included in the measurement of operating lease liabilities $ 18 $ 17 $ 24 Originations of certain trade receivables held for sale $ ( 4,126 ) $ — $ — Proceeds from the sale of certain trade receivables $ 3,921 $ — $ — Non-cash operating activities: Operating lease assets obtained in exchange for operating lease liabilities $ 18 $ 6 $ — Reduction (increase) of operating lease assets as a result of lease terminations and modifications $ ( 5 ) $ ( 14 ) $ ( 20 ) Non-cash investing and financing activities: Purchases of property and equipment in current liabilities $ 4 $ 2 $ — Note 8. Financial Instruments and Fair Value Measurements The following table summarizes our financial instruments measured at fair value on a recurring basis: April 3, 2026 March 28, 2025 (In millions) Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets: Money market funds $ 97 $ 97 $ — $ 544 $ 544 $ — Time deposits 22 — 22 — — — Interest rate swaps (1) — — — 3 — 3 Total $ 119 $ 97 $ 22 $ 547 $ 544 $ 3 (1) The interest rate swap agreements expired on March 31, 2026 upon their maturity. Financial instruments not recorded at fair value on a recurring basis include our non-marketable equity investments and long-term debt. Non-marketable equity investments As of April 3, 2026 and March 28, 2025, the carrying value of our non-marketable equity investments was $ 16 million and $ 109 million, respectively, and is included in Other long-term assets in our Consolidated Balance Sheets. During fiscal 2026, we sold an equity interest in a non-marketable equity investment. In connection with the sale, we received both cash proceeds and non-cash proceeds in the form of an equity investment. We recognized a gain of $ 11 million, which is included in Other income (expense), net in our Consolidated Statement of Operations. We also recognized other immaterial losses on sales of our non-marketable equity investments during fiscal 2026, in Other income (expense), net in our Consolidated Statement of Operations. We recognized impairments of $ 90 million, $ 30 million and $ 40 million on our non-marketable equity investments during fiscal years 2026, 2025 and 2024, respectively, in Other income (expense), net in our Consolidated Statements of Operations. Current and long-term debt As of April 3, 2026 and March 28, 2025, the total fair value of our current and long-term fixed-rate debt was $ 2,443 million and $ 2,475 million, respectively. The fair value of our variable-rate debts approximated their carrying value. The fair values of all our debt obligations were based on Level 2 inputs. Note 9. Leases We lease certain facilities, equipment, and data center co-locations under operating leases that expire on various dates through fiscal 2033. Our leases generally have terms that range from 1 year to 9 years for our facilities, 1 year to 4 years for equipment and 1 year to 5 years for data center co-locations. Some of our leases contain renewal options, escalation clauses, rent concessions and leasehold improvement incentives. 66 Table of Contents The following summarizes our lease costs for fiscal 2026, 2025 and 2024: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Operating lease costs $ 18 $ 14 $ 12 Short-term lease costs 2 3 3 Variable lease costs 4 4 6 Total lease costs $ 24 $ 21 $ 21 Other information related to our operating leases for fiscal 2026, 2025 and 2024 was as follows: Year Ended April 3, 2026 March 28, 2025 March 29, 2024 Weighted-average remaining lease term 4.2 years 4.7 years 4.6 years Weighted-average discount rate 6.13 % 5.71 % 5.35 % See Note 7 for cash flow information related to our operating leases. As of April 3, 2026, the maturities of our lease liabilities by fiscal year are as follows: (In millions) 2027 $ 22 2028 16 2029 14 2030 12 2031 4 Thereafter 5 Total lease payments 73 Less: Imputed interest ( 9 ) Present value of lease liabilities $ 64 Note 10. Debt The following table summarizes components of our debt: (In millions, except percentages) April 3, 2026 March 28, 2025 Effective Interest Rate Term A Facility due September 12, 2027 $ — $ 3,519 SOFR + % (1) 6.75 % Senior Notes due September 30, 2027 900 900 6.75 % Term B Facility due September 12, 2029 2,340 2,386 SOFR + % (2) 7.125 % Senior Notes due September 30, 2030 600 600 7.13 % Extended Term A Facility due March 27, 2031 2,741 — SOFR + % (3) Incremental Term B Facility due April 16, 2032 744 — SOFR + % (2) 6.25 % Senior Notes due April 1, 2033 950 950 6.25 % Total principal amount 8,275 8,355 Less: unamortized discount and issuance costs ( 79 ) ( 96 ) Total debt 8,196 8,259 Less: current portion ( 181 ) ( 291 ) Total long-term debt $ 8,015 $ 7,968 (1) Term A Facility due 2027 bore interest at a rate equal to Term SOFR plus a credit spread adjustment (CSA) plus a margin based either on the then-applicable debt rating of our non-credit-enhanced, senior unsecured long-term debt or consolidated adjusted leverage as defined in the underlying loan agreement. (2) Term B Facility due 2029 and Incremental Term B Facility due 2032 bear interest at a rate equal to Term SOFR plus 1.75 %. (3) Extended Term A Facility due 2031 bears interest, at our option, at either (x) the base rate plus a margin or (y) the secured overnight financing rate (SOFR) plus a margin, in each case determined by the better of (a) our non-credit-enhanced, senior unsecured long-term debt rating and (b) our consolidated adjusted leverage ratio as defined in the underlying loan agreement. 67 Table of Contents The interest rates for the outstanding term loans are as follows: April 3, 2026 March 28, 2025 Term A Facility due September 12, 2027 — % 5.92 % Term B Facility due September 12, 2029 5.42 % 6.07 % Extended Term A Facility due March 27, 2031 5.05 % — % Incremental Term B Facility due April 16, 2032 5.42 % — % As of April 3, 2026, the future contractual maturities of debt by fiscal year, based on the currently effective stated maturity dates in force and excluding the impact of any earlier maturity that could result from a springing maturity date, are as follows: (In millions) 2027 $ 181 2028 1,081 2029 181 2030 2,374 2031 2,798 Thereafter 1,660 Total future maturities of debt $ 8,275 Senior credit facilities On September 12, 2022, we entered into the Amended and Restated Credit Agreement (Credit Agreement) with certain financial institutions, in which they agreed to provide us with (i) a $ 1,500 million revolving credit facility (Revolving Facility), (ii) a $ 3,910 million term loan A facility (Term A Facility), (iii) a $ 3,690 million term loan B facility (Term B Facility) and (iv) a $ 750 million tranche A bridge loan (Bridge Loan) (collectively, the senior credit facilities). The Bridge Loan was undrawn and immediately terminated upon the close of the acquisition of Avast. The Credit Agreement provides that we have the right at any time to request incremental revolving commitments and incremental term loans up to an unlimited amount, subject to certain customary conditions precedent and other provisions. The lenders under these facilities will not be under any obligation to provide any such incremental loans or commitments. We drew down the aggregate principal amounts of the Term A Facility and Term B Facility to finance the cash consideration payable for our acquisition of Avast and to fully repay the outstanding principal and accrued interest of the existing credit facilities at the time. The Credit Agreement replaced the existing credit facilities upon the close of the transaction. On June 5, 2024, we entered into the First Amendment with certain financial institutions under the Credit Agreement, as amended (Amended Credit Agreement). The First Amendment repriced our Term B Facility interest rate from the applicable benchmark rate plus CSA plus 2.0 % to the applicable benchmark rate plus 1.75 %. Other than as described above, the Revolving Facility and the term loan facilities under the First Amendment continue to have the same terms as provided under the Credit Agreement. On April 16, 2025, we entered into the Second Amendment with certain financial institutions under the Amended Credit Agreement to fund a portion of the cash consideration paid in connection with our acquisition of MoneyLion, in which they agreed to provide us with a $ 750 million Incremental Term B loan (Incremental Term B Facility or collectively with the Term B Facility, the Term Loan B Facilities), which matures on April 16, 2032. The Incremental Term B Facility bears interest at the applicable benchmark rate plus 1.75 %. On March 27, 2026, we entered into the Third Amendment with certain financial institutions under the Amended Credit Agreement. Pursuant to the Third Amendment, we (i) extended the maturity date of the $ 1,500 million Revolving Facility to March 27, 2031, (ii) established a new $ 2,741 million term A facility (Extended Term A Facility), the proceeds of which, together with cash on hand, were used to repay in full the Term A Facility and (iii) made certain other changes to the Amended Credit Agreement. The Extended Term A Facility bears interest, at our option, at either (x) the base rate plus a margin or (y) SOFR plus a margin, in each case determined by the better of (a) our non-credit-enhanced, senior unsecured long-term debt rating and (b) our consolidated adjusted leverage ratio as defined in the Third Amendment under the Amended Credit Agreement. The Term B Facility will mature on September 12, 2029, the Extended Term A Facility and the Revolving Facility will mature on March 27, 2031, and the Incremental Term B Facility will mature on April 16, 2032; the senior credit facilities remain senior secured. The Extended Term A Facility and the Revolving Facility (contractually maturing on March 27, 2031) are subject to a "springing maturity" provision. Under this provision, the maturity dates of these facilities will be accelerated if we do not maintain a minimum liquidity threshold ahead of our other upcoming debt maturities. The Springing Maturity Dates are July 1, 2027, June 13, 2029 and July 1, 2030, which are 91 days before the stated maturity of the 6.75 % Senior Notes (due 2027), the Term B Facility and the 7.125 % Senior Notes (due 2030), respectively. The minimum liquidity threshold requires that unrestricted cash plus unused Revolving Facility commitments, excluding commitments of any defaulting lender, minus specific debt, be at least $ 640.5 million. 68 Table of Contents Before the 6.75 % Senior Notes (due 2027) are refinanced or repaid in full, the debt deduction includes only the aggregate principal amount of the 6.75 % Senior Notes. After that, the debt deduction includes any remaining 6.75 % Senior Notes, the Term B Facilities and the 7.125 % Senior Notes. If we do not satisfy the minimum liquidity threshold on the springing maturity date, the Extended Term A Facility matures on that date. In connection with the refinancing of our Term A Facility, we wrote off $ 9 million of unamortized debt issuance costs, which was recognized as a loss on extinguishment of debt during the fourth quarter of fiscal 2026. We capitalized approximately $ 7 million of new debt issuance costs in connection with the Extended Term A Facility and approximately $ 4 million in connection with the extension of the Revolving Facility, which will be amortized over the respective terms of the new facilities. Additionally, we recognized an immaterial loss on extinguishment of debt related to the Revolving Facility for unamortized issuance costs associated with lenders who exited the facility during the fourth quarter of fiscal 2026. The principal amounts of the Extended Term Loan A Facility must be repaid in quarterly installments on the last business day of each calendar quarter equal to 1.25 % of the aggregate principal amount as of the date of the Amended Credit Agreement. The principal amounts of Term Loan B Facilities must be repaid in quarterly installments on the last business day of each calendar quarter equal to 0.25 % of the aggregate principal amount as of the date of the Amended Credit Agreement. Quarterly installment payments commenced on March 31, 2023 for the Term B Facility, on September 30, 2025 for the Incremental Term B Facility and will commence on June 30, 2026 for the Extended Term A Facility. We may voluntarily repay outstanding principal balances under the Revolving Facility and term loan facilities without penalty or premium. As of April 3, 2026, there were no borrowings outstanding under our Revolving Facility; however, from time to time we utilize letters of credit as part of our ordinary course of business. Letters of credit reduce our Revolving Facility commitment amounts. As of April 3, 2026, we had outstanding letters of credit of $ 5 million. Debt covenant compliance The Amended Credit Agreement, which includes our Term Loans and Revolving Facility, contains customary representations and warranties, affirmative and negative covenants. The Revolving Facility and Extended Term A Facility are subject to a covenant that we maintain a consolidated leverage ratio less than or equal to 5.25 to 1.0; provided that such maximum consolidated leverage ratio will increase to 5.75 to 1.0 for the four fiscal quarters ending immediately after we acquire property, business or assets in an aggregate amount greater than $ 250 million. In addition, the Amended Credit Agreement contains customary events of default under which our payment obligations may be accelerated, including, among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of certain covenants, payment and acceleration cross defaults with certain other indebtedness, certain undischarged judgments, bankruptcy, insolvency or inability to pay debts, change of control, the occurrence of certain events related to the Employee Retirement Income Security Act of 1974 (ERISA), and a change of control event. As of April 3, 2026, we were in compliance with all financial debt covenants. Senior notes O n September 19, 2022, we issued two series of senior notes, consisting of 6.75 % Senior Notes due 2027 and 7.125 % Senior Notes due 2030, for an aggregate principal of $ 1,500 million. These notes are senior unsecured obligations that rank equally in right of payment with all of our existing and future senior, unsecured, unsubordinated obligations and may be redeemed at any time, subject to the make-whole provisions contained in the applicable indenture relating to such series of notes. Interest on these series of notes is payable semiannually in arrears on March 31 and September 30 for both the 6.75 % Senior Notes and 7.125 % Senior Notes, commencing on March 31, 2023. The First Call Dates of the 6.75 % Senior Notes due 2027 and 7.125 % Senior Notes due 2030 were September 30, 2024 and September 30, 2025, respectively. On and after the applicable First Call Dates, we may redeem the notes of a series at our option, in whole or in part, at any time and from time to time, at a set redemption price. On February 28, 2025, we issued $ 950 million aggregate principal amount of our 6.25 % Senior Notes due April 1, 2033 (the 6.25 % Senior Notes). The 6.25 % Senior Notes bear interest at a rate of 6.25 % per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. On or after April 1, 2028, we may redeem some or all of the 6.25 % Senior Notes at the applicable redemption prices set forth in the supplemental indenture, plus accrued and unpaid interest. Note 11. Derivatives Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flow associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use our derivative instruments for speculative trading purposes. By using derivative financial instruments to hedge exposures to changes in foreign exchange and interest rates, we are exposed to credit risk; however, we mitigate this risk by entering into hedging instruments with highly rated institutions that can be expected to fully perform under the terms of the applicable contracts. Foreign currency exchange forward contracts We conduct business in numerous currencies throughout our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than each entity’s functional currency. As a result, we are exposed to foreign exchange gains or losses, which impact our operating results. As part of our foreign currency risk mitigation strategy, we have entered into monthly foreign exchange forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. We do not hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates. 69 Table of Contents As of April 3, 2026 and March 28, 2025, the notional amounts of foreign exchange contracts not designated as hedging instruments was $ 337 million and $ 230 million, respectively. Interest rate swap In March 2023, we entered into interest rate swap agreements to mitigate risks associated with the variable interest rate of our Term A Facility. These pay-fixed, receive-floating rate interest rate swaps have the economic effect of hedging the variability of forecasted interest payments until their maturity. Pursuant to the agreements, we have effectively converted $ 1 billion of our variable rate borrowings under our Term A Facility to fixed rates, with $ 500 million at a fixed rate of 3.762 % and $ 500 million at a fixed rate of 3.55 %. The interest rate swap agreements matured on March 31, 2026. These arrangements were designated as cash flow hedges for accounting purposes and as such, we recognized the changes in the fair value of these interest rate swaps in Accumulated other comprehensive income (loss) (AOCI), and the periodic settlements or accrued settlements of the swap were recognized within or against interest expense in our Consolidated Statements of Operations. Cash flows related to these hedges were classified under operating activities in our Consolidated Statements of Cash Flows. As of March 28, 2025, the notional amount of interest rate swaps designated as cash flow hedges was $ 1,000 million. Due to the maturity of the interest rate swap agreements on March 31, 2026, there was no outstanding notional amount as of April 3, 2026. Summary The activity related to our foreign currency exchange forward contracts and interest rate swaps was immaterial as of April 3, 2026 and March 28, 2025, and for fiscal 2026, 2025 and 2024. Note 12. Restructuring and Other Costs Our restructuring and other costs consist primarily of severance and termination benefits, contract cancellation charges, asset write-offs and impairments and other exit and disposal costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Contract cancellation charges primarily include penalties for early termination of contracts and write-offs of related prepaid assets. Other exit and disposal costs include costs to exit and consolidate facilities in connection with restructuring events. September 2022 Plan In connection with our acquisition of Avast, our Board of Directors approved a restructuring plan (the September 2022 Plan) to realize cost savings and operational synergies, which became effective upon the close of acquisition on September 12, 2022. Actions under this plan include the reduction of our workforce, contract terminations, facilities closures, the sale of underutilized facilities and stock-based compensation charges for accelerated equity awards to certain terminated employees. As of April 3, 2026, we have incurred cumulative costs of $ 138 million related to the September 2022 Plan. The majority of actions under the plan were completed by March 28, 2025. Accordingly, the remaining activity and related accrual balance are not material, and only immaterial additional expenses were incurred during fiscal 2026. April 2025 Plan In connection with our acquisition of MoneyLion, our Board of Directors approved a restructuring plan (the April 2025 Plan). Actions under this plan include the reduction of our workforce, contract terminations, facilities consolidation, asset write-offs and other restructuring costs. The total estimated cost of the plan is approximately $ 30 million, of which $ 29 million has been incurred to date under the April 2025 Plan. As of April 3, 2026, we had a restructuring liability of $ 10 million related to the April 2025 Plan. 70 Table of Contents Restructuring summary Rollforwards of our activities and liability balances related to our April 2025 Plan are presented in the tables below: (In millions) Liability Balance as of March 28, 2025 Net Charges Cash Payments Non-Cash Items Liability Balance as of April 3, 2026 Severance and termination benefit costs $ — $ 25 $ ( 15 ) $ — $ 10 Contract cancellation charges — 1 ( 1 ) — — Stock-based compensation charges — 2 — ( 2 ) — Other exit and disposal costs — 1 ( 1 ) — — Total $ — $ 29 $ ( 17 ) $ ( 2 ) $ 10 The restructuring liabilities are included in Other current liabilities in our Consolidated Balance Sheets. Restructuring and other costs summary Our restructuring and other costs are presented in the table below: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Severance and termination benefit costs $ 29 $ 2 $ 42 Contract cancellation charges 1 — 5 Stock-based compensation charges 2 — 1 Asset write-offs and impairments — — 1 Other exit and disposal costs 3 5 8 Total restructuring and other $ 35 $ 7 $ 57 Our restructuring and other costs related to the September 2022 Plan are presented in the table below: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Severance and termination benefit costs $ 4 $ 2 $ 42 Contract cancellation charges — — 5 Stock-based compensation charges — — 1 Asset write-offs — — 1 Other exit and disposal costs 2 5 8 Total restructuring and other $ 6 $ 7 $ 57 Our restructuring and other costs related to the April 2025 Plan are presented in the table below: Year Ended (In millions) April 3, 2026 Severance and termination benefit costs $ 25 Contract cancellation charges 1 Stock-based compensation charges 2 Other exit and disposal costs 1 Total restructuring and other costs $ 29 Occasionally, we incur costs related to past restructuring plans. These charges were immaterial during fiscal 2026. 71 Table of Contents Note 13. Income Taxes The components of our income (loss) before income taxes are as follows: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Domestic $ 941 $ 514 $ 70 International 570 515 377 Total income (loss) before income taxes $ 1,511 $ 1,029 $ 447 The components of income tax expense (benefit) are as follows: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Current: Federal $ 155 $ 246 $ 201 State 35 21 43 International 248 149 579 Total current income tax expense (benefit) 438 416 823 Deferred: Federal 92 ( 33 ) ( 729 ) State 22 13 ( 134 ) International ( 14 ) ( 10 ) ( 120 ) Total deferred income tax expense (benefit) 100 ( 30 ) ( 983 ) Total income tax expense (benefit) $ 538 $ 386 $ ( 160 ) 72 Table of Contents The difference between our effective income tax rate and the federal statutory income tax rate, following the adoption of ASU 2023-09, is as follows: Year Ended April 3, 2026 (In millions, except for percentages) $ % Federal statutory tax rate $ 317 21 % State and local income taxes, net of federal income tax effect (1) 49 3 % Foreign tax effects: Ireland Statutory rate difference between Ireland and United States ( 35 ) ( 2 ) % Nondeductible interest 13 1 % Other 11 1 % Czech Republic 19 1 % Other foreign jurisdictions 1 0 % Effect of changes in tax laws or rates enacted in the current period — — % Effect of cross-border tax laws: Global intangible low-taxed income 35 2 % Subpart F income ( 21 ) ( 1 ) % Other 8 1 % Tax credits Foreign Tax Credits ( 20 ) ( 1 ) % Other Tax Credits ( 4 ) 0 % Changes in valuation allowances 17 1 % Nontaxable or nondeductible items: Stock-based compensation expense 18 1 % Other 2 0 % Changes in unrecognized tax benefits 139 9 % Other adjustments ( 11 ) ( 1 ) % Income tax expense (benefit) $ 538 36 % (1) The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Virginia, Illinois, New Jersey, New York, Pennsylvania, and Georgia. As previously disclosed for fiscal 2025 and 2024, prior to the adoption of ASU 2023-09, the difference between our effective income tax and the U.S. federal statutory income tax based on the 21% rate is as follows: Year Ended (In millions) March 28, 2025 March 29, 2024 Federal statutory tax expense (benefit) $ 216 $ 93 State taxes, net of federal benefit 41 — Foreign earnings taxed at other than the federal rate ( 30 ) ( 22 ) Nondeductible expenses 31 48 Federal research and development credit ( 4 ) ( 6 ) Valuation allowance increase (decrease) 10 ( 4 ) Change in unrecognized tax benefits ( 37 ) 338 Tax interest and penalties 84 129 Stock-based compensation 12 17 US tax on foreign earnings 55 20 Return to provision adjustment 4 — Foreign exchange loss (gain) 10 ( 28 ) Capital loss — ( 44 ) Legal entity restructuring — ( 719 ) Other, net ( 6 ) 18 Income tax expense (benefit) $ 386 $ ( 160 ) 73 Table of Contents The principal components of deferred tax assets and liabilities are as follows: (In millions) April 3, 2026 March 28, 2025 Deferred tax assets: Tax credit carryforwards $ 61 $ 17 Net operating loss carryforwards of acquired companies 133 51 Interest 88 71 Other accruals and reserves not currently tax deductible 325 358 Goodwill 404 463 Capitalized research and experimental expenditures 48 112 Loss on investments not currently tax deductible 123 74 Other 77 61 Gross deferred tax assets 1,259 1,207 Valuation allowance ( 184 ) ( 107 ) Deferred tax assets, net of valuation allowance 1,075 1,100 Deferred tax liabilities: Intangible assets ( 104 ) ( 91 ) Unremitted earnings of foreign subsidiaries ( 4 ) ( 4 ) Other ( 12 ) ( 9 ) Deferred tax liabilities ( 120 ) ( 104 ) Net deferred tax assets (liabilities) $ 955 $ 996 Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their basis for income tax purposes and the tax effects of net operating losses and tax credit carryforwards. The valuation allowance provided against our deferred tax assets as of April 3, 2026 of $ 184 million is provided primarily against state and foreign capital loss carryforwards and certain tax credits. As of April 3, 2026, we have U.S. federal net operating losses attributable to various acquired companies of approximately $ 535 million, of which $ 23 million begins to expire in fiscal 2027 and $ 512 million has an indefinite life. The net operating loss carryforwards are subject to an annual limitation under U.S. federal tax regulations but are expected to be fully realized. Furthermore, we have U.S. state net operating loss carryforwards attributable to various acquired companies of approximately $ 76 million. If not used, our U.S. state net operating losses will expire between fiscal 2028 and 2033. In addition, we have foreign net operating loss carryforwards of approximately $ 8 million. In assessing the realizability of our gross deferred tax assets, we consider both the positive and negative evidence of future taxable income to support utilization. We considered the following: historical cumulative book income, as measured by the current and prior two years; historical taxable income; and future reversals of taxable temporary differences. The valuation allowance for deferred tax assets as of April 3, 2026 was $ 184 million. The valuation allowance was primarily related to tax attribute carryforwards that, in the judgment of management, are not more likely than not to be realized. In the second quarter of fiscal 2024, as part of the Avast integration plan, which geographically realigned and simplified our business, we undertook a legal entity and operational restructuring. As part of that process, we distributed certain assets within the legal entity operating structure and as a result, we recorded a net tax benefit of $ 285 million in fiscal 2024. Differences between the final outcome and recorded amounts will impact the provision for income taxes in the period in which such a determination is made and could have a material impact on our Consolidated Balance Sheets and Statements of Operations in future years. 74 Table of Contents The aggregate changes in the balance of gross unrecognized tax benefits were as follows: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Balance at beginning of year $ 1,153 $ 1,163 $ 710 Settlements with tax authorities ( 2 ) — ( 8 ) Lapse of statute of limitations ( 3 ) ( 27 ) ( 14 ) Increase related to prior period tax positions 8 14 47 Decrease related to prior period tax positions ( 3 ) ( 13 ) ( 9 ) Increase related to current year tax positions 5 9 467 Increase (decrease) related to foreign currency exchange rates 41 7 ( 30 ) Balance at end of year $ 1,199 $ 1,153 $ 1,163 There was a change of $ 46 million in gross unrecognized tax benefits during the year ended April 3, 2026, as disclosed above. This gross liability does not include offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, interest deductions and state income taxes. Of the total unrecognized tax benefits at April 3, 2026, $ 994 million, if recognized, would affect our effective tax rate. We recognize interest and/or penalties related to unrecognized tax benefits in income tax expense. At April 3, 2026, before any tax benefits, we had $ 433 million of accrued interest and penalties on unrecognized tax benefits. Interest included in our provision for income taxes was an expense of approximately $ 115 million for fiscal 2026. If the accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision. We file income tax returns in the U.S. and in many U.S. state and foreign jurisdictions. Our most significant tax jurisdictions are U.S. federal, Ireland, and the Czech Republic. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our fiscal years 2018 through 2025 remain subject to examination by the IRS for U.S. federal tax purposes. Our 2022 through 2025 fiscal years remain subject to examination by the appropriate governmental agencies for Irish tax purposes. Our 2017 through 2025 fiscal years remain subject to examination by the Czech tax authorities. We continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the anticipated tolling of applicable statutes of limitations across various taxing jurisdictions. We provide U.S. income taxes on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered permanently reinvested outside the U.S. or are exempted from further taxation. As of April 3, 2026, the tax liability recorded on the undistributed earnings is approximately $ 4 million. The components of income taxes paid (received), net, is as follows: (In millions) Year Ended April 3, 2026 U.S. federal $ 323 U.S. state and local 34 Foreign Ireland 31 Czech Republic 45 Other 12 Total income taxes paid (received), net $ 445 Note 14. Stockholders' Equity Dividends On May 7, 2026, we announced that our Board of Directors declared a cash dividend of $ 0.125 per share of common stock to be paid in June 2026. All shares of common stock issued and outstanding and all RSUs and PRUs as of the record date will be entitled to the dividend and dividend equivalent rights (DERs), respectively, which will be paid out if and when the underlying shares are released. However, the 4 million unvested RSUs assumed under the MoneyLion Inc. Amended and Restated Omnibus Incentive Plan (the MoneyLion Plan) will not be entitled to DERs. See Note 15 for further information about these equity awards. Any future dividends and DERs will be subject to the approval of our Board of Directors. CVRs In connection with the acquisition of MoneyLion, we issued 12 million equity-classified CVRs to MoneyLion shareholders and optionholders. The CVRs entitle holders to receive a contingent payment of $ 23.00 per CVR, payable in shares of Gen’s common stock, if our average volume-weighted average share price equals or exceeds $ 37.50 over any 30 consecutive trading days from December 10, 2024 until April 17, 2027. The CVRs were recorded as a component of additional paid-in capital at a fair value of approximately $ 73 million as of the acquisition date, based on a Monte-Carlo simulation valuation model. As of April 3, 75 Table of Contents 2026, there were 12 million CVRs outstanding. Refer to Note 4 for additional information regarding the CVRs and our acquisition of MoneyLion. Stock repurchase program Under our stock repurchase program, we may purchase shares of our outstanding common stock on the open market and through accelerated stock repurchase transactions. As of April 3, 2026, we had $ 2,094 million remaining under the authorization to be completed in future periods. The following table summarizes activity related to our stock repurchase program during the fiscal years ended April 3, 2026 and March 28, 2025: Year Ended (In millions, except per share amounts) April 3, 2026 March 28, 2025 Number of shares repurchased 25 11 Average price per share $ 25.65 $ 24.65 Aggregate purchase price $ 634 $ 272 Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments and net unrealized gain (loss) on derivative instruments: (In millions) Foreign Currency Translation Adjustments Net Unrealized Gain (Loss) On Interest Rate Derivative Total Balance as of March 29, 2024 $ ( 5 ) $ 16 $ 11 Other comprehensive income (loss), net of taxes ( 31 ) ( 13 ) ( 44 ) Balance as of March 28, 2025 ( 36 ) 3 ( 33 ) Other comprehensive income (loss), net of taxes 37 ( 3 ) 34 Balance as of April 3, 2026 $ 1 $ — $ 1 Note 15. Stock-Based Compensation and Other Benefit Plans Stock incentive plans The purpose of our stock incentive plans is to attract, retain and motivate eligible persons whose present and potential contributions are important to our success by offering them an opportunity to participate in our future performance through equity awards. We maintain the 2013 Equity Incentive Plan (the 2013 Plan), under which awards may be granted to employees, officers, directors, consultants, independent contractors, and advisors. As amended, our stockholders have approved and reserved 112 million shares of common stock for issuance under the 2013 Plan. Stock options granted under the 2013 Plan expire no more than 10 years from the date of grant. In connection with our acquisition of MoneyLion, all the outstanding RSUs and certain PSUs of the MoneyLion Plan were assumed and converted into 4 million unvested RSUs. The assumed and converted awards generally retain the terms and conditions under which they were originally granted. Upon vesting, the assumed and converted RSUs and any additional shares granted will settle into shares of our common stock. See Note 4 for further information about this business combination. As of April 3, 2026, 26 million shares remained available for future grant, calculated using the maximum potential shares that could be earned and issued at vesting. RSUs (In millions, except per share and year data) Number of Shares Weighted- Average Grant Date Fair Value Outstanding as of March 28, 2025 9 $ 21.80 Granted 9 $ 26.88 Vested ( 6 ) $ 22.59 Forfeited ( 2 ) $ 24.68 Outstanding as of April 3, 2026 10 $ 25.33 RSUs generally vest over a three-year period. The weighted-average grant date fair value per share of RSUs granted during fiscal 2026, 2025 and 2024 was $ 26.88 , $ 24.06 and $ 17.42 , respectively. The total fair value of RSUs released in fiscal 2026, 2025 and 2024 was $ 159 million, $ 79 million and $ 85 million, respectively, which represents the market value of our common stock on the date the RSUs were released. 76 Table of Contents PRUs (In millions, except per share and year data) Number of Shares Weighted- Average Grant Date Fair Value Outstanding and unvested as of March 28, 2025 5 $ 28.42 Granted (1) 6 $ 40.42 Vested ( 3 ) $ 25.83 Forfeited (2) ( 2 ) $ 27.92 Outstanding and unvested as of April 3, 2026 6 $ 42.99 ( 1) Includes approximately 1.5 million additional performance shares issued based on above-target payouts. (2) Includes approximately 2 million additional performance shares forfeited based on below-target payouts. The total fair value of PRUs released in fiscal 2026, 2025 and 2024 was $ 34 million, $ 24 million and $ 20 million, respectively, which represents the market value of our common stock on the date the PRUs were released. We grant PRUs to certain executives. These awards generally have a three-year vesting period. PRUs granted in fiscal 2026, 2025 and 2024 include a combination of our company’s performance and market conditions. Performance conditions are based on the achievement of specified non-GAAP financial or non-financial metrics over one - to four-year periods, depending on the nature of the award. Market conditions are based on the Company’s relative total shareholder return over three - or five-year periods. Depending on the level of achievement of the applicable performance and market conditions, between 0 % and 200 % (or higher for certain awards) of target shares may be earned. Valuation of PRUs The fair value of each PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation model. The valuation and the underlying weighted-average assumptions for PRUs are summarized below: Year Ended April 3, 2026 March 28, 2025 March 29, 2024 Expected term 4.2 years 2.9 years 2.9 years Expected volatility 30.6 % 32.2 % 31.5 % Risk-free interest rate 3.9 % 4.5 % 3.5 % Weighted-average grant date fair value of PRUs $ 40.42 $ 31.59 $ 22.83 ESPP Under our 2008 Employee Stock Purchase Plan, employees may annually contribute up to 10 % of their gross compensation, subject to certain limitations, to purchase shares of our common stock at a discounted price. Eligible employees are offered shares through a 12 -month offering period, which consists of two consecutive 6 -month purchase periods, at 85 % of the lower of either the fair market value on the purchase date or the fair market value at the beginning of the offering period. As of April 3, 2026, 41 million shares have been issued under this plan and 29 million shares remained available for future issuance. The following table summarizes activity related to the purchase rights issued under the ESPP: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Shares issued under the ESPP 1 1 1 Proceeds from issuance of shares $ 13 $ 11 $ 12 The fair value of each stock purchase right under our ESPP is estimated using the Black-Scholes option pricing model. The weighted-average grant date fair value related to rights to acquire shares of common stock under our ESPP in fiscal 2026, 2025 and 2024 was $ 6.62 per share, $ 6.77 per share and $ 5.45 per share, respectively. Dividend equivalent rights (DERs) Our RSUs and PRUs, except for the 4 million unvested RSUs assumed under the MoneyLion Plan, contain DERs that entitles the recipient of an award to receive cash dividend payments when the associated award is released. The amount of DER equals to the cumulated dividends on the issued number of common stock that would have been payable since the date the associated award was granted. As of April 3, 2026 and March 28, 2025, current dividends payable related to DER was $ 9 million and $ 5 million, respectively, recorded as part of Other current liabilities in the Consolidated Balance Sheets, and long-term dividends payable related to DER was $ 4 million and $ 5 million, respectively, recorded as part of Other long-term liabilities. 77 Table of Contents Stock-based award modifications There were no stock-based award modifications in fiscal 2026 and 2024. There were no material stock-based award modifications in fiscal 2025. Stock-based compensation expense Total stock-based compensation expense and the related income tax benefit recognized for all of our equity incentive plans in our Consolidated Statements of Operations were as follows: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Cost of revenues $ ( 1 ) $ 4 $ 4 Sales and marketing 85 39 36 Research and development 54 37 39 General and administrative 97 54 58 Restructuring and other costs 2 — 1 Total stock-based compensation expense $ 237 $ 134 $ 138 Income tax benefit for stock-based compensation expense $ ( 33 ) $ ( 17 ) $ ( 16 ) As of April 3, 2026, the total unrecognized stock-based compensation expense related to our unvested stock-based awards was $ 361 million, which will be recognized over an estimated weighted-average amortization period of 2.5 years. Other employee benefit plans 401(k) plan We maintain a salary deferral 401(k) plan for all of our U.S. employees. This plan allows employees to contribute their pretax salary up to the maximum dollar limitation prescribed by the Internal Revenue Code. We match the first 3.5 % of a participant’s eligible compensation up to $ 6,000 in a calendar year. Our employer matching contributions to the 401(k) plan were as follows: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 401(k) matching contributions $ 6 $ 4 $ 4 Note 16. Net Income (Loss) Per Share Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding. Dilutive potentially issuable common shares include the dilutive effect of employee equity awards. The 12 million CVRs are excluded from the diluted net income per share calculation as the contingent conditions for issuance of common shares have not yet been met within the period. The components of basic and diluted net income (loss) per share are as follows: Year Ended (In millions, except per share amounts) April 3, 2026 March 28, 2025 March 29, 2024 Net income (loss) $ 973 $ 643 $ 607 Net income per share - basic $ 1.59 $ 1.04 $ 0.95 Net income per share - diluted $ 1.57 $ 1.03 $ 0.95 Weighted-average shares outstanding - basic 612 617 637 Dilutive potentially issuable shares: Employee equity awards 7 7 5 Weighted-average shares outstanding - diluted 619 624 642 Anti-dilutive shares excluded from diluted net income (loss) per share calculation: Employee equity awards 6 — 1 78 Table of Contents Note 17. Segment and Geographic Information Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer, who manages and reviews financial information presented on an operating segment basis for the purpose of making decisions and assessing financial performance. The CODM assesses operating performance of each segment based on regularly provided segment revenue, segment operating income (loss) and margin, by comparing actual margin results to historical results and previously forecasted financial information. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our portfolio and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis and the expenses associated with our corporate investments. Prior to fiscal 2026, we operated as one reportable segment, with consolidated net income (loss) serving as the primary measure of segment profit or loss. Subsequent to the completion of our acquisition of MoneyLion on April 17, 2025, our portfolio now spans two reportable segments, Cyber Safety Platform and Trust-Based Solutions, with the primary measure of segment profit or loss being updated to segment operating income (loss). Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and with confidence. Trust-Based Solutions includes our identity, reputation, and financial wellness products, which provide innovative solutions and insights that empower consumers to manage their identity, reputation and finances confidently. The “Corporate” category includes expenses that are not allocated to either Cyber Safety Platform or Trust-Based Solutions for purposes of making operating decisions or assessing segment-level financial performance. The expenses include restructuring and other costs, acquisition and integration costs, litigation settlement charges, and amortization of intangible assets. Our operating segments are not evaluated using asset information. Our CODM delegates the review of the segment performance to the general manager of each respective segment. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements. The following table presents details of our reportable segments and the “Corporate” category: Cyber Safety Platform Trust-Based Solutions Corporate Consolidated (In millions) Year Ended April 03, 2026 Net Revenues $ 3,339 $ 1,661 $ — $ 5,000 Other segment items (1) 1,298 1,159 — 2,457 Operating income (loss) $ 2,041 $ 502 $ ( 423 ) $ 2,120 Year Ended March 28, 2025 Net Revenues $ 3,176 $ 759 $ — $ 3,935 Other segment items (1) 1,265 372 — 1,637 Operating income (loss) $ 1,911 $ 387 $ ( 688 ) $ 1,610 Year Ended March 29, 2024 Net Revenues $ 3,057 $ 743 $ — $ 3,800 Other segment items (1) 1,225 366 — 1,591 Operating income (loss) $ 1,832 $ 377 $ ( 1,099 ) $ 1,110 (1) Other segment items for our Cyber Safety Platform and Trust-Based Solutions include product costs, infrastructure and facilities expense, and compensation and benefits excluding stock-based compensation and expenses identified in “Corporate”. 79 Table of Contents The table below are the reconciling items included in “Corporate” category: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Amortization of intangible assets $ 477 $ 401 $ 462 Stock-based compensation 237 134 138 Unallocated cost of revenue and operating expenses ( 291 ) 153 499 Total $ 423 $ 688 $ 1,099 Geographic information Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented: Year Ended (In millions) April 3, 2026 March 28, 2025 March 29, 2024 Americas $ 3,533 $ 2,587 $ 2,484 EMEA 1,061 953 917 APJ 406 395 399 Total net revenues $ 5,000 $ 3,935 $ 3,800 Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan. Revenues from customers inside the U.S. were $ 3,309 million, $ 2,358 million and $ 2,265 million during fiscal 2026, 2025 and 2024, respectively. No other individual country accounted for more than 10% of revenues. The table below represents cash, cash equivalents and restricted cash held in the U.S. and internationally in various foreign subsidiaries: (In millions) April 3, 2026 March 28, 2025 U.S. $ 122 $ 647 International 289 359 Total cash, cash equivalents and restricted cash $ 411 $ 1,006 The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented: (In millions) April 3, 2026 March 28, 2025 U.S. $ 59 $ 50 Other countries (1) 12 10 Total property and equipment, net $ 71 $ 60 (1) No individual country represented more than 10% of the respective totals. Significant customers and e-commerce partners In fiscal 2026, 2025 and 2024, no individual end-user customer accounted for 10% or more of our net revenues. See Note 1 for e-commerce partners that accounted for over 10% of our total accounts receivable. Note 18. Commitments and Contingencies Purchase obligations We have purchase obligations that are associated with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely, and we expect to make future cash payments according to the contract terms. The following reflects estimated future payments for purchase obligations by fiscal year. The amount of purchase obligations reflects estimated future payments as of April 3, 2026. (In millions) April 3, 2026 2027 $ 532 2028 64 2029 36 2030 6 Total purchase obligations $ 638 80 Table of Contents Indemnifications In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, subsidiaries and other parties with respect to certain matters, including, but not limited to, product warranties and losses arising out of our breach of agreements or representations and warranties made by us, including claims alleging that our software infringes on the intellectual property rights of a third party. In addition, our bylaws contain indemnification obligations to our directors, officers, employees, and agents, and we have entered into indemnification agreements with our directors and certain of our officers to give such directors and officers additional contractual assurances regarding the scope of the indemnification set forth in our bylaws and to provide additional procedural protections. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements might not be subject to maximum loss clauses. We monitor the conditions that are subject to indemnification to identify if a loss has occurred. Historically, we have not incurred material costs as a result of obligations under these agreements, and we have not accrued any material liabilities related to such indemnification obligations in our Consolidated Financial Statements. Litigation contingencies From time to time, we are involved in legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation, incidental to our business. We evaluate contingent liabilities including threatened or pending litigation in accordance with the authoritative guidance on contingencies. We assess the likelihood of any adverse judgments or outcomes from potential claims or proceedings for accrual or disclosure in our Consolidated Financial Statements. A determination of the amount of an accrual required, if any, for these contingencies is made after the analysis of each separate matter. Because of uncertainties related to these matters, we base our estimates on the information available at the time of our assessment. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates and disclosures. We classify our accruals for litigation contingencies in our Consolidated Balance Sheets as part of Other current liabilities or Other long-term liabilities based on when we expect to pay the claim, if at all. If the period of expected payment is within one year, we classify the amount as short-term; otherwise, it is classified as long-term. The exact timing of payment is subject to uncertainty and could change significantly from our estimated payment period. Trustees of the University of Columbia in the City of New York v. NortonLifeLock As previously disclosed, on May 2, 2022, a jury returned its verdict in a patent infringement case filed in 2013 by the Trustees of Columbia University in the City of New York (Columbia) in the U.S. District Court for the Eastern District of Virginia. The jury found that our Norton Security products and Symantec Endpoint Protection products (the latter of which were sold by us to Broadcom as part of an Asset Purchase Agreement dated November 4, 2019) willfully infringed two patents through the use of SONAR/BASH behavioral protection technology. The jury awarded damages in the amount of $ 185 million. Columbia did not seek injunctive relief against us. We believe that we have ceased the use of the technology found by the jury to infringe. The jury also found that we did not fraudulently conceal its prosecution of a third patent but did find that two Columbia professors were coinventors of this patent. No damages were awarded related to this patent. On September 30, 2023, the court entered its judgment, which awarded Columbia (i) enhanced damages of 2.6 times the jury award; (ii) prejudgment interest, post-judgment interest, and supplemental damages to be calculated in accordance with the parties’ previous agreement; and (iii) attorneys’ fees subject to the parties meeting and conferring as to amount. We complied with the court’s order and submitted a stipulation regarding the final calculations of all outstanding interest, royalties and attorneys’ fees. We posted the required surety bond and appealed the judgment to the Federal Circuit Court of Appeals. The Federal Circuit issued its decision on appeal and remanded the case to the district court for further proceedings, including consideration of whether Columbia’s patents are patent-eligible and if the patent claims are determined to be eligible, to reduce the damages award to eliminate the royalty based on foreign sales and reconsider its attorneys’ fees and enhanced damages decisions. At this time, our current estimate of probable losses from this matter, within a range of potential outcomes, is approximately $ 254 million, a reduction of $ 354 million in our fourth quarter of fiscal 2026, which is accrued and recorded as part of Other long-term liabilities in the Consolidated Balance Sheets . There is a reasonable possibility that a loss may be incurred in excess of our accrual for this matter; however, such incremental loss cannot be reasonably estimated. Jumpshot Matters At the end of 2019, Avast came under media scrutiny for provision of Avast customer data to its data analytics subsidiary Jumpshot Inc. Jumpshot was a subsidiary of Avast with its own management team and technical experts. Avast announced the decision to terminate its provision of data to, and wind down, Jumpshot on January 30, 2020. As Avast has previously disclosed, it has been in communication with certain regulators and authorities prior to completion of our acquisition of Avast. On December 23, 2019, the United States Federal Trade Commission (FTC) issued a Civil Investigative Demand (CID) to Avast seeking documents and information related to its privacy practices, including Jumpshot's past use of consumer information that was provided to it by Avast. Avast responded cooperatively to the CID and related follow-up requests from the FTC. We engaged in ongoing negotiations with the FTC staff and reached a negotiated agreement on the terms of a Consent Decree resolving this investigation, the terms of which are now final. This includes a provision for a non-material amount of monetary relief, which has been paid. 81 Table of Contents On February 27, 2020, the Czech Office for Personal Data Protection (the Czech DPA) initiated offense proceedings concerning Avast`s practices with respect to Jumpshot. The Czech DPA issued a decision in March 2022 finding that Avast had violated the GDPR and issued a fine of CZK 351 million (approximately $ 16 million). Avast appealed the decision, which was affirmed by the Czech DPA on April 10, 2024. Avast paid the fine levied by the DPA. On June 15, 2024, Avast brought a judicial action in the administrative law court challenging the decision of the Czech DPA. On October 7, 2025, the court affirmed the decision regarding liability; however, it vacated the DPA’s decision regarding the determination of the fine. Both the DPA and the Company have filed cassation complaints with the Supreme Administrative Law Court. At this stage, the fine has been returned but the matter remains pending. We have accrued an immaterial amount as our current estimate of probable loss from this matter. On March 27, 2024, Stichting CUIC – Privacy Foundation for Collective Redress, a Dutch foundation (the Foundation), filed its writ of summons to initiate a collective action. The Foundation has asserted it represents the interests of Avast customers in the Netherlands whose data was provided to Jumpshot and that by doing so Avast violated the requirements of the GDPR and other provisions in Dutch and European Union privacy and consumer law, entitling those customers to damages and other compensation, all of which we dispute. No specific amount of damages has been alleged to date. At this stage, the matter remains pending, and we are unable to assess whether any material loss or adverse effect is probable or estimate the range of any potential loss. On April 18, 2024, we received a letter before action from counsel in the United Kingdom asserting it may bring a representative action on behalf of a class of Avast users in the United Kingdom and Wales for breach of contract and misuse of private information and seeking unspecified damages and a permanent injunction. We have since entered into a final settlement agreement resolving this matter. The settlement amount is immaterial, and the resolution did not have, and is not expected to have, a material adverse effect on our financial condition, results of operations or cash flows. The outcome of the regulatory proceedings, government enforcement actions and litigation is difficult to predict, and the cost to defend, settle or otherwise resolve these matters may be significant. Plaintiffs or regulatory agencies or authorities in these matters may seek recovery of large or indeterminate amounts or seek to impose sanctions, including significant monetary penalties, as well as equitable relief. The monetary and other impact of these litigations, proceedings or actions may remain unknown for substantial periods of time. Further, an unfavorable resolution of litigations, proceedings or actions could have a material adverse effect on our business, financial condition, and results of operations and cash flows. The amount of time that will be required to resolve these matters is unpredictable, and these matters may divert management’s attention from the day-to-day operations of our business. Any future investigations or additional lawsuits may also adversely affect our business, financial condition, results of operations and cash flows. MALKA Seller Members Litigation On July 21, 2023, Jeffrey Frommer, Lyusen Krubich, Daniel Fried and Pat Capra, the former equity owners of MALKA, a subsidiary of MoneyLion (collectively, the “Seller Members”), brought a civil action in the Southern District of New York (“SDNY”) against MoneyLion Technologies Inc. alleging, among other things, breaches of the Membership Interest Purchase Agreement governing the acquisition of MALKA. MoneyLion filed counterclaims against the Sellers Members alleging, among other things, fraud, negligent misrepresentation, conversion, breach of fiduciary duties and breach of contract. The court issued its decision on September 29, 2025, finding that MoneyLion breached the parties’ agreements and awarding the Sellers Members damages and attorneys’ fees and costs, for which we have accrued $ 48 million as a pre-acquisition contingency in Other long-term obligations in our Consolidated Balance Sheet. On October 28, 2025, MoneyLion filed a notice of appeal. See Note 4 for details regarding our purchase price allocation for our acquisition of MoneyLion. NYAG Litigation On April 14, 2025, the Office of the Attorney General of the State of New York filed a civil action in the Supreme Court of the State of New York, County of New York, against MoneyLion Inc. The complaint alleges, among other things, that MoneyLion’s earned wage access product violates New York’s civil and criminal usury laws and asserts claims of fraud, deceptive, and false advertising practices under state law, as well as abusive and deceptive practices under the federal Consumer Financial Protection Act. On April 28, 2025, the Attorney General filed an amended complaint, adding MoneyLion Technologies Inc. and ML Plus LLC as defendants. The Company maintains that the Attorney General’s claims are without merit and is vigorously defending against the lawsuit. At this stage, the matter remains pending, and we are unable to assess whether any material loss or adverse effect is probable or estimate the range of any potential loss. Other We are involved in a number of other judicial, arbitrable, administrative proceedings and government inquiries that are incidental to our business, including certain matters relating to products and services offered in the ordinary course of business subject to lending and other consumer laws and regulations. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our business, results of operations, financial condition or cash flows. During fiscal 2026, 2025 and 2024, we incurred(released) $( 334 ) million, $ 132 million and $ 418 million, respectively, related to the estimated accrual and final resolutions of our litigation contingencies in our Consolidated Statements of Operations. 82 Table of Contents Note 19. Subsequent Events Fiscal 2027 Restructuring Program On May 5, 2026, our Board of Directors approved a restructuring plan as part of our ongoing internal transformation efforts, including increased adoption of artificial intelligence technologies. The initiative is intended to streamline operations and better align resources with strategic priorities. We estimate that we will incur total costs of approximately $ 50 million in con nection with the plan, consisting of employee severance and termination benefits, facilities consolidation, contract termination and other restructuring costs. Implementation is expected over the next twelve months, and estimates remain subject to change. 83 Table of Contents (2) Financial Statement Schedules Schedule II GEN DIGITAL INC. VALUATION AND QUALIFYING ACCOUNTS All financial statement schedules have been omitted, since the required information is not applicable or is not present in material amounts, and/or changes to such amounts are immaterial to require submission of the schedule, or because the information required is included in our Consolidated Financial Statements and notes thereto included in this Form 10-K. (3) Exhibits Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 2.01(§) Asset Purchase Agreement, dated August 8, 2019, by and between Broadcom Inc. and Registrant. 8-K 000-17781 2.01 8/8/2019 2.02(§) Agreement and Plan of Merger, dated as of December 10, 2024, among Gen Digital Inc., Maverick Group Holdings, Inc. and MoneyLion Inc. 8-K 000-17781 2.01 4/17/2025 3.01 Amended and Restated Certificate of Incorporation of Registrant, and all amendments thereto. 10-Q 000-17781 3.01 11/9/2022 3.02 Amended and Restated Bylaws of Registrant. 8-K 000-17781 3.01 10/16/2024 3.03 Certificate of Elimination of Series A Junior Preferred Stock. 10-K 000-17781 3.06 5/28/2020 4.01 Description of Securities. 10-K 000-17781 4.01 5/15/2025 4.02 Base Indenture, dated as of February 9, 2017, between Registrant and Wells Fargo Bank, National Association, as trustee. 8-K 000-17781 4.01 2/9/2017 4.03 First Supplemental Indenture related to the 5% Senior Notes due 2025, dated as of February 9, 2017, between Registrant and Wells Fargo Bank, National Association, as trustee (including form of 5.00% Senior Note due 2025). 8-K 000-17781 4.02 2/9/2017 4.04 Second Supplemental Indenture, dated as of September 19, 2022, by and among the Company, each of the Guarantors (as defined therein) listed on the signature pages thereto and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee (including the form of 6.750% Senior Notes due 2027 and form of 7.125% Senior Notes due 2030). 8-K 000-17781 4.01 9/19/2022 4.05 Third Supplemental Indenture, dated as of September 19, 2022, by and among the Company, the Guarantors and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee. 8-K 000-17781 4.02 9/19/2022 4.06 Fourth Supplemental Indenture, dated as of February 28, 2025, by and among Gen Digital Inc., as issuer, the guarantors party thereto and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee (including the form of 6.250% Senior Notes due 2033). 8-K 000-17781 4.01 2/28/2025 10.01(*) Form of Indemnification Agreement for Officers, Directors and Key Employees, as amended (form for agreements entered into after March 6, 2016). 8-K 000-17781 10.03 3/7/2016 10.02(*) Registrant’s Deferred Compensation Plan, restated and amended January 1, 2010, as adopted December 15, 2009. 10-K 000-17781 10.05 5/24/2010 84 Table of Contents Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 10.03(*) Registrant’s 2000 Director Equity Incentive Plan, as amended. 10-Q 000-17781 10.01 11/1/2011 10.04(*) Registrant’s 2008 Employee Stock Purchase Plan, as amended. 10-Q 000-17781 10.06 2/7/2020 10.05(*) Registrant’s 2013 Equity Incentive Plan, as amended and restated. DEF 14A 000-17781 Exhibit B 7/26/2024 10.06(*) Form of Director Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan X 10.07(*) Form of Employee Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan X 10.08(*) Form of Performance Based Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan X 10.09(*) Form of Restricted Stock Unit Award Agreement under Avast Limited Long Term Incentive Plan X 10.10(*) Form of Performance Stock Unit Award Agreement under Avast Limited Long Term Incentive Plan X 10.11 Amended and Restated Credit Agreement, effective as of August 1, 2016, among Registrant, the lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Term Loan A-1/Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan A-2 Administrative Agent, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Lead Arrangers and Joint Bookrunners in respect of the Term A-2 Facility, Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd. And TD Securities (USA) LLC, as Co-Documentation Agents in respect of the Term A-2 Facility, and Bank of America, N.A., as Syndication Agent in respect of Term A-2 Facility. 10-Q 000-17781 4.03 8/5/2016 10.12 Term Loan Agreement, dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners. 10-Q 000-17781 4.05 8/5/2016 10.13 Amendment Agreement, dated as of July 18, 2016, by and among Registrant, Symantec Operating Corporation, the Lenders and the New Term Lenders, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A. 10-Q 000-17781 4.02 8/5/2016 85 Table of Contents Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 10.14 Assignment and Assumption, dated October 3, 2016, to the Term Loan Agreement dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners. 10-Q 000-17781 4.01 2/3/2017 10.15 First Amendment, dated December 12, 2016, to the Term Loan Agreement, dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners. 10-Q 000-17781 4.02 2/3/2017 10.16 First Amendment, dated December 12, 2016, to the Credit Agreement, effective as of August 1, 2016, among the Registrant, the lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Term Loan A-1/Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan A-2 Administrative Agent, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Lead Arrangers and Joint Bookrunners in respect of the Term A-2 Facility, Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd. And TD Securities (USA) LLC, as Co-Documentation Agents in respect of the Term A-2 Facility, and Bank of America, N.A., as Syndication Agent in respect of Term A-2 Facility. 10-Q 000-17781 4.03 2/3/2017 10.17(*) Registrant’s Senior Executive Incentive Plan, as amended and restated. 8-K 000-17781 10.03 10/25/2013 10.18(*) Registrant’s Executive Retention Plan, as amended and restated. 10-K 000-17781 10.18 5/21/2021 10.19(*) Registrant’s Executive Severance Plan. 10-K 000-17781 10.19 5/21/2021 10.20(†) Environmental Indemnity Agreement, dated April 23, 1999, between Veritas and Fairchild Semiconductor Corporation, included as Exhibit C to that certain Agreement of Purchase and Sale, dated March 29, 1999, between Veritas and Fairchild Semiconductor of California. S-1/A 333-83777 10.27 8/6/1999 10.21 Second Amendment and Limited Waiver to Amended and Restated Credit Agreement dated as of June 22, 2018. 10-Q 000-17781 10.01 11/16/2018 86 Table of Contents Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 10.22 Second Amendment and Limited Waiver to Term Loan dated as of June 22, 2018. 10-Q 000-17781 10.02 11/16/2018 10.23 Credit Agreement, effective as of November 4, 2019, among NortonLifeLock Inc., the issuing banks and lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, BofA Securities, Inc., Mizuho Bank, Ltd., Barclays Bank PLC, and The Bank of Nova Scotia, as Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Mizuho Bank, Ltd., Barclays Bank PLC and The Bank of Nova Scotia, as Syndication Agents and Goldman Sachs Bank USA, HSBC Securities (USA) Inc., MUFG Bank, Ltd., SunTrust Robinson Humphrey, Inc., Citizens Bank, N.A., BMO Capital Markets Corp., BNP Paribas Securities Corp. and Santander Bank, N.A., as Co-Documentation Agents. 8-K 000-17781 10.01 11/4/2019 10.24 APA Letter Agreement dated October 1, 2020 by and between the Company and Broadcom Inc. 8-K 000-17781 10.01 7/8/2020 10.25 First Amendment, effective as of May 7, 2021, among NortonLifeLock Inc., JPMorgan Chase Bank, N.A., as Term Loan Administrative Agent, Wells Fargo Bank, National Association, as Revolver Administrative Agent, and the lenders and other parties thereto. 10-K 000-17781 10.31 5/21/2021 10.26 Amended and Restated Commitment Letter, dated September 1, 2021, by and between NortonLifeLock Inc. and the parties thereto 8-K 000-17781 10.02 9/3/2021 10.27 Amended and Restated Interim Facilities Agreement, dated September 1, 2021, by and between NortonLifeLock Inc., the parties specified thereto, as acceding finance partners, BofA Securities, Inc. and Wells Fargo Securities, LLC, as arrangers, and Bank of America, N.A., as issuing bank, interim facility agent and interim security agent 8-K 000-17781 10.01 9/3/2021 10.28++ Restatement Agreement, dated as of September 12, 2022, by and among the Company, the other Loan Parties thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as term loan administrative agent and collateral agent under the Existing Credit Agreement, Wells Fargo Bank, National Association, as revolver administrative agent under the Existing Credit Agreement, and Bank of America, N.A., in its capacity as Successor Administrative Agent. 8-K 000-17781 10.01 9/12/2022 10.29(*) Avast Limited (formerly Avast plc) 2018 Long Term Incentive Plan S-8 000-17781 99.01 9/12/2022 10.30(*) Agreement, effective as of June 13, 2024 by and between Gen Digital Inc. and Ondrej Vlcek. 10-Q 000-17781 10.01 8/7/2024 10.31 Registrant’s Non-Employee Director Compensation Policy 10-Q 000-17781 10.01 8/5/2022 87 Table of Contents Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 10.32 Second Amendment to Amended and Restated Credit Agreement, dated as of April 16, 2025, by and among Gen Digital Inc., the guarantors party thereto, Bank of America, N.A., as administrative agent, each Second Amendment Incremental Term B Loan Lender. 8-K 000-17781 10.02 4/17/2025 10.33 Contingent Value Rights Agreement, dated as of April 17, 2025, by and among Gen Digital Inc. and Computershare Inc. and Computershare Trust Company, N.A. 8-K 000-17781 10.01 4/17/2025 10.34 MoneyLion Inc. Amended and Restated Omnibus Incentive Plan. 8-K 000-17781 99.01 4/17/2025 10.35 F or m of Performance Based Restr icted Stock Unit Award Agreement (VCP ) under Gen Digital Inc. 2013 Equity Incen tive Plan . 10-Q 001-42603 10.01 8/13/2025 10.36 Third Amendment to Amended and Restated Credit Agreement , dated as of March 27, 2026 , by and among Gen Digital Inc. the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent . X 10.37 Master Receivables Purchase Agreement, dated as of June 30, 2024, by and among Sound Point Capital Management, LP, SP Main Street Funding I LLC, the additional purchasers from time to time party thereto, and ML Plus LLC, as amended through March 16, 2026. X 10.38 Servicing Agreement, dated as of June 30, 2024, by and among MoneyLion Technologies Inc., Sound Point Capital Management, LP, SP Main Street Funding I LLC, and the additional purchasers from time to time party thereto, as amended through March 16, 2026. X 19.01 Insider Trading Policy. 10-Q 001-42603 19.01 11/7/2025 21.01 Subsidiaries of Registrant. X 23.01 Consent of Independent Registered Public Accounting Firm. X 31.01 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. X 31.02 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. X 32.01(††) Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X 32.02(††) Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. X 97.01 Clawback Policy. 10-K 001-42603 97.01 5/15/2025 88 Table of Contents Exhibit Number Incorporated by Reference Filed Herewith Exhibit Description Form File No. Exhibit Filing Date 101.00 The following financial information from Gen Digital Inc.'s Annual Report on Form 10-K for the fiscal year ended April 3, 2026 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity (Deficit), (vi) Consolidated Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags. X 104.00 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). X * Indicates a management contract, compensatory plan or arrangement. § The exhibits and schedules to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally copies of any such exhibits and schedules to the SEC upon request. † Filed by Veritas Software Corporation. †† This exhibit is being furnished, rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K. + Certain portions of this document that constitute confidential information have been redacted in accordance with Regulations S-K, Item 601(b)(10). ++ Certain schedules and similar attachments to the exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5) Item 16. Form 10-K Summary None. 89 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mountain View, State of California, on the 21th day of May 2026. GEN DIGITAL INC. By: /s/ Vincent Pilette Vincent Pilette Chief Executive Officer, President and Chairman of the Board Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated below. Signature Title Date /s/ Vincent Pilette Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer) May 21, 2026 Vincent Pilette /s/ Natalie Derse Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) May 21, 2026 Natalie Derse /s/ Sue Barsamian Director May 21, 2026 Sue Barsamian /s/ Pavel Baudis Director May 21, 2026 Pavel Baudis /s/ Eric K. Brandt Director May 21, 2026 Eric K. Brandt /s/ John C. Chrystal Director May 21, 2026 John C. Chrystal /s/ Nora Denzel Director May 21, 2026 Nora Denzel /s/ Emily Heath Director May 21, 2026 Emily Heath /s/ Sherrese M. Smith Director May 21, 2026 Sherrese M. Smith /s/ Ondrej Vlcek Director May 21, 2026 Ondrej Vlcek 90