Broadcom (AVGO) 10-K risk factor changes: FY2025 vs FY2024

Our business, operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, financial condition, results of operations, cash [removed: flows,] [added: flows] and the trading price of our common stock.

- We have pursued, and may in the future [removed: pursue] [added: pursue,] mergers, acquisitions, investments, joint ventures and dispositions, which could adversely affect our results of operations.

[removed: - Cyber security] [added: Cybersecurity] threats or other security breaches, or any other impairment of the confidentiality, integrity or availability of our IT systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our [removed: business.][added: business.]

[removed: - A] [added: A] significant reduction in demand [added: from certain customers] or loss of one or more of our significant customers may adversely affect our [removed: business.][added: business.]

- [removed: We make investments in research and development and the] [added: A] slow or [added: the] unsuccessful return [removed: of] [added: on] our investments in research and [removed: development] [added: development, expansion of our business strategy or adoption of new business models] could adversely affect us.

[removed: - Dependence] [added: Dependence] on contract manufacturing and suppliers of critical components within our supply chain may adversely affect our ability to bring products to [removed: market.][added: market, damage our reputation and adversely affect our results of operations.]

[removed: - Failure] [added: Failure] to adjust our manufacturing and supply chain to [removed: accurately] meet customer demand could adversely affect [removed: our results] [added: our results] of [removed: operations.][added: operations.]

- A prolonged disruption of our or our [added: customers’ or] suppliers’ [removed: manufacturing facilities, research and development facilities, warehouses] [added: facilities] or other significant operations could have a material adverse effect on us.

[removed: - Failure] [added: Failure] of our software [removed: products] [added: portfolio] to manage and secure IT infrastructures and environments could have a material adverse effect on our [removed: business.][added: business.]

- The growth of our software business depends on [added: demand for our data center virtualization portfolio, as well as] customer acceptance of our [removed: newer products] [added: software, services] and [removed: services.][added: business strategy.]

- Incompatibility of our software [removed: products] [added: portfolio] with operating environments, platforms, or third-party products may adversely affect demand for our [removed: products] [added: software] and services.

[removed: - Our] [added: Our] use of open source software in certain [removed: products] [added: software] and services could materially adversely affect our business, financial [removed: condition and] [added: condition, operating] results [removed: of operations.][added: and cash flow.]

- Failure to effectively manage our [removed: products] [added: software solutions] and services lifecycles could harm our business.

- [removed: Environmental, social and governance] [added: Corporate responsibility] matters may adversely affect our relationships with customers and [removed: investors.][added: investors and increase compliance costs.]

Risks [removed: Relating] [added: Related] to Our Taxes

Risks [removed: Relating] [added: Related] to Our Indebtedness

Risks [removed: Relating] [added: Related] to Owning Our Common Stock

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

Macroeconomic weakness and uncertainty [added: may] also make it more difficult [removed: for us] to accurately forecast operating results, and [added: market volatility stemming from current macroeconomic events] may [removed: make it more difficult] [added: materially impact our cash flow and our ability] to raise or refinance [removed: debt.][added: debt at favorable rates.]

An escalation of trade tensions between the U.S. and [removed: China has resulted] [added: its trading partners may continue to result] in trade [removed: restrictions, increased protectionism] [added: restrictions] and increased [removed: tariffs] [added: protectionism on both ends] that harm our ability to participate in [removed: Chinese] [added: some] markets or compete [removed: effectively with Chinese companies.][added: effectively.]

Sustained uncertainty about, or worsening of, current global economic [removed: conditions and] [added: conditions,] further [removed: escalation] [added: tariffs and escalations] of trade tensions between the U.S. and its trading partners, especially China, [added: increased geopolitical volatility,] and the decoupling of the [removed: U.S. and China economies,] [added: global economies] could result in a global economic slowdown and long-term changes to global trade.

Such events may also (i) cause our customers and [removed: consumers] [added: end-users] to reduce, delay or forgo technology spending, (ii) result in customers sourcing products from other suppliers not subject to such restrictions or [removed: tariffs,] [added: tariffs or to develop these products themselves,] (iii) lead to the insolvency or consolidation of key suppliers and customers, and (iv) intensify pricing pressures.

Our business is subject to various domestic and international laws and other legal requirements, including [removed: anti-competition] [added: antitrust] and import/export regulations, such as the U.S. Export Administration Regulations, and applicable executive [added: orders.]

[removed: These laws, regulations] [added: regulations, orders, tariffs, federal policies] and [removed: orders] [added: other governmental actions] are complex, [removed: may] [added: continue to evolve and] change frequently [removed: and] with limited [removed: notice,] [added: notice] and generally become more stringent over time.

In addition, if our [added: suppliers or] customers fail [added: or choose not] to comply with these [removed: regulations,] [added: legal requirements or governmental actions,] we may be required to suspend [removed: sales] [added: purchasing from such suppliers or selling] to [removed: these] [added: such] customers, which could damage our reputation and [removed: negatively] [added: have a material adverse] impact [added: on] our results of operations.

The U.S. government [removed: may continue] [added: continues] to add companies to its restricted entity list and/or technologies to its list of prohibited exports to specific [removed: countries,] [added: countries and impose other restrictions or requirements,] which have had and may in the future have an adverse effect on our [removed: revenue] [added: revenue, supply chain] and our ability to [added: manufacture or] sell our products.

These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments, especially in light of ongoing trade tensions with [removed: China,] [added: U.S. trading partners,] will likely limit or prevent us from doing business with certain of our customers or suppliers and harm our ability to compete effectively or otherwise negatively affect our ability to sell our products.

Furthermore, [added: foreign] government authorities [added: have proposed and/or] may take retaliatory actions, impose conditions for the supply of products or require the license or other transfer of IP, which could have a material adverse effect on our business.

We have [removed: previously] been, and may in the future be, involved or required to participate in regulatory investigations or [removed: inquiries, such as the ongoing investigation by] [added: inquiries from regulatory authorities in Korea, Japan and] the [removed: Korean Fair Trade Commission] [added: European Union] into certain of our contracting and business practices, which have [removed: previously] and may in the future evolve into legal or other administrative proceedings.

Involvement in regulatory investigations or inquiries can be costly, lengthy, complex and [removed: time consuming,] [added: time-consuming,] diverting the attention and energies of our management and technical personnel.

- changes in political, regulatory, legal or economic conditions, geopolitical turmoil (including China-Taiwan relations), including terrorism, war or political or military coups, state-sponsored or politically motivated cyber-attacks, [removed: or] civil [removed: disturbances] [added: disturbances,] or political instability (foreign and domestic);

- restrictive [added: or retaliatory] governmental actions, such as restrictions on the transfer or repatriation of funds and foreign investments, data privacy regulations, [removed: climate change regulations and] [added: sustainability-related regulations,] trade protection measures, including increasing [removed: protectionism,] [added: protectionism and economic nationalism,] import/export restrictions (including with regards to advanced technologies), import/export duties and quotas, trade [removed: sanctions] [added: sanctions,] and customs duties and tariffs, all of which have increased and may further increase;

- potential inability to localize [removed: software products;][added: our software;]

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

Any such violation [added: or perceived violation] could have a material adverse effect on our business.

Our growth strategy includes acquiring or investing in businesses that offer complementary products, services and technologies, or enhancing our market [removed: coverage] [added: coverage, business strategy] or technological capabilities.

Any acquisitions we may undertake, including the [removed: VMware Merger,] [added: acquisition of VMware,] and their integration involve risks and uncertainties, which could impede the execution of our business strategy, such as:

- U.S. and non-U.S. regulatory approval may take longer than anticipated, not be forthcoming or contain burdensome [removed: conditions;][added: conditions, including due to U.S.-international relationships and other geopolitical events;]

- the potential for deficiencies in internal controls of the acquired business, as well as implementing our own management information systems, operating systems and internal controls for the acquired [removed: operations;][added: business;]

- our due diligence process may fail to identify significant issues with the acquired [removed: business’] [added: business’s] products, financial disclosures, accounting practices, legal, tax and other contingencies, compliance with local laws and regulations (and interpretations thereof) in the U.S. and multiple international jurisdictions;

- We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.

- Winning business in the semiconductor solutions industry is an unpredictable process that often requires us to incur significant expenses, evolve our business strategy or adopt a new business model, which may negatively impact our results of operations, gross margin or cash flows.

- Failure to protect the IP utilized in our business could adversely affect our business.

- The amount and frequency of our stock repurchases may fluctuate.

These laws,

We may be required to incur significant expenses to comply with these legal requirements or respond to any governmental actions.

Uncertainty due to such evolving policies or actions also may disrupt our supply chain and if we are unable to effectively mitigate any adverse impacts from such measures, this could adversely affect our business, financial condition and results of operations.

The technology industry is subject to intense media, political and regulatory scrutiny, which can increase our exposure to government investigations, regulations, legal actions and penalties.

While U.S. tariffs and counter-tariffs, including semiconductor-related tariffs, have not had a material impact on our financial condition or results of operations, tariffs and other macroeconomic factors could materially increase costs and disrupt our supply chain.

We continuously manage product availability and costs in our supply chain to mitigate the direct and indirect impact of tariffs and other macroeconomic impacts.

The ultimate impact remains uncertain and will depend on

several factors outside of our control.

If we are unable to effectively navigate these changes, it could have a material adverse effect on our business, operating results and stock price.

We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.

The semiconductor industry is undergoing profound change due to the adoption and proliferation of AI and has experienced a significant upturn, which may not be sustainable.

The growth of AI is creating pressure on the semiconductor industry to timely design, manufacture and deliver semiconductor products and solutions to meet customer demand for computing power and AI infrastructure.

Some of these AI customers may have constrained resources or capital and may be unable to pay for their required AI infrastructure and/or seek alternative financings or novel or deferred payment models from their vendors and suppliers.

If our AI customers substantially reduce their expansion plans, cancel, reduce or delay their orders, are unable to generate the profit required to offset their spending or are otherwise unable to meet their obligations and we cannot offset the downturn in their business, it could have a material adverse effect on our business, operating results, financial condition and stock price.

Moreover, our top customers, including our AI customers, may make and have made greater demands on us with regards to pricing and contractual terms, such as seeking to lease AI racks or systems based on our XPUs instead of purchasing, as well as alternative financings for such leases or other novel or deferred payment models.

If we fail to timely develop new and enhanced products and technologies, if we focus on technologies that do not become widely

Winning business in the semiconductor solutions industry is an unpredictable process that is often lengthy in time and requires us to incur significant expenses, evolve our business strategy or adopt a new business model, which may negatively impact our results of operations, gross margin or cash flows.

In addition, we may also be unable to materially recoup our costs or resell our products to other customers due to the custom nature of certain products.

Some of our customers who have selected us may also have constrained resources or capital but require immediate availability of our custom XPUs.

In such event, we may dedicate significant additional resources or execute on new business strategies or models such as the sale or leasing of AI racks or systems based on our XPUs to our customers with alternative financings or novel or deferred payment models, which could result in additional costs, expenses, credit or customer default risks, reduced gross margin and cash flows.

Our customers may also underestimate the data center or related power or water capacity needed to address end-user demand, which may impact our ability to timely satisfy their requirements.

In addition, where our products are part of larger infrastructure projects like data centers, any supply constraints or availability issues with respect to any one component may impact our revenue or our results of operations.

The gross margin for our semiconductor solutions has typically been lower than our infrastructure software solutions.

The sale or leasing of AI racks or systems based on our XPUs will likely increase our operating margin but compress or lower future gross margin, which would adversely impact our stock price.

and fulfillment, HR, benefit plan administration, IT network management, and electronic communication and collaboration services.

increase our overall compliance burden.

In addition, software license agreements under which customers do not have the right to terminate could cause variations in revenue recognized in each period and our operating results fluctuate from time to time.

If personnel critical to our performance of these contracts are unable to obtain or maintain their security clearances, we may be unable to perform these contracts or compete for other projects of this nature, which could adversely affect our results of operations.

commercial contracts and/or may be complex, as well as audits and investigations.

To remain competitive, we seek to evolve our business strategy or adopt new business models from time to time, such as the sale or leasing of AI racks or systems based on our XPUs, that require significant financial resources, which could have a material adverse effect on our results of operations.

Moreover, we may offer and have offered alternative financings or other novel or deferred payment models for the leasing of AI racks or systems based on our XPUs to effectively complete, which could have a material adverse effect on our revenue, free cash flow and gross margin and expose us to credit or customer default risks.

- the development and availability of AI data centers that could impact our ability to ship our products;

- fluctuations in our financial metrics to execute our current or new business strategies or models;

- the timing and extent to which we enter into and utilize factoring arrangements;

- the timing and extent of delivery of and payment for our semiconductor and semiconductor-based solutions, including AI racks or systems based on our XPUs;

- the inability of our customers to pay for our products or services due to their constrained resources or capital;

- Failure to realize the benefits expected from the VMware Merger could adversely affect our business and the value of our common stock.

- We operate in the highly cyclical semiconductor industry.

- Winning business in the semiconductor solutions industry is subject to a lengthy process that often requires us to incur significant expense, from which we may ultimately generate no revenue.

- We purchase a significant amount of the materials used in our products from a limited number of suppliers.

- If we are unable to protect the significant amount of IP we utilize in our business, our business could be adversely affected.

orders.

We may be required to incur significant expense to comply with, or to remedy violations of, these regulations.

Growing public concern over concentration of economic power in corporations is leading to increased anti-competition legislation, regulation, administrative rule making and enforcement activity.

Failure to realize the benefits expected from the VMware Merger could adversely affect our business and the value of our common stock.

As part of our integration of the VMware business, we are focusing on VMware’s core business of creating private cloud environments on-premises among large enterprises globally and divesting non-core assets.

If VMware customers do not accept our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio, the investments we have made or may make to implement our strategy may be of no or limited value, we may lose significant customers, our financial results may be adversely affected and our stock price may suffer.

Although we expect significant benefits to result from the VMware Merger, if we do not successfully manage the challenges inherent in integrating an acquired business, we may not realize these benefits, and our revenue, expenses, operating results, financial condition and stock price could be materially adversely affected.

Achieving these benefits will depend, in part, on our ability to integrate VMware's business successfully and efficiently and VMware customers accepting our business strategy, including our transition from a perpetual to a subscription licensing model and our simplified product portfolio.

The successful integration of the VMware business has required, and will continue to require, significant management attention, and may divert the attention of management from other business and operational issues.

may be unable to anticipate these techniques or to implement adequate preventative measures.

Our semiconductor customers are not generally required to purchase specific quantities of products.

Moreover, our top customers’ purchasing power has, in some cases, given them the ability to make greater demands on us with regard to pricing and contractual terms in general.

We operate in the highly cyclical semiconductor industry.

From time to time, these factors, together with changes in general economic conditions, cause significant upturns and downturns in the industry and in our business.

The market for AI-related products has resulted in a significant upturn in certain segments of the industry resulting in record revenue, which may not be sustainable.

Previously the industry experienced a significant upturn due to a supply imbalance that resulted in record profitability and increases in average selling prices, which was followed by a down-cycle resulting in diminished demand for end-user products, high inventory levels and periods of inventory adjustment, and elimination of expedite fees.

Historically, such down-cycles have also been characterized by under-utilization of manufacturing capacity, changes in revenue mix and accelerated erosion of average selling prices, which can lead to reduced profitability and a decline in our stock price.

We expect our business to continue to be subject to cyclical downturns even when overall economic conditions are relatively stable.

If we cannot offset industry or market downturns, our net revenue may decline and our financial condition and results of operations may suffer.

Winning business in the semiconductor solutions industry is subject to a lengthy process that often requires us to incur significant expense, from which we may ultimately generate no revenue.

In such event, we may be forced to dedicate significant additional resources such as product engineering and incur additional costs and expenses, which we expect to continue for our AI-related products.

These risks are exacerbated by the fact that many of our products, such as our AI-related products, are dependent on our continued success in the development and quality of our products and product engineering.

instances, could significantly curtail our research and development efforts in a particular product area or target market, any of which could materially and adversely affect our business.

Failure to adjust our manufacturing and supply chain to accurately meet customer demand could adversely affect our results of operations.

new products.

Our use of open source software in certain products and services could materially adversely affect our business, financial condition, operating results and cash flow.

Our gross margin is highly dependent on product mix, which is susceptible to seasonal and other fluctuations in our markets.

Conversely, periods of robust demand that create a supply imbalance can lead to higher gross margins that may not be sustainable over the longer term.

If we are unable or fail to protect our IP, our business could be adversely affected.

Product liability insurance is subject to significant deductibles and there is no guarantee that such insurance will be available or adequate to protect against all such claims, or we may elect to self-insure with respect to certain matters.

There is an increasing focus from lawmakers, regulators, investors, customers, employees and other stakeholders concerning ESG matters, including environment, climate, water, diversity and inclusion, human rights and governance transparency.

Further, there is an increasing number of state-level anti-ESG initiatives in the United States that may conflict with other regulatory requirements or our various stakeholders’ expectations.

In addition, an increasing number of OEMs are seeking to source products that do not contain conflict minerals.

As a result of U.S. tax reforms, our global income is subject to tax in the U.S. and we expect an increase in our effective tax rate and our cash tax costs.

For example, Singapore recently adopted the global minimum tax, which will be effective for our fiscal year 2026.

The following section generally discusses our financial condition and results of operations for our fiscal year ended November [removed: 3, 2024] [added: 2, 2025] (“fiscal year [removed: 2024”)] [added: 2025”)] compared to our fiscal year ended [removed: October 29, 2023] [added: November 3, 2024] (“fiscal year [removed: 2023”).][added: 2024”).]

A discussion regarding our financial condition and results of operations for fiscal year [removed: 2023] [added: 2024] compared to our fiscal year ended October [removed: 30, 2022] [added: 29, 2023] can be found in Part II, Item 7 of our Annual Report on Form 10-K for fiscal year [removed: 2023,] [added: 2024,] filed with the Securities and Exchange Commission (the “SEC”) on December [removed: 14, 2023.][added: 20, 2024.]

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and [added: semiconductor-based solutions and] infrastructure software solutions.

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

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

Our semiconductor solutions segment includes all of our [added: semiconductor-based] product lines and intellectual property (“IP”) licensing.

Our infrastructure software segment includes our private [removed: and hybrid] cloud, [removed: application development and delivery, software-defined edge, application networking and security, mainframe, distributed and] [added: mainframe software,] cybersecurity [removed: solutions,] and [added: enterprise software portfolios, and] our FC SAN business.

[removed: Our fiscal] [added: Fiscal] year 2024 was a 53-week fiscal year [removed: compared to our] [added: and] fiscal year [removed: 2023, which] [added: 2023] was a 52-week fiscal year.

Our strategy is focused on [added: sustained] technology leadership and [added: developing] category-leading [removed: semiconductor and infrastructure software] solutions [removed: delivering] [added: to deliver] a comprehensive suite of innovative infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through [added: extensive internal research and development, as well as] strategic acquisitions of businesses and technologies, [removed: as well as extensive internal research and development,] to ensure our products retain their technology market leadership.

The demand for our [removed: products] [added: solutions] has been affected in the past, and is likely to continue to be affected in the future, by various factors, including the following:

- anticipated or actual demand for AI-related [removed: products;][added: products and solutions;]

- our distributors’ product inventory and [removed: end customer] [added: end-user] demand;

- the rate at which our present and future customers and end-users adopt our [removed: products and technologies] [added: solutions] in our target markets, including our [removed: AI related products,] [added: AI-related solutions,] and the rate at which our customers' products that include our [removed: technology] [added: solutions] are accepted in their markets;

- the shift to cloud-based information technology solutions and services, such as hyperscale computing, which may adversely affect the timing and volume of sales of our [removed: products] [added: solutions] for use in traditional enterprise data centers; and

Highlights during fiscal year [removed: 2024] [added: 2025] include the following:

- We generated [removed: $19,962] [added: $27,537] million of cash from operations.

- We paid [removed: $9,814] [added: $11,142] million in cash dividends.

- We repurchased [removed: $7,176] [added: $2,450] million of common stock.

On November 22, 2023, we acquired [removed: VMware] [added: VMware, Inc. (“VMware”)] in a cash-and-stock transaction (the “VMware Merger”).

Acquisition of Seagate’s [removed: SoC] [added: System-on-Chip] Operations

On April 23, 2024, we acquired certain assets related to the design, development, and manufacture of System-on-Chip [removed: (“SoC”)] operations of Seagate Technology Holdings plc for $600 million.

A majority of our net revenue is derived from sales of a broad range of semiconductor [removed: devices] [added: and semiconductor-based solutions] that are incorporated into electronic products, as well as from modules, switches and [removed: subsystems.][added: subsystems and, in some cases, racks.]

Our overall net revenue, as well as the percentage of total net revenue generated by sales in our semiconductor solutions and infrastructure software segments, have varied from quarter to quarter, due largely to fluctuations in end-market [removed: demand, including the effects of seasonality,] [added: demand] which are discussed in detail in Part I, Item [removed: 1.][added: 1A.]

[removed: *Business* under “Seasonality”] [added: Risk Factors] of this Annual Report on Form 10-K.

Our private cloud infrastructure suite of solutions [removed: are] [added: is] available directly from Broadcom, resellers and distributors, hyperscale cloud providers, value-added OEMs and VMware cloud service provider partners.

We remain focused on strengthening relationships and increasing penetration within our existing core, mainframe, VMware, and Symantec endpoint [removed: customers and expanding the adoption of our enterprise software offerings with these customers.]

These expenses also include project material costs, third-party fees paid to consultants, prototype development expense, allocated facilities costs and other corporate [removed: expenses] [added: expenses,] and computer services costs related to supporting computer tools used in the engineering and design process.

*Restructuring and other charges.* Restructuring and other charges consist primarily of non-recurring charges related to compensation costs associated with employee exit programs, IP litigation, alignment of our global manufacturing operations, rationalization of product development program costs, facility and lease abandonments, [removed: fixed] asset impairment, [removed: IPR&D impairment,] and other exit costs, including curtailment of service or supply agreements.

*Other [removed: income (expense),] [added: income,] net.* Other [removed: income (expense),] [added: income,] net includes interest income, gains and losses on investments, foreign currency [removed: remeasurement,] [added: remeasurement] and other miscellaneous items.

*Provision for [added: (benefit from)] income taxes.* We benefit from the tax incentives extended to us in various jurisdictions to encourage investment or employment.

These Singapore tax incentives are scheduled [added: to expire through November 2030.]

[removed: We may elect to modify our] operational structure and tax strategy, which may not be as beneficial to us as the benefits provided under the present tax concession arrangements.

Before taking into consideration the [removed: effects] [added: impacts] of [removed: the U.S. Tax Cuts and Jobs Act and other] indirect [removed: tax impacts,] [added: taxes,] the effect of these tax incentives and tax holiday decreased the provision for income taxes by approximately [removed: $2,261] [added: $2,709] million and [removed: $2,104] [added: $2,261] million for fiscal years [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

*Valuation of goodwill and long-lived assets.* We perform an annual impairment review of our goodwill during the fourth fiscal quarter of each [added: fiscal] year, and more frequently if we believe indicators of impairment exist.

Our fiscal year [removed: 2024] [added: 2025] was a [removed: 53-week] [added: 52-week] fiscal year.

Fiscal Year [removed: 2024] [added: 2025] Compared to Fiscal Year [removed: 2023][added: 2024]

| | | | | | | November [removed: 3, 2024] [added: 2, 2025] | | | | | | [removed: October 29, 2023] [added: November 3, 2024] | | | | | | November [removed: 3, 2024] [added: 2, 2025] | | | | | | [removed: October 29, 2023] [added: November 3, 2024] | | |

| Subscriptions and services | | | | | | [removed: 21,215] [added: 19,040] | | | | | | [removed: 7,928] [added: 16,614] | | | | | | [removed: 41] [added: 30] | | | | | | [removed: 22] [added: 32] | | |

| Total net revenue | | | | | | [removed: 51,574] [added: 63,887] | | | | | | [removed: 35,819] [added: 51,574] | | | | | | 100 | | | | | | 100 | | |

Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, subsystems and, in some cases, racks.

Our infrastructure software solutions help enterprises simplify their information technology environments.

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

customers and expanding the adoption of our enterprise software offerings with these customers.

We may elect to modify our

Many countries have enacted or are in the process of enacting a global minimum tax, some of which became effective for us starting in our fiscal year 2025 and, more importantly, the enactment in Singapore will become effective in our fiscal year ending November 1, 2026 (“fiscal year 2026”).

While the tax did not have a material impact on our fiscal year 2025 consolidated results of operations, we expect a material impact from the enactment of these laws on our consolidated results of operations and cash flows for our fiscal year 2026.

| Products | | | | | | $ | 44,847 | | | | | $ | 34,960 | | | | | 70 | | % | | | | 68 | | % |

In fiscal year 2025, we included upfront license revenue of $7,800 million within products revenue.

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

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

See Note 3.

“Revenue from Contracts with Customers” in Part II, Item 8.

of this Annual Report on Form 10-K for additional information.

For infrastructure software, the transition to subscription licenses, as well as whether or not a customer has the right to terminate, causes variations in revenue recognized in each period.

As a result, we believe that a substantially smaller percentage of our net

| Infrastructure software | | | | | | 27,029 | | | | | | 21,478 | | | | | | 5,551 | | | | | | 26 | | % |

Net revenue from our infrastructure software segment increased primarily due to strong demand for our VCF product, including license revenue recognized on contracts where customers do not have the right to terminate and the transition to a subscription license model.

The increase was primarily due to higher software revenue and strong product demand for our AI-related semiconductor solutions.

The increase was primarily due to higher revenue impact on margin and higher infrastructure software gross margin percentage, driven by an increase in license revenue and lower infrastructure software labor costs following our integration of the VMware business.

Restructuring and other charges recognized in operating expenses decreased $942 million, or 61%, in fiscal year 2025, compared to the prior fiscal year primarily due to lower employee termination costs associated with the integration of the VMware business.

of March 15, 2025 and March 15, 2026 and successive four-year vesting periods.

| 2026 | | | | | | $ | 8,301 | |

| 2027 | | | | | | 7,118 | | |

| 2028 | | | | | | 4,985 | | |

| 2029 | | | | | | 2,689 | | |

| 2030 | | | | | | 740 | | |

| Total | | | | | | $ | 23,833 | |

| Infrastructure software | | | | | | 20,765 | | | | | | 13,977 | | | | | | 6,788 | | | | | | 49 | | % |

| Unallocated expenses | | | | | | (16,513) | | | | | | (17,273) | | | | | | 760 | | | | | | (4) | | % |

Higher operating income from our infrastructure software segment was primarily due to strong demand for our VCF product, including license revenue recognized on contracts where customers do not have the right to terminate and the transition to a subscription license model.

In addition, labor costs were lower following our integration of the VMware business.

The decrease was primarily from a reduction in outstanding debt balances and debt refinancing activities that drove lower effective interest rates compared to the prior fiscal year.

*Provision for (benefit from) income taxes.* On July 4, 2025, the United States enacted the One Big Beautiful Bill Act, which allows for the immediate expensing of domestic research and development costs and certain capital expenditures, and changes the United States taxation of profits derived from foreign operations.

As a result, it is no longer more-likely-than-not that we are able to utilize our federal corporate alternative minimum tax (“CAMT”) credits, and we established a $1,321 million valuation allowance against our CAMT credit carryforwards and CAMT credits generated in the current fiscal year.

Our policy is to not consider the impact of future years’ CAMT in our valuation allowance assessment for regular deferred tax assets.

Most of the provisions are effective beginning in our fiscal years ending November 1, 2026 or October 31, 2027, with the exception of immediate expensing of qualifying property being effective in fiscal year 2025.

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

From time to time, we manage our indebtedness through financings, redemptions, repayments, exchanges, tender offers, and other transactions.

Working capital increased to $13,059 million at November 2, 2025 from $2,898 million at November 3, 2024.

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

Our infrastructure software solutions help enterprises simplify their information technology environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

The additional week in the first quarter of fiscal year 2024 resulted in higher net revenue, gross margin dollars, research and development expense, and selling general and administrative expense for fiscal year 2024, compared to the corresponding prior year fiscal period.

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

*•*We completed a ten-for-one forward stock split of our common stock.

All share, equity award and per share amounts have been retroactively adjusted to reflect the stock split.

to expire in November 2030.

Fiscal years 2023 and 2022 each consisted of 52 weeks.

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Products | | | | | | $ | 30,359 | | | | | $ | 27,891 | | | | | 59 | | % | | | | 78 | | % |

In addition, the macroeconomic environment remains uncertain and may cause our net revenue to fluctuate significantly and impact our results of operations.

| Infrastructure software | | | | | | 21,478 | | | | | | 7,637 | | | | | | 13,841 | | | | | | 181 | | % |

Net revenue from our infrastructure software segment increased primarily due to contributions from VMware.

The decrease was primarily due to higher amortization of acquisition-related intangible assets from the VMware Merger.

In addition, gross margin contributions from our infrastructure software segment were partially offset by less favorable margin within the semiconductor solutions segment driven by product mix.

The increase in stock-based compensation expense was also due to annual employee equity awards granted at higher grant-date fair values.

Restructuring and other charges recognized in operating expenses were $1,533 million and $244 million in fiscal years 2024 and 2023, respectively.

The fiscal year 2024 charges primarily included employee termination costs from cost reduction activities related to the VMware Merger.

The fiscal year 2023 charges primarily included non-recurring charges related to IP litigation.

| | | | | | | | | |

| 2025 | | | | | | $ | 4,429 | |

| 2026 | | | | | | 3,607 | | |

| 2027 | | | | | | 2,643 | | |

| 2028 | | | | | | 580 | | |

| Total | | | | | | $ | 11,259 | |

| Infrastructure software | | | | | | 13,977 | | | | | | 5,639 | | | | | | 8,338 | | | | | | 148 | | % |

| Unallocated expenses | | | | | | (17,273) | | | | | | (5,918) | | | | | | (11,355) | | | | | | 192 | | % |

Operating income from our infrastructure software segment increased primarily due to contributions from VMware.

These increases were primarily due to the VMware Merger.

The increase was primarily due to interest on debt incurred for the VMware Merger.

*Provision for income taxes.* The provision for income taxes was $3,748 million and $1,015 million for fiscal years 2024 and 2023, respectively.

Our debt and liquidity needs increased in fiscal year 2024 as a result of completing the VMware Merger.

We funded the cash portion of the consideration with net proceeds from the issuance of $30,390 million in term loans (the “2023 Term Loans”), as well as cash on hand.

We also assumed $8,250 million of VMware’s outstanding senior unsecured notes.

During fiscal year 2024, we made repayments of $16,795 million on our 2023 Term Loans.

In addition, we may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash tenders and/or exchanges for equity or debt, in open-market purchases, privately negotiated transactions or otherwise.

We may also make additional prepayments of the 2023 Term Loans.

The amounts involved may be material.

On November 22, 2023, we completed the VMware Merger.

Changes in interest rates affect the fair value of our outstanding [removed: fixed rate senior notes.][added: fixed-rate borrowings.]

As of November [removed: 3, 2024] [added: 2, 2025] and [removed: October 29, 2023,] [added: November 3, 2024,] we had [removed: $56.3] [added: $67.1] billion and [removed: $40.8] [added: $56.3] billion in principal amount of [removed: fixed rate senior notes] [added: fixed-rate borrowings] outstanding, and the estimated aggregate fair value of these [removed: senior notes] [added: borrowings] was [removed: $51.4] [added: $64.6] billion and [removed: $33.2] [added: $51.4] billion, respectively.

As of November [removed: 3, 2024] [added: 2, 2025] and [removed: October 29, 2023,] [added: November 3, 2024,] a hypothetical 50 basis point increase or decrease in market interest rates would change the fair value of our [removed: fixed rate senior notes] [added: fixed-rate borrowings] by approximately [removed: $1.7] [added: $1.9] billion and [removed: $1.4] [added: $1.7] billion, respectively.

However, this hypothetical change in interest rates would not impact the interest expense on our [removed: fixed rate senior notes] [added: borrowings] outstanding.

As of November 3, 2024, we had $13.6 billion of outstanding 2023 Term Loans, which are subject to floating interest rates.

A hypothetical 100 basis point change in the interest rate would increase or decrease the interest expense on the 2023 Term Loans for the next 12 months by approximately $137 million.

The carrying value of the 2023 Term Loans approximates their fair value as the underlying interest rates are tied to the Secured Overnight Financing Rate.

We had no floating rate debt outstanding as of October 29, 2023.

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and [added: semiconductor-based solutions and] infrastructure software solutions.

Our [removed: over] [added: more than] 60-year history of innovation dates back to our diverse origins from AT&T/Bell Labs, Lucent and Hewlett-Packard Company, and [added: has] evolved [removed: with] [added: through acquisitions, including] LSI Corporation, Broadcom Corporation, Brocade Communications [removed: Systems LLC,] [added: Systems, Inc.,] CA, Inc., Symantec Enterprise Security, and VMware, Inc. (“VMware”).

We maintain design, product and software development engineering [added: expertise and] resources at locations [added: primarily] in the U.S., Asia, [removed: Europe] and [removed: Israel, providing us with engineering expertise worldwide.][added: Europe.]

We combine global scale, engineering depth, broad product [removed: portfolio diversity,] [added: portfolio,] superior execution and operational focus to deliver category-leading semiconductor and infrastructure software solutions.

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

We differentiate ourselves through our high-performance design and integration [removed: capabilities] [added: capabilities,] and focus on developing semiconductor products for [removed: target] markets [removed: where we believe we can earn attractive margins.][added: that require our high quality, leading technology and integrated performance semiconductor and semiconductor-based solutions.]

Many of the largest companies in the world, including most of the Fortune 500, and many government agencies rely on our [added: infrastructure and security] software solutions to [removed: help manage] [added: modernize, optimize,] and secure [removed: their on-premises and hybrid cloud environments,] [added: the most complex] private [added: cloud, hybrid] cloud [removed: infrastructure] and [removed: AI data centers.][added: edge environments.]

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

We also offer mission-critical [removed: fibre channel storage area networking (“FC SAN”)] [added: FC SAN] products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

Our strategy is focused on [added: sustained] technology leadership and [added: developing] category-leading [removed: semiconductor and infrastructure software] solutions [removed: delivering] [added: to deliver] a comprehensive suite of innovative infrastructure technology products to the world’s leading business and government customers.

We seek to achieve this through [added: extensive internal research and development, as well as] strategic acquisitions of businesses and technologies, [removed: as well as extensive internal research and development,] to ensure our products retain their technology market leadership.

[removed: | | | | Networking | | | • Data Center, Service Provider, and Enterprise Networking | | | •] [added: We offer a broad set of] Ethernet switching and routing [removed: silicon | | |][added: products that are optimized for enterprise and AI data center, service provider and enterprise networks.]

[removed: Data Center, Service Provider, and Enterprise Networking Solutions. We provide semiconductor] [added: Networking Connectivity. Our] solutions [removed: for managing] [added: manage] the movement of data in data center, service [removed: provider,] [added: provider] and enterprise networking applications.

Our products offer an [removed: enhanced,] open, [added: flexible,] standards-based Ethernet [removed: network interface card (“NIC”)] [added: NIC] and switching solution to resolve connectivity bottlenecks in data centers, particularly in AI data centers where compute bandwidth and cluster sizes grow rapidly.

- Ethernet Switching & [removed: Routing:] [added: Routing:] Ethernet is a ubiquitous interconnection technology that enables high-performance and cost-effective networking infrastructure.

[removed: In the data center market,] [added: For] our [added: hyperscaler and other customers with AI frontier models, our] high capacity, [removed: low latency,] [added: low-latency,] switching silicon supports advanced protocols around virtualization and [removed: multi-pathing.][added: multi-pathing for data centers.]

- Custom Silicon [removed: Solutions:] [added: Solutions:] We provide advanced technology and intellectual property (“IP”) platforms for customers to design and develop application specific integrated circuits (“ASICs”) [removed: targeting] [added: for] AI and high-performance computing, networking and storage applications.

Our custom silicon [removed: provides] [added: solutions provide] the platform to integrate embedded logic, [added: high-bandwidth] memory, serializer/deserializer [removed: (“SerDes”)] technology, IP cores and processor [removed: cores.][added: cores using advanced packaging technologies.]

- Physical Layer [removed: Devices:] [added: Devices:] These [removed: devices, also referred to as PHYs,] [added: devices] are transceivers that enable the reception and transmission of Ethernet data packets over a physical medium such as copper wire or optical fibers.

[removed: performance] [added: Our high-performance] Ethernet transceivers are built upon a proprietary digital signal processing [added: (DSP)] communication architecture optimized for high-speed network connections and support the latest standards and advanced features, such as energy efficient Ethernet, data encryption and time synchronization.

We also offer a range of automotive Ethernet products, including PHYs, switches and camera [removed: microcontrollers, to meet growing consumer demand] [added: microcontrollers] for in-vehicle connectivity and smart vision.

- Fiber Optic [removed: Components:] [added: Components:] We supply a wide array of optical components [removed: to] [added: for] the Ethernet networking, storage, and access, metro- and long-haul telecommunication markets.

Our optical components enable the [removed: high speed] [added: high-speed] reception and transmission of data through optical fibers.

[removed: Mobile] [added: Wireless] Device Connectivity Solutions. We provide [removed: a broad variety of RF semiconductor devices, wireless] [added: leading edge] connectivity [removed: solutions, custom touch controllers and inductive charging] solutions for the wireless [added: device] market.

- RF Semiconductor [removed: Devices:] [added: Devices:] Our [removed: RF semiconductor] devices selectively filter, as well as amplify and route, RF signals.

Our RF [removed: products] [added: devices] include multi-chip [removed: module] front-end modules that integrate transmit/receive switching and filtering functions for multiple frequency bands, filter modules and discrete filters, all using our proprietary [removed: FBAR] [added: commercial film bulk acoustic resonator (“FBAR”) filter] technology.

- Connectivity [removed: Solutions:] [added: Solutions:] Our [removed: connectivity] solutions [removed: include discrete and integrated Wi-Fi and Bluetooth solutions, and global positioning system/global navigation satellite system (“GPS/GNSS”) receivers,] [added: are] designed for use in [removed: mobile] [added: wireless] devices including smartphones, tablets and wearable products.

We offer a family of high performance, low power Wi-Fi [removed: chipsets.][added: chipsets, as well as Bluetooth silicon and software products.]

- Custom Touch [removed: Controllers:] [added: Controllers:] Our touch controllers process signals from touch screens in [removed: mobile handsets and tablets.][added: wireless devices.]

- Inductive Charging [removed: ASICs: Our custom inductive charging ASIC devices] [added: ASICs: These products] offer high efficiency and are highly integrated solutions for [removed: mobile] [added: wireless] and wearable devices.

Servers and Storage System Solutions. [removed: We provide semiconductor] [added: Our] solutions [removed: for enabling] [added: enable] secure movement of digital data to and from host machines, such as servers, personal computers and storage systems, to the underlying storage devices, such as hard disk drives (“HDD”) and solid-state drives (“SSD”).

- [removed: SAS, RAID] [added: SAS] & [removed: PCIe Products: We provide] [added: RAID Products: Our] serial attached small computer system interface [removed: (SAS)] [added: (“SAS”)] and redundant array of independent disks [removed: (RAID)] [added: (“RAID”)] controller and adapter [removed: solutions to server] [added: products enable secure] and [added: high-speed data transmission between a host computer, such as a server, and] storage [removed: system original equipment manufacturers (“OEMs”).][added: peripheral devices, such as HDD and SSD.]

[removed: We also provide] [added: - PCIe Switches: Our] interconnect semiconductors [removed: that] support the peripheral component interconnect express (“PCIe”) communication [removed: standards.][added: standards in both AI and non-AI applications.]

PCIe is the primary interconnection mechanism inside [added: modern] computing [removed: systems today.][added: systems.]

- Fibre Channel [removed: Products:] [added: Products:] We provide fibre channel host bus [removed: adapters, which] [added: adapters that] connect host computers such as servers to [removed: FC SANs.][added: fibre channel storage area networking (“FC SAN”) products.]

- Ethernet NIC [removed: Controllers:] [added: Controllers:] Our Ethernet NIC controllers are designed for high-performance virtualization, intelligent flow processing, secure data center [removed: connectivity,] [added: connectivity] and machine learning.

- HDD & SSD [removed: Solutions:] [added: Solutions:] We provide read channel-based system-on-chip (“SoC”) and preamplifiers [added: that are the critical chips required] to [removed: HDD OEMs.][added: read, write and protect data.]

[removed: An HDD SoC is an integrated circuit (“IC”) that combines the functionality] of a read channel, serial interface, memory and a hard disk controller in a small, high-performance, low-power and cost-effective package.

[removed: In addition, we sell] [added: Our] preamplifiers, which are complex, [removed: high speed,] [added: high-speed,] mixed signal devices that enable writing and reading data to and from the HDD [removed: heads.][added: heads, interface with the SoC to provide the electronics data path in a HDD.]

[removed: Flash] [added: We also provide custom flash] controllers [added: that] manage the underlying flash memory in SSDs, performing critical functions such as reading and writing data to and from the flash memory and performing error correction, wear leveling and bad block management.

Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor (“CMOS”) transistors, III-V based devices, network interface cards (“NICs”) and other modules, switches, subsystems and, in some cases, racks.

Our semiconductor and semiconductor-based solutions also enable our customers to build and deploy AI data center infrastructure for their training and inference workloads and manage the movement of data across their AI network infrastructure based on open, flexible, standards-based Ethernet.

In addition, our solutions enable accelerated compute and networking connectivity at scale, within and across AI server racks and across AI data center sites.

Customers of these solutions are hyperscalers and companies with AI frontier models, as well as original equipment manufacturers (“OEMs”) and system integrators that develop servers, switches and racks deployed in large-scale AI data centers to run training and inference workloads.

Our AI semiconductor solutions include custom accelerators or XPUs, Ethernet switching and routing silicon, Ethernet NICs, physical layer devices (“PHYs”) and optical components, as well as racks and systems based on our XPUs.

We offer our semiconductor and semiconductor-based solutions in five major end markets: Networking Connectivity, Wireless Device Connectivity, Servers and Storage Systems, Broadband and Industrial.

Below is a description of our key solutions by end market and application.

We develop semiconductor products that enable accelerated compute and networking connectivity deployed in enterprise and AI data centers and service providers for their workloads.

The following products can be used for both AI and non-AI workloads and applications.

ASICs are custom products built to our individual customers’ specifications, such as our custom accelerators or XPUs, for hyperscalers, companies with AI frontier models and system integrators, and in some cases used in racks or systems.

Our products include radio frequency (“RF”) front-end modules and filters, Wi-Fi/Bluetooth combination chips, custom touch controllers and inductive charging devices.

An HDD SoC is an integrated circuit (“IC”) that combines the functionality

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

We offer five major infrastructure software portfolios: Private Cloud, Mainframe Software, Cybersecurity, Enterprise Software and FC SAN Management.

Below is a description of our key portfolio offerings.

Our customers may select additional advanced services, such as VMware vDefend, VMware Avi Load Balancer, VMware Tanzu Platform, VMware Private AI and VMware Live Recovery, as well as business process workload automation and network observability solutions.

- VMware vSphere Foundation: This software-defined solution provides compute, storage, networking and intelligent operations to help customers run modern applications on their existing infrastructure without added complexity.

Both VMware vDefend and VMware Avi Load Balancer solutions are available as advanced services for VCF.

- Application Development and Data Services Portfolio: Our Tanzu solutions provide an AI application development platform with built-in best practices, configurations and optimizations that allow developers to focus on building and deploying applications.

Our solutions further enable application and AI teams to gain access to low-latency, real-time data whether on-premises or in the cloud to build AI applications that drive business value.

VMware Tanzu Platform is also available as an advanced service for VCF.

- AIOps & Automation: These solutions combine an integrated platform for unifying tools, workflows and data across diverse sources to deliver end-to-end visibility into enterprise applications, enabling enhanced issue detection and streamlined remediation.

Machine learning capabilities reduce complexity and deliver meaningful and actionable insights to augment and automate day-to-day operations.

- Foundational & Open Mainframe Solutions: Our foundational mainframe solutions deliver mission-critical core capabilities including security, automation, operations and resilience that enterprises rely on to ensure mainframes run at peak performance.

Our open mainframe solutions extend these strengths by providing modern, API-driven, cloud-integrated tools that open the mainframe to hybrid IT environments and contemporary developer practices.

Our portfolio, organized in the domains of AIOps, Automation and Network Observability, DevOps, and Value Stream Management, delivers end-to-end visibility across all stages of the digital lifecycle.

distributors, complemented by a number of regional distributors with customer relationships based on their respective product ranges.

engineering expertise, responsiveness to customers, new product innovation, product availability, delivery timing and reliability, and customer sales and technical support.

Competitors in semiconductor solutions include integrated device manufacturers, fabless semiconductor companies and the internal resources of large integrated OEMs.

In infrastructure software, we compete with large enterprise software vendors that provide cloud, security, mainframe, enterprise and other software solutions, many of whom continue to expand their product and service offerings and consolidate offerings into broad product lines, and others who are smaller, niche players focused on specific markets.

For additional information about governmental regulations applicable to our business, see Item 1A.

Risk Factors in this Annual Report on Form 10-K.

He also has served as a Member of the President’s National Security and Telecommunications Advisory Committee since 2020.

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

Our infrastructure software solutions help enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage, and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

On November 22, 2023, we acquired VMware in a cash-and-stock transaction (the “VMware Merger”), in which VMware stockholders received, in aggregate, approximately $30.8 billion in cash and 544 million shares of Broadcom common stock (on a split adjusted basis) with a fair value of $53.4 billion.

We funded the cash portion of the VMware Merger consideration with net proceeds from the issuance of $30.4 billion in term loans under a credit agreement that we entered into on August 15, 2023, as well as cash on hand.

Following the VMware Merger, we sold VMware’s end-user computing business to KKR & Co. Inc. for cash consideration of $3.5 billion, after working capital adjustments.

With the VMware Merger, we have bolstered our infrastructure software solutions and are able to offer our customers a greater capacity to address complex IT infrastructure issues.

Semiconductors are made by imprinting a network of electronic components onto a semiconductor wafer.

These devices are designed to perform various functions such as processing, amplifying and selectively filtering electronic signals, controlling electronic system functions and processing, and transmitting and storing data.

Our digital and mixed signal products are based on silicon wafers with CMOS transistors offering fast switching speeds and low power consumption, which are both critical design factors for the markets we serve.

We also offer analog products, which are based on III-V semiconductor materials that have higher electrical conductivity than silicon, and thus tend to have better performance characteristics in radio frequency (“RF”), and optoelectronic applications.

III-V refers to elements from the 3rd and 5th groups in the periodic table of chemical elements.

Examples of these materials used in our products are gallium arsenide (“GaAs”) and indium phosphide (“InP”).

Our product portfolio ranges from discrete devices to complex sub-systems that include multiple device types and may also incorporate firmware for interfacing between analog and digital systems.

In some cases, our products include mechanical hardware that interfaces with optoelectronic or capacitive sensors.

We focus on markets that require high quality, leading technology and integrated performance characteristics of our products.

The table below presents our key semiconductor product families and their major end markets and applications.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Major End Markets | | | Major Applications | | | Key Product Offerings | | |

| | | | | | | • Custom silicon solutions | | | | | |

| | | | | | | | | | • Optical and copper PHYs | | |

| | | | | | | | | | • Fiber optic transmitter and receiver components | | |

| | | | Wireless | | | • Mobile Device Connectivity | | | • RF front end modules and filters | | |

| | | | | | | | | | • Wi-Fi, Bluetooth, GPS/GNSS SoCs | | |

| | | | | | | | | | • Custom touch controllers | | |

| | | | | | | | | | • Inductive charging ASICs | | |

| | | | Storage | | | • Servers and Storage Systems | | | • SAS and RAID controllers and adapters | | |

| | | | | | | | | | • PCIe switches | | |

| | | | | | | | | | • Fibre channel host bus adapters | | |

| | | | | | | | | | • Ethernet NIC | | |

| | | | | | | • HDD and SSD | | | • Read channel based SoCs; Custom flash controllers | | |

| | | | | | | | | | • Preamplifiers | | |

| | | | Broadband | | | • STB and Broadband Access | | | • STB SoCs | | |

| | | | | | | | | | • DSL/PON gateways | | |

| | | | | | | | | | • DOCSIS cable modem and networking infrastructure | | |

| | | | | | | | | | • DSLAM/PON optical line termination | | |

| | | | | | | | | | • Wi-Fi access point SoCs | | |

| | | | Industrial | | | • Factory Automation, Renewable Energy and Automotive Electronics | | | • Optocouplers | | |

| | | | | | | • Industrial fiber optics | | | | | |

| | | | | | | | | | • Industrial and medical sensors | | |

For the fiscal year ended November [removed: 3, 2024][added: 2, 2025]

The aggregate market value of voting and non-voting common equity held by non-affiliates as of May [removed: 3, 2024,] [added: 2, 2025,] based upon the closing sale price of such shares on The Nasdaq Global Select Market on such date was approximately [removed: $583.1] [added: $939.2] billion.

As of November [removed: 29, 2024,] [added: 28, 2025,] there were [removed: 4,687,356,156] [added: 4,741,273,799] shares of our common stock outstanding.

Portions of the registrant’s definitive proxy statement for its [removed: 2025] [added: 2026] annual meeting of stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K

| [ITEM [removed: 1.](#i4b69eb3cb07644329452c9ca9403fb16_13)] [added: 1.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_13)] | | | [removed: [BUSINESS](#i4b69eb3cb07644329452c9ca9403fb16_13)] [added: [BUSINESS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_13)] | | | [removed: [3](#i4b69eb3cb07644329452c9ca9403fb16_13)] [added: [3](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_13)] | | |

| [ITEM [removed: 1A.](#i4b69eb3cb07644329452c9ca9403fb16_16)] [added: 1A.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_16)] | | | [RISK [removed: FACTORS](#i4b69eb3cb07644329452c9ca9403fb16_16)] [added: FACTORS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_16)] | | | [removed: [16](#i4b69eb3cb07644329452c9ca9403fb16_16)] [added: [12](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_16)] | | |

| [ITEM [removed: 1B.](#i4b69eb3cb07644329452c9ca9403fb16_31)] [added: 1B.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_31)] | | | [UNRESOLVED STAFF [removed: COMMENTS](#i4b69eb3cb07644329452c9ca9403fb16_31)] [added: COMMENTS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_31)] | | | [removed: [31](#i4b69eb3cb07644329452c9ca9403fb16_31)] [added: [28](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_31)] | | |

| [ITEM [removed: 1C.](#i4b69eb3cb07644329452c9ca9403fb16_34)] [added: 1C.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_34)] | | | [removed: [CYBERSECURITY](#i4b69eb3cb07644329452c9ca9403fb16_34)] [added: [CYBERSECURITY](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_34)] | | | [removed: [32](#i4b69eb3cb07644329452c9ca9403fb16_34)] [added: [28](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_34)] | | |

| [ITEM [removed: 2.](#i4b69eb3cb07644329452c9ca9403fb16_37)] [added: 2.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_37)] | | | [removed: [PROPERTIES](#i4b69eb3cb07644329452c9ca9403fb16_37)] [added: [PROPERTIES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_37)] | | | [removed: [32](#i4b69eb3cb07644329452c9ca9403fb16_37)] [added: [29](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_37)] | | |

| [ITEM [removed: 3.](#i4b69eb3cb07644329452c9ca9403fb16_40)] [added: 3.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_40)] | | | [LEGAL [removed: PROCEEDINGS](#i4b69eb3cb07644329452c9ca9403fb16_40)] [added: PROCEEDINGS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_40)] | | | [removed: [33](#i4b69eb3cb07644329452c9ca9403fb16_40)] [added: [29](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_40)] | | |

| [ITEM [removed: 4.](#i4b69eb3cb07644329452c9ca9403fb16_43)] [added: 4.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_43)] | | | [MINE SAFETY [removed: DISCLOSURES](#i4b69eb3cb07644329452c9ca9403fb16_43)] [added: DISCLOSURES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_43)] | | | [removed: [33](#i4b69eb3cb07644329452c9ca9403fb16_43)] [added: [30](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_43)] | | |

| [PART [removed: II.](#i4b69eb3cb07644329452c9ca9403fb16_46)] [added: II.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_46)] | | | | | | | | |

| [ITEM [removed: 5.](#i4b69eb3cb07644329452c9ca9403fb16_49)] [added: 5.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_49)] | | | [MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY [removed: SECURITIES](#i4b69eb3cb07644329452c9ca9403fb16_49)] [added: SECURITIES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_49)] | | | [removed: [34](#i4b69eb3cb07644329452c9ca9403fb16_49)] [added: [31](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_49)] | | |

| [ITEM [removed: 6.](#i4b69eb3cb07644329452c9ca9403fb16_52)] [added: 6.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_52)] | | | [removed: [\[RESERVED\]](#i4b69eb3cb07644329452c9ca9403fb16_52)] [added: [\[RESERVED\]](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_52)] | | | [removed: [35](#i4b69eb3cb07644329452c9ca9403fb16_52)] [added: [32](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_52)] | | |

| [ITEM [removed: 7.](#i4b69eb3cb07644329452c9ca9403fb16_55)] [added: 7.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_55)] | | | [MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF [removed: OPERATIONS](#i4b69eb3cb07644329452c9ca9403fb16_55)] [added: OPERATIONS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_55)] | | | [removed: [36](#i4b69eb3cb07644329452c9ca9403fb16_55)] [added: [33](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_55)] | | |

| [ITEM [removed: 7A.](#i4b69eb3cb07644329452c9ca9403fb16_76)] [added: 7A.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_76)] | | | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET [removed: RISK](#i4b69eb3cb07644329452c9ca9403fb16_76)] [added: RISK](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_76)] | | | [removed: [47](#i4b69eb3cb07644329452c9ca9403fb16_76)] [added: [44](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_76)] | | |

| [ITEM [removed: 8.](#i4b69eb3cb07644329452c9ca9403fb16_79)] [added: 8.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_79)] | | | [FINANCIAL STATEMENTS AND SUPPLEMENTARY [removed: DATA](#i4b69eb3cb07644329452c9ca9403fb16_79)] [added: DATA](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_79)] | | | [removed: [49](#i4b69eb3cb07644329452c9ca9403fb16_79)] [added: [45](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_79)] | | |

| [ITEM [removed: 9.](#i4b69eb3cb07644329452c9ca9403fb16_160)] [added: 9.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_157)] | | | [CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL [removed: DISCLOSURE](#i4b69eb3cb07644329452c9ca9403fb16_160)] [added: DISCLOSURE](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_157)] | | | [removed: [92](#i4b69eb3cb07644329452c9ca9403fb16_160)] [added: [88](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_157)] | | |

| [ITEM [removed: 9A.](#i4b69eb3cb07644329452c9ca9403fb16_163)] [added: 9A.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_160)] | | | [CONTROLS AND [removed: PROCEDURES](#i4b69eb3cb07644329452c9ca9403fb16_160)] [added: PROCEDURES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_157)] | | | [removed: [92](#i4b69eb3cb07644329452c9ca9403fb16_163)] [added: [88](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_160)] | | |

| [ITEM [removed: 9B.](#i4b69eb3cb07644329452c9ca9403fb16_166)] [added: 9B.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_163)] | | | [OTHER [removed: INFORMATION](#i4b69eb3cb07644329452c9ca9403fb16_166)] [added: INFORMATION](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_163)] | | | [removed: [93](#i4b69eb3cb07644329452c9ca9403fb16_166)] [added: [89](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_163)] | | |

| [ITEM [removed: 9C.](#i4b69eb3cb07644329452c9ca9403fb16_169)] [added: 9C.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_166)] | | | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT [removed: INSPECTIONS](#i4b69eb3cb07644329452c9ca9403fb16_169)] [added: INSPECTIONS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_166)] | | | [removed: [93](#i4b69eb3cb07644329452c9ca9403fb16_169)] [added: [89](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_166)] | | |

| [ITEM [removed: 10.](#i4b69eb3cb07644329452c9ca9403fb16_175)] [added: 10.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_172)] | | | [DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE [removed: GOVERNANCE](#i4b69eb3cb07644329452c9ca9403fb16_175)] [added: GOVERNANCE](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_172)] | | | [removed: [94](#i4b69eb3cb07644329452c9ca9403fb16_175)] [added: [90](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_172)] | | |

| [ITEM [removed: 11.](#i4b69eb3cb07644329452c9ca9403fb16_178)] [added: 11.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_175)] | | | [EXECUTIVE [removed: COMPENSATION](#i4b69eb3cb07644329452c9ca9403fb16_178)] [added: COMPENSATION](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_175)] | | | [removed: [94](#i4b69eb3cb07644329452c9ca9403fb16_178)] [added: [90](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_175)] | | |

| [ITEM [removed: 12.](#i4b69eb3cb07644329452c9ca9403fb16_181)] [added: 12.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_178)] | | | [SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER [removed: MATTERS](#i4b69eb3cb07644329452c9ca9403fb16_181)] [added: MATTERS](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_178)] | | | [removed: [94](#i4b69eb3cb07644329452c9ca9403fb16_181)] [added: [90](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_178)] | | |

| [ITEM [removed: 13.](#i4b69eb3cb07644329452c9ca9403fb16_184)] [added: 13.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_181)] | | | [CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR [removed: INDEPENDENCE](#i4b69eb3cb07644329452c9ca9403fb16_184)] [added: INDEPENDENCE](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_181)] | | | [removed: [94](#i4b69eb3cb07644329452c9ca9403fb16_184)] [added: [90](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_181)] | | |

| [ITEM [removed: 14.](#i4b69eb3cb07644329452c9ca9403fb16_187)] [added: 14.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_184)] | | | [PRINCIPAL ACCOUNTANT FEES AND [removed: SERVICES](#i4b69eb3cb07644329452c9ca9403fb16_187)] [added: SERVICES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_184)] | | | [removed: [94](#i4b69eb3cb07644329452c9ca9403fb16_187)] [added: [90](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_184)] | | |

| [ITEM [removed: 15.](#i4b69eb3cb07644329452c9ca9403fb16_193)] [added: 15.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_190)] | | | [EXHIBITS AND FINANCIAL STATEMENT [removed: SCHEDULES](#i4b69eb3cb07644329452c9ca9403fb16_193)] [added: SCHEDULES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_190)] | | | [removed: [95](#i4b69eb3cb07644329452c9ca9403fb16_193)] [added: [91](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_190)] | | |

| [ITEM [removed: 16.](#i4b69eb3cb07644329452c9ca9403fb16_199)] [added: 16.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_196)] | | | [FORM 10-K [removed: SUMMARY](#i4b69eb3cb07644329452c9ca9403fb16_199)] [added: SUMMARY](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_196)] | | | [removed: [101](#i4b69eb3cb07644329452c9ca9403fb16_199)] [added: [97](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_196)] | | |

These forward-looking statements may include our projected financial results or expectations regarding acquisitions, developments in [removed: technology, products] [added: technology] and [removed: seasonality of our business.][added: products.]

We derive [removed: most] [added: many] of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions.

Material factors that could cause actual results to differ materially from our expectations include, but are not limited to, those disclosed under “Risk Factors” in Part I, Item 1A of this Annual Report on Form [removed: 10-K.][added: 10-K, and in other documents we file from time to time with the Securities and Exchange Commission (the “SEC”).]

The fiscal year ended November [removed: 3, 2024] [added: 2, 2025] was a [removed: 53-week] [added: 52-week] year.

| [PART I.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_10) | | | | | | | | |

| [PART III.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_169) | | | | | | | | |

| [PART IV.](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_187) | | | | | | | | |

| [SIGNATURES](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_199) | | | | | | [98](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_199) | | |

| [PART I.](#i4b69eb3cb07644329452c9ca9403fb16_10) | | | | | | | | |

| [PART III.](#i4b69eb3cb07644329452c9ca9403fb16_172) | | | | | | | | |

| [PART IV.](#i4b69eb3cb07644329452c9ca9403fb16_190) | | | | | | | | |

| [SIGNATURES](#i4b69eb3cb07644329452c9ca9403fb16_202) | | | | | | [102](#i4b69eb3cb07644329452c9ca9403fb16_202) | | |

Our program includes processes for identifying, assessing and managing material risks from cybersecurity threats that are guided by the National Institute of Standards & Technology’s [removed: Cyber Security] [added: Cybersecurity] Framework, the ISO 27001 international standard for information security and other applicable industry benchmarks.

- a team of professionals within our Global Technology Organization [removed: team] who are responsible for identifying and mitigating cybersecurity risks and managing our security controls and response activities;

- mandatory training annually and upon hiring for all employees [added: and contractors] on data privacy and cybersecurity topics.

When appropriate, we utilize independent, external service providers to assess, test or otherwise assist with certain aspects of our cybersecurity risk management program and related processes, including for penetration testing, threat [removed: monitoring and incident response.]

Our management, including our Chief Information Officer (“CIO”), in consultation with our Chief Information Security Officer (“CISO”), reviews with the Audit Committee [removed: at least quarterly] [added: quarterly, or more frequently as determined to be necessary or advisable, regarding] our cybersecurity security policies, practices and protective measures, threat intelligence, cybersecurity incidents and related risks.

At any given time, we face cybersecurity risks and threats, some of which are not fully mitigated, and we routinely address newly discovered vulnerabilities.

We continuously work to enhance our information security program and risk management efforts.

monitoring and incident response.

However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced undetected cybersecurity incidents.

For additional information about our cybersecurity-related risks, see Item 1A.

Risk Factors in this Annual Report on Form 10-K.

We also have protocols in place for escalating certain cybersecurity incidents to the Audit Committee and the Board of Directors.

See Item 1A.

Risk Factors, “Cyber security threats or other security breaches, or any other impairment of the confidentiality, integrity or availability of our IT systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our business” in this Annual Report on Form 10-K for additional information about our cybersecurity-related risks.

As of November [removed: 3, 2024,] [added: 2, 2025,] our owned and leased facilities in excess of 100,000 square feet consisted of:

| (a) Includes 318,000 square feet and 153,000 square feet of property [removed: owned] in Malaysia subject to a 60-year land lease with the state authority expiring in May 2051 and March 2077, respectively, subject to renewal at our option. Also includes 561,000 square feet of property in Palo Alto, California subject to a 40-year land lease with the Stanford University Board of Trustees expiring in May 2046 that does not have a renewal option. | | | | | | | | | | | | | | | | | | | | |

| Leased facilities (b) | | | | | | 735,706 | | | | | | 1,881,685 | | | | | | 2,617,391 | | |

| Total facilities | | | | | | 3,655,412 | | | | | | 2,810,573 | | | | | | 6,465,985 | | |

| Leased facilities (b) | | | | | | 849,322 | | | | | | 2,354,773 | | | | | | 3,204,095 | | |

| Total facilities | | | | | | 3,769,028 | | | | | | 3,283,661 | | | | | | 7,052,689 | | |

As of November [removed: 29, 2024,] [added: 28, 2025,] there were [removed: 1,735] [added: 2,061] holders of record of our common stock.

In [removed: December 2021,] [added: April 2025,] our Board of Directors authorized a stock repurchase program to repurchase up to $10 billion of our common stock from time to time through December 31, [removed: 2022,] [added: 2025,] which was [removed: subsequently] extended to December 31, [removed: 2023.][added: 2026 subsequent to fiscal year 2025.]

The following graph shows a comparison of cumulative total return [removed: for] [added: on] our common stock, the Standard & Poor’s 500 Stock Index (the “S&P 500 Index”) and the NASDAQ 100 Index for the five fiscal years ended November [removed: 3, 2024.][added: 2, 2025.]

The total return graph and table assume that $100 was invested on [removed: November 1, 2019] [added: October 30, 2020] (the last trading day of our fiscal year [removed: 2019)] [added: 2020)] in each of Broadcom Inc. common stock, the S&P 500 Index and the NASDAQ 100 Index and assume that all dividends are reinvested.

[removed: ][added: ]

| | | | | | | November [removed: 3, 2019 | | | | | | November] 1, 2020 | | | | | | October 31, 2021 | | | | | | October 30, 2022 | | | | | | October 29, 2023 | | | | | | November 3, 2024 | | | [added: | | | November 2, 2025 | | |]

No shares were repurchased during the fiscal quarter ended November 2, 2025.

As of November 2, 2025, $7,550 million of the authorized amount remained available for repurchases.

Repurchases under this stock repurchase program may be effected through a variety of methods, including open market or privately negotiated purchases.

The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities and other factors.

We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase program may be suspended or terminated at any time.

| Broadcom Inc. | | | | | | $ | 100.00 | | | | | $ | 156.83 | | | | | $ | 143.70 | | | | | $ | 261.58 | | | | | $ | 535.10 | | | | | $ | 1,182.35 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 142.91 | | | | | $ | 122.94 | | | | | $ | 131.94 | | | | | $ | 186.28 | | | | | $ | 225.31 | |

| NASDAQ 100 Index | | | | | | $ | 100.00 | | | | | $ | 144.43 | | | | | $ | 106.05 | | | | | $ | 131.38 | | | | | $ | 187.18 | | | | | $ | 243.37 | |

During the fiscal quarter ended November 3, 2024, we paid approximately $1,204 million in employee withholding taxes due upon the vesting of net settled equity awards.

We withheld approximately 8 million shares of common stock from employees in connection with such net share settlement at an average price of $160.31 per share.

These shares may be deemed to be “issuer purchases” of shares.

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

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

| Broadcom Inc. | | | | | | $ | 100.00 | | | | | $ | 123.53 | | | | | $ | 193.73 | | | | | $ | 177.51 | | | | | $ | 323.12 | | | | | $ | 661.00 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 108.65 | | | | | $ | 155.28 | | | | | $ | 133.58 | | | | | $ | 143.35 | | | | | $ | 202.39 | |

| NASDAQ 100 Index | | | | | | $ | 100.00 | | | | | $ | 136.71 | | | | | $ | 197.45 | | | | | $ | 144.98 | | | | | $ | 179.61 | | | | | $ | 255.89 | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i4b69eb3cb07644329452c9ca9403fb16_85)] [added: Firm](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_85)] (PCAOB ID 238) | | | [removed: [50](#i4b69eb3cb07644329452c9ca9403fb16_85)] [added: [46](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_85)] | | |

| [Consolidated Balance [removed: Sheets](#i4b69eb3cb07644329452c9ca9403fb16_88)] [added: Sheets](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_88)] | | | [removed: [51](#i4b69eb3cb07644329452c9ca9403fb16_88)] [added: [47](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_88)] | | |

| [Consolidated Statements of [removed: Operations](#i4b69eb3cb07644329452c9ca9403fb16_91)] [added: Operations](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_91)] | | | [removed: [52](#i4b69eb3cb07644329452c9ca9403fb16_91)] [added: [48](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_91)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i4b69eb3cb07644329452c9ca9403fb16_94)] [added: Income](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_94)] | | | [removed: [53](#i4b69eb3cb07644329452c9ca9403fb16_94)] [added: [49](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_94)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i4b69eb3cb07644329452c9ca9403fb16_97)] [added: Flows](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_97)] | | | [removed: [54](#i4b69eb3cb07644329452c9ca9403fb16_97)] [added: [50](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_97)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#i4b69eb3cb07644329452c9ca9403fb16_100)] [added: Equity](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_100)] | | | [removed: [55](#i4b69eb3cb07644329452c9ca9403fb16_100)] [added: [51](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_100)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i4b69eb3cb07644329452c9ca9403fb16_103)] [added: Statements](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_103)] | | | [removed: [56](#i4b69eb3cb07644329452c9ca9403fb16_103)] [added: [52](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_103)] | | |

| [Schedule II — Valuation and Qualifying [removed: Accounts](#i4b69eb3cb07644329452c9ca9403fb16_157)] [added: Accounts](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_154)] | | | [removed: [92](#i4b69eb3cb07644329452c9ca9403fb16_157)] [added: [88](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_154)] | | |

We have audited the accompanying consolidated balance sheets of Broadcom Inc. and its subsidiaries (the “Company”) as of November [removed: 3, 2024] [added: 2, 2025] and [removed: October 29, 2023,] [added: November 3, 2024,] and the related consolidated statements of operations, of comprehensive income, of stockholders’ equity and of cash flows for each of the three years in the period ended November [removed: 3, 2024,] [added: 2, 2025,] including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

We also have audited the Company's internal control over financial reporting as of November [removed: 3, 2024,] [added: 2, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of November [removed: 3, 2024] [added: 2, 2025] and [removed: October 29, 2023,] [added: November 3, 2024,] and the results of its operations and its cash flows for each of the three years in the period ended November [removed: 3, 2024] [added: 2, 2025] in conformity with accounting principles generally accepted in the United States of America.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of November [removed: 3, 2024,] [added: 2, 2025,] based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

[removed: The] [added: Critical estimates in valuing certain acquired intangible assets include the] present value of projected cash flows [removed: included significant judgment and assumptions] regarding [removed: (a)] the projected revenues, projected [added: expenses which include cost of revenue, research and development and selling, general and administrative] expenses, technology obsolescence rate, contributory asset charges, [removed: and the] discount rate [added: and income tax rate] for [removed: the VCF] developed [removed: technology, (b)] [added: technology;] the projected revenues, customer retention rate, customer ramp up period, [removed: and the] discount rate [added: and income tax rate] for the [removed: certain] customer contracts and related [removed: relationships, (c)] [added: relationships;] the projected revenues, technology obsolescence [removed: rate and the discount rate for the VCF] [added: rate, expected costs to develop] in-process research and [removed: development, and (d) the projected revenues, brand asset phase-out pattern, brand asset royalty rate, and the discount rate for the VMware trade name.][added: development (“IPR&D”) into commercially]

| | | | | | | November [added: 2, 2025 | | | | | | November] 3, 2024 | | | | | | October 29, 2023 | | |

| Cash and cash equivalents | | | | | | $ | [removed: 9,348] [added: 16,178] | | | | | $ | [removed: 14,189] [added: 9,348] | |

| Trade accounts receivable, net | | | | | | [removed: 4,416] [added: 7,145] | | | | | | [removed: 3,154] [added: 4,416] | | |

| Inventory | | | | | | [removed: 1,760] [added: 2,270] | | | | | | [removed: 1,898] [added: 1,760] | | |

| Other current assets | | | | | | [removed: 4,071] [added: 5,980] | | | | | | [removed: 1,606] [added: 4,071] | | |

| Total current assets | | | | | | [removed: 19,595] [added: 31,573] | | | | | | [removed: 20,847] [added: 19,595] | | |

| Property, plant and equipment, net | | | | | | [removed: 2,521] [added: 2,530] | | | | | | [removed: 2,154] [added: 2,521] | | |

| Goodwill | | | | | | [removed: 97,873] [added: 97,801] | | | | | | [removed: 43,653] [added: 97,873] | | |

| Intangible assets, net | | | | | | [removed: 40,583] [added: 32,273] | | | | | | [removed: 3,867] [added: 40,583] | | |

| Other long-term assets | | | | | | [removed: 5,073] [added: 6,915] | | | | | | [removed: 2,340] [added: 5,073] | | |

| Total assets | | | | | | $ | [removed: 165,645] [added: 171,092] | | | | | $ | [removed: 72,861] [added: 165,645] | |

| Accounts payable | | | | | | $ | [removed: 1,662] [added: 1,560] | | | | | $ | [removed: 1,210] [added: 1,662] | |

| Employee compensation and benefits | | | | | | [removed: 1,971] [added: 2,129] | | | | | | [removed: 935] [added: 1,971] | | |

| Other current liabilities | | | | | | [removed: 11,793] [added: 11,673] | | | | | | [removed: 3,652] [added: 11,793] | | |

| Total current liabilities | | | | | | [removed: 16,697] [added: 18,514] | | | | | | [removed: 7,405] [added: 16,697] | | |

| Long-term debt | | | | | | [removed: 66,295] [added: 61,984] | | | | | | [removed: 37,621] [added: 66,295] | | |

| Other long-term liabilities | | | | | | [removed: 14,975] [added: 9,302] | | | | | | [removed: 3,847] [added: 14,975] | | |

| Total liabilities | | | | | | [removed: 97,967] [added: 89,800] | | | | | | [removed: 48,873] [added: 97,967] | | |

| Common stock, $0.001 par value; 29,000 shares authorized; [removed: 4,686] [added: 4,741] and [removed: 4,139] [added: 4,686] shares issued and outstanding as of November [removed: 3, 2024] [added: 2, 2025] and [removed: October 29, 2023,] [added: November 3, 2024,] respectively | | | | | | 5 | | | | | | [removed: 4] [added: 5] | | |

| Additional paid-in capital | | | | | | [removed: 67,466] [added: 71,308] | | | | | | [removed: 21,095] [added: 67,466] | | |

| Retained earnings | | | | | | [removed: —] [added: 9,761] | | | | | | [removed: 2,682] [added: —] | | |

| Accumulated other comprehensive income | | | | | | [removed: 207] [added: 218] | | | | | | 207 | | |

| Total stockholders’ equity | | | | | | [removed: 67,678] [added: 81,292] | | | | | | [removed: 23,988] [added: 67,678] | | |

| Total liabilities and equity | | | | | | $ | [removed: 165,645] [added: 171,092] | | | | | $ | [removed: 72,861] [added: 165,645] | |

| | | | | | | November [removed: 3, 2024] [added: 2, 2025] | | | | | | [removed: October 29, 2023] [added: November 3, 2024] | | | | | | October [removed: 30, 2022] [added: 29, 2023] | | |

| Total net revenue | | | | | | [removed: 51,574] [added: 63,887] | | | | | | [removed: 35,819] [added: 51,574] | | | | | | [removed: 33,203] [added: 35,819] | | |

| Cost of subscriptions and services | | | | | | [removed: 2,991] [added: 2,371] | | | | | | [removed: 636] [added: 2,983] | | | | | | [removed: 627] [added: 631] | | |

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

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

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

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

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

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

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

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

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

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

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

These procedures also included, among others, (i) testing revenue recognized for a sample of revenue transactions by obtaining and inspecting source documents, such as quotes, contracts, purchase orders, evidence of transfer of control, and invoices; (ii) recalculating revenue recognized for a sample of transactions, including, where applicable, the allocation of transaction price to the performance obligations based on relative standalone selling price; (iii) testing the completeness and accuracy of the historical selling price data used to determine the standalone selling price of the performance obligations and recalculating management’s determination of the standalone selling price; and (iv) confirming a sample of outstanding customer invoice balances as of November 2, 2025 and, for confirmations not returned, obtaining and inspecting source documents such as contracts, invoices, sales orders, and subsequent cash receipts.

| Short-term debt | | | | | | 3,152 | | | | | | 1,271 | | |

| Products | | | | | | $ | 44,847 | | | | | $ | 34,960 | | | | | $ | 28,949 | |

| Subscriptions and services | | | | | | 19,040 | | | | | | 16,614 | | | | | | 6,870 | | |

| Cost of products sold | | | | | | 12,115 | | | | | | 9,805 | | | | | | 8,641 | | |

| Loss per share from discontinued operations | | | | | | — | | | | | | (0.06) | | | | | | — | | |

| Proceeds from sales of businesses | | | | | | 300 | | | | | | 3,485 | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,126 | | | | | | — | | | | | | 23,126 | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Stock-based compensation | | | | | | | | | | | | | | | | | | — | | | | | | — | | | | | | 7,570 | | | | | | — | | | | | | — | | | | | | 7,570 | | | | | | | | | | | | | | |

| Repurchases of common stock | | | | | | | | | | | | | | | | | | (16) | | | | | | — | | | | | | (227) | | | | | | (2,223) | | | | | | — | | | | | | (2,450) | | | | | | | | | | | | | | |

| Balance as of November 2, 2025 | | | | | | | | | | | | | | | | | | 4,741 | | | | | | $ | 5 | | | | | $ | 71,308 | | | | | $ | 9,761 | | | | | $ | 218 | | | | | $ | 81,292 | | | | | | | | | | | | | |

Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, subsystems and, in some cases, racks.

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

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

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

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

See Note 3.

“Revenue from Contracts with Customers” for additional information.

These

viable products, discount rate and income tax rate for the IPR&D; and the projected revenues, brand asset phase-out pattern, brand asset royalty rate, discount rate and the income tax rate for the trade name.

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

We recognize software products revenue for the upfront license portion of software arrangements sold.

For software arrangements without termination for convenience provisions, we recognize revenue for the license portion of the agreements upfront upon transfer of control to the customer, referred to as upfront license revenue, within products revenue.

For software arrangements with termination for convenience provisions, we account for these arrangements as a series of daily contracts, resulting in ratable revenue recognition of software revenue over the contractual period, and include them within subscriptions and services revenue.

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

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

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

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

Of these acquired intangible assets, $24,156 million related to developed technology valued using the multi-period excess earnings method under the income approach, of which a significant portion related to VCF; $15,239 million related to customer contracts and related relationships valued using the with-and-without method under the income approach, of which a significant portion related to certain customer contracts and relationships; $4,730 million related to in-process research and development valued using the multi-period excess earnings method under the income approach, of which $4,705 million related to VCF; and $1,205 million related to trade names valued using the relief-from-royalty method, of which a significant portion related to the VMware trade name.

The principal considerations for our determination that performing procedures relating to the valuation of the VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name intangible assets acquired in the VMware acquisition is a critical audit matter are (i) the significant judgment by management when developing the fair value estimates; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to (a) the projected revenues, projected expenses, technology obsolescence rate, contributory asset charges, and discount rate for the VCF developed technology, (b) certain projected revenues, customer retention rate, customer ramp up period, and discount rate for the certain customer contracts and related relationships, (c) the projected revenues, technology obsolescence rate and discount rate for the VCF in-process research and development, and (d) certain projected revenues, brand asset phase-out pattern, brand asset royalty rate, and discount rate for the VMware trade name (collectively referred to as “the aforementioned significant assumptions”); and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

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

These procedures also included, among others, (i) reading the purchase agreement; (ii) testing management’s process for developing the fair value estimate of the acquired VCF developed technology, certain customer contracts and related relationships, VCF in-process research and development, and the VMware trade name; (iii) evaluating the appropriateness of the multi-period excess earnings, with-and-without, and relief-from-royalty methods used by management; (iv) testing the completeness and accuracy of underlying data used in the multi-period excess earnings, with-and-without, and relief-from-royalty methods; and (v) evaluating the reasonableness of the aforementioned significant assumptions used by management.

Evaluating management’s assumptions related to (a) the projected revenues and projected expenses for the VCF developed technology, (b) certain projected revenues, customer retention rate, and customer ramp up period for the certain customer contracts and related relationships, (c) projected revenues for the VCF in-process research and development, and (d) certain projected revenues for the VMware trade name involved considering (i) the current and past performance of VMware; (ii) the consistency with external market and industry data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

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

December 20, 2024

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

| Products | | | | | | $ | 30,359 | | | | | $ | 27,891 | | | | | $ | 26,277 | |

| Subscriptions and services | | | | | | 21,215 | | | | | | 7,928 | | | | | | 6,926 | | |

| Cost of products sold | | | | | | 9,797 | | | | | | 8,636 | | | | | | 7,629 | | |

| Dividends on preferred stock | | | | | | — | | | | | | — | | | | | | (272) | | |

| Proceeds from sale of business | | | | | | 3,485 | | | | | | — | | | | | | — | | |

| Balance as of October 31, 2021 | | | | | | 4 | | | | | | $ | — | | | | | 4,129 | | | | | | $ | 4 | | | | | $ | 24,326 | | | | | $ | 748 | | | | | $ | (116) | | | | | $ | 24,962 | | | | | | | | | | | | | |

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

| Repurchases of common stock | | | | | | — | | | | | | — | | | | | | (117) | | | | | | — | | | | | | (3,316) | | | | | | (3,684) | | | | | | — | | | | | | (7,000) | | | | | | | | | | | | | | |

| Common stock issued in connection with Mandatory Convertible Preferred Stock conversion | | | | | | (4) | | | | | | — | | | | | | 116 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | | | |

| Fair value of partially vested equity awards assumed in connection with the acquisition of VMware, Inc. | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 750 | | | | | | — | | | | | | — | | | | | | 750 | | | | | | | | | | | | | | |

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

Our infrastructure software solutions help enterprises simplify their information technology (“IT”) environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

We have two reportable segments: semiconductor solutions and infrastructure software.

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

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

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

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

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

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

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

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

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

Critical estimates in valuing certain acquired intangible assets include the present value of projected cash flows regarding the projected revenues, projected expenses which include cost of revenue, research and development and selling, general and administrative expenses, technology obsolescence rate, contributory asset charges, discount rate and income tax rate for developed technology; the projected revenues, customer retention rate, customer ramp up period, discount rate and income tax rate for the customer contracts and related relationships; the projected revenues, technology obsolescence rate, expected costs to develop in-process research and development (“IPR&D”) into commercially viable products, discount rate and income tax rate for the IPR&D; and the projected revenues, brand asset phase-out pattern, brand asset royalty rate, discount rate and the income tax rate for the trade name.

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

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

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

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

The Global Intangible Low-Taxed Income (“GILTI”) provisions of the 2017 Tax Act require Broadcom to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets.

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

Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of November [removed: 3, 2024.][added: 2, 2025.]

Based on the evaluation of our disclosure controls and procedures as of November [removed: 3, 2024,] [added: 2, 2025,] our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Our management assessed the effectiveness of our internal control over financial reporting as of November [removed: 3, 2024.][added: 2, 2025.]

In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in *Internal Control-Integrated Framework* (2013)*.* Based on this assessment, our management concluded that, as of November [removed: 3, 2024,] [added: 2, 2025,] our internal control over financial reporting is effective based on those criteria.

The effectiveness of our internal control over financial reporting as of November [removed: 3, 2024] [added: 2, 2025] has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included in Part II, Item 8.

No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter ended November [removed: 3, 2024] [added: 2, 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

None.

On September 23, 2024, Diane M.

Bryant, a member of our Board of Directors, adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”).

The Trading Plan provides for the potential sale of up to 15,000 shares of Broadcom common stock so long as the market price of Broadcom common stock satisfies certain threshold prices specified in the Trading Plan.

The Trading Plan will expire on September 12, 2025, subject to early termination for certain specified events set forth in the Trading Plan.

The [removed: remaining] information required by Item 10 is incorporated herein by reference from sections entitled “Board of Directors,” “Corporate Governance” and “Proposal 1 — Election of Directors” in our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

Broadcom has adopted an insider trading compliance policy that governs the purchase, sale, and/or other transactions of our securities by our directors, officers and employees and Broadcom itself.

A copy of our insider trading compliance policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

The information required by Item 11 is incorporated herein by reference from sections entitled “Board of Directors — Director Compensation,” “Board of Directors — Board Committees — Compensation Committee — Compensation Committee Interlocks and Insider Participation,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” and “CEO Pay Ratio” in our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

The information required by Item 12 is incorporated herein by reference from sections entitled “Stockholder Information — Security Ownership of Certain Beneficial Owners, Directors and Executive Officers” and “Equity Compensation Plan Information” in our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

The information required by Item 13 is incorporated herein by reference from sections entitled “Board of Directors” and “Certain Relationships and Related Party Transactions” in our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

The information required by Item 14 is incorporated herein by reference from the section entitled “Proposal 2 — Ratification of Appointment of Independent Registered Public Accounting Firm” in our definitive Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Stockholders.

| [Reports of Independent Registered Public Accounting [removed: Firm](#i4b69eb3cb07644329452c9ca9403fb16_85)] [added: Firm](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_85)] | | | [removed: [50](#i4b69eb3cb07644329452c9ca9403fb16_85)] [added: [46](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_85)] | | |

| [Consolidated Balance [removed: Sheets](#i4b69eb3cb07644329452c9ca9403fb16_88)] [added: Sheets](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_88)] | | | [removed: [51](#i4b69eb3cb07644329452c9ca9403fb16_88)] [added: [47](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_88)] | | |

| [Consolidated Statements of [removed: Operations](#i4b69eb3cb07644329452c9ca9403fb16_91)] [added: Operations](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_91)] | | | [removed: [52](#i4b69eb3cb07644329452c9ca9403fb16_91)] [added: [48](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_91)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i4b69eb3cb07644329452c9ca9403fb16_94)] [added: Income](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_94)] | | | [removed: [53](#i4b69eb3cb07644329452c9ca9403fb16_94)] [added: [49](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_94)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i4b69eb3cb07644329452c9ca9403fb16_97)] [added: Flows](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_97)] | | | [removed: [54](#i4b69eb3cb07644329452c9ca9403fb16_97)] [added: [50](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_97)] | | |

| [Consolidated Statements of Stockholders’ [removed: Equity](#i4b69eb3cb07644329452c9ca9403fb16_100)] [added: Equity](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_100)] | | | [removed: [55](#i4b69eb3cb07644329452c9ca9403fb16_100)] [added: [51](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_100)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i4b69eb3cb07644329452c9ca9403fb16_103)] [added: Statements](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_103)] | | | [removed: [56](#i4b69eb3cb07644329452c9ca9403fb16_103)] [added: [52](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_103)] | | |

The financial statement schedule of the Registrant and its subsidiaries for fiscal years [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] required by Item 15(a) (Schedule II, Valuation and Qualifying Accounts) is included in Item 8 of this Annual Report on Form 10-K:

| [Schedule II - Valuation and Qualifying [removed: Accounts](#i4b69eb3cb07644329452c9ca9403fb16_157)] [added: Accounts](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_154)] | | | [removed: [92](#i4b69eb3cb07644329452c9ca9403fb16_157)] [added: [88](#i84fa3fdc7f0f48aa8bf8846a0c0990b5_154)] | | |

| 3.1 | | | | | | | | | [Amended and Restated Certificate of [removed: Incorporation](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm) [(including] [added: Incorporation (including] all amendments [removed: thereto)](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm)[.](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm)] [added: thereto).](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000099/ex31arcertificateofincorpo.htm)] | | | | | | 10-Q | | | | | | 001-38449 | | | | | | 3.1 | | | | | | 09-11-2024 | | | | | | | | |

| 4.2 | | | | | | | | | [Description of Common [removed: Stock.](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/ex42descriptionofcommonsto.htm)] [added: Stock.](https://www.sec.gov/Archives/edgar/data/0001730168/000173016824000139/ex42descriptionofcommonsto.htm)] | | | | | | [added: 10-K] | | | | | | [added: 001-38449] | | | | | | [added: 3.1] | | | | | | [added: 12-20-2024] | | | | | | [removed: X] | | |

| 4.4 | | | | | | | | | [First [removed: S](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)[upplement](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm)[al](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm) [Indenture] [added: Supplemental Indenture] to the January 2017 Indenture, dated as of April 9, 2018.](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-09-2018 | | | | | | | | |

| 4.5 | | | | | | | | | [Second [removed: Supplement](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm)[al](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm) [Indenture] [added: Supplemental Indenture] to the January 2017 Indenture, dated as of January 25, 2019.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-25-2019 | | | | | | | | |

| 4.6 | | | | | | | | | [Form of [removed: 3.625%] [added: 3.875%] Senior Notes due [removed: 2024] [added: 2027] (included in Exhibit 4.3).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm) | | | | | | 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 01-20-2017 | | | | | | | | |

| [removed: 4.7] [added: 4.10] | | | | | | | | | [Form of [removed: 3.875%] [added: 3.125%] Senior Notes due [removed: 2027] [added: 2025] (included in Exhibit [removed: 4.3).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517013399/d332675dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)[7](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | [removed: 01-20-2017] [added: 10-17-2017] | | | | | | | | |

| [removed: 4.8] [added: 4.7] | | | | | | | | | [Indenture, dated as of October 17, 2017, by and among the Co-Issuers, the guarantors and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm) | | | | | | 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| [removed: 4.9] [added: 4.8] | | | | | | | | | [Supplemental Indenture [removed: to](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm) [the](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm) [October] [added: to the October] 2017 Indenture, dated as of April 9, 2018.](https://www.sec.gov/Archives/edgar/data/1730168/000119312518111706/d562929dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 04-09-2018 | | | | | | | | |

| [removed: 4.10] [added: 4.9] | | | | | | | | | [Second Supplemental Indenture [removed: to](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [the](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [October] [added: to the October] 2017 Indenture, [removed: date](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm)[d](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) [as] [added: dated as] of January 25, 2019.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519017097/d684347dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 01-25-2019 | | | | | | | | |

| 4.11 | | | | | | | | | [Form of [removed: 2.650%] [added: 3.500%] Senior Notes due [removed: 2023] [added: 2028] (included in Exhibit [removed: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)[7](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] | | | | | | 8-K | | | | | | 001-37690 | | | | | | 4.1 | | | | | | 10-17-2017 | | | | | | | | |

| [removed: 4.12] [added: 4.17] | | | | | | | | | [Form of [removed: 3.125%] [added: 3.150%] Senior Notes due 2025 (included in Exhibit [removed: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | 8-K | | | | | | [removed: 001-37690] [added: 001-38449] | | | | | | 4.1 | | | | | | [removed: 10-17-2017] [added: 05-08-2020] | | | | | | | | |

| 4.13 | | | | | | | | | [Form of [removed: 3.500%] [added: 4.750%] Senior Notes due [removed: 2028] [added: 2029] (included in Exhibit [removed: 4.8).](https://www.sec.gov/Archives/edgar/data/1649338/000119312517311851/d472495dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)[2](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] | | | | | | 8-K | | | | | | [removed: 001-37690] [added: 001-38449] | | | | | | 4.1 | | | | | | [removed: 10-17-2017] [added: 04-05-2019] | | | | | | | | |

| [removed: 4.14] [added: 4.12] | | | | | | | | | [Indenture, dated as of April 5, 2019, by and among the [removed: Company](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm) [as] [added: Company as] Issuer, Broadcom Technologies Inc., Broadcom Corporation and Broadcom Cayman Finance [removed: Limited](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)[,] [added: Limited,] and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-05-2019 | | | | | | | | |

| 4.15 | | | | | | | | | [Form of [removed: 3.625%] [added: 5.000%] Senior Notes due [removed: 2024] [added: 2030] (included in Exhibit [removed: 4.14).](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm)[4](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 04-05-2019] [added: 04-09-2020] | | | | | | | | |

| [removed: 4.16] [added: 4.37] | | | | | | | | | [Form of [removed: 4.750%] [added: 4.00%] Senior Notes due 2029 (included in Exhibit [removed: 4.14).](https://www.sec.gov/Archives/edgar/data/1730168/000119312519099260/d719856dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 04-05-2019] [added: 04-15-2022] | | | | | | | | |

| [removed: 4.17] [added: 4.14] | | | | | | | | | [Indenture, dated as of April 9, 2020, by and among the Company, as Issuer, Broadcom Technologies Inc. and Broadcom Corporation (the “2020 Guarantors”), and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 04-09-2020 | | | | | | | | |

| 4.18 | | | | | | | | | [Form of [removed: 5.000%] [added: 4.150%] Senior Notes due 2030 (included in Exhibit [removed: 4.17).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520102580/d823740dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 04-09-2020] [added: 05-08-2020] | | | | | | | | |

| [removed: 4.19] [added: 4.16] | | | | | | | | | [Indenture, dated as of May 8, 2020, by and among the [removed: Company](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm) [as] [added: Company as] Issuer, the 2020 Guarantors, and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| [removed: 4.20] [added: 4.19] | | | | | | | | | [Form of [removed: 2.250%] [added: 4.300%] Senior Notes due [removed: 2023] [added: 2032] (included in Exhibit [removed: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.1](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-08-2020 | | | | | | | | |

| 4.21 | | | | | | | | | [Form of [removed: 3.150%] [added: 3.459%] Senior Notes due [removed: 2025] [added: 2026] (included in Exhibit [removed: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 05-08-2020] [added: 05-21-2020] | | | | | | | | |

| 4.22 | | | | | | | | | [Form of [removed: 4.150%] [added: 4.110%] Senior Notes due [removed: 2030] [added: 2028] (included in Exhibit [removed: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)[0](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 05-08-2020] [added: 05-21-2020] | | | | | | | | |

| [removed: 4.23] [added: 4.38] | | | | | | | | | [Form of [removed: 4.300%] [added: 4.15%] Senior Notes due 2032 (included in Exhibit [removed: 4.19).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520137528/d921783dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[6](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 05-08-2020] [added: 04-15-2022] | | | | | | | | |

| [removed: 4.24] [added: 4.20] | | | | | | | | | [Indenture, dated as of May 21, 2020, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 05-21-2020 | | | | | | | | |

| 4.25 | | | | | | | | | [Form of [removed: 3.459%] [added: 2.450%] Senior Notes due [removed: 2026] [added: 2031] (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 05-21-2020] [added: 01-19-2021] | | | | | | | | |

| [removed: 4.26] [added: 4.24] | | | | | | | | | [Form of [removed: 4.110%] [added: 1.950%] Senior Notes due 2028 (included in Exhibit [removed: 4.24).](https://www.sec.gov/Archives/edgar/data/1730168/000119312520148648/d933113dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 05-21-2020] [added: 01-19-2021] | | | | | | | | |

| [removed: 4.27] [added: 4.23] | | | | | | | | | [Indenture, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as Trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 4.28 | | | | | | | | | [Form of [removed: 1.950%] [added: 3.750%] Senior Notes due [removed: 2028] [added: 2051] (included in Exhibit [removed: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| [removed: 4.29] [added: 4.27] | | | | | | | | | [Form of [removed: 2.450%] [added: 3.500%] Senior Notes due [removed: 2031] [added: 2041] (included in Exhibit [removed: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| [removed: 4.30] [added: 4.26] | | | | | | | | | [Form of 2.600% Senior Notes due 2033 (included in Exhibit [removed: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.2](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | 01-19-2021 | | | | | | | | |

| 4.31 | | | | | | | | | [Form of [removed: 3.500%] [added: 3.469%] Senior Notes due [removed: 2041] [added: 2034] (included in Exhibit [removed: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)[29](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 01-19-2021] [added: 03-31-2021] | | | | | | | | |

| [removed: 4.32] [added: 4.30] | | | | | | | | | [Form of [removed: 3.750%] [added: 3.419%] Senior Notes due [removed: 2051] [added: 2033] (included in Exhibit [removed: 4.27).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex41.htm)] [added: 4.](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)[29](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312521102518/d146519dex41.htm)] | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.1 | | | | | | [removed: 01-19-2021] [added: 03-31-2021] | | | | | | | | |

| 4.53 | | | | | | | | | [Supplemental Indenture No. 3, dated January 10, 2025, between the Company and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312525004476/d880789dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 01-10-2025 | | | | | | | | |

| 4.55 | | | | | | | | | [Form of 5.050% Senior Notes due 2030 (included in Exhibit 4.5](https://www.sec.gov/Archives/edgar/data/1730168/000119312525004476/d880789dex42.htm)[3](https://www.sec.gov/Archives/edgar/data/1730168/000119312525004476/d880789dex42.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312525004476/d880789dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 01-10-2025 | | | | | | | | |

| 4.57 | | | | | | | | | [Supplemental Indenture No. 4, dated July 11, 2025, between the Company and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/1730168/000119312525158202/d89787dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-11-2025 | | | | | | | | |

| 4.60 | | | | | | | | | [Form of 5.200% Senior Notes due 2035 (included in Exhibit 4.5](https://www.sec.gov/Archives/edgar/data/1730168/000119312525158202/d89787dex42.htm)[7](https://www.sec.gov/Archives/edgar/data/1730168/000119312525158202/d89787dex42.htm)[).](https://www.sec.gov/Archives/edgar/data/1730168/000119312525158202/d89787dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 07-11-2025 | | | | | | | | |

| 4.61 | | | | | | | | | [Supplemental Indenture No. 5, dated September 29, 2025, between](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm) [the Company and Wilmington Trust, National Association, as trustee.](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 09-29-2025 | | | | | | | | |

| 4.62 | | | | | | | | | [Form of 4.200% Senior Notes due 2030 (included in Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[).](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 09-29-2025 | | | | | | | | |

| 4.63 | | | | | | | | | [Form of 4.800% Senior Notes due 2036 (included in Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[).](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 09-29-2025 | | | | | | | | |

| 4.64 | | | | | | | | | [Form of 4.900% Senior Notes due 2038 (included in Exhibit 4.6](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[1](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm)[).](https://www.sec.gov/Archives/edgar/data/0001730168/000119312525223202/d60592dex42.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.2 | | | | | | 09-29-2025 | | | | | | | | |

| 4.45 | | | | | | | | | [Registration Rights Agreement, dated as of April 14, 2022, between the Company and BofA Securities, Inc., HSBC Securities (USA) Inc., and RBC Capital Markets, LLC, as representatives of the several initial purchasers of the April 2022 Senior Notes.](https://www.sec.gov/Archives/edgar/data/1730168/000119312522105918/d341029dex44.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.4 | | | | | | 04-15-2022 | | | | | | | | |

| 4.48 | | | | | | | | | [Registration Rights Agreement, dated April 18, 2022, between the Company and Barclays Capital Inc., BBVA Securities Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC, as dealer-managers in connection with the April 2022 Exchange Offer.](https://www.sec.gov/Archives/edgar/data/1730168/000119312522108067/d299108dex43.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 4.3 | | | | | | 04-18-2022 | | | | | | | | |

| 10.2 | | | | | | | | | [Credit Agreement, dated as of January 19, 2021, among the Company, the lenders and other parties party thereto, and Bank of America, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1730168/000119312521011422/d161188dex101.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 10.1 | | | | | | 01-19-2021 | | | | | | | | |

| 10.3 | | | | | | | | | [Amendment No. 1, dated April 18, 2023, among Broadcom Inc., the lenders and other parties thereto, and Bank of America, N.A., as Administrative Agent, to the Credit Agreement, dated as of January 19, 2021](https://www.sec.gov/Archives/edgar/data/1730168/000173016823000064/exhibit101amendmentno1amen.htm). | | | | | | 10-Q | | | | | | 001-38449 | | | | | | 10.1 | | | | | | 06-07-2023 | | | | | | | | |

| 10.4 | | | | | | | | | [Credit Agreement, dated as of August 15, 2023, among Broadcom, the lenders and other parties party thereto, and Bank of America, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1730168/000114036123040084/brhc20057578_ex10-1.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 10.1 | | | | | | 08-16-2023 | | | | | | | | |

| 10.5 | | | | | | | | | [First Amendment to Credit Agreement, dated as of December 1, 2023, amending the Credit Agreement, dated as of August 15, 2023, among Broadcom, the lenders and other parties thereto, and Bank of America, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/1730168/000173016824000023/firstamendmenttocreditagre.htm) | | | | | | 10-Q | | | | | | 001-38449 | | | | | | 10.5 | | | | | | 03-14-2024 | | | | | | | | |

| 10.8 | | | * | | | | | | [Settlement and Patent License and Non-Assert Agreement by and between Qualcomm Incorporated and Broadcom Corporation.](https://www.sec.gov/Archives/edgar/data/1054374/000095012309024821/a53225exv10w1.htm) | | | | | | 8-K/A | | | | | | 000-23993 | | | | | | 10.1 | | | | | | 07-23-2009 | | | | | | | | |

| 10.23 | | | + | | | | | | [Form of Performance Share Unit Agreement (Relative TSR) under Broadcom Corporation 2012 Stock Incentive Plan (effective March 15, 2018).](https://www.sec.gov/Archives/edgar/data/1649338/000164933818000027/ex105formofperformanceshar.htm) | | | | | | 10-Q | | | | | | 001-37690 | | | | | | 10.5 | | | | | | 03-15-2018 | | | | | | | | |

| 10.35 | | | + | | | | | | [Severance Benefits Agreement, dated December 10, 2020, between Broadcom Inc. and Kirsten M. Spears.](https://www.sec.gov/Archives/edgar/data/1730168/000119312520315010/d71178dex105.htm) | | | | | | 8-K | | | | | | 001-38449 | | | | | | 10.5 | | | | | | 12-10-2020 | | | | | | | | |

Date: December [removed: 20, 2024][added: 18, 2025]

| /s/ Hock E. Tan | | | | | | President, Chief Executive Officer and Director (Principal Executive Officer) | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Kirsten M. Spears | | | | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Henry Samueli | | | | | | Chairman of the Board of Directors | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Eddy W. Hartenstein | | | | | | Lead Independent Director | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Diane M. Bryant | | | | | | Director | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Gayla J. Delly | | | | | | Director | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Kenneth Y. Hao | | | | | | Director | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |

| /s/ Check Kian Low | | | | | | Director | | | | | | December [removed: 20, 2024] [added: 18, 2025] | | |