Broadcom 10-Q 2026-02-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 1, 2026

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

						Broadcom Inc.
						(Exact name of registrant as specified in its charter)
Delaware						001-38449						35-2617337
(State or other jurisdiction of incorporation or organization)						(Commission File Number)						(I.R.S. Employer Identification No.)
						3421 Hillview Ave
						Palo Alto, CA 94304
						(650) 427-6000
						(Address, including zip code, of principal executive offices and registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, $0.001 par value			AVGO			The NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer			þ			Accelerated filer			☐			Non-accelerated filer			☐			Smaller reporting company			☐			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

As of February 27, 2026, there were 4,734,668,184 shares of our common stock outstanding.

BROADCOM INC.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended February 1, 2026

TABLE OF CONTENTS

			Page
PART I — FINANCIAL INFORMATION			1
Item 1. Condensed Consolidated Financial Statements — Unaudited			1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
Item 3. Quantitative and Qualitative Disclosures About Market Risk			29
Item 4. Controls and Procedures			29
PART II — OTHER INFORMATION			29
Item 1. Legal Proceedings			29
Item 1A. Risk Factors			29
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			47
Item 3. Defaults Upon Senior Securities			47
Item 4. Mine Safety Disclosures			47
Item 5. Other Information			47
Item 6. Exhibits			48
SIGNATURES			49

PART I — FINANCIAL INFORMATION

BROADCOM INC.

INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — UNAUDITED

			Page
Condensed Consolidated Balance Sheets — Unaudited			2
Condensed Consolidated Statements of Operations — Unaudited			3
Condensed Consolidated Statements of Comprehensive Income — Unaudited			4
Condensed Consolidated Statements of Cash Flows — Unaudited			5
Condensed Consolidated Statements of Stockholders’ Equity — Unaudited			6
Notes to Unaudited Condensed Consolidated Financial Statements			8

BROADCOM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED

						February 1, 2026						November 2, 2025
						(In millions, except par value)
ASSETS
Current assets:
Cash and cash equivalents						$	14,174					$	16,178
Trade accounts receivable, net						8,460						7,145
Inventory						2,962						2,270
Other current assets						6,466						5,980
Total current assets						32,062						31,573
Long-term assets:
Property, plant and equipment, net						2,599						2,530
Goodwill						97,801						97,801
Intangible assets, net						30,302						32,273
Other long-term assets						7,139						6,915
Total assets						$	169,903					$	171,092
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable						$	2,112					$	1,560
Employee compensation and benefits						864						2,129
Short-term debt						2,252						3,152
Other current liabilities						11,631						11,673
Total current liabilities						16,859						18,514
Long-term liabilities:
Long-term debt						63,805						61,984
Other long-term liabilities						9,367						9,302
Total liabilities						90,031						89,800
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.001 par value; 100 shares authorized; none issued and outstanding						—						—
Common stock, $0.001 par value; 29,000 shares authorized; 4,736 and 4,741 shares issued and outstanding as of February 1, 2026 and November 2, 2025, respectively						5						5
Additional paid-in capital						73,135						71,308
Retained earnings						6,520						9,761
Accumulated other comprehensive income						212						218
Total stockholders’ equity						79,872						81,292
Total liabilities and equity						$	169,903					$	171,092

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

BROADCOM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED

						Fiscal Quarter Ended
						February 1, 2026						February 2, 2025
						(In millions, except per share data)
Net revenue:
Products						$	14,130					$	10,143
Subscriptions and services						5,181						4,773
Total net revenue						19,311						14,916
Cost of revenue:
Cost of products sold						4,041						2,695
Cost of subscriptions and services						638						578
Amortization of acquisition-related intangible assets						1,462						1,484
Restructuring charges						13						14
Total cost of revenue						6,154						4,771
Gross margin						13,157						10,145
Research and development						2,965						2,253
Selling, general and administrative						1,019						949
Amortization of acquisition-related intangible assets						507						511
Restructuring and other charges						103

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This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the unaudited condensed consolidated financial statements and the related notes thereto included elsewhere in this Quarterly Report on Form 10-Q (“Form 10-Q”) and the audited consolidated financial statements and notes thereto and management’s discussion and analysis of financial condition and results of operations for the fiscal year ended November 2, 2025 (“fiscal year 2025”) included in our Annual Report on Form 10-K for fiscal year 2025 (“2025 Annual Report on Form 10-K”). This Form 10-Q contains forward-looking statements within the meaning of federal securities laws. These statements are indicated by words or phrases such as “anticipate,” “expect,” “estimate,” “seek,” “plan,” “believe,” “could,” “intend,” “will,” and similar words or phrases. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These forward-looking statements may include our projected financial results or expectations regarding acquisitions, business strategies and models, and developments in technology, solutions and products. Such statements are based on current expectations, estimates, forecasts and projections of our industry performance and macroeconomic conditions, based on management’s judgment, beliefs, current trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Accordingly, we caution you not to place undue reliance on these statements. 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 II, Item 1A of this Form 10-Q, and in other documents we file from time to time with the Securities and Exchange Commission (the “SEC”). We undertake no intent or obligation to publicly update or revise any forward-looking statements for any reason, except as required by law.

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

Overview

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, subsystems and, in some cases, racks. Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence (“AI”) data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions help enterprises simplify their information technology environments. Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments. This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical fibre channel storage area networking (“FC SAN”) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

We have two reportable segments: semiconductor solutions and infrastructure software. Our semiconductor solutions segment includes all of our semiconductor-based product lines and intellectual property (“IP”) licensing. Our infrastructure software segment includes our private cloud, mainframe software, cybersecurity and enterprise software portfolios, and our FC SAN business.

Quarterly Highlights

Highlights during the fiscal quarter ended February 1, 2026 include the following:

• We generated $8,260 million of cash from operations.

• We paid $3,086 million in cash dividends.

• We repurchased $7,850 million of common stock.

Critical Accounting Estimates

The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We base our estimates and assumptions on current facts, historical experience and various other factors that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Our actual financial results may differ materially and adversely from our estimates. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies include revenue recognition, business combinations, valuation of goodwill and long-lived assets, and income taxes.

There were no significant changes in our critical accounting estimates during the fiscal quarter ended February 1, 2026 compared to those previously disclosed in “Critical Accounting Estimates” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the 2025 Annual Report on Form 10-K.

Macroeconomic Factors

We are subject to risks and exposures from the evolving macroeconomic environment, including uncertainty and volatility in financial markets, efforts of governments to stimulate or stabilize the economy and other unfavorable changes in economic conditions, as well as an increase in trade tensions and related tariffs with U.S. trading partners. While difficult to isolate and quantify, these risks and exposures may cause our net revenue to fluctuate significantly and disrupt supply chain operations, and we continuously monitor the broader impacts of these circumstances on our business, our supply chain and our results of operations.

Results of Operations

Fiscal Quarter Ended February 1, 2026 Compared to Fiscal Quarter Ended February 2, 2025

The following table sets forth our results of operations for the periods presented:

						Fiscal Quarter Ended
						February 1, 2026						February 2, 2025						February 1, 2026						February 2, 2025
						(In millions)												(As a percentage of net revenue)
Statements of Operations Data:
Net revenue:
Products						$	14,130					$	10,143					73		%				68		%
Subscriptions and services						5,181						4,773						27						32
Total net revenue						19,311						14,916						100						100
Cost of revenue:
Cost of products sold						4,041						2,695						21						18
Cost of subscriptions and services						638						578						3						4
Amortization of acquisition-related intangible assets						1,462						1,484						8						10
Restructuring charges						13						14						—						—
Total cost of revenue						6,154						4,771						32						32
Gross margin						13,157						10,145						68						68
Research and development						2,965						2,253						15						15
Selling, general and administrative						1,019						949						5						7
Amortization of acquisition-related intangible assets						507						511						3						3
Restructuring and other charges						103						172						1						1
Total operating expenses						4,594						3,885						24						26
Operating income						$	8,563					$	6,260					44		%				42		%

In the fiscal quarter ended February 1, 2026, we included upfront license revenue of $1,755 million within products revenue, and the related costs, which were immaterial, in cost of products sold. To conform to the current period presentation, we reclassified $1,972 million of upfront license revenue from subscriptions and services revenue to products revenue for the fiscal quarter ended February 2, 2025. We also reclassified the related costs for the upfront license revenue, which were immaterial. See Note 2. “Revenue from Contracts with Customers” in Part I, Item 1. of this Form 10-Q for additional information.

Net Revenue

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 42% and 29% of our net revenue for the fiscal quarters ended February 1, 2026 and February 2, 2025, respectively.

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 50% and 40% of our net revenue for the fiscal quarters ended February 1, 2026 and February 2, 2025, respectively. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.

From time to time, some of our key semiconductor customers place large orders or delay orders, causing our quarterly net revenue to fluctuate significantly. This is particularly true of our products used in AI and wireless applications as fluctuations may be magnified by the timing of customer deployments, as well as product launches. For infrastructure software, whether or not a customer has the right to terminate causes variations in revenue recognized in each period.

The following tables set forth net revenue by segment for the periods presented:

						Fiscal Quarter Ended
Net Revenue by Segment						February 1, 2026						February 2, 2025						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	12,515					$	8,212					$	4,303					52		%
Infrastructure software						6,796						6,704						92						1		%
Total net revenue						$	19,311					$	14,916					$	4,395					29		%

						Fiscal Quarter Ended
Net Revenue by Segment						February 1, 2026						February 2, 2025
						(As a percentage of net revenue)
Semiconductor solutions						65		%				55		%
Infrastructure software						35						45
Total net revenue						100		%				100		%

Net revenue from our semiconductor solutions segment increased in the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products.

Gross Margin

Gross margin was $13,157 million for the fiscal quarter ended February 1, 2026 compared to $10,145 million for the fiscal quarter ended February 2, 2025. The increase was primarily due to strong product demand for our AI-related semiconductor solutions.

As a percentage of net revenue, gross margin was relatively flat. The gross margin benefit from our net revenue growth was offset by a higher mix of semiconductor solutions net revenue.

Research and Development Expense

Research and development expense increased $712 million, or 32%, for the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period. The increase was primarily due to higher stock-based compensation.

Selling, General and Administrative Expense

Selling, general and administrative expense increased $70 million, or 7%, for the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period. The increase was primarily due to higher stock-based compensation.

Stock-Based Compensation Expense

During the second quarter of fiscal year 2025, we granted two-year time- and market-based restricted stock unit awards (the “Two-Year Equity Awards”), in lieu of our annual employee equity awards historically granted in the second quarter of each fiscal year. Each of the Two-Year Equity Awards vests on the same basis as two annual grants with staggered vesting start dates of March 15, 2025 and March 15, 2026 and successive four-year vesting periods. We recognize stock-based compensation expense related to these awards from the grant date through their respective vesting date, ranging from four to five years.

Total stock-based compensation expense was $2,176 million and $1,280 million for the fiscal quarters ended February 1, 2026 and February 2, 2025, respectively. The increase was due to the Two-Year Equity Awards granted at higher grant-date fair values.

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of February 1, 2026. The remaining weighted-average service period was 3.2 years.

Fiscal Year:						Unrecognized Compensation Cost, Net of Expected Forfeitures
						(In millions)
2026 (remainder)						$	6,168
2027						7,184
2028						5,072
2029						2,795
2030						752
Total						$	21,971

Segment Operating Results

						Fiscal Quarter Ended
Operating Income by Segment						February 1, 2026						February 2, 2025						$ Change						% Change
						(Dollars in millions)
Semiconductor solutions						$	7,503					$	4,706					$	2,797					59		%
Infrastructure software						5,323						5,122						201						4		%
Unallocated expenses						(4,263)						(3,568)						(695)						19		%
Total operating income						$	8,563					$	6,260					$	2,303					37		%

Operating income from our semiconductor solutions segment increased for the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products.

Unallocated expenses include stock-based compensation expense, amortization of acquisition-related intangible assets, restructuring and other charges, acquisition-related costs, and other costs, which are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses increased 19% for the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period primarily due to higher stock-based compensation expense.

Non-Operating Income and Expenses

Interest expense. Interest expense was $801 million and $873 million for the fiscal quarters ended February 1, 2026 and February 2, 2025, respectively. The decrease was primarily due to an overall reduction in outstanding debt balances and debt refinancing activities.

Other income, net. Other income, net includes interest income, gains and losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was $433 million and $103 million for the fiscal quarters ended February 1, 2026 and February 2, 2025, respectively. Other income, net included a $315 million gain from the reversal of excise tax charges on our acquisition of VMware, Inc. (“VMware”), as the final Inflation Reduction Act of 2022 regulations exempted purchases of common stock on acquisitions from excise tax. In addition, interest income increased as a result of higher invested balances.

Provision for (benefit from) income taxes. The provision for income taxes was $846 million for the fiscal quarter ended February 1, 2026 and was primarily due to income before income taxes, partially offset by excess tax benefits from stock-based awards. The benefit from income taxes was $13 million for the fiscal quarter ended February 2, 2025 and was primarily due to excess tax benefits from stock-based awards, partially offset by income before income taxes and a shift in the jurisdictional location mix of revenue and expenses.

Liquidity and Capital Resources

The following section discusses our principal liquidity and capital resources as well as our primary liquidity requirements and uses of cash. Our cash and cash equivalents are maintained in highly liquid investments with remaining maturities of 90 days or less at the time of purchase. We believe our cash equivalents are liquid and accessible.

Our primary sources of liquidity as of February 1, 2026 consisted of: (i) $14,174 million in cash and cash equivalents, (ii) cash we expect to generate from operations and (iii) available capacity under our $7.5 billion unsecured revolving credit facility. In addition, we may also generate cash from the sale of assets, and debt or equity financings from time to time.

Our short-term and long-term liquidity requirements primarily arise from: (i) working capital requirements, (ii) research and development and capital expenditure needs, (iii) cash dividend payments (if and when declared by our Board of Directors), (iv) interest and principal payments related to our $67,970 million of outstanding indebtedness with $2,252 million principal amounts payable within 12 months, (v) payment of income taxes, (vi) discretionary stock repurchases, and (vii) business acquisitions and investments we may make from time to time. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control.

We believe that our cash and cash equivalents on hand, cash flows from operations and our revolving credit facility will provide sufficient liquidity to operate our business and fund our current obligations for at least the next 12 months. For additional information regarding our cash requirement from contractual obligations and indebtedness, see Note 10. “Commitments and Contingencies” and Note 6. “Borrowings” in Part I, Item 1 of this Form 10-Q.

From time to time, we engage in discussions with third parties regarding potential acquisitions of, or investments in, businesses, technologies and product lines. Any such transaction, or evaluation of potential transactions, could require significant use of our cash and cash equivalents, or require us to increase our borrowings to fund such transactions. If we do not have sufficient cash to fund our operations or finance growth opportunities, including acquisitions, expansions of new business strategies and models, or unanticipated capital expenditures, our business and financial condition could suffer. In addition, we may agree to financial obligations, including guarantees, or increase our exposure to credit or customer default risks to support our strategic initiatives or other corporate purposes. In such circumstances, we may seek to obtain new debt or equity financing. However, we cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service our outstanding indebtedness and any other indebtedness we may incur will depend on our ability to generate cash in the future. We may also elect to issue additional debt or equity securities for reasons other than those specified above. From time to time, we manage our indebtedness through financings, redemptions, repayments, exchanges, tender offers and other transactions. Such transactions will depend on prevailing market conditions, our liquidity requirements, the terms of indentures, contractual restrictions and other factors.

Working Capital

Working capital increased to $15,203 million at February 1, 2026 from $13,059 million at November 2, 2025. The increase was primarily attributable to the following:

• Trade accounts receivable, net increased to $8,460 million at February 1, 2026 from $7,145 million at November 2, 2025 primarily due to higher billings and the timing of collections.

• Employee compensation and benefits decreased to $864 million at February 1, 2026 from $2,129 million at November 2, 2025 primarily due to annual employee bonus plan payments.

These increases in working capital were offset in part by the following:

• Cash and cash equivalents decreased to $14,174 million at February 1, 2026 from $16,178 million at November 2, 2025, primarily due to $7,850 million of stock repurchases and $3,086 million of dividend payments, offset in part by $8,260 million in net cash provided by operating activities.

Capital Returns

						Fiscal Quarter Ended
Cash Dividends Declared and Paid						February 1, 2026						February 2, 2025
						(In millions, except per share data)
Dividends per share to common stockholders						$	0.65					$	0.59
Dividends to common stockholders						$	3,086					$	2,774

In April 2025, our Board of Directors authorized a stock repurchase program to repurchase up to $10 billion of our common stock through December 31, 2025, which was subsequently extended through December 31, 2026 and increased to $11 billion. During the fiscal quarter ended February 1, 2026, we repurchased and retired 23 million shares for $7,850 million. As of February 1, 2026, $700 million of the authorized amount remained available for repurchase under this program.

Subsequent to the fiscal quarter ended February 1, 2026, our Board of Directors in March 2026 authorized a stock repurchase program to repurchase up to $10 billion of our common stock from time to time through December 31, 2026.

During the fiscal quarter ended February 2, 2025, we paid $2,036 million in employee withholding taxes due upon the vesting of net settled equity awards and withheld 8 million shares from employees in connection with such net share settlements. In the fiscal quarter ended February 1, 2026, we settled withholding taxes upon the vesting of employee equity awards using proceeds from the sale of a portion of the vested shares.

Cash Flows

						Fiscal Quarter Ended
						February 1, 2026						February 2, 2025
						(In millions)
Net cash provided by operating activities						$	8,260					$	6,113
Net cash used in investing activities						(115)						(174)
Net cash used in financing activities						(10,149)						(5,980)
Net change in cash and cash equivalents						$	(2,004)					$	(41)

Operating Activities

Cash flows from operating activities consist of net income adjusted for certain non-cash and other items and changes in assets and liabilities. The $2,147 million increase in cash provided by operations during the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period was primarily due to $1,846 million higher net income and $1,055 million higher non-cash adjustments including stock-based compensation and deferred taxes and other non-cash taxes, offset in part by $754 million from changes in operating assets and liabilities.

Investing Activities

Cash flows from investing activities primarily consist of capital expenditures and proceeds and payments related to investments. The cash flows from investing activities during the fiscal quarter ended February 1, 2026 was relatively flat compared to the prior year fiscal period as an increase in net proceeds from investments in the current year fiscal period was substantially offset by higher capital expenditures compared to the prior year fiscal period.

Financing Activities

Cash flows from financing activities primarily consist of proceeds and payments related to our borrowings, dividend payments, authorized stock repurchases, and employee withholding tax payments related to net settled equity awards. The $4,169 million increase in cash used in financing activities during the fiscal quarter ended February 1, 2026 compared to the prior year fiscal period was primarily due to stock repurchases in the current year fiscal period, offset in part by a decrease in employee withholding tax payments related to net settled equity awards and an increase in net proceeds from borrowings in the current year fiscal period compared to the prior year fiscal period.

There have been no material changes in market risks from the information presented in Part II, Item 7A. “Quantitative and Qualitative Disclosures About Market Risk,” in the 2025 Annual Report on Form 10-K, except as disclosed below.

Interest Rate Risk

Changes in interest rates affect the fair value of our outstanding borrowings. As of February 1, 2026 and November 2, 2025, we had $68.0 billion and $67.1 billion in principal amount of borrowings outstanding, and the estimated aggregate fair value of these borrowings was $65.7 billion and $64.6 billion, respectively. As of February 1, 2026 and November 2, 2025, a hypothetical 50 basis point change in market interest rates would change the fair value of our borrowings by approximately $2.0 billion and $1.9 billion, respectively. However, this hypothetical change in interest rates would not impact the interest expense on our borrowings outstanding. To hedge variability of cash flows due to changes in the benchmark interest rate of anticipated future debt issuances, we have entered, and in the future may enter, into treasury rate lock contracts.

(a) Evaluation of Disclosure Controls and Procedures. 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 February 1, 2026. We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is properly and timely recorded, processed, summarized and reported. These disclosure controls and procedures are also intended to ensure that information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures. Based on this evaluation, our CEO and CFO concluded that, as of February 1, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

(b) Changes in Internal Control over Financial Reporting. There was no change in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

The information set forth under Note 10. “Commitments and Contingencies” included in Part I, Item 1 of this Form 10-Q, is incorporated herein by reference. For additional discussion of certain risks associated with legal proceedings, see “Risk Factors” immediately below.

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 flows, and the trading price of our common stock. The following material factors, among others, could cause our actual results to differ materially from historical results and those expressed in forward-looking statements made by us or on our behalf in filings with the SEC, press releases, communications with investors and oral statements. Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations, cash flows, our reputation or the trading price of our common stock.

Risk Factors Summary

The following is a summary of the material risks that could adversely affect our business, operations and financial results.

Risks Related to Our Business

• Adverse global economic conditions could have a negative effect on us.

• Our business is subject to various governmental regulations and trade restrictions.

• Global political and economic conditions and other factors related to our international operations could adversely affect us.

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

• A significant reduction in demand or loss of one or more of our significant customers may adversely affect us.

• A slow or the unsuccessful return on our investments in research and development, expansion of our business strategy or adoption of new business models could adversely affect us.

• Dependence on a limited number of contract manufacturers and suppliers of critical materials, including components, within our supply chain, and potential failure to adjust such manufacturing and supply chain to meet customer demand, may adversely affect our ability to bring products to market and our results of operations.

• 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.

• We are dependent on senior management and if we are unable to attract and retain qualified personnel, we may not be able to execute our business strategy effectively.

• Our ability to maintain or improve gross margin.

• Cybersecurity threats or other security breaches, or any other impairment of the confidentiality, integrity or availability of our information technology (“IT”) systems, or those of one or more of our corporate infrastructure vendors, could have a material adverse effect on our business.

• A prolonged disruption of our or our customers’ or suppliers’ facilities or other significant operations could have a material adverse effect on us.

• We may be unable to maintain appropriate manufacturing capacity or product yields at our own manufacturing facilities.

• We are subject to risks associated with our distributors and other channel partners.

• Failure of our software portfolio to manage and secure IT infrastructures and environments and our use of open source software in certain software and services could have a material adverse effect on our business.

• The growth of our software business depends on demand for our data center virtualization portfolio, as well as customer acceptance of our software, services and business strategy.

• If our software does not successfully address market trends and competitive developments, demand for our software and services could decrease and materially adversely affect us.

• Failure to enter into software license agreements on a satisfactory basis could adversely affect us.

• Our sales to government customers subject us to uncertainties and additional governmental regulations.

• Failure to effectively manage our software solutions and services lifecycles could harm our business.

• Competition in our industries could prevent us from growing our revenue.

• Our operating results are subject to substantial quarterly and annual fluctuations.

• We have pursued, and may in the future pursue, mergers, acquisitions, investments, joint ventures and dispositions, which could adversely affect our results of operations.

• We may be involved in legal proceedings that could materially adversely affect our business.

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

• We are subject to warranty claims, product recalls and product liability.

• The complexity of our products could result in unforeseen delays or expense or undetected defects or bugs.

• We are subject to privacy and data security laws and contractual commitments, and our actual or perceived failure to comply with such laws and commitments could harm our business.

• Corporate responsibility matters may adversely affect our relationships with customers and investors and increase compliance costs.

• We must comply with a variety of technical standards, domestic and international laws and regulations in the manufacture and distribution of our semiconductors.

Risks Related to Our Taxes

• Our income taxes and overall cash tax costs are affected by a number of factors that could have a material, adverse effect on our financial results.

• If our tax incentives or tax holiday arrangements change or cease to be in effect or applicable, our corporate income taxes could significantly increase.

• We have potential tax liabilities as a result of VMware’s former controlling ownership by Dell, which could have an adverse effect on our financial condition and operating results.

Risks Related to Our Indebtedness

• Our substantial indebtedness could adversely affect our financial health and our ability to execute our business strategy.

Risks Related to Owning Our Common Stock

• Our stock price may be volatile and your investment could lose value.

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

• There can be no assurance that we will continue to declare cash dividends.

For a more complete discussion of the material risks facing our business, see below.

Risks Related to Our Business

Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

A general weakening of the economy globally or in a particular region or industry, uncertainty and volatility in financial markets, efforts of governments to stimulate or stabilize the economy or to achieve specific policy objectives such as onshoring of semiconductor manufacturing and other unfavorable changes in economic conditions, such as inflation, higher interest rates, tightening of the credit markets, recession or slowing growth, as well as an increase in geopolitical conflicts, trade tensions and related tariffs with U.S. trading partners, could negatively impact our business, financial condition, cash flows and liquidity. Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the industries and markets in which we operate, which have adversely affected our business and results of operations. Macroeconomic weakness and uncertainty may also make it more difficult to accurately forecast operating results, and market volatility stemming from current macroeconomic events may materially impact our cash flow and our ability to raise or refinance debt at favorable rates. An escalation of trade tensions between the U.S. and its trading partners may continue to result in trade restrictions and increased protectionism on both ends that harm our ability to participate in some markets or compete effectively.

Sustained uncertainty about, or worsening of, current global economic conditions, further tariffs and escalations of trade ten

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Insider Trading Arrangement

Henry Samueli, Ph.D., our Chairman of the Board, has voting and dispositive power over the shares held by D95GT, LLC (“D95GT”) and H&S Investments I, L.P. (“H&S Investments”) and disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest. Dr. Samueli does not have a pecuniary interest in the shares held by the Samueli Foundation or The Rinks Foundation, but the Samueli Foundation and The Rinks Foundation may be deemed an affiliate of Dr. Samueli. On December 16, 2025, D95GT, H&S Investments, the Samueli Foundation and The Rinks Foundation adopted a trading plan intended to satisfy Rule 10b5-1(c) under the Exchange Act (the “Trading Plan”). Pursuant to the Trading Plan, (i) D95GT will gift up to $105,678,000 in shares of Broadcom common stock to the Samueli Foundation and (ii) H&S Investments will gift up to $94,322,000 in shares of Broadcom common stock to the Samueli Foundation, up to $9,000,000 in shares of Broadcom common stock to The Rinks Foundation and up to $105,000,000 in shares of Broadcom common stock to a charity. The Samueli Foundation and The Rinks Foundation will subsequently sell all shares donated to them as provided above. Pursuant to the Trading Plan, D95GT will also sell up to $660,000,000 in shares of Broadcom common stock and H&S Investments will also sell up to $340,000,000 in shares of Broadcom common stock. The Trading Plan will expire on December 31, 2026, subject to early termination for certain specified events set forth in the Trading Plan.

EXHIBIT INDEX

												Incorporated by Reference
Exhibit Number						Description						Form						File No.						Exhibit						Filing Date						Filed Herewith
2.1						Agreement and Plan of Merger, dated as of May 26, 2022, by and among Broadcom Inc., VMware, Inc., Verona Holdco, Inc., Verona Merger Sub, Inc., Barcelona Merger Sub 2, Inc. and Barcelona Merger Sub 3, LLC.						8-K						001-38449						2.1						05-26-2022
3.1						Amended and Restated Certificate of Incorporation (including all amendments thereto).						10-Q						001-38449						3.1						09-11-2024
3.2						Amended and Restated Bylaws.						8-K12B						001-38449						3.2						04-04-2018
4.1						Form of Common Stock Certificate.						10-Q						001-38449						4.1						06-14-2018
4.2						Description of Common Stock.						10-K						001-38449						4.2						12-20-2024
4.3						Indenture, dated as of January 19, 2017, by and among the Broadcom Corporation and Broadcom Cayman Finance Limited (the “Co-Issuers”), the guarantors and Wilmington Trust, National Association, as trustee.						8-K						001-37690						4.1						01-20-2017
4.4						First Supplemental Indenture to the January 2017 Indenture, dated as of April 9, 2018.						8-K						001-38449						4.1						04-09-2018
4.5						Second Supplemental Indenture to the January 2017 Indenture, dated as of January 25, 2019.						8-K						001-38449						4.1						01-25-2019
4.6						Indenture, dated as of October 17, 2017, by and among the Co-Issuers, the guarantors and Wilmington Trust, National Association, as trustee.						8-K						001-37690						4.1						10-17-2017
4.7						Supplemental Indenture to the October 2017 Indenture, dated as of April 9, 2018.						8-K						001-38449						4.2						04-09-2018
4.8						Second Supplemental Indenture to the October 2017 Indenture, dated as of January 25, 2019.						8-K						001-38449						4.2						01-25-2019
4.9						Form of 3.500% Senior Notes due 2028 (included in Exhibit 4.7).						8-K						001-37690						4.1						10-17-2017
4.10						Indenture, dated as of April 5, 2019, by and among the Company as Issuer, Broadcom Technologies Inc., Broadcom Corporation and Broadcom Cayman Finance Limited, and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						04-05-2019
4.11						Form of 4.750% Senior Notes due 2029 (included in Exhibit 4.10).						8-K						001-38449						4.1						04-05-2019
4.12						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.						8-K						001-38449						4.1						04-09-2020
4.13						Form of 5.000% Senior Notes due 2030 (included in Exhibit 4.12).						8-K						001-38449						4.1						04-09-2020
4.14						Indenture, dated as of May 8, 2020, by and among the Company as Issuer, the 2020 Guarantors, and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						05-08-2020
4.15						Form of 3.150% Senior Notes due 2025 (included in Exhibit 4.14).						8-K						001-38449						4.1						05-08-2020
4.16						Form of 4.150% Senior Notes due 2030 (included in Exhibit 4.14).						8-K						001-38449						4.1						05-08-2020
4.17						Form of 4.300% Senior Notes due 2032 (included in Exhibit 4.14).						8-K						001-38449						4.1						05-08-2020
4.18						Indenture, dated as of May 21, 2020, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						05-21-2020
4.19						Form of 3.459% Senior Notes due 2026 (included in Exhibit 4.18).						8-K						001-38449						4.1						05-21-2020
4.20						Indenture, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as Trustee.						8-K						001-38449						4.1						01-19-2021
4.21						Form of 1.950% Senior Notes due 2028 (included in Exhibit 4.20).						8-K						001-38449						4.1						01-19-2021
4.22						Form of 2.450% Senior Notes due 2031 (included in Exhibit 4.20).						8-K						001-38449						4.1						01-19-2021
4.23						Form of 2.600% Senior Notes due 2033 (included in Exhibit 4.20).						8-K						001-38449						4.1						01-19-2021
4.24						Form of 3.500% Senior Notes due 2041 (included in Exhibit 4.20).						8-K						001-38449						4.1						01-19-2021
4.25						Form of 3.750% Senior Notes due 2051 (included in Exhibit 4.20).						8-K						001-38449						4.1						01-19-2021
4.26						Indenture, dated as of March 31, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.						8-K						001-38449						4.1						03-31-2021
4.27						Form of 3.419% Senior Notes due 2033 (included in Exhibit 4.26).						8-K						001-38449						4.1						03-31-2021
4.28						Form of 3.469% Senior Notes due 2034 (included in Exhibit 4.26).						8-K						001-38449						4.1						03-31-2021
4.29						Indenture, dated as of September 30, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.						8-K						001-38449						4.1						09-30-2021
4.30						Form of 3.137% Senior Notes due 2035 (included in Exhibit 4.29).						8-K						001-38449						4.1						09-30-2021
4.31						Form of 3.187% Senior Notes due 2036 (included in Exhibit 4.29).						8-K						001-38449						4.1						09-30-2021
4.32						Registration Rights Agreement, dated as of September 30, 2021, by and among the Company and BNP Paribas Securities Corp., J.P. Morgan Securities LLC and TD Securities (USA) LLC, as dealer-mangers in connection with the September 2021 exchange offer.						8-K						001-38449						4.4						09-30-2021
4.33						Indenture, dated April 14, 2022, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						04-15-2022
4.34						Form of 4.00% Senior Notes due 2029 (included in Exhibit 4.33).						8-K						001-38449						4.1						04-15-2022
4.35						Form of 4.15% Senior Notes due 2032 (included in Exhibit 4.33).						8-K						001-38449						4.1						04-15-2022
4.36						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.						8-K						001-38449						4.4						04-15-2022
4.37						Indenture, dated April 18, 2022, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						04-18-2022
4.38						Form of 4.926% Senior Notes due 2037 (included in Exhibit 4.37).						8-K						001-38449						4.1						04-18-2022
4.39						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.						8-K						001-38449						4.3						04-18-2022
4.40						Indenture, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.1						07-12-2024
4.41						Supplemental Indenture No. 1, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						07-12-2024
4.42						Form of 5.050% Senior Notes due 2027 (included in Exhibit 4.41).						8-K						001-38449						4.2						07-12-2024
4.43						Form of 5.050% Senior Notes due 2029 (included in Exhibit 4.41).						8-K						001-38449						4.2						07-12-2024
4.44						Form of 5.150% Senior Notes due 2031 (included in Exhibit 4.41).						8-K						001-38449						4.2						07-12-2024
4.45						Supplemental Indenture No. 2, dated October 2, 2024, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						10-02-2024
4.46						Form of 4.350% Senior Notes due 2030 (included in Exhibit 4.45).						8-K						001-38449						4.2						10-02-2024
4.47						Form of 4.550% Senior Notes due 2032 (included in Exhibit 4.45).						8-K						001-38449						4.2						10-02-2024
4.48						Form of 4.800% Senior Notes due 2034 (included in Exhibit 4.45).						8-K						001-38449						4.2						10-02-2024
4.49						Supplemental Indenture No. 3, dated January 10, 2025, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						01-10-2025
4.50						Form of 4.800% Senior Notes due 2028 (included in Exhibit 4.49).						8-K						001-38449						4.2						01-10-2025
4.51						Form of 5.050% Senior Notes due 2030 (included in Exhibit 4.49).						8-K						001-38449						4.2						01-10-2025
4.52						Form of 5.200% Senior Notes due 2032 (included in Exhibit 4.49).						8-K						001-38449						4.2						01-10-2025
4.53						Supplemental Indenture No. 4, dated July 11, 2025, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						07-11-2025
4.54						Form of 4.600% Senior Notes due 2030 (included in Exhibit 4.53).						8-K						001-38449						4.2						07-11-2025
4.55						Form of 4.900% Senior Notes due 2032 (included in Exhibit 4.53).						8-K						001-38449						4.2						07-11-2025
4.56						Form of 5.200% Senior Notes due 2035 (included in Exhibit 4.53).						8-K						001-38449						4.2						07-11-2025
4.57						Supplemental Indenture No. 5, dated September 29, 2025, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						09-29-2025
4.58						Form of 4.200% Senior Notes due 2030 (included in Exhibit 4.57).						8-K						001-38449						4.2						09-29-2025
4.59						Form of 4.800% Senior Notes due 2036 (included in Exhibit 4.57).						8-K						001-38449						4.2						09-29-2025
4.60						Form of 4.900% Senior Notes due 2038 (included in Exhibit 4.57).						8-K						001-38449						4.2						09-29-2025
4.61						Supplemental Indenture No. 6, dated January 13, 2026, between the Company and Wilmington Trust, National Association, as trustee.						8-K						001-38449						4.2						1-13-2026
4.62						Form of 4.300% Senior Notes due 2031 (included in Exhibit 4.61).						8-K						001-38449						4.2						1-13-2026
4.63						Form of 4.600% Senior Notes due 2033 (included in Exhibit 4.61).						8-K						001-38449						4.2						1-13-2026
4.64						Form of 4.950% Senior Notes due 2036 (included in Exhibit 4.61).						8-K						001-38449						4.2						1-13-2026
4.65						Form of 5.700% Senior Notes due 2056 (included in Exhibit 4.61).						8-K						001-38449						4.2						1-13-2026
10.1+						Severance Benefit Agreement, dated January 1, 2026, between Broadcom Inc. and Ram Velaga.																														X
31.1						Certification of Principal Executive Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
31.2						Certification of Principal Financial Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.																														X
32.1						Certification of Principal Executive Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
32.2						Certification of Principal Financial Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.																														X
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																														X
101.SCH						Inline XBRL Schema Document																														X
101.CAL						Inline XBRL Calculation Linkbase Document																														X
101.DEF						Inline XBRL Definition Linkbase Document																														X
101.LAB						Inline XBRL Labels Linkbase Document																														X
101.PRE						Inline XBRL Presentation Linkbase Document																														X
104						Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.																														X
Notes:
+						Indicates a management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			BROADCOM INC.
			By:			/s/ Kirsten M. Spears
						Kirsten M. Spears
						Chief Financial Officer

Date: March 11, 2026