Gen Digital (GEN) 10-K risk factor changes: FY2026 vs FY2025

A description of the risk factors associated with our business is set forth below and in “Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations, Legal Proceedings, and Quantitative] [added: Operations,” “Legal Proceedings,” “Quantitative] and Qualitative Disclosures About Market [removed: Risk.”] [added: Risk” and “Controls and Procedures.”] The list is not exhaustive, and you should carefully consider these risks and uncertainties before investing in our common stock.

If we are unable to develop new and enhanced [removed: solutions,] [added: solutions and products,] or [removed: if we are unable to] continually improve the performance, features, and reliability of our existing [removed: solutions,] [added: solutions and products,] our business and operating results could be adversely affected.

Our future success depends on our ability to effectively respond to evolving [removed: threats to consumers, as well as competitive] [added: consumer threats,] technological [added: advancements, competitive] developments and industry changes, by developing or introducing new and enhanced solutions and products on a timely basis.

[removed: In the past, we] [added: We] have incurred, and will continue to incur, significant research and development [removed: expenses as we focus on] [added: expenses, including investments in AI, to drive] organic growth [removed: through internal innovation.][added: and reduce reliance on third-party technologies.]

If [removed: we] [added: these investments] do not [removed: achieve] [added: produce] the [removed: benefits] anticipated [removed: from these research and development investments,] [added: benefits,] or if [removed: the achievement of these] [added: such] benefits [removed: is] [added: are] delayed, our operating results [removed: may] [added: could] be adversely affected.

[removed: Our failure to develop new solutions and improve] [added: Customers may also demand features or capabilities that] our [removed: existing] [added: current] solutions [removed: to satisfy customer preferences] [added: do not offer,] and [removed: effectively compete with other market offerings] [added: failure to innovate] in a timely and cost-effective manner [removed: may harm] [added: could impair] our ability to retain [removed: our] [added: existing] customers and attract new customers.

In addition, third parties, including, but not limited to, operating systems and internet browser companies, have in the past and may in the future limit the interoperability of our solutions with their own products and services, [removed: in some cases] [added: including] to promote [removed: their own offerings or those of our competitors.][added: competing offerings.]

[removed: This] [added: Such actions] could [removed: also result in decreased] [added: delay the development of, impair the functionality of, or reduce the] demand for our solutions and products, [added: which could result in] decreased revenue, harm to our reputation, and [removed: adversely affect] [added: adverse effects on] our business, financial condition, results of operations, and cash flows.

If we [removed: are not successful in managing] [added: fail to manage] these risks [removed: and challenges,] [added: effectively,] or if our new or improved solutions or products are not technologically competitive or do not achieve market acceptance, our business and operating results could be adversely affected.

We operate in intensely competitive and dynamic markets [removed: that experience frequent and] [added: characterized by] rapid technological developments, [removed: changes in] [added: evolving] industry and regulatory [removed: standards, evolving] [added: standards and] market trends, [removed: changes in] [added: changing] customer requirements and preferences, and frequent new product introductions and improvements.

If we are unable to anticipate or [removed: react] [added: respond effectively] to these continually evolving conditions, we could [removed: experience a loss of] [added: lose] market [removed: share] [added: share, experience pricing pressure,] and [removed: a reduction in our] [added: incur reduced] revenues, which could materially and adversely affect our [removed: business and] [added: business,] financial [removed: results.][added: condition, results of operations, and cash flows.]

To compete successfully, we must maintain [removed: an] [added: a robust and] innovative research and development [removed: effort to develop new solutions and products and] [added: effort,] enhance our existing solutions and products, [added: introduce new offerings on a timely basis,] and effectively adapt to changes in the technology, financial technology, [added: AI,] privacy and data protection standards [removed: or] [added: and] trends.

We expect our competition to continue to increase, as there are generally no substantial barriers to entry [removed: to] [added: into] the markets we serve.

[removed: Some] [added: Many] of [removed: our current and potential] [added: these] competitors have longer operating histories, [removed: particularly with respect to financial services products similar to ours, significantly] greater [removed: resources and a] [added: brand recognition,] larger customer [removed: base] [added: bases, and significantly greater financial, technical, and marketing resources] than we do.

[removed: For example,] AI [removed: algorithms may be flawed, insufficient, of poor quality, reflect unwanted forms of bias, or contain other errors or inadequacies, any of which may not be easily detectable; AI has been known to produce false or “hallucinatory” inferences or outputs; AI] can present ethical issues and may subject us to new or heightened legal, regulatory, ethical, or other challenges, including issues relating to discrimination, intellectual property infringement or misappropriation, violation of rights of publicity, inability to assert ownership of inventions and works of authorship, loss of trade secrets, defamation, data [removed: privacy] [added: privacy,] and [added: cybersecurity; and inappropriate or controversial data practices by third-party partners, developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services.]

[removed: If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur] operational inefficiencies, competitive harm, legal liability, brand or reputational harm, or other adverse impacts on our business and financial results.

Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational or technological risks that may arise relating to the use of [removed: AI.][added: AI, including the increased use of agentic AI and the heightened risk it poses to data privacy and cybersecurity.]

- Difficulty entering into or expanding [removed: in] [added: into] new markets or geographies;

[added: Macroeconomic factors, such as fluctuating tariffs, trade wars,] high inflation, high interest rates, and volatility in foreign currency exchange rates and capital markets could negatively influence our future acquisition opportunities.

Our revenue and operating results depend significantly on our ability to retain our existing customers and [removed: expand sales to them,] [added: increase their adoption of our offerings,] convert existing non-paying customers to paying [removed: customers] [added: customers,] and add new customers.

Customers may choose not to renew their membership with us at any time and may stop utilizing our [removed: products that generate us revenue from transaction, interchange or transfer fees, among others.][added: revenue-generating products.]

- Our customers’ levels of satisfaction or dissatisfaction with our [removed: solutions and] [added: solutions,] the value they place on our [added: solutions and availability of our] solutions;

An important part of our growth strategy involves continued investment in direct marketing efforts, indirect partner distribution channels, expanding [removed: enterprise] partner relationships, freemium channels, our sales force, and infrastructure to add new customers.

The number and rate at which new customers purchase our products and services depends on a number of factors, including those outside of our control, such as customers’ perceived need for our solutions and products, competition, general economic conditions, market transitions, product obsolescence, technological change, public awareness of security threats to IT systems, [removed: macroeconomic conditions, and other factors.]

The intense competition [removed: we face, in addition to] [added: and evolving] general and economic business conditions (including rising government debt levels, potential government policy shifts, changing U.S. consumer spending patterns, economic volatility, [removed: bank failures,] fluctuating tariff rates, trade wars, and high inflation and interest rates, among other things), may [removed: put pressure on] [added: require] us to change our pricing practices.

[removed: Or] [added: To compete effectively,] we may need to lower [removed: our prices or] [added: prices,] offer [removed: similar free introductory products to compete successfully.][added: promotional or freemium products, or otherwise change our pricing models.]

Any such [added: pricing] changes [removed: may] [added: could] reduce [removed: revenue and] [added: revenue,] margins and [removed: could adversely affect our financial results.][added: profitability.]

[removed: Additionally, changes in the] [added: Adverse] macroeconomic [removed: environment] [added: conditions] have [removed: previously] [added: adversely affected] and may continue to [added: adversely] affect [added: the consumer finance industry and] our [removed: business.][added: MoneyLion business.]

[removed: Our] [added: Additionally, our] solutions are discretionary purchases, and customers may reduce or eliminate their discretionary spending [removed: on our solutions] during [removed: a difficult] [added: periods of economic uncertainty, inflation, elevated interest rates, trade disruptions or other] macroeconomic [removed: environment.][added: stress.]

Many of Avira’s and Avast’s users are freemium subscribers, meaning they do not pay for its basic [removed: services.][added: services, and our growth strategy for their respective products depends upon attracting and converting Avira’s and Avast’s freemium users to a paid subscription option.]

A [added: significant] portion of our [removed: revenues] [added: revenue] is [removed: derived from sales] [added: generated] through indirect [removed: channels, including, but not limited to, distributors that sell our products to end-users] [added: sales] and [removed: other] [added: distribution channels, including distributors,] resellers, [added: telecom service providers] and [added: strategic] partners that [removed: incorporate our products into, or] bundle [added: or incorporate] our products [removed: with,] [added: into] their [removed: products.][added: offerings.]

[removed: If] [added: Finally, if] we fail to manage our sales and distribution channels successfully, these channels may conflict with one another or otherwise fail to perform as we anticipate, which could reduce our sales and increase our expenses as well as weaken our competitive position.

[removed: In] [added: For example, in] our MoneyLion business, our success [removed: also] depends in part on the delivery of qualified consumer lead inquiries and conversions to completed transactions for various financial products to [removed: Product Partners.][added: product partners.]

However, the failure of our [removed: Enterprise] [added: marketplace] platform to effectively connect and match consumers from our [removed: Channel Partners] [added: channel partners] with product offerings from our [removed: Product Partners] [added: product partners] in a manner that results in converted customers and increased revenue for such [removed: Product Partners] [added: product partners] could cause [removed: Product Partners] [added: product partners] to cease spending marketing funds on our [removed: Enterprise] [added: marketplace] platform, which could have a material adverse impact on our ability to maintain or increase our [removed: Enterprise] [added: marketplace] revenue.

Any [removed: factors that limit the amount that our Product Partners are willing to, and do, spend on marketing] [added: uninsured] or [removed: advertising with us] [added: underinsured loss] could have a material adverse effect on our business, financial condition, results of operations and cash flows.

[removed: The] [added: In addition, the] success of our business and our ability to engage and retain customers in our platform are dependent in part on our ability to produce or acquire popular content, which in turn depends on our ability to retain content creators and rights to content for our platform.

[removed: Any] [added: In general, any] changes in these relationships or loss of these partners or vendors, any failure of them to perform their obligations in a timely manner or at all or if they were to cease to provide such functions for any reason, could degrade the functionality of our platform, materially and adversely affect usage of our products and services, impose additional costs or requirements or disadvantage us compared to our competitors.

Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain [removed: of our] products or businesses and asset impairments.

Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention [removed: of our] [added: from] management.

[removed: In order to] [added: To] attract and retain [removed: personnel in a competitive marketplace,] [added: talent,] we must provide competitive pay packages, including cash and equity-based compensation.

The development and integration of new technologies — including generative AI (“Gen AI”) and machine learning — is complex, time-consuming, and subject to significant risks.

New technologies may contain errors, vulnerabilities, or unintended outputs, including incorrect or biased results, that are not easily detectable, which could lead to customer dissatisfaction, reputational harm, litigation, or increased regulatory scrutiny.

We have experienced, and expect to continue to experience, significant competitive pressures.

Our cyber safety and financial wellness businesses compete with a broad range of companies, including established security software vendors, operating system and platform providers, companies who specialize in a niche segment of the cyber safety market and which are expanding their portfolios into competing cyber safety products, traditional banks and credit unions, licensed and non-bank digital financial service providers, specialty finance companies, digital wealth management and brokerage platforms, embedded finance providers, financial marketplaces, and other technology companies.

They may be able to offer more competitive pricing or terms, bundle products more effectively, introduce new, enhanced, broader or more specialized offerings more quickly (including for free), or respond more rapidly to technological and consumer trends.

In addition, operating system and platform providers increasingly incorporate native security, privacy, and financial features into their products, often at no additional cost, which may reduce demand for our offerings or diminish their differentiation.

We also depend on strategic distribution and bundling relationships, and partners have in the past replaced, and may in the future replace, our solutions with competing or internally developed offerings, promote competing products more favorably, or limit interoperability.

Industry consolidation, vertical integration, and the introduction of new or alternative technologies may further intensify competition.

Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks.

AI systems, including AI internally developed and AI present in third party solutions, may be flawed, contain errors or vulnerabilities, reflect unintended bias, or produce inaccurate, misleading or “hallucinatory” outputs, and such deficiencies may not be easily detectable.

Customers may rely on AI-generated outputs in making financial, security or other significant decisions.

If AI-enabled features in our products produce incorrect, incomplete or biased outputs, we could face claims of misrepresentation, negligence, product liability or other legal theories, as well as customer dissatisfaction, reputational harm and loss of business.

Furthermore, we may face allegations of misrepresentations or “AI washing” if our disclosures about our AI capabilities or our AI-related governance are deemed to be exaggerated or misleading, which could result in enforcement actions, litigation or reputational harm.

If the AI solutions that we create or use are deficient, inaccurate or controversial, we could incur

In addition, several U.S. states, such as California and Colorado, have proposed or enacted laws regarding automated decision‑making, deepfakes, algorithmic discrimination and so called “high‑risk” AI technologies (mandating, among other provisions, requirements for risk management, impact assessments, consumer notices and human oversight).

At the federal level, a December 2025 executive order endorsed a federal moratorium on enforcement of state AI laws and the White House released in March 2026 a National Policy Framework for Artificial Intelligence, outlining nonbinding legislative recommendations to inform congressional consideration of a unified federal approach to AI regulation.

Ongoing tension between the states and the federal government over how best to regulate AI may result in increased uncertainty, risk and compliance costs for our business.

If we cannot use AI, or if our use of AI is restricted, it could lead to business disruption, inefficiency, or competitive disadvantage.

Replacement of these technologies with compliant alternatives could require substantial capital expenditures or lead to a loss of proprietary data.

For example, we acquired MoneyLion in April 2025.

macroeconomic conditions, and other factors.

Conversely, if we increase prices in response to economic conditions, cost pressures or strategic considerations, we may experience reduced customer acquisition and retention.

We have experienced and may continue to experience a material increase in cancellations by customers or reduced retention during such periods.

In our MoneyLion business specifically, we also depend on channel partners that provide access to consumers – such as news sites, content publishers, product comparison sites and financial institutions – and on product partners that offer financial products through our marketplace platform.

Our channel and partner agreements are generally nonexclusive, impose no minimum sales or marketing commitments and may be terminated or renegotiated at any time, potentially on less favorable terms.

Many of our partners frequently offer competing products or services and may prioritize those offerings based on pricing, promotional support, incentives, economics or strategic considerations.

Sales and revenues generated through indirect channels are subject to general economic conditions, competitive dynamics, changes in partner strategy and performance and partner financial health.

Any reduction in partner sales efforts, termination of key relationships, delays in payment, adverse changes in commercial terms or other adverse channel developments could materially and adversely affect our revenue, margins and operating results.

We have limited control over our partners’ business practices, and any misconduct, regulatory or legal noncompliance, financial distress, reputational harm or failure to perform involving a partner could negatively affect our brand, customer relationships and operations.

If a partner fails to perform its obligations or comply with applicable requirements, our operations and financial results could be negatively impacted.

Consolidation among retailers, online platforms, financial institutions or other distribution intermediaries may increase their negotiating leverage, reduce available distribution channels for us and negatively affect pricing and margins.

In our MoneyLion business, changes in product partners’ underwriting standards, marketing budgets, financial condition or strategic priorities could reduce the availability of financial products on our platform, decrease marketing and advertising revenue, delay payments or otherwise negatively affect our results.

- Multiple and possibly overlapping tax regimes, which may increase our tax exposure and compliance burden.

If we are unable to attract, retain, motivate and appropriately manage qualified employees, or adjust staffing levels in response to changing business conditions, our business, financial condition, results of operations and future growth prospects could be adversely affected.

High profile fraudulent activity or significant increases in fraudulent activity could also lead to regulatory intervention, negative publicity

Malicious hackers, state-sponsored actors, insiders and third-party service providers have attempted to penetrate, and in some cases succeeded in penetrating, our networks or those of our vendors.

Additionally, deployment of agentic AI with access to our systems, data, and third-party tools creates an expanded surface for cyberattacks, as threat actors may exploit inadequate controls to manipulate agents into executing unauthorized actions, accessing sensitive information, or initiating malicious transactions, and the autonomous nature of these systems may enable attackers to conduct multi-step attacks that evade traditional security controls before detection occurs.

We and our third-party service providers have experienced and may continue to experience such incidents, particularly as we integrate legacy IT infrastructure and systems.

Our evolving IT environment, including embracing new ways of sharing data and communicating and increasing our internal use of Gen AI, may introduce new attack vectors, and our policies and controls may not keep pace with emerging threats or regulatory requirements.

employees and customers in multiple jurisdictions.

We believe that we must continue to dedicate significant resources to our research and development efforts to deliver innovative market competitive products and avoid being reliant on third-party technology and products.

Customers may require features and capabilities that our current solutions do not have.

For example, the process of developing and integrating new technologies, including generative artificial intelligence (“Gen AI”) and machine learning models, is complex, time-consuming and may cause errors or inadequacies that are not easily detectable.

As we integrate more Gen AI technology into our platform to improve the experience of our users and meet the demands of our customers, it may result in unintentional or unexpected outputs that are incorrect or biased and cause customer dissatisfaction or subject us to lawsuits, reputational harm and increased regulatory scrutiny.

Any such actions by third parties could delay the development of our solutions and products or our solutions and products may be unable to operate effectively.

We face competition from a broad range of companies, including software vendors focusing on cyber safety solutions such as Bitdefender, Kaspersky, McAfee and Trend Micro, operating system providers such as Apple, Google and Microsoft, and companies such as Nord, Life360, LastPass and others that currently specialize in one or a few particular segments of the market and many of which are expanding their product portfolios into different segments.

We also face growing competition from other technology companies, as well as from companies in the identity threat protection space such as credit bureaus.

Further, many of our competitors are increasingly developing and incorporating into their products data protection software and other competing cyber safety products, such as antivirus protection or VPN, often free of charge, that compete with our offerings.

Our competitive position could be adversely affected by the functionality incorporated into these products rendering our existing solutions obsolete and therefore causing us to fail to meet customer expectations.

For our MoneyLion business, we face competition from a broad range of companies across our business lines, including traditional banks and credit unions; new entrants obtaining banking licenses; non-bank digital providers offering banking-related services; specialty finance and other non-bank digital providers offering consumer lending-related or earned wage access products; digital wealth management platforms such as robo-advisors offering consumer investment services and other brokerage-related services; and digital financial platform, embedded finance and marketplace competitors, which aggregate and connect consumers to financial product and service offerings.

We also compete with advertising agencies and other service providers to attract marketing budget spending from our Enterprise clients.

This allows them, among other things, to potentially offer more competitive pricing or other terms or features, a broader range of financial or other products or a more specialized set of specific products or services, as well as respond more quickly than we can to new or emerging technologies and changes in consumer preferences.

In addition, the introduction of new products or services by existing or future competitors, and/or market acceptance of products or services based on emerging or alternative technologies, could make it easier for other products or services to compete with our solutions and reduce our market share in the future.

Further consolidation among our competitors and within our industry or, in addition to other changes in the competitive environment, such as greater vertical integration from key computing and operating system suppliers could result in larger competitors that compete more frequently with us.

Specifically, in addition to competing with cyber safety vendors directly for sales to end-users of our solutions, we compete with them for the opportunity to have our solutions bundled with the offerings of our strategic partners, such as computer hardware OEMs, internet service providers, operating systems and telecom service providers.

Our competitors could gain market share from us if any of these strategic partners replace our solutions with those of our competitors or with their own solutions or promote our competitors’ solutions or their own solutions more frequently or more favorably than our solutions.

In addition, software vendors who have bundled our solutions with theirs may choose to bundle their solutions with their own or other vendors’ solutions or may limit our access to standard interfaces and inhibit our ability to develop solutions for their platform.

Further product development by these vendors could cause our solutions to become redundant, which could significantly impact our sales and operating results.

Issues in the development and deployment of artificial intelligence (“AI”) may result in reputational harm and legal liability and could adversely affect our results of operations.

AI presents challenges and risks that could affect our products, solutions and services, and therefore our business.

cybersecurity; and inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI, could impair the acceptance of AI solutions, including those incorporated in our products and services.

In addition, several U.S. states are considering enacting or have already enacted regulations concerning the use of AI technologies.

At the federal and state level, there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated synthetic media.

For example, in 2019, we completed the sale of certain of our enterprise security assets to Broadcom Inc. (the Broadcom sale), in January 2021, we completed the acquisition of Avira, in September 2022, we completed the acquisition of Avast, and in April 2025, we completed the acquisition of MoneyLion.

Macroeconomic factors, such as fluctuating tariffs, trade wars.

In particular, the ongoing global conflicts could amplify disruptions to the financial and credit markets, increase risks of an information security or operational technology incident, cause cost fluctuations to us or third parties upon which we rely and increase costs to ensure compliance with global and local laws and regulations.

Similarly, if external factors, such as economic conditions, market trends, or business combinations require us to raise our prices, our ability to acquire new customers and retain existing customers may be diminished.

We may experience a material increase in cancellations by customers or a material reduction in our retention rate in the future, especially in the event of a prolonged recession or a worsening of current conditions as a result of trade wars, fluctuating tariff rates, inflation, changes in interest rates, government shutdowns, political developments and unrest or other macroeconomic events.

We may have to lower our prices or make other changes to our pricing model to address these dynamics, any of which could adversely affect our business and financial results.

Much of our anticipated growth in connection with the Avira and Avast acquisitions are attributable to attracting and converting Avira’s and Avast’s freemium users to a paid subscription option.

These channels involve risks, including:

- Our resellers, distributors and telecom service providers are generally not subject to minimum sales requirements or any obligation to market our solutions to their customers;

- Our reseller and distributor agreements are generally nonexclusive and may be terminated at any time without cause and our partners may terminate or renegotiate their arrangements with us and new terms may be less favorable due to competitive conditions in our markets and other factors;

- Our resellers and distributors may encounter issues or have violations of applicable law or regulatory requirements or otherwise cause damage to our reputation through their actions;

- Our resellers and distributors frequently market and distribute competing solutions and may, from time to time, place greater emphasis on the sale of competing solutions due to pricing, promotions and other terms offered by our competitors;

- Any consolidation of electronics retailers can increase their negotiating power with respect to software providers such as us and any decline in the number of physical retailers could decrease the channels of distribution for us;

- The consolidation of online sales through a small number of larger channels has been increasing, which could reduce the channels available for online distribution of our solutions; and

- Sales through our partners are subject to changes in general economic conditions, strategic direction, competitive risks, and other issues that could result in fewer sales, or cause our partners to suffer financial difficulty which could delay payments to us, affecting our operating results.

Additionally, during challenging macroeconomic conditions, our Product Partners may tighten underwriting standards for certain of their products, which would result in fewer opportunities for us to generate revenue from matching consumers from our Channel Partners with them.

In the event that such a third party for any reason fails to comply with legal or regulatory requirements or otherwise to perform its functions properly, our ability to conduct our business and perform other operational functions for which we currently rely on such third party will suffer, and our business, financial condition, results of operations and cash flows may be negatively impacted.

[removed: For more information on the MoneyLion acquisition, please see] [added: See] Note [removed: 19] [added: 10] of the Notes to the Consolidated Financial Statements included in this Annual Report on Form [removed: 10-K.][added: 10-K for further information.]

Fiscal [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023] [added: 2024] in this report refers to fiscal years ended [added: April 3, 2026,] March 28, [removed: 2025, March 29, 2024] [added: 2025] and March [removed: 31, 2023, respectively, each of which was a 52-week year.][added: 29, 2024, respectively.]

The following table provides our key financial metrics for fiscal [removed: 2025] [added: 2026] compared with fiscal [removed: 2024:][added: 2025:]

| (In millions, except for per share amounts) | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2024] [added: 2025] | | |

| Net revenues | | | $ | [removed: 3,935] [added: 5,000] | | | | | $ | [removed: 3,800] [added: 3,935] | |

| Operating income (loss) | | | $ | [removed: 1,610] [added: 2,120] | | | | | $ | [removed: 1,110] [added: 1,610] | |

| Net income (loss) | | | $ | [removed: 643] [added: 973] | | | | | $ | [removed: 607] [added: 643] | |

| Net income (loss) per share - diluted | | | $ | [removed: 1.03] [added: 1.57] | | | | | $ | [removed: 0.95] [added: 1.03] | |

| Net cash provided by (used in) operating activities | | | $ | [removed: 1,221] [added: 1,545] | | | | | $ | [removed: 2,064] [added: 1,221] | |

| (In millions) | | | [removed: March 28, 2025] [added: April 3, 2026] | | | | | | March [removed: 29, 2024] [added: 28, 2025] | | |

| [removed: Cash and] [added: Cash,] cash equivalents [added: and restricted cash] | | | $ | [removed: 1,006] [added: 411] | | | | | $ | [removed: 846] [added: 1,006] | |

- Operating income (loss) increased [removed: $500] [added: $510] million, primarily due to increased net [removed: revenues,] [added: revenues described above and] decreased legal costs related to ongoing [removed: litigation, lower amortization of intangible assets and restructuring costs related to our acquisition of Avast.][added: litigation.]

- Net income (loss) increased [removed: $36] [added: $330] million and net income per share increased [removed: $0.08,] [added: $0.54,] primarily due to increased operating income discussed above [removed: and decreased interest expense associated with our Term A and Term B facilities.][added: partially offset by an increase in income tax expense.]

- During fiscal [removed: 2025,] [added: 2026,] we returned [removed: $955] [added: $1,091] million of capital back to shareholders and bondholders.

This was achieved through the repurchase of [removed: 11] [added: 25] million shares of our common stock, totaling [removed: $272] [added: $634] million.

Additionally, we paid out a total of [removed: $313] [added: $312] million in quarterly dividends and carried out [removed: $370] [added: $145] million in net debt pay [removed: downs, including $30 million in voluntary prepayments applied exclusively to the Term B facility.][added: downs.]

[removed: As a global company, our results of operations and cash flows may be influenced by global] [added: Global] macroeconomic [removed: conditions, including,] [added: conditions include,] but [added: are] not limited to, increased [removed: tariffs,] [added: tariffs and an uncertain global trade environment,] foreign currency exchange rate fluctuations, the impact of interest rate fluctuations, elevated inflation, ongoing and new geopolitical conflicts, [removed: including] the [removed: unknown] impacts of current and future trade regulations, instability in the global banking sector, [removed: economic slowdown] [added: slow growth] and recession risks, [added: and changes in legislation or regulations and actions by regulators, including changes in enforcement and administrative policies,] any of which may [added: be difficult to predict and may] persist for an extended period.

[removed: Despite this, we are confident in the long-term overall health of our business, the strength of our] product offerings and our ability to continue to execute on our strategy, including bringing award-winning products and services in cybersecurity and offering comprehensive financial wellness to our customers.

If the economic uncertainty continues, we may experience [removed: additional] negative impacts on customer renewals, customer collections, sales and marketing efforts, customer deployments, product development, or other financial metrics.

For further discussion of the potential impacts of global macroeconomic conditions [removed: and geopolitical factors] on our business, please see “Risk Factors” in Part I, Item 1A and Part II, Item 7A below.

The preparation of our Consolidated Financial Statements and related notes in accordance with generally accepted accounting principles in the U.S. [removed: (U.S. GAAP)] requires us to make estimates, including judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities.

We have based our estimates, [removed: judgements] [added: judgments] and assumptions on historical experience and on various other factors we believe to be reasonable under the circumstances.

We evaluate our estimates, [removed: judgements] [added: judgments] and assumptions on a regular basis and make changes accordingly.

Should any of these estimates, [removed: judgements] [added: judgments] or assumptions change or prove to have been incorrect, it could have a material impact on our results of operations, financial position and cash flows.

There is [removed: judgement] [added: judgment] and complexity involved in assessing if the tax position is more likely than not.

We are currently evaluating the impact of the adoption of this guidance on our [removed: Condensed] Consolidated Financial Statements and disclosures.

Management’s Discussion and Analysis of Financial Condition and Results of Operations* of our Annual Report on Form 10-K for the fiscal year ended March [removed: 29, 2024] [added: 28, 2025] for year-over-year comparisons of the results of operation between fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023] [added: 2024] as well as discussion of fiscal [removed: 2023] [added: 2024] performance metrics and cash flow activity, all of which are incorporated herein by reference.

| Cost of revenues | | | [removed: 20] [added: 22] | | | | | | [removed: 19] [added: 20] | | | | | | | | |

| Gross profit | | | [removed: 80] [added: 78] | | | | | | [removed: 81] [added: 80] | | | | | | | | |

| Sales and marketing | | | [removed: 19] [added: 25] | | | | | | 19 | | | | | | | | |

| Research and development | | | 8 | | | | | | [removed: 9] [added: 8] | | | | | | | | |

| General and administrative | | | [removed: 7] [added: (2)] | | | | | | [removed: 16] [added: 7] | | | | | | | | |

| Amortization of intangible assets | | | 4 | | | | | | [removed: 6] [added: 4] | | | | | | | | |

| Restructuring and other costs | | | [removed: 0] [added: 1] | | | | | | [removed: 2] [added: 0] | | | | | | | | |

| Impairment of intangible assets | | | [removed: 0] [added: —] | | | | | | [removed: —] [added: 0] | | | | | | | | |

| Total operating expenses | | | [removed: 39] [added: 36] | | | | | | [removed: 52] [added: 39] | | | | | | | | |

| Operating income (loss) | | | [removed: 41] [added: 42] | | | | | | [removed: 29] [added: 41] | | | | | | | | |

| Interest expense | | | [removed: (15)] [added: (11)] | | | | | | [removed: (18)] [added: (15)] | | | | | | | | |

| Other income (expense), net | | | [removed: 0] [added: (1)] | | | | | | [removed: —] [added: 0] | | | | | | | | |

| Income (loss) before income taxes | | | [removed: 26] [added: 30] | | | | | | [removed: 12] [added: 26] | | | | | | | | |

Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures.

Through its trusted brands, including Norton, Avast, LifeLock and MoneyLion, Gen offers cybersecurity, online privacy, identity protection and financial wellness solutions to consumers worldwide.

Our Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world securely, privately and with confidence.

Our Trust-Based Solutions includes our identity protection, restoration support services, digital reputation, and secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings.

Fiscal 2026 consisted of 53 weeks, whereas fiscal years 2025 and 2024 each consisted of 52 weeks.

- Net revenues increased $1,065 million, primarily due to higher sales in both our Cyber Safety Platform products and Trust-Based Solutions, including an increase of $823 million due to the acquisition of MoneyLion, and an increase of $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026.

This is partially offset by an increase in marketing costs, payment processing fees, amortization of intangible assets and compensation related expenses.

- Cash, cash equivalents and restricted cash decreased by $595 million compared to March 28, 2025, primarily due to the cash consideration paid for our fiscal 2026 acquisitions including MoneyLion, principal payments of our Term A and B Facilities, repayment of our Term A Facility and share repurchases.

This is partially offset by proceeds from the issuance of our Incremental Term Loan B and Extended Term Loan A and cash generated from operating activities during fiscal 2026.

As a global company, our results of operations and cash flows may be influenced by global macroeconomic conditions and their impact on customer behavior.

Despite challenging global macroeconomic conditions and although we recognize that inflation and broader economic uncertainty can influence customer behavior, we are confident in the long-term overall health of our business, the strength of our

*ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.* In September 2025, the FASB issued new guidance to improve the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future.

This is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods.

| | | | 2026 | | | | | | 2025 | | | | | | | | |

Net revenues increased $1,065 million, due to a $163 million increase in sales of our Cyber Safety Platform products and a $902 million increase in sales of our Trust-Based Solutions, including a $823 million increase in Trust-Based Solutions due to the acquisition of MoneyLion.

Net revenues also increased $87 million due to the favorable impact from the additional week in the first quarter of fiscal 2026, impacting both segment financials.

Specifically, the additional week contributed $56 million to Cyber Safety Platform and $31 million to Trust-Based Solutions.

| Cyber Safety Platform | | | $ | 3,339 | | | | | $ | 3,176 | | | | | | | |

| Trust-Based Solutions | | | 1,661 | | | | | | 759 | | | | | | | | |

| Total net revenues | | | $ | 5,000 | | | | | $ | 3,935 | | | | | | | |

| Direct revenues | | | $ | 4,137 | | | | | $ | 3,463 | | | | | | | |

| Partner revenues | | | 863 | | | | | | 472 | | | | | | | | |

| Total net revenues | | | $ | 5,000 | | | | | $ | 3,935 | | | | | | | |

| Total bookings | | | $ | 5,107 | | | | | $ | 3,988 | | | | | | | |

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

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

| | | | As of | | | | | | | | |

| Total paid customers | | | 79 | | | | | | 68 | | |

Revenue from Cyber Safety Platform increased $163 million during fiscal 2026 due to growth across our cyber safety membership offerings and the additional week in the first quarter of fiscal 2026.

Revenue from Trust-Based Solutions increased $902 million during fiscal 2026 primarily due to the acquisition of MoneyLion, continued growth in our identity point solutions and the additional week in the first quarter of fiscal 2026.

Direct revenue reflects subscriptions sold directly through e-commerce or mobile channels, and revenue generated from financial transactions directly made through Gen properties or marketplaces.

Partner revenue reflects partner-sourced and channel revenue via retailers, employee benefits, telcos, publishers, and strategic partnerships, including revenue generated from product usage or products sold through our financial marketplace.

Total bookings are defined as customer orders received that are expected to generate net revenues in the future.

We present the operational metric of bookings because it reflects customers’ demand for our products and services and to assist readers in analyzing our performance in future periods.

Paid customers also includes product users with a unique account and at least one revenue-generating transaction in the relevant active period of each respective product category, whether through our first-party personal finance products, transacting through our financial marketplaces, or generating revenue through product usage.

We exclude users on free trials and those who have not actively transacted in the relevant period of each respective product category.

In order to properly reflect our customer cohorts that contribute to revenue given the dynamic nature of consumers and our product portfolio, our methodology is subject to change from time to time.

| | | | 2026 | | | | | | 2025 | | | | | | | | |

Percentage of revenue in Americas increased primarily due to our acquisition of MoneyLion during fiscal 2026 as compared to fiscal 2025.

Fiscal 2026 compared to fiscal 2025

Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock, MoneyLion and more.

Our core cyber safety portfolio provides protection across three key categories in multiple channels and geographies, including security and performance management, identity protection, and online privacy.

We have built a technology platform that brings together software and service capabilities within these three categories into a comprehensive and easy-to-use integrated platform across our brands.

We bring award-winning products and services in cybersecurity, covering security, privacy and identity protection to approximately 500 million users in more than 150 countries so they can live their digital lives safely, privately, and confidently today and for generations to come.

We completed the acquisition of MoneyLion on April 17, 2025.

MoneyLion extends our identity solutions into offering comprehensive financial wellness through MoneyLion’s full-featured personal finance platform that includes credit building and financial management services.

- Net revenues increased $135 million, primarily due to higher sales in both our consumer security and identity and information protection products.

This is offset by the absence of an income tax benefit in the second quarter of fiscal 2024.

- Cash and cash equivalents increased by $160 million compared to March 29, 2024, primarily due to cash generated from operating activities during fiscal 2025 and proceeds from the issuance of 6.25% Senior Notes.

This is partially offset by repurchases of our common stock, cash interest paid, dividends paid to shareholders, repayment of 5.00% Senior Notes, voluntary prepayments of our Term B facility, and mandatory principal amortization payments of our Term A and B facility.

- During fiscal 2025, we increased net Direct customers by 1.3 million, increased monthly Direct ARPU by $0.04 and increased our Direct retention rate by 1%.

*ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* In December 2023, the FASB issued new guidance to update income tax disclosure requirements, requiring disaggregated information about an entity’s effective tax rate reconciliation as well as income taxes paid.

This is effective for fiscal years beginning after December 15, 2024.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

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

Net revenues increased $135 million, due to a $95 million increase in sales of our identity and information protection products and a $53 million increase in sales of our consumer security products.

This was partially offset by a $13 million decrease in our legacy product offerings.

This is inclusive of $11 million of foreign exchange headwinds, in our consumer security solutions.

our business and the effectiveness of our marketing and operational strategies.

| Direct customer revenue | | | $ | 3,456 | | | | | $ | 3,341 | | | | | | | |

| Partner revenues | | | $ | 429 | | | | | $ | 396 | | | | | | | |

| Total cyber safety revenues | | | $ | 3,885 | | | | | $ | 3,737 | | | | | | | |

| Legacy revenues (1) | | | $ | 50 | | | | | $ | 63 | | | | | | | |

| Direct customer count (at quarter-end) | | | 40.4 | | | | | | 39.1 | | | | | | | | |

| Direct average revenue per user (ARPU) | | | $ | 7.26 | | | | | $ | 7.22 | | | | | | | |

| Retention rate | | | 78 | | % | | | | 77 | | % | | | | | | |

(1) Legacy revenues includes revenues from products or solutions from markets that we have exited and in which we no longer operate, have been discontinued or identified to be discontinued, or remain in maintenance mode as a result of integration and product portfolio decisions.

We exclude users on free trials from our direct customer count.

Users who have indirectly purchased and/or registered for our products or solutions through partners are excluded unless such users convert or renew their subscription directly with us or sign up for a paid membership through our web stores or third-party app stores.

ARPU is calculated as estimated direct customer revenues for the period divided by the average direct customer count for the same period, expressed as a monthly figure.

Non-GAAP estimated direct customer revenues and ARPU have limitations as analytical tools and should not be considered in isolation or as a substitute for U.S. GAAP estimated direct customer revenues or other U.S. GAAP measures.

We monitor ARPU because it helps us understand the rate at which we are monetizing our consumer customer base.

Retention rate is defined as the percentage of direct customers as of the end of the period from one year ago who are still active as of the most recently completed fiscal period.

We monitor the retention rate to evaluate the effectiveness of our strategies to improve renewals of subscriptions.

From time to time, we review our metrics and may discover inaccuracies or make adjustments to improve their accuracy, which can result in adjustments to our historical metrics.

(1) From time to time, changes in allocation methodologies cause changes to the revenue by geographic area above.

When changes occur, we recast historical amounts to match the current methodology, such as for fiscal 2024 where we aligned allocation methodologies across similar product categories.

Percentage of revenue by geographic region remained consistent in fiscal 2025 and fiscal 2024.

Our cost of revenues increased $45 million, primarily due to a $42 million increase in marketing affiliate expenses.

| Total | | | $ | 1,549 | | | | | $ | 1,959 | | | | | | | | | | | (21) | | % | | | | | | |

As of [removed: March 28, 2025,] [added: April 3, 2026,] we had $2,450 million in aggregate principal amount of fixed-rate Senior Notes outstanding, with a carrying amount and a fair value of [removed: $2,475] [added: $2,443] million, based on Level 2 inputs.

As of [removed: March 28, 2025,] [added: April 3, 2026,] we also had [removed: $5,905] [added: $5,825] million outstanding debt with variable interest rates based on the Secured Overnight Financing Rate (SOFR).

A hypothetical 100 basis point change in SOFR would have resulted in a [removed: $59] [added: $58] million increase [added: or decrease] in interest expense on an annualized basis.

In addition, we have a [removed: $1,494] [added: $1,495] million revolving credit facility, net of our letters of credit, [removed: that] [added: that,] if [removed: drawn] [added: drawn,] bears interest at a variable rate based on SOFR and would be subject to the same risks associated with adverse changes in SOFR.

We conduct business in numerous currencies through our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues or incur costs in currencies other than [removed: the] [added: each] entity’s functional currency, primarily in Euro, Japanese Yen, British Pound, Australian Dollar, Czech Koruna and Canadian Dollar.

As a result, we are exposed to foreign exchange gains or [removed: losses] [added: losses,] which impacts our operating results.

Growth in our international operations will incrementally increase our exposure to foreign currency fluctuations as well as volatile market conditions, including the weakening of foreign currencies relative to USD, which has [added: negatively affected,] and may in the future [added: continue to] negatively [removed: affect] [added: affect,] our revenue expressed in USD.

The gains and losses on these foreign exchange contracts are recorded in Other income (expense), net in [removed: the] [added: our] Consolidated Statements of Operations.

We do not use derivative financial instruments for speculative trading purposes, nor do we hedge our foreign currency exposure in a manner that entirely offsets the effects of [removed: the] changes in foreign exchange rates.

In March 2023, we entered into interest rate swap agreements to mitigate risks associated with the variable interest rate of our Term A Facility.

These pay-fixed, receive-floating rate interest rate swaps have the economic effect of hedging the variability of forecasted interest payments until their maturity on March 31, 2026.

Pursuant to the agreements, we have effectively converted $1 billion of our variable rate borrowings under Term A Facility to fixed rates, with $500 million at a fixed rate of 3.762% and $500 million at a fixed rate of 3.55%.

A hypothetical 100 basis point increase or decrease in interest rates would have resulted in a $8 million increase or $10 million decrease in the fair values of our floating to fixed rate interest swaps on March 28, 2025.

The objective of our interest rate swaps, all of which are designated as cash flow hedges, is to manage the variability of future interest expense.

We are well-positioned to drive awareness [added: and adoption] of [removed: cyber safety] [added: Cyber Safety and Trust-Based Solutions] for individuals, families, and small businesses, fueled by an increasingly connected world.

To this end, we offer both free and paid subscription-based [removed: cyber safety solutions primarily] [added: solutions, which are sold] direct-to-consumer [removed: through our family of brands] and [removed: indirectly] through partner relationships.

As of [removed: March 28, 2025,] [added: April 3, 2026,] we have approximately 500 million total users, which come from direct, [removed: indirect] [added: partner] and freemium channels.

These channels include retailers, telecom service providers, [removed: hardware original equipment manufacturers (OEMs),] employee benefit providers, strategic partners, small offices, home [removed: offices] [added: offices,] and very small businesses.

Physical retail [removed: and OEM partners] represent a small portion of our distribution, which minimizes the impact of supply chain disruptions.

The free solution offers a baseline [added: level] of protection and presents premium functionalities based on the risk profile and specific needs of the user.

Our strategy is focused on [added: delivering] long-term [removed: profitable] [added: sustainable and disciplined] growth.

Our three primary growth [removed: levers] [added: drivers] are:

- Grow our customer base through multiple channels: We [removed: have] [added: maintain] multiple go-to-market channels to reach new customers globally, including [removed: direct-to-customer, indirect] [added: direct, app stores, and] partnerships [added: across various business models, such as premium, freemium,] and [removed: freemium.][added: embedded marketplaces.]

- Continue our focus on customer [removed: retention:] [added: retention and loyalty:] We continue to optimize and expand the value we provide to [removed: customers] [added: customers,] which we believe [removed: can] positively [removed: impact retention.][added: impacts retention and lifetime value.]

Our [removed: cyber safety] [added: Cyber Safety] portfolio provides protection across [removed: three key categories in multiple channels and geographies, including] [added: two primary categories,] security and performance, [removed: identity protection,] and online [removed: privacy.][added: privacy, and is delivered across multiple channels and geographies.]

Leveraging our technology platforms, we integrate software and service capabilities within these [removed: three] [added: two] categories into comprehensive and easy-to-use products and solutions across our brands.

We have also evolved beyond [removed: traditional cyber safety] [added: Cyber Safety] to offer [removed: adjacent trust-based] [added: Trust-Based] solutions, including [removed: digital] identity [removed: and access management,] [added: protection, restoration support services,] digital reputation, and [removed: restoration support services.][added: secure financial wellness, including our first-party MoneyLion products and our Engine marketplace offerings.]

Plans are offered through Norton 360 and Avast One subscriptions, with both brands providing multiple levels of membership tiers that range from basic, mid-level, or premium tiers where [removed: identity theft and] online privacy features [added: and identity and restoration services] are included.

- Point solutions: Providing [removed: individual,] stand-alone products and services in security, [removed: identity] [added: device performance,] and privacy, offering flexibility for consumers to choose between free or paid solutions.

We are [removed: well positioned] [added: well-positioned] across [removed: three] [added: two] key [removed: cyber safety] [added: Cyber Safety] categories:

- Security and [removed: Performance (Norton, Avast, Avira, AVG, and CCleaner offerings):] [added: Performance:] Our offerings provide real-time threat protection for PCs, Macs and mobile devices against malware, [removed: viruses, adware, ransomware] [added: ransomware, phishing,] and other [removed: online] emerging [added: cyber] threats.

These offerings monitor and block unauthorized [removed: traffic from the internet] [added: access] to the device to help protect [added: and secure] private and sensitive [removed: information when customers are online.][added: information.]

[removed: Additionally, our all-in-one cybersecurity] [added: We also offer] solutions [added: designed to] help small [removed: business owners] [added: businesses] safeguard [removed: their team’s] [added: devices,] online activities, [removed: devices] and customer data.

Scams have also continued to become more prevalent and sophisticated and we offer a range of AI-powered features integrated into Norton Cyber Safety products to provide always-on protection from today’s most sophisticated scams across phone calls, texts, emails, [added: deepfakes] and websites.

We also provide performance and optimization software solutions that [removed: free] [added: improve device functionality by freeing] up [removed: space on devices, clear] [added: space, clearing] online [removed: tracking] [added: tracking,] and [removed: help machines run faster.][added: managing system resources.]

[removed: All three products include] [added: - Identity Protection and Reputation: In the United States, we offer Identity Theft protection as a premium membership service primarily through LifeLock, which includes] monitoring of credit reports, the dark [removed: web and] [added: web,] social [removed: media] [added: media, and financial] accounts to help [added: detect potential misuse of and] safeguard our customers’ personal information.

In the event of identity theft, we assign an Identity Restoration Specialist to work directly with customers to help restore their identities, and [removed: all plans include reimbursements for losses and expenses incurred ranging up to $3 million.][added: assist in the recovery process.]

[removed: Plans] [added: Outside the United States, we offer identity solutions under the Norton, Avast, and other brands, which] include dark web monitoring in over 50 [removed: countries and] [added: countries,] monitoring of credit, social media and financial accounts, restoration [removed: support] [added: support,] and identity theft insurance in select countries.

- Online [removed: Privacy (VPN, multiple personal data protection products, ReputationDefender):] [added: Privacy:] Our [added: privacy solutions include] virtual private network (VPN) [removed: solutions offered] [added: offerings] through the Norton, Avast and [removed: AVG brands enhance security and online privacy by providing an encrypted data tunnel.][added: freemium brands.]

[removed: This] [added: These solutions provide encrypted data tunnels and connections that] allows customers to securely transmit and access private information, such as passwords, bank [removed: details] [added: details,] and credit card numbers, when [removed: using public Wi-Fi on PCs, Macs, and mobile iOS and Android devices.][added: accessing the]

We [added: also] offer a variety of solutions under the Norton and Avast brands to [removed: protect customers’ data either by keeping data anonymous] [added: enhance online privacy, including solutions that limit tracking] while browsing [removed: online] [added: online,] through our AntiTrack and Secure Browser [removed: products] [added: products,] or [removed: helping] [added: services that help] customers [added: identify and] remove [removed: data] [added: personal information] from public data broker [removed: sites] [added: sites,] through our Privacy Monitor Assistant and BreachGuard products.

[removed: Norton offers a three-tiered] [added: Our] VPN [removed: with] [added: solutions also incorporate] advanced [removed: privacy and] [added: privacy,] malware [removed: protection as well as] [added: protection, and] AI-powered protection against sophisticated cyber threats, including scams and phishing attacks.

[removed: ReputationDefender is a white glove service that] [added: We also provide digital reputation management services, which] helps customers manage [removed: all aspects of] their personal branding online, including [added: on] search results, social media [removed: sites] [added: sites,] and overall web presence.

As cyber threats evolve, [added: and an increasing amount of our financial lives happen online,] we are focused on delivering a portfolio that protects each element of our customers’ digital [added: and financial] lives.

To do this, we engage and listen to our customers, and we embrace innovation by deploying a global research and development strategy across our [removed: cyber safety] platform.

Our engineering and product [removed: management] teams are focused on delivering new [added: and enhanced] versions of existing offerings, as well as developing entirely new offerings to drive the company’s global leadership in cyber [removed: safety.][added: safety and secure financial wellness.]

The Technology team at Gen is driving the company’s future [removed: technologies and] [added: technologies, new product development,] innovation and helping guide the consumer cybersecurity [removed: industry.][added: and personal financial services industries.]

Our global technology research organization is focused on applied research projects, with the goal of rapidly creating new products to address consumer trends and grow the business, including defending consumer digital [removed: privacy] [added: safety, privacy, identity] and [removed: identity.][added: secure financial wellness.]

The core markets [removed: that] we participate in [removed: are] [added: include] security, [removed: identity] [added: identity, privacy,] and [removed: privacy.][added: increasingly, financial wellness.]

We believe the cyber safety market will continue to expand [removed: beyond these core markets and grow] significantly, driven by the [removed: increasing] [added: growing] number of people [removed: globally] connected to the internet and [added: the accelerating convergence of] their [removed: expanding] digital [added: and financial] lives.

The cyber threat landscape is larger and more complicated than ever [removed: before, exposing consumers to an increased risk to their digital lives.][added: before.]

We face global competition from a broad range of companies, including software [removed: vendors] [added: providers] focusing on cyber safety solutions, [removed: operating system] [added: platform and ecosystem] providers such as Apple, Google and Microsoft, and ‘pure play’ companies that currently specialize in one or a few [removed: particular segments of the] market [removed: (many] [added: segments, many] of which are expanding their product portfolios into [removed: different segments).][added: additional segments.]

We believe the competitive factors in our market include innovation, access to a breadth of [added: consumer] identity and [removed: consumer transaction] [added: financial] data, broad and effective service offerings, brand recognition, [removed: technology,] effective [removed: and] [added: technology,] cost-efficient customer acquisition, strong retention rate, customer satisfaction, [added: competitive] price, convenience of purchase, ease of use, frequency of upgrades and [removed: updates and quality and] reliable customer service.

- [removed: Security:] [added: Security:] Our principal competitors in this segment include Apple, Bitdefender, ESET, F-Secure, Google, Kaspersky, Malwarebytes, McAfee, Microsoft, Trend [removed: Micro,] [added: Micro] and Webroot.

Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures.

Through its trusted brands including Norton, Avast, LifeLock, and MoneyLion, Gen helps people protect what matters most — their data, identity, privacy, reputation and financials — through award-winning cyber-security, online privacy, identity protection and financial wellness solutions used by nearly 500 million users in more than 150 countries.

Today, digital life and financial life are increasingly intertwined, reshaping how people work, bank, shop, learn, connect and manage their households every day.

Advances in cloud computing, mobile platforms, and artificial intelligence (AI) have expanded how consumers interact and transact online, and we expect technological advancements to continue to unlock new possibilities.

At the same time, the expansion of consumers’ digital footprint is increasing exposure to cyber risks.

Cybercriminals are combining long-standing techniques such as phishing, vishing and smishing with data-driven social engineering, deepfakes, account-takeover attacks and abuse of generative-AI systems and AI agents to execute increasingly sophisticated scams, fraud and other attacks that target people’s identities, privacy and finances.

In this environment, we provide solutions designed to help consumers secure, control and manage their digital and financial lives.

We also offer personal finance products, tools and content that deliver actionable insights and guidance to users.

Our global, omni-channel sales approach includes direct, indirect and freemium channels and a family of brands, enabling us to grow our customer base and maximize the global reach of our products and services.

We also distribute both first-party and third-party product offerings through integrated marketplaces and other partner platforms.

Of these total users, we have approximately 79 million paid customers which reflects all customers with at least one paid subscription as of the end of the period, and / or individuals with a unique account and at least one paid transaction in the trailing twelve months.

We also offer our integrated core suite of financial products and services through our mobile applications and marketplace services.

- Freemium channels: Our go-to-market is diversified with multiple freemium channels through brands like Avast.

- Consumer and Enterprise marketplace: The acquisition of MoneyLion further expanded our go-to-market reach through a consumer and enterprise marketplace, which is branded Engine by Gen.

Consumers can access a broad range of personalized and actionable offers for both financial and non-financial products and services.

For more than a decade, we have protected people’s digital lives.

That is our foundation.

Today, we are building something larger: a platform that moves beyond protection into full empowerment — giving people the confidence, tools, and insights to control, manage and grow their digital and financial lives.

1.Securing Digital Lives: Extending and deepening our leadership in cyber safety by leveraging technology innovation to protect consumers, families, and small businesses against an evolving and increasingly sophisticated threat landscape, including emerging risks from AI-generated scams, deepfakes, and agentic threats, while delivering proactive, personalized safety companion across devices, browsers, and AI agents.

2.Empowering Financial Wellness: Expanding our trusted solutions platform to empower consumers to protect, manage and grow their financial lives — through identity protection, financial fraud protection, credit monitoring, earned wage access, personalized financial product insights, and a recommended platform of trusted third-party financial solutions — deepening the customer relationship from protection into empowerment and financial decision-making and compounding lifetime value across the platform.

3.Scaling Gen’s AI-Powered Platform Delivering a Trust Layer: Connecting our ecosystem of brands, products, and partners through a unified data and AI infrastructure to deliver personalized, proactive, and increasingly automated experiences — closing the gap between what AI can do and what consumers trust it to do.

Our platform turns user-permissioned data into trusted recommendations and actionable intelligence, positioning Gen as the trust layer for the AI economy.

- Extend our leadership in Cyber Safety through AI-driven innovation: Cyber Safety is a large market with an ever-evolving threat landscape.

AI is simultaneously enabling more sophisticated attacks and more powerful defenses.

Our strategy is to lead in both defense and empowerment, deploying AI-native capabilities such as our advanced scam detection engine, agentic security, and privacy protection solutions that anticipate threats before they materialize.

Our telemetry across devices, identities, and financial signals powers a flywheel: more data improves detection, better detection builds trust, and trust drives growth.

We continue to expand our portfolio into adjacent areas including family safety, small business protection, and AI-safe browsing to reach new customer cohorts and geographies.

We leverage our expertise in digital marketing, our family of trusted brands, and our expanding network of telecom, financial institution, and employer benefit partners to grow our customer base.

We have access to numerous first party financial products through MoneyLion as well as our Engine marketplace that extends distribution through partners, increasing the number of consumers that see our value proposition.

We believe continued investment in these distribution channels, combined with the breadth of our first-party and third-party product portfolio, will allow us to efficiently acquire new customers across cyber safety and financial wellness.

- Deepen customer value through cross-sell of all of our services: security, privacy, identity, reputation, and financial protection and empowerment: We believe our approximately 500 million users — including 79 million paid customers — represent a significant and underleveraged opportunity to deliver trusted financial solutions.

Our Engine marketplace connects consumers with over 600 third-party financial product providers across lending, insurance, credit, and banking, represents a hosted decisioning engine.

We leverage our identity and behavioral data advantages to deliver personalized financial product recommendations to existing customers, increasing average revenue per user and strengthening the overall value of the Gen relationship.

Customers with connected financial accounts demonstrate higher engagement, stronger ARPU, and better retention, which further deepens loyalty over time.

We aim to increase customer engagement through actionable identity and financial alerts, AI-powered insights, and the introduction of new product capabilities and financial wellness community content.

Comprehensive cyber safety membership adoption — integrating security, identity, privacy, and financial wellness into a single trusted relationship — reinforces our view that the future of cyber safety lies in all-in-one solutions and ultimately a seamless secure trust layer.

- Leverage our global brands and partner network to drive reach and innovation: We will continue building our family of trusted brands globally — Norton, Avast, LifeLock, MoneyLion and more — as we expand protection and empowerment to consumers across more than 150 countries.

We will also continue to invest in our partner network, which includes over 650 channel partners and over 600 third-party product providers in Engine by Gen, to enrich the choices available to our customers and accelerate our reach into new markets and customer segments.

- Scale our AI-powered platform to drive compounding growth: We are investing in a unified data and AI platform that gives consumers structured, secure access to their most important information and puts the power of distribution in their hands, while connecting our brands, products, and third-party partners into a single intelligent ecosystem.

This platform enables hyper-personalized recommendations, faster AI innovation across our portfolio, and new revenue streams through trust, data, and decisioning services.

Gen is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock and more.

We bring award-winning products and services in cyber safety, covering security, privacy, identity protection and financial wellness to approximately 500 million users in more than 150 countries, empowering them to live their digital lives safely, privately, and confidently today and for generations to come.

Today’s world is increasingly digital, and this has changed the way we live our lives every day.

The last decade has brought increasingly impressive technological advances that have unlocked new ways to play and transact online, control smart homes, manage our life and more.

The possibilities in the digital world will continue to unlock new possibilities.

However, as our digital footprint expands, so do the risks and exposure.

Cybercriminals use a mix of old and new tactics and technologies, including phishing, vishing, smishing, based on machine learning and generative artificial intelligence (AI) technologies, to execute highly advanced threats and attacks.

We are our customers’ trusted ally that they can depend on to help secure and control their digital lives so they can be free to enjoy the promise of the digital world.

We are committed more than ever to protecting and empowering people’s digital lives with personalized, human-centered safety.

We maintain a global, omni-channel sales approach, including direct, indirect and freemium acquisition and a family of brands marketing program.

This program is designed to grow our customer base by increasing brand awareness and understanding of our products and services and maximizing our global reach to prospective customers.

We also make it easy for consumers to find, buy and use our products and services.

Of these total users, we have approximately 65 million paid cyber safety customers including over 40 million direct customers with whom we have a direct billing relationship.

- Freemium channels: With the acquisitions of Avast and Avira, we have expanded our go-to-market with multiple freemium channels.

To fuel our growth, our consumer-centric strategy is to provide comprehensive and easy-to-use integrated platforms, which we have built in-house or acquired.

By combining and leveraging our family of trusted consumer brands, including offerings from Norton, Avast, LifeLock and more, we deliver an industry-leading cyber safety and trust-based solutions.

1.Extending Reach: Leveraging an omni-channel strategy and building partnerships to broaden privacy and identity protection internationally.

2.Increasing Value: Cross-selling and up-selling, and expanding security, identity and privacy solutions to address consumers’ evolving needs.

3.Growing Loyalty: Increase customer loyalty and retention, as consumers move from point products protecting their devices towards all-in-one comprehensive cyber safety memberships.

- Extend our leadership position through new products and continued enhancement of our trust-based solutions and services: Cyber safety is a large and expanding market, which we believe provides a significant growth opportunity.

Our strategy is to grow our business through innovation and acquisitions to expand the solutions and services we offer into new cohorts, territories and sectors.

We believe there are many additional areas where we can both offer new solutions, as well as use our core capabilities and our integrated platform to reach new customers and markets globally.

We intend to leverage our expertise in digital marketing, as well as existing and new strategic partnerships, to grow our customer base.

We believe that continued investments in these areas, as well as our product offerings and infrastructure, will allow us to further enhance our leading brands and superior products, increase awareness of our consumer services and enhance our ability to efficiently acquire new customers.

We aim to continue to increase customer engagements through actionable alerts, education on timely topics and introducing new product capabilities.

We also plan to continue investing in enhancing both desktop and mobile customer experiences throughout a customer’s journey with Gen, from purchase, to onboarding and beyond.

- Increase value to existing customers: We believe strong customer satisfaction will provide us with the opportunity to engage customers in new services offerings.

We maintain the Norton 360 and Avast One platforms that have multiple tiers of membership, and we continue to engage customers with standalone products to offer membership options and show the value proposition of our premium solutions.

Over time, we plan to drive further growth as we add additional offerings and services for our customers.

- Draw strength from our world-class customer service support: Our global support team seeks to ensure the voice of the consumer is heard and that we put our customers first.

We leverage frequent communication and feedback from our customers to continually improve our solutions and services.

We embrace end-to-end customer experience and aim to continue to improve our Net Promoter Scores and overall customer satisfaction.

- Leverage our global brands to drive growth: We will work to keep building our family of trusted brands in markets globally as we strive to bring protection and empowerment to all consumers when it comes to their digital lives.

According to our most recent research, Norton has 93% global brand awareness, and we are best positioned and top of mind in consumer cyber safety, according to the internal H1 2025 Gen Brand Tracker.

Our Cyber Safety Solutions and Services

Our broad portfolio of products and services is developed from consumer insights to help us bring to market real solutions to real problems and to engage and educate consumers about cyber safety.

We continuously aim to release new products and features to outpace evolving threats and find synergies to integrate current and future technology acquisitions.

- Identity Protection (U.S.: LifeLock Identity Theft Protection, Avast and AVG Secure Identity; International: Norton Identity Theft Protection, Dark Web Monitoring): In the U.S., we offer Identity Theft protection as part of our LifeLock, Avast and AVG brands.

The LifeLock product also offers monitoring of financial accounts.

Outside the U.S., we offer Norton and have expanded Avast and AVG branded plans to additional regions.

Information with respect to this Item may be found under the heading “Litigation contingencies” in Note 18 of the Notes to the Consolidated Financial Statements in this Annual Report on Form [removed: 10-K] [added: 10-K,] which information is incorporated into this Item 3 by reference.

For the Fiscal Year Ended [removed: March 28, 2025][added: April 3, 2026]

Aggregate market value of the voting stock held by non-affiliates of the registrant, based upon the closing sale price of Gen Digital common stock on [removed: September 27, 2024] [added: October 3, 2025] as reported on the Nasdaq Global Select Market: [removed: $10,678,012,697,] [added: $15,555,822,937,] based on a per share stock price of [removed: $27.47.][added: $27.82.]

The number of shares of Gen Digital common stock, $0.01 par value per share, outstanding as of May [removed: 12, 2025] [added: 18, 2026] was [removed: 620,229,707] [added: 602,433,854] shares.

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

Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended [removed: March 28, 2025.][added: April 3, 2026.]

For the Fiscal Year Ended [removed: March 28, 2025][added: April 3, 2026]

| [Item [removed: 1.](#ifa740d68b83d481bbd410b611c4e306e_16)] [added: 1.](#ibd9a7be4e8124c118fcd206df4e0afef_19)] | | | [removed: [Business](#ifa740d68b83d481bbd410b611c4e306e_16)] [added: [Business](#ibd9a7be4e8124c118fcd206df4e0afef_19)] | | | [removed: [6](#ifa740d68b83d481bbd410b611c4e306e_16)] [added: [6](#ibd9a7be4e8124c118fcd206df4e0afef_19)] | | |

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| [Item [removed: 8.](#ifa740d68b83d481bbd410b611c4e306e_70)] [added: 8.](#ibd9a7be4e8124c118fcd206df4e0afef_79)] | | | [Financial Statements and Supplementary [removed: Data](#ifa740d68b83d481bbd410b611c4e306e_70)] [added: Data](#ibd9a7be4e8124c118fcd206df4e0afef_79)] | | | [removed: [43](#ifa740d68b83d481bbd410b611c4e306e_70)] [added: [42](#ibd9a7be4e8124c118fcd206df4e0afef_79)] | | |

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| [Item [removed: 9C.](#ifa740d68b83d481bbd410b611c4e306e_82)] [added: 9C.](#ibd9a7be4e8124c118fcd206df4e0afef_91)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#ifa740d68b83d481bbd410b611c4e306e_82)] [added: Inspections](#ibd9a7be4e8124c118fcd206df4e0afef_91)] | | | [removed: [43](#ifa740d68b83d481bbd410b611c4e306e_82)] [added: [43](#ibd9a7be4e8124c118fcd206df4e0afef_91)] | | |

| [PART [removed: III](#ifa740d68b83d481bbd410b611c4e306e_85)] [added: III](#ibd9a7be4e8124c118fcd206df4e0afef_94)] | | | | | | | | |

| [Item [removed: 10.](#ifa740d68b83d481bbd410b611c4e306e_88)] [added: 10.](#ibd9a7be4e8124c118fcd206df4e0afef_97)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#ifa740d68b83d481bbd410b611c4e306e_88)] [added: Governance](#ibd9a7be4e8124c118fcd206df4e0afef_97)] | | | [removed: [44](#ifa740d68b83d481bbd410b611c4e306e_88)] [added: [44](#ibd9a7be4e8124c118fcd206df4e0afef_97)] | | |

| [Item [removed: 11.](#ifa740d68b83d481bbd410b611c4e306e_91)] [added: 11.](#ibd9a7be4e8124c118fcd206df4e0afef_100)] | | | [Executive [removed: Compensation](#ifa740d68b83d481bbd410b611c4e306e_91)] [added: Compensation](#ibd9a7be4e8124c118fcd206df4e0afef_100)] | | | [removed: [44](#ifa740d68b83d481bbd410b611c4e306e_91)] [added: [44](#ibd9a7be4e8124c118fcd206df4e0afef_100)] | | |

| [Item [removed: 12.](#ifa740d68b83d481bbd410b611c4e306e_94)] [added: 12.](#ibd9a7be4e8124c118fcd206df4e0afef_103)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#ifa740d68b83d481bbd410b611c4e306e_94)] [added: Matters](#ibd9a7be4e8124c118fcd206df4e0afef_103)] | | | [removed: [44](#ifa740d68b83d481bbd410b611c4e306e_94)] [added: [44](#ibd9a7be4e8124c118fcd206df4e0afef_103)] | | |

| [Item [removed: 13.](#ifa740d68b83d481bbd410b611c4e306e_97)] [added: 13.](#ibd9a7be4e8124c118fcd206df4e0afef_106)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#ifa740d68b83d481bbd410b611c4e306e_97)] [added: Independence](#ibd9a7be4e8124c118fcd206df4e0afef_106)] | | | [removed: [44](#ifa740d68b83d481bbd410b611c4e306e_97)] [added: [44](#ibd9a7be4e8124c118fcd206df4e0afef_106)] | | |

| [Item [removed: 14.](#ifa740d68b83d481bbd410b611c4e306e_100)] [added: 14.](#ibd9a7be4e8124c118fcd206df4e0afef_109)] | | | [Principal Accountant Fees and [removed: Services](#ifa740d68b83d481bbd410b611c4e306e_100)] [added: Services](#ibd9a7be4e8124c118fcd206df4e0afef_109)] | | | [removed: [44](#ifa740d68b83d481bbd410b611c4e306e_100)] [added: [44](#ibd9a7be4e8124c118fcd206df4e0afef_109)] | | |

| [Item [removed: 15.](#ifa740d68b83d481bbd410b611c4e306e_106)] [added: 15.](#ibd9a7be4e8124c118fcd206df4e0afef_115)] | | | [Exhibits and Financial Statement [removed: Schedules](#ifa740d68b83d481bbd410b611c4e306e_106)] [added: Schedules](#ibd9a7be4e8124c118fcd206df4e0afef_115)] | | | [removed: [45](#ifa740d68b83d481bbd410b611c4e306e_106)] [added: [45](#ibd9a7be4e8124c118fcd206df4e0afef_115)] | | |

| [Item [removed: 16.](#ifa740d68b83d481bbd410b611c4e306e_199)] [added: 16.](#ibd9a7be4e8124c118fcd206df4e0afef_217)] | | | [Form 10-K [removed: Summary](#ifa740d68b83d481bbd410b611c4e306e_199)] [added: Summary](#ibd9a7be4e8124c118fcd206df4e0afef_217)] | | | [removed: [87](#ifa740d68b83d481bbd410b611c4e306e_199)] [added: [89](#ibd9a7be4e8124c118fcd206df4e0afef_217)] | | |

[added: Gen, Norton, Avast,] LifeLock, [added: MoneyLion,] Avira, AVG, ReputationDefender, CCleaner and all related trademarks, service marks and trade names are trademarks or registered trademarks of Gen or other respective owners that have granted Gen the right to use such marks.

In addition, projections of our future financial performance; [added: beliefs regarding our business and strategies;] anticipated growth and trends in our businesses and in our industries; the consummation of or anticipated impacts of acquisitions (including our ability to achieve synergies from acquisitions, [removed: including Avast and] [added: including, but not limited to, our acquisition of] MoneyLion), [added: expectations about certain markets,] divestitures, restructurings, stock repurchases, financings, debt [removed: repayments and] [added: repayments,] investment [removed: activities;] [added: activities and our liquidity;] the outcome or impact of pending litigation, claims or disputes; risks associated with third party providers; evolving regulations and increased scrutiny from regulators; our intent to pay quarterly cash dividends in the future; plans for and anticipated benefits of our products and solutions; anticipated tax rates, benefits and expenses; the global macroeconomic outlook, including but not limited to, the impact of inflation, fluctuations in foreign currency exchange rates, changes in interest rates, and the impact of new trade policy, including the implementation of global tariffs; [added: retaliatory trade regulations and policies;] economic disruptions caused by the potential impact of volatility and conflict in the geopolitical and economic environment; [added: general uncertainty in the financial] and [added: capital markets; and] other global macroeconomic factors on our operations and financial performance; and other characterizations of future events or circumstances are forward-looking statements.

[removed: *Risk Factors*,] [added: Risk Factors,] of this Annual Report on Form 10-K.

- If we are unable to develop new and enhanced solutions and products, or [removed: if we are unable to] continually improve the performance, features, and reliability of our existing solutions and products, our business and operating results could be adversely affected.

- Our revenue and operating results depend significantly on our ability to retain our existing customers and [removed: expand sales to them,] [added: increase their adoption of our offerings,] convert existing non-paying customers to paying [removed: customers] [added: customers,] and add new customers.

- Changes in industry structure and market conditions have and may continue to lead to charges related to discontinuance of certain [removed: of our] products or businesses and asset impairments.

- Our international operations involve risks that could increase our expenses, adversely affect our operating results and require increased time and attention [removed: of our] [added: from] management.

- Our solutions, systems, websites and the data on these sources have been [removed: in the past] and may continue to be subject to cybersecurity events that could materially harm our reputation and future sales.

- We are affected by seasonality, which [added: has in the past and] may [added: in the future] impact our revenue and results of operations.

- [removed: Our solutions are highly regulated and the] [added: The] legal and regulatory regimes governing certain of our products and services are uncertain and [removed: evolving, which could impede our ability to market and provide our solutions or adversely affect our business, financial position and results of operations.][added: evolving.]

| Contingent Value Rights | | | | | | GENVR | | | The Nasdaq Stock Market LLC | | |

☐

| [PART I](#ibd9a7be4e8124c118fcd206df4e0afef_16) | | | | | | | | |

| [PART II](#ibd9a7be4e8124c118fcd206df4e0afef_43) | | | | | | | | |

| [PART IV](#ibd9a7be4e8124c118fcd206df4e0afef_112) | | | | | | | | |

| [Signatures](#ibd9a7be4e8124c118fcd206df4e0afef_220) | | | | | | [90](#ibd9a7be4e8124c118fcd206df4e0afef_220) | | |

- Issues in the development and deployment of AI, including generative AI and emerging AI-enabled cyber threats, could expose us to regulatory, privacy, IP, cybersecurity, operational and reputational risks.

- Our substantial indebtedness and related debt obligations could limit our financial and operating flexibility and increase our vulnerability to adverse business and economic conditions.

- We rely on a variety of funding sources to support our business model.

- Our corporate and legal entity structure, as well as our intercompany arrangements, are subject to the tax laws of multiple jurisdictions.

These laws are complex and may be subject to differing interpretations by tax authorities.

☑

| [PART I](#ifa740d68b83d481bbd410b611c4e306e_13) | | | | | | | | |

| [PART II](#ifa740d68b83d481bbd410b611c4e306e_40) | | | | | | | | |

| [PART IV](#ifa740d68b83d481bbd410b611c4e306e_103) | | | | | | | | |

| [Signatures](#ifa740d68b83d481bbd410b611c4e306e_202) | | | | | | [88](#ifa740d68b83d481bbd410b611c4e306e_202) | | |

Gen, Norton, Avast,

- Issues in the development and deployment of artificial intelligence (“AI”) may result in reputational harm and legal liability and could adversely affect our results of operations.

- The regulatory regime governing blockchain technologies and digital assets is uncertain, and new laws, regulations or policies, including licensing laws, may alter our business practices with respect to digital assets.

- There are risks associated with our outstanding and future indebtedness that could adversely affect our financial condition.

- We may be unsuccessful in managing the effects of changes in the cost of capital on our business.

- Hedging or other mitigation actions to mitigate against interest rate exposure may adversely affect our earnings, limit our gains or result in losses, which could adversely affect cash available for distributions.

A retained independent third-party firm reviews the maturity of our information security program and the results are discussed [removed: annually in] [added: with] the [removed: Technology and Cybersecurity] [added: Audit] Committee of the Board.

Our processes also address [removed: risk] [added: the identification, assessment,] and [removed: identification] [added: management] of cybersecurity threat risks from our use of third-party service [removed: providers.][added: providers and other external vendors that support our products, services and internal operations.]

This involves, among other things, conducting pre-engagement risk-based diligence, reviewing security and controls reports, implementing contractual security and notification provisions, and ongoing monitoring [added: and periodic assessment,] as [removed: needed.][added: appropriate, based on the nature of the services provided and changes in the threat environment.]

The [removed: Technology and Cybersecurity] [added: Audit] Committee of the Board has direct oversight to the Company’s (1) technology strategy, initiatives, and investments and (2) key cybersecurity information technology risks against both internal and external threats.

The [removed: Technology and Cybersecurity] [added: Audit] Committee [added: of the Board] is comprised entirely of independent directors, [removed: all] [added: with a mix] of [removed: whom have] experience related to information [added: technology audits, information] security issues [removed: or] [added: and/or] oversight [removed: and] [added: who] meets and reports to the Board on a quarterly basis.

The Audit [removed: Committee, which is also comprised entirely of independent directors,] [added: Committee] considers [removed: cybersecurity] information technology risks in connection with [added: cybersecurity incidents] overseeing our enterprise [removed: risk management system,] [added: technology,] and reports to the Board on enterprise risk management matters on a quarterly basis.

We have processes in place for management to report security instances to the [removed: Technology and Cybersecurity Committee and] Audit Committee as they occur, if material, and to provide a summary multiple times per year of other incidents to the [removed: Technology and Cybersecurity] [added: Audit] Committee.

Additionally, our CISO attends each [removed: Technology and Cybersecurity] [added: Audit] Committee meeting and meets regularly with the Board of Directors [removed: or the Audit Committee of the Board of Directors] to brief them on technology and information security matters.

Our principal executive offices occupy approximately 75,051 square feet in Tempe, Arizona under a lease that expires in 2032.

We also operate offices and data centers throughout the United States and other countries worldwide.

We believe that our existing facilities are sufficient for our current needs.

In the future, we may need to add new facilities and expand our existing facilities as we add employees and evolve our business.

We believe that suitable additional or substitute space will be available on commercially reasonable terms to meet our future needs.

Not applicable.

As of [removed: March 28, 2025,] [added: April 3, 2026,] there were [removed: 2,855] [added: 2,284] stockholders of record.

The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on the S&P 500 Composite Index and the S&P Information Technology Index for the five fiscal years ended [removed: March 28, 2025] [added: April 3, 2026] (assuming the initial investment of $100 in our common stock and in each of the other indices on the last day of trading for fiscal [removed: 2020] [added: 2021] and the reinvestment of all dividends).

and the S&P Information Technology [removed: Index][added: Index]

[added: (2)] Under our stock repurchase programs, shares may be repurchased on the open market and through accelerated stock repurchase transactions.

As of [removed: March 28, 2025,] [added: April 3, 2026,] we had [removed: $2,728] [added: $2,094] million remaining authorized to be completed in future periods with no expiration date.

[removed: No shares were repurchased] [added: Stock repurchases] during the three months ended [removed: March 28, 2025.][added: April 3, 2026 were as follows:]

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

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

| (In millions, except per share data) | | | Total Number of Shares Purchased (1) | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Program | | | | | | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2) | | |

| January 3, 2026 to January 30, 2026 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,294 | |

| January 31, 2026 to February 27, 2026 | | | 9 | | | | | | $ | 23.31 | | | | | 9 | | | | | | $ | 2,094 | |

| February 28, 2026 to April 3, 2026 | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 2,094 | |

| Total number of shares repurchased | | | 9 | | | | | | | | | | | | 9 | | | | | | | | |

(1) The number of shares repurchased is reported on trade date.

Our internal control over financial reporting is a process designed under the supervision of our CEO and CFO to provide reasonable assurance regarding the preparation and reliability of financial reporting and preparation of our financial statements for external purposes in accordance with [added: accounting principles] generally accepted [removed: accounting principles.][added: in the U.S.]

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, has conducted an evaluation of the effectiveness of our internal control over financial reporting as of [removed: March 28, 2025,] [added: April 3, 2026,] based on criteria established in [removed: Internal] [added: *Internal] Control - Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

Our management has concluded that, as of [removed: March 28, 2025,] [added: April 3, 2026,] our internal control over financial reporting was effective at the reasonable assurance level based on these criteria.

The effectiveness of our internal control over financial reporting, as of [removed: March 28, 2025,] [added: April 3, 2026,] has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report, which is included in Part IV, Item 15 of this Annual Report on Form 10-K.

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended [removed: March 28, 2025] [added: April 3, 2026] that [removed: have] [added: has] materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We completed the acquisition of MoneyLion in April 2025.

Management has excluded MoneyLion from its assessment of the effectiveness of Gen’s internal control over financial reporting as of April 3, 2026.

Total assets (excluding goodwill and intangibles) and total revenues of MoneyLion represent approximately 2%, or $354 million and 16%, or $823 million, respectively, of the Consolidated Financial Statement amounts as of, and for the fiscal year ended, April 3, 2026.

This exclusion is in accordance with the SEC staff’s general guidance that an assessment of an acquired business may be omitted from the scope of management’s assessment of the effectiveness of internal control over financial reporting during the first year after completion of an acquisition while integrating the acquired company.

On April 17, 2025, we completed our acquisition of MoneyLion and are currently integrating MoneyLion into our operations and internal control processes.

Our initial assessment of MoneyLion’s internal control over financial reporting is ongoing.

We have designed and implemented new controls as needed.

*MoneyLion Material Weakness*

A material weakness is a deficiency or a combination of deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a registrant’s financial statement will not be prevented or detected on a timely basis.

Prior to the acquisition by Gen, MoneyLion reported an identified material weakness in its internal control over financial reporting.

As a result, MoneyLion concluded that, as of December 31, 2024, its disclosure controls and procedures were not

effective in providing reasonable assurance that information required to be disclosed in reports filed or submitted under the Exchange Act was recorded, processed, summarized and reported within the time periods specified by SEC rules and forms.

The material weakness identified relates to MoneyLion’s Credit Builder Loan product, involving certain cash disbursements made to customer escrow accounts that were not in accordance with the product’s terms.

While the related transactions were properly reflected in the financial statements and no misstatements were identified, the control deficiency could have resulted in unauthorized disbursements of cash.

Accordingly, this deficiency was determined to constitute a material weakness.

MoneyLion has undertaken steps to remediate the material weakness and we are evaluating the steps that have been taken under Gen’s control framework.

During the fiscal quarter ended [removed: March 28, 2025,] [added: April 3, 2026,] none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended) informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K, Item 408.

The information required by this item will be included under the [removed: caption “Directors,] [added: captions “The Board and Its Committees”, “Our] Executive [removed: Officers,] [added: Officers”] and [removed: Corporate] [added: “Corporate] Governance” in our proxy statement for the [removed: 2025] [added: 2026] Annual Meeting to be filed with the SEC within 120 days of the fiscal year ended [removed: March 28, 2025] [added: April 3, 2026] (the [removed: 2025] [added: 2026] Proxy Statement) and is incorporated herein by reference.

With regard to the information required by this item regarding compliance with Section 16(a) of the Exchange Act, we will provide disclosure of delinquent Section 16(a) reports, if any, in the [removed: 2025] [added: 2026] Proxy Statement, and such disclosure, if any, is incorporated herein by reference.

Insider trading arrangements and policies

We are committed to promoting high standards of ethical business conduct and compliance with applicable laws, rules and regulations.

As part of this commitment, we have adopted our Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.

A copy of our Insider Trading Policy is filed as Exhibit 19.01 to this Annual Report on Form 10-K.

The information required by this item will be included under the captions “Director Compensation” and “Executive Compensation and Related Information” in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference (excluding the information under the subheading “Pay Versus Performance”).

The information required by this item will be included under the captions “Security Ownership of Certain Beneficial Owners and [removed: Management and Related Stockholder Matters”] [added: Management”] and “Equity Compensation [removed: Plans”] [added: Plan Information”] in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included under the [removed: caption] [added: captions] “Certain Relationships and Related [removed: Transactions,] [added: Transactions”] and [removed: Director] [added: “Board] Independence” in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The information required by this item will be included under the caption “Principal Accountant Fees and Services” in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#ifa740d68b83d481bbd410b611c4e306e_109)] [added: Firm](#ibd9a7be4e8124c118fcd206df4e0afef_118)] | | | [removed: [46](#ifa740d68b83d481bbd410b611c4e306e_109)] [added: [46](#ibd9a7be4e8124c118fcd206df4e0afef_118)] | | |

| | | | [Consolidated Balance [removed: Sheets](#ifa740d68b83d481bbd410b611c4e306e_112)] [added: Sheets](#ibd9a7be4e8124c118fcd206df4e0afef_121)] | | | [removed: [48](#ifa740d68b83d481bbd410b611c4e306e_112)] [added: [48](#ibd9a7be4e8124c118fcd206df4e0afef_121)] | | |

| | | | [Consolidated Statements of [removed: Operations](#ifa740d68b83d481bbd410b611c4e306e_115)] [added: Operations](#ibd9a7be4e8124c118fcd206df4e0afef_124)] | | | [removed: [49](#ifa740d68b83d481bbd410b611c4e306e_115)] [added: [49](#ibd9a7be4e8124c118fcd206df4e0afef_124)] | | |

| | | | [Consolidated Statements of Comprehensive Income [removed: (Loss)](#ifa740d68b83d481bbd410b611c4e306e_118)] [added: (Loss)](#ibd9a7be4e8124c118fcd206df4e0afef_127)] | | | [removed: [50](#ifa740d68b83d481bbd410b611c4e306e_118)] [added: [50](#ibd9a7be4e8124c118fcd206df4e0afef_127)] | | |

| | | | [Consolidated Statements of Stockholders’ Equity [removed: (Deficit)](#ifa740d68b83d481bbd410b611c4e306e_121)] [added: (Deficit)](#ibd9a7be4e8124c118fcd206df4e0afef_130)] | | | [removed: [51](#ifa740d68b83d481bbd410b611c4e306e_121)] [added: [51](#ibd9a7be4e8124c118fcd206df4e0afef_130)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#ifa740d68b83d481bbd410b611c4e306e_124)] [added: Flows](#ibd9a7be4e8124c118fcd206df4e0afef_133)] | | | [removed: [52](#ifa740d68b83d481bbd410b611c4e306e_124)] [added: [52](#ibd9a7be4e8124c118fcd206df4e0afef_133)] | | |

| | | | [Notes to the Consolidated Financial [removed: Statements](#ifa740d68b83d481bbd410b611c4e306e_127)] [added: Statements](#ibd9a7be4e8124c118fcd206df4e0afef_136)] | | | [removed: [53](#ifa740d68b83d481bbd410b611c4e306e_127)] [added: [53](#ibd9a7be4e8124c118fcd206df4e0afef_136)] | | |

| | | | [Note 1. Description of Business and Significant Accounting [removed: Policies](#ifa740d68b83d481bbd410b611c4e306e_130)] [added: Policies](#ibd9a7be4e8124c118fcd206df4e0afef_139)] | | | [removed: [53](#ifa740d68b83d481bbd410b611c4e306e_130)] [added: [53](#ibd9a7be4e8124c118fcd206df4e0afef_139)] | | |

| | | | [Note 2. Recent Accounting [removed: Standards](#ifa740d68b83d481bbd410b611c4e306e_136)] [added: Standards](#ibd9a7be4e8124c118fcd206df4e0afef_145)] | | | [removed: [58](#ifa740d68b83d481bbd410b611c4e306e_136)] [added: [58](#ibd9a7be4e8124c118fcd206df4e0afef_145)] | | |

| [added: Assets held for sale] | | | [removed: [Note 3. Assets Held for Sale](#ifa740d68b83d481bbd410b611c4e306e_139)] [added: 14] | | | [removed: [58](#ifa740d68b83d481bbd410b611c4e306e_139)] | | | [added: 22 | | |]

| | | | [Note 4. Business [removed: Combinations](#ifa740d68b83d481bbd410b611c4e306e_142)] [added: Combinations](#ibd9a7be4e8124c118fcd206df4e0afef_151)] | | | [removed: [58](#ifa740d68b83d481bbd410b611c4e306e_142)] [added: [59](#ibd9a7be4e8124c118fcd206df4e0afef_151)] | | |

| | | | [Note 6. Goodwill and Intangible [removed: Assets](#ifa740d68b83d481bbd410b611c4e306e_148)] [added: Assets](#ibd9a7be4e8124c118fcd206df4e0afef_160)] | | | [removed: [60](#ifa740d68b83d481bbd410b611c4e306e_148)] [added: [62](#ibd9a7be4e8124c118fcd206df4e0afef_160)] | | |

| | | | [Note 7. Supplementary [removed: Information](#ifa740d68b83d481bbd410b611c4e306e_151)] [added: Information](#ibd9a7be4e8124c118fcd206df4e0afef_163)] | | | [removed: [60](#ifa740d68b83d481bbd410b611c4e306e_151)] [added: [64](#ibd9a7be4e8124c118fcd206df4e0afef_163)] | | |

| | | | [Note 8. Financial Instruments and Fair Value [removed: Measurements](#ifa740d68b83d481bbd410b611c4e306e_154)] [added: Measurements](#ibd9a7be4e8124c118fcd206df4e0afef_166)] | | | [removed: [63](#ifa740d68b83d481bbd410b611c4e306e_154)] [added: [66](#ibd9a7be4e8124c118fcd206df4e0afef_166)] | | |

| | | | [Note 10. [removed: Debt](#ifa740d68b83d481bbd410b611c4e306e_160)] [added: Debt](#ibd9a7be4e8124c118fcd206df4e0afef_172)] | | | [removed: [64](#ifa740d68b83d481bbd410b611c4e306e_160)] [added: [67](#ibd9a7be4e8124c118fcd206df4e0afef_172)] | | |

| | | | [Note 11. [removed: Derivatives](#ifa740d68b83d481bbd410b611c4e306e_166)] [added: Derivatives](#ibd9a7be4e8124c118fcd206df4e0afef_178)] | | | [removed: [66](#ifa740d68b83d481bbd410b611c4e306e_166)] [added: [69](#ibd9a7be4e8124c118fcd206df4e0afef_178)] | | |

| | | | [Note 12. Restructuring and Other [removed: Costs](#ifa740d68b83d481bbd410b611c4e306e_169)] [added: Costs](#ibd9a7be4e8124c118fcd206df4e0afef_181)] | | | [removed: [67](#ifa740d68b83d481bbd410b611c4e306e_169)] [added: [70](#ibd9a7be4e8124c118fcd206df4e0afef_181)] | | |

| | | | [Note 13. Income [removed: Taxes](#ifa740d68b83d481bbd410b611c4e306e_172)] [added: Taxes](#ibd9a7be4e8124c118fcd206df4e0afef_187)] | | | [removed: [69](#ifa740d68b83d481bbd410b611c4e306e_172)] [added: [72](#ibd9a7be4e8124c118fcd206df4e0afef_187)] | | |

| | | | [Note 14. Stockholders’ [removed: Equity](#ifa740d68b83d481bbd410b611c4e306e_175)] [added: Equity](#ibd9a7be4e8124c118fcd206df4e0afef_190)] | | | [removed: [71](#ifa740d68b83d481bbd410b611c4e306e_175)] [added: [75](#ibd9a7be4e8124c118fcd206df4e0afef_190)] | | |

| | | | [Note 15. Stock-Based Compensation and Other Benefit [removed: Plans](#ifa740d68b83d481bbd410b611c4e306e_178)] [added: Plans](#ibd9a7be4e8124c118fcd206df4e0afef_193)] | | | [removed: [72](#ifa740d68b83d481bbd410b611c4e306e_178)] [added: [76](#ibd9a7be4e8124c118fcd206df4e0afef_193)] | | |

| | | | [Note 16. Net Income (Loss) Per [removed: Share](#ifa740d68b83d481bbd410b611c4e306e_184)] [added: Share](#ibd9a7be4e8124c118fcd206df4e0afef_199)] | | | [removed: [74](#ifa740d68b83d481bbd410b611c4e306e_184)] [added: [78](#ibd9a7be4e8124c118fcd206df4e0afef_199)] | | |

| | | | [Note 17. Segment and Geographic [removed: Information](#ifa740d68b83d481bbd410b611c4e306e_187)] [added: Information](#ibd9a7be4e8124c118fcd206df4e0afef_202)] | | | [removed: [74](#ifa740d68b83d481bbd410b611c4e306e_187)] [added: [79](#ibd9a7be4e8124c118fcd206df4e0afef_202)] | | |

| | | | [Note 18. Commitments and [removed: Contingencies](#ifa740d68b83d481bbd410b611c4e306e_190)] [added: Contingencies](#ibd9a7be4e8124c118fcd206df4e0afef_205)] | | | [removed: [77](#ifa740d68b83d481bbd410b611c4e306e_190)] [added: [80](#ibd9a7be4e8124c118fcd206df4e0afef_205)] | | |

| | | | [Note 19. Subsequent [removed: Events](#ifa740d68b83d481bbd410b611c4e306e_549755815499)] [added: Events](#ibd9a7be4e8124c118fcd206df4e0afef_208)] | | | [removed: [81](#ifa740d68b83d481bbd410b611c4e306e_549755815499)] [added: [83](#ibd9a7be4e8124c118fcd206df4e0afef_208)] | | |

| 2. | | | [Exhibits: The information required by this Item is set forth in the Exhibit Index that precedes the signature page of this Annual [removed: Report.](#ifa740d68b83d481bbd410b611c4e306e_196)] [added: Report.](#ibd9a7be4e8124c118fcd206df4e0afef_214)] | | | [removed: [81](#ifa740d68b83d481bbd410b611c4e306e_196)] [added: [84](#ibd9a7be4e8124c118fcd206df4e0afef_214)] | | |

We have audited the accompanying consolidated balance sheets of Gen Digital Inc. and subsidiaries (the Company) as of [removed: March 28, 2025] [added: April 3, 2026] and March [removed: 29, 2024,] [added: 28, 2025,] the related consolidated statements of operations, comprehensive income (loss), stockholders’ equity (deficit), and cash flows for each of the years in the three-year period ended [removed: March 28, 2025,] [added: April 3, 2026,] and the related notes (collectively, the consolidated financial statements).

We also have audited the Company’s internal control over financial reporting as of [removed: March 28, 2025,] [added: April 3, 2026,] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of [removed: March 28, 2025] [added: April 3, 2026] and March [removed: 29, 2024,] [added: 28, 2025,] and the results of its operations and its cash flows for each of the years in the three-year period ended [removed: March 28, 2025,] [added: April 3, 2026,] in conformity with U.S. generally accepted accounting principles.

Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of [removed: March 28, 2025] [added: April 3, 2026] based on criteria established in [removed: Internal] [added: *Internal] Control – Integrated Framework [removed: (2013)] [added: (2013)*] issued by the Committee of Sponsoring Organizations of the Treadway Commission.

The Company recorded [removed: $3,935] [added: $5,000] million of net revenues for the year ended [removed: March 28, 2025.][added: April 3, 2026.]

| [added: (In millions)] | | | [added: | | | | | |] March 28, 2025 | | | | | | March 29, 2024 | | |

| [removed: Cash and] [added: Beginning cash,] cash equivalents [removed: |] [added: and restricted cash] | | [removed: $] | 1,006 | | | | | [removed: $] | 846 | | [added: | | | | 750 | | |]

| Accounts receivable, net | | | [removed: 171] [added: 361] | | | | | | [removed: 163] [added: 171] | | |

| Other current assets | | | [removed: 245] [added: 295] | | | | | | [removed: 334] [added: 245] | | |

| Assets held for sale | | | [removed: 22 | | | | | | 15] [added: 14] | | |

| Total current assets | | | [removed: 1,444] [added: 1,081] | | | | | | [removed: 1,358] [added: 1,444] | | |

| Property and equipment, net | | | [removed: 60] [added: 71] | | | | | | [removed: 72] [added: 60] | | |

| Intangible assets, net | | | [removed: 2,267] [added: 2,096] | | | | | | [removed: 2,638] [added: 2,267] | | |

| Goodwill | | | [removed: 10,237] [added: 10,996] | | | | | | [removed: 10,210] [added: 10,237] | | |

| Other long-term assets | | | [removed: 1,487 | | | | | | 1,515] [added: 58] | | |

| | | | [N](#ibd9a7be4e8124c118fcd206df4e0afef_1099511629435)[ote 3.](#ibd9a7be4e8124c118fcd206df4e0afef_1099511629435) [S](#ibd9a7be4e8124c118fcd206df4e0afef_1099511629435)[ale of Instacash Advances](#ibd9a7be4e8124c118fcd206df4e0afef_1099511629435) | | | [58](#ibd9a7be4e8124c118fcd206df4e0afef_1099511629435) | | |

| | | | [Note 5. Revenues](#ibd9a7be4e8124c118fcd206df4e0afef_157) | | | [62](#ibd9a7be4e8124c118fcd206df4e0afef_157) | | |

| | | | [Note 9. Leases](#ibd9a7be4e8124c118fcd206df4e0afef_169) | | | [66](#ibd9a7be4e8124c118fcd206df4e0afef_169) | | |

The Company acquired MoneyLion Inc. during the year ended April 3, 2026, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of April 3, 2026, MoneyLion Inc.’s internal control over financial reporting associated with total assets (excluding goodwill and intangibles) and total revenues representing approximately 2%, or $354 million, and 16%, or $823 million, respectively, included in the consolidated financial statements of the Company as of and for the year ended April 3, 2026.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of MoneyLion Inc.

*Accounting for the Sale of Instacash Advances*

As discussed in Note 3 to the consolidated financial statements, the Company originates and sells Instacash Advances pursuant to a Master Receivables Purchase Agreement.

These advances are not loans and carry no contractual obligation for customer repayment.

The Company accounts for the transfer of these advances as sales of financial assets under ASC 860, *Transfers and Servicing*.

During the year, Instacash Advances sold aggregated $4,126 million with a resulting loss on sale of $205 million.

As of April 3, 2026, the Company was servicing $343 million of sold Instacash Advances.

We identified the evaluation of the accounting for Instacash Advances as a critical audit matter.

Complex auditor judgment was required to evaluate whether the terms and conditions of Instacash Advances met the criteria for sale of financial asset accounting under relevant accounting guidance.

We evaluated the design and tested the operating effectiveness of an internal control related to the Instacash sale accounting.

We involved accounting professionals with specialized skills and knowledge, who assisted in evaluating management's accounting analysis and related disclosures and inspecting the underlying agreements to assess the application of the accounting guidance.

Additionally, for a sample of Instacash transactions, we compared the originations, transfers and repayments to the underlying documentation as well as the Company's accounting policy to determine that the transactions were accounted for in accordance with the relevant accounting guidance.

| | | | April 3, 2026 | | | | | | March 28, 2025 | | |

| Cash, cash equivalents and restricted cash | | | $ | 411 | | | | | $ | 1,006 | |

| Net income (loss) | | | $ | 973 | | | | | $ | 643 | | | | | $ | 607 | |

| Fair value of replacement awards issued in connection with business acquisitions | | | — | | | | | | 21 | | | | | | — | | | | | | — | | | | | | 21 | | |

| Fair value of CVR issued in connection with business acquisitions | | | — | | | | | | 73 | | | | | | — | | | | | | — | | | | | | 73 | | |

| Balance as of April 3, 2026 | | | 598 | | | | | | $ | 2,341 | | | | | $ | 1 | | | | | $ | 269 | | | | | $ | 2,611 | |

| | | | April 3, 2026 | | | | | | March 28, 2025 | | | | | | March 29, 2024 | | |

| Net income (loss) | | | $ | 973 | | | | | $ | 643 | | | | | $ | 607 | |

| Loss on sale of Instacash Advances | | | 205 | | | | | | — | | | | | | — | | |

| Gain on sale of nonfinancial assets | | | (15) | | | | | | — | | | | | | — | | |

| Change in fair value and impairment of non-marketable equity investments | | | 79 | | | | | | 30 | | | | | | 40 | | |

| Foreign currency remeasurement loss (gain) | | | 54 | | | | | | (2) | | | | | | (18) | | |

| Instacash Advances held for sale, net | | | (205) | | | | | | — | | | | | | — | | |

| Payments for originations of notes receivable | | | (283) | | | | | | — | | | | | | — | | |

| Proceeds from principal repayments of notes receivable | | | 253 | | | | | | — | | | | | | — | | |

| Proceeds from sale of nonfinancial assets | | | 40 | | | | | | — | | | | | | — | | |

No comparable activity occurred in fiscal 2026 or fiscal 2024.

(2) Issuance costs paid for issuance of debt for fiscal year ended 2026 and 2025 was $16 million and $9 million, respectively.

Gen Digital Inc. is a global leader in consumer Cyber Safety and Trust-Based Solutions, empowering people around the world to live safer digital lives while building confidence and control over their financial futures.

Through its trusted brands, including Norton, Avast, LifeLock and MoneyLion, Gen offers cybersecurity, online privacy, identity protection and financial wellness solutions to consumers worldwide.

Fiscal year 2026 consisted of 53 weeks, whereas fiscal years 2025 and 2024 each consisted of 52 weeks.

We also generate revenue from stand-ready referral arrangements with third-party partners based on variable transaction prices.

Revenue from these arrangements is recognized in the period in which services are provided, to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Sale of Instacash Advances

| | | | [Note 5. Revenues](#ifa740d68b83d481bbd410b611c4e306e_145) | | | [59](#ifa740d68b83d481bbd410b611c4e306e_145) | | |

| | | | [Note 9. Leases](#ifa740d68b83d481bbd410b611c4e306e_157) | | | [63](#ifa740d68b83d481bbd410b611c4e306e_157) | | |

*Assessment of uncertain tax positions*

As discussed in Notes 1 and 13 to the consolidated financial statements, as of March 28, 2025, the Company recorded accruals for unrecognized tax benefits.

The Company evaluates uncertain tax positions to determine whether it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position.

As of March 28, 2025, the Company has a liability for gross unrecognized tax benefits of $1,153 million.

We identified the assessment of uncertain tax positions as a critical audit matter.

Complex auditor judgment, including the involvement of tax professionals with specialized skills and knowledge, was required to evaluate the Company’s determination of uncertain tax positions, which included assessing the Company’s interpretation and application of tax laws globally across multiple jurisdictions.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s uncertain tax positions process, including controls related to the determination of uncertain tax positions, which included assessing the Company’s interpretation and application of tax laws.

We evaluated the Company’s ability to identify and determine its uncertain tax positions by comparing historical uncertain tax positions to actual outcomes upon conclusion of tax examinations.

We involved tax professionals with specialized skills and knowledge, who assisted in:

● Obtaining an understanding of the Company’s overall tax structure across multiple jurisdictions and assessing the Company’s compliance with tax laws globally,

● Evaluating changes in tax law, and assessing the interpretation under the relevant jurisdictions’ tax law,

● Inspecting settlements with taxing authorities to assess the Company’s determination of its tax positions,

● Inspecting correspondence and agreements with taxing authorities, reading internal meeting minutes, and evaluating the status of income tax audits with relevant tax authorities, and

● Performing an assessment of the Company’s tax positions and comparing to the results of the Company’s assessment.

May 15, 2025

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

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

| Balance as of April 1, 2022 | | | 582 | | | | | | $ | 1,851 | | | | | $ | (4) | | | | | $ | (1,973) | | | | | $ | (126) | |

| Cumulative effect adjustment from adoption of ASU 2020-06 (1) | | | — | | | | | | (7) | | | | | | — | | | | | | 6 | | | | | | (1) | | |

| Acquisition consideration | | | 94 | | | | | | 2,141 | | | | | | — | | | | | | — | | | | | | 2,141 | | |

(1) Effective on April 2, 2022, we adopted ASU 2020-06 (Debt with Conversion and Other Options, ASC 470-20) using a modified retrospective method.

| Beginning cash and cash equivalents | | | 846 | | | | | | 750 | | | | | | 1,887 | | |

Gen Digital Inc. is a global company powering Digital Freedom with a family of trusted brands including Norton, Avast, LifeLock and more.

Our cyber safety portfolio provides protection across multiple channels and geographies, including security and performance, identity protection, and online privacy.

Our technology platforms bring together software and service capabilities into comprehensive and easy-to-use products and solutions across our brands.

We have also evolved beyond traditional cyber safety to offer adjacent trust-based solutions, including digital identity and access management, digital reputation, and restoration support services.

Fair value is determined based on discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets and external data available.

Software development costs

The costs for the development of new software products and substantial enhancements to existing software products are expensed as incurred until technological feasibility has been established, at which time any additional costs would be capitalized in accordance with the accounting guidance for software.

Because our current process for developing software is essentially completed concurrently with the establishment of technological feasibility, which occurs upon the completion of a working model, no costs have been capitalized for any of the periods presented.

purchase plan (ESPP), based on their estimated fair value on the grant date.

| E-commerce partner A | | | 11 | | % | | | | 13 | | % |

| E-commerce partner B | | | — | | % | | | | 11 | | % |

At the end of our third fiscal quarter of 2025, E-commerce Partner B, who acts as the payment processor and merchant of record for a subset of Avast customers, missed its contractually required payment.

Additional contractually required payments were missed in the first few weeks of our fourth fiscal quarter ending March 28, 2025.

In January 2025, E-commerce partner B cited financial difficulties, which raised our concerns about its solvency and ability to comply with the contractual terms of the agreement.

On January 16, 2025, we notified them of our termination of the agreement.

After further settlement discussions, the parties agreed to resolve all disputes between them, including but not limited to claims of breach of the agreement, and the parties entered into a legal settlement agreement.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Mountain View, State of California, on the [removed: 15th] [added: 21th] day of May [removed: 2025.][added: 2026.]

| | | | | | | Vincent Pilette *Chief Executive Officer, President and [removed: Director*] [added: Chairman of the Board*] | | |

| /s/ Vincent Pilette | | | | | | Chief Executive Officer, President and [removed: Director] [added: Chairman of the Board] (Principal Executive Officer) | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Natalie Derse | | | | | | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Sue Barsamian | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Pavel Baudis | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Eric K. Brandt | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Nora Denzel | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Emily Heath | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Sherrese M. Smith | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ Ondrej Vlcek | | | | | | Director | | | | | | May [removed: 15, 2025] [added: 21, 2026] | | |

| /s/ John C. Chrystal | | | | | | Director | | | | | | May 21, 2026 | | |

| John C. Chrystal | | | | | | | | | | | | | | |

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

| /s/ Frank E. Dangeard | | | | | | Chairman of the Board | | | | | | May 15, 2025 | | |

| Frank E. Dangeard | | | | | | | | | | | | | | |

| /s/ Peter A. Feld | | | | | | Director | | | | | | May 15, 2025 | | |

| Peter A. Feld | | | | | | | | | | | | | | |