Reports › AVGO › 10-K FY2025

SEC filings, compared

What changed in Broadcom's 10-K for the fiscal year ended November 2, 2025

Compared with the 10-K for the fiscal year ended November 3, 2024. Item 1A and Item 7 analysed; every summary checked against the quoted filing text.

Registrant: Broadcom Inc. · AVGO
This filing: 0001730168-25-000121 ↗ · filed Dec 18, 2025
Compared with: 0001730168-24-000139 ↗ · filed Dec 20, 2024
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

130 material changes among 189 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2025	FY2024	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	63,887,000,000USD · Nov 4, 2024 to Nov 2, 2025	51,574,000,000USD · Oct 30, 2023 to Nov 3, 2024	+12,313,000,000+23.9%
Net income or lossus-gaap:ProfitLoss	23,126,000,000USD · Nov 4, 2024 to Nov 2, 2025	5,895,000,000USD · Oct 30, 2023 to Nov 3, 2024	+17,231,000,000+292.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	16,178,000,000USD · at Nov 2, 2025	9,348,000,000USD · at Nov 3, 2024	+6,830,000,000+73.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	27,537,000,000USD · Nov 4, 2024 to Nov 2, 2025	19,962,000,000USD · Oct 30, 2023 to Nov 3, 2024	+7,575,000,000+37.9%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2025: 0001730168-25-000121 · FY2024: 0001730168-24-000139

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

25 material additions

Item 1A · Risk Factors

5 of 16 shown · Ordered by the model, quote-checked

01AddedItem 1A › Risks Related to Our Business › Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

Summary · quote-checked

Added a risk disclosure addressing global economic uncertainty, tariffs, geopolitical volatility, trade decoupling, and resulting effects on demand, suppliers, customers and pricing.

The new paragraph identifies substantive economic, trade and geopolitical risks and specific potential effects on customers, suppliers, demand and pricing.

Why the model ranked it here

Clients should read this because it introduces broad trade and geopolitical exposures that could affect demand, suppliers, customers, pricing and overall results.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Sustained uncertainty about, or worsening of, current global economic conditions, further tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, increased geopolitical volatility, and the decoupling of the global economies could result in a global economic slowdown and long-term changes to global trade. Such events may also (i) cause our customers and end-users to reduce, delay or forgo technology spending, (ii) result in customers sourcing products from other suppliers not subject to such restrictions or tariffs or to develop these products themselves, (iii) lead to the insolvency or consolidation of key suppliers and customers, and (iv) intensify pricing pressures. Any or all of these factors could negatively affect demand for our products and our business, financial condition and results of operations.

Cite this change

"Sustained uncertainty about, or worsening of, current global economic conditions, further tariffs and escalations of trade tensions between the U.S. and its trading partners, especially China, increased geopolitical volatility, and the decoupling of the global economies could result in a global economic slowdown and long-term changes to global trade. Such events may also (i) cause our customers and end-users to reduce, delay or forgo technology spending, (ii) result in customers sourcing products from other suppliers not subject to such restrictions or tariffs or to develop these products themselves, (iii) lead to the insolvency or consolidation of key suppliers and customers, and (iv) intensify pricing pressures. Any or all of these factors could negatively affect demand for our products and our business, financial condition and results of operations."

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02AddedItem 1A › Risks Related to Our Business › A slow or the unsuccessful return on our investments in research and development, expansion of our business strategy or adoption of new business models could materially adversely affect our business, financial condition, cash flows and margins.

Summary · quote-checked

Added a risk concerning unsuccessful R&D investments, business-model changes, competitive technologies and demand for AI-related products.

The new paragraph discloses substantive dependencies and potential adverse effects involving competitive technology adoption, AI rack or system sales or leasing, R&D investments and business strategies.

Why the model ranked it here

Clients should read this because it links the company’s strategic shift toward AI products and business models to technology adoption, investment execution, demand and margins.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

The industries in which we compete are characterized by rapid technological change, new technological developments such as AI and cloud computing, changes in customer requirements, frequent new product introductions and enhancements, short product cycles, evolving industry standards, and new delivery methods. In addition, to compete successfully in the semiconductor industry, we must continue to develop and respond to technological advancements and requirements, such as low-power consumption, higher bandwidth and large compute clusters, and we have, from time to time, evolved our business strategy and adopted new business models to address the needs and challenges of our customers. Failure to successfully develop increasingly advanced technologies, including our custom AI accelerators or XPUs, network switches and other AI-related products, or execute on new strategies or models such as the sale or leasing of AI racks or systems based on our XPUs could impair our competitive position. In order to remain competitive, we have made, and expect to continue to make, significant investments in research and development, expand our business strategy or adopt new business models. If we fail to timely develop new and enhanced products and technologies, if we focus on technologies that do not become widely [added] adopted, if new competitive technologies that we do not support become widely accepted, or if we are unable to successfully execute on new business strategies or models such as the sale or leasing of AI racks or systems based on our XPUs, demand for our products and solutions such as our custom AI accelerators or XPUs, network switches or other AI-related products may be reduced. Slow or unsuccessful investments in our research and development efforts or expansion or modification of our business strategies and models and incurring significant expenses for these actions, would have a negative impact on our business, financial condition and margins.

Cite this change

"adopted, if new competitive technologies that we do not support become widely accepted, or if we are unable to successfully execute on new business strategies or models such as the sale or leasing of AI racks or systems based on our XPUs, demand for our products and solutions such as our custom AI accelerators or XPUs, network switches or other AI-related products may be reduced. Slow or unsuccessful investments in our research and development efforts or expansion or modification of our business strategies and models and incurring significant expenses for these actions, would have a negative impact on our business, financial condition and margins."

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

03AddedItem 1A › Risks Related to Our Business › Winning business in the semiconductor solutions industry is an unpredictable process that is often lengthy in time and requires us to incur significant expenses, evolve our business strategy or adopt a new business model, which may negatively impact our results of operations, gross margin or cash flows.

Summary · quote-checked

Added disclosure that customer design wins may not produce sales and could create demand, inventory, and cost-recovery risks.

The new paragraph adds substantive risks involving customer decisions, product qualification and marketing, excess inventory, and inability to recoup or resell customized products.

Why the model ranked it here

Clients should read this because it shows that customer design wins may not convert to sales and could instead create excess inventory and unrecovered costs.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Winning a product design does not guarantee sales to a customer. Customers could accelerate, delay or cancel plans, use their own products, purchase products from our competitors, fail to qualify our products, reduce or discontinue use of our products, or fail to successfully market and sell their products, which could reduce demand for our products and cause us to hold a material amount of excess inventory, materially adversely affecting our business, financial condition and results of operations. In addition, we may also be unable to materially recoup our costs or resell our products to other customers due to the custom nature of certain products.

Cite this change

"Winning a product design does not guarantee sales to a customer. Customers could accelerate, delay or cancel plans, use their own products, purchase products from our competitors, fail to qualify our products, reduce or discontinue use of our products, or fail to successfully market and sell their products, which could reduce demand for our products and cause us to hold a material amount of excess inventory, materially adversely affecting our business, financial condition and results of operations."

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

04AddedItem 1A › Risks Related to Our Business › Our operating results are subject to substantial quarterly and annual fluctuations.

Summary · quote-checked

Added a risk that customers may be unable to pay for products or services because of constrained resources or capital.

The new bullet discloses a customer-payment and credit-related risk not present in the prior report.

Why the model ranked it here

Clients should read this because it adds a direct customer-credit risk in which constrained customers may be unable to pay for products or services.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] • the inability of our customers to pay for our products or services due to their constrained resources or capital;

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

05AddedItem 1A › Risks Related to Our Business › Our operating results are subject to substantial quarterly and annual fluctuations.

Summary · quote-checked

Added a risk factor concerning delivery and payment timing for semiconductor solutions, including AI racks or systems based on XPUs.

The new paragraph identifies delivery and payment timing for named semiconductor solutions as a factor affecting operating-result fluctuations, adding a business dependency and associated risk.

Why the model ranked it here

Clients should read this because delivery and payment timing for semiconductor and AI solutions could materially affect operating results.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

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

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show all 16 in Item 1A (11 more, in filing order)

Item 7 · MD&A

3 of 9 shown · Ordered by the model, quote-checked

01AddedItem 7 › Non-Operating Income and Expenses

Summary · quote-checked

Added disclosure of the One Big Beautiful Bill Act and a $1,321 million valuation allowance against CAMT credit carryforwards and current-year credits.

The new paragraph discloses enacted tax legislation, changed utilization expectations, and a significant valuation allowance, creating substantive information about tax assets and obligations.

Why the model ranked it here

The enacted tax law changed the expected utilization of tax credits and led to a substantial valuation allowance, materially affecting reported tax assets.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Provision for (benefit from) income taxes. On July 4, 2025, the United States enacted the One Big Beautiful Bill Act, which allows for the immediate expensing of domestic research and development costs and certain capital expenditures, and changes the United States taxation of profits derived from foreign operations. As a result, it is no longer more-likely-than-not that we are able to utilize our federal corporate alternative minimum tax ("CAMT") credits, and we established a $1,321 million valuation allowance against our CAMT credit carryforwards and CAMT credits generated in the current fiscal year. Our policy is to not consider the impact of future years' CAMT in our valuation allowance assessment for regular deferred tax assets. Most of the provisions are effective beginning in our fiscal years ending November 1, 2026 or October 31, 2027, with the exception of immediate expensing of qualifying property being effective in fiscal year 2025.

Cite this change

"Provision for (benefit from) income taxes. On July 4, 2025, the United States enacted the One Big Beautiful Bill Act, which allows for the immediate expensing of domestic research and development costs and certain capital expenditures, and changes the United States taxation of profits derived from foreign operations. As a result, it is no longer more-likely-than-not that we are able to utilize our federal corporate alternative minimum tax ("CAMT") credits, and we established a $1,321 million valuation allowance against our CAMT credit carryforwards and CAMT credits generated in the current fiscal year. Our policy is to not consider the impact of future years' CAMT in our valuation allowance assessment for regular deferred tax assets. Most of the provisions are effective beginning in our fiscal years ending November 1, 2026 or October 31, 2027, with the exception of immediate expensing of qualifying property being effective in fiscal year 2025."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02AddedItem 7 › Costs and Expenses

Summary · quote-checked

Added disclosure of tax incentives’ effects on income-tax provision and the possibility that future tax strategy may be less beneficial.

The paragraph introduces a substantive tax benefit, quantifies its effect, and states that the current concession arrangements may not remain as beneficial.

Why the model ranked it here

The company disclosed a significant tax benefit that may not persist if its current tax concession arrangements become less favorable.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

Each tax incentive and tax holiday is subject to our compliance with various operating and other conditions. If we cannot, or elect not to, comply with any such operating conditions specified, we could, in some instances, be required to refund previously realized material tax benefits, or if such tax incentive or tax holiday is terminated prior to its expiration absent a new incentive applying, we will lose the related tax benefits earlier than scheduled. We may elect to modify our [added] operational structure and tax strategy, which may not be as beneficial to us as the benefits provided under the present tax concession arrangements. Before taking into consideration the impacts of indirect taxes, the effect of these tax incentives and tax holiday decreased the provision for income taxes by approximately $2,709 million and $2,261 million for fiscal years 2025 and 2024, respectively.

Cite this change

"operational structure and tax strategy, which may not be as beneficial to us as the benefits provided under the present tax concession arrangements. Before taking into consideration the impacts of indirect taxes, the effect of these tax incentives and tax holiday decreased the provision for income taxes by approximately $2,709 million and $2,261 million for fiscal years 2025 and 2024, respectively."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

03AddedItem 7 › Working Capital

Summary · quote-checked

Added a Working Capital paragraph describing increased cash and cash equivalents and the operating, financing, tax, dividend, and repurchase drivers.

The new paragraph adds a substantive liquidity disclosure, including cash availability and specific sources and uses of cash, rather than a recurring presentation update.

Why the model ranked it here

The disclosure gives a materially different picture of liquidity by identifying increased cash and the major operating, financing, tax, dividend, and repurchase uses of funds.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] • Cash and cash equivalents increased to $16,178 million at November 2, 2025 from $9,348 million at November 3, 2024 primarily due to $27,537 million in net cash provided by operating activities, partially offset by $11,142 million of dividend payments, $3,860 million of employee withholding tax payments related to net settled equity awards, $2,812 million of net repayments of borrowings, and $2,450 million of common stock repurchases.

Cite this change

"• Cash and cash equivalents increased to $16,178 million at November 2, 2025 from $9,348 million at November 3, 2024 primarily due to $27,537 million in net cash provided by operating activities, partially offset by $11,142 million of dividend payments, $3,860 million of employee withholding tax payments related to net settled equity awards, $2,812 million of net repayments of borrowings, and $2,450 million of common stock repurchases."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

04AddedItem 7 › Capital Returns

Summary · quote-checked

Added disclosure of a $10 billion stock repurchase authorization, its extension, fiscal 2025 repurchases, and remaining authorized amount.

The new paragraph discloses a capital allocation program, repurchase activity, authorization extension, and remaining capacity—substantive information about the company’s commitments and liquidity.

Why the model ranked it here

The new authorization and its extension establish a substantial ongoing commitment of cash to share repurchases.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] In April 2025, our Board of Directors authorized a stock repurchase program to repurchase up to $10 billion of our common stock from time to time through December 31, 2025, which was extended to December 31, 2026 subsequent to fiscal year 2025. During fiscal year 2025, we repurchased and retired 16 million shares of our common stock for $2,450 million with a $7,550 million remaining authorized amount available for future purchases as of November 2, 2025.

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

05AddedItem 7 › Working Capital

Summary · quote-checked

Added disclosure that working capital increased to $13,059 million from $2,898 million, with the increase attributed to specified factors.

The new paragraph introduces a working-capital change and amounts, adding a liquidity-related disclosure rather than merely updating or rephrasing existing text.

Why the model ranked it here

The sharp increase in working capital is a material liquidity development that warrants review alongside the disclosed cash movements.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Working capital increased to $13,059 million at November 2, 2025 from $2,898 million at November 3, 2024. The increase was primarily attributable to the following:

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

06AddedItem 7 › Non-Operating Income and Expenses

Summary · quote-checked

Added disclosure explaining the fiscal year 2025 income tax benefit and its primary sources and offsets.

The new paragraph introduces a substantive tax benefit and identifies specific drivers, including uncertain tax benefits, stock-based awards, income from operations and a valuation allowance.

Why the model ranked it here

The disclosure explains that the reported tax benefit depended on uncertain tax benefits and equity compensation effects while being offset by operating income and a valuation allowance.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

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

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

07AddedItem 7 › Segment Operating Results

Summary · quote-checked

Added explanation that infrastructure software operating income increased due to VCF demand, subscription transition, contract license revenue, and lower post-integration labor costs.

The new paragraph adds substantive drivers of segment operating income, including customer contract terms, revenue recognition, product demand, and integration-related labor costs.

Why the model ranked it here

The new explanation identifies demand, contract terms, subscription migration, and post-integration labor savings as the principal drivers of segment profitability.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Higher operating income from our infrastructure software segment was primarily due to strong demand for our VCF product, including license revenue recognized on contracts where customers do not have the right to terminate and the transition to a subscription license model. In addition, labor costs were lower following our integration of the VMware business.

Cite this change

"Higher operating income from our infrastructure software segment was primarily due to strong demand for our VCF product, including license revenue recognized on contracts where customers do not have the right to terminate and the transition to a subscription license model. In addition, labor costs were lower following our integration of the VMware business."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

08AddedItem 7 › Stock-Based Compensation Expense

Summary · quote-checked

Added disclosure of awards dated March 15, 2025 and March 15, 2026, with four-to-five-year vesting periods and related expense recognition.

The paragraph newly states the existence of awards and the timing of a related compensation expense obligation, rather than merely rephrasing presentation mechanics.

Why the model ranked it here

The disclosure introduces newly identified equity awards that create a multi-year stock-based compensation expense obligation.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

During the fiscal quarter ended May 4, 2025, we granted two-year time- and market-based restricted stock unit awards (the "Two-Year Equity Awards"), in lieu of our annual employee equity awards historically granted in the second quarter of each fiscal year. Each Two-Year Equity Award vests on the same basis as two annual grants with staggered vesting start dates [added] of March 15, 2025 and March 15, 2026 and successive four-year vesting periods. We recognize stock-based compensation expense related to these awards from the grant date through their respective vesting date, ranging from four to five years.

Cite this change

"of March 15, 2025 and March 15, 2026 and successive four-year vesting periods. We recognize stock-based compensation expense related to these awards from the grant date through their respective vesting date, ranging from four to five years."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

09AddedItem 7 › Working Capital

Summary · quote-checked

Added a statement that increases in working capital were partly offset by factors discussed subsequently.

The sentence adds a substantive working-capital relationship, stating that increases were partially offset; it is not merely a date, cross-reference, formatting, or standard template change.

Filing text · FY2024 10-K · filed Dec 20, 2024

No corresponding language in the FY2024 10-K.

Filing text · FY2025 10-K · filed Dec 18, 2025

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

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show fewer in Item 7

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

15 material removals

Item 1A · Risk Factors

3 of 8 shown · Ordered by the model, quote-checked

01RemovedItem 1A › Risks Related to Our Taxes › Our income taxes and overall cash tax costs are affected by a number of factors that could have a material, adverse effect on our financial results.

Summary · quote-checked

Removed disclosure that VMware remains subject to Dell consolidated-group tax audits and that Dell controls related audits under a tax agreement.

The removed paragraph disclosed ongoing tax-audit exposure, potential differences from tax provisions, and a dependency on Dell’s audit control, changing disclosed tax risks and obligations.

Why the model ranked it here

Clients should read this because it removes disclosure of ongoing tax-audit exposure and the company’s dependence on Dell to control and represent its interests in those audits.

Filing text · FY2024 10-K · filed Dec 20, 2024

[removed] As a result of the VMware Merger, we are subject to tax audits in various jurisdictions for the Dell Technologies, Inc. ("Dell") consolidated group, of which VMware was a member beginning in Dell's fiscal year 2017 until November 2021. While VMware is no longer a member of the Dell consolidated group, it is still subject to audit for the periods in which it was member of the Dell consolidated group. While we believe VMware's positions are reasonable, the final determination of tax audits could be materially different from our income tax provisions and accruals. Further, pursuant to a tax agreement between VMware and Dell, in the event VMware becomes subject to audits as a member of Dell's consolidated group, Dell has authority to control the audit and represent Dell and our interests, which could limit our ability to affect the outcome of such audits.

Filing text · FY2025 10-K · filed Dec 18, 2025

No corresponding language in the FY2025 10-K.

Cite this change

"As a result of the VMware Merger, we are subject to tax audits in various jurisdictions for the Dell Technologies, Inc. ("Dell") consolidated group, of which VMware was a member beginning in Dell's fiscal year 2017 until November 2021. While VMware is no longer a member of the Dell consolidated group, it is still subject to audit for the periods in which it was member of the Dell consolidated group. While we believe VMware's positions are reasonable, the final determination of tax audits could be materially different from our income tax provisions and accruals. Further, pursuant to a tax agreement between VMware and Dell, in the event VMware becomes subject to audits as a member of Dell's consolidated group, Dell has authority to control the audit and represent Dell and our interests, which could limit our ability to affect the outcome of such audits."

Broadcom, Form 10-K for FY2024, Item 1A, accession 0001730168-24-000139, filed 20 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/avgo-20241103.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02RemovedItem 1A › Risks Related to Our Indebtedness › Our substantial indebtedness could adversely affect our financial health and our ability to execute our business strategy.

Summary · quote-checked

Removed disclosure that the company’s 2023 Term Loans expose it to interest rate risk because they bear floating interest rates.

The removed text disclosed a specific financial risk and dependency tied to the company’s indebtedness, not merely wording or a date update.

Why the model ranked it here

Clients should read this because it removes the disclosed interest-rate risk tied to the company’s floating-rate term loans.

Filing text · FY2024 10-K · filed Dec 20, 2024

~~[removed] • exposing us to interest rate risk as our 2023 Term Loans bear floating interest rates;~~

Filing text · FY2025 10-K · filed Dec 18, 2025

No corresponding language in the FY2025 10-K.

Cite this change

"• exposing us to interest rate risk as our 2023 Term Loans bear floating interest rates;"

Broadcom, Form 10-K for FY2024, Item 1A, accession 0001730168-24-000139, filed 20 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/avgo-20241103.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

03RemovedItem 1A › Risks Related to Our Business

Summary · quote-checked

The filing no longer states that significant product materials are purchased from a limited number of suppliers.

A supplier-concentration dependency was removed, changing the disclosed supply-chain risk.

Why the model ranked it here

Clients should read this because it removes disclosure of the company’s dependence on a limited supplier base for significant product materials.

Filing text · FY2024 10-K · filed Dec 20, 2024

~~[removed] • We purchase a significant amount of the materials used in our products from a limited number of suppliers.~~

Filing text · FY2025 10-K · filed Dec 18, 2025

No corresponding language in the FY2025 10-K.

Cite this change

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

Broadcom, Form 10-K for FY2024, Item 1A, accession 0001730168-24-000139, filed 20 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/avgo-20241103.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show all 8 in Item 1A (5 more, in filing order)

Item 7 · MD&A

2 of 7 shown · Ordered by the model, quote-checked

01RemovedItem 7 › Fiscal Year Highlights

Summary · quote-checked

Removed disclosure that Broadcom completed the VMware acquisition for cash and common stock consideration.

The removed paragraph disclosed a completed acquisition and its consideration, representing a substantive transaction and obligation rather than a wording or date update.

Why the model ranked it here

The removal eliminates disclosure of a major completed acquisition and the cash and equity consideration used to fund it.

Filing text · FY2024 10-K · filed Dec 20, 2024

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

Filing text · FY2025 10-K · filed Dec 18, 2025

No corresponding language in the FY2025 10-K.

Cite this change

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

Broadcom, Form 10-K for FY2024, Item 7, accession 0001730168-24-000139, filed 20 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/avgo-20241103.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02RemovedItem 7 › Working Capital

Summary · quote-checked

The current filing removed disclosure that the VMware Merger was completed and that related balance-sheet changes were presented for fiscal year 2024.

The removed paragraph disclosed a completed merger and associated balance-sheet effects, an event and related financial disclosure rather than recurring wording or a date-only roll-forward.

Why the model ranked it here

The removal obscures the completed merger’s effect on selected balance-sheet captions and the related financial presentation.

Filing text · FY2024 10-K · filed Dec 20, 2024

[removed] On November 22, 2023, we completed the VMware Merger. The following table presents the changes in selected balance sheet captions other than assets acquired and liabilities assumed from the VMware Merger during fiscal year 2024.

Filing text · FY2025 10-K · filed Dec 18, 2025

No corresponding language in the FY2025 10-K.

Cite this change

"On November 22, 2023, we completed the VMware Merger. The following table presents the changes in selected balance sheet captions other than assets acquired and liabilities assumed from the VMware Merger during fiscal year 2024."

Broadcom, Form 10-K for FY2024, Item 7, accession 0001730168-24-000139, filed 20 December 2024.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016824000139/avgo-20241103.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show all 7 in Item 7 (5 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

90 material changes

Item 1A · Risk Factors

3 of 51 shown · Ordered by the model, quote-checked

01ChangedItem 1A › Risks Related to Our Business › A significant reduction in demand from certain customers or loss of one or more of our significant customers may adversely affect our business.

Summary · quote-checked

The disclosure adds AI-customer leasing, alternative financing, deferred-payment and credit-default risks, while expanding the identified customer categories.

The paragraph changes the stated customer behavior and adds specific financing arrangements and credit exposure, creating new dependencies and risks beyond wording or customer-list updates.

Why the model ranked it here

Customers are seeking leasing and alternative or deferred financing arrangements, creating new dependencies on customer payment capacity and credit exposure.

Filing text · FY2024 10-K · filed Dec 20, 2024

~~[removed] Our~~ semiconductor customers ~~[removed] are not generally required~~ to purchase specific quantities of ~~[removed] products. Even when customers agree to~~ source an agreed portion of their product needs from us, such arrangements often include pricing schedules or methodologies that apply regardless of the volume of products purchased, and those customers may not purchase the amount of product we expect. [removed] As a result, we may not generate the amount of revenue or achieve the level of profitability we expect under such arrangements. Moreover, our top customers' purchasing power has, in some cases, given them the ability to make greater demands on us with regard to pricing and contractual terms in general. Some customers may even reduce the amount of ~~[removed] products or decline to purchase due to their internal development of the products.~~ The loss of, or any substantial reduction in sales to, any of our top customers, including our ~~[removed] hyperscale customers,~~ could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] When our semiconductor customers [added] agree to purchase specific quantities of [added] products or source an agreed portion of their product needs from us, such arrangements often include pricing schedules or methodologies that apply regardless of the volume of products purchased, and those customers [added] from time to time may not [added] or do not purchase the amount of product we expect. [added] Moreover, our top customers, including our AI customers, may make and have made greater demands on us with regards to pricing and contractual terms, such as seeking to lease AI racks or systems based on our XPUs instead of purchasing, as well as alternative financings for such leases or other novel or deferred payment models. As a result, we may not generate the amount of [added] revenue or free cash flow or achieve the level of profitability that we or investors expect under such arrangements, and/or such arrangements may increase our exposure to credit or customer default risks. The loss of, or any substantial reduction in sales to, any of our top customers, including our [added] customers for our custom AI accelerators or XPUs or AI racks or systems based on our XPUs, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02ChangedItem 1A › Risks Related to Our Business › We operate in a highly cyclical semiconductor industry that is undergoing profound change due to AI.

Summary · quote-checked

The paragraph replaces historical cyclical-industry discussion with specific AI-related pressures, customer financing constraints, order risks and potential adverse effects.

The disclosure adds new AI customer payment, financing, demand and obligation risks, and states a potential material adverse effect, materially changing the risk described.

Why the model ranked it here

The disclosure identifies AI customers that may lack the resources to pay for infrastructure, making customer financing and collection risk more explicit.

Filing text · FY2024 10-K · filed Dec 20, 2024

The semiconductor industry is highly cyclical and is ~~[removed] characterized by~~ rapid price erosion, wide fluctuations in product supply and demand, constant and rapid technological change, evolving technical [removed] standards, evolving markets such as AI, frequent new product introductions, and short product life cycles. From time to time, these factors, together with changes in general economic conditions, cause significant upturns and downturns in the industry and in our business. The market for AI-related products has resulted in a significant ~~[removed] upturn in certain segments of the industry resulting in record revenue,~~ which may not be sustainable. [removed] Previously the industry experienced a significant upturn due to a supply imbalance that resulted in record profitability and increases in average selling prices, which was followed by a down-cycle resulting in diminished demand for [removed] end-user products, high inventory levels and periods of inventory adjustment, and elimination of expedite fees. Historically, such down-cycles have also been characterized by under-utilization of manufacturing capacity, changes in revenue mix and accelerated erosion of average selling prices, which can lead to reduced profitability and a decline in our stock price. The Creating Helpful Incentives to Produce Semiconductors for America Act could also result in an increase in supply leading to excess inventory and a decrease in average selling prices. We expect our business to continue to be subject to cyclical downturns even when overall economic conditions are relatively stable. If we cannot offset industry or market downturns, our net revenue may decline and our financial condition and ~~[removed] results of operations may suffer.~~

Filing text · FY2025 10-K · filed Dec 18, 2025

The semiconductor industry is highly cyclical and is [added] subject to rapid price erosion, wide fluctuations in product supply and demand, constant and rapid technological change, evolving technical [added] standards and evolving product applications. The semiconductor industry is undergoing profound change due to the adoption and proliferation of AI and has experienced a significant [added] upturn, which may not be sustainable. [added] The growth of AI is creating pressure on the semiconductor industry to timely design, manufacture and deliver semiconductor products and solutions to meet customer demand for [added] computing power and AI infrastructure. Some of these AI customers may have constrained resources or capital and may be unable to pay for their required AI infrastructure and/or seek alternative financings or novel or deferred payment models from their vendors and suppliers. If our AI customers substantially reduce their expansion plans, cancel, reduce or delay their orders, are unable to generate the profit required to offset their spending or are otherwise unable to meet their obligations and we cannot offset the downturn in their business, it could have a material adverse effect on our business, operating results, financial condition and [added] stock price.

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

03ChangedItem 1A › Risks Related to Our Business › Adverse global economic conditions could have a negative effect on our business, results of operations and financial condition and liquidity.

Summary · quote-checked

The paragraph adds financial-market and government-policy risks, changes cash-flow and refinancing disclosures, and removes several China, customer, supplier, and demand scenarios.

The disclosure changes substantive risks and modality, including added onshoring policy and market-volatility effects, while removing specific consequences involving China, customers, suppliers, spending, and pricing.

Why the model ranked it here

The revised risk links economic, financial-market, policy, and trade conditions directly to cash flows and liquidity.

Filing text · FY2024 10-K · filed Dec 20, 2024

A general ~~[removed] slowdown in the global economy~~ or in a particular region or industry, other unfavorable changes in economic conditions, such as inflation, higher interest rates, tightening of the credit markets, recession or slowing growth, ~~[removed] or~~ an increase in trade tensions with U.S. trading ~~[removed] partners~~ could negatively impact our business, financial ~~[removed] condition~~ and liquidity. Adverse global economic conditions have from time to time caused or exacerbated significant slowdowns in the industries and markets in which we operate, which have adversely affected our business and results of operations. Macroeconomic weakness and uncertainty also make it more difficult ~~[removed] for us~~ to accurately forecast operating results, and [removed] may make it more difficult to raise or refinance debt. An escalation of trade tensions between the U.S. and China has resulted in trade restrictions, increased protectionism and increased tariffs that harm our ability to ~~[removed] participate in Chinese markets or compete effectively with Chinese companies. Sustained uncertainty about, or worsening of, current global economic conditions and further~~ escalation of trade tensions between the U.S. and its trading ~~[removed] partners, especially China, and the decoupling of the U.S. and China economies, could~~ result in [removed] a global economic slowdown and long-term changes to global trade. Such events may also (i) cause our customers and consumers to reduce, delay or forgo technology spending, (ii) result in customers sourcing products from other suppliers not subject to such restrictions or tariffs, (iii) lead to the insolvency or consolidation of key suppliers and customers, and (iv) intensify pricing pressures. Any or all of these factors could negatively affect demand for our products and our business, financial condition and results of operations.

Filing text · FY2025 10-K · filed Dec 18, 2025

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

Cite this change

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

Broadcom, Form 10-K for FY2025, Item 1A, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show all 51 in Item 1A (48 more, in filing order)

Item 7 · MD&A

2 of 39 shown · Ordered by the model, quote-checked

01ChangedItem 7 › Costs and Expenses

Summary · quote-checked

Singapore tax holiday and rate disclosures were replaced by global minimum tax disclosures, including an expected material impact on fiscal year 2026 results and cash flows.

The paragraph changes the disclosed tax obligation and management’s outlook, replacing expiring tax benefits with an expected material effect on results of operations and cash flows.

Why the model ranked it here

The company now expects global minimum taxes to materially affect future results and cash flows, replacing a disclosure centered on tax holidays and rates.

Filing text · FY2024 10-K · filed Dec 20, 2024

Provision for income taxes. We benefit from the tax incentives extended to us in various jurisdictions to encourage investment or employment. Our tax incentives from the Singapore Economic Development Board provide that any qualifying income earned in Singapore is subject to tax incentives or reduced rates of Singapore income tax, subject to our compliance with the conditions specified in these incentives and legislative developments. These Singapore tax incentives are scheduled ~~[removed] to expire in November 2030. The corporate income tax rate in Singapore that would otherwise apply to us would be 17%. We also~~ have a ~~[removed] tax holiday from our qualifying income earned in Malaysia, which is scheduled to expire in 2028.~~

Filing text · FY2025 10-K · filed Dec 18, 2025

[added] Many countries have enacted or are in the process of enacting a global minimum tax, some of which became effective for us starting in our fiscal year 2025 and, more importantly, the enactment in Singapore will become effective in our fiscal year ending November 1, 2026 ("fiscal year 2026"). While the tax did not have a [added] material impact on our fiscal year 2025 consolidated results of operations, we expect a material impact from the enactment of these laws on our consolidated results of operations and cash flows for our fiscal year 2026.

Cite this change

"Many countries have enacted or are in the process of enacting a global minimum tax, some of which became effective for us starting in our fiscal year 2025 and, more importantly, the enactment in Singapore will become effective in our fiscal year ending November 1, 2026 ("fiscal year 2026"). While the tax did not have a material impact on our fiscal year 2025 consolidated results of operations, we expect a material impact from the enactment of these laws on our consolidated results of operations and cash flows for our fiscal year 2026."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

02ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity disclosures now include near-term debt maturities and discretionary share repurchases, while removing VMware-related financing details and updating outstanding indebtedness.

The paragraph changes stated liquidity needs, adds a principal amount payable within 12 months and share repurchases, and removes the VMware financing and repayment narrative; these are substantive obligations and uses of cash.

Why the model ranked it here

The liquidity discussion now highlights substantial outstanding indebtedness, near-term principal payments, and discretionary share repurchases as ongoing uses of cash.

Filing text · FY2024 10-K · filed Dec 20, 2024

Our short-term and long-term liquidity requirements primarily arise from: (i) ~~[removed] business acquisitions and investments we may make from time to time, (ii)~~ working capital requirements, ~~[removed] (iii)~~ research and development and capital expenditure needs, ~~[removed] (iv)~~ cash dividend payments (if and when declared by our Board of Directors), ~~[removed] (v)~~ interest and principal payments related to our ~~[removed] $69,847~~ million of outstanding ~~[removed] indebtedness, and (vi)~~ payment of income ~~[removed] taxes.~~ Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control. We expect capital expenditures to be higher in ~~[removed] the~~ fiscal year ~~[removed] ending November 2, 2025~~ as compared to fiscal year [removed] 2024. Our debt and liquidity needs increased in fiscal year 2024 as a result of completing the VMware Merger. We funded the cash portion of the consideration with net proceeds from the issuance of $30,390 million in term loans (the "2023 Term Loans"), as well as cash on hand. We also assumed $8,250 million of VMware's outstanding senior unsecured notes. During fiscal year 2024, we made repayments of $16,795 million on our 2023 Term Loans.

Filing text · FY2025 10-K · filed Dec 18, 2025

Our short-term and long-term liquidity requirements primarily arise from: (i) working capital requirements, [added] (ii) research and development and capital expenditure needs, [added] (iii) cash dividend payments (if and when declared by our Board of Directors), [added] (iv) interest and principal payments related to our [added] $67,120 million of outstanding [added] indebtedness with $3,152 million principal amounts payable within 12 months, (v) payment of income [added] taxes, (vi) business acquisitions and investments we may make from time to time, and (vii) discretionary share repurchases. Our ability to fund these requirements will depend, in part, on our future cash flows, which are determined by our future operating performance and, therefore, subject to prevailing global macroeconomic conditions and financial, business and other factors, some of which are beyond our control. We expect capital expenditures to be higher in fiscal year [added] 2026 as compared to fiscal year [added] 2025.

Cite this change

"Our short-term and long-term liquidity requirements primarily arise from: (i) working capital requirements, (ii) research and development and capital expenditure needs, (iii) cash dividend payments (if and when declared by our Board of Directors), (iv) interest and principal payments related to our $67,120 million of outstanding indebtedness with $3,152 million principal amounts payable within 12 months, (v) payment of income taxes, (vi) business acquisitions and investments we may make from time to time, and (vii) discretionary share repurchases."

Broadcom, Form 10-K for FY2025, Item 7, accession 0001730168-25-000121, filed 18 December 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000121/avgo-20251102.htm

Comparison: https://yearover.com/reports/avgo/0001730168-25-000121?ref=quote

Show all 39 in Item 7 (37 more, in filing order)

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