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

Show all 9 in Item 7 (6 more, in filing order)

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

03ChangedItem 7 › Working Capital

Summary · quote-checked

The disclosure changed from repayments reducing current long-term debt to short-term debt increasing because senior notes became due, partly offset by repayments.

The direction changed from decreased to increased, and the stated debt driver changed from repayments and maturities to senior notes becoming due; this substantively changes the liquidity disclosure.

Why the model ranked it here

Short-term debt has shifted from a repayment-driven decrease to an increase caused by senior notes becoming due, changing the stated liquidity pressure.

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

• ~~[removed] Current portion of long-term debt decreased primarily due to $2,813 million of repayments, offset in part by $1,245 million~~ becoming due within the next twelve ~~[removed] months.~~

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

• [added] Short-term debt increased to $3,152 million at November 2, 2025 from $1,271 million at November 3, 2024 primarily due to certain senior notes becoming due within the next twelve [added] months, offset in part by repayments.

Cite this change

"Short-term debt increased to $3,152 million at November 2, 2025 from $1,271 million at November 3, 2024 primarily due to certain senior notes becoming due within the next twelve months, offset in part by repayments."

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

04ChangedItem 7 › Net Revenue

Summary · quote-checked

Customer concentration increased, with one semiconductor solutions distributor accounting for 32% and 28% of net revenue versus 28% and 21%.

The updated concentration figures materially change the stated customer-dependency exposure, indicating a higher portion of net revenue came from one distributor.

Why the model ranked it here

A single distributor now represents a larger share of net revenue, increasing the disclosed customer-dependency exposure.

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

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one customer, which is a distributor, accounted for ~~[removed] 28% and 21%~~ of our net revenue for fiscal years ~~[removed] 2024 and 2023,~~ respectively.

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

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one [added] semiconductor solutions customer, which is a distributor, accounted for [added] 32% and 28% of our net revenue for fiscal years [added] 2025 and 2024, respectively.

Cite this change

"Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 32% and 28% of our net revenue 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

05ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The liquidity sufficiency statement no longer includes assumed obligations among obligations expected to be funded for the next 12 months.

Removing “assumed” narrows the obligations covered by management’s liquidity assessment, changing the stated scope of the obligation outlook.

Why the model ranked it here

The liquidity sufficiency statement now covers only current obligations rather than current and assumed obligations, narrowing management’s stated funding assessment.

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

We believe that our cash and cash equivalents on hand, cash flows from operations and our revolving credit facility will provide sufficient liquidity to operate our business and fund our current ~~[removed] and assumed~~ obligations for at least the next 12 months. For additional information regarding our cash requirement from contractual obligations, indebtedness and lease obligations, see Note 14. "Commitments and Contingencies", Note 10. "Borrowings" and Note 6. "Leases" in Part II, Item 8 of this Annual Report on Form 10-K.

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

We believe that our cash and cash equivalents on hand, cash flows from operations and our revolving credit facility will provide sufficient liquidity to operate our business and fund our current obligations for at least the next 12 months. For additional information regarding our cash requirement from contractual obligations, indebtedness and lease obligations, see Note 14. "Commitments and Contingencies", Note 10. "Borrowings" and Note 6. "Leases" in Part II, Item 8 of this Annual Report on Form 10-K.

Cite this change

"We believe that our cash and cash equivalents on hand, cash flows from operations and our revolving credit facility will provide sufficient liquidity to operate our business and fund our current obligations for at least the next 12 months."

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

06ChangedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure broadens servicing obligations from specified debt to outstanding indebtedness and adds debt-management transactions and related conditions.

The paragraph newly describes financings, redemptions, repayments, exchanges, and tender offers, while broadening the indebtedness subject to servicing, changing the liquidity and financing disclosure.

Why the model ranked it here

The debt disclosure now describes broader financing, redemption, exchange, and tender-offer activity subject to market, liquidity, and contractual conditions.

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

From time to time, we engage in discussions with third parties regarding potential acquisitions of, or investments in, businesses, technologies and product lines. Any such transaction, or evaluation of potential transactions, could require significant use of our cash and cash equivalents, or require us to increase our borrowings to fund such transactions. If we do not have sufficient cash to fund our operations or finance growth opportunities, including acquisitions, or unanticipated capital expenditures, our business and financial condition could suffer. In such circumstances, we may seek to obtain new debt or equity financing. However, we cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service our ~~[removed] senior unsecured notes, the 2023 Term Loans~~ and any other indebtedness we may incur will depend on our ability to generate cash in the future. We may also elect to ~~[removed] sell~~ additional debt or equity securities for reasons other than those specified above.

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

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

Cite this change

"From time to time, we manage our indebtedness through financings, redemptions, repayments, exchanges, tender offers, and other transactions. Such transactions will depend on prevailing market conditions, our liquidity requirements, the terms of indentures, contractual restrictions and other factors."

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

07ChangedItem 7 › Gross Margin

Summary · quote-checked

Gross margin shifted from a decrease to an increase, with changed explanations involving revenue impact, infrastructure software margins, license revenue and labor costs.

The direction of the result changed, and the stated drivers were replaced, so the MD&A asserts substantively different performance and causes rather than merely rolling forward periods.

Why the model ranked it here

Gross margin changed from declining to improving, with the explanation shifting to stronger revenue impact, software margins, license revenue, and lower labor costs.

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

As a percentage of net revenue, gross margin was ~~[removed] 63% and 69%~~ of net revenue for the fiscal years ~~[removed] 2024 and 2023,~~ respectively. The ~~[removed] decrease~~ was primarily due to higher ~~[removed] amortization of acquisition-related intangible assets from the VMware Merger. In addition,~~ gross margin ~~[removed] contributions from our infrastructure software segment were partially offset by less favorable margin within the semiconductor solutions segment driven by product mix.~~

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

As a percentage of net revenue, gross margin was [added] 68% and 63% of net revenue for the fiscal years [added] 2025 and 2024, respectively. The [added] increase was primarily due to higher [added] revenue impact on margin and higher infrastructure software gross margin [added] percentage, driven by an increase in license revenue and lower infrastructure software labor costs following our integration of the VMware business.

Cite this change

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

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

08ChangedItem 7 › Working Capital

Summary · quote-checked

Trade accounts receivable changed from decreasing due to collections and factoring to increasing due to higher billings.

The MD&A reverses the direction of change and replaces the stated drivers, while also reporting new receivable balances and dates; this is substantively different.

Why the model ranked it here

Trade receivables changed from declining through collections and factoring to rising with higher billings, altering the working-capital signal.

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

• Trade accounts receivable, net ~~[removed] decreased primarily due to strong collections and additional receivables sold through factoring arrangements.~~

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

• Trade accounts receivable, net [added] increased to $7,145 million at November 2, 2025 from $4,416 million at November 3, 2024 primarily due to higher billings.

Cite this change

"• Trade accounts receivable, net increased to $7,145 million at November 2, 2025 from $4,416 million at November 3, 2024 primarily due to higher billings."

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

09ChangedItem 7 › Net Revenue

Summary · quote-checked

Revenue drivers changed from broadband and server storage demand and VMware contributions to custom AI accelerators, VCF demand, contract recognition, and subscription transition.

The MD&A replaces stated revenue drivers and adds specific licensing and contract circumstances, changing the substance of the explanation rather than merely rephrasing it.

Why the model ranked it here

Revenue growth is now attributed to custom AI accelerators, AI networking, VCF demand, and subscription-related recognition rather than broadband demand and merger contributions.

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

Net revenue from our semiconductor solutions segment increased due to strong ~~[removed] product~~ demand for our networking ~~[removed] products, primarily AI networking products, partially offset by lower~~ demand for our ~~[removed] broadband and server storage products. Net revenue from our infrastructure software segment increased primarily due to contributions from VMware.~~

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

Net revenue from our semiconductor solutions segment increased due to strong demand for our networking [added] solutions, primarily custom AI accelerators and AI networking products. Net revenue from our infrastructure software segment increased primarily due to strong demand for our [added] 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.

Cite this change

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

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

10Figures updatedItem 7 › Liquidity and Capital Resources

Summary · quote-checked

Cash and cash equivalents increased from $9,348 million to $16,178 million, while the reporting date rolled forward.

The updated cash balance changes the stated level of available liquidity, so it is substantively different under the reader test; the date change alone is boilerplate.

Why the model ranked it here

The higher disclosed cash balance materially changes the liquidity resources presented alongside the company’s obligations.

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

Our primary sources of liquidity as of November ~~[removed] 3, 2024~~ consisted of: (i) ~~[removed] $9,348~~ million in cash and cash equivalents, (ii) cash we expect to generate from operations and (iii) available capacity under our $7.5 billion unsecured revolving credit facility. In addition, we may also generate cash from the sale of assets and debt or equity financings from time to time.

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

Our primary sources of liquidity as of November [added] 2, 2025 consisted of: (i) [added] $16,178 million in cash and cash equivalents, (ii) cash we expect to generate from operations and (iii) available capacity under our $7.5 billion unsecured revolving credit facility. In addition, we may also generate cash from the sale of assets and debt or equity financings from time to time.

Cite this change

"(i) $16,178 million in cash and cash equivalents"

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

11ChangedItem 7 › Capital Returns

Summary · quote-checked

Disclosure shifts from potential debt retirements and 2023 Term Loan prepayments to stock repurchase methods, conditions, and suspension rights.

The substance changes from debt repayment activity, including potentially material amounts, to common-stock repurchases and their governing conditions, introducing a different capital allocation activity and dependency.

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

~~[removed] In addition, we may, at any time and from time to time, seek to retire or purchase our outstanding debt through cash tenders and/or exchanges for equity or debt, in open-market purchases,~~ privately negotiated [removed] transactions or otherwise. Such tenders, exchanges or purchases, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. We may also make additional prepayments of the 2023 Term Loans. The amounts involved may be material.

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

[added] Repurchases under this stock repurchase program may be effected through a variety of methods, including open market or privately negotiated [added] purchases. The timing and amount of shares repurchased will depend on the stock price, business and market conditions, corporate and regulatory requirements, alternative investment opportunities, acquisition opportunities, and other factors. We are not obligated to repurchase any specific amount of shares of common stock, and the stock repurchase program may be suspended or terminated at any time.

Cite this change

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

Broadcom, 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

12ChangedItem 7 › Working Capital

Summary · quote-checked

The explanation for higher other current assets added amounts, comparison dates, and offsetting factors, while changing the description of software contract assets.

The MD&A driver changed beyond a period or figure roll-forward: it added lower prepaid taxes and the sale of assets held for sale as partial offsets.

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

• Other current assets increased ~~[removed] from higher contract assets due to the timing of software revenue recognition.~~

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

• Other current assets increased [added] to $5,980 million at November 2, 2025 from $4,071 million at November 3, 2024 primarily from higher software contract assets, offset in part by lower prepaid taxes and the sale of assets held for sale.

Cite this change

"Other current assets increased to $5,980 million at November 2, 2025 from $4,071 million at November 3, 2024 primarily from higher software contract assets, offset in part by lower prepaid taxes and the sale of assets held for sale."

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

13ChangedItem 7 › Gross Margin

Summary · quote-checked

Gross margin increased year over year, with the stated drivers changing from VMware contributions and merger-related amortization to software revenue and AI-related semiconductor demand.

Although fiscal years and comparison figures rolled forward, the explanation of gross-margin growth changed to different substantive drivers, including product demand and software revenue.

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

Gross margin was ~~[removed] $32,509~~ million for fiscal year ~~[removed] 2024~~ compared to ~~[removed] $24,690~~ million for fiscal year ~~[removed] 2023.~~ The increase was primarily due to ~~[removed] contributions from VMware, partially offset by higher amortization of acquisition-related intangible assets from the VMware Merger.~~

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

Gross margin was [added] $43,294 million for fiscal year [added] 2025 compared to [added] $32,509 million for fiscal year [added] 2024. The increase was primarily due to [added] higher software revenue and strong product demand for our AI-related semiconductor solutions.

Cite this change

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

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

14ChangedItem 7 › Segment Operating Results

Summary · quote-checked

The disclosure replaces revenue-growth and offset explanations, removes the infrastructure software segment result, and identifies strong demand for custom AI accelerators and AI networking products.

The stated drivers changed substantively, including removal of a segment result and lower broadband and server storage revenue as an offset; this is more than rephrasing.

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

Operating income from our semiconductor solutions segment increased [removed] mainly driven by revenue growth from networking products, primarily AI networking products, partially offset by lower net revenue from our broadband and server storage products. Operating income from our infrastructure software segment increased primarily due to contributions from VMware.

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

Operating income from our semiconductor solutions segment increased [added] due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products.

Cite this change

"Operating income from our semiconductor solutions segment increased due to strong demand for our networking solutions, primarily custom AI accelerators and AI networking products."

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

15ChangedItem 7 › Stock-Based Compensation Expense

Summary · quote-checked

The disclosure changes from 2019 multi-year equity awards with four-year vesting periods to 2025 two-year awards with staggered vesting start dates.

The grant timing, award duration, vesting structure, and stock-based compensation expense disclosure changed, describing a different equity-award program and related obligation.

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

During the ~~[removed] first quarter of fiscal year ended November 3, 2019 ("fiscal year 2019"), our Compensation Committee approved a broad-based program of multi-year equity grants of~~ time- and market-based ~~[removed] RSUs (the "Multi-Year Equity Awards")~~ in lieu of our annual employee equity awards historically granted ~~[removed] on March 15~~ of each year. Each ~~[removed] Multi-Year~~ Equity Award vests on the same basis as ~~[removed] four~~ annual grants [removed] made on March 15 of each year, beginning in fiscal year 2019, with successive four-year vesting periods. We recognize stock-based compensation expense related to the Multi-Year Equity Awards from the grant date through their respective vesting date, ranging from 4 years to 7 years.

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

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

Cite this change

"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."

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

16ChangedItem 7 › Costs and Expenses

Summary · quote-checked

Removed a caveat about changing the operational structure and tax strategy and the quantified tax benefits from incentives and holidays.

The revision eliminates substantive information about potential tax-strategy consequences and the tax provision reduction attributable to tax incentives, not merely a period or wording update.

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

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

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 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

"We may elect to modify our"

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

17ChangedItem 7 › Non-Operating Income and Expenses

Summary · quote-checked

Interest expense decreased, with the explanation changing from VMware Merger debt to reduced debt balances and refinancing activities lowering effective interest rates.

The stated direction changes from an increase to a decrease, and the disclosed drivers are replaced, making the MD&A explanation substantively different.

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

Interest expense. Interest expense was ~~[removed] $3,953~~ million and ~~[removed] $1,622~~ million for fiscal years ~~[removed] 2024 and 2023,~~ respectively. The ~~[removed] increase~~ was primarily ~~[removed] due to interest on debt incurred for the VMware Merger.~~

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

Interest expense. Interest expense was [added] $3,210 million and [added] $3,953 million for fiscal years [added] 2025 and 2024, respectively. The [added] decrease was primarily [added] from a reduction in outstanding debt balances and debt refinancing activities that drove lower effective interest rates compared to the prior fiscal year.

Cite this change

"Interest expense. Interest expense was $3,210 million and $3,953 million for fiscal years 2025 and 2024, respectively. The decrease was primarily from a reduction in outstanding debt balances and debt refinancing activities that drove lower effective interest rates compared to the prior fiscal year."

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

18ChangedItem 7 › Operating Activities

Summary · quote-checked

Operating cash flow increased for different reasons, shifting from VMware contributions and lower net income to higher net income and operating asset changes.

The reported drivers changed substantively, including a shift from lower net income and VMware contributions to higher net income, lower non-cash adjustments, and changes in operating assets and liabilities.

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

Cash flows from operating activities ~~[removed] consisted~~ of net income adjusted for certain non-cash and other items and changes in assets and liabilities. The ~~[removed] $1,877~~ million increase in cash provided by operations during fiscal year ~~[removed] 2024~~ compared to fiscal year ~~[removed] 2023~~ was primarily due to ~~[removed] contributions from VMware. The $8,187 million decrease in net income was largely driven by $13,058 million higher~~ non-cash adjustments ~~[removed] including amortization of intangible assets, stock-based compensation, and deferred taxes and other non-cash taxes related to the VMware Merger.~~

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

Cash flows from operating activities [added] consist of net income adjusted for certain non-cash and other items and changes in assets and liabilities. The [added] $7,575 million increase in cash provided by operations during fiscal year [added] 2025 compared to fiscal year [added] 2024 was primarily due to [added] $17,231 million higher net income, offset in part by $5,973 million lower non-cash adjustments [added] for deferred taxes and other non-cash taxes, as well as $3,863 million from changes in operating assets and liabilities.

Cite this change

"The $7,575 million increase in cash provided by operations during fiscal year 2025 compared to fiscal year 2024 was primarily due to $17,231 million higher net income, offset in part by $5,973 million lower non-cash adjustments for deferred taxes and other non-cash taxes, as well as $3,863 million from changes in operating assets and liabilities."

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

19ChangedItem 7 › Research and Development Expense

Summary · quote-checked

R&D expense growth slowed, and the explanation changed from merger-related headcount and equity awards to higher stock-based compensation.

The stated drivers changed substantively, including removal of VMware Merger headcount growth and annual equity awards; this is more than a period or figure roll-forward.

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

Research and development expense increased ~~[removed] $4,057~~ million, or ~~[removed] 77%,~~ in fiscal year ~~[removed] 2024,~~ compared to the prior fiscal year. The increase was primarily due to higher [removed] compensation, including higher stock-based compensation, as a result of an increase in headcount from the VMware Merger. The increase in stock-based compensation expense was also due to annual employee equity awards granted at higher grant-date fair values.

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

Research and development expense increased [added] $1,667 million, or [added] 18%, in fiscal year [added] 2025, compared to the prior fiscal year. The increase was primarily due to higher [added] stock-based compensation.

Cite this change

"The increase was primarily due to higher stock-based compensation."

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

20ChangedItem 7 › Selling, General and Administrative Expense

Summary · quote-checked

Selling, general and administrative expense shifted from a fiscal-year increase driven by VMware-related headcount and compensation to a decrease driven by lower compensation and acquisition-related costs.

The result direction changed from increased to decreased, and the stated drivers changed, making the MD&A narrative substantively different under the rubric.

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

Selling, general and administrative expense ~~[removed] increased $3,367~~ million, or ~~[removed] 211%,~~ in fiscal year ~~[removed] 2024,~~ compared to the prior fiscal year. The ~~[removed] increase~~ was primarily due to ~~[removed] higher compensation, including higher stock-based compensation, as a result of an increase~~ in headcount ~~[removed] from the VMware Merger. The increase in stock-based compensation expense was also due to annual employee equity awards granted at higher grant-date fair values.~~

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

Selling, general and administrative expense [added] decreased $748 million, or [added] 15%, in fiscal year [added] 2025, compared to the prior fiscal year. The [added] decrease was primarily due to [added] lower compensation resulting from a decrease in headcount [added] and lower VMware acquisition-related costs, partially offset by higher stock-based compensation.

Cite this change

"Selling, general and administrative expense decreased $748 million, or 15%, in fiscal year 2025, compared to the prior fiscal year."

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

21ChangedItem 7 › Restructuring and Other Charges

Summary · quote-checked

The disclosure shifts from reporting fiscal 2024 and 2023 charge amounts and drivers to a fiscal 2025 decrease attributed to lower VMware integration termination costs.

The stated direction, comparison period, percentage change, and driver changed; the current paragraph also omits the prior disclosure of IP litigation charges.

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

Restructuring and other charges recognized in operating expenses ~~[removed] were $1,533 million and $244 million~~ in fiscal ~~[removed] years 2024 and 2023, respectively. The~~ fiscal year ~~[removed] 2024 charges primarily included~~ employee termination costs ~~[removed] from cost reduction activities related to~~ the VMware ~~[removed] Merger. The fiscal year 2023 charges primarily included non-recurring charges related to IP litigation.~~

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

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

Cite this change

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

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

22ChangedItem 7 › Net Revenue

Summary · quote-checked

The discussion replaces seasonal and macroeconomic revenue fluctuation factors with subscription licensing and customer termination rights affecting infrastructure software revenue recognition.

The stated drivers of revenue variability changed, adding infrastructure software subscription and termination-right factors while removing seasonal and macroeconomic factors; this is substantive under the MD&A rule.

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

From time to time, some of our key semiconductor customers place large orders or delay orders, causing our quarterly net revenue to fluctuate significantly. This is particularly true of our products used in AI and wireless applications as fluctuations may be magnified by the timing of customer [removed] deployments and product launches, and seasonal variations in sales. In addition, the macroeconomic environment remains uncertain and may cause our net revenue to fluctuate significantly and impact our results of operations.

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

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

Cite this change

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

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

23ChangedItem 7 › Amortization of Acquisition-Related Intangible Assets in Operating Expenses

Summary · quote-checked

Amortization expense changed from increasing due to VMware-related customer intangibles to decreasing due to full amortization of other acquisition-related intangibles.

The statement reverses direction and changes the stated driver, so it is substantively different under the MD&A results-narrative rule.

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

Amortization of acquisition-related intangible assets recognized in operating expenses ~~[removed] increased $1,850~~ million, or ~~[removed] 133%,~~ in fiscal year ~~[removed] 2024,~~ compared to the prior fiscal year primarily due to ~~[removed] higher~~ amortization of customer-related intangible assets from ~~[removed] the VMware Merger.~~

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

Amortization of acquisition-related intangible assets recognized in operating expenses [added] decreased $1,213 million, or [added] 37%, in fiscal year [added] 2025, compared to the prior fiscal year primarily due to [added] full amortization of customer-related intangible assets from [added] previous software acquisitions other than VMware.

Cite this change

"Amortization of acquisition-related intangible assets recognized in operating expenses decreased $1,213 million, or 37%, in fiscal year 2025, compared to the prior fiscal year primarily due to full amortization of customer-related intangible assets from previous software acquisitions other than VMware."

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

24ChangedItem 7 › Financing Activities

Summary · quote-checked

Financing cash-flow discussion changed from quantified prior-year drivers to fiscal 2025 drivers, including acquisition-related term loans, debt repayments, dividends, and lower repurchases.

The paragraph changes the cash-flow characterization and replaces the stated drivers, adding acquisition-related borrowing and changing the described effects of debt, dividends, repurchases, and withholding-tax payments.

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

Cash flows from financing activities primarily ~~[removed] consisted~~ of proceeds and payments related to our ~~[removed] long-term~~ borrowings, dividend payments, ~~[removed] stock repurchases, and~~ employee withholding tax payments related to net settled equity ~~[removed] awards. The $13,890~~ million increase in cash ~~[removed] flows from~~ financing activities ~~[removed] for~~ fiscal year ~~[removed] 2024~~ compared to fiscal year ~~[removed] 2023~~ was primarily due to ~~[removed] $39,954 million of~~ net proceeds from ~~[removed] the 2023 Term Loans and the issuance of senior notes, offset in part by a $19,205 million increase in payments on debt obligations, a $3,355 million increase in~~ employee withholding tax payments related to net settled equity ~~[removed] awards, a $2,169 million increase in dividend payments, and a $1,352 million increase in stock repurchases.~~

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

Cash flows from financing activities primarily [added] consist of proceeds and payments related to our borrowings, dividend payments, employee withholding tax payments related to net settled equity [added] awards and authorized stock repurchases. The $18,394 million increase in cash [added] used in financing activities [added] during fiscal year [added] 2025 compared to fiscal year [added] 2024 was primarily due to net proceeds from [added] term loans issued in connection with the acquisition of VMware in fiscal year 2024, debt repayments and higher dividend payments in fiscal year 2025, offset in part by lower stock repurchases and employee withholding tax payments related to net settled equity [added] awards in fiscal year 2025 compared to fiscal year 2024.

Cite this change

"The $18,394 million increase in cash used in financing activities during fiscal year 2025 compared to fiscal year 2024 was primarily due to net proceeds from term loans issued in connection with the acquisition of VMware in fiscal year 2024, debt repayments and higher dividend payments in fiscal year 2025, offset in part by lower stock repurchases and employee withholding tax payments related to net settled equity awards in fiscal year 2025 compared to fiscal year 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

25ChangedItem 7 › Segment Operating Results

Summary · quote-checked

Unallocated expenses shifted from a 192% increase in fiscal year 2024 to a 4% decrease in fiscal year 2025, with different stated drivers.

The disclosure changes direction, quantified result, drivers, and removes the VMware Merger explanation, making the MD&A statement substantively different.

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

Unallocated expenses include amortization of acquisition-related intangible ~~[removed] assets;~~ stock-based compensation ~~[removed] expense;~~ restructuring and other ~~[removed] charges; acquisition-related costs; and other costs that~~ are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses ~~[removed] increased 192%~~ in fiscal year ~~[removed] 2024,~~ compared to the prior fiscal year, primarily due to ~~[removed] higher~~ amortization of acquisition-related intangible assets, ~~[removed] stock-based compensation expense and~~ restructuring and other ~~[removed] charges. These increases were primarily due to the VMware Merger. The increase in~~ stock-based compensation ~~[removed] expense was also due to annual employee equity awards granted at higher grant-date fair values.~~

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

Unallocated expenses include amortization of acquisition-related intangible [added] assets, stock-based compensation [added] expense, restructuring and other [added] charges, and acquisition-related costs which are not used in evaluating the results of, or in allocating resources to, our segments. Unallocated expenses [added] decreased 4% in fiscal year [added] 2025, compared to the prior fiscal year, primarily due to [added] lower amortization of acquisition-related intangible assets, restructuring and other [added] charges, and acquisition-related costs, partially offset by higher stock-based compensation [added] expense.

Cite this change

"Unallocated expenses decreased 4% in fiscal year 2025, compared to the prior fiscal year, primarily due to lower amortization of acquisition-related intangible assets, restructuring and other charges, and acquisition-related costs, partially offset by higher stock-based compensation expense."

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

26ChangedItem 7 › Investing Activities

Summary · quote-checked

The investing cash-flow change reversed from an increase to a decrease and replaced the prior acquisition and business-sale drivers with different fiscal-year explanations.

The direction of change, amounts, acquisition explanation, and proceeds driver all changed, making the MD&A statement substantively different rather than a period roll-forward.

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

Cash flows from investing activities primarily ~~[removed] consisted~~ of cash used for acquisitions, proceeds from ~~[removed] the sale of a business,~~ capital expenditures, and proceeds and payments related to investments. The ~~[removed] $22,381 million increase~~ in cash used in investing activities ~~[removed] for~~ fiscal year ~~[removed] 2024~~ compared to fiscal year ~~[removed] 2023~~ was primarily due to ~~[removed] a $25,925 million increase in cash used for acquisitions due to the VMware Merger and~~ the acquisition of ~~[removed] Seagate's SoC operations,~~ net of cash ~~[removed] acquired,~~ offset in part by ~~[removed] $3,485 million~~ proceeds from ~~[removed] the sale of the EUC business.~~

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

Cash flows from investing activities primarily [added] consist of cash used for acquisitions, proceeds from [added] sales of businesses, capital expenditures, and proceeds and payments related to investments. The [added] $22,490 million decrease in cash used in investing activities [added] during fiscal year [added] 2025 compared to fiscal year [added] 2024 was primarily due to [added] $25,416 million cash paid in connection with the acquisition of [added] VMware, net of cash [added] acquired in fiscal year 2024, offset in part by [added] $3,185 million lower proceeds from [added] sales of businesses in fiscal year 2025 compared to fiscal year 2024.

Cite this change

"The $22,490 million decrease in cash used in investing activities during fiscal year 2025 compared to fiscal year 2024 was primarily due to $25,416 million cash paid in connection with the acquisition of VMware, net of cash acquired in fiscal year 2024, offset in part by $3,185 million lower proceeds from sales of businesses in fiscal year 2025 compared to fiscal year 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

27ChangedItem 7 › Non-Operating Income and Expenses

Summary · quote-checked

The tax provision disclosure drops the fiscal 2023 comparison and adds excess tax benefits from stock-based awards as an offsetting factor.

The stated explanation changes by adding a new driver—excess tax benefits from stock-based awards—so the MD&A account differs substantively beyond a period or figure roll-forward.

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

~~[removed] Provision for income taxes.~~ The provision for income taxes was $3,748 million ~~[removed] and $1,015 million~~ for fiscal ~~[removed] years 2024 and 2023, respectively. The increase~~ was primarily due to the impact of a non-recurring intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in the jurisdictional mix of ~~[removed] income.~~

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

The provision for income taxes was $3,748 million for fiscal [added] year 2024, and was primarily due to the impact of a non-recurring intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in the jurisdictional mix of [added] income, partially offset by excess tax benefits from stock-based awards.

Cite this change

"The provision for income taxes was $3,748 million for fiscal year 2024, and was primarily due to the impact of a non-recurring intra-group transfer of certain IP rights to the United States as a result of supply chain realignment and the resulting shift in the jurisdictional mix of income, partially offset by excess tax benefits from stock-based awards."

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

28ChangedItem 7 › Capital Returns

Summary · quote-checked

The disclosure changes repurchase activity from fiscal-year totals for 2024 and 2023 to first-quarter 2024 activity and omits the 2023 figures.

The period, scope, and reported repurchase activity change; this is more than a calendar roll-forward because prior-year activity is removed and the timing of the repurchases is newly specified.

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

In December [removed] 2021, 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, 2022, which was subsequently extended to December 31, 2023. In May 2022, our Board of Directors authorized ~~[removed] another~~ stock repurchase ~~[removed] program~~ to repurchase up to an ~~[removed] additional $10~~ billion of our common stock from time to time through December 31, 2023. During ~~[removed] fiscal years 2024 and 2023,~~ we repurchased and retired ~~[removed] approximately~~ 67 million ~~[removed] and 91 million~~ shares of our common stock for $7,176 ~~[removed] million and $5,824 million, respectively. All~~ $20 billion of the authorized amount ~~[removed] under these stock repurchase programs~~ was utilized prior to expiration on December 31, 2023.

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

In December [added] 2021 and May 2022, our Board of Directors authorized stock repurchase [added] programs to repurchase up to an [added] aggregate of $20 billion of our common stock from time to time through December 31, 2023. During [added] the first quarter of fiscal year 2024, we repurchased and retired 67 million shares of our common stock for $7,176 [added] million, and all $20 billion of the [added] aggregate authorized amount was utilized prior to expiration on December 31, 2023.

Cite this change

"During the first quarter of fiscal year 2024, we repurchased and retired 67 million shares of our common stock for $7,176 million, and all $20 billion of the aggregate authorized amount was utilized prior to expiration on December 31, 2023."

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

29ChangedItem 7 › Costs and Expenses

Summary · quote-checked

Other income was reframed as excluding expense, and gains and losses from sales of businesses were added to its described sources.

The change alters the income statement category’s direction and adds business-sale gains or losses, substantively changing what the paragraph says is included.

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

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

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

Other [added] income, net. Other [added] income, net includes interest income, gains and losses on [added] investments or sales of businesses, foreign currency remeasurement, and other miscellaneous items.

Cite this change

"Other income, net. Other income, net includes interest income, gains and losses on investments or sales of businesses, foreign currency remeasurement, and other miscellaneous items."

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

30ChangedItem 7 › Costs and Expenses

Summary · quote-checked

Added expiration dates and Singapore tax-rate details for tax incentives, a Malaysia tax holiday, and the possibility of an income-tax benefit.

The disclosure adds specific tax incentive expirations, the otherwise applicable Singapore tax rate, and a Malaysia tax holiday, changing stated tax obligations and dependencies.

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 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 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

Provision for [added] (benefit from) 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[added] to expire through November 2030. The corporate income tax rate in Singapore that would otherwise apply to us would be 17%. We also have a tax holiday from our qualifying income earned in Malaysia, which is scheduled to expire in 2028.

Cite this change

"These Singapore tax incentives are scheduled to expire through November 2030. The corporate income tax rate in Singapore that would otherwise apply to us would be 17%. We also have a tax holiday from our qualifying income earned in Malaysia, which is scheduled to expire in 2028."

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

31ChangedItem 7 › Non-Operating Income and Expenses

Summary · quote-checked

Other income increased, with a gain on the sale of a business partly offset by lower interest rates on lower invested balances.

The disclosure changes from a decrease driven by lower interest income to an increase with a newly stated business-sale gain and revised interest-rate and balance drivers.

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

Other ~~[removed] income (expense),~~ net. Other ~~[removed] income (expense),~~ net includes interest income, gains and losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was ~~[removed] $406~~ million and ~~[removed] $512~~ million for fiscal years ~~[removed] 2024 and 2023,~~ respectively. The ~~[removed] decrease~~ was primarily due to lower interest income as a result of ~~[removed] a~~ lower invested ~~[removed] balance.~~

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

Other [added] income, net. Other [added] income, net includes interest income, gains and losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was [added] $455 million and [added] $406 million for fiscal years [added] 2025 and 2024, respectively. The [added] increase was primarily due to [added] a gain on the sale of a business, partially offset by lower interest income as a result of [added] lower interest rates on lower invested [added] balances.

Cite this change

"The increase was primarily due to a gain on the sale of a business, partially offset by lower interest income as a result of lower interest rates on lower invested balances."

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

32ChangedItem 7 › Net Revenue

Summary · quote-checked

The paragraph no longer identifies seasonality as part of the fluctuations affecting quarterly net revenue and redirects the discussion to Risk Factors.

Removing seasonality changes the stated driver of quarterly net-revenue variation; the cross-reference change alone would be boilerplate, but the dropped driver is substantive.

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

Our overall net revenue, as well as the percentage of total net revenue generated by sales in our semiconductor solutions and infrastructure software segments, have varied from quarter to quarter, due largely to fluctuations in end-market ~~[removed] demand, including the effects of seasonality,~~ which are discussed in detail in Part I, Item ~~[removed] 1. Business under "Seasonality"~~ of this Annual Report on Form 10-K.

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

Our overall net revenue, as well as the percentage of total net revenue generated by sales in our semiconductor solutions and infrastructure software segments, have varied from quarter to quarter, due largely to fluctuations in end-market [added] demand which are discussed in detail in Part I, Item [added] 1A. Risk Factors of this Annual Report on Form 10-K.

Cite this change

"Our overall net revenue, as well as the percentage of total net revenue generated by sales in our semiconductor solutions and infrastructure software segments, have varied from quarter to quarter, due largely to fluctuations in end-market demand which are discussed in detail in Part I, Item 1A. Risk Factors of this Annual Report on Form 10-K."

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

33ChangedItem 7 › Overview

Summary · quote-checked

The overview redefined the semiconductor portfolio and revised the environments, applications, and infrastructure software capabilities described.

The disclosure adds and removes substantive descriptions of products, architectures, applications, and software environments, changing the stated scope of the company’s offerings rather than merely rephrasing them.

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

We are a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. ~~[removed] We develop semiconductor devices with a focus on~~ complex digital and mixed signal complementary metal oxide semiconductor ~~[removed] based devices and analog III-V based products. We offer thousands of products that~~ are used in end products such as enterprise and ~~[removed] data center networking, including artificial intelligence ("AI")~~ networking and ~~[removed] connectivity, home connectivity,~~ set-top boxes, broadband access, telecommunication equipment, ~~[removed] smartphones~~ and base stations, ~~[removed] data center servers and storage systems,~~ factory automation, power generation and alternative energy systems, and electronic displays. Our infrastructure software solutions help enterprises simplify their information technology [removed] environments so they can increase business velocity and flexibility, and enable customers to plan, develop, deliver, automate, manage and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms. Our portfolio of infrastructure and security software ~~[removed] is designed~~ to modernize, optimize, and secure the most complex private ~~[removed] and~~ hybrid cloud ~~[removed] environments, enabling~~ scalability, agility, automation, insights, resiliency and ~~[removed] security~~ making it easy for customers to run their mission-critical workloads. We also offer mission-critical fibre channel storage area networking ("FC SAN") products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products.

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

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

Cite this change

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

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

34ChangedItem 7 › Stock-Based Compensation Expense

Summary · quote-checked

Stock-based compensation increased, with the stated drivers changing from VMware Merger and annual awards to Two-Year Equity Awards and offsetting vesting and forfeitures.

Although fiscal years and amounts roll forward, the MD&A changes the substantive explanation for the increase by adding offsetting effects and replacing the prior award drivers.

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

Total stock-based compensation expense was ~~[removed] $5,670~~ million and ~~[removed] $2,171~~ million for fiscal years ~~[removed] 2024 and 2023,~~ respectively. The increase was primarily due to ~~[removed] equity awards assumed and granted in connection with the VMware Merger and annual employee~~ equity awards ~~[removed] granted at higher grant-date fair values.~~

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

Total stock-based compensation expense was [added] $7,568 million and [added] $5,670 million for fiscal years [added] 2025 and 2024, respectively. The increase was primarily due to [added] the Two-Year Equity Awards granted at higher grant-date fair values, partially offset by the full vesting and forfeitures of certain equity awards [added] assumed in the VMware acquisition.

Cite this change

"The increase was primarily due to the Two-Year Equity Awards granted at higher grant-date fair values, partially offset by the full vesting and forfeitures of certain equity awards assumed in the VMware acquisition."

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

35ChangedItem 7 › Overview

Summary · quote-checked

Segment descriptions changed, including a narrower semiconductor product-line characterization and a substantially revised infrastructure software portfolio description.

The paragraph changes what each reportable segment is described as including, beyond a mere rephrasing or list update; the text itself indicates altered segment scope or composition.

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

We have two reportable segments: semiconductor solutions and infrastructure software. Our semiconductor solutions segment includes all of our product lines and intellectual property ("IP") licensing. Our infrastructure software segment includes our private ~~[removed] and hybrid cloud, application development and delivery, software-defined edge, application networking and security, mainframe, distributed and cybersecurity solutions,~~ and our FC SAN business.

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

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

Cite this change

"Our semiconductor solutions segment includes all of our semiconductor-based product lines and intellectual property ("IP") licensing. Our infrastructure software segment includes our private cloud, mainframe software, cybersecurity and enterprise software portfolios, and our FC SAN business."

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

36ChangedItem 7 › Capital Returns

Summary · quote-checked

Updated withholding-tax amounts and share counts, and added that fiscal 2025 taxes were settled using proceeds from selling vested shares.

Although the periods and figures roll forward, the added settlement method is a substantive change to how employee-equity withholding taxes were funded.

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

During fiscal years ~~[removed] 2024 and 2023,~~ we paid ~~[removed] approximately $5,216~~ million and ~~[removed] $1,861~~ million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld ~~[removed] approximately 38~~ million and ~~[removed] 26~~ million shares of common stock from employees in connection with such net share settlements during fiscal years ~~[removed] 2024 and 2023, respectively.~~

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

During fiscal years [added] 2025 and 2024, we paid [added] $3,860 million and [added] $5,216 million, respectively, in employee withholding taxes due upon the vesting of net settled equity awards. We withheld [added] 17 million and [added] 38 million shares of common stock from employees in connection with such net share settlements during fiscal years [added] 2025 and 2024, respectively. In the second half of fiscal year 2025, we settled withholding taxes upon the vesting of employee equity awards using proceeds from the sale of a portion of the vested shares.

Cite this change

"In the second half of fiscal year 2025, we settled withholding taxes upon the vesting of employee equity awards using proceeds from the sale of a portion of the vested shares."

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

37ChangedItem 7 › Net Revenue

Summary · quote-checked

The net revenue description expanded from semiconductor devices to semiconductor-based solutions and added racks as a revenue source in some cases.

The paragraph changes the described scope of products generating net revenue by adding semiconductor-based solutions and racks, rather than merely rephrasing existing content.

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

A majority of our net revenue is derived from sales of a broad range of semiconductor ~~[removed] devices~~ that are incorporated into electronic products, as well as from modules, switches and ~~[removed] subsystems.~~ Net revenue is also generated from the sale of software solutions that enable our customers to plan, develop, deliver, automate, manage, and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

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

A majority of our net revenue is derived from sales of a broad range of semiconductor [added] and semiconductor-based solutions that are incorporated into electronic products, as well as from modules, switches and [added] subsystems and, in some cases, racks. Net revenue is also generated from the sale of software solutions that enable our customers to plan, develop, deliver, automate, manage, and secure applications across mainframe, distributed, edge, mobile, and private and hybrid cloud platforms.

Cite this change

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

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

38ChangedItem 7 › Net Revenue

Summary · quote-checked

Top-five customer concentration changed from approximately 40% and 35% to approximately 40% in each of the two fiscal years.

The disclosed customer concentration increased for the earlier comparison year, changing the stated magnitude of customer dependency rather than merely rolling forward the reporting period.

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

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% ~~[removed] and 35%~~ of our net revenue for fiscal years ~~[removed] 2024 and 2023, respectively.~~ We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.

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

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% of our net revenue for [added] each of the fiscal years [added] 2025 and 2024. We expect to continue to experience significant customer concentration in future periods. The loss of, or significant decrease in demand from, any of our top five end customers could have a material adverse effect on our business, results of operations and financial condition.

Cite this change

"We believe aggregate sales to our top five end customers, through all channels, accounted for approximately 40% of our net revenue for each of the fiscal years 2025 and 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

39Figures updatedItem 7 › Stock-Based Compensation Expense

Summary · quote-checked

The remaining weighted-average service period for unvested stock-based awards increased from 3.0 years to 3.4 years.

The date roll-forward is boilerplate, but the changed service period indicates a different duration for recognizing the outstanding compensation cost and therefore changes the stated obligation timing.

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

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of November ~~[removed] 3, 2024.~~ The remaining weighted-average service period was ~~[removed] 3.0~~ years.

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

The following table sets forth the total unrecognized compensation cost related to unvested stock-based awards outstanding and expected to vest as of November [added] 2, 2025. The remaining weighted-average service period was [added] 3.4 years.

Cite this change

"The remaining weighted-average service period was 3.4 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

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