Reports › AVGO › 10-Q FY2026

SEC filings, compared

What changed in Broadcom's 10-Q for the quarter ended August 2, 2026

Compared with the 10-Q for the quarter ended August 3, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: Broadcom Inc. · AVGO
This filing: 0001730168-26-000080 ↗ · filed Sep 10, 2026
Compared with: 0001730168-25-000098 ↗ · filed Sep 10, 2025
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

50 material changes among 72 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	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	29,591,000,000USD · May 4, 2026 to Aug 2, 2026	15,952,000,000USD · May 5, 2025 to Aug 3, 2025	+13,639,000,000+85.5%
Net income or lossus-gaap:ProfitLoss	13,088,000,000USD · May 4, 2026 to Aug 2, 2026	4,140,000,000USD · May 5, 2025 to Aug 3, 2025	+8,948,000,000+216.1%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	23,975,000,000USD · at Aug 2, 2026	10,718,000,000USD · at Aug 3, 2025	+13,257,000,000+123.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	32,950,000,000USD · Nov 3, 2025 to Aug 2, 2026	19,834,000,000USD · Nov 4, 2024 to Aug 3, 2025	+13,116,000,000+66.1%

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. FY2026: 0001730168-26-000080 · FY2025: 0001730168-25-000098

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

13 material additions

Part I, Item 2 · MD&A

8 of 13 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Recent Developments

Summary · quote-checked

Added disclosure of a backstop agreement creating potential liability for customer lease defaults involving AI racks.

The paragraph introduces a new financial obligation, describes how exposure changes, and identifies remedies limiting liability; these are substantive changes to disclosed commitments and risk.

Why the model ranked it here

The new backstop creates a direct contingent obligation tied to customer lease defaults and describes how the company’s exposure could be limited or realized.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] In connection with this arrangement, we entered into a backstop agreement with the financial partner for the customer's lease obligations over the 5-year lease terms (the "Backstop"). The total Backstop amount increases as the AI racks are delivered and deployed and decreases as the customer makes payments on its lease obligations. In the event of a lease default by the customer, our Backstop liability will be equal to any difference between 85% of the outstanding amounts owed on the lease Backstop and the value of the AI racks received upon sale of the assets at that time. Remedies to limit our total liability exposure in a lease default include the assumption of the applicable lease, reselling the AI racks back to the seller at a fixed price under certain conditions or arranging a sale of the applicable AI racks.

Cite this change

"In connection with this arrangement, we entered into a backstop agreement with the financial partner for the customer's lease obligations over the 5-year lease terms (the "Backstop"). The total Backstop amount increases as the AI racks are delivered and deployed and decreases as the customer makes payments on its lease obligations. In the event of a lease default by the customer, our Backstop liability will be equal to any difference between 85% of the outstanding amounts owed on the lease Backstop and the value of the AI racks received upon sale of the assets at that time. Remedies to limit our total liability exposure in a lease default include the assumption of the applicable lease, reselling the AI racks back to the seller at a fixed price under certain conditions or arranging a sale of the applicable AI racks."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

02AddedPart I, Item 2 › Recent Developments

Summary · quote-checked

Added disclosure of a Backstop with approximately $29 billion in maximum potential liability, its fair value, and no payments made.

The paragraph introduces a specific financial obligation and liability exposure tied to deploying AI racks, materially changing the disclosed commitments and contingencies.

Why the model ranked it here

The disclosure establishes a large potential liability that did not previously appear among the company’s commitments and contingencies.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] Our maximum potential liability under the Backstop upon the deployment of all AI racks, on an undiscounted basis, was approximately $29 billion. The fair value of the Backstop was not material. No amounts have been paid under the Backstop. Refer to Note 10. "Commitments and Contingencies" in Part 1, Item 1 of this Form 10-Q.

Cite this change

"Our maximum potential liability under the Backstop upon the deployment of all AI racks, on an undiscounted basis, was approximately $29 billion."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

03AddedPart I, Item 2 › Recent Developments

Summary · quote-checked

Added disclosure of the AI XPV platform, its $35 billion initial tranche, compute infrastructure deployment, and related AI rack and lease agreements.

The new paragraph describes a newly launched financing platform, financial-partner arrangements, customer leases, and commitments involving AI infrastructure, indicating new transactions and dependencies.

Why the model ranked it here

The newly launched financing platform introduces major customer infrastructure deployments, financial-partner arrangements, and lease-related dependencies.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] In June 2026, we launched the AI XPV platform with an initial tranche of $35 billion led by a financial partner to facilitate the deployment of more than 1 gigawatt of compute infrastructure for our customer. Pursuant to the AI XPV platform, we arranged for the financial partner to take on certain agreements to purchase AI racks based on custom AI accelerators designed by us and the related lease agreements with a customer that enable access to compute capacity.

Cite this change

"In June 2026, we launched the AI XPV platform with an initial tranche of $35 billion led by a financial partner to facilitate the deployment of more than 1 gigawatt of compute infrastructure for our customer."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

04AddedPart I, Item 2 › Recent Developments

Summary · quote-checked

Added disclosure of the AI XPV platform, financing arrangements, planned compute capacity, technology provision, and potential residual value guarantees through 2028.

The new paragraph introduces a financing platform, a compute-capacity dependency, future deployments, and contingent liabilities, materially changing disclosed obligations and arrangements.

Why the model ranked it here

The platform expands the company’s disclosed exposure to financing arrangements, planned compute capacity, technology commitments, and potential residual value guarantees.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] We established the AI XPV platform with certain sophisticated financial partners to enable more than 20 gigawatts in compute capacity using our custom AI accelerators or XPUs and networking solutions customized for the leading frontier AI labs through 2028. The AI XPV platform provides for future deployments of XPU-based compute capacity and networking that enable frontier model training and inference. The AI XPV platform bridges the gap between the current cash flows of the leading frontier AI labs and significant upfront investments required for their businesses. Through the AI XPV platform, the financial partners fund and we provide the technology to the leading frontier AI labs to allow them to deploy AI infrastructure at a scale that meets their increasing demand. Where necessary, we may provide residual value guarantees, which are contingent liabilities we believe would have a low probability of occurring, supported by the strong profitability trajectory of the leading frontier AI labs and the sustaining value of the underlying assets.

Cite this change

"We established the AI XPV platform with certain sophisticated financial partners to enable more than 20 gigawatts in compute capacity using our custom AI accelerators or XPUs and networking solutions customized for the leading frontier AI labs through 2028."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

05AddedPart I, Item 2 › Recent Developments

Summary · quote-checked

Added disclosure of unprecedented demand for custom AI accelerators and networking solutions, alongside customers’ need for significant capital to deploy AI infrastructure.

The paragraph introduces a new demand and customer-capital dependency disclosure, changing the substance of the company’s stated developments and exposure.

Why the model ranked it here

The company newly characterizes demand for its AI products as unprecedented while highlighting customers’ dependence on obtaining substantial capital to deploy them.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] We see unprecedented demand for our custom AI accelerators or XPUs and AI networking solutions from our customers, including the leading frontier AI labs, due to the demand for AI compute. However, deploying AI infrastructure to meet this demand requires our customers to access significant capital.

Cite this change

"We see unprecedented demand for our custom AI accelerators or XPUs and AI networking solutions from our customers, including the leading frontier AI labs, due to the demand for AI compute. However, deploying AI infrastructure to meet this demand requires our customers to access significant capital."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

06AddedPart I, Item 2 › Working Capital

Summary · quote-checked

Added disclosure that inventory increased to support higher expected shipments for AI-related semiconductor solutions.

The new paragraph introduces an inventory balance, a substantial change in working capital, and an operational dependency on expected AI-related shipments.

Why the model ranked it here

The inventory increase signals that the company is committing substantial working capital in reliance on stronger shipments of AI-related products.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] • Inventory increased to $4,523 million at August 2, 2026 from $2,270 million at November 2, 2025 primarily to support higher expected shipments for AI-related semiconductor solutions.

Cite this change

"Inventory increased to $4,523 million at August 2, 2026 from $2,270 million at November 2, 2025 primarily to support higher expected shipments for AI-related semiconductor solutions."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

07AddedPart I, Item 2 › Results of Operations

Summary · quote-checked

Added disclosure quantifying upfront license revenue and its reclassification from subscriptions and services revenue to products revenue.

The paragraph newly discloses a revenue component, related costs, and a changed revenue presentation, providing substantive information about revenue composition rather than mere formatting or period roll-forward.

Why the model ranked it here

The new disclosure changes how a significant revenue stream is characterized and clarifies the composition of reported revenue.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] We included upfront license revenue of $3,465 million and $7,184 million within products revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026, respectively. We included the related costs, which were immaterial, in cost of products sold. To conform to the current period presentation, we reclassified $1,916 million and $5,691 million of upfront license revenue from subscriptions and services revenue to products revenue for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively. We also reclassified the related costs for the upfront license revenue, which were immaterial for the periods presented. See Note 2. "Revenue from Contracts with Customers" in Part I, Item 1. of this Form 10-Q for additional information.

Cite this change

"We included upfront license revenue of $3,465 million and $7,184 million within products revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026, respectively."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

08AddedPart I, Item 2 › Macroeconomic Factors

Summary · quote-checked

Added disclosure that circumstances could significantly disrupt supply chain operations and affect operating-result trends.

The new paragraph introduces potential supply-chain and operating-results effects and describes ongoing monitoring, representing substantive risk disclosure.

Why the model ranked it here

The added language identifies circumstances that could disrupt supply operations and alter operating-result trends, making the supply-chain exposure more explicit.

Filing text · FY2025 10-Q · filed Sep 10, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Sep 10, 2026

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

Cite this change

"significantly, disrupt supply chain operations and could affect trends in our operating results. We continuously monitor the broader impacts of these circumstances on our business, our supply chain and our results of operations."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

Show all 13 in Part I, Item 2 (5 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.

6 material removals

Part I, Item 2 · MD&A

5 of 6 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Non-Operating Income and Expenses

Summary · quote-checked

The current report removes disclosure of tax-law changes, CAMT credit utilization uncertainty, and a $1,058 million valuation allowance.

A removed MD&A paragraph disclosed a new tax obligation, reduced ability to use CAMT credits, and a significant valuation allowance, changing reported tax exposure and financial condition context.

Why the model ranked it here

The removal eliminates disclosure of tax-law changes, reduced ability to use CAMT credits, and a substantial valuation allowance affecting tax exposure and financial condition.

Filing text · FY2025 10-Q · filed Sep 10, 2025

[removed] Provision for 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, certain capital expenditures, and changes to 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 $1,058 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 immediate expensing of qualifying property being effective in fiscal year 2025. We will continue to evaluate the full impact of these legislative changes as more guidance becomes available.

Filing text · FY2026 10-Q · filed Sep 10, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Provision for 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, certain capital expenditures, and changes to 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 $1,058 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 immediate expensing of qualifying property being effective in fiscal year 2025. We will continue to evaluate the full impact of these legislative changes as more guidance becomes available."

Broadcom, Form 10-Q for FY2025, Part I, Item 2, accession 0001730168-25-000098, filed 10 September 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000098/avgo-20250803.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

02RemovedPart I, Item 2 › Capital Returns

Summary · quote-checked

The current report removes disclosure of stock repurchase authorizations, repurchases, retirement of shares, and utilization of the authorized amount.

The removed paragraph disclosed a repurchase program, shares retired, expenditure, and full utilization of the authorization—substantive capital-return information, not recurring boilerplate.

Why the model ranked it here

The removal eliminates disclosure of stock repurchase authorizations, share retirements, spending, and utilization of the program, obscuring substantive capital-return activity.

Filing text · FY2025 10-Q · filed Sep 10, 2025

[removed] In December 2021 and May 2022, our Board of Directors authorized stock repurchase programs to repurchase up to an aggregate of $20 billion of our common stock from time to time prior to December 31, 2023. During the fiscal quarter ended February 4, 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.

Filing text · FY2026 10-Q · filed Sep 10, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"In December 2021 and May 2022, our Board of Directors authorized stock repurchase programs to repurchase up to an aggregate of $20 billion of our common stock from time to time prior to December 31, 2023. During the fiscal quarter ended February 4, 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-Q for FY2025, Part I, Item 2, accession 0001730168-25-000098, filed 10 September 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000098/avgo-20250803.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

03RemovedPart I, Item 2 › Capital Returns

Summary · quote-checked

The disclosure of stock repurchase methods, conditions, discretionary timing, and the ability to suspend or terminate the program was removed.

The removed paragraph described a capital-return program and expressly stated repurchase discretion and lack of obligation, changing disclosed commitments and liquidity-related information.

Why the model ranked it here

The removal eliminates disclosure that repurchases were discretionary and could be suspended or terminated, changing the stated nature of the company’s capital-return commitments.

Filing text · FY2025 10-Q · filed Sep 10, 2025

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

Filing text · FY2026 10-Q · filed Sep 10, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

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

Broadcom, Form 10-Q for FY2025, Part I, Item 2, accession 0001730168-25-000098, filed 10 September 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000098/avgo-20250803.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

04RemovedPart I, Item 2 › Non-Operating Income and Expenses

Summary · quote-checked

The current report removes the paragraph explaining provision for income taxes and its principal drivers.

The removed paragraph disclosed a tax expense and factors affecting it, including CAMT credits, income mix, and stock-based award benefits; this is substantive MD&A information.

Why the model ranked it here

The removal eliminates disclosure of the income-tax provision and its principal drivers, including CAMT credits, income mix, and stock-based award benefits.

Filing text · FY2025 10-Q · filed Sep 10, 2025

[removed] The provision for income taxes was $1,145 million and $1,252 million for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively, and was primarily due to the impact from a valuation allowance against our CAMT credits, income before income taxes, and the jurisdictional mix of income, partially offset by excess tax benefits from stock-based awards.

Filing text · FY2026 10-Q · filed Sep 10, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The provision for income taxes was $1,145 million and $1,252 million for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively, and was primarily due to the impact from a valuation allowance against our CAMT credits, income before income taxes, and the jurisdictional mix of income, partially offset by excess tax benefits from stock-based awards."

Broadcom, Form 10-Q for FY2025, Part I, Item 2, accession 0001730168-25-000098, filed 10 September 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000098/avgo-20250803.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

05RemovedPart I, Item 2 › Amortization of Acquisition-Related Intangible Assets

Summary · quote-checked

The current filing removes the explanation of decreased amortization expense and its attribution to fully amortized acquisition-related intangible assets.

The removed paragraph disclosed a results trend and its stated driver; its disappearance changes the MD&A substance, not merely a period, figure, or presentation.

Filing text · FY2025 10-Q · filed Sep 10, 2025

[removed] Amortization of acquisition-related intangible assets recognized in operating expenses decreased $305 million, or 38%, and $907 million, or 37%, for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively, compared to the prior year fiscal periods primarily due to full amortization of customer-related intangible assets from previous software acquisitions other than VMware.

Filing text · FY2026 10-Q · filed Sep 10, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Amortization of acquisition-related intangible assets recognized in operating expenses decreased $305 million, or 38%, and $907 million, or 37%, for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively, compared to the prior year fiscal periods primarily due to full amortization of customer-related intangible assets from previous software acquisitions other than VMware."

Broadcom, Form 10-Q for FY2025, Part I, Item 2, accession 0001730168-25-000098, filed 10 September 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016825000098/avgo-20250803.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

Show all 6 in Part I, Item 2 (1 more, in filing order)

What the company says differently

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

31 material changes

Part I, Item 2 · MD&A

5 of 31 shown · Ordered by the model, quote-checked

01Figures updatedPart I, Item 2 › Net Revenue

Summary · quote-checked

Customer concentration increased, with one distributor accounting for 50% and 46% of net revenue in the current periods versus 32% and 30% previously.

The updated concentration percentages materially change the stated customer-dependency exposure; this is not merely a calendar-period roll-forward.

Why the model ranked it here

The sharp increase in sales tied to a single distributor materially heightens the company’s customer-dependency exposure.

Filing text · FY2025 10-Q · filed Sep 10, 2025

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one semiconductor solutions customer, which is a distributor, accounted for ~~[removed] 32% and 30%~~ of our net revenue for the fiscal quarter and three fiscal quarters ended August ~~[removed] 3, 2025,~~ respectively, and ~~[removed] 26% and 27%~~ of our net revenue for the fiscal quarter and three fiscal quarters ended August ~~[removed] 4, 2024,~~ respectively.

Filing text · FY2026 10-Q · filed Sep 10, 2026

A relatively small number of customers account for a significant portion of our net revenue. Direct sales to one semiconductor solutions customer, which is a distributor, accounted for [added] 50% and 46% of our net revenue for the fiscal quarter and three fiscal quarters ended August [added] 2, 2026, respectively, and [added] 32% and 30% of our net revenue for the fiscal quarter and three fiscal quarters ended August [added] 3, 2025, respectively.

Cite this change

"Direct sales to one semiconductor solutions customer, which is a distributor, accounted for 50% and 46% of our net revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026, respectively, and 32% and 30% of our net revenue for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

02ChangedPart I, Item 2 › Net Revenue

Summary · quote-checked

Top-five customer concentration increased to 55% and 50% of net revenue for the fiscal quarter and three fiscal quarters, respectively.

The updated concentration figures indicate a materially greater customer dependency, beyond the fiscal-period roll-forward, while the associated concentration risk remains unchanged.

Why the model ranked it here

The greater share of revenue concentrated among the largest customers changes the company’s disclosed concentration risk.

Filing text · FY2025 10-Q · filed Sep 10, 2025

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately ~~[removed] 40%~~ of our net revenue for ~~[removed] each of~~ the fiscal quarter and three fiscal quarters ended August ~~[removed] 3, 2025, and 35% and~~ 40% of our net revenue for the fiscal quarter and three fiscal quarters ended August ~~[removed] 4, 2024, 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 · FY2026 10-Q · filed Sep 10, 2026

We believe aggregate sales to our top five end customers, through all channels, accounted for approximately [added] 55% and 50% of our net revenue for the fiscal quarter and three fiscal quarters ended August [added] 2, 2026, respectively, and approximately 40% of our net revenue for [added] each of the fiscal quarter and three fiscal quarters ended August [added] 3, 2025. 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 55% and 50% of our net revenue for the fiscal quarter and three fiscal quarters ended August 2, 2026, respectively, and approximately 40% of our net revenue for each of the fiscal quarter and three fiscal quarters ended August 3, 2025."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure adds backstop financing arrangements and counterparty credit risk, while changing descriptions of debt and equity financing for transactions and expansion.

The paragraph newly identifies a backstop, potential similar arrangements, and increased counterparty credit risk, changing the disclosed financing exposure beyond wording or date updates.

Why the model ranked it here

The newly disclosed backstop arrangements introduce counterparty credit exposure that was not previously identified.

Filing text · FY2025 10-Q · filed Sep 10, 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 ~~[removed] 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 [removed] such circumstances, we may seek to obtain new debt or equity financing. However, we cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service our outstanding indebtedness and any other indebtedness we may incur will depend on our ability to generate cash in the future. We may also elect to sell additional debt or equity securities for reasons other than those specified above.

Filing text · FY2026 10-Q · filed Sep 10, 2026

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 [added] we may elect to issue additional debt or equity securities to fund such transactions. If we do not have sufficient cash to fund our operations or finance growth opportunities, including acquisitions, [added] expansions of new business strategies and models, or unanticipated capital expenditures, our business and financial condition could suffer. In [added] addition, we have provided a backstop and may continue to enter into similar financing arrangements, which increases our exposure to counterparty credit risk.

Cite this change

"In addition, we have provided a backstop and may continue to enter into similar financing arrangements, which increases our exposure to counterparty credit risk."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The disclosure shifts from potential debt repurchases and prepayments to broader debt transactions, financing availability concerns, and dependence on future cash generation.

The paragraph adds financing availability and debt-servicing dependencies while removing specific potential repurchases, prepayments, and material-amount disclosure, changing the stated liquidity and indebtedness risks.

Why the model ranked it here

The disclosure now emphasizes dependence on financing availability and future cash generation to service debt.

Filing text · FY2025 10-Q · filed Sep 10, 2025

[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 transactions or otherwise. Such tenders, exchanges or purchases, if any, will be [removed] 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 our outstanding term loans. The amounts involved may be material.

Filing text · FY2026 10-Q · filed Sep 10, 2026

[added] At times 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. We cannot assure you that such additional financing will be [added] available on terms acceptable to us or at all. Our ability to service our outstanding indebtedness and any other indebtedness we may incur will depend on our ability to generate cash in the future.

Cite this change

"We cannot assure you that such additional financing will be available on terms acceptable to us or at all. Our ability to service our outstanding indebtedness and any other indebtedness we may incur will depend on our ability to generate cash in the future."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity requirements now include potential financing arrangements, while outstanding indebtedness and principal amounts payable within 12 months changed.

The paragraph adds a financing dependency and changes disclosed debt exposure and near-term principal obligations, beyond reordering and terminology changes.

Why the model ranked it here

The liquidity discussion adds potential financing arrangements and changes the company’s outstanding debt and near-term principal obligations.

Filing text · FY2025 10-Q · filed Sep 10, 2025

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] $66,257~~ million of outstanding indebtedness with ~~[removed] $1,400~~ million principal amounts payable within 12 months, (vi) discretionary ~~[removed] share repurchases, and (vii) payment of income 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.

Filing text · FY2026 10-Q · filed Sep 10, 2026

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] $61,079 million of outstanding indebtedness with [added] $2,252 million principal amounts payable within 12 months, [added] (v) payment of income taxes, (vi) discretionary [added] stock repurchases, (vii) business acquisitions and investments we may make from time to time, and (viii) potential financing arrangements. 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.

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 $61,079 million of outstanding indebtedness with $2,252 million principal amounts payable within 12 months, (v) payment of income taxes, (vi) discretionary stock repurchases, (vii) business acquisitions and investments we may make from time to time, and (viii) potential financing arrangements. 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."

Broadcom, Form 10-Q for FY2026, Part I, Item 2, accession 0001730168-26-000080, filed 10 September 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1730168/000173016826000080/avgo-20260802.htm

Comparison: https://yearover.com/reports/avgo/0001730168-26-000080?ref=quote

Show all 31 in Part I, Item 2 (26 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

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