10-K – 2025-12-18 – avgo-20251102.htm

We recognize interest and penalties related to unrecognized tax benefits within the provision for (benefit from) income taxes. Accrued interest and penalties were included within other long-term liabilities. In fiscal year 2025, we recognized a benefit of $ 118  million related to interest and penalties within the benefit from income taxes. During fiscal years 2024 and 2023, we recognized interest and penalties of $ 144  million and $ 22  million, respectively, within the provision for income taxes. As of November 2, 2025 and November 3, 2024, the total accrued interest and penalties was approximately $ 583 million and $ 701 million, respectively. The decrease in total accrued interest and penalties was primarily the result of the lapses of statutes of limitations.
As of November 2, 2025 and November 3, 2024, approximately $ 3,757 million and $ 6,544 million, respectively, of the unrecognized tax benefits and accrued interest and penalties would, if recognized, benefit our effective income tax rate. We are subject to U.S. income tax examination for the fiscal years ended October 30, 2022 and later. Certain of our acquired companies are subject to tax examinations in major jurisdictions outside of the U.S. for the fiscal years ended October 31, 2005 and later. It is possible that our existing unrecognized tax benefits may change up to $ 841 million as a result of lapses of the statute of limitations for certain audit periods and/or audit examinations expected to be completed within the next 12 months.

13. Segment Information
Reportable Segments
We have two reportable segments: semiconductor solutions and infrastructure software. Each segment has separate financial information. The CODM considers actual and expected results of regularly provided net revenue and operating income by segment during the budgeting and forecasting processes to support strategic decision-making and to evaluate the performance of and allocate resources to each of the segments. Operating income by segment includes items that are directly attributable to each segment and shared expenses such as marketing, general and administrative activities, facilities and IT expenses. Shared expenses are primarily allocated based on revenue and headcount. The CODM does not evaluate each segment using discrete asset information. The reportable segments are also determined based on several factors including, but not limited to, customer base, homogeneity of products, technology, delivery channels and similar economic characteristics.
Semiconductor solutions . Our semiconductor solutions are used in a wide array of environments, end products and applications such as enterprise and AI data centers, servers and networking and connectivity equipment, as well as storage systems, home connectivity devices, set-top boxes, broadband access, telecommunication equipment, wireless devices and base stations, factory automation, power generation and alternative energy systems, and electronic displays. Our semiconductor solutions segment also includes our IP licensing.
Infrastructure software. Our infrastructure software solutions include revenues from software arrangements, related support, and professional services that help enterprises simplify their IT environments. Our customers rely on our infrastructure and security software solutions to modernize, optimize, and secure the most complex private cloud, hybrid cloud and edge environments. This enables scalability, agility, automation, insights, resiliency and security, making it easy for customers to run their mission-critical workloads. We also offer mission-critical FC SAN products and related software.

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Depreciation expense directly attributable to each reportable segment is included in the operating results of each segment. However, the CODM does not evaluate depreciation expense by segment and, therefore, it is not separately presented. Amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, and acquisition-related costs are not used in evaluating the results of, or in allocating resources to, our segments and therefore are not allocated to each segment. There was no inter-segment revenue for any of the periods presented. The accounting policies of the segments are the same as those described in the summary of significant accounting policies.

Fiscal Year
2025 2024 2023

(In millions)
Semiconductor solutions:
Net revenue $ 36,858   $ 30,096   $ 28,182  
Cost of revenue 11,740   9,809   8,447  
Research and development 3,407   3,140   2,896  
Selling, general and administrative 479   388   353  
 Operating income $ 21,232   $ 16,759   $ 16,486  

Infrastructure software:
Net revenue $ 27,029   $ 21,478   $ 7,637  
Cost of revenue 1,902   2,306   615  
Research and development 2,550   2,707   844  
Selling, general and administrative 1,812   2,488   539  
 Operating income $ 20,765   $ 13,977   $ 5,639  

Total:
Net revenue $ 63,887   $ 51,574   $ 35,819  
Cost of revenue 13,642   12,115   9,062  
Research and development 5,957   5,847   3,740  
Selling, general and administrative 2,291   2,876   892  
Unallocated expenses:

Amortization of acquisition-related intangible assets 8,062   9,267   3,247  
Stock-based compensation
7,568   5,670   2,171  
Restructuring and other charges 667   1,787   248  
Acquisition-related costs
216   549   252  
 Operating income $ 25,484   $ 13,463   $ 16,207  

Geographic Information
Net revenue by country is based primarily on the geographic shipment or delivery location as specified by the distributors, OEMs, contract manufacturers, channel partners, or software customers who purchased our products or services. For the majority of our products, title and control transfer to our customers in Penang, Malaysia. The products are then transported to the customer specific locations. Net revenue from the United States for fiscal years 2025, 2024 and 2023 was $ 16,506 million, $ 12,887 million and $ 6,975 million, respectively. Net revenue from China (including Hong Kong) for fiscal years 2025, 2024 and 2023 was $ 11,155 million, $ 10,483 million and $ 11,533 million, respectively. Net revenue from Singapore for fiscal years 2025, 2024 and 2023 was $ 10,796 million, $ 9,559 million and $ 4,479 million, respectively. Net revenue from Taiwan for fiscal year 2025 was $ 6,451 million (the amount was less than 10% for fiscal years 2024 and 2023). Net revenue from other foreign countries for fiscal years 2025, 2024 and 2023 was $ 18,979 million, $ 18,645 million and $ 12,832 million, respectively. These geographic delivery locations are not necessarily indicative of the geographic location of our end customers or the country in which our end customers sell devices containing our products. For example, we believe a substantial portion of our products shipped or delivered to China (including Hong Kong) is included in devices sold by our end customers in the United States and Europe.
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Long-lived assets include property, plant and equipment and are based on the physical location of the assets.

November 2,
2025 November 3,
2024

(In millions)
Long-lived assets:
United States $ 1,697   $ 1,685  
Taiwan 446   365  
Other 387   471  
Total long-lived assets $ 2,530   $ 2,521  

Significant Customer Information
We sell our products through our direct sales force and a select network of distributors and channel partners globally. During fiscal years 2025, 2024 and 2023, one customer accounted for 32 %, 28 % and 21 % of our net revenue, respectively. Revenue from this customer was included in our semiconductor solutions segment. One customer accounted for 44 % and 18 % of our net accounts receivable balance as of November 2, 2025 and November 3, 2024, respectively.

14. Commitments and Contingencies
Commitments    
The following table summarizes contractual obligations and commitments as of November 2, 2025:

Fiscal Year: Purchase Commitments Other Contractual Commitments
(In millions)
2026 $ 106   $ 777  
2027 12   650  
2028 10   624  
2029
4   890  
2030
—   300  
Thereafter —   873  
Total $ 132   $ 4,114  

Purchase Commitments.  Represent unconditional purchase obligations to purchase goods or services, primarily inventory, that are enforceable and legally binding on us and specify all significant terms, including fixed or minimum quantities to be purchased, price provisions, and the approximate timing of the transaction. Purchase obligations exclude agreements that are cancelable without penalty and unconditional purchase obligations with a remaining term of one year or less.
Other Contractual Commitments. Represent amounts payable pursuant to agreements related to IT and other service agreements.
Due to the inherent uncertainty with respect to the timing of future cash outflows associated with our unrecognized tax benefits at November 2, 2025, we are unable to reliably estimate the timing of cash settlement with the respective taxing authorities. Therefore, $ 1,628 million of unrecognized tax benefits and accrued interest and penalties as of November 2, 2025 have been excluded from the table above.
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Contingencies
From time to time, we are involved in litigation that we believe is of the type common to companies engaged in our lines of business, including commercial disputes, employment issues, tax disputes and disputes involving claims by third parties that our activities infringe their patent, copyright, trademark or other IP rights, as well as regulatory investigations or inquiries. Legal proceedings and regulatory investigations or inquiries are often complex, may require the expenditure of significant funds and other resources, and the outcomes of such proceedings are inherently uncertain, with material adverse outcomes possible. IP property claims generally involve the demand by a third-party that we cease the manufacture, use or sale of the allegedly infringing products, processes or technologies and/or pay substantial damages or royalties for past, present and future use of the allegedly infringing IP. Claims that our products or processes infringe or misappropriate any third-party IP rights (including claims arising through our contractual indemnification of our customers) often involve highly complex, technical issues, the outcome of which is inherently uncertain. Moreover, from time to time, we pursue litigation to assert our IP rights. Regardless of the merit or resolution of any such litigation, complex IP litigation is generally costly and diverts the efforts and attention of our management and technical personnel.
Lawsuits Relating to VMware Backlog
On March 31, 2020, a securities class action lawsuit was filed against VMware and certain former officers of VMware in the United States District Court for the Northern District of California (the “California Court”). On September 18, 2020, the plaintiffs filed a consolidated amended complaint alleging that VMware’s statements about backlog and the related internal controls during the period from August 2018 through February 2020 were materially misleading. The defendants filed a motion to dismiss, which was granted with leave to amend on September 10, 2021. On October 8, 2021, the plaintiffs filed their Second Amended Consolidated Complaint based on the same alleged disclosure deficiencies. The defendants’ motion to dismiss the Second Amended Consolidated Complaint was filed on November 5, 2021. On April 2, 2023, the California Court denied the defendants’ motion to dismiss finding that the plaintiffs had adequately stated claims under Sections 10 and 20A of the Securities Exchange Act of 1934. The parties have agreed to settlement terms and in March 2025 the California Court approved the settlement.
Other Matters
We are currently engaged in a number of legal actions in the ordinary course of our business.
Contingency Assessment
We do not believe, based on currently available facts and circumstances, that the final outcome of any pending legal proceedings, ongoing regulatory investigations or tax disputes, taken individually or as a whole, will have a material adverse effect on our consolidated financial statements. However, lawsuits may involve complex questions of fact and law and may require the expenditure of significant funds and other resources to defend. The results of litigation, regulatory investigations or tax disputes are inherently uncertain, and material adverse outcomes are possible. From time to time, we may enter into confidential discussions regarding the potential settlement of such lawsuits. Any settlement of pending litigation could require us to incur substantial costs and other ongoing expenses, such as future royalty payments in the case of an IP dispute.
During the periods presented, no material amounts have been accrued or disclosed in the accompanying consolidated financial statements with respect to loss contingencies associated with any other legal proceedings, regulatory investigations or tax disputes as potential losses for such matters are not considered probable and ranges of losses are not reasonably estimable. These matters are subject to many uncertainties and the ultimate outcomes are not predictable. There can be no assurances that the actual amounts required to satisfy any liabilities arising from the matters described above will not have a material adverse effect on our consolidated financial statements.
Other Indemnifications
As is customary in our industry and as provided for in local law in the U.S. and other jurisdictions, many of our standard contracts provide remedies to our customers and others with whom we enter into contracts, such as defense, settlement, or payment of judgment for IP claims related to the use of our products. From time to time, we indemnify customers, as well as our suppliers, contractors, lessors, lessees, companies that purchase our businesses or assets and others with whom we enter into contracts, against combinations of loss, expense, or liability arising from various triggering events related to the sale and the use of our products, the use of their goods and services, the use of facilities and state of our owned facilities, the state of the assets and businesses that we sell and other matters covered by such contracts, usually up to a specified maximum amount. In addition, from time to time we also provide protection to these parties against claims related to undiscovered liabilities, additional product liabilities or environmental obligations. In our experience, claims made under such indemnifications are rare and the associated estimated fair value of the liability is not material.
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15. Restructuring and Other Charges
Restructuring Charges
The following table summarizes the significant activities within, and components of, the restructuring liabilities:

Employee Termination Costs Lease and Impairment Costs
Total

(In millions)
Balance as of October 30, 2022 $ 4   $ —   $ 4  
Restructuring charges 20   24   44  
Utilization ( 22 ) ( 24 ) ( 46 )
Balance as of October 29, 2023 2   —   2  
Restructuring charges 1,510   277   1,787  
Utilization ( 1,393 ) ( 277 ) ( 1,670 )
Balance as of November 3, 2024 119   —   (a)
119  
Restructuring charges 428   169   597  
Utilization ( 471 ) ( 169 ) ( 640 )
Balance as of November 2, 2025 $ 76   $ —   (a)
$ 76  

_____________________________
(a) As of November 2, 2025 and November 3, 2024, outstanding restructured lease liabilities of $ 172  million and $ 192  million, respectively, were primarily included in long-term lease liabilities within other long-term liabilities.
In connection with the VMware Merger, we initiated restructuring activities to integrate the acquired business, align our workforce and improve efficiencies in our operations. Restructuring charges in fiscal years 2025 and 2024 primarily related to employee termination costs. We also recognized lease and impairment charges primarily related to lease assets and property, plant and equipment of $ 169 million and $ 277 million during fiscal years 2025 and 2024, respectively. We have substantially completed these restructuring activities. These charges were recognized primarily in operating expenses.
Other Charges
Restructuring and other charges in our consolidated statements of operations included a $ 70 million non-recurring impairment charge related to an asset held-for-sale during fiscal year 2025 and $ 204 million of non-recurring charges related to IP litigation during fiscal year 2023 .

16. Subsequent Events
Cash Dividends Declared
On December 9, 2025 , our Board of Directors declared a quarterly cash dividend of $ 0.65 per share on our common stock, payable on December 31, 2025 to stockholders of record on December 22, 2025 .
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Schedule II — Valuation and Qualifying Accounts

Balance at
Beginning
of Period Additions to
Allowances Charges
Utilized/
Write-offs Balance at
End of
Period

  (In millions)
Accounts receivable allowances:
Distributor credit allowances (a)

Fiscal year ended November 2, 2025
$ 94   $ 418   $ ( 439 ) $ 73  
Fiscal year ended November 3, 2024
$ 133   $ 351   $ ( 390 ) $ 94  
Fiscal year ended October 29, 2023
$ 125   $ 502   $ ( 494 ) $ 133  

Other accounts receivable allowances (b)
       
Fiscal year ended November 2, 2025
$ 11   $ 11   $ ( 19 ) $ 3  
Fiscal year ended November 3, 2024
$ 4   $ 17   $ ( 10 ) $ 11  
Fiscal year ended October 29, 2023
$ 1   $ 5   $ ( 2 ) $ 4  

Income tax valuation allowances:        
Fiscal year ended November 2, 2025
$ 2,218   $ 1,867   $ ( 102 ) $ 3,983  
Fiscal year ended November 3, 2024
$ 1,789   $ 3,151   $ ( 2,722 ) $ 2,218  
Fiscal year ended October 29, 2023
$ 1,777   $ 117   $ ( 105 ) $ 1,789  

________________________________
(a) Distributor credit allowances relate to price adjustments and other allowances.
(b) Other accounts receivable allowances primarily include sales returns and allowance for doubtful accounts.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not applicable.

ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), evaluated the effectiveness of our disclosure controls and procedures as of November 2, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of November 2, 2025, our CEO and CFO concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
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Management’s Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by the Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes those policies and procedures that:
• pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets;
• provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of us are being made only in accordance with authorizations of management and directors; and
• provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Our management assessed the effectiveness of our internal control over financial reporting as of November 2, 2025. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013) . Based on this assessment, our management concluded that, as of November 2, 2025, our internal control over financial reporting is effective based on those criteria.
The effectiveness of our internal control over financial reporting as of November 2, 2025 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which is included in Part II, Item 8. of this Annual Report on Form 10-K.
Changes in Internal Control over Financial Reporting
No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the fourth quarter ended November 2, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION
Insider Trading Arrangements
None .

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required by Item 10 is incorporated herein by reference from sections entitled “Board of Directors,” “Corporate Governance” and “Proposal 1 — Election of Directors” in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders . Our executive officers are listed at the end of Item 1 of this Annual Report on Form 10-K.

ITEM 11. EXECUTIVE COMPENSATION
The information required by Item 11 is incorporated herein by reference from sections entitled “Board of Directors — Director Compensation,” “Board of Directors — Board Committees — Compensation Committee — Compensation Committee Interlocks and Insider Participation,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” and “CEO Pay Ratio” in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by Item 12 is incorporated herein by reference from sections entitled “Stockholder Information — Security Ownership of Certain Beneficial Owners, Directors and Executive Officers” and “Equity Compensation Plan Information” in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information required by Item 13 is incorporated herein by reference from sections entitled “Board of Directors” and “Certain Relationships and Related Party Transactions” in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by Item 14 is incorporated herein by reference from the section entitled “Proposal 2 — Ratification of Appointment of Independent Registered Public Accounting Firm” in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) The following are filed as part of this Annual Report on Form 10-K:
1. Financial Statements
The following consolidated financial statements are included in Item 8 of this Annual Report on Form 10-K:

  Page
Reports of Independent Registered Public Accounting Firm
46

Consolidated Balance Sheets
47

Consolidated Statements of Operations
48

Consolidated Statements of Comprehensive Income
49

Consolidated Statements of Cash Flows
50

Consolidated Statements of Stockholders’ Equity
51

Notes to Consolidated Financial Statements
52

2. Financial Statement Schedules
The financial statement schedule of the Registrant and its subsidiaries for fiscal years 2025, 2024 and 2023 required by Item 15(a) (Schedule II, Valuation and Qualifying Accounts) is included in Item 8 of this Annual Report on Form 10-K:

  Page
Schedule II - Valuation and Qualifying Accounts
88

Schedules not filed have been omitted because they are not applicable, are not required or the information required to be set forth therein is included in the financial statements or notes thereto.
3. Exhibits
The documents set forth below are filed herewith or incorporated by reference to the location indicated.

Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
2.1  Agreement and Plan of Merger, dated as of May 26, 2022, by and among Broadcom Inc., VMware, Inc., Verona Holdco, Inc., Verona Merger Sub, Inc., Barcelona Merger Sub 2, Inc. and Barcelona Merger Sub 3, LLC.
8-K
001-38449
2.1
05-26-2022
3.1  Amended and Restated Certificate of Incorporation (including all amendments thereto).
10-Q
001-38449
3.1
09-11-2024
3.2  Amended and Restated Bylaws.
8-K12B
001-38449 3.2
04-04-2018
4.1  Form of Common Stock Certificate.
10-Q
001-38449 4.1
06-14-2018
4.2  Description of Common Stock.
10-K
001-38449
3.1
12-20-2024

4.3  Indenture, dated as of January 19, 2017, by and among the Broadcom Corporation and Broadcom Cayman Finance Limited (the “Co-Issuers”), the guarantors and Wilmington Trust, National Association, as trustee.
8-K
001-37690
4.1
01-20-2017
4.4  First Supplemental Indenture to the January 2017 Indenture, dated as of April 9, 2018.
8-K
001-38449 4.1
04-09-2018
4.5  Second Supplemental Indenture to the January 2017 Indenture, dated as of January 25, 2019.
8-K
001-38449 4.1
01-25-2019

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Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
4.6  Form of 3.875% Senior Notes due 2027 (included in Exhibit 4.3).
8-K
001-37690 4.1
01-20-2017
4.7  Indenture, dated as of October 17, 2017, by and among the Co-Issuers, the guarantors and Wilmington Trust, National Association, as trustee.
8-K
001-37690 4.1
10-17-2017
4.8  Supplemental Indenture to the October 2017 Indenture, dated as of April 9, 2018.
8-K
001-38449 4.2
04-09-2018
4.9  Second Supplemental Indenture to the October 2017 Indenture, dated as of January 25, 2019.
8-K
001-38449 4.2
01-25-2019
4.10  Form of 3.125% Senior Notes due 2025 (included in Exhibit 4. 7 ).
8-K
001-37690 4.1
10-17-2017
4.11  Form of 3.500% Senior Notes due 2028 (included in Exhibit 4. 7 ).
8-K
001-37690 4.1
10-17-2017
4.12  Indenture, dated as of April 5, 2019, by and among the Company as Issuer, Broadcom Technologies Inc., Broadcom Corporation and Broadcom Cayman Finance Limited, and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
04-05-2019
4.13  Form of 4.750% Senior Notes due 2029 (included in Exhibit 4.1 2 ).
8-K
001-38449 4.1
04-05-2019
4.14  Indenture, dated as of April 9, 2020, by and among the Company, as Issuer, Broadcom Technologies Inc. and Broadcom Corporation (the “2020 Guarantors”), and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
04-09-2020
4.15  Form of 5.000% Senior Notes due 2030 (included in Exhibit 4.1 4 ).
8-K
001-38449 4.1
04-09-2020
4.16  Indenture, dated as of May 8, 2020, by and among the Company as Issuer, the 2020 Guarantors, and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
05-08-2020
4.17  Form of 3.150% Senior Notes due 2025 (included in Exhibit 4.1 6 ).
8-K
001-38449 4.1
05-08-2020
4.18  Form of 4.150% Senior Notes due 2030 (included in Exhibit 4.1 6 ).
8-K
001-38449 4.1
05-08-2020
4.19  Form of 4.300% Senior Notes due 2032 (included in Exhibit 4.1 6 ).
8-K
001-38449 4.1
05-08-2020
4.20  Indenture, dated as of May 21, 2020, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
05-21-2020
4.21  Form of 3.459% Senior Notes due 2026 (included in Exhibit 4.2 0 ).
8-K
001-38449 4.1
05-21-2020
4.22  Form of 4.110% Senior Notes due 2028 (included in Exhibit 4.2 0 ).
8-K
001-38449 4.1
05-21-2020
4.23  Indenture, dated as of January 19, 2021, by and among the Company, the 2020 Guarantors and Wilmington Trust, National Association, as Trustee.
8-K
001-38449 4.1
01-19-2021
4.24  Form of 1.950% Senior Notes due 2028 (included in Exhibit 4.2 3 ).
8-K
001-38449 4.1
01-19-2021

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Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
4.25  Form of 2.450% Senior Notes due 2031 (included in Exhibit 4.2 3 ).
8-K
001-38449 4.1
01-19-2021
4.26  Form of 2.600% Senior Notes due 2033 (included in Exhibit 4.2 3 ).
8-K
001-38449 4.1
01-19-2021
4.27  Form of 3.500% Senior Notes due 2041 (included in Exhibit 4.2 3 ).
8-K
001-38449 4.1
01-19-2021
4.28  Form of 3.750% Senior Notes due 2051 (included in Exhibit 4.2 3 ).
8-K
001-38449 4.1
01-19-2021
4.29  Indenture, dated as of March 31, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.
8-K
001-38449 4.1
03-31-2021
4.30  Form of 3.419% Senior Notes due 2033 (included in Exhibit 4. 29 ).
8-K
001-38449 4.1
03-31-2021
4.31  Form of 3.469% Senior Notes due 2034 (included in Exhibit 4. 29 ).
8-K
001-38449 4.1
03-31-2021
4.32  Indenture, dated as of September 30, 2021, by and between the Company and Wilmington Trust, National Association, as Trustee.
8-K
001-38449 4.1
09-30-2021
4.33  Form of 3.137% Senior Notes due 2035 (included in Exhibit 4.3 2 ).
8-K
001-38449 4.1
09-30-2021
4.34  Form of 3.187% Senior Notes due 2036 (included in Exhibit 4.3 2 ).
8-K
001-38449 4.1
09-30-2021
4.35  Registration Rights Agreement, dated as of September 30, 2021, by and among the Company and BNP Paribas Securities Corp., J.P. Morgan Securities LLC and TD Securities (USA) LLC, as dealer-mangers in connection with the September 2021 exchange offer.
8-K
001-38449 4.4
09-30-2021
4.36  Indenture, dated April 14, 2022, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
04-15-2022
4.37  Form of 4.00% Senior Notes due 2029 (included in Exhibit 4. 3 6 ).
8-K
001-38449 4.1
04-15-2022
4.38  Form of 4.15% Senior Notes due 2032 (included in Exhibit 4. 3 6 ).
8-K
001-38449 4.1
04-15-2022
4.39  Registration Rights Agreement, dated as of April 14, 2022, between the Company and BofA Securities, Inc., HSBC Securities (USA) Inc., and RBC Capital Markets, LLC, as representatives of the several initial purchasers of the April 2022 Senior Notes.
8-K
001-38449 4.4
04-15-2022
4.40  Indenture, dated April 18, 2022, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
04-18-2022
4.41  Form of 4.926% Senior Notes due 2037 (included in Exhibit 4. 40 ).
8-K
001-38449 4.1
04-18-2022
4.42  Registration Rights Agreement, dated April 18, 2022, between the Company and Barclays Capital Inc., BBVA Securities Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC, as dealer-managers in connection with the April 2022 Exchange Offer.
8-K
001-38449 4.3
04-18-2022

93

Table of Contents

Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
4.43  Indenture, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.1
07-12-2024
4.44  Supplemental Indenture No. 1, dated July 12, 2024, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.2
07-12-2024
4.45  Form of 5.050% Senior Notes due 2027 (included in Exhibit 4. 4 4 ).
8-K
001-38449 4.2
07-12-2024
4.46  Form of 5.050% Senior Notes due 2029 (included in Exhibit 4. 4 4 ).
8-K
001-38449 4.2
07-12-2024
4.47  Form of 5.150% Senior Notes due 2031 (included in Exhibit 4. 4 4 ).
8-K
001-38449 4.2
07-12-2024
4.48  Supplemental Indenture No. 2, dated October 2, 2024, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.2
10-02-2024
4.49  Form of 4.150% Senior Notes due 2028 (included in Exhibit 4. 4 8 ).
8-K
001-38449 4.2
10-02-2024
4.50  Form of 4.350% Senior Notes due 2030 (included in Exhibit 4. 4 8 ).
8-K
001-38449 4.2
10-02-2024
4.51  Form of 4.550% Senior Notes due 2032 (included in Exhibit 4. 4 8 ).
8-K
001-38449 4.2
10-02-2024
4.52  Form of 4.800% Senior Notes due 2034 (included in Exhibit 4. 4 8 ).
8-K
001-38449 4.2
10-02-2024
4.53  Supplemental Indenture No. 3, dated January 10, 2025, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.2 01-10-2025
4.54  Form of 4.800% Senior Notes due 2028 (included in Exhibit 4.5 3 ).
8-K
001-38449 4.2 01-10-2025
4.55  Form of 5.050% Senior Notes due 2030 (included in Exhibit 4.5 3 ).
8-K
001-38449 4.2 01-10-2025
4.56  Form of 5.200% Senior Notes due 2032 (included in Exhibit 4.5 3 ).
8-K
001-38449 4.2 01-10-2025
4.57  Supplemental Indenture No. 4, dated July 11, 2025, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.2 07-11-2025
4.58  Form of 4.600% Senior Notes due 2030 (included in Exhibit 4.5 7 ).
8-K
001-38449 4.2 07-11-2025
4.59  Form of 4.900% Senior Notes due 2032 (included in Exhibit 4.5 7 ).
8-K
001-38449 4.2 07-11-2025
4.60  Form of 5.200% Senior Notes due 2035 (included in Exhibit 4.5 7 ).
8-K
001-38449 4.2 07-11-2025
4.61  Supplemental Indenture No. 5, dated September 29, 2025, between the Company and Wilmington Trust, National Association, as trustee.
8-K
001-38449 4.2 09-29-2025
4.62  Form of 4.200% Senior Notes due 2030 (included in Exhibit 4.6 1 ).
8-K
001-38449 4.2 09-29-2025
4.63  Form of 4.800% Senior Notes due 2036 (included in Exhibit 4.6 1 ).
8-K
001-38449 4.2 09-29-2025
4.64  Form of 4.900% Senior Notes due 2038 (included in Exhibit 4.6 1 ).
8-K
001-38449 4.2 09-29-2025
10.1  Form of Indemnification and Advancement Agreement (effective 2018).
8-K12B
001-38449 10.1
04-04-2018

94

Table of Contents

Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
10.2  Lease Agreement dated August 10, 2017 between Five Point Office Venture I, LLC and Broadcom Corporation.
10-K
001-37690
10.29
12-21-2017
10.3  First Amendment to Lease Agreement by and between Five Point Office Venture 1, LLC and Broadcom Corporation.
10-K
001-38449 10.18
12-18-2020
10.4  + Avago Technologies Limited 2009 Equity Incentive Award Plan.
S-1/A
333-153127
10.18 07-27-2009
10.5  + Broadcom Inc. Employee Stock Purchase Plan (as amended and restated on April 1, 2019).
Schedule 14A
001-38449 Appendix B-1
02-19-2019
10.6  + LSI Corporation 2003 Equity Incentive Plan, as amended.
S-8
333-195741
4.1
05-06-2014
10.7  + Amendment to the LSI Corporation 2003 Equity Incentive Plan (effective 2016).
10-K
001-37690
10.45
12-23-2016
10.8  + Amendment to the LSI Corporation 2003 Equity Incentive Plan (effective 2018).
8-K12B
001-38449 10.10
04-04-2018
10.9  + Broadcom Inc. 2012 Stock Incentive Plan (as amended and restated on April 5, 2021).
10-Q
001-38449 10.1
06-11-2021
10.10  + VMware, Inc. Amended and Restated 2007 Equity and Incentive Plan.
S-8
333-275702 99.1
11-22-2023
10.11  + Form of Annual Bonus Plan for Executive Employees.
10-K
001-37690
10.53
12-23-2016
10.12  + Form of Agreement for Multi-Year Equity Award of Restricted Stock Unit Award under the Avago Technologies Limited 2009 Equity Incentive Award Plan (effective 2017).
8-K
001-38449 10.1
12-06-2018
10.13  + Form of Agreement for Multi-Year Equity Award of Performance Stock Units under the Avago Technologies Limited 2009 Equity Incentive Award Plan (effective 2018).
8-K
001-38449 10.2
12-06-2018
10.14  + Form of Restricted Stock Unit Award Agreement under LSI Corporation 2003 Equity Incentive Plan, as amended (effec tive 2020).
10-K
001-38449 10.51
12-18-2020
10.15  + Form of Performance Stock Unit Award Agreement (Relative TSR) under LSI Corporation 2003 Equity Incentive Plan, as amended (effective 2020).
10-K
001-38449 10.52
12-18-2020
10.16  + Form of Restricted Stock Unit Award Agreement under Broadcom Inc. 2012 Stock Incentive Plan (effective 2021).
10-Q
001-38449 10.3
06-11-2021
10.17  + Form of Performance Stock Unit Award Agreement under the Broadcom Inc. 2012 Stock Incentive Plan (effective 2021).
10-Q
001-38449 10.4
06-11-2021
10.18  + Form of Performance Stock Unit Award Agreement (Price Contingency) under Broadcom Inc. 2012 Stock Incentive Plan.
8-K
001-38449 10.1
11-02-2022
10.19  + Form of Performance Stock Unit Award Agreement (Operating Metric) under Broadcom Inc. 2012 Stock Incentive Plan.
8-K
001-38449 10.1
09-09-2025
10.20  + Broadcom Inc. 2023 Inducement Plan.
S-8
333-276053 99.1
12-14-2023
10.21  + Form of Restricted Stock Unit Award Agreement under Broadcom Inc. 2023 Inducement Plan.
S-8
333-276053 99.2
12-14-2023

95

Table of Contents

Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
10.22  + Form of Performance Stock Unit Award Agreement under Broadcom Inc. 2023 Inducement Plan.
S-8
333-276053 99.3
12-14-2023
10.23  + Policy on Acceleration of Executive Staff Equity Awards in the Event of Permanent Disability (as amended June 2, 2021).
8-K
001-38449 10.1
06-03-2021
10.24  + Policy on Acceleration of Equity Awards in the Event of Death (as amended January 1, 2023).
10-Q
001-38449 10.2
09-06-2023
10.25  + Amended and Restated Severance Benefits Agreement, dated December 10, 2020, between Broadcom Inc. and Hock E. Tan.
8-K
001-38449 10.1
12-10-2020
10.26  + Amended and Restated Severance Benefits Agreement, dated December 10, 2020, between Broadcom Inc. and Charlie B. Kawwas.
8-K
001-38449 10.2
12-10-2020
10.27  + Severance Benefits Agreement, dated September 26, 2017, between Broadcom Limited and Mark Brazeal.
10-Q
001-38449 10.18
06-16-2018
10.28  + Severance Benefits Agreement, dated December 10, 2020, between Broadcom Inc. and Kirsten M. Spears.
8-K
001-38449 10.5
12-10-2020
19.1  Broadcom Inc. Insider Trading Compliance Policy
X

21.1  List of Subsidiaries.
X
23.1  Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm.
X
24.1  Power of Attorney (see signature page to this Form 10-K).
X
31.1  Certification of Principal Executive Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
    X
31.2  Certification of Principal Financial Officer of Broadcom Inc. Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X
32.1  Certification of Principal Executive Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
32.2  Certification of Principal Financial Officer of Broadcom Inc. Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
97.1  Clawback Policy.
10-K
001-38449 97.1
12-14-2023

101.INS Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
X
101.SCH Inline XBRL Schema Document.
X
101.CAL Inline XBRL Calculation Linkbase Document.
X
101.DEF Inline XBRL Definition Linkbase Document.
X
101.LAB Inline XBRL Labels Linkbase Document.
X

96

Table of Contents

Incorporated by Reference
Exhibit Number Description Form
File No.
Exhibit
Filing Date Filed Herewith
101.PRE Inline XBRL Presentation Linkbase Document.
X
104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. X

Notes:
+ Indicates a management contract or compensatory plan or arrangement.

* Certain information omitted pursuant to a request for confidential treatment filed with the SEC.

ITEM 16. FORM 10-K SUMMARY
None.
97

Table of Contents

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BROADCOM INC.

  By:  /s/  Hock E. Tan
Name: Hock E. Tan
Title: President and Chief Executive Officer

 
Date: December 18, 2025

POWER OF ATTORNEY
Each person whose individual signature appears below hereby authorizes and appoints Hock E. Tan, Kirsten M. Spears and Mark D. Brazeal, and each of them, with full power of substitution and resubstitution and full power to act without the other, as his or her true and lawful attorney-in-fact and agent to act in his or her name, place and stead and to execute in the name and on behalf of each person, individually and in each capacity stated below, and to file any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing, ratifying and confirming all that said attorneys-in-fact and agents or any of them or their or his substitute or substitutes may lawfully do or cause to be done by virtue thereof.
98

Table of Contents

Pursuant to the requirements of the Securities Exchange Act of 1934, this Annual Report on Form 10-K has been signed by the following persons on behalf of the Registrant in the capacities indicated and on the dates indicated.
Signature   Title   Date

/s/  Hock E. Tan President, Chief Executive
Officer and Director
(Principal Executive Officer)
December 18, 2025
Hock E. Tan  

/s/ Kirsten M. Spears Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) December 18, 2025
Kirsten M. Spears

/s/ Henry Samueli Chairman of the Board of Directors December 18, 2025
Henry Samueli

/s/  Eddy W. Hartenstein Lead Independent Director December 18, 2025
Eddy W. Hartenstein

/s/  Diane M. Bryant Director December 18, 2025
Diane M. Bryant

/s/  Gayla J. Delly Director December 18, 2025
Gayla J. Delly

/s/ Kenneth Y. Hao
Director December 18, 2025
Kenneth Y. Hao

/s/ Check Kian Low Director December 18, 2025
Check Kian Low

/s/ Justine F. Page Director December 18, 2025
Justine F. Page

/s/ Harry L. You Director December 18, 2025
Harry L. You

99