10-K – 2026-05-21 – gen-20260403.htm

Senior credit facilities
On September 12, 2022, we entered into the Amended and Restated Credit Agreement (Credit Agreement) with certain financial institutions, in which they agreed to provide us with (i) a $ 1,500  million revolving credit facility (Revolving Facility), (ii) a $ 3,910  million term loan A facility (Term A Facility), (iii) a $ 3,690  million term loan B facility (Term B Facility) and (iv) a $ 750  million tranche A bridge loan (Bridge Loan) (collectively, the senior credit facilities). The Bridge Loan was undrawn and immediately terminated upon the close of the acquisition of Avast. The Credit Agreement provides that we have the right at any time to request incremental revolving commitments and incremental term loans up to an unlimited amount, subject to certain customary conditions precedent and other provisions. The lenders under these facilities will not be under any obligation to provide any such incremental loans or commitments. We drew down the aggregate principal amounts of the Term A Facility and Term B Facility to finance the cash consideration payable for our acquisition of Avast and to fully repay the outstanding principal and accrued interest of the existing credit facilities at the time. The Credit Agreement replaced the existing credit facilities upon the close of the transaction.
On June 5, 2024, we entered into the First Amendment with certain financial institutions under the Credit Agreement, as amended (Amended Credit Agreement). The First Amendment repriced our Term B Facility interest rate from the applicable benchmark rate plus CSA plus 2.0 % to the applicable benchmark rate plus 1.75 %. Other than as described above, the Revolving Facility and the term loan facilities under the First Amendment continue to have the same terms as provided under the Credit Agreement.
On April 16, 2025, we entered into the Second Amendment with certain financial institutions under the Amended Credit Agreement to fund a portion of the cash consideration paid in connection with our acquisition of MoneyLion, in which they agreed to provide us with a $ 750  million Incremental Term B loan (Incremental Term B Facility or collectively with the Term B Facility, the Term Loan B Facilities), which matures on April 16, 2032. The Incremental Term B Facility bears interest at the applicable benchmark rate plus 1.75 %.
On March 27, 2026, we entered into the Third Amendment with certain financial institutions under the Amended Credit Agreement. Pursuant to the Third Amendment, we (i) extended the maturity date of the $ 1,500  million Revolving Facility to March 27, 2031, (ii) established a new $ 2,741  million term A facility (Extended Term A Facility), the proceeds of which, together with cash on hand, were used to repay in full the Term A Facility and (iii) made certain other changes to the Amended Credit Agreement. The Extended Term A Facility bears interest, at our option, at either (x) the base rate plus a margin or (y) SOFR plus a margin, in each case determined by the better of (a) our non-credit-enhanced, senior unsecured long-term debt rating and (b) our consolidated adjusted leverage ratio as defined in the Third Amendment under the Amended Credit Agreement.
The Term B Facility will mature on September 12, 2029, the Extended Term A Facility and the Revolving Facility will mature on March 27, 2031, and the Incremental Term B Facility will mature on April 16, 2032; the senior credit facilities remain senior secured.
The Extended Term A Facility and the Revolving Facility (contractually maturing on March 27, 2031) are subject to a "springing maturity" provision. Under this provision, the maturity dates of these facilities will be accelerated if we do not maintain a minimum liquidity threshold ahead of our other upcoming debt maturities.
The Springing Maturity Dates are July 1, 2027, June 13, 2029 and July 1, 2030, which are 91 days before the stated maturity of the 6.75 % Senior Notes (due 2027), the Term B Facility and the 7.125 % Senior Notes (due 2030), respectively.
The minimum liquidity threshold requires that unrestricted cash plus unused Revolving Facility commitments, excluding commitments of any defaulting lender, minus specific debt, be at least $ 640.5  million.
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Before the 6.75 % Senior Notes (due 2027) are refinanced or repaid in full, the debt deduction includes only the aggregate principal amount of the 6.75 % Senior Notes. After that, the debt deduction includes any remaining 6.75 % Senior Notes, the Term B Facilities and the 7.125 % Senior Notes. If we do not satisfy the minimum liquidity threshold on the springing maturity date, the Extended Term A Facility matures on that date.
In connection with the refinancing of our Term A Facility, we wrote off $ 9 million of unamortized debt issuance costs, which was recognized as a loss on extinguishment of debt during the fourth quarter of fiscal 2026. We capitalized approximately $ 7 million of new debt issuance costs in connection with the Extended Term A Facility and approximately $ 4 million in connection with the extension of the Revolving Facility, which will be amortized over the respective terms of the new facilities. Additionally, we recognized an immaterial loss on extinguishment of debt related to the Revolving Facility for unamortized issuance costs associated with lenders who exited the facility during the fourth quarter of fiscal 2026.
The principal amounts of the Extended Term Loan A Facility must be repaid in quarterly installments on the last business day of each calendar quarter equal to 1.25 % of the aggregate principal amount as of the date of the Amended Credit Agreement. The principal amounts of Term Loan B Facilities must be repaid in quarterly installments on the last business day of each calendar quarter equal to 0.25 % of the aggregate principal amount as of the date of the Amended Credit Agreement. Quarterly installment payments commenced on March 31, 2023 for the Term B Facility, on September 30, 2025 for the Incremental Term B Facility and will commence on June 30, 2026 for the Extended Term A Facility. We may voluntarily repay outstanding principal balances under the Revolving Facility and term loan facilities without penalty or premium. As of April 3, 2026, there were no borrowings outstanding under our Revolving Facility; however, from time to time we utilize letters of credit as part of our ordinary course of business. Letters of credit reduce our Revolving Facility commitment amounts. As of April 3, 2026, we had outstanding letters of credit of $ 5  million.
Debt covenant compliance
The Amended Credit Agreement, which includes our Term Loans and Revolving Facility, contains customary representations and warranties, affirmative and negative covenants. The Revolving Facility and Extended Term A Facility are subject to a covenant that we maintain a consolidated leverage ratio less than or equal to 5.25 to 1.0; provided that such maximum consolidated leverage ratio will increase to 5.75 to 1.0 for the four fiscal quarters ending immediately after we acquire property, business or assets in an aggregate amount greater than $ 250  million.
In addition, the Amended Credit Agreement contains customary events of default under which our payment obligations may be accelerated, including, among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of certain covenants, payment and acceleration cross defaults with certain other indebtedness, certain undischarged judgments, bankruptcy, insolvency or inability to pay debts, change of control, the occurrence of certain events related to the Employee Retirement Income Security Act of 1974 (ERISA), and a change of control event. As of April 3, 2026, we were in compliance with all financial debt covenants.
Senior notes
O n September 19, 2022, we issued two series of senior notes, consisting of 6.75 % Senior Notes due 2027 and 7.125 % Senior Notes due 2030, for an aggregate principal of $ 1,500  million. These notes are senior unsecured obligations that rank equally in right of payment with all of our existing and future senior, unsecured, unsubordinated obligations and may be redeemed at any time, subject to the make-whole provisions contained in the applicable indenture relating to such series of notes. Interest on these series of notes is payable semiannually in arrears on March 31 and September 30 for both the 6.75 % Senior Notes and 7.125 % Senior Notes, commencing on March 31, 2023. The First Call Dates of the 6.75 % Senior Notes due 2027 and 7.125 % Senior Notes due 2030 were September 30, 2024 and September 30, 2025, respectively. On and after the applicable First Call Dates, we may redeem the notes of a series at our option, in whole or in part, at any time and from time to time, at a set redemption price.
On February 28, 2025, we issued $ 950  million aggregate principal amount of our 6.25 % Senior Notes due April 1, 2033 (the 6.25 % Senior Notes). The 6.25 % Senior Notes bear interest at a rate of 6.25 % per year, payable semiannually in arrears on April 1 and October 1 of each year, beginning on October 1, 2025. On or after April 1, 2028, we may redeem some or all of the 6.25 % Senior Notes at the applicable redemption prices set forth in the supplemental indenture, plus accrued and unpaid interest.

Note 11. Derivatives
Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flow associated with changes in foreign currency exchange rates and interest rates. These hedging contracts reduce, but do not entirely eliminate, the impact of adverse foreign exchange rate and interest rate movements. We do not use our derivative instruments for speculative trading purposes. By using derivative financial instruments to hedge exposures to changes in foreign exchange and interest rates, we are exposed to credit risk; however, we mitigate this risk by entering into hedging instruments with highly rated institutions that can be expected to fully perform under the terms of the applicable contracts.
Foreign currency exchange forward contracts
We conduct business in numerous currencies throughout our worldwide operations, and our entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than each entity’s functional currency. As a result, we are exposed to foreign exchange gains or losses, which impact our operating results. As part of our foreign currency risk mitigation strategy, we have entered into monthly foreign exchange forward contracts to hedge foreign currency balance sheet exposure. These forward contracts are not designated as hedging instruments. We do not hedge our foreign currency exposure in a manner that entirely offsets the effects of changes in foreign exchange rates.
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As of April 3, 2026 and March 28, 2025, the notional amounts of foreign exchange contracts not designated as hedging instruments was $ 337 million and $ 230 million, respectively.
Interest rate swap
In March 2023, we entered into interest rate swap agreements to mitigate risks associated with the variable interest rate of our Term A Facility. These pay-fixed, receive-floating rate interest rate swaps have the economic effect of hedging the variability of forecasted interest payments until their maturity. Pursuant to the agreements, we have effectively converted $ 1  billion of our variable rate borrowings under our Term A Facility to fixed rates, with $ 500  million at a fixed rate of 3.762 % and $ 500  million at a fixed rate of 3.55 %. The interest rate swap agreements matured on March 31, 2026.
These arrangements were designated as cash flow hedges for accounting purposes and as such, we recognized the changes in the fair value of these interest rate swaps in Accumulated other comprehensive income (loss) (AOCI), and the periodic settlements or accrued settlements of the swap were recognized within or against interest expense in our Consolidated Statements of Operations. Cash flows related to these hedges were classified under operating activities in our Consolidated Statements of Cash Flows.
As of March 28, 2025, the notional amount of interest rate swaps designated as cash flow hedges was $ 1,000 million. Due to the maturity of the interest rate swap agreements on March 31, 2026, there was no outstanding notional amount as of April 3, 2026.
Summary
The activity related to our foreign currency exchange forward contracts and interest rate swaps was immaterial as of April 3, 2026 and March 28, 2025, and for fiscal 2026, 2025 and 2024.

Note 12.  Restructuring and Other Costs
Our restructuring and other costs consist primarily of severance and termination benefits, contract cancellation charges, asset write-offs and impairments and other exit and disposal costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Contract cancellation charges primarily include penalties for early termination of contracts and write-offs of related prepaid assets. Other exit and disposal costs include costs to exit and consolidate facilities in connection with restructuring events.
September 2022 Plan
In connection with our acquisition of Avast, our Board of Directors approved a restructuring plan (the September 2022 Plan) to realize cost savings and operational synergies, which became effective upon the close of acquisition on September 12, 2022. Actions under this plan include the reduction of our workforce, contract terminations, facilities closures, the sale of underutilized facilities and stock-based compensation charges for accelerated equity awards to certain terminated employees. As of April 3, 2026, we have incurred cumulative costs of $ 138 million related to the September 2022 Plan. The majority of actions under the plan were completed by March 28, 2025. Accordingly, the remaining activity and related accrual balance are not material, and only immaterial additional expenses were incurred during fiscal 2026.
April 2025 Plan
In connection with our acquisition of MoneyLion, our Board of Directors approved a restructuring plan (the April 2025 Plan). Actions under this plan include the reduction of our workforce, contract terminations, facilities consolidation, asset write-offs and other restructuring costs. The total estimated cost of the plan is approximately $ 30 million, of which $ 29 million has been incurred to date under the April 2025 Plan. As of April 3, 2026, we had a restructuring liability of $ 10 million related to the April 2025 Plan.
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Restructuring summary
Rollforwards of our activities and liability balances related to our April 2025 Plan are presented in the tables below:

(In millions) Liability Balance as of March 28, 2025 Net Charges Cash Payments Non-Cash Items Liability Balance as of April 3, 2026
Severance and termination benefit costs $ —   $ 25   $ ( 15 ) $ —   $ 10  
Contract cancellation charges —   1   ( 1 ) —   —  
Stock-based compensation charges —   2   —   ( 2 ) —  

Other exit and disposal costs —   1   ( 1 ) —   —  
Total $ —   $ 29   $ ( 17 ) $ ( 2 ) $ 10  

The restructuring liabilities are included in Other current liabilities in our Consolidated Balance Sheets.
Restructuring and other costs summary
Our restructuring and other costs are presented in the table below:

Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Severance and termination benefit costs $ 29   $ 2   $ 42  
Contract cancellation charges 1   —   5  
Stock-based compensation charges 2   —   1  
Asset write-offs and impairments —   —   1  
Other exit and disposal costs 3   5   8  

Total restructuring and other $ 35   $ 7   $ 57  

Our restructuring and other costs related to the September 2022 Plan are presented in the table below:

Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Severance and termination benefit costs $ 4   $ 2   $ 42  
Contract cancellation charges —   —   5  
Stock-based compensation charges —   —   1  
Asset write-offs —   —   1  
Other exit and disposal costs 2   5   8  

Total restructuring and other $ 6   $ 7   $ 57  

Our restructuring and other costs related to the April 2025 Plan are presented in the table below:

Year Ended
(In millions) April 3, 2026
Severance and termination benefit costs $ 25  
Contract cancellation charges 1  
Stock-based compensation charges 2  

Other exit and disposal costs 1  

Total restructuring and other costs $ 29  

Occasionally, we incur costs related to past restructuring plans. These charges were immaterial during fiscal 2026.
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Note 13.  Income Taxes
The components of our income (loss) before income taxes are as follows:

  Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Domestic $ 941   $ 514   $ 70  
International 570   515   377  
Total income (loss) before income taxes
$ 1,511   $ 1,029   $ 447  

The components of income tax expense (benefit) are as follows:

  Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Current:
Federal $ 155   $ 246   $ 201  
State 35   21   43  
International 248   149   579  
Total current income tax expense (benefit) 438   416   823  
Deferred:
Federal 92   ( 33 ) ( 729 )
State 22   13   ( 134 )
International ( 14 ) ( 10 ) ( 120 )
Total deferred income tax expense (benefit) 100   ( 30 ) ( 983 )
Total income tax expense (benefit) $ 538   $ 386   $ ( 160 )

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The difference between our effective income tax rate and the federal statutory income tax rate, following the adoption of ASU 2023-09, is as follows:

Year Ended April 3, 2026

(In millions, except for percentages)
$
%

Federal statutory tax rate $ 317   21   %
State and local income taxes, net of federal income tax effect (1)
49   3   %
Foreign tax effects:
Ireland
Statutory rate difference between Ireland and United States ( 35 ) ( 2 ) %
Nondeductible interest 13   1   %
Other 11   1   %
Czech Republic 19   1   %
Other foreign jurisdictions 1   0  %
Effect of changes in tax laws or rates enacted in the current period —   —   %
Effect of cross-border tax laws:
Global intangible low-taxed income 35   2   %
Subpart F income ( 21 ) ( 1 ) %
Other 8   1   %
Tax credits
Foreign Tax Credits ( 20 ) ( 1 ) %
Other Tax Credits ( 4 ) 0   %
Changes in valuation allowances 17   1   %
Nontaxable or nondeductible items:
Stock-based compensation expense 18   1   %
Other 2   0   %
Changes in unrecognized tax benefits 139   9   %
Other adjustments ( 11 ) ( 1 ) %
Income tax expense (benefit) $ 538   36   %

(1)    The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Virginia, Illinois, New Jersey, New York, Pennsylvania, and Georgia.
As previously disclosed for fiscal 2025 and 2024, prior to the adoption of ASU 2023-09, the difference between our effective income tax and the U.S. federal statutory income tax based on the 21% rate is as follows:

  Year Ended
(In millions) March 28, 2025 March 29, 2024
Federal statutory tax expense (benefit) $ 216   $ 93  
State taxes, net of federal benefit 41   —  
Foreign earnings taxed at other than the federal rate ( 30 ) ( 22 )
Nondeductible expenses 31   48  
Federal research and development credit ( 4 ) ( 6 )
Valuation allowance increase (decrease) 10   ( 4 )
Change in unrecognized tax benefits ( 37 ) 338  
Tax interest and penalties 84   129  
Stock-based compensation 12   17  

US tax on foreign earnings 55   20  
Return to provision adjustment 4   —  
Foreign exchange loss (gain) 10   ( 28 )
Capital loss —   ( 44 )
Legal entity restructuring —   ( 719 )
Other, net ( 6 ) 18  
Income tax expense (benefit) $ 386   $ ( 160 )

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The principal components of deferred tax assets and liabilities are as follows:

(In millions) April 3, 2026 March 28, 2025
Deferred tax assets:
Tax credit carryforwards $ 61   $ 17  
Net operating loss carryforwards of acquired companies 133   51  
Interest 88   71  
Other accruals and reserves not currently tax deductible 325   358  
Goodwill 404   463  
Capitalized research and experimental expenditures 48   112  
Loss on investments not currently tax deductible 123   74  
Other 77   61  
Gross deferred tax assets 1,259   1,207  
Valuation allowance ( 184 ) ( 107 )
Deferred tax assets, net of valuation allowance 1,075   1,100  
Deferred tax liabilities:
Intangible assets ( 104 ) ( 91 )
Unremitted earnings of foreign subsidiaries ( 4 ) ( 4 )
Other ( 12 ) ( 9 )
Deferred tax liabilities ( 120 ) ( 104 )
Net deferred tax assets (liabilities) $ 955   $ 996  

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their basis for income tax purposes and the tax effects of net operating losses and tax credit carryforwards.
The valuation allowance provided against our deferred tax assets as of April 3, 2026 of $ 184 million is provided primarily against state and foreign capital loss carryforwards and certain tax credits.
As of April 3, 2026, we have U.S. federal net operating losses attributable to various acquired companies of approximately $ 535 million, of which $ 23 million begins to expire in fiscal 2027 and $ 512 million has an indefinite life. The net operating loss carryforwards are subject to an annual limitation under U.S. federal tax regulations but are expected to be fully realized. Furthermore, we have U.S. state net operating loss carryforwards attributable to various acquired companies of approximately $ 76 million. If not used, our U.S. state net operating losses will expire between fiscal 2028 and 2033. In addition, we have foreign net operating loss carryforwards of approximately $ 8 million.
In assessing the realizability of our gross deferred tax assets, we consider both the positive and negative evidence of future taxable income to support utilization. We considered the following: historical cumulative book income, as measured by the current and prior two years; historical taxable income; and future reversals of taxable temporary differences. The valuation allowance for deferred tax assets as of April 3, 2026 was $ 184 million. The valuation allowance was primarily related to tax attribute carryforwards that, in the judgment of management, are not more likely than not to be realized.
In the second quarter of fiscal 2024, as part of the Avast integration plan, which geographically realigned and simplified our business, we undertook a legal entity and operational restructuring. As part of that process, we distributed certain assets within the legal entity operating structure and as a result, we recorded a net tax benefit of $ 285  million in fiscal 2024. Differences between the final outcome and recorded amounts will impact the provision for income taxes in the period in which such a determination is made and could have a material impact on our Consolidated Balance Sheets and Statements of Operations in future years.
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The aggregate changes in the balance of gross unrecognized tax benefits were as follows:

Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Balance at beginning of year $ 1,153   $ 1,163   $ 710  
Settlements with tax authorities ( 2 ) —   ( 8 )
Lapse of statute of limitations ( 3 ) ( 27 ) ( 14 )
Increase related to prior period tax positions 8   14   47  
Decrease related to prior period tax positions ( 3 ) ( 13 ) ( 9 )
Increase related to current year tax positions 5   9   467  

Increase (decrease) related to foreign currency exchange rates 41   7   ( 30 )
Balance at end of year $ 1,199   $ 1,153   $ 1,163  

There was a change of $ 46 million in gross unrecognized tax benefits during the year ended April 3, 2026, as disclosed above. This gross liability does not include offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, interest deductions and state income taxes.
Of the total unrecognized tax benefits at April 3, 2026, $ 994 million, if recognized, would affect our effective tax rate.
We recognize interest and/or penalties related to unrecognized tax benefits in income tax expense. At April 3, 2026, before any tax benefits, we had $ 433 million of accrued interest and penalties on unrecognized tax benefits. Interest included in our provision for income taxes was an expense of approximately $ 115 million for fiscal 2026. If the accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision.
We file income tax returns in the U.S. and in many U.S. state and foreign jurisdictions. Our most significant tax jurisdictions are U.S. federal, Ireland, and the Czech Republic. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our fiscal years 2018 through 2025 remain subject to examination by the IRS for U.S. federal tax purposes. Our 2022 through 2025 fiscal years remain subject to examination by the appropriate governmental agencies for Irish tax purposes. Our 2017 through 2025 fiscal years remain subject to examination by the Czech tax authorities.
We continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the anticipated tolling of applicable statutes of limitations across various taxing jurisdictions.
We provide U.S. income taxes on the earnings of foreign subsidiaries unless the subsidiaries’ earnings are considered permanently reinvested outside the U.S. or are exempted from further taxation. As of April 3, 2026, the tax liability recorded on the undistributed earnings is approximately $ 4 million.
The components of income taxes paid (received), net, is as follows:

(In millions) Year Ended April 3, 2026
U.S. federal $ 323  
U.S. state and local 34  
Foreign
Ireland 31  
Czech Republic 45  
Other 12  
Total income taxes paid (received), net $ 445  

Note 14.  Stockholders' Equity
Dividends
On May 7, 2026, we announced that our Board of Directors declared a cash dividend of $ 0.125 per share of common stock to be paid in June 2026. All shares of common stock issued and outstanding and all RSUs and PRUs as of the record date will be entitled to the dividend and dividend equivalent rights (DERs), respectively, which will be paid out if and when the underlying shares are released. However, the 4 million unvested RSUs assumed under the MoneyLion Inc. Amended and Restated Omnibus Incentive Plan (the MoneyLion Plan) will not be entitled to DERs. See Note 15 for further information about these equity awards. Any future dividends and DERs will be subject to the approval of our Board of Directors.
CVRs
In connection with the acquisition of MoneyLion, we issued 12  million equity-classified CVRs to MoneyLion shareholders and optionholders. The CVRs entitle holders to receive a contingent payment of $ 23.00 per CVR, payable in shares of Gen’s common stock, if our average volume-weighted average share price equals or exceeds $ 37.50 over any 30 consecutive trading days from December 10, 2024 until April 17, 2027. The CVRs were recorded as a component of additional paid-in capital at a fair value of approximately $ 73 million as of the acquisition date, based on a Monte-Carlo simulation valuation model. As of April 3,
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2026, there were 12 million CVRs outstanding. Refer to Note 4 for additional information regarding the CVRs and our acquisition of MoneyLion.
Stock repurchase program
Under our stock repurchase program, we may purchase shares of our outstanding common stock on the open market and through accelerated stock repurchase transactions. As of April 3, 2026, we had $ 2,094 million remaining under the authorization to be completed in future periods.
The following table summarizes activity related to our stock repurchase program during the fiscal years ended April 3, 2026 and March 28, 2025:

 
Year Ended
(In millions, except per share amounts)
April 3, 2026 March 28, 2025
Number of shares repurchased 25   11  
Average price per share $ 25.65   $ 24.65  
Aggregate purchase price $ 634   $ 272  

Accumulated other comprehensive income (loss)
Accumulated other comprehensive income (loss), net of taxes, consisted of foreign currency translation adjustments and net unrealized gain (loss) on derivative instruments:

(In millions) Foreign Currency
Translation Adjustments
Net Unrealized Gain (Loss) On Interest Rate Derivative Total
Balance as of March 29, 2024 $ ( 5 ) $ 16   $ 11  
Other comprehensive income (loss), net of taxes ( 31 ) ( 13 ) ( 44 )
Balance as of March 28, 2025 ( 36 ) 3   ( 33 )
Other comprehensive income (loss), net of taxes 37   ( 3 ) 34  

Balance as of April 3, 2026 $ 1   $ —   $ 1  

Note 15.  Stock-Based Compensation and Other Benefit Plans
Stock incentive plans
The purpose of our stock incentive plans is to attract, retain and motivate eligible persons whose present and potential contributions are important to our success by offering them an opportunity to participate in our future performance through equity awards. We maintain the 2013 Equity Incentive Plan (the 2013 Plan), under which awards may be granted to employees, officers, directors, consultants, independent contractors, and advisors. As amended, our stockholders have approved and reserved 112 million shares of common stock for issuance under the 2013 Plan. Stock options granted under the 2013 Plan expire no more than 10 years from the date of grant.
In connection with our acquisition of MoneyLion, all the outstanding RSUs and certain PSUs of the MoneyLion Plan were assumed and converted into 4 million unvested RSUs. The assumed and converted awards generally retain the terms and conditions under which they were originally granted. Upon vesting, the assumed and converted RSUs and any additional shares granted will settle into shares of our common stock. See Note 4 for further information about this business combination.
As of April 3, 2026, 26 million shares remained available for future grant, calculated using the maximum potential shares that could be earned and issued at vesting.
RSUs

(In millions, except per share and year data) Number of
Shares
Weighted-
Average
Grant Date Fair Value
Outstanding as of March 28, 2025 9   $ 21.80  
Granted 9   $ 26.88  
Vested ( 6 ) $ 22.59  
Forfeited ( 2 ) $ 24.68  
Outstanding as of April 3, 2026 10   $ 25.33  

RSUs generally vest over a three-year period. The weighted-average grant date fair value per share of RSUs granted during fiscal 2026, 2025 and 2024 was $ 26.88 , $ 24.06 and $ 17.42 , respectively. The total fair value of RSUs released in fiscal 2026, 2025 and 2024 was $ 159 million, $ 79 million and $ 85 million, respectively, which represents the market value of our common stock on the date the RSUs were released.
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PRUs

(In millions, except per share and year data) Number of
Shares Weighted-
Average
Grant Date Fair Value
Outstanding and unvested as of March 28, 2025 5   $ 28.42  
Granted (1)
6   $ 40.42  

Vested
( 3 ) $ 25.83  
Forfeited (2)
( 2 ) $ 27.92  
Outstanding and unvested as of April 3, 2026 6   $ 42.99  

( 1)    Includes approximately 1.5  million additional performance shares issued based on above-target payouts.
(2)    Includes approximately 2  million additional performance shares forfeited based on below-target payouts.
The total fair value of PRUs released in fiscal 2026, 2025 and 2024 was $ 34 million, $ 24 million and $ 20 million, respectively, which represents the market value of our common stock on the date the PRUs were released.
We grant PRUs to certain executives. These awards generally have a three-year vesting period. PRUs granted in fiscal 2026, 2025 and 2024 include a combination of our company’s performance and market conditions. Performance conditions are based on the achievement of specified non-GAAP financial or non-financial metrics over one - to four-year periods, depending on the nature of the award. Market conditions are based on the Company’s relative total shareholder return over three - or five-year periods. Depending on the level of achievement of the applicable performance and market conditions, between 0 % and 200 % (or higher for certain awards) of target shares may be earned.
Valuation of PRUs
The fair value of each PRU that does not contain a market condition is equal to the market value of our common stock on the date of grant. The fair value of each PRU that contains a market condition is estimated using the Monte Carlo simulation model. The valuation and the underlying weighted-average assumptions for PRUs are summarized below:

  Year Ended
April 3, 2026 March 28, 2025 March 29, 2024
Expected term 4.2 years 2.9 years 2.9 years
Expected volatility 30.6   % 32.2   % 31.5   %
Risk-free interest rate 3.9   % 4.5   % 3.5   %

Weighted-average grant date fair value of PRUs $ 40.42 $ 31.59 $ 22.83

ESPP
Under our 2008 Employee Stock Purchase Plan, employees may annually contribute up to 10 % of their gross compensation, subject to certain limitations, to purchase shares of our common stock at a discounted price. Eligible employees are offered shares through a 12 -month offering period, which consists of two consecutive 6 -month purchase periods, at 85 % of the lower of either the fair market value on the purchase date or the fair market value at the beginning of the offering period.
As of April 3, 2026, 41 million shares have been issued under this plan and 29 million shares remained available for future issuance.
The following table summarizes activity related to the purchase rights issued under the ESPP:

  Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Shares issued under the ESPP 1   1   1  
Proceeds from issuance of shares $ 13   $ 11   $ 12  

The fair value of each stock purchase right under our ESPP is estimated using the Black-Scholes option pricing model. The weighted-average grant date fair value related to rights to acquire shares of common stock under our ESPP in fiscal 2026, 2025 and 2024 was $ 6.62 per share, $ 6.77 per share and $ 5.45 per share, respectively.
Dividend equivalent rights (DERs)
Our RSUs and PRUs, except for the 4 million unvested RSUs assumed under the MoneyLion Plan, contain DERs that entitles the recipient of an award to receive cash dividend payments when the associated award is released. The amount of DER equals to the cumulated dividends on the issued number of common stock that would have been payable since the date the associated award was granted. As of April 3, 2026 and March 28, 2025, current dividends payable related to DER was $ 9 million and $ 5 million, respectively, recorded as part of Other current liabilities in the Consolidated Balance Sheets, and long-term dividends payable related to DER was $ 4 million and $ 5 million, respectively, recorded as part of Other long-term liabilities.
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Stock-based award modifications
There were no stock-based award modifications in fiscal 2026 and 2024. There were no material stock-based award modifications in fiscal 2025.
Stock-based compensation expense
Total stock-based compensation expense and the related income tax benefit recognized for all of our equity incentive plans in our Consolidated Statements of Operations were as follows:

  Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Cost of revenues $ ( 1 ) $ 4   $ 4  
Sales and marketing 85   39   36  
Research and development 54   37   39  
General and administrative 97   54   58  
Restructuring and other costs 2   —   1  

Total stock-based compensation expense $ 237   $ 134   $ 138  
Income tax benefit for stock-based compensation expense $ ( 33 ) $ ( 17 ) $ ( 16 )

As of April 3, 2026, the total unrecognized stock-based compensation expense related to our unvested stock-based awards was $ 361 million, which will be recognized over an estimated weighted-average amortization period of 2.5 years.
Other employee benefit plans
401(k) plan
We maintain a salary deferral 401(k) plan for all of our U.S. employees. This plan allows employees to contribute their pretax salary up to the maximum dollar limitation prescribed by the Internal Revenue Code. We match the first 3.5 % of a participant’s eligible compensation up to $ 6,000 in a calendar year. Our employer matching contributions to the 401(k) plan were as follows:

  Year Ended
(In millions) April 3, 2026 March 28, 2025 March 29, 2024
401(k) matching contributions $ 6   $ 4   $ 4  

Note 16.  Net Income (Loss) Per Share
Basic income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share also includes the incremental effect of dilutive potentially issuable common shares outstanding. Dilutive potentially issuable common shares include the dilutive effect of employee equity awards. The 12 million CVRs are excluded from the diluted net income per share calculation as the contingent conditions for issuance of common shares have not yet been met within the period.
The components of basic and diluted net income (loss) per share are as follows:

  Year Ended
(In millions, except per share amounts) April 3, 2026 March 28, 2025 March 29, 2024
Net income (loss) $ 973   $ 643   $ 607  

Net income per share - basic $ 1.59   $ 1.04   $ 0.95  
Net income per share - diluted $ 1.57   $ 1.03   $ 0.95  

Weighted-average shares outstanding - basic 612   617   637  
Dilutive potentially issuable shares:

Employee equity awards 7   7   5  
Weighted-average shares outstanding - diluted 619   624   642  

Anti-dilutive shares excluded from diluted net income (loss) per share calculation:
Employee equity awards 6   —   1  

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Note 17.  Segment and Geographic Information
Our Chief Operating Decision Maker (CODM) is our Chief Executive Officer, who manages and reviews financial information presented on an operating segment basis for the purpose of making decisions and assessing financial performance. The CODM assesses operating performance of each segment based on regularly provided segment revenue, segment operating income (loss) and margin, by comparing actual margin results to historical results and previously forecasted financial information. Operating results by segment include costs or expenses directly attributable to each segment, and costs or expenses that are leveraged across our portfolio and therefore allocated between our two segments. Our CODM reviews expenses on a consolidated basis and the expenses associated with our corporate investments.
Prior to fiscal 2026, we operated as one reportable segment, with consolidated net income (loss) serving as the primary measure of segment profit or loss. Subsequent to the completion of our acquisition of MoneyLion on April 17, 2025, our portfolio now spans two reportable segments, Cyber Safety Platform and Trust-Based Solutions, with the primary measure of segment profit or loss being updated to segment operating income (loss).
Cyber Safety Platform includes our security, comprehensive suites, and privacy products, which deliver technology solutions and superior threat protection to help people navigate the digital world, securely, privately and with confidence. Trust-Based Solutions includes our identity, reputation, and financial wellness products, which provide innovative solutions and insights that empower consumers to manage their identity, reputation and finances confidently.
The “Corporate” category includes expenses that are not allocated to either Cyber Safety Platform or Trust-Based Solutions for purposes of making operating decisions or assessing segment-level financial performance. The expenses include restructuring and other costs, acquisition and integration costs, litigation settlement charges, and amortization of intangible assets. Our operating segments are not evaluated using asset information. Our CODM delegates the review of the segment performance to the general manager of each respective segment. There are no intersegment transactions. The accounting policies for segment reporting are the same as for our consolidated financial statements.
The following table presents details of our reportable segments and the “Corporate” category:

Cyber Safety Platform
Trust-Based Solutions
Corporate
Consolidated

(In millions)
Year Ended April 03, 2026
Net Revenues
$ 3,339   $ 1,661   $ —   $ 5,000  
Other segment items (1)
1,298   1,159   —   2,457  
Operating income (loss)
$ 2,041   $ 502   $ ( 423 ) $ 2,120  

Year Ended March 28, 2025
Net Revenues
$ 3,176   $ 759   $ —   $ 3,935  
Other segment items (1)
1,265   372   —   1,637  
Operating income (loss)
$ 1,911   $ 387   $ ( 688 ) $ 1,610  

Year Ended March 29, 2024
Net Revenues $ 3,057   $ 743   $ —   $ 3,800  
Other segment items (1)
1,225   366   —   1,591  
Operating income (loss) $ 1,832   $ 377   $ ( 1,099 ) $ 1,110  

(1)    Other segment items for our Cyber Safety Platform and Trust-Based Solutions include product costs, infrastructure and facilities expense, and compensation and benefits excluding stock-based compensation and expenses identified in “Corporate”.
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The table below are the reconciling items included in “Corporate” category:

Year Ended

(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Amortization of intangible assets
$ 477   $ 401   $ 462  
Stock-based compensation
237   134   138  
Unallocated cost of revenue and operating expenses
( 291 ) 153   499  
Total
$ 423   $ 688   $ 1,099  

Geographic information
Net revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:

Year Ended

(In millions) April 3, 2026 March 28, 2025 March 29, 2024
Americas $ 3,533   $ 2,587   $ 2,484  
EMEA 1,061   953   917  
APJ 406   395   399  
Total net revenues
$ 5,000   $ 3,935   $ 3,800  

Note: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.
Revenues from customers inside the U.S. were $ 3,309 million, $ 2,358 million and $ 2,265 million during fiscal 2026, 2025 and 2024, respectively. No other individual country accounted for more than 10% of revenues.
The table below represents cash, cash equivalents and restricted cash held in the U.S. and internationally in various foreign subsidiaries:

(In millions) April 3, 2026 March 28, 2025
U.S. $ 122   $ 647  
International 289   359  
Total cash, cash equivalents and restricted cash $ 411   $ 1,006  

The table below represents our property and equipment, net of accumulated depreciation and amortization, by geographic area, based on the physical location of the asset, at the end of each period presented:

(In millions) April 3, 2026 March 28, 2025
U.S. $ 59   $ 50  

Other countries (1)
12   10  
Total property and equipment, net $ 71   $ 60  

(1)    No individual country represented more than 10% of the respective totals.
Significant customers and e-commerce partners
In fiscal 2026, 2025 and 2024, no individual end-user customer accounted for 10% or more of our net revenues. See Note 1 for e-commerce partners that accounted for over 10% of our total accounts receivable.

Note 18.  Commitments and Contingencies
Purchase obligations
We have purchase obligations that are associated with agreements for purchases of goods or services. Management believes that cancellation of these contracts is unlikely, and we expect to make future cash payments according to the contract terms.
The following reflects estimated future payments for purchase obligations by fiscal year. The amount of purchase obligations reflects estimated future payments as of April 3, 2026.

(In millions) April 3, 2026
2027 $ 532  
2028 64  
2029 36  
2030 6  

Total purchase obligations $ 638  

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Indemnifications
In the ordinary course of business, we may provide indemnifications of varying scope and terms to customers, vendors, lessors, business partners, subsidiaries and other parties with respect to certain matters, including, but not limited to, product warranties and losses arising out of our breach of agreements or representations and warranties made by us, including claims alleging that our software infringes on the intellectual property rights of a third party. In addition, our bylaws contain indemnification obligations to our directors, officers, employees, and agents, and we have entered into indemnification agreements with our directors and certain of our officers to give such directors and officers additional contractual assurances regarding the scope of the indemnification set forth in our bylaws and to provide additional procedural protections. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements might not be subject to maximum loss clauses. We monitor the conditions that are subject to indemnification to identify if a loss has occurred. Historically, we have not incurred material costs as a result of obligations under these agreements, and we have not accrued any material liabilities related to such indemnification obligations in our Consolidated Financial Statements.
Litigation contingencies
From time to time, we are involved in legal proceedings, including, but not limited to, regulatory proceedings, claims, mediations, arbitrations and litigation, incidental to our business. We evaluate contingent liabilities including threatened or pending litigation in accordance with the authoritative guidance on contingencies. We assess the likelihood of any adverse judgments or outcomes from potential claims or proceedings for accrual or disclosure in our Consolidated Financial Statements. A determination of the amount of an accrual required, if any, for these contingencies is made after the analysis of each separate matter. Because of uncertainties related to these matters, we base our estimates on the information available at the time of our assessment. As additional information becomes available, we reassess the potential liability related to our pending claims and litigation and may revise our estimates and disclosures. We classify our accruals for litigation contingencies in our Consolidated Balance Sheets as part of Other current liabilities or Other long-term liabilities based on when we expect to pay the claim, if at all. If the period of expected payment is within one year, we classify the amount as short-term; otherwise, it is classified as long-term. The exact timing of payment is subject to uncertainty and could change significantly from our estimated payment period.
Trustees of the University of Columbia in the City of New York v. NortonLifeLock
As previously disclosed, on May 2, 2022, a jury returned its verdict in a patent infringement case filed in 2013 by the Trustees of Columbia University in the City of New York (Columbia) in the U.S. District Court for the Eastern District of Virginia.
The jury found that our Norton Security products and Symantec Endpoint Protection products (the latter of which were sold by us to Broadcom as part of an Asset Purchase Agreement dated November 4, 2019) willfully infringed two patents through the use of SONAR/BASH behavioral protection technology. The jury awarded damages in the amount of $ 185  million. Columbia did not seek injunctive relief against us. We believe that we have ceased the use of the technology found by the jury to infringe. The jury also found that we did not fraudulently conceal its prosecution of a third patent but did find that two Columbia professors were coinventors of this patent. No damages were awarded related to this patent.
On September 30, 2023, the court entered its judgment, which awarded Columbia (i) enhanced damages of 2.6 times the jury award; (ii) prejudgment interest, post-judgment interest, and supplemental damages to be calculated in accordance with the parties’ previous agreement; and (iii) attorneys’ fees subject to the parties meeting and conferring as to amount. We complied with the court’s order and submitted a stipulation regarding the final calculations of all outstanding interest, royalties and attorneys’ fees. We posted the required surety bond and appealed the judgment to the Federal Circuit Court of Appeals.
The Federal Circuit issued its decision on appeal and remanded the case to the district court for further proceedings, including consideration of whether Columbia’s patents are patent-eligible and if the patent claims are determined to be eligible, to reduce the damages award to eliminate the royalty based on foreign sales and reconsider its attorneys’ fees and enhanced damages decisions. At this time, our current estimate of probable losses from this matter, within a range of potential outcomes, is approximately $ 254  million, a reduction of $ 354  million in our fourth quarter of fiscal 2026, which is accrued and recorded as part of Other long-term liabilities in the Consolidated Balance Sheets . There is a reasonable possibility that a loss may be incurred in excess of our accrual for this matter; however, such incremental loss cannot be reasonably estimated.
Jumpshot Matters
At the end of 2019, Avast came under media scrutiny for provision of Avast customer data to its data analytics subsidiary Jumpshot Inc. Jumpshot was a subsidiary of Avast with its own management team and technical experts. Avast announced the decision to terminate its provision of data to, and wind down, Jumpshot on January 30, 2020. As Avast has previously disclosed, it has been in communication with certain regulators and authorities prior to completion of our acquisition of Avast.
On December 23, 2019, the United States Federal Trade Commission (FTC) issued a Civil Investigative Demand (CID) to Avast seeking documents and information related to its privacy practices, including Jumpshot's past use of consumer information that was provided to it by Avast. Avast responded cooperatively to the CID and related follow-up requests from the FTC. We engaged in ongoing negotiations with the FTC staff and reached a negotiated agreement on the terms of a Consent Decree resolving this investigation, the terms of which are now final. This includes a provision for a non-material amount of monetary relief, which has been paid.
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On February 27, 2020, the Czech Office for Personal Data Protection (the Czech DPA) initiated offense proceedings concerning Avast`s practices with respect to Jumpshot. The Czech DPA issued a decision in March 2022 finding that Avast had violated the GDPR and issued a fine of CZK 351  million (approximately $ 16  million). Avast appealed the decision, which was affirmed by the Czech DPA on April 10, 2024. Avast paid the fine levied by the DPA. On June 15, 2024, Avast brought a judicial action in the administrative law court challenging the decision of the Czech DPA. On October 7, 2025, the court affirmed the decision regarding liability; however, it vacated the DPA’s decision regarding the determination of the fine. Both the DPA and the Company have filed cassation complaints with the Supreme Administrative Law Court. At this stage, the fine has been returned but the matter remains pending. We have accrued an immaterial amount as our current estimate of probable loss from this matter.
On March 27, 2024, Stichting CUIC – Privacy Foundation for Collective Redress, a Dutch foundation (the Foundation), filed its writ of summons to initiate a collective action. The Foundation has asserted it represents the interests of Avast customers in the Netherlands whose data was provided to Jumpshot and that by doing so Avast violated the requirements of the GDPR and other provisions in Dutch and European Union privacy and consumer law, entitling those customers to damages and other compensation, all of which we dispute. No specific amount of damages has been alleged to date. At this stage, the matter remains pending, and we are unable to assess whether any material loss or adverse effect is probable or estimate the range of any potential loss.
On April 18, 2024, we received a letter before action from counsel in the United Kingdom asserting it may bring a representative action on behalf of a class of Avast users in the United Kingdom and Wales for breach of contract and misuse of private information and seeking unspecified damages and a permanent injunction. We have since entered into a final settlement agreement resolving this matter. The settlement amount is immaterial, and the resolution did not have, and is not expected to have, a material adverse effect on our financial condition, results of operations or cash flows.
The outcome of the regulatory proceedings, government enforcement actions and litigation is difficult to predict, and the cost to defend, settle or otherwise resolve these matters may be significant. Plaintiffs or regulatory agencies or authorities in these matters may seek recovery of large or indeterminate amounts or seek to impose sanctions, including significant monetary penalties, as well as equitable relief. The monetary and other impact of these litigations, proceedings or actions may remain unknown for substantial periods of time. Further, an unfavorable resolution of litigations, proceedings or actions could have a material adverse effect on our business, financial condition, and results of operations and cash flows. The amount of time that will be required to resolve these matters is unpredictable, and these matters may divert management’s attention from the day-to-day operations of our business. Any future investigations or additional lawsuits may also adversely affect our business, financial condition, results of operations and cash flows.
MALKA Seller Members Litigation
On July 21, 2023, Jeffrey Frommer, Lyusen Krubich, Daniel Fried and Pat Capra, the former equity owners of MALKA, a subsidiary of MoneyLion (collectively, the “Seller Members”), brought a civil action in the Southern District of New York (“SDNY”) against MoneyLion Technologies Inc. alleging, among other things, breaches of the Membership Interest Purchase Agreement governing the acquisition of MALKA. MoneyLion filed counterclaims against the Sellers Members alleging, among other things, fraud, negligent misrepresentation, conversion, breach of fiduciary duties and breach of contract. The court issued its decision on September 29, 2025, finding that MoneyLion breached the parties’ agreements and awarding the Sellers Members damages and attorneys’ fees and costs, for which we have accrued $ 48  million as a pre-acquisition contingency in Other long-term obligations in our Consolidated Balance Sheet. On October 28, 2025, MoneyLion filed a notice of appeal. See Note 4 for details regarding our purchase price allocation for our acquisition of MoneyLion.
NYAG Litigation
On April 14, 2025, the Office of the Attorney General of the State of New York filed a civil action in the Supreme Court of the State of New York, County of New York, against MoneyLion Inc. The complaint alleges, among other things, that MoneyLion’s earned wage access product violates New York’s civil and criminal usury laws and asserts claims of fraud, deceptive, and false advertising practices under state law, as well as abusive and deceptive practices under the federal Consumer Financial Protection Act. On April 28, 2025, the Attorney General filed an amended complaint, adding MoneyLion Technologies Inc. and ML Plus LLC as defendants. The Company maintains that the Attorney General’s claims are without merit and is vigorously defending against the lawsuit. At this stage, the matter remains pending, and we are unable to assess whether any material loss or adverse effect is probable or estimate the range of any potential loss.
Other
We are involved in a number of other judicial, arbitrable, administrative proceedings and government inquiries that are incidental to our business, including certain matters relating to products and services offered in the ordinary course of business subject to lending and other consumer laws and regulations. Although adverse decisions (or settlements) may occur in one or more of the cases, it is not possible to estimate the possible loss or losses from each of these cases. The final resolution of these lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our business, results of operations, financial condition or cash flows.
During fiscal 2026, 2025 and 2024, we incurred(released) $( 334 ) million, $ 132  million and $ 418  million, respectively, related to the estimated accrual and final resolutions of our litigation contingencies in our Consolidated Statements of Operations.
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Note 19. Subsequent Events
Fiscal 2027 Restructuring Program
On May 5, 2026, our Board of Directors approved a restructuring plan as part of our ongoing internal transformation efforts, including increased adoption of artificial intelligence technologies. The initiative is intended to streamline operations and better align resources with strategic priorities.
We estimate that we will incur total costs of approximately $ 50  million in con nection with the plan, consisting of employee severance and termination benefits, facilities consolidation, contract termination and other restructuring costs. Implementation is expected over the next twelve months, and estimates remain subject to change.
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(2) Financial Statement Schedules
Schedule II
GEN DIGITAL INC.
VALUATION AND QUALIFYING ACCOUNTS
All financial statement schedules have been omitted, since the required information is not applicable or is not present in material amounts, and/or changes to such amounts are immaterial to require submission of the schedule, or because the information required is included in our Consolidated Financial Statements and notes thereto included in this Form 10-K.

(3) Exhibits

Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
2.01(§) Asset Purchase Agreement, dated August 8, 2019, by and between Broadcom Inc. and Registrant.
8-K 000-17781 2.01 8/8/2019
2.02(§)
Agreement and Plan of Merger, dated as of December 10, 2024, among Gen Digital Inc., Maverick Group Holdings, Inc. and MoneyLion Inc.
8-K
000-17781
2.01
4/17/2025
3.01 Amended and Restated Certificate of Incorporation of Registrant, and all amendments thereto.
10-Q 000-17781 3.01 11/9/2022
3.02 Amended and Restated Bylaws of Registrant.
8-K 000-17781 3.01
10/16/2024
3.03 Certificate of Elimination of Series A Junior Preferred Stock.
10-K 000-17781 3.06 5/28/2020
4.01 Description of Securities.
10-K
000-17781 4.01
5/15/2025
4.02 Base Indenture, dated as of February 9, 2017, between Registrant and Wells Fargo Bank, National Association, as trustee.
8-K 000-17781 4.01 2/9/2017
4.03 First Supplemental Indenture related to the 5% Senior Notes due 2025, dated as of February 9, 2017, between Registrant and Wells Fargo Bank, National Association, as trustee (including form of 5.00% Senior Note due 2025).
8-K 000-17781 4.02 2/9/2017
4.04 Second Supplemental Indenture, dated as of September 19, 2022, by and among the Company, each of the Guarantors (as defined therein) listed on the signature pages thereto and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee (including the form of 6.750% Senior Notes due 2027 and form of 7.125% Senior Notes due 2030).
8-K 000-17781 4.01 9/19/2022
4.05 Third Supplemental Indenture, dated as of September 19, 2022, by and among the Company, the Guarantors and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee.
8-K 000-17781 4.02 9/19/2022
4.06 Fourth Supplemental Indenture, dated as of February 28, 2025, by and among Gen Digital Inc., as issuer, the guarantors party thereto and Computershare Trust Company, National Association, as successor to Wells Fargo Bank, National Association, as trustee (including the form of 6.250% Senior Notes due 2033).
8-K
000-17781
4.01
2/28/2025
10.01(*) Form of Indemnification Agreement for Officers, Directors and Key Employees, as amended (form for agreements entered into after March 6, 2016).
8-K 000-17781 10.03 3/7/2016
10.02(*) Registrant’s Deferred Compensation Plan, restated and amended January 1, 2010, as adopted December 15, 2009.
10-K 000-17781 10.05 5/24/2010

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Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
10.03(*) Registrant’s 2000 Director Equity Incentive Plan, as amended.
10-Q 000-17781 10.01 11/1/2011
10.04(*) Registrant’s 2008 Employee Stock Purchase Plan, as amended.
10-Q 000-17781 10.06 2/7/2020
10.05(*) Registrant’s 2013 Equity Incentive Plan, as amended and restated.
DEF 14A
000-17781 Exhibit B
7/26/2024
10.06(*) Form of Director Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan
X
10.07(*) Form of Employee Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan
X
10.08(*) Form of Performance Based Restricted Stock Unit Award Agreement under Gen Digital Inc. 2013 Equity Incentive Plan
X
10.09(*) Form of Restricted Stock Unit Award Agreement under Avast Limited Long Term Incentive Plan
X
10.10(*) Form of Performance Stock Unit Award Agreement under Avast Limited Long Term Incentive Plan
X

10.11 Amended and Restated Credit Agreement, effective as of August 1, 2016, among Registrant, the lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Term Loan A-1/Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan A-2 Administrative Agent, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Lead Arrangers and Joint Bookrunners in respect of the Term A-2 Facility, Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd. And TD Securities (USA) LLC, as Co-Documentation Agents in respect of the Term A-2 Facility, and Bank of America, N.A., as Syndication Agent in respect of Term A-2 Facility.
10-Q 000-17781 4.03 8/5/2016
10.12 Term Loan Agreement, dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners.
10-Q 000-17781 4.05 8/5/2016
10.13 Amendment Agreement, dated as of July 18, 2016, by and among Registrant, Symantec Operating Corporation, the Lenders and the New Term Lenders, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, N.A.
10-Q 000-17781 4.02 8/5/2016

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Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
10.14 Assignment and Assumption, dated October 3, 2016, to the Term Loan Agreement dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners.
10-Q 000-17781 4.01 2/3/2017
10.15 First Amendment, dated December 12, 2016, to the Term Loan Agreement, dated as of August 1, 2016, among Registrant, JPMorgan Chase Bank, N.A., as Administrative Agent, Bank of America, N.A., as Syndication Agent, and Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd., and TD Securities (USA) LLC, as Co-Documentation Agents, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank, PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Joint Lead Arrangers and Joint Bookrunners.
10-Q 000-17781 4.02 2/3/2017
10.16 First Amendment, dated December 12, 2016, to the Credit Agreement, effective as of August 1, 2016, among the Registrant, the lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Term Loan A-1/Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan A-2 Administrative Agent, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Barclays Bank PLC, Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Royal Bank of Canada and Mizuho Bank, Ltd., as Lead Arrangers and Joint Bookrunners in respect of the Term A-2 Facility, Barclays Bank PLC, Citibank, N.A., Wells Fargo Bank, National Association, Royal Bank of Canada, Mizuho Bank, Ltd. And TD Securities (USA) LLC, as Co-Documentation Agents in respect of the Term A-2 Facility, and Bank of America, N.A., as Syndication Agent in respect of Term A-2 Facility.
10-Q 000-17781 4.03 2/3/2017
10.17(*) Registrant’s Senior Executive Incentive Plan, as amended and restated.
8-K 000-17781 10.03 10/25/2013
10.18(*) Registrant’s Executive Retention Plan, as amended and restated.
10-K 000-17781 10.18 5/21/2021
10.19(*) Registrant’s Executive Severance Plan.
10-K 000-17781 10.19 5/21/2021
10.20(†) Environmental Indemnity Agreement, dated April 23, 1999, between Veritas and Fairchild Semiconductor Corporation, included as Exhibit C to that certain Agreement of Purchase and Sale, dated March 29, 1999, between Veritas and Fairchild Semiconductor of California.
S-1/A 333-83777 10.27 8/6/1999
10.21 Second Amendment and Limited Waiver to Amended and Restated Credit Agreement dated as of June 22, 2018.
10-Q 000-17781 10.01 11/16/2018

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Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
10.22 Second Amendment and Limited Waiver to Term Loan dated as of June 22, 2018.
10-Q 000-17781 10.02 11/16/2018
10.23 Credit Agreement, effective as of November 4, 2019, among NortonLifeLock Inc., the issuing banks and lenders party thereto (the Lenders), Wells Fargo Bank, National Association, as Revolver Administrative Agent and Swingline Lender, JPMorgan Chase Bank, N.A., as Term Loan Administrative Agent and Collateral Agent, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC, BofA Securities, Inc., Mizuho Bank, Ltd., Barclays Bank PLC, and The Bank of Nova Scotia, as Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Mizuho Bank, Ltd., Barclays Bank PLC and The Bank of Nova Scotia, as Syndication Agents and Goldman Sachs Bank USA, HSBC Securities (USA) Inc., MUFG Bank, Ltd., SunTrust Robinson Humphrey, Inc., Citizens Bank, N.A., BMO Capital Markets Corp., BNP Paribas Securities Corp. and Santander Bank, N.A., as Co-Documentation Agents.
8-K 000-17781 10.01 11/4/2019
10.24 APA Letter Agreement dated October 1, 2020 by and between the Company and Broadcom Inc.
8-K 000-17781 10.01 7/8/2020
10.25 First Amendment, effective as of May 7, 2021, among NortonLifeLock Inc., JPMorgan Chase Bank, N.A., as Term Loan Administrative Agent, Wells Fargo Bank, National Association, as Revolver Administrative Agent, and the lenders and other parties thereto.
10-K 000-17781 10.31 5/21/2021
10.26 Amended and Restated Commitment Letter, dated September 1, 2021, by and between NortonLifeLock Inc. and the parties thereto
8-K 000-17781 10.02 9/3/2021
10.27 Amended and Restated Interim Facilities Agreement, dated September 1, 2021, by and between NortonLifeLock Inc., the parties specified thereto, as acceding finance partners, BofA Securities, Inc. and Wells Fargo Securities, LLC, as arrangers, and Bank of America, N.A., as issuing bank, interim facility agent and interim security agent
8-K 000-17781 10.01 9/3/2021
10.28++ Restatement Agreement, dated as of September 12, 2022, by and among the Company, the other Loan Parties thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., as term loan administrative agent and collateral agent under the Existing Credit Agreement, Wells Fargo Bank, National Association, as revolver administrative agent under the Existing Credit Agreement, and Bank of America, N.A., in its capacity as Successor Administrative Agent.
8-K 000-17781 10.01 9/12/2022
10.29(*) Avast Limited (formerly Avast plc) 2018 Long Term Incentive Plan
S-8 000-17781 99.01 9/12/2022
10.30(*) Agreement, effective as of June 13, 2024 by and between Gen Digital Inc. and Ondrej Vlcek.
10-Q 000-17781 10.01 8/7/2024
10.31 Registrant’s Non-Employee Director Compensation Policy
10-Q 000-17781 10.01 8/5/2022

87

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Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
10.32 Second Amendment to Amended and Restated Credit Agreement, dated as of April 16, 2025, by and among Gen Digital Inc., the guarantors party thereto, Bank of America, N.A., as administrative agent, each Second Amendment Incremental Term B Loan Lender.
8-K 000-17781 10.02 4/17/2025
10.33 Contingent Value Rights Agreement, dated as of April 17, 2025, by and among Gen Digital Inc. and Computershare Inc. and Computershare Trust Company, N.A.
8-K 000-17781 10.01 4/17/2025
10.34 MoneyLion Inc. Amended and Restated Omnibus Incentive Plan.
8-K 000-17781 99.01 4/17/2025
10.35 F or m of Performance Based Restr icted Stock Unit Award Agreement (VCP ) under Gen Digital Inc. 2013 Equity Incen tive Plan .
10-Q
001-42603 10.01
8/13/2025
10.36 Third Amendment to Amended and Restated Credit Agreement , dated as of March 27, 2026 , by and among Gen Digital Inc. the guarantors party thereto, the lenders party thereto and Bank of America, N.A., as administrative agent .
X

10.37 Master Receivables Purchase Agreement, dated as of June 30, 2024, by and among Sound Point Capital Management, LP, SP Main Street Funding I LLC, the additional purchasers from time to time party thereto, and ML Plus LLC, as amended through March 16, 2026.
X
10.38 Servicing Agreement, dated as of June 30, 2024, by and among MoneyLion Technologies Inc., Sound Point Capital Management, LP, SP Main Street Funding I LLC, and the additional purchasers from time to time party thereto, as amended through March 16, 2026.
X

19.01
Insider Trading Policy.
10-Q
001-42603 19.01 11/7/2025
21.01 Subsidiaries of Registrant.
X
23.01 Consent of Independent Registered Public Accounting Firm.
X
31.01 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X
31.02 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
X
32.01(††) Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
32.02(††) Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
X
97.01 Clawback Policy.
10-K
001-42603 97.01 5/15/2025

88

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Exhibit
Number
  Incorporated by Reference Filed
Herewith

Exhibit Description Form File No. Exhibit Filing Date
101.00 The following financial information from Gen Digital Inc.'s Annual Report on Form 10-K for the fiscal year ended April 3, 2026 are formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Stockholders’ Equity (Deficit), (vi) Consolidated Statements of Cash Flows, and (vi) Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
X
104.00 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). X

* Indicates a management contract, compensatory plan or arrangement.

§ The exhibits and schedules to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Registrant agrees to furnish supplementally copies of any such exhibits and schedules to the SEC upon request.
† Filed by Veritas Software Corporation.
†† This exhibit is being furnished, rather than filed, and shall not be deemed incorporated by reference into any filing, in accordance with Item 601 of Regulation S-K.
+ Certain portions of this document that constitute confidential information have been redacted in accordance with Regulations S-K, Item 601(b)(10).
++ Certain schedules and similar attachments to the exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5)

Item 16. Form 10-K Summary
None.
89

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, in the City of Mountain View, State of California, on the 21th day of May 2026.

  GEN DIGITAL INC.

By:  /s/    Vincent Pilette
Vincent Pilette
Chief Executive Officer, President and Chairman of the Board

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated below.

Signature Title Date

/s/    Vincent Pilette Chief Executive Officer, President and Chairman of the Board
(Principal Executive Officer)
May 21, 2026
Vincent Pilette

/s/    Natalie Derse Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer)
May 21, 2026
Natalie Derse

/s/    Sue Barsamian Director May 21, 2026
Sue Barsamian

/s/    Pavel Baudis Director May 21, 2026
Pavel Baudis

/s/    Eric K. Brandt Director May 21, 2026
Eric K. Brandt

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

/s/    Nora Denzel Director May 21, 2026
Nora Denzel

/s/    Emily Heath Director May 21, 2026
Emily Heath

/s/    Sherrese M. Smith Director May 21, 2026
Sherrese M. Smith

/s/    Ondrej Vlcek Director May 21, 2026
Ondrej Vlcek

90