Broadcom Inc.

Broadcom, Apollo, and Blackstone established a strategic platform to accelerate more than 20 gigawatts of global AI deployments.

Broadcom, Apollo, and Blackstone established a Landmark Strategic AI Platform partnership to accelerate over 20 Gigawatts of global AI deployments.

Broadcom renewed its partnership with the London Stock Exchange Group (LSEG) to enhance technology infrastructure and client experience.

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(Exact name of registrant as specified in its charter) Delaware 001-38449 35-2617337 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) 3421 Hillview Ave Palo Alto , CA 94304 ( 650 ) 427-6000 (Address, including zip code, of principal executive offices and registrant s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, $0.001 par value AVGO The NASDAQ Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No o Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No As of May 29, 2026, there were 4,757,580,198 shares of our common stock outstanding. BROADCOM INC. Quarterly Report on Form 10-Q For the Quarterly Period Ended May 3, 2026 TABLE OF CONTENTS Page PART I FINANCIAL INFORMATION 1 Item 1. Condensed Consolidated Financial Statements Unaudited 1 Item 2. Management s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures About Market Risk 31 Item 4. Controls and Procedures 31 PART II OTHER INFORMATION 31 Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50 SIGNATURES 51 Table of Contents PART I FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements Unaudited BROADCOM INC. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED Page Condensed Consolidated Balance Sheets Unaudited 2 Condensed Consolidated Statements of Operations Unaudited 3 Condensed Consolidated Statements of Comprehensive Income Unaudited 4 Condensed Consolidated Statements of Cash Flows Unaudited 5 Condensed Consolidated Statements of Stockholders Equity Unaudited 6 Notes to Unaudited Condensed Consolidated Financial Statements 8 1 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED BALANCE SHEETS UNAUDITED May 3, 2026 November 2, 2025 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 19,628 $ 16,178 Trade accounts receivable, net 10,830 7,145 Inventory 4,328 2,270 Other current assets 7,427 5,980 Total current assets 42,213 31,573 Long-term assets: Property, plant and equipment, net 2,788 2,530 Goodwill 97,801 97,801 Intangible assets, net 28,333 32,273 Other long-term assets 8,023 6,915 Total assets $ 179,158 $ 171,092 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 2,337 $ 1,560 Employee compensation and benefits 1,134 2,129 Short-term debt 2,252 3,152 Other current liabilities 13,139 11,673 Total current liabilities 18,862 18,514 Long-term liabilities: Long-term debt 62,655 61,984 Other long-term liabilities 9,950 9,302 Total liabilities 91,467 89,800 Commitments and contingencies (Note 10) Stockholders equity: Preferred stock, $ 0.001 par value; 100 shares authorized; none issued and outstanding Common stock, $ 0.001 par value; 29,000 shares authorized; 4,758 and 4,741 shares issued and outstanding as of May 3, 2026 and November 2, 2025, respectively 5 5 Additional paid-in capital 75,312 71,308 Retained earnings 12,166 9,761 Accumulated other comprehensive income 208 218 Total stockholders equity 87,691 81,292 Total liabilities and equity $ 179,158 $ 171,092 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions, except per share data) Net revenue: Products $ 16,892 $ 10,309 $ 31,022 $ 20,452 Subscriptions and services 5,295 4,695 10,476 9,468 Total net revenue 22,187 15,004 41,498 29,920 Cost of revenue: Cost of products sold 4,665 2,722 8,706 5,417 Cost of subscriptions and services 636 574 1,274 1,152 Amortization of acquisition-related intangible assets 1,461 1,483 2,923 2,967 Restructuring charges 10 28 23 42 Total cost of revenue 6,772 4,807 12,926 9,578 Gross margin 15,415 10,197 28,572 20,342 Research and development 2,995 2,693 5,960 4,946 Selling, general and administrative 1,055 1,083 2,074 2,032 Amortization of acquisition-related intangible assets 506 506 1,013 1,017 Restructuring and other charges 71 86 174 258 Total operating expenses 4,627 4,368 9,221 8,253 Operating income 10,788 5,829 19,351 12,089 Interest expense ( 776 ) ( 769 ) ( 1,577 ) ( 1,642 ) Other income, net 118 25 551 128 Income before income taxes 10,130 5,085 18,325 10,575 Provision for income taxes 820 120 1,666 107 Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Net income per share: Basic $ 1.96 $ 1.05 $ 3.51 $ 2.23 Diluted $ 1.91 $ 1.03 $ 3.41 $ 2.17 Weighted-average shares used in per share calculations: Basic 4,747 4,707 4,744 4,701 Diluted 4,876 4,826 4,882 4,831 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME UNAUDITED Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions) Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Other comprehensive loss, net of tax: Change in unrealized gain on derivative instruments ( 4 ) ( 2 ) ( 8 ) ( 3 ) Change in actuarial loss and prior service costs associated with defined benefit plans 1 ( 2 ) 2 Other comprehensive loss, net of tax ( 4 ) ( 1 ) ( 10 ) ( 1 ) Comprehensive income $ 9,306 $ 4,964 $ 16,649 $ 10,467 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS UNAUDITED Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 (In millions) Cash flows from operating activities: Net income $ 16,659 $ 10,468 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible and right-of-use assets 4,005 4,056 Depreciation 313 284 Stock-based compensation 4,268 3,051 Deferred taxes and other non-cash taxes ( 1,058 ) ( 1,267 ) Loss on debt extinguishment 86 65 Non-cash interest expense 139 191 Other 18 81 Changes in assets and liabilities, net of acquisitions and disposals: Trade accounts receivable, net ( 3,685 ) ( 1,129 ) Inventory ( 2,058 ) ( 257 ) Accounts payable 683 ( 372 ) Employee compensation and benefits ( 991 ) ( 621 ) Other current assets and current liabilities ( 218 ) ( 29 ) Other long-term assets and long-term liabilities 592 ( 1,853 ) Net cash provided by operating activities 18,753 12,668 Cash flows from investing activities: Purchases of property, plant and equipment ( 481 ) ( 244 ) Purchases of investments ( 137 ) ( 162 ) Sales of investments 283 96 Other 12 3 Net cash used in investing activities ( 323 ) ( 307 ) Cash flows from financing activities: Proceeds from long-term borrowings 4,474 3,735 Payments on debt obligations ( 4,900 ) ( 8,090 ) Proceeds from commercial paper, net 3,861 Payments of dividends ( 6,178 ) ( 5,559 ) Repurchases of common stock - repurchase program ( 8,450 ) ( 2,450 ) Shares repurchased for tax withholdings on vesting of equity awards ( 3,802 ) Issuance of common stock 113 118 Other ( 39 ) ( 50 ) Net cash used in financing activities ( 14,980 ) ( 12,237 ) Net change in cash and cash equivalents 3,450 124 Cash and cash equivalents at beginning of period 16,178 9,348 Cash and cash equivalents at end of period $ 19,628 $ 9,472 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY UNAUDITED Two Fiscal Quarters Ended May 3, 2026 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Stockholders Equity Shares Par Value (In millions) Balance as of November 2, 2025 4,741 $ 5 $ 71,308 $ 9,761 $ 218 $ 81,292 Net income 7,349 7,349 Other comprehensive loss ( 6 ) ( 6 ) Dividends to common stockholders ( 3,086 ) ( 3,086 ) Common stock issued 18 Stock-based compensation 2,176 2,176 Repurchases of common stock ( 23 ) ( 346 ) ( 7,504 ) ( 7,850 ) Shares repurchased for tax withholdings on vesting of equity awards ( 3 ) ( 3 ) Balance as of February 1, 2026 4,736 5 73,135 6,520 212 79,872 Net income 9,310 9,310 Other comprehensive loss ( 4 ) ( 4 ) Dividends to common stockholders ( 3,092 ) ( 3,092 ) Common stock issued 24 113 113 Stock-based compensation 2,092 2,092 Repurchases of common stock ( 2 ) ( 28 ) ( 572 ) ( 600 ) Balance as of May 3, 2026 4,758 $ 5 $ 75,312 $ 12,166 $ 208 $ 87,691 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 6 Table of Contents BROADCOM INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY UNAUDITED Two Fiscal Quarters Ended May 4, 2025 Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income Total Stockholders Equity Shares Par Value (In millions) Balance as of November 3, 2024 4,686 $ 5 $ 67,466 $ $ 207 $ 67,678 Net income 5,503 5,503 Dividends to common stockholders ( 2,774 ) ( 2,774 ) Common stock issued 24 Stock-based compensation 1,280 1,280 Shares repurchased for tax withholdings on vesting of equity awards ( 8 ) ( 1,898 ) ( 1,898 ) Balance as of February 2, 2025 4,702 5 66,848 2,729 207 69,789 Net income 4,965 4,965 Other comprehensive loss ( 1 ) ( 1 ) Dividends to common stockholders ( 2,785 ) ( 2,785 ) Common stock issued 26 118 118 Stock-based compensation 1,773 1,773 Repurchases of common stock ( 16 ) ( 227 ) ( 2,223 ) ( 2,450 ) Shares repurchased for tax withholdings on vesting of equity awards ( 9 ) ( 1,823 ) ( 1,823 ) Balance as of May 4, 2025 4,703 $ 5 $ 66,689 $ 2,686 $ 206 $ 69,586 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 7 Table of Contents BROADCOM INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Overview, Basis of Presentation and Significant Accounting Policies Overview Broadcom Inc. ( Broadcom ), a Delaware corporation, is a global technology leader that designs, develops and supplies a broad range of semiconductor and semiconductor-based solutions and infrastructure software solutions. Our semiconductor and semiconductor-based solutions include a broad portfolio of complex digital and mixed signal devices based on silicon wafers with complementary metal oxide semiconductor transistors, III-V based devices, network interface cards and other modules, switches, and subsystems. Our solutions are used in a wide array of environments, end products and applications, such as enterprise and artificial intelligence ( 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 infrastructure software solutions help enterprises simplify their information technology ( 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 fibre channel storage area networking ( FC SAN ) products and related software in the form of modules, switches and subsystems incorporating multiple semiconductor products. Unless stated otherwise or the context otherwise requires, references to Broadcom, we, our, and us mean Broadcom and its consolidated subsidiaries. Basis of Presentation We operate on a 52- or 53-week fiscal year ending on the Sunday closest to October 31. Our fiscal years ending November 1, 2026 ( fiscal year 2026 ) and November 2, 2025 ( fiscal year 2025 ) are both 52-week fiscal years. The accompanying condensed consolidated financial statements include the accounts of Broadcom and its subsidiaries, and have been prepared in accordance with generally accepted accounting principles in the United States ( GAAP ) for interim financial information. The financial information included herein is unaudited, and reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair statement of the results for the periods presented. The November 2, 2025 condensed consolidated balance sheet data were derived from Broadcom s audited consolidated financial statements included in its Annual Report on Form 10-K for fiscal year 2025 as filed with the Securities and Exchange Commission. All intercompany balances and transactions have been eliminated in consolidation. The operating results for the fiscal quarter ended May 3, 2026 are not necessarily indicative of the results that may be expected for fiscal year 2026, or for any other future period. Certain prior period amounts reported in our condensed consolidated statements of operations have been reclassified to conform to the current period presentation. See Note 2. Revenue from Contracts with Customers for additional information. Significant Accounting Policies Use of estimates. The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from these estimates, and such differences could affect the results of operations reported in future periods. 2. Revenue from Contracts with Customers We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party s rights can be identified, payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which we are entitled. Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised product or service to a customer. 8 Table of Contents Reclassifications to Condensed Consolidated Statements of Operations For software arrangements without termination for convenience provisions, we recognize revenue for the license portion of the agreements upfront upon transfer of control to the customer, referred to as upfront license revenue. In the fiscal quarter and two fiscal quarters ended May 3, 2026, we included upfront license revenue of $ 1,964 million and $ 3,719 million, respectively, within products revenue, and the related costs, which were immaterial, in cost of products sold, in our condensed consolidated statements of operations. To conform to the current period presentation, we reclassified $ 1,803 million and $ 3,775 million of upfront license revenue from subscriptions and services revenue to products revenue for the fiscal quarter and two fiscal quarters ended May 4, 2025, respectively. We also reclassified the related costs for the upfront license revenue, which were immaterial for the periods presented. In the revenue disaggregation tables by type and by region presented below, we included $ 1,456 million, $ 137 million and $ 371 million of upfront license revenue in products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the fiscal quarter ended May 3, 2026. We included $ 2,517 million, $ 261 million and $ 941 million of upfront license revenue in products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the two fiscal quarters ended May 3, 2026. To conform to the current period presentation, we reclassified $ 1,256 million, $ 178 million and $ 369 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the fiscal quarter ended May 4, 2025. We reclassified $ 2,701 million, $ 242 million and $ 832 million of upfront license revenue from subscriptions and services revenue to products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the two fiscal quarters ended May 4, 2025. Disaggregation We have considered (1) information that is regularly reviewed by our Chief Executive Officer, who has been identified as the chief operating decision maker (the CODM ) as defined by the authoritative guidance on segment reporting, in evaluating financial performance and (2) disclosures presented outside of our financial statements in our earnings releases and used in investor presentations to disaggregate revenues. The principal category we use to disaggregate revenues is the nature of our products and subscriptions and services, as presented in our condensed consolidated statements of operations. In addition, revenues by reportable segment are presented in Note 9. Segment Information. The following tables present revenue disaggregated by type and by region for the periods presented: Fiscal Quarter Ended May 3, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 2,187 $ 13,956 $ 749 $ 16,892 Subscriptions and services 3,015 579 1,701 5,295 Total $ 5,202 $ 14,535 $ 2,450 $ 22,187 Fiscal Quarter Ended May 4, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 1,891 $ 7,632 $ 786 $ 10,309 Subscriptions and services 2,815 468 1,412 4,695 Total $ 4,706 $ 8,100 $ 2,198 $ 15,004 Two Fiscal Quarters Ended May 3, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 4,351 $ 24,906 $ 1,765 $ 31,022 Subscriptions and services 5,932 1,244 3,300 10,476 Total $ 10,283 $ 26,150 $ 5,065 $ 41,498 9 Table of Contents Two Fiscal Quarters Ended May 4, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 3,826 $ 14,965 $ 1,661 $ 20,452 Subscriptions and services 5,512 1,167 2,789 9,468 Total $ 9,338 $ 16,132 $ 4,450 $ 29,920 Although we recognize revenue for the majority of our products when title and control transfer in Penang, Malaysia, we disclose revenue by region based primarily on the geographic shipment location or delivery location specified by our distributors, original equipment manufacturer customers, contract manufacturers, channel partners, or software customers. Contract Balances Contract assets and contract liabilities balances were as follows: May 3, 2026 November 2, 2025 (In millions) Contract Assets $ 10,399 $ 8,922 Contract Liabilities $ 14,242 $ 13,016 We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. We recognize a contract asset when revenue recognized on a contract exceeds the amount invoiced. A contract asset is a right to consideration that is conditional on something other than the passage of time. A contract asset becomes a receivable when invoiced upon the right to consideration becoming unconditional. We recognize a contract liability when billings on a contract exceed the revenue recognized and there is a future obligation to transfer products or services to a customer. Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer s payment. As of May 3, 2026 , approximately 64 % of contract liabilities related to contracts subject to termination for convenience provisions . The amount of revenue recognized during the two fiscal quarters ended May 3, 2026 that was included in the contract liabilities balance as of November 2, 2025 was $ 6,445 million. The amount of revenue recognized during the two fiscal quarters ended May 4, 2025 that was included in the contract liabilities balance as of November 3, 2024 was $ 6,103 million. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. Remaining performance obligations include unearned revenue and amounts that will be invoiced and recognized as revenue in future periods. Certain multi-year customer contracts in our semiconductor solutions segment and infrastructure software segment, including contracts where customers do not have termination rights, contain firmly committed amounts and the remaining performance obligations under these contracts as of May 3, 2026 were approximately $ 164.6 billion. These commitments include obligations under a long-term contract for custom AI accelerators entered in the fiscal quarter ended May 3, 2026 . We expect approximately 30 % of this amount to be recognized as revenue over the next 12 months. Remaining performance obligations do not include contracts for software, subscriptions or services where the customer is not committed. The customer is not considered committed when the customer contract permits termination for convenience. For contracts with termination for convenience rights, our customers generally do not exercise those rights. Additionally, as a practical expedient, we have not included contracts that have an original duration of one year or less, nor have we included contracts with sales-based or usage-based royalties promised in exchange for a license of intellectual property ( IP ). Accordingly, our remaining performance obligations disclosed above are not indicative of revenue for future periods . 10 Table of Contents 3. Supplemental Financial Information Cash Equivalents Cash equivalents included $ 4,003 million and $ 3,163 million of time deposits and $ 2,801 million and $ 2,239 million of money-market funds as of May 3, 2026 and November 2, 2025, respectively. For time deposits, carrying value approximates fair value due to the short-term nature of the instruments. The fair value of money-market funds, which was consistent with their carrying value, was determined using unadjusted prices in active, accessible markets for identical assets, and as such, they were classified as Level 1 assets in the fair value hierarchy. As of May 3, 2026, cash equivalents also included $ 2,985 million of U.S. Treasury Bills which were carried at fair value. Due to the short-term nature of the instruments, their amortized cost approximates fair value. As of May 3, 2026, $ 995 million and $ 1,990 million of the U.S. Treasury Bills were classified as Level 1 assets and Level 2 assets in the fair value hierarchy, respectively, depending on whether the instruments were traded in active or less active markets. Accounts Receivable Factoring We sell certain of our trade accounts receivable on a non-recourse basis to third-party financial institutions pursuant to factoring arrangements. We account for these transactions as sales of receivables and present cash proceeds as cash provided by operating activities in the condensed consolidated statements of cash flows. Total trade accounts receivable sold under the factoring arrangements were $ 600 million and $ 2,350 million during the fiscal quarter and two fiscal quarters ended May 3, 2026, respectively, and $ 1,750 million and $ 3,951 million during the fiscal quarter and two fiscal quarters ended May 4, 2025, respectively. Inventory May 3, 2026 November 2, 2025 (In millions) Finished goods $ 1,858 $ 682 Work-in-process 1,801 1,280 Raw materials 669 308 Total inventory $ 4,328 $ 2,270 Other Current Assets May 3, 2026 November 2, 2025 (In millions) Current portion of contract assets $ 5,918 $ 5,005 Prepaid expenses 1,140 518 Other 369 457 Total other current assets $ 7,427 $ 5,980 Other Current Liabilities May 3, 2026 November 2, 2025 (In millions) Contract liabilities $ 10,038 $ 9,469 Tax liabilities 1,217 921 Interest payable 656 620 Other 1,228 663 Total other current liabilities $ 13,139 $ 11,673 11 Table of Contents Other Long-Term Liabilities May 3, 2026 November 2, 2025 (In millions) Contract liabilities $ 4,204 $ 3,547 Unrecognized tax benefits 1,662 1,628 Deferred tax liabilities 1,615 2,704 Other 2,469 1,423 Total other long-term liabilities $ 9,950 $ 9,302 Supplemental Cash Flow Information Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions) Cash paid for interest $ 695 $ 700 $ 1,314 $ 1,371 Cash paid for income taxes $ 1,099 $ 608 $ 1,881 $ 1,012 4. Intangible Assets Gross Carrying Amount Accumulated Amortization Net Book Value (In millions) As of May 3, 2026: Purchased technology $ 32,851 $ ( 17,322 ) $ 15,529 Customer contracts and related relationships 15,791 ( 4,961 ) 10,830 Trade names 1,612 ( 455 ) 1,157 Other 188 ( 121 ) 67 Intangible assets subject to amortization 50,442 ( 22,859 ) 27,583 In-process research and development 750 750 Total $ 51,192 $ ( 22,859 ) $ 28,333 As of November 2, 2025: Purchased technology $ 32,781 $ ( 14,401 ) $ 18,380 Customer contracts and related relationships 15,791 ( 4,003 ) 11,788 Trade names 1,612 ( 399 ) 1,213 Other 186 ( 114 ) 72 Intangible assets subject to amortization 50,370 ( 18,917 ) 31,453 In-process research and development 820 820 Total $ 51,190 $ ( 18,917 ) $ 32,273 12 Table of Contents Based on the amount of intangible assets subject to amortization as of May 3, 2026, the expected amortization expense was as follows: Fiscal Year: Expected Amortization Expense (In millions) 2026 (remainder) $ 3,940 2027 6,818 2028 5,689 2029 4,562 2030 3,378 Thereafter 3,196 Total $ 27,583 The weighted-average remaining amortization periods by intangible asset category were as follows: Amortizable intangible assets: May 3, 2026 (In years) Purchased technology 5 Customer contracts and related relationships 6 Trade names 11 Other 10 5. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of shares of common stock and potentially dilutive shares of common stock outstanding during the period. Potentially dilutive shares outstanding include the dilutive effect of unvested restricted stock units ( RSUs ) and employee stock purchase plan ( ESPP ) rights (collectively referred to as equity awards ). Potentially dilutive shares whose effect would have been antidilutive are excluded from the computation of diluted net income per share. The dilutive effect of equity awards is calculated based on the average stock price for each fiscal period, using the treasury stock method. Under the treasury stock method, the amount the employee must pay for purchasing shares under the ESPP and the amount of stock-based compensation expense for future service that we have not yet recognized are collectively assumed to be used to repurchase shares. 13 Table of Contents The following is a reconciliation of the numerators and denominators of the basic and diluted net income per share computations for the periods presented: Fiscal Quarter Ended Two Fiscal Quarters Ended May 3, 2026 May 4, 2025 May 3, 2026 May 4, 2025 (In millions, except per share data) Numerator: Net income $ 9,310 $ 4,965 $ 16,659 $ 10,468 Denominator: Weighted-average shares outstanding - basic 4,747 4,707 4,744 4,701 Dilutive effect of equity awards 129 119 138 130 Weighted-average shares outstanding - diluted 4,876 4,826 4,882 4,831 Net income per share: Basic $ 1.96 $ 1.05 $ 3.51 $ 2.23 Diluted $ 1.91 $ 1.03 $ 3.41 $ 2.17 14 Table of Contents 6. Borrowings Effective Interest Rate May 3, 2026 November 2, 2025 (In millions) January 2026 Senior Notes 4.300 % notes due January 2031 4.41 % $ 750 $ 4.600 % notes due January 2033 4.72 % 1,250 4.950 % notes due January 2036 5.03 % 1,250 5.700 % notes due January 2056 5.79 % 1,250 4,500 September 2025 Senior Notes 4.200 % notes due October 2030 4.34 % 1,000 1,000 4.800 % notes due February 2036 4.90 % 2,250 2,250 4.900 % notes due February 2038 4.99 % 1,750 1,750 5,000 5,000 July 2025 Senior Notes 4.600 % notes due July 2030 4.49 % (a) 1,750 1,750 4.900 % notes due July 2032 5.04 % 1,750 1,750 5.200 % notes due July 2035 4.77 % (a) 2,500 2,500 6,000 6,000 January 2025 Senior Notes 4.800 % notes due April 2028 5.03 % 1,100 1,100 5.050 % notes due April 2030 5.20 % 800 800 5.200 % notes due April 2032 5.34 % 1,100 1,100 3,000 3,000 October 2024 Senior Notes 4.150 % notes due February 2028 4.36 % 875 4.350 % notes due February 2030 4.51 % 1,500 1,500 4.550 % notes due February 2032 4.70 % 875 875 4.800 % notes due October 2034 4.38 % (a) 1,750 1,750 4,125 5,000 July 2024 Senior Notes 5.050 % notes due July 2027 5.27 % 493 1,250 5.050 % notes due July 2029 5.23 % 2,250 2,250 5.150 % notes due November 2031 5.30 % 1,500 1,500 4,243 5,000 April 2022 Senior Notes 4.000 % notes due April 2029 4.17 % 750 750 4.150 % notes due April 2032 4.30 % 1,200 1,200 4.926 % notes due May 2037 5.33 % 2,500 2,500 4,450 4,450 September 2021 Senior Notes 3.137 % notes due November 2035 4.23 % 3,250 3,250 3.187 % notes due November 2036 4.79 % 2,750 2,750 6,000 6,000 15 Table of Contents Effective Interest Rate May 3, 2026 November 2, 2025 (In millions) March 2021 Senior Notes 3.419 % notes due April 2033 4.66 % 2,250 2,250 3.469 % notes due April 2034 4.63 % 3,250 3,250 5,500 5,500 January 2021 Senior Notes 1.950 % notes due February 2

Broadcom Inc. (AVGO) filed SEC Form 10-Q on 2026-06-09 (period 2026-05-03).

Broadcom Inc. announced its unaudited financial results for the second quarter ended May 3, 2026.

Broadcom secured a $35 billion private credit financing deal led by Apollo Global Management and Blackstone to fund AI chip development, one of the largest private credit transactions ever for a semiconductor company.

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