Broadcom Inc.

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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 August 28, 2026, there were 4,773,629,865 shares of our common stock outstanding. BROADCOM INC. Quarterly Report on Form 10-Q For the Quarterly Period Ended August 2, 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 32 Item 4. Controls and Procedures 32 PART II OTHER INFORMATION 32 Item 1. Legal Proceedings 32 Item 1A. Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosures 50 Item 5. Other Information 50 Item 6. Exhibits 51 SIGNATURES 52 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 August 2, 2026 November 2, 2025 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 23,975 $ 16,178 Trade accounts receivable, net 13,707 7,145 Inventory 4,523 2,270 Other current assets 9,968 5,980 Total current assets 52,173 31,573 Long-term assets: Property, plant and equipment, net 3,144 2,530 Goodwill 97,801 97,801 Intangible assets, net 26,325 32,273 Other long-term assets 8,705 6,915 Total assets $ 188,148 $ 171,092 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 4,000 $ 1,560 Employee compensation and benefits 1,506 2,129 Short-term debt 2,252 3,152 Other current liabilities 13,080 11,673 Total current liabilities 20,838 18,514 Long-term liabilities: Long-term debt 57,167 61,984 Other long-term liabilities 10,453 9,302 Total liabilities 88,458 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; 4,774 and 4,741 shares issued and outstanding as of August 2, 2026 and November 2, 2025, respectively 5 5 Additional paid-in capital 77,330 71,308 Retained earnings 22,151 9,761 Accumulated other comprehensive income 204 218 Total stockholders equity 99,690 81,292 Total liabilities and equity $ 188,148 $ 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 Three Fiscal Quarters Ended August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 (In millions, except per share data) Net revenue: Products $ 24,279 $ 11,173 $ 55,301 $ 31,625 Subscriptions and services 5,312 4,779 15,788 14,247 Total net revenue 29,591 15,952 71,089 45,872 Cost of revenue: Cost of products sold 6,983 3,098 15,689 8,515 Cost of subscriptions and services 641 606 1,915 1,758 Amortization of acquisition-related intangible assets 1,499 1,519 4,422 4,486 Restructuring charges 12 26 35 68 Total cost of revenue 9,135 5,249 22,061 14,827 Gross margin 20,456 10,703 49,028 31,045 Research and development 2,895 3,050 8,855 7,996 Selling, general and administrative 996 1,072 3,070 3,104 Amortization of acquisition-related intangible assets 507 507 1,520 1,524 Restructuring and other charges 103 187 277 445 Total operating expenses 4,501 4,816 13,722 13,069 Operating income 15,955 5,887 35,306 17,976 Interest expense ( 778 ) ( 807 ) ( 2,355 ) ( 2,449 ) Other income, net 98 205 649 333 Income before income taxes 15,275 5,285 33,600 15,860 Provision for income taxes 2,187 1,145 3,853 1,252 Net income $ 13,088 $ 4,140 $ 29,747 $ 14,608 Net income per share: Basic $ 2.75 $ 0.88 $ 6.26 $ 3.10 Diluted $ 2.68 $ 0.85 $ 6.09 $ 3.02 Weighted-average shares used in per share calculations: Basic 4,766 4,714 4,752 4,705 Diluted 4,887 4,860 4,884 4,841 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 Three Fiscal Quarters Ended August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 (In millions) Net income $ 13,088 $ 4,140 $ 29,747 $ 14,608 Other comprehensive income (loss), net of tax: Change in unrealized gain on derivative instruments ( 5 ) ( 13 ) ( 3 ) Change in actuarial loss and prior service costs associated with defined benefit plans 1 15 ( 1 ) 17 Other comprehensive income (loss), net of tax ( 4 ) 15 ( 14 ) 14 Comprehensive income $ 13,084 $ 4,155 $ 29,733 $ 14,622 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 Three Fiscal Quarters Ended August 2, 2026 August 3, 2025 (In millions) Cash flows from operating activities: Net income $ 29,747 $ 14,608 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible and right-of-use assets 6,047 6,116 Depreciation 484 426 Stock-based compensation 6,287 5,373 Deferred taxes and other non-cash taxes ( 1,051 ) ( 983 ) Loss on debt extinguishment 161 118 Non-cash interest expense 204 273 Other 31 58 Changes in assets and liabilities, net of acquisitions and disposals: Trade accounts receivable, net ( 6,544 ) ( 2,066 ) Inventory ( 2,253 ) ( 420 ) Accounts payable 2,313 ( 236 ) Employee compensation and benefits ( 619 ) ( 110 ) Other current assets and current liabilities ( 2,893 ) ( 1,028 ) Other long-term assets and long-term liabilities 1,036 ( 2,295 ) Net cash provided by operating activities 32,950 19,834 Cash flows from investing activities: Proceeds from sale of business 300 Purchases of property, plant and equipment ( 1,013 ) ( 386 ) Purchases of investments ( 756 ) ( 261 ) Sales of investments 320 147 Other 13 ( 13 ) Net cash used in investing activities ( 1,436 ) ( 213 ) Cash flows from financing activities: Proceeds from long-term borrowings 4,474 10,695 Payments on debt obligations ( 10,528 ) ( 14,840 ) Proceeds from commercial paper, net 488 Payments of dividends ( 9,281 ) ( 8,345 ) Repurchases of common stock - repurchase program ( 8,450 ) ( 2,450 ) Shares repurchased for tax withholdings on vesting of equity awards ( 3,860 ) Issuance of common stock 113 118 Other ( 45 ) ( 57 ) Net cash used in financing activities ( 23,717 ) ( 18,251 ) Net change in cash and cash equivalents 7,797 1,370 Cash and cash equivalents at beginning of period 16,178 9,348 Cash and cash equivalents at end of period $ 23,975 $ 10,718 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 Three Fiscal Quarters Ended August 2, 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 Net income 13,088 13,088 Other comprehensive loss ( 4 ) ( 4 ) Dividends to common stockholders ( 3,103 ) ( 3,103 ) Common stock issued 16 Stock-based compensation 2,019 2,019 Shares repurchased for tax withholdings on vesting of equity awards ( 1 ) ( 1 ) Balance as of August 2, 2026 4,774 $ 5 $ 77,330 $ 22,151 $ 204 $ 99,690 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 Three Fiscal Quarters Ended August 3, 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 Net income 4,140 4,140 Other comprehensive income 15 15 Dividends to common stockholders ( 2,786 ) ( 2,786 ) Common stock issued 19 Stock-based compensation 2,322 2,322 Balance as of August 3, 2025 4,722 $ 5 $ 69,011 $ 4,040 $ 221 $ 73,277 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 August 2, 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 three fiscal quarters ended August 2, 2026, we included upfront license revenue of $ 3,465 million and $ 7,184 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 $ 1,916 million and $ 5,691 million of upfront license revenue from subscriptions and services revenue to products revenue for the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively. We also reclassified the related costs for the upfront license revenue, which were immaterial for the periods presented. In the revenue disaggregation tables by type and by region presented below, we included $ 2,181 million, $ 320 million and $ 964 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 August 2, 2026. We included $ 4,698 million, $ 581 million and $ 1,905 million of upfront license revenue in products revenue within the Americas; Asia Pacific; and Europe, the Middle East and Africa regions, respectively, for the three fiscal quarters ended August 2, 2026. To conform to the current period presentation, we reclassified $ 1,269 million, $ 204 million and $ 443 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 August 3, 2025. We reclassified $ 3,970 million, $ 446 million and $ 1,275 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 three fiscal quarters ended August 3, 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 August 2, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 2,642 $ 20,199 $ 1,438 $ 24,279 Subscriptions and services 2,871 745 1,696 5,312 Total $ 5,513 $ 20,944 $ 3,134 $ 29,591 Fiscal Quarter Ended August 3, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 1,931 $ 8,385 $ 857 $ 11,173 Subscriptions and services 2,793 575 1,411 4,779 Total $ 4,724 $ 8,960 $ 2,268 $ 15,952 Three Fiscal Quarters Ended August 2, 2026 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 6,993 $ 45,105 $ 3,203 $ 55,301 Subscriptions and services 8,803 1,989 4,996 15,788 Total $ 15,796 $ 47,094 $ 8,199 $ 71,089 9 Table of Contents Three Fiscal Quarters Ended August 3, 2025 Americas Asia Pacific Europe, the Middle East and Africa Total (In millions) Products $ 5,757 $ 23,350 $ 2,518 $ 31,625 Subscriptions and services 8,305 1,742 4,200 14,247 Total $ 14,062 $ 25,092 $ 6,718 $ 45,872 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: August 2, 2026 November 2, 2025 (In millions) Contract Assets $ 11,901 $ 8,922 Contract Liabilities $ 13,124 $ 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 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 billing the customer. As of August 2, 2026 , approximately 58 % of contract liabilities related to contracts subject to termination for convenience provisions . The amount of revenue recognized during the three fiscal quarters ended August 2, 2026 that was included in the contract liabilities balance as of November 2, 2025 was $ 8,309 million. The amount of revenue recognized during the three fiscal quarters ended August 3, 2025 that was included in the contract liabilities balance as of November 3, 2024 was $ 8,021 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 August 2, 2026 were approximately $ 179.2 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 25 % 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 $ 5,050 million and $ 3,163 million of time deposits and $ 5,251 million and $ 2,239 million of money-market funds as of August 2, 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 August 2, 2026, cash equivalents also included $ 2,987 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 August 2, 2026, $ 895 million and $ 2,092 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 $ 1,600 million and $ 3,950 million during the fiscal quarter and three fiscal quarters ended August 2, 2026, respectively, and $ 1,700 million and $ 5,651 million during the fiscal quarter and three fiscal quarters ended August 3, 2025, respectively. Inventory August 2, 2026 November 2, 2025 (In millions) Finished goods $ 1,839 $ 682 Work-in-process 1,920 1,280 Raw materials 764 308 Total inventory $ 4,523 $ 2,270 Other Current Assets August 2, 2026 November 2, 2025 (In millions) Current portion of contract assets $ 7,187 $ 5,005 Prepaid expenses 1,963 518 Other 818 457 Total other current assets $ 9,968 $ 5,980 Other Current Liabilities August 2, 2026 November 2, 2025 (In millions) Contract liabilities $ 9,501 $ 9,469 Tax liabilities 1,971 921 Interest payable 622 620 Other 986 663 Total other current liabilities $ 13,080 $ 11,673 11 Table of Contents Other Long-Term Liabilities August 2, 2026 November 2, 2025 (In millions) Contract liabilities $ 3,623 $ 3,547 Unrecognized tax benefits 1,755 1,628 Deferred tax liabilities 1,532 2,704 Other (a) 3,543 1,423 Total other long-term liabilities $ 10,453 $ 9,302 __________________________ (a) Included $ 2,186 million global minimum tax payable as of August 2, 2026. Supplemental Cash Flow Information Fiscal Quarter Ended Three Fiscal Quarters Ended August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 (In millions) Cash paid for interest $ 674 $ 602 $ 1,988 $ 1,973 Cash paid for income taxes $ 347 $ 822 $ 2,228 $ 1,834 4. Intangible Assets Gross Carrying Amount Accumulated Amortization Net Book Value (In millions) As of August 2, 2026: Purchased technology $ 33,601 $ ( 18,821 ) $ 14,780 Customer contracts and related relationships 15,791 ( 5,440 ) 10,351 Trade names 1,612 ( 482 ) 1,130 Other 188 ( 124 ) 64 Total $ 51,192 $ ( 24,867 ) $ 26,325 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 net book value of intangible assets as of August 2, 2026, the expected amortization expense was as follows: Fiscal Year: Expected Amortization Expense (In millions) 2026 (remainder) $ 2,008 2027 6,980 2028 5,833 2029 4,686 2030 3,479 Thereafter 3,339 Total $ 26,325 The weighted-average remaining amortization periods by intangible asset category were as follows: Amortizable intangible assets: August 2, 2026 (In years) Purchased technology 5 Customer contracts and related relationships 5 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 Three Fiscal Quarters Ended August 2, 2026 August 3, 2025 August 2, 2026 August 3, 2025 (In millions, except per share data) Numerator: Net income $ 13,088 $ 4,140 $ 29,747 $ 14,608 Denominator: Weighted-average shares outstanding - basic 4,766 4,714 4,752 4,705 Dilutive effect of equity awards 121 146 132 136 Weighted-average shares outstanding - diluted 4,887 4,860 4,884 4,841 Net income per share: Basic $ 2.75 $ 0.88 $ 6.26 $ 3.10 Diluted $ 2.68 $ 0.85 $ 6.09 $ 3.02 14 Table of Contents 6. Borrowings Effective Interest Ra