AVGO · 10-K filed 18 Dec 2025 · year to 2 Nov 2025

Broadcom

34 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Distributors

earns from · 48% of our net revenuenamed as a risk

Sales to distributors accounted for 48% of our net revenue in fiscal year 2025 and are subject to a number of risks, including:Risk factors (Item 1A)

Also named by DXCM, MCHP, MSA, MTSI, MXL, ON, RMBS, ROK and 1 more

Top five end customers

earns from · approximately 40% of our net revenuenamed as a risk

We believe aggregate sales, through all channels, to our top five end customers accounted for approximately 40% of our net revenue for fiscal year 2025.Risk factors (Item 1A)

Government customers

earns fromnamed as a risk

Our contracts signed with the U.S. federal, state and local government and non-U.S. government agencies are generally subject to annual fiscal funding approval and may be renegotiated or terminated at the discretion of the government.Risk factors (Item 1A)

Also named by DDOG, HASI, MSFT, SPIR

AI customers (hyperscalers and AI frontier model companies)

earns fromnamed as a risk

The loss of, or any substantial reduction in sales to, any of our top customers, including our customers for our custom AI accelerators or XPUs or AI racks or systems based on our XPUs, could have a material adverse effect on our business, financial condition, results of operations and cash flows.Risk factors (Item 1A)

Suppliers

Taiwan Semiconductor Manufacturing Co. (TSMC)

depends on · approximately 95% of the wafersnamed as a risk

During fiscal year 2025, approximately 95% of the wafers manufactured by our CMs were produced by TSMC.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, CRWV, ENTG, FTNT, INTC, KLAC and 6 more

Five materials suppliers

depends on · approximately two-thirds of our manufacturing materialsnamed as a risk

During fiscal year 2025, we purchased approximately two-thirds of our manufacturing materials from five materials suppliers, some of which are single source suppliers.Risk factors (Item 1A)

Advanced Semiconductor Engineering, Inc.

depends on

We use third-party CMs for a significant majority of our assembly and test operations, including TSMC, Advanced Semiconductor Engineering, Inc., Foxconn Technology Group, Amkor Technology, Inc. and Siliconware Precision Industries Co., Ltd.Business (Item 1)

Foxconn Technology Group

depends on

Amkor Technology, Inc.

depends on

Siliconware Precision Industries Co., Ltd.

depends on

Partners and platforms

Accelerate Program and Catalyst Initiative

depends onnamed as a risk

From time to time, we enlist our distributors and channel partners to lead go-to-market and customer relationships for certain products, such as our Accelerate Program and Catalyst Initiative for certain infrastructure software products, with certain sole distribution relationships by region.Risk factors (Item 1A)

Other companies

Fixed-rate borrowings

exposed to its price · $67.1 billion

As of November 2, 2025 and November 3, 2024, we had $67.1 billion and $56.3 billion in principal amount of fixed-rate borrowings outstanding, and the estimated aggregate fair value of these borrowings was $64.6 billion and $51.4 billion, respectively.Market risk (Item 7A)

Dell Technologies

named as a risk

If the VMware spin-off from Dell in November 2021 is determined to not be tax-free for any reason, we could be liable for all or a portion of the tax liability, which could have a material adverse effect on our financial condition and operating results.Risk factors (Item 1A)

Also named by CDW, CLS, HPE, IBM

Competitors

Public cloud providers

competes withnamed as a risk

We face competition from companies that receive financial and other support from their home country government, customers who develop competing products, public cloud providers, numerous smaller companies that specialize in specific aspects of the highly fragmented software industry, open source authors who provide software and IP for free, and competitors who offer their products through try-and-buy or freemium models.Risk factors (Item 1A)

Also named by NTAP

Places

China

named as a risk

Additionally, the supply of these materials has been, from time to time, impacted by increased trade tensions between the U.S. and its trading partners, particularly China, and the uncertainty due to evolving trade restrictions.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

India

concentrated innamed as a risk

In addition, a significant majority of our research and development personnel are located in the U.S. and India, and our primary warehouse is in Malaysia.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVY and 54 more

Malaysia

concentrated innamed as a risk

We store the majority of our product inventory in our warehouse in Malaysia and our presence in Asia places us in close proximity to many of our customers’ manufacturing facilities.Business (Item 1)

Also named by A, ANET, CGNX, DELL, FSLR, LITE, MSI, NXT and 6 more

China-Taiwan relations

named as a risk

changes in political, regulatory, legal or economic conditions, geopolitical turmoil (including China-Taiwan relations), including terrorism, war or political or military coups, state-sponsored or politically motivated cyber-attacks, civil disturbances, or political instability (foreign and domestic);Risk factors (Item 1A)

Also named by CSCO

Fort Collins, Colorado

concentrated innamed as a risk

Our Fort Collins and Breinigsville facilities are the sole sources for the FBAR filters used in many of our wireless devices and for the InP-based wafers used in our fibre optics products, respectively.Risk factors (Item 1A)

Breinigsville, Pennsylvania

concentrated innamed as a risk

Singapore

operates in

The majority of our internal III-V semiconductor wafer fabrication is done in the U.S. and Singapore.Business (Item 1)

Also named by A, AAPL, ALAB, AMAT, ANET, APP, DLR, EW and 12 more

Hazards

California and Pacific Rim earthquakes, wildfires and severe weather

concentrated innamed as a risk

Many of our facilities, and those of our CMs and suppliers, are concentrated in the same geographic regions of California and the Pacific Rim, which have above average seismic, wildfire, and severe weather activity, and increases the risk of natural disasters impacting multiple suppliers.Risk factors (Item 1A)

Commodities and inputs

Gallium arsenide and indium phosphide wafers

depends onnamed as a risk

Our manufacturing processes and those of our CMs rely on many materials, including silicon, gallium arsenide and indium phosphide (“InP”) wafers, copper lead frames, precious and rare earth metals, mold compound, ceramic packages and various chemicals and gases.Risk factors (Item 1A)

Regulators

U.S. Federal Trade Commission

subject tonamed as a risk

Our products and operations are also subject to regulation by U.S. and non-U.S. regulatory agencies, such as the U.S. Federal Trade Commission.Risk factors (Item 1A)

Also named by AMZN, AN, BJ, CART, CELH, CHD, CHE, CI and 56 more

Korea, Japan and European Union regulatory investigations

subject tonamed as a risk

We have been, and may in the future be, involved or required to participate in regulatory investigations or inquiries from regulatory authorities in Korea, Japan and the European Union into certain of our contracting and business practices, which have and may in the future evolve into legal or other administrative proceedings.Risk factors (Item 1A)

Laws and programs

Tax incentives and tax holiday

subject to · approximately $2,709 millionnamed as a risk

Our tax incentives and tax holiday, before taking into consideration U.S. foreign tax credits, decreased the provision for income taxes by approximately $2,709 million in the aggregate and increased diluted net income per share by $0.56 for fiscal year 2025.Risk factors (Item 1A)

One Big Beautiful Bill Act

subject tonamed as a risk

Substantial changes in domestic or international corporate tax policies, regulations or guidance, including the recently enacted One Big Beautiful Bill Act, as well as enforcement activities or legislative investigations and inquiries may materially adversely affect our business and impact our provision for income taxes, net income, cash flow and our results of operations generally.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

U.S. Export Administration Regulations

subject tonamed as a risk

Our business is subject to various domestic and international laws and other legal requirements, including antitrust and import/export regulations, such as the U.S. Export Administration Regulations, and applicable executive orders.Risk factors (Item 1A)

Also named by ADI, ALAB, AMD, APP, ARW, CARR, CDRE, COHR and 40 more

CHIPS and Science Act

named as a risk

The Creating Helpful Incentives to Produce Semiconductors for America Act could also result in an increase in supply leading to excess inventory and a decrease in average selling prices.Risk factors (Item 1A)

Also named by AMKR, COHR, ENTG, J

Internal Revenue Code Section 355

subject tonamed as a risk

Further, if the acquisition of VMware results in the spin-off failing to qualify as a tax-free transaction under Section 355 of the Internal Revenue Code, Dell, its affiliates and, potentially, its stockholders would incur significant tax liabilities and we may be required to indemnify Dell and its affiliates for any such tax liabilities, which could be material.Risk factors (Item 1A)

Also named by ECG, FWONA, LLYVA, POST

U.S. Entity List export restrictions

subject tonamed as a risk

The U.S. government continues to add companies to its restricted entity list and/or technologies to its list of prohibited exports to specific countries and impose other restrictions or requirements, which have had and may in the future have an adverse effect on our revenue, supply chain and our ability to manufacture or sell our products.Risk factors (Item 1A)

U.S. semiconductor tariffs

subject tonamed as a risk

While U.S. tariffs and counter-tariffs, including semiconductor-related tariffs, have not had a material impact on our financial condition or results of operations, tariffs and other macroeconomic factors could materially increase costs and disrupt our supply chain.Risk factors (Item 1A)

Global minimum tax (Pillar Two)

subject tonamed as a risk

Many countries have implemented or are in the process of implementing a global minimum tax, which we expect to materially increase our effective tax rate and cash tax costs for our fiscal year ending November 1, 2026.Risk factors (Item 1A)

Technology

VMware data center virtualization

earns fromnamed as a risk

If businesses build new or shift existing compute workloads off-premises to public cloud providers, this could limit the market for on-premises deployments of our data center virtualization portfolio.Risk factors (Item 1A)