Broadcom — Dec 11, 2025 release

FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED (IN MILLIONS) Fiscal Quarter Ended Fiscal Year Ended November 2, 2025 August 3, 2025 November 3, 2024 November 2, 2025 November 3, 2024 Gross margin on GAAP basis $ 12,249  $ 10,703  $ 9,002  $ 43,294  $ 32,509  Amortization of acquisition-related intangible assets 1,545  1,519  1,602  6,031  6,023  Stock-based compensation expense 237  251  159  844  664  Restructuring charges 8  26  51  76  254  Acquisition-related costs —  —  —  —  9  Gross margin on non-GAAP basis $ 14,039  $ 12,499  $ 10,814  $ 50,245  $ 39,459  Research and development on GAAP basis $ 2,981  $ 3,050  $ 2,234  $ 10,977  $ 9,310  Stock-based compensation expense 1,456  1,573  839  5,020  3,460  Acquisition-related costs —  —  —  —  3  Research and development on non-GAAP basis $ 1,525  $ 1,477  $ 1,395  $ 5,957  $ 5,847  Selling, general and administrative expense on GAAP basis $ 1,107  $ 1,072  $ 1,010  $ 4,211  $ 4,959  Stock-based compensation expense 502  498  316  1,704  1,546  Acquisition-related costs 12  7  86  216  537  Selling, general and administrative expense on non-GAAP basis $ 593  $ 567  $ 608  $ 2,291  $ 2,876  Total operating expenses on GAAP basis $ 4,741  $ 4,816  $ 4,375  $ 17,810  $ 19,046  Amortization of acquisition-related intangible assets 507  507  813  2,031  3,244  Stock-based compensation expense 1,958  2,071  1,155  6,724  5,006  Restructuring and other charges 146  187  318  591  1,533  Acquisition-related costs 12  7  86  216  540  Total operating expenses on non-GAAP basis $ 2,118  $ 2,044  $ 2,003  $ 8,248  $ 8,723  Operating income on GAAP basis $ 7,508  $ 5,887  $ 4,627  $ 25,484  $ 13,463  Amortization of acquisition-related intangible assets 2,052  2,026  2,415  8,062  9,267  Stock-based compensation expense 2,195  2,322  1,314  7,568  5,670  Restructuring and other charges 154  213  369  667  1,787  Acquisition-related costs 12  7  86  216  549  Operating income on non-GAAP basis $ 11,921  $ 10,455  $ 8,811  $ 41,997  $ 30,736  Interest expense on GAAP basis $ (761) $ (807) $ (916) $ (3,210) $ (3,953) Loss on debt extinguishment 20  53  52  138  157  Interest expense on non-GAAP basis $ (741) $ (754) $ (864) $ (3,072) $ (3,796) Other income, net on GAAP basis $ 122  $ 205  $ 52  $ 455  $ 406  (Gains) losses on investments (6) 10  30  17  12  Gain from sale of business —  (163) —  (163) —  Other —  19  —  (15) —  Other income, net on non-GAAP basis $ 116  $ 71  $ 82  $ 294  $ 418  Fiscal Quarter Ended Fiscal Year Ended November 2, 2025 August 3, 2025 November 3, 2024 November 2, 2025 November 3, 2024 Provision for (benefit from) income taxes on GAAP basis $ (1,649) $ 1,145  $ (442) $ (397) $ 3,748  Non-GAAP tax reconciling adjustments (1) 3,231  223  1,506  5,888  (123) Provision for income taxes on non-GAAP basis $ 1,582  $ 1,368  $ 1,064  $ 5,491  $ 3,625  Net income on GAAP basis $ 8,518  $ 4,140  $ 4,324  $ 23,126  $ 5,895  Amortization of acquisition-related intangible assets 2,052  2,026  2,415  8,062  9,267  Stock-based compensation expense 2,195  2,322  1,314  7,568  5,670  Restructuring and other charges 154  213  369  667  1,787  Acquisition-related costs 12  7  86  216  549  Loss on debt extinguishment 20  53  52  138  157  (Gains) losses on investments (6) 10  30  17  12  Gain from sale of business —  (163) —  (163) —  Other —  19  —  (15) —  Non-GAAP tax reconciling adjustments (1) (3,231) (223) (1,506) (5,888) 123  (Income) loss from discontinued operations, net of income taxes —  —  (119) —  273  Net income on non-GAAP basis $ 9,714  $ 8,404  $ 6,965  $ 33,728  $ 23,733  Net income on GAAP basis $ 8,518  $ 4,140  $ 4,324  $ 23,126  $ 5,895  Non-GAAP Adjustments: Amortization of acquisition-related intangible assets 2,052  2,026  2,415  8,062  9,267  Stock-based compensation expense 2,195  2,322  1,314  7,568  5,670  Restructuring and other charges 154  213  369  667  1,787  Acquisition-related costs 12  7  86  216  549  Loss on debt extinguishment 20  53  52  138  157  (Gains) losses on investments (6) 10  30  17  12  Gain from sale of business —  (163) —  (163) —  Other —  19  —  (15) —  Non-GAAP tax reconciling adjustments (1) (3,231) (223) (1,506) (5,888) 123  (Income) loss from discontinued operations, net of income taxes —  —  (119) —  273  Other Adjustments: Interest expense 741  754  864  3,072  3,796  Provision for income taxes on non-GAAP basis 1,582  1,368  1,064  5,491  3,625  Depreciation 148  142  156  574  593  Amortization of purchased intangibles and right-of-use assets 33  34  40  139  150  Adjusted EBITDA $ 12,218  $ 10,702  $ 9,089  $ 43,004  $ 31,897  Weighted-average shares used in per share calculations - diluted on GAAP basis 4,889  4,860  4,828  4,853  4,778  Non-GAAP adjustment (2) 80  112  77  90  99  Weighted-average shares used in per share calculations - diluted on non-GAAP basis 4,969  4,972  4,905  4,943  4,877  Net cash provided by operating activities $ 7,703  $ 7,166  $ 5,604  $ 27,537  $ 19,962  Purchases of property, plant and equipment (237) (142) (122) (623) (548) Free cash flow $ 7,466  $ 7,024  $ 5,482  $ 26,914  $ 19,414   Fiscal Quarter Ending February 1, Expected average diluted share count (3) : 2026 Weighted-average shares used in per share calculation - diluted on GAAP basis 4,902  Non-GAAP adjustment (2) 67  Weighted-average shares used in per share calculation - diluted on non-GAAP basis 4,969  (1) For the fiscal quarter and fiscal year ended November 2, 2025, non-GAAP tax reconciling adjustments included a one-time discrete non-cash tax benefit of $2.1 billion from the impact of lapses of statutes of limitations. (2) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. (3) Excludes the effects of potential share repurchases. BROADCOM INC. CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED (IN MILLIONS) November 2, 2025 November 3, 2024 ASSETS Current assets: Cash and cash equivalents $ 16,178  $ 9,348  Trade accounts receivable, net 7,145  4,416  Inventory 2,270  1,760  Other current assets 5,980  4,071  Total current assets 31,573  19,595  Long-term assets: Property, plant and equipment, net 2,530  2,521  Goodwill 97,801  97,873  Intangible assets, net 32,273  40,583  Oth