What Broadcom Inc. told the SEC could break it.

Net revenue from shipments/deliveries to China (including Hong Kong) was $11.16B in FY2025 (~17% of total), exposing Broadcom to U.S.–China trade restrictions even though end customers are often elsewhere.

“Net revenue from China (including Hong Kong) for fiscal years 2025, 2024 and 2023 was $ 11,155 million, $ 10,483 million and $ 11,533 million, respectively.”

Broadcom's facilities and those of its contract manufacturers and suppliers are concentrated in the same regions — California and the Pacific Rim — compounding regional-disaster exposure.

“Many of our facilities, and those of our CMs and suppliers, are concentrated in the same geographic regions of California and the Pacific Rim”

A single unnamed customer accounted for 32% of Broadcom's FY2025 net revenue (28% FY2024, 21% FY2023), all within semiconductor solutions, and 44% of net accounts receivable at year-end — extreme single-customer dependence.

“During fiscal years 2025, 2024 and 2023, one customer accounted for 32 %, 28 % and 21 % of our net revenue, respectively. Revenue from this customer was included in our semiconductor solutions segment. One customer accounted for 44 % and 18 % of our net accounts receivable balance as of November 2, 2025 and November 3, 2024, respectively.”

Broadcom's own Fort Collins, CO and Breinigsville, PA facilities are the sole sources for FBAR filters in many wireless devices and InP-based wafers for fibre-optics products — single-facility production 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 o”

In FY2025 Broadcom bought roughly two-thirds of its manufacturing materials from just five suppliers, some single-source, with lengthy requalification lead times and no long-term contracts.

“During fiscal year 2025, we purchased approximately two-thirds of our manufacturing materials from five materials suppliers, some of which are single source suppliers. The lead time needed to identify and qualify a new supplier is typically lengthy and there is often no readily available alternative source.”

Supply of Broadcom's manufacturing materials — precious and rare earth metals, mold compound, ceramic packages, chemicals and gases — has at times been impacted by U.S.–China trade tensions and evolving trade restrictions.

“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.”