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0001730168FALSE00017301682026-09-022026-09-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 2, 2026
 Broadcom Inc.
(Exact Name of Registrant as Specified in Charter)
  
Delaware 001-38449 35-2617337
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
3421 Hillview Avenue
Palo Alto, California 94304
(Address of principal executive offices including zip code)
(650)
427-6000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ¨




Item 2.02    Results of Operations and Financial Condition.
On September 2, 2026, Broadcom Inc. (the “Company”) issued a press release announcing its unaudited financial results for the third quarter ended August 2, 2026.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. 
The information in Item 2.02 of this Report and the press release attached hereto as Exhibit 99.1 are furnished and shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
Item 8.01     Other Events.
On September 2, 2026, the Company announced that the Board of Directors has declared a quarterly cash dividend on the Company’s common stock of $0.65 per share. This dividend is payable on September 30, 2026 to common stockholders of record at the close of business (5:00 p.m., Eastern Time) on September 21, 2026.
Item 9.01    Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.
Description
104 Cover Page Interactive Data File (formatted as Inline XBRL).
    



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 2, 2026
Broadcom Inc.
By: /s/ Amie Thuener
Amie Thuener
Chief Financial Officer





EX-99.1 2 avgo-08022026x8kxex99.htm EX-99.1 Document
Exhibit 99.1
                                        
Broadcom Inc. Announces Third Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend

•Revenue of $29.6 billion for the third quarter, up 86 percent from the prior year period
•GAAP operating income of $16.0 billion for the third quarter; Non-GAAP operating income of $20.1 billion for the third quarter
•GAAP diluted EPS of $2.68 for the third quarter; Non-GAAP diluted EPS of $3.32 for the third quarter
•Cash from operations of $14.2 billion for the third quarter, less capital expenditures of $0.5 billion, resulted in $13.7 billion of free cash flow, or 46 percent of revenue
•Quarterly common stock dividend of $0.65 per share
•Fourth quarter fiscal year 2026 revenue guidance of approximately $34.8 billion, an increase of 93 percent from the prior year period
•Fourth quarter fiscal year 2026 Non-GAAP operating income guidance of approximately 66 percent of projected revenue (1)

PALO ALTO, Calif. – September 2, 2026 – Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its third quarter of fiscal year 2026, ended August 2, 2026, provided guidance for its fourth quarter of fiscal year 2026 and announced its quarterly dividend.

“Demand for our custom AI accelerators and networking continues to be very strong. Q3 AI semiconductor revenue of $16.7 billion grew 221% year-over-year, and 54% quarter-over-quarter,” said Hock Tan, President and CEO of Broadcom Inc. “In Q4 the momentum continues, and we expect AI semiconductor revenue to accelerate to $21.7 billion, up 236% year-over-year.”

“Broadcom achieved record revenue, operating profit and free cash flow in Q3. We delivered non-GAAP operating income growth of 92% year-over-year, as consolidated revenue grew 86% year-over-year to $29.6 billion,” said Amie Thuener, CFO of Broadcom Inc. “Q4 consolidated revenue growth is forecasted to increase 93% year-over-year to $34.8 billion, and we expect to maintain our non-GAAP operating margin at 66%, flat from a year ago.”


________________________________
(1) The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures presented to the relevant projected GAAP measures without unreasonable effort.

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Third Quarter Fiscal Year 2026 Financial Highlights
GAAP Non-GAAP
(Dollars in millions, except per share data) Q3 26 Q3 25 Change Q3 26 Q3 25 Change
Net revenue $ 29,591  $ 15,952  +86 % $ 29,591  $ 15,952  +86 %
Operating income $ 15,955  $ 5,887  +171 % $ 20,095  $ 10,455  +92 %
Net income $ 13,088  $ 4,140  +216 % $ 16,372  $ 8,404  +95 %
Earnings per common share - diluted $ 2.68  $ 0.85  +215 % $ 3.32  $ 1.69  +96 %
(Dollars in millions) Q3 26 Q3 25 Change
Cash flow from operations $ 14,197  $ 7,166  +98 %
Free cash flow $ 13,665  $ 7,024  +95 %
Net revenue by segment
(Dollars in millions) Q3 26 Q3 25 Change
Semiconductor solutions $ 20,839  70 % $ 9,166  57 % +127 %
Infrastructure software 8,752  30 6,786  43 +29 %
Total net revenue $ 29,591  100 % $ 15,952  100 %

The Company’s cash and cash equivalents at the end of the fiscal quarter were $24.0 billion, compared to $19.6 billion at the end of the prior fiscal quarter.

During the third fiscal quarter, the Company generated $14.2 billion in cash from operations and spent $0.5 billion on capital expenditures, resulting in $13.7 billion of free cash flow.

On June 30, 2026, the Company paid a cash dividend of $0.65 per share, totaling $3.1 billion.

The differences between the Company’s GAAP and non-GAAP results are described generally under “Non-GAAP Financial Measures” below and presented in detail in the financial reconciliation tables attached to this release.

Fourth Quarter Fiscal Year 2026 Business Outlook

Based on current business trends and conditions, the outlook for the fourth quarter of fiscal year 2026, ending November 1, 2026, is expected to be as follows:

•Fourth quarter revenue guidance of approximately $34.8 billion;
•Fourth quarter non-GAAP operating income guidance of approximately 66 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected non-GAAP financial measures to the relevant projected GAAP measures without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

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Quarterly Dividends

The Board of Directors of Broadcom has approved a quarterly cash dividend of $0.65 per share. The dividend is payable on September 30, 2026 to stockholders of record at the close of business (5:00 p.m. Eastern Time) on September 21, 2026.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the third quarter of fiscal year 2026 and to discuss the business outlook today at 2:00 p.m. Pacific Time.

To Listen via Internet: The conference call can be accessed live online in the Investors section of the Broadcom website at https://investors.broadcom.com/.

Replay: An audio replay of the conference call can be accessed for one year through the Investors section of Broadcom’s website at https://investors.broadcom.com/.

Non-GAAP Financial Measures

The non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. When possible, a reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. The Company is not readily able to provide a reconciliation of projected non-GAAP measures to the comparable GAAP measures without unreasonable effort. Broadcom believes non-GAAP financial information provides additional insight into the Company’s on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company’s on-going operations and enable more meaningful period to period comparisons.

In addition to GAAP reporting, Broadcom provides investors with net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring and other charges, acquisition-related costs, including integration costs, non-GAAP tax reconciling adjustments, and other adjustments. Management does not believe that these items are reflective of the Company’s underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company’s operations, and benchmarking performance externally against the Company’s competitors. The exclusion of these and other similar items from Broadcom’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right
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to such cash. Broadcom’s free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

About Broadcom

Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations’ complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance, our plans and expectations with regard to our share repurchases, and other statements identified by words such as “will,” “expect,” “believe,” “anticipate,” “estimate,” “should,” “intend,” “plan,” “potential,” “predict,” “project,” “aim,” and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of Broadcom’s management, current information available to Broadcom’s management, and current market trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in these forward-looking statements. Accordingly, undue reliance should not be placed on such statements.

Particular uncertainties that could materially affect future results include risks associated with: global economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; global political and economic conditions relating to our international operations; cyclicality in the semiconductor industry undergoing profound change due to AI; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; the slow or unsuccessful return on our research and development investments, expansion of our business strategy or adoption of new business models; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; our ability to continue winning business in the semiconductor solutions industry; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; dependence on senior management and our ability to attract and retain qualified personnel; our ability to maintain or improve gross margin; our ability to protect against cybersecurity threats and a breach of security systems; prolonged disruptions of our, our customers’ or our suppliers’ facilities or other significant operations; our ability to maintain appropriate manufacturing capacity and quality; dependence on and risks associated with distributors and other channel partners of our products; ability of our software portfolio to manage and secure IT infrastructures and environments; demand for our data center virtualization products and customer acceptance of our software, services and business strategy; competitiveness of our software solutions and compatibility of our software with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; use of open source software in our software and services; sales to government customers; our ability to manage our software solutions and services lifecycles; our competitive performance; quarterly and annual fluctuations in operating results; any acquisitions or dispositions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with
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integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal proceedings; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims, or other undetected defects or bugs; our compliance with privacy and data security laws; corporate responsibility matters; our provision for income taxes and overall cash tax costs; our ability to maintain tax concessions in certain jurisdictions; potential tax liabilities as a result of acquiring VMware; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; the amount and frequency of our share repurchase program; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.

Our filings with the SEC, which are available without charge at the SEC’s website at https://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Ji Yoo
Broadcom Inc.
Investor Relations
650-427-6000
investor.relations@broadcom.com

(AVGO-Q)

5

BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS — UNAUDITED
(IN MILLIONS, EXCEPT PER SHARE DATA)
Fiscal Quarter Ended Three Fiscal Quarters Ended
August 2,
2026		 May 3,
2026		 August 3,
2025		 August 2,
2026		 August 3,
2025
Net revenue $ 29,591  $ 22,187  $ 15,952  $ 71,089  $ 45,872 
Cost of revenue:
Cost of revenue 7,624  5,301  3,704  17,604  10,273 
Amortization of acquisition-related intangible assets 1,499  1,461  1,519  4,422  4,486 
Restructuring charges 12  10  26  35  68 
Total cost of revenue 9,135  6,772  5,249  22,061  14,827 
Gross margin 20,456  15,415  10,703  49,028  31,045 
Research and development 2,895  2,995  3,050  8,855  7,996 
Selling, general and administrative 996  1,055  1,072  3,070  3,104 
Amortization of acquisition-related intangible assets 507  506  507  1,520  1,524 
Restructuring and other charges 103  71  187  277  445 
Total operating expenses 4,501  4,627  4,816  13,722  13,069 
Operating income 15,955  10,788  5,887  35,306  17,976 
Interest expense (778) (776) (807) (2,355) (2,449)
Other income, net 98  118  205  649  333 
Income before income taxes 15,275  10,130  5,285  33,600  15,860 
Provision for income taxes 2,187  820  1,145  3,853  1,252 
Net income $ 13,088  $ 9,310  $ 4,140  $ 29,747  $ 14,608 
Net income per share:
Basic $ 2.75  $ 1.96  $ 0.88  $ 6.26  $ 3.10 
Diluted $ 2.68  $ 1.91  $ 0.85  $ 6.09  $ 3.02 
Weighted-average shares used in per share calculations:
Basic 4,766  4,747  4,714  4,752  4,705 
Diluted 4,887  4,876  4,860  4,884  4,841 
Stock-based compensation expense:
Cost of revenue $ 224  $ 223  $ 251  $ 683  $ 607 
Research and development 1,344  1,395  1,573  4,186  3,564 
Selling, general and administrative 451  474  498  1,418  1,202 
Total stock-based compensation expense $ 2,019  $ 2,092  $ 2,322  $ 6,287  $ 5,373 




BROADCOM INC.
FINANCIAL RECONCILIATION: GAAP TO NON-GAAP — UNAUDITED
(IN MILLIONS)
Fiscal Quarter Ended Three Fiscal Quarters Ended
August 2,
2026		 May 3,
2026		 August 3,
2025		 August 2,
2026		 August 3,
2025
Gross margin on GAAP basis $ 20,456  $ 15,415  $ 10,703  $ 49,028  $ 31,045 
Amortization of acquisition-related intangible assets 1,499  1,461  1,519  4,422  4,486 
Stock-based compensation expense 224  223  251  683  607 
Restructuring charges 12  10  26  35  68 
Gross margin on non-GAAP basis $ 22,191  $ 17,109  $ 12,499  $ 54,168  $ 36,206 
Research and development on GAAP basis $ 2,895  $ 2,995  $ 3,050  $ 8,855  $ 7,996 
Stock-based compensation expense 1,344  1,395  1,573  4,186  3,564 
Research and development on non-GAAP basis $ 1,551  $ 1,600  $ 1,477  $ 4,669  $ 4,432 
Selling, general and administrative expense on GAAP basis $ 996  $ 1,055  $ 1,072  $ 3,070  $ 3,104 
Stock-based compensation expense 451  474  498  1,418  1,202 
Acquisition-related costs —  —  7  2  204 
Selling, general and administrative expense on non-GAAP basis $ 545  $ 581  $ 567  $ 1,650  $ 1,698 
Total operating expenses on GAAP basis $ 4,501  $ 4,627  $ 4,816  $ 13,722  $ 13,069 
Amortization of acquisition-related intangible assets 507  506  507  1,520  1,524 
Stock-based compensation expense 1,795  1,869  2,071  5,604  4,766 
Restructuring and other charges 103  71  187  277  445 
Acquisition-related costs —  —  7  2  204 
Total operating expenses on non-GAAP basis $ 2,096  $ 2,181  $ 2,044  $ 6,319  $ 6,130 
Operating income on GAAP basis $ 15,955  $ 10,788  $ 5,887  $ 35,306  $ 17,976 
Amortization of acquisition-related intangible assets 2,006  1,967  2,026  5,942  6,010 
Stock-based compensation expense 2,019  2,092  2,322  6,287  5,373 
Restructuring and other charges 115  81  213  312  513 
Acquisition-related costs —  —  7  2  204 
Operating income on non-GAAP basis $ 20,095  $ 14,928  $ 10,455  $ 47,849  $ 30,076 
Interest expense on GAAP basis $ (778) $ (776) $ (807) $ (2,355) $ (2,449)
Loss on debt extinguishment 75  31  53  161  118 
Interest expense on non-GAAP basis $ (703) $ (745) $ (754) $ (2,194) $ (2,331)
Other income, net on GAAP basis $ 98  $ 118  $ 205  $ 649  $ 333 
Excise tax benefit —  —  —  (315) — 
Gain from sale of business —  —  (163) —  (163)
Other —  —  29  —  8 
Other income, net on non-GAAP basis $ 98  $ 118  $ 71  $ 334  $ 178 


Fiscal Quarter Ended Three Fiscal Quarters Ended
August 2,
2026		 May 3,
2026		 August 3,
2025		 August 2,
2026		 August 3,
2025
Provision for income taxes on GAAP basis $ 2,187  $ 820  $ 1,145  $ 3,853  $ 1,252 
Non-GAAP tax reconciling adjustments 931  1,407  223  3,505  2,657 
Provision for income taxes on non-GAAP basis $ 3,118  $ 2,227  $ 1,368  $ 7,358  $ 3,909 
Net income on GAAP basis $ 13,088  $ 9,310  $ 4,140  $ 29,747  $ 14,608 
Amortization of acquisition-related intangible assets 2,006  1,967  2,026  5,942  6,010 
Stock-based compensation expense 2,019  2,092  2,322  6,287  5,373 
Restructuring and other charges 115  81  213  312  513 
Acquisition-related costs —  —  7  2  204 
Loss on debt extinguishment 75  31  53  161  118 
Excise tax benefit —  —  —  (315) — 
Gain from sale of business —  —  (163) —  (163)
Other —  —  29  —  8 
Non-GAAP tax reconciling adjustments (931) (1,407) (223) (3,505) (2,657)
Net income on non-GAAP basis $ 16,372  $ 12,074  $ 8,404  $ 38,631  $ 24,014 
Weighted-average shares used in per share calculations - diluted on GAAP basis 4,887  4,876  4,860  4,884  4,841 
Non-GAAP adjustment (1)
50  64  112  61  94 
Weighted-average shares used in per share calculations - diluted on non-GAAP basis 4,937  4,940  4,972  4,945  4,935 
Net cash provided by operating activities $ 14,197  $ 10,493  $ 7,166  $ 32,950  $ 19,834 
Purchases of property, plant and equipment (532) (231) (142) (1,013) (386)
Free cash flow $ 13,665  $ 10,262  $ 7,024  $ 31,937  $ 19,448 
(1) 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.


BROADCOM INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — UNAUDITED
(IN MILLIONS)
August 2,
2026		 November 2,
2025
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 
Stockholders’ equity:
Preferred stock —  — 
Common Stock 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 



BROADCOM INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(IN MILLIONS)
Fiscal Quarter Ended Three Fiscal Quarters Ended
August 2,
2026		 May 3,
2026		 August 3,
2025		 August 2,
2026		 August 3,
2025
Cash flows from operating activities:
Net income $ 13,088  $ 9,310  $ 4,140  $ 29,747  $ 14,608 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible and right-of-use assets 2,042  2,002  2,060  6,047  6,116 
Depreciation 171  163  142  484  426 
Stock-based compensation 2,019  2,092  2,322  6,287  5,373 
Deferred taxes and other non-cash taxes 7  (603) 284  (1,051) (983)
Loss on debt extinguishment 75  31  53  161  118 
Non-cash interest expense 65  67  82  204  273 
Other 13  3  (23) 31  58 
Changes in assets and liabilities, net of acquisitions and disposals:
  Trade accounts receivable, net (2,859) (2,370) (937) (6,544) (2,066)
  Inventory (195) (1,366) (163) (2,253) (420)
  Accounts payable 1,630  149  136  2,313  (236)
  Employee compensation and benefits 372  270  511  (619) (110)
  Other current assets and current liabilities (2,675) 474  (999) (2,893) (1,028)
  Other long-term assets and long-term liabilities 444  271  (442) 1,036  (2,295)
Net cash provided by operating activities 14,197  10,493  7,166  32,950  19,834 
Cash flows from investing activities:
Proceeds from sale of business —  —  300  —  300 
Purchases of property, plant and equipment (532) (231) (142) (1,013) (386)
Purchases of investments (619) (23) (99) (756) (261)
Sales of investments 37  39  51  320  147 
Other 1  7  (16) 13  (13)
Net cash provided by (used in) investing activities (1,113) (208) 94  (1,436) (213)
Cash flows from financing activities:
Proceeds from long-term borrowings —  —  6,960  4,474  10,695 
Payments on debt obligations (5,628) (1,250) (6,750) (10,528) (14,840)
Proceeds from (repayments of) commercial paper, net —  —  (3,373) —  488 
Payments of dividends (3,103) (3,092) (2,786) (9,281) (8,345)
Repurchases of common stock - repurchase program —  (600) —  (8,450) (2,450)
Shares repurchased for tax withholdings on vesting of equity awards —  —  (58) —  (3,860)
Issuance of common stock —  113  —  113  118 
Other (6) (2) (7) (45) (57)
Net cash used in financing activities (8,737) (4,831) (6,014) (23,717) (18,251)
Net change in cash and cash equivalents 4,347  5,454  1,246  7,797  1,370 
Cash and cash equivalents at beginning of period 19,628  14,174  9,472  16,178  9,348 
Cash and cash equivalents at end of period $ 23,975  $ 19,628  $ 10,718  $ 23,975  $ 10,718 
Supplemental disclosure of cash flow information:
Cash paid for interest $ 674  $ 695  $ 602  $ 1,988  $ 1,973 
Cash paid for income taxes $ 347  $ 1,099  $ 822  $ 2,228  $ 1,834