Gen Digital Inc. Files Q3 2025 10-Q

TL;DR

Gen Digital (GEN) filed its Q3 2025 10-Q. Check financials.

AI Summary

Gen Digital Inc. filed its 10-Q for the period ending December 27, 2024. The company, formerly NortonLifeLock Inc. and Symantec Corp, is based in Tempe, AZ. This filing covers their third fiscal quarter of 2025.

Why It Matters

This filing provides investors with a detailed financial update on Gen Digital Inc.'s performance and financial position for the third quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2025 Q3 — Fiscal Quarter (Reporting period for this 10-Q filing.)

Key Players & Entities

• Gen Digital Inc. (company) — Filer
• NortonLifeLock Inc. (company) — Former Company Name
• SYMANTEC CORP (company) — Former Company Name
• 2024-12-27 (date) — Reporting Period End Date
• 2025-01-31 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share GEN The Nasdaq Stock Market

Filing Documents

• gen-20241227.htm (10-Q) — 1463KB
• genq3fy25exhibit3101.htm (EX-31.01) — 9KB
• genq3fy25exhibit3102.htm (EX-31.02) — 9KB
• genq3fy25exhibit3201.htm (EX-32.01) — 4KB
• genq3fy25exhibit3202.htm (EX-32.02) — 5KB
• 0000849399-25-000006.txt ( ) — 9019KB
• gen-20241227.xsd (EX-101.SCH) — 61KB
• gen-20241227_cal.xml (EX-101.CAL) — 102KB
• gen-20241227_def.xml (EX-101.DEF) — 281KB
• gen-20241227_lab.xml (EX-101.LAB) — 770KB
• gen-20241227_pre.xml (EX-101.PRE) — 554KB
• gen-20241227_htm.xml (XML) — 1345KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 6 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 5. Other Information 49 Item 6. Exhibits 50

Signatures

Signatures 51 "Gen," "we," "us," "our," and "the Company" refer to Gen Digital Inc. and all of its subsidiaries. Gen, Norton, Avast, LifeLock, Avira, AVG, Reputation Defender, CCleaner and all related trademarks, service marks and trade names are trademarks or registered trademarks of Gen or other respective owners that have granted Gen the right to use such marks. Other names may be trademarks of their respective owners. 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) GEN DIGITAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except par value per share amounts) December 27, 2024 March 29, 2024 ASSETS Current assets: Cash and cash equivalents $ 883 $ 846 Accounts receivable, net 152 163 Other current assets 262 334 Assets held for sale 23 15 Total current assets 1,320 1,358 Property and equipment, net 61 72 Intangible assets, net 2,336 2,638 Goodwill 10,171 10,210 Other long-term assets 1,475 1,515 Total assets $ 15,363 $ 15,793 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 102 $ 66 Accrued compensation and benefits 93 78 Current portion of long-term debt 1,396 175 Contract liabilities 1,777 1,808 Other current liabilities 396 599 Total current liabilities 3,764 2,726 Long-term debt 7,080 8,429 Long-term contract liabilities 72 76 Deferred income tax liabilities 223 261 Long-term income taxes payable 1,385 1,490 Other long-term liabilities 688 671 Total liabilities 13,212 13,653 Commitments and contingencies (Note 18) Stockholders' equity (deficit): Common stock and additional paid-in capital, $ 0.01 par value: 3,000 shares authorized; 616 and 623 shares issued and outstanding as of December 27, 2024 and March 29, 2024, respectively 2,026 2,227 Accumulated other comprehensive income (loss) ( 46 ) 11 Retained earnings (accumulated deficit) 171 ( 98 ) Total stockholders' equity (deficit) 2,151 2,140 Total liabilities and stockholders' equity $ 15,363 $ 15,793 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents GEN DIGITAL INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share amounts) Three Months Ended Nine Months Ended December 27, 2024 December 29, 2023 December 27, 2024 December 29, 2023 Net revenues $ 986 $ 948 $ 2,925 $ 2,836 Cost of revenues 193 182 577 541 Gross profit 793

Business

Business Gen Digital Inc. is a global company powering Digital Freedom with a family of trusted consumer brands including Norton, Avast, LifeLock, Avira, AVG, ReputationDefender and CCleaner. Our cyber safety portfolio provides protection across multiple channels and geographies, including security and performance management, identity protection, and online privacy. Our technology platforms bring together software and service capabilities into comprehensive and easy-to-use products and solutions across our brands. We have also evolved beyond traditional cyber safety to offer adjacent trust-based solutions, including digital identity and access management, digital reputation management, and restoration support services. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) for interim financial information. In the opinion of management, the unaudited Condensed Consolidated Financial Statements contain all adjustments, consisting only of normal recurring items, except as otherwise noted, necessary for the fair presentation of our financial position, results of operations and cash flows for the interim periods. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended March 29, 2024. The results of operations for the three and nine months ended December 27, 2024 are not necessarily indicative of the results expected for the entire fiscal year. Fiscal calendar We have a 52/53-week fiscal year ending on the Friday closest to March 31. Unless otherwise stated, references to three and nine month periods in this report relate to fiscal periods ended December 27, 2024 and December 29, 2023. The three and nine months ended December 27, 2024 and December 29, 2023 each consis

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View this 10-Q filing on SEC EDGAR