There are many different reasons you may want to patch your ESXi host. VMware regularly releases bug fixes and security patches, or perhaps you need a newer build for compatibility with another application or third-party tool.
Update 3/15/2021: See my video tutorial on how to update your ESXi 7.x host from the CLI:
In my situation, the ESXi 6.7 U1 ESXi hosts (build 10302608) are not compatible with NSX-T 2.4.0, so I need to get them patched to at least 6.7 EP06 (build 11675023).
Before you get started, you’ll want to figure out which patch release you want to update to. There is quite often some confusion surrounding the naming of VMware patch releases. In some cases, a build number is referenced, for example, 10302608. In other cases, a friendly name is referenced – something like 6.7 EP06 or 6.5 P03. The EP in the name denotes an ‘Express Patch’ with a limited number of fixes released outside of the regular patch cadence, where as a ‘P’ release is a standard patch. In addition to this, major update releases are referred to as ‘U’, for example, 6.7 U1. And to make things more confusing, a special ‘Release Name’ is quite often referenced in security bulletins and other documents. Release names generally contain the release date in them. For example, ESXi670-201903001 for ESXi 6.7 EP07.
The best place to start is VMware KB 1014508, which provides links to numerous KB articles that can be used for cross referencing build numbers with friendly versions names. The KB we’re interested in for ESXi is KB 2143832.