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10-K – 2025-11-25 – adi-20251101.htm
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE Information required by this item will be included in our 2026 proxy statement to be filed with the SEC within 120 days after November 1, 2025 and is incorporated herein by reference. We have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and have posted it in the Corporate Governance section of our website which is located at www.analog.com . To the extent permitted by Nasdaq and SEC regulations, we intend to satisfy any disclosure requirement under Item 5.05 of Form 8-K regarding any amendments to, or waivers from, our code of business conduct and ethics by posting such information on our website which is located at www.analog.com. We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by our directors, officers and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. During fiscal 2025, we made no material change to the procedures by which shareholders may recommend nominees to our Board of Directors, as described in our 2025 proxy statement. ITEM 11. EXECUTIVE COMPENSATION Information required by this item will be included in our 2026 proxy statement to be filed with the SEC within 120 days after November 1, 2025 and is incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS Information required by this item will be included in our 2026 proxy statement to be filed with the SEC within 120 days after November 1, 2025 and is incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE Information required by this item will be included in our 2026 proxy statement to be filed with the SEC within 120 days after November 1, 2025 and is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES Our independent registered accounting firm is Ernst & Young , Boston, Massachusetts (PCAOB ID: 42 ). Information required by this item will be included in our 2026 proxy statement to be filed with the SEC within 120 days after November 1, 2025 and is incorporated herein by reference. 83 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) The following are filed as part of this Annual Report on Form 10-K: 1. Financial Statements The following consolidated financial statements are included in Item 8 of this Annual Report on Form 10-K: — Consolidated Statements of Income for the years ended November 1, 2025, November 2, 2024 and October 28, 2023 — Consolidated Statements of Comprehensive Income for the years ended November 1, 2025, November 2, 2024 and October 28, 2023 — Consolidated Balance Sheets as of November 1, 2025 and November 2, 2024 — Consolidated Statements of Shareholders’ Equity for the years ended November 1, 2025, November 2, 2024 and October 28, 2023 — Consolidated Statements of Cash Flows for the years ended November 1, 2025, November 2, 2024 and October 28, 2023 2. Financial Statement Schedules Schedule II — Valuation and Qualifying Accounts All other schedules have been omitted since the required information is not present, or not present in amounts sufficient to require submission of the schedule or because the information required is included in the Consolidated Financial Statements or the Notes thereto. 3. Exhibits Exhibit No. Description 3.1 Amended and Restated Articles of Organization of Analog Devices, Inc., adopted as of March 12, 2025 , filed as exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 3, 2025 as filed with the Commission on May 22, 2025 and incorporated herein by reference. 3.2 Second Amended and Restated By-Laws of Analog Devices, Inc. , filed as exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on January 13, 2025 and incorporated herein by reference. 4.1 Indenture, dated as of June 3, 2013, by and between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee , filed as exhibit 4.1 to the Company’s Current Report on Form 8-K as filed with the Commission on June 3, 2013 and incorporated herein by reference. 4.2 Supplemental Indenture, dated December 14, 2015, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the forms of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on December 14, 2015 and incorporated herein by reference. 4.3 Supplemental Indenture, dated December 5, 2016, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the forms of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on December 5, 2016 and incorporated herein by reference. 4.4 Supplemental Indenture, dated October 5, 2021, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the forms of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on October 5, 2021 and incorporated herein by reference. 4.5 Supplemental Indenture, dated September 15, 2022, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on September 15, 2022 and incorporated herein by reference. 4.6 Supplemental Indenture, dated as of October 7, 2022, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on October 7, 2022 and incorporated herein by reference. 84 Exhibit No. Description 4.7 Supplemental Indenture, dated as of April 3, 2024, between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on April 3, 2024 and incorporated herein by reference. 4.8 Supplemental Indenture, dated as of June 16, 202 5 , between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on June 16, 2025 and incorporated herein by reference. †4.9 Description of the Registrant’s Securities . *10.1 Analog Devices, Inc. Amended and Restated Deferred Compensation Plan , filed as exhibit 10.7 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2023 as filed with the Commission on November 21, 2023 and incorporated herein by reference. *10.2 Trust Agreement for Deferred Compensation Plan dated as of October 1, 2003 between Analog Devices, Inc. and Fidelity Management Trust Company , filed as exhibit 10.28 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2003 as filed with the Commission on December 23, 2003 and incorporated herein by reference. *10.3 First Amendment to Trust Agreement for Deferred Compensation Plan between Analog Devices, Inc. and Fidelity Management Trust Company dated as of January 1, 2005 , filed as exhibit 10.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2006 as filed with the Commission on November 20, 2006 and incorporated herein by reference. *10.4 Second Amendment to Trust Agreement for Deferred Compensation Plan between Analog Devices, Inc. and Fidelity Management Trust Company dated as of December 10, 2007 , filed as exhibit 10.41 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2008 as filed with the Commission on November 25, 2008 and incorporated herein by reference. *10.5 Amended and Restated 2006 Stock Incentive Plan of Analog Devices, Inc. , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2014 as filed with the Commission on February 18, 2014 and incorporated herein by reference. *10.6 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s Amended and Restated 2006 Stock Incentive Plan , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 2, 2019 as filed with the Commission on February 20, 2019 and incorporated herein by reference. *10.7 Form of Non-Qualified Stock Option Agreement for Directors for usage under the Company’s Amended and Restated 2006 Stock Incentive Plan , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2017 as filed with the Commission on February 15, 2017 and incorporated herein by reference. *10.8 Analog Devices, Inc. 2020 Equity Incentive Plan , filed as Appendix B to the Company’s Definitive Proxy Statement on Schedule 14A, as filed with the Commission on January 24, 2020 and incorporated herein by reference. *10.9 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2020 as filed with the Commission on February 19, 2020 and incorporated herein by reference. *10.10 Non-Qualified Performance Stock Option Agreement – CEO Performance Stock Option Award , filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on December 17, 2020 and incorporated herein by reference. *10.11 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 8, 2020 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 30, 2021 as filed with the Commission on February 17, 2021 and incorporated herein by reference. *10.12 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 7, 2021 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference. *10.13 Form of EVP Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted March 7, 2022 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated herein by reference. Exhibit No. Description *10.14 Form of EVP Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted March 7, 2022 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated herein by reference. *10.15 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted April 4, 2022 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated herein by reference. *10.16 Form of Executive Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted June 6, 2022 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 30, 2022 as filed with the Commission on August 17, 2022 and incorporated herein by reference. *10.17 Form of Executive Financial Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted June 6, 2022 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 30, 2022 as filed with the Commission on August 17, 2022 and incorporated herein by reference. *10.18 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 5, 2022 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.19 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 5, 2022 , filed as exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.20 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 5, 2022 , filed as exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.21 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 5, 2022 , filed as exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.22 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted April 3, 2023 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 29, 2023 as filed with the Commission on May 24, 2023 and incorporated herein by reference. *10.23 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.24 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.25 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.26 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.27 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted September 10, 2024 , filed as exhibit 10.57 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated by reference herein *10.28 Form of Restricted Stock Unit Agreement for Non-Employee Directors for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference. Exhibit No. Description *10.29 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference. *10.30 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference. *10.31 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference. *10.32 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference. *10.33 Amended and Restated 1996 Stock Incentive Plan , filed as exhibit 10.36 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2021 as filed with the Commission on December 3, 2021 and incorporated herein by reference. *10.34 Form of Global Restricted Stock Unit Agreement for usage under the Amended and Restated 1996 Stock Incentive Plan , filed as exhibit 10.37 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2021 as filed with the Commission on December 3, 2021 and incorporated herein by reference. *10.35 Form of Global Non-Qualified Stock Option Agreement for usage under the Amended and Restated 1996 Stock Incentive Plan , filed as exhibit 10.38 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2021 as filed with the Commission on December 3, 2021 and incorporated herein by reference. *10.36 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 1996 Stock Incentive Plan adopted December 7, 2021 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference. *10.37 Form of Global Non-Qualified Stock Option Agreement for usage under the Company’s Amended and Restated 1996 Stock Incentive Plan adopted December 5, 2022 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.38 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s Amended and Restated 1996 Stock Incentive Plan adopted December 5, 2022 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference. *10.39 Form of Global Non-Qualified Stock Option Agreement for usage under the Company’s Amended and Restated 1996 Stock Incentive Plan adopted December 11, 2023 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.40 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s Amended and Restated 1996 Stock Incentive Plan adopted December 11, 2023 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.41 Form of Employee Retention Agreement , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 5, 2012 as filed with the Commission on May 22, 2012 and incorporated herein by reference. *10.42 Employee Change in Control Severance Policy of Analog Devices, Inc., as amended , filed as exhibit 10.20 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 1999 as filed with the Commission on January 28, 2000 and incorporated herein by reference. *10.43 Senior Management Change in Control Severance Policy of Analog Devices, Inc., as amended , filed as exhibit 10.21 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 1999 as filed with the Commission on January 28, 2000 and incorporated herein by reference. *10.44 Form of Indemnification Agreement for Directors and Officers , filed as exhibit 10.30 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2008 as filed with the Commission on November 25, 2008 and incorporated herein by reference. Exhibit No. Description 10.45 Fourth Amended and Restated Credit Agreement, dated as of April 11, 2025, among Analog Devices, Inc., as Borrower, Bank of America, N.A. as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time party thereto , filed as exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on April 11, 2025 and incorporated herein by reference. *10.46 Analog Devices, Inc. Amended & Restated 2022 Employee Stock Purchase Plan , filed as exhibit 10.63 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2023 as filed with the Commission on November 21, 2023 and incorporated herein by reference. *10.47 Executive Performance Incentive Plan effective November 3, 2024 , filed as exhibit 10.52 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated herein by reference. †*10.48 Executive Performance Incentive Plan effective November 2 , 202 5 . *10.49 Offer Letter for Richard C. Puccio, Jr. dated January 17, 2024 , filed as exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference. *10.50 Offer Letter for Katsu Nakamura dated November 1, 2024 , filed as exhibit 10.56 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated by reference herein. *10.51 Offer Letter for Martin Cotter dated November 20, 2024 , filed as exhibit 10.58 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated herein by reference. †19 Analog Devices, Inc. Insider Trading Policy. †21 Subsidiaries of the Company. †23 Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm. †31.1 Certification Pursuant to Rule 13a-14(a) and 15d-14(a) of the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer). †31.2 Certification Pursuant to Rule 13a-14(a) and 15d-14(a) of the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer). ††32.1 Certification Pursuant to 18 U.S.C. Section 1350 (Chief Executive Officer). ††32.2 Certification Pursuant to 18 U.S.C. Section 1350 (Chief Financial Officer). †97 Analog Devices, Inc. Compensation Recovery Policy . 101. INS The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.** 101. SCH Inline XBRL Schema Document.** 101. CAL Inline XBRL Calculation Linkbase Document.** 101. LAB Inline XBRL Labels Linkbase Document.** 101. PRE Inline XBRL Presentation Linkbase Document.** 101. DEF Inline XBRL Definition Linkbase Document** 104 Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). _______________________________________ † Filed herewith. †† Furnished herewith. * Management contracts and compensatory plan or arrangements required to be filed as an Exhibit pursuant to Item 15(b) of Form 10-K. ** Submitted electronically herewith. ANALOG DEVICES, INC. ANNUAL REPORT ON FORM 10-K YEAR ENDED NOVEMBER 1, 2025 FINANCIAL STATEMENT SCHEDULE 89 ANALOG DEVICES, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Years ended November 1, 2025, November 2, 2024 and October 28, 2023 (dollar amounts in thousands) Description Balance at Beginning of Period Additions (Reductions) Charged to Income Statement Other Balance at End of Period Valuation Allowance for Deferred Tax Asset: Year ended October 28, 2023 $ 339,105 $ ( 6,641 ) $ — $ 332,464 Year ended November 2, 2024 $ 332,464 $ 10,615 $ — $ 343,079 Year ended November 1, 2025 $ 343,079 $ ( 79,204 ) $ — $ 263,875 90 ITEM 16. FORM 10-K SUMMARY None. 91 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ANALOG DEVICES, INC. Date: November 25, 2025 By: /s/ Vincent Roche Vincent Roche Chief Executive Officer and Chair of the Board of Directors (Principal Executive Officer) 92 Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Name Title Date /s/ Vincent Roche Chief Executive Officer and Chair of the Board of Directors (Principal Executive Officer) November 25, 2025 Vincent Roche /s/ Richard C. Puccio, Jr. Executive Vice President and Chief Financial Officer (Principal Financial Officer) November 25, 2025 Richard C. Puccio, Jr. /s/ Michael Sondel Corporate Vice President and Chief Accounting Officer (Principal Accounting Officer) November 25, 2025 Michael Sondel /s/ André Andonian Director November 25, 2025 André Andonian /s/ Edward H. Frank Director November 25, 2025 Edward H. Frank /s/ Karen M. Golz Director November 25, 2025 Karen M. Golz /s/ Peter B. Henry Director November 25, 2025 Peter B. Henry /s/ Stephen M. Jennings Director November 25, 2025 Stephen M. Jennings /s/ Mercedes Johnson Director November 25, 2025 Mercedes Johnson /s/ Ray Stata Director November 25, 2025 Ray Stata /s/ Andrea F. Wainer Director November 25, 2025 Andrea F. Wainer /s/ Susie Wee Director November 25, 2025 Susie Wee 93