10-Q – 2026-05-20 – adi-20260502.htm

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

adi-20260502 0000006281 --10-31 2026 Q2 FALSE 417 426 xbrli:shares iso4217:USD iso4217:USD xbrli:shares adi:week xbrli:pure 0000006281 2025-11-02 2026-05-02 0000006281 2026-05-02 0000006281 2026-02-01 2026-05-02 0000006281 2025-02-02 2025-05-03 0000006281 2024-11-03 2025-05-03 0000006281 2025-11-01 0000006281 us-gaap:CommonStockMember 2026-01-31 0000006281 us-gaap:AdditionalPaidInCapitalMember 2026-01-31 0000006281 us-gaap:RetainedEarningsMember 2026-01-31 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-01-31 0000006281 us-gaap:RetainedEarningsMember 2026-02-01 2026-05-02 0000006281 us-gaap:CommonStockMember 2026-02-01 2026-05-02 0000006281 us-gaap:AdditionalPaidInCapitalMember 2026-02-01 2026-05-02 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-02-01 2026-05-02 0000006281 us-gaap:CommonStockMember 2026-05-02 0000006281 us-gaap:AdditionalPaidInCapitalMember 2026-05-02 0000006281 us-gaap:RetainedEarningsMember 2026-05-02 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2026-05-02 0000006281 us-gaap:CommonStockMember 2025-11-01 0000006281 us-gaap:AdditionalPaidInCapitalMember 2025-11-01 0000006281 us-gaap:RetainedEarningsMember 2025-11-01 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-11-01 0000006281 us-gaap:RetainedEarningsMember 2025-11-02 2026-05-02 0000006281 us-gaap:CommonStockMember 2025-11-02 2026-05-02 0000006281 us-gaap:AdditionalPaidInCapitalMember 2025-11-02 2026-05-02 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-11-02 2026-05-02 0000006281 us-gaap:CommonStockMember 2025-02-01 0000006281 us-gaap:AdditionalPaidInCapitalMember 2025-02-01 0000006281 us-gaap:RetainedEarningsMember 2025-02-01 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-01 0000006281 us-gaap:RetainedEarningsMember 2025-02-02 2025-05-03 0000006281 us-gaap:CommonStockMember 2025-02-02 2025-05-03 0000006281 us-gaap:AdditionalPaidInCapitalMember 2025-02-02 2025-05-03 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-02-02 2025-05-03 0000006281 us-gaap:CommonStockMember 2025-05-03 0000006281 us-gaap:AdditionalPaidInCapitalMember 2025-05-03 0000006281 us-gaap:RetainedEarningsMember 2025-05-03 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-05-03 0000006281 us-gaap:CommonStockMember 2024-11-02 0000006281 us-gaap:AdditionalPaidInCapitalMember 2024-11-02 0000006281 us-gaap:RetainedEarningsMember 2024-11-02 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-11-02 0000006281 us-gaap:RetainedEarningsMember 2024-11-03 2025-05-03 0000006281 us-gaap:CommonStockMember 2024-11-03 2025-05-03 0000006281 us-gaap:AdditionalPaidInCapitalMember 2024-11-03 2025-05-03 0000006281 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-11-03 2025-05-03 0000006281 2024-11-02 0000006281 2025-05-03 0000006281 srt:MinimumMember 2025-11-02 2026-05-02 0000006281 srt:MaximumMember 2025-11-02 2026-05-02 0000006281 us-gaap:AccumulatedTranslationAdjustmentMember 2025-11-01 0000006281 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-11-01 0000006281 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-11-01 0000006281 us-gaap:AccumulatedTranslationAdjustmentMember 2025-11-02 2026-05-02 0000006281 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-11-02 2026-05-02 0000006281 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-11-02 2026-05-02 0000006281 us-gaap:AccumulatedTranslationAdjustmentMember 2026-05-02 0000006281 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-05-02 0000006281 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-02-01 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-02-02 2025-05-03 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-11-02 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-11-03 2025-05-03 0000006281 us-gaap:InterestRateContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-02-01 2026-05-02 0000006281 us-gaap:InterestRateContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-02-02 2025-05-03 0000006281 us-gaap:InterestRateContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-11-02 2026-05-02 0000006281 us-gaap:InterestRateContractMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-11-03 2025-05-03 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2026-02-01 2026-05-02 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-02-02 2025-05-03 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-11-02 2026-05-02 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-11-03 2025-05-03 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2026-02-01 2026-05-02 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2025-02-02 2025-05-03 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2025-11-02 2026-05-02 0000006281 us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-11-03 2025-05-03 0000006281 adi:GlobalRepositioningActionsMember 2025-11-01 0000006281 adi:GlobalRepositioningActionsMember 2025-11-02 2026-01-31 0000006281 adi:GlobalRepositioningActionsMember 2026-01-31 0000006281 adi:GlobalRepositioningActionsMember 2026-02-01 2026-05-02 0000006281 adi:GlobalRepositioningActionsMember 2026-05-02 0000006281 adi:GlobalRepositioningActionsMember 2025-11-02 2026-05-02 0000006281 adi:ReportableSegmentMember 2026-02-01 2026-05-02 0000006281 adi:ReportableSegmentMember 2025-02-02 2025-05-03 0000006281 adi:ReportableSegmentMember 2025-11-02 2026-05-02 0000006281 adi:ReportableSegmentMember 2024-11-03 2025-05-03 0000006281 adi:IndustrialMember 2026-02-01 2026-05-02 0000006281 adi:IndustrialMember 2025-02-02 2025-05-03 0000006281 adi:AutomotiveMember 2026-02-01 2026-05-02 0000006281 adi:AutomotiveMember 2025-02-02 2025-05-03 0000006281 adi:CommunicationsMember 2026-02-01 2026-05-02 0000006281 adi:CommunicationsMember 2025-02-02 2025-05-03 0000006281 adi:ConsumerMember 2026-02-01 2026-05-02 0000006281 adi:ConsumerMember 2025-02-02 2025-05-03 0000006281 adi:IndustrialMember 2025-11-02 2026-05-02 0000006281 adi:IndustrialMember 2024-11-03 2025-05-03 0000006281 adi:AutomotiveMember 2025-11-02 2026-05-02 0000006281 adi:AutomotiveMember 2024-11-03 2025-05-03 0000006281 adi:CommunicationsMember 2025-11-02 2026-05-02 0000006281 adi:CommunicationsMember 2024-11-03 2025-05-03 0000006281 adi:ConsumerMember 2025-11-02 2026-05-02 0000006281 adi:ConsumerMember 2024-11-03 2025-05-03 0000006281 us-gaap:SalesChannelThroughIntermediaryMember 2026-02-01 2026-05-02 0000006281 us-gaap:SalesChannelThroughIntermediaryMember 2025-02-02 2025-05-03 0000006281 us-gaap:SalesChannelDirectlyToConsumerMember 2026-02-01 2026-05-02 0000006281 us-gaap:SalesChannelDirectlyToConsumerMember 2025-02-02 2025-05-03 0000006281 adi:SalesChannelOtherMember 2026-02-01 2026-05-02 0000006281 adi:SalesChannelOtherMember 2025-02-02 2025-05-03 0000006281 us-gaap:SalesChannelThroughIntermediaryMember 2025-11-02 2026-05-02 0000006281 us-gaap:SalesChannelThroughIntermediaryMember 2024-11-03 2025-05-03 0000006281 us-gaap:SalesChannelDirectlyToConsumerMember 2025-11-02 2026-05-02 0000006281 us-gaap:SalesChannelDirectlyToConsumerMember 2024-11-03 2025-05-03 0000006281 adi:SalesChannelOtherMember 2025-11-02 2026-05-02 0000006281 adi:SalesChannelOtherMember 2024-11-03 2025-05-03 0000006281 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2026-05-02 0000006281 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2026-05-02 0000006281 us-gaap:MoneyMarketFundsMember 2026-05-02 0000006281 adi:CorporateObligationsMember us-gaap:FairValueInputsLevel1Member 2026-05-02 0000006281 adi:CorporateObligationsMember us-gaap:FairValueInputsLevel2Member 2026-05-02 0000006281 adi:CorporateObligationsMember 2026-05-02 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2026-05-02 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2026-05-02 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember 2026-05-02 0000006281 adi:BankObligationsMember us-gaap:FairValueInputsLevel1Member 2026-05-02 0000006281 adi:BankObligationsMember us-gaap:FairValueInputsLevel2Member 2026-05-02 0000006281 adi:BankObligationsMember 2026-05-02 0000006281 us-gaap:FairValueInputsLevel1Member 2026-05-02 0000006281 us-gaap:FairValueInputsLevel2Member 2026-05-02 0000006281 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel1Member 2025-11-01 0000006281 us-gaap:MoneyMarketFundsMember us-gaap:FairValueInputsLevel2Member 2025-11-01 0000006281 us-gaap:MoneyMarketFundsMember 2025-11-01 0000006281 adi:CorporateObligationsMember us-gaap:FairValueInputsLevel1Member 2025-11-01 0000006281 adi:CorporateObligationsMember us-gaap:FairValueInputsLevel2Member 2025-11-01 0000006281 adi:CorporateObligationsMember 2025-11-01 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember us-gaap:FairValueInputsLevel1Member 2025-11-01 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember us-gaap:FairValueInputsLevel2Member 2025-11-01 0000006281 adi:CorporateObligationsNotIncludedWithCashAndCashEquivalentsMember 2025-11-01 0000006281 adi:BankObligationsMember us-gaap:FairValueInputsLevel1Member 2025-11-01 0000006281 adi:BankObligationsMember us-gaap:FairValueInputsLevel2Member 2025-11-01 0000006281 adi:BankObligationsMember 2025-11-01 0000006281 us-gaap:FairValueInputsLevel1Member 2025-11-01 0000006281 us-gaap:FairValueInputsLevel2Member 2025-11-01 0000006281 adi:NotesDueDecember2026Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueDecember2026Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueJune2027Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueJune2027Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueJune2028Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueJune2028Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueOctober2028Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueOctober2028Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueJune2030Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueJune2030Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueOctober2031Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueOctober2031Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueOctober2032Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueOctober2032Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueApril2034Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueApril2034Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueDecember2036Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueDecember2036Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueOctober2041Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueOctober2041Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueDecember2045Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueDecember2045Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueOctober2051Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueOctober2051Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 adi:NotesDueApril2054Member us-gaap:SeniorNotesMember 2026-05-02 0000006281 adi:NotesDueApril2054Member us-gaap:SeniorNotesMember 2025-11-01 0000006281 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2026-05-02 0000006281 us-gaap:ForwardContractsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-11-01 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-11-01 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:AccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:AccruedLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-11-01 0000006281 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2026-05-02 0000006281 us-gaap:ForwardContractsMember us-gaap:NondesignatedMember 2025-11-01 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:NondesignatedMember 2025-11-01 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:AccruedLiabilitiesMember us-gaap:NondesignatedMember 2026-05-02 0000006281 us-gaap:ForeignExchangeContractMember us-gaap:AccruedLiabilitiesMember us-gaap:NondesignatedMember 2025-11-01 0000006281 us-gaap:InterestRateSwapMember adi:AccruedLiabilitiesCurrentMember 2025-11-02 2026-05-02 0000006281 us-gaap:InterestRateSwapMember adi:AccruedLiabilitiesCurrentMember 2024-11-03 2025-11-01 0000006281 us-gaap:InterestRateSwapMember adi:LongTermDebtExcludingCurrentMaturitiesMember 2025-11-02 2026-05-02 0000006281 us-gaap:InterestRateSwapMember adi:LongTermDebtExcludingCurrentMaturitiesMember 2024-11-03 2025-11-01 0000006281 us-gaap:SubsequentEventMember 2026-05-19 2026-05-19 0000006281 adi:RayStataMember 2026-02-01 2026-05-02 0000006281 adi:RayStataMember 2026-05-02 0000006281 adi:KarenGolzMember 2026-02-01 2026-05-02 0000006281 adi:KarenGolzMember 2026-05-02

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended May 2, 2026
    OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             
Commission File No.  1-7819

Analog Devices, Inc.
(Exact name of registrant as specified in its charter)  

Massachusetts   04-2348234
(State or other jurisdiction of incorporation or organization)   (I.R.S. Employer Identification No.)

One Analog Way, Wilmington, MA   01887
(Address of principal executive offices)   (Zip Code)

( 781 ) 935-5565
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)

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 $0.16 2/3 par value per share ADI Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes    ☑     No   ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    ☑     No   ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer   ☑    Accelerated filer   ☐

Non-accelerated filer   ☐    Smaller reporting company   ☐

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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐     No   ☑
As of May 2, 2026 there were 487,087,040 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.

PART I — FINANCIAL INFORMATION

ITEM 1. Financial Statements

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)

  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025
Revenue $ 3,623,465   $ 2,640,068   $ 6,783,728   $ 5,063,242  
Cost of sales 1,183,667   1,028,458   2,298,955   2,021,329  
Gross margin 2,439,798   1,611,610   4,484,773   3,041,913  
Operating expenses:
Research and development 509,323   441,837   976,723   844,729  
Selling, marketing, general and administrative 362,810   302,669   708,063   587,465  
Amortization of intangibles 187,985   187,415   375,300   374,830  
Special charges, net —   1,745   47,982   65,632  
Total operating expenses 1,060,118   933,666   2,108,068   1,872,656  
Operating income: 1,379,680   677,944   2,376,705   1,169,257  
Nonoperating expense (income):
Interest expense 87,619   74,703   173,963   149,967  
Interest income ( 28,565 ) ( 21,725 ) ( 60,822 ) ( 45,212 )
Other, net ( 4,202 ) ( 962 ) ( 7,135 ) 2,998  
Total nonoperating expense (income) 54,852   52,016   106,006   107,753  
Income before income taxes 1,324,828   625,928   2,270,699   1,061,504  
Provision for income taxes 148,478   56,158   263,523   100,418  
Net income $ 1,176,350   $ 569,770   $ 2,007,176   $ 961,086  

Shares used to compute earnings per common share – basic 487,605   496,173   488,239   496,145  
Shares used to compute earnings per common share – diluted 490,458   498,201   491,057   498,434  

Basic earnings per common share $ 2.41   $ 1.15   $ 4.11   $ 1.94  
Diluted earnings per common share $ 2.40   $ 1.14   $ 4.09   $ 1.93  

See accompanying notes.
1

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)

Three Months Ended Six Months Ended
May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025
Net income $ 1,176,350   $ 569,770   $ 2,007,176   $ 961,086  
Foreign currency translation adjustments 1,036   ( 753 ) 1,324   ( 912 )

Change in fair value of derivative instruments designated as cash flow hedges, net ( 5,033 ) 17,573   620   17,496  
Changes in pension plans, net 195   517   395   1,040  
Other comprehensive (loss) income ( 3,802 ) 17,337   2,339   17,624  
Comprehensive income $ 1,172,548   $ 587,107   $ 2,009,515   $ 978,710  

See accompanying notes.
2

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)

May 2, 2026 November 1, 2025
ASSETS    
Current Assets
Cash and cash equivalents $ 2,436,916   $ 2,499,406  
Short-term investments 1,002,392   1,152,915  
Accounts receivable 2,051,733   1,436,075  
Inventories 1,848,405   1,656,323  

Prepaid expenses and other current assets 470,327   363,342  
Total current assets 7,809,773   7,108,061  
Non-current Assets

Net property, plant and equipment 3,292,288   3,315,696  
Goodwill 26,973,180   26,945,180  
Intangible assets, net 7,255,362   8,013,815  
Deferred tax assets 1,729,558   1,867,102  

Other assets 888,934   742,858  
Total non-current assets 40,139,322   40,884,651  
TOTAL ASSETS $ 47,949,095   $ 47,992,712  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable $ 598,640   $ 543,760  

Income taxes payable 325,626   610,370  
Debt, current 899,227   —  
Commercial paper notes 550,198   446,639  

Accrued liabilities 2,083,216   1,645,032  
Total current liabilities 4,456,907   3,245,801  
Non-current Liabilities
Long-term debt 7,235,424   8,145,066  
Deferred income taxes 1,906,115   2,163,281  

Income taxes payable 87,109   100,963  

Other non-current liabilities 521,507   521,846  
Total non-current liabilities 9,750,155   10,931,156  

Shareholders’ Equity
Preferred stock, $ 1.00  par value, 471,934  shares authorized, none outstanding
—   —  
Common stock, $ 0.16 2/3 par value, 1,200,000,000  shares authorized, 487,087,040  shares outstanding ( 489,654,097 on November 1, 2025)
81,183   81,611  
Capital in excess of par value 22,287,095   23,349,185  
Retained earnings 11,525,998   10,539,541  
Accumulated other comprehensive loss ( 152,243 ) ( 154,582 )
Total shareholders’ equity 33,742,033   33,815,755  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 47,949,095   $ 47,992,712  

See accompanying notes.
3

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(in thousands)

Three Months Ended May 2, 2026
Capital in Accumulated
Other
  Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss

BALANCE, JANUARY 31, 2026
488,204   $ 81,369   $ 22,968,224   $ 10,886,107   $ ( 148,441 )

Net income 1,176,350  
Dividends declared and paid - $ 1.10 per share
( 536,459 )

Issuance of stock under stock plans and other 1,202   201   9,665  
Stock-based compensation expense 81,721  
Other comprehensive loss ( 3,802 )
Common stock repurchased ( 2,319 ) ( 387 ) ( 772,515 )
BALANCE, MAY 2, 2026
487,087   $ 81,183   $ 22,287,095   $ 11,525,998   $ ( 152,243 )

Six Months Ended May 2, 2026
Capital in Accumulated
Other
Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss
BALANCE, NOVEMBER 1, 2025
489,654   $ 81,611   $ 23,349,185   $ 10,539,541   $ ( 154,582 )
Net income 2,007,176  
Dividends declared and paid - $ 2.09 per share
( 1,020,719 )
Issuance of stock under stock plans and other 1,663   277   59,210  
Stock-based compensation expense 167,396  
Other comprehensive income 2,339  
Common stock repurchased ( 4,230 ) ( 705 ) ( 1,288,696 )
BALANCE, MAY 2, 2026
487,087   $ 81,183   $ 22,287,095   $ 11,525,998   $ ( 152,243 )

See accompanying notes.
4

Three Months Ended May 3, 2025
Capital in Accumulated
Other
Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss

BALANCE, FEBRUARY 1, 2025 495,976   $ 82,664   $ 25,041,250   $ 10,131,590   $ ( 184,969 )

Net income 569,770  
Dividends declared and paid - $ 0.99 per share
( 491,022 )
Issuance of stock under stock plans and other 1,491   249   19,566  
Stock-based compensation expense 72,831  
Other comprehensive income 17,337  
Common stock repurchased ( 1,219 ) ( 203 ) ( 248,443 )
BALANCE, MAY 3, 2025
496,248   $ 82,710   $ 24,885,204   $ 10,210,338   $ ( 167,632 )

Six Months Ended May 3, 2025
Capital in Accumulated
Other
Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss
BALANCE, NOVEMBER 2, 2024 496,297   $ 82,718   $ 25,082,243   $ 10,196,612   $ ( 185,256 )
Net income 961,086  
Dividends declared and paid - $ 1.91 per share
( 947,360 )
Issuance of stock under stock plans and other 1,902   317   61,245  
Stock-based compensation expense 150,405  
Other comprehensive income 17,624  
Common stock repurchased ( 1,951 ) ( 325 ) ( 408,689 )
BALANCE, MAY 3, 2025
496,248   $ 82,710   $ 24,885,204   $ 10,210,338   $ ( 167,632 )

See accompanying notes.
5

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

   
Six Months Ended
  May 2, 2026 May 3, 2025
Cash flows from operating activities:
Net income $ 2,007,176   $ 961,086  
Adjustments to reconcile net income to net cash provided by operations:
Depreciation 210,843   198,781  
Amortization of intangibles 770,593   817,429  

Stock-based compensation expense 167,396   150,405  

Deferred income taxes ( 120,930 ) ( 149,370 )

Other 4,727   4,203  
Changes in operating assets and liabilities ( 799,249 ) ( 36,247 )
Total adjustments 233,380   985,201  
Net cash provided by operating activities 2,240,556   1,946,287  
Cash flows from investing activities:

Maturities of short-term available-for-sale investments 147,817   372,778  

Additions to property, plant and equipment, net ( 247,015 ) ( 239,246 )
Proceeds from sale of property, plant and equipment, net
—   58,892  

Payments for acquisitions, net of cash acquired ( 35,875 ) ( 45,652 )
Other ( 23,882 ) ( 12,880 )
Net cash (used for) provided by investing activities ( 158,955 ) 133,892  
Cash flows from financing activities:

Debt repayments —   ( 399,998 )
Proceeds from commercial paper notes 7,154,789   4,316,340  
Payments of commercial paper notes ( 7,051,230 ) ( 4,315,358 )
Repurchase of common stock ( 1,289,401 ) ( 409,014 )
Dividend payments to shareholders ( 1,020,719 ) ( 947,360 )
Proceeds from employee stock plans 59,487   61,562  

Other 2,983   ( 1,458 )
Net cash used for financing activities ( 2,144,091 ) ( 1,695,286 )

Net (decrease) increase in cash and cash equivalents ( 62,490 ) 384,893  
Cash and cash equivalents at beginning of period 2,499,406   1,991,342  
Cash and cash equivalents at end of period $ 2,436,916   $ 2,376,235  

See accompanying notes.
6

ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 2, 2026 (UNAUDITED)
(all tabular amounts in thousands except per share amounts and percentages)

Note 1 – Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended November 1, 2025 (fiscal 2025) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2026 (fiscal 2026) or any future period.
The Company has a 52 - 53 week fiscal year that ends on the Saturday closest to the last day in October. Certain prior-year amounts have been reclassified to conform to the fiscal 2026 presentation.

Note 2 – Shareholders’ Equity
As of May 2, 2026, the Company’s Board of Directors had authorized the repurchase of an aggregate of $ 26.7  billion of its common stock under its common stock repurchase program and $ 8.5 billion remained available for repurchases under the program.

Note 3 – Accumulated Other Comprehensive (Loss) Income
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first six months of fiscal 2026.
Foreign currency translation adjustment Unrealized holding gains/losses on derivatives
Pension plans Total
November 1, 2025 $ ( 71,700 ) $ ( 69,777 ) $ ( 13,105 ) $ ( 154,582 )
Other comprehensive income before reclassifications 1,324   ( 6,694 ) —   ( 5,370 )
Amounts reclassified out of other comprehensive income —   8,517   395   8,912  
Tax effects —   ( 1,203 ) —   ( 1,203 )
Other comprehensive income 1,324   620   395   2,339  

May 2, 2026 $ ( 70,376 ) $ ( 69,157 ) $ ( 12,710 ) $ ( 152,243 )

The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders’ Equity with presentation location during each period were as follows:

Three Months Ended Six Months Ended
Comprehensive (Loss) Income Component May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025 Location
Unrealized holding gains/losses on derivatives:

Currency forwards $ ( 552 ) $ 446   $ 72   $ ( 1,133 ) Cost of sales
( 42 ) 118   676   ( 729 ) Research and development
( 513 ) 36   307   ( 2,048 ) Selling, marketing, general and administrative

Interest rate derivatives 3,731   3,731   7,462   7,462   Interest expense

2,624   4,331   8,517   3,552   Total before tax
( 667 ) ( 850 ) ( 1,690 ) ( 1,008 ) Tax

Total amounts reclassified out of AOCI, net of tax $ 1,957   $ 3,481   $ 6,827   $ 2,544  

7

Note 4 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025
Net income $ 1,176,350   $ 569,770   $ 2,007,176   $ 961,086  

Basic shares:
Weighted-average shares outstanding 487,605   496,173   488,239   496,145  
Earnings per common share basic: $ 2.41   $ 1.15   $ 4.11   $ 1.94  
Diluted shares:
Weighted-average shares outstanding 487,605   496,173   488,239   496,145  
Assumed exercise of common stock equivalents 2,853   2,028   2,818   2,289  
Weighted-average common and common equivalent shares 490,458   498,201   491,057   498,434  
Earnings per common share diluted: $ 2.40   $ 1.14   $ 4.09   $ 1.93  
Anti-dilutive shares related to:
Outstanding stock-based awards 21   52   63   121  

Note 5 – Special Charges, Net
Liabilities related to special charges, net are included in Accrued liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:
Accrued Special Charges Global Repositioning Actions

Balance at November 1, 2025 $ 4,115  
Employee severance costs, net
29,085  

Severance payments
( 1,952 )

Balance at January 31, 2026 $ 31,248  

Severance payments
( 17,858 )

Balance at May 2, 2026 $ 13,390  

The Company recorded net special charges of $ 32.4  million as part of its Global Repositioning Actions in the six months ended May 2, 2026. The Global Repositioning Actions were part of a transformation initiative aimed at aligning the Company’s enterprise strategy and organizational design and streamlining its operations to achieve its long-term strategic plan. The special charges include severance costs, in accordance with the Company’s ongoing benefit plan or statutory requirements at foreign locations, related to the termination of certain employees in manufacturing, engineering and selling, marketing, general and administrative roles.
During the first quarter of fiscal 2026, the Company entered into a sublease agreement for its leased property in San Jose, California. As a result of the sublease transaction, the Company recorded an impairment charge of $ 15.6  million in net special charges, which represented the excess carrying value of the associated asset group over its estimated fair value. The Company estimated fair value using cash flows from the estimated net sublease rental income discounted at a market rate.
8

Note 6 – Industry and Segment Information
The Company’s Chief Executive Officer and Chair has been identified as its Chief Operating Decision Maker (CODM). The following table presents a summary of consolidated net income inclusive of significant segment expenses and other expense information provided to the CODM:
Three Months Ended Six Months Ended
May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025
Revenue
$ 3,623,465   $ 2,640,068   $ 6,783,728   $ 5,063,242  
Less:
Cost of sales, including human capital expenses therein 1,183,667   1,028,458   2,298,955   2,021,329  
Operating expenses:
Employee compensation costs 640,791   531,119   1,243,278   998,715  
Amortization of acquired intangible assets 187,985   187,415   375,300   374,830  
Research and development related costs (excluding employee compensation costs) 150,186   132,443   279,035   263,925  
Special charges, net —   1,745   47,982   65,632  

Other operating expense (excluding employee compensation costs) (1)
81,156   80,944   162,473   169,554  
Nonoperating expense (income)
54,852   52,016   106,006   107,753  
Provision for income taxes 148,478   56,158   263,523   100,418  
Net income $ 1,176,350   $ 569,770   $ 2,007,176   $ 961,086  

_______________________________________
(1) Includes depreciation and amortization expenses, facilities expenses, legal expenses and other discretionary expenses.
Revenue Trends by End Market
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which the Company’s product will be incorporated. The assignment of products to end markets may change over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
  May 2, 2026 May 3, 2025
  Revenue % of Revenue* Y/Y% Revenue % of Revenue*
Industrial $ 1,799,413   50   % 56   % $ 1,150,315   44   %
Automotive 871,565   24   % 2   % 856,090   32   %
Communications 554,728   15   % 79   % 310,604   12   %
Consumer 397,759   11   % 23   % 323,059   12   %

Total revenue $ 3,623,465   100   % 37   % $ 2,640,068   100   %

Six Months Ended
May 2, 2026 May 3, 2025
Revenue % of Revenue* Y/Y% Revenue % of Revenue*
Industrial $ 3,296,449   49   % 48   % $ 2,220,569   44   %
Automotive 1,681,709   25   % 5   % 1,596,349   32   %
Communications 1,009,911   15   % 65   % 610,905   12   %
Consumer 795,659   12   % 25   % 635,419   13   %
Total revenue $ 6,783,728   100   % 34   % $ 5,063,242   100   %

* The sum of the individual percentages may not equal the total due to rounding.

9

Revenue by Sales Channel
The following tables summarize revenue by sales channel. The Company sells its products globally through a direct sales force, third-party distributors, independent sales representatives and via its website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
May 2, 2026 May 3, 2025
Channel Revenue % of Revenue* Revenue % of Revenue*
   Distributors $ 2,071,312   57   % $ 1,480,088   56   %
   Direct customers 1,520,090   42   % 1,125,775   43   %
   Other 32,063   1   % 34,205   1   %
Total revenue $ 3,623,465   100   % $ 2,640,068   100   %

Six Months Ended
May 2, 2026 May 3, 2025
Channel Revenue % of Revenue* Revenue % of Revenue*
    Distributors $ 3,813,606   56   % $ 2,855,552   56   %
    Direct customers 2,897,220   43   % 2,145,647   42   %
    Other 72,902   1   % 62,043   1   %
Total revenue $ 6,783,728   100   % $ 5,063,242   100   %

* The sum of the individual percentages may not equal the total due to rounding.

10

Note 7 – Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of May 2, 2026 and November 1, 2025. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of May 2, 2026 and November 1, 2025, the Company held $ 1.3 billion and $ 1.4 billion, respectively, of cash that is excluded from the tables below.
  May 2, 2026
  Fair Value Measurement at
Reporting Date Using:
 

  Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total

Assets
Cash equivalents:

Available-for-sale:
Government and institutional money market funds $ 702,844   $ —   $ 702,844  
Corporate obligations (1) —   397,786   397,786  

Short-term investments:
Available-for-sale:

Corporate obligations (1)
—   507,277   507,277  
Bank obligations (1) —   495,115   495,115  

Other assets:
Forward foreign currency exchange contracts (2) —   6,500   6,500  
Deferred compensation plan investments 117,894   —   117,894  

Total assets measured at fair value $ 820,738   $ 1,406,678   $ 2,227,416  
Liabilities

Forward foreign currency exchange contracts (2) $ —   $ 10,020   $ 10,020  
Interest rate derivatives (3) —   23,882   23,882  
Total liabilities measured at fair value $ —   $ 33,902   $ 33,902  

(1) The amortized cost of the Company’s investments classified as available-for-sale as of May 2, 2026 was $ 1.4 billion.
(2) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.
(3) The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

11

  November 1, 2025
  Fair Value Measurement at
Reporting Date Using:
 

  Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total

Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds $ 740,730   $ —   $ 740,730  
Corporate obligations (1) —   397,707   397,707  
Short-term investments (2):
Available-for-sale:

Corporate obligations (1) —   656,839   656,839  
Bank obligations (1) —   496,076   496,076  

Other assets:
Forward foreign currency exchange contracts (3) —   6,708   6,708  
Deferred compensation plan investments 105,188   —   105,188  

Total assets measured at fair value $ 845,918   $ 1,557,330   $ 2,403,248  
Liabilities

Forward foreign currency exchange contracts (3) $ —   $ 7,975   $ 7,975  
Interest rate derivatives (4) —   12,550   12,550  
Total liabilities measured at fair value $ —   $ 20,525   $ 20,525  

(1) The amortized cost of the Company’s investments classified as available-for-sale as of November 1, 2025 was $ 1.6 billion.
(2) Available-for-sale securities are classified as current assets on the Condensed Consolidated Balance Sheets if the securities are available to be converted into cash to fund current operations.
(3) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.
(4) The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
San Jose, California leased property asset group — As a result of a sublease transaction involving a leased property
in San Jose, California, the Company estimated the fair value of the sublease assets using discounted cash flows from the estimated net sublease rental income discounted at a market rate and recorded an impairment charge which represented the excess carrying value of the asset group associated with the leased property over its estimated fair value. These assets are considered a Level 2 fair value measurement. See Note 5, Special Charges, Net , in these Notes to Condensed Consolidated Financial Statements for additional information.
Debt — The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company’s commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($ 550.2  million and $ 446.6  million as of May 2, 2026 and November 1, 2025, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
12

May 2, 2026 November 1, 2025
Principal Amount Outstanding Fair Value Principal Amount Outstanding Fair Value

2026 Notes, due December 2026 900,000   897,767   900,000   895,623  
2027 Notes, due June 2027 440,212   437,241   440,212   436,916  
2028 Notes, due June 2028 850,000   850,341   850,000   856,345  
2028 Notes, due October 2028 750,000   707,652   750,000   704,186  
2030 Notes, due June 2030 650,000   652,444   650,000   659,834  
2031 Notes, due October 2031 1,000,000   884,422   1,000,000   884,390  
2032 Notes, due October 2032 300,000   298,028   300,000   301,546  
2034 Notes, due April 2034 550,000   561,447   550,000   571,370  
2036 Notes, due December 2036 144,278   137,425   144,278   138,756  
2041 Notes, due October 2041 750,000   546,296   750,000   555,925  
2045 Notes, due December 2045 332,587   321,506   332,587   327,992  
2051 Notes, due October 2051 1,000,000   641,436   1,000,000   662,609  
2054 Notes, due April 2054 550,000   524,949   550,000   541,087  
Total senior unsecured notes
$ 8,217,077   $ 7,460,954   $ 8,217,077   $ 7,536,579  

Note 8 – Derivatives
Foreign Exchange Exposure Management  — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of May 2, 2026 and November 1, 2025 were $ 343.2 million and $ 297.0 million, respectively, and the fair values of these instruments in the Company’s Condensed Consolidated Balance Sheets were as follows:
Fair Value At
Balance Sheet Location May 2, 2026 November 1, 2025
Forward foreign currency exchange contracts Prepaid expenses and other current assets $ 1,162   $ 4,403  
Forward foreign currency exchange contracts Accrued liabilities $ 6,150   $ 4,399  

As of May 2, 2026 and November 1, 2025, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $ 319.0 million and $ 207.3 million, respectively, and the fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets were as follows:
Fair Value At
Balance Sheet Location May 2, 2026 November 1, 2025
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets $ 5,338   $ 2,305  
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities $ 3,870   $ 3,576  

Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company’s interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:

May 2, 2026 November 1, 2025
Balance Sheet Location Loss on Swaps Gain on Note Loss on Swaps Gain on Note
Accrued liabilities $ 23,882   $ —   $ 12,550   $ —  
Long-term debt
$ —   $ 23,882   $ —   $ 12,550  

For further information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Condensed Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 3, Accumulated Other Comprehensive (Loss) Income, in these Notes to Condensed Consolidated Financial Statements.
13

Note 9 – Inventories
Inventories at May 2, 2026 and November 1, 2025 were as follows:
May 2, 2026 November 1, 2025
Raw materials $ 68,165   $ 70,183  
Work in process 1,389,341   1,218,625  
Finished goods 390,899   367,515  
Total inventories $ 1,848,405   $ 1,656,323  

Note 10 – Income Taxes
The Company’s effective tax rates for the three- and six-month periods ended May 2, 2026 and May 3, 2025 were below the U.S. statutory tax rate of 21%, due to lower statutory tax rates applicable to the Company's operations in the foreign jurisdictions in which it earns income.
During fiscal 2025, the Company received an assessment from the U.S. Internal Revenue Service (IRS) for fiscal 2018 and fiscal 2019, totaling approximately $ 267.0  million. The assessment excludes any penalties and interest. The assessment pertains to transfer pricing arrangements between the Company and one of its wholly-owned foreign subsidiaries. The Company firmly disagrees with this assessment and maintains that its transfer pricing is appropriate. Consequently, the Company has not recorded any additional tax liability related to fiscal 2018 and fiscal 2019 in relation to this issue, nor to any other periods. The Company intends to vigorously defend its original tax return position and is currently preparing for an appeal with the IRS. Should the IRS ultimately prevail regarding its assessments for fiscal 2018 and fiscal 2019, such a resolution, along with any potential impact on subsequent fiscal years, could have a material adverse effect on the Company’s income tax expense and net earnings in future periods.

Note 11 – New Accounting Pronouncements
Standards Implemented
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU in fiscal 2026 and will include required financial statement disclosures in its Annual Report on Form 10-K for fiscal 2026.
Standards to Be Implemented
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , requiring public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. This aims to improve investor insights into company performance. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact adoption will have on its financial statement disclosures.

Note 12 – Subsequent Events
On May 19, 2026, the Board of Directors of the Company declared a cash dividend of $ 1.10 per outstanding share of common stock. The dividend will be paid on June 16, 2026 to all shareholders of record at the close of business on June 2, 2026 and is expected to total approximately $ 535.8 million.

14

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 1, 2025 (fiscal 2025).
This Quarterly Report on Form 10-Q, including the following discussion, contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “potential,” “may,” “could” and “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements, however, the absence of the foregoing words or expressions does not mean that a statement is not forward-looking. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors.
The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; unanticipated difficulties or expenditures relating to integrating acquired businesses; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products and services; adverse results in litigation; the outcome of any regulatory actions, including governmental inquiries, investigations or enforcement proceedings in the event of noncompliance or alleged noncompliance with laws or regulations; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. Additional factors that could cause actual results to differ materially from those described in these forward-looking statements include the risk factors included in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for fiscal 2025. Forward-looking statements represent management’s current expectations and are inherently uncertain. We undertake no obligation to revise or update any forward-looking statements, including to reflect events or circumstances occurring after the date of the filing of this report, except to the extent required by law.
15

Results of Operations
Overview
Amounts in the tables below are reflected in thousands except per share amounts and percentages.
  Three Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change
Revenue $ 3,623,465  $ 2,640,068  $ 983,397  37  %
Gross margin % 67.3  % 61.0  %
Net income $ 1,176,350  $ 569,770  $ 606,580  106  %
Net income as a % of revenue 32.5  % 21.6  %
Diluted EPS $ 2.40  $ 1.14  $ 1.26  111  %

Six Months Ended
May 2, 2026 May 3, 2025 $ Change % Change
Revenue $ 6,783,728  $ 5,063,242  $ 1,720,486  34  %
Gross margin % 66.1  % 60.1  %
Net income $ 2,007,176  $ 961,086  $ 1,046,090  109  %
Net income as a % of revenue 29.6  % 19.0  %
Diluted EPS $ 4.09  $ 1.93  $ 2.16  112  %

Revenue Trends by End Market
The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

Three Months Ended
  May 2, 2026 May 3, 2025
  Revenue % of
Revenue* Y/Y% Revenue % of
Revenue*
Industrial $ 1,799,413  50  % 56  % $ 1,150,315  44  %
Automotive 871,565  24  % 2  % 856,090  32  %
Communications 554,728  15  % 79  % 310,604  12  %
Consumer 397,759  11  % 23  % 323,059  12  %

Total revenue $ 3,623,465  100  % 37  % $ 2,640,068  100  %

Six Months Ended
May 2, 2026 May 3, 2025
Revenue % of
Revenue* Y/Y% Revenue % of
Revenue*
Industrial $ 3,296,449  49  % 48  % $ 2,220,569  44  %
Automotive 1,681,709  25  % 5  % 1,596,349  32  %
Communications 1,009,911  15  % 65  % 610,905  12  %
Consumer 795,659  12  % 25  % 635,419  13  %
Total revenue $ 6,783,728  100  % 34  % $ 5,063,242  100  %

* The sum of the individual percentages may not equal the total due to rounding.

Revenue increased 37% and 34% in the three- and six-month periods ended May 2, 2026 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products, notably within all Industrial
16

sub-markets with the highest growth coming from our test equipment and aerospace and defense sub-markets. Revenue also increased in the data center portion of the Communications end market related to artificial intelligence-driven infrastructure investments.
Revenue by Sales Channel
The following tables summarize revenue by sales channel. We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
May 2, 2026 May 3, 2025
Revenue % of Revenue* Revenue % of Revenue*
Channel
   Distributors $ 2,071,312  57  % $ 1,480,088  56  %
   Direct customers 1,520,090  42  % 1,125,775  43  %
   Other 32,063  1  % 34,205  1  %
Total revenue $ 3,623,465  100  % $ 2,640,068  100  %

Six Months Ended
May 2, 2026 May 3, 2025
Revenue % of Revenue* Revenue % of Revenue*
Channel
   Distributors $ 3,813,606  56  % $ 2,855,552  56  %
   Direct customers 2,897,220  43  % 2,145,647  42  %
   Other 72,902  1  % 62,043  1  %
Total revenue $ 6,783,728  100  % $ 5,063,242  100  %

* The sum of the individual percentages may not equal the total due to rounding.

As indicated in the tables above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.
Gross Margin
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
Gross margin $ 2,439,798  $ 1,611,610  $ 828,188  51  % $ 4,484,773  $ 3,041,913  $ 1,442,860  47  %
Gross margin % 67.3  % 61.0  % 66.1  % 60.1  %

Gross margin percentage increased by 630 and 600 basis points in the three- and six-month periods ended May 2, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets.
Research and Development (R&D)
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
R&D expenses $ 509,323  $ 441,837  $ 67,486  15  % $ 976,723  $ 844,729  $ 131,994  16  %
R&D expenses as a % of revenue 14  % 17  % 14  % 17  %

17

R&D expenses increased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses. R&D expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage. We expect to continue the development of innovative technologies and processes for new products, which we view as critical to our future growth. We believe that a continued commitment to R&D is essential to maintain product leadership with our existing products as well as to provide innovative new product offerings.
Selling, Marketing, General and Administrative (SMG&A)
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
SMG&A expenses $ 362,810  $ 302,669  $ 60,141  20  % $ 708,063  $ 587,465  $ 120,598  21  %
SMG&A expenses as a % of revenue 10  % 11  % 10  % 12  %

SMG&A expenses increased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses. SMG&A expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage.
Special Charges, Net

  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
Special charges, net $ —  $ 1,745  $ (1,745) (100) % $ 47,982  $ 65,632  $ (17,650) (27) %

Special charges, net decreased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions. The decrease in the six-month period was partially offset by a $15.6 million impairment charge recorded in the first quarter of fiscal 2026 related to the asset group in our leased facilities in San Jose, California.
Provision for Income Taxes
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change May 2, 2026 May 3, 2025 $ Change
Provision for income taxes $ 148,478  $ 56,158  $ 92,320  $ 263,523  $ 100,418  $ 163,105 
Effective income tax rate 11.2  % 9.0  % 11.6  % 9.5  %

The primary driver for our increased tax rate in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, is the increase in taxes paid on our international profits. This results in higher non-deductible foreign tax expense under the global intangible low-taxed income (GILTI) regime, which has the effect of increasing our effective tax rate.
Net Income
  Three Months Ended Six Months Ended
  May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
Net income $ 1,176,350  $ 569,770  $ 606,580  106  % $ 2,007,176  $ 961,086  $ 1,046,090  109  %
Net income as a % of revenue 32.5  % 21.6  % 29.6  % 19.0  %
Diluted EPS $ 2.40  $ 1.14  $ 4.09  $ 1.93 

Net income increased in the three-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, as the result of a $701.7 million increase in operating income, partially offset by a $92.3 million increase in provision for income taxes.
18

Net income increased in the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, as the result of a $1,207.4 million increase in operating income, partially offset by a $163.1 million increase in provision for income taxes.

Liquidity and Capital Resources
At May 2, 2026, our principal source of liquidity was $3.4 billion of cash, cash equivalents and short-term investments, of which approximately $2.2 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries. We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States. We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations. Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate and bank obligations. We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk.
We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, acquisitions, research and development efforts and dividend payments in the immediate future and for at least the next twelve months.
  Six Months Ended
  May 2, 2026 May 3, 2025
Net cash provided by operating activities $ 2,240,556  $ 1,946,287 
Net cash provided by operations as a % of revenue 33  % 38  %
Net cash (used for) provided by investing activities $ (158,955) $ 133,892 
Net cash used for financing activities $ (2,144,091) $ (1,695,286)

The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 2, 2026 as compared to the same period in fiscal 2025.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities. The increase in cash provided by operating activities during the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.
Investing Activities
Investing cash flows generally consist of purchases and sales of property, plant and equipment, purchases, sales and maturities of available-for-sale investments; and acquisitions of other businesses. The change in investing cash flows during the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, was primarily the result of a decrease in maturities of our available-for-sale investments. The change in investing cash flows also included the sale of property, plant and equipment during fiscal 2025.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuances and repayments of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans. The change in cash used for financing activities during the six-month period ended May 2, 2026, as compared to the same
19

period of the prior fiscal year, was primarily the result of higher common stock repurchases partially offset by debt repayments during fiscal 2025.
Working Capital
May 2, 2026 November 1, 2025 $ Change % Change
Accounts receivable $ 2,051,733  $ 1,436,075  $ 615,658  43  %
Days sales outstanding* 43  44 
Inventory $ 1,848,405  $ 1,656,323  $ 192,082  12  %
Days cost of sales in inventory* 139  130 

_______________________________________
* We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.
The increase in accounts receivable in dollars was primarily the result of increased sales levels and variations in the timing of collections and billings.
Inventory increased primarily as a result of building inventory levels to support increased demand.
Current liabilities increased to $4.5 billion at May 2, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in accrued liabilities, partially offset by a decrease in income taxes payable.
Debt
As of May 2, 2026, our debt obligations consisted of the following:
Principal Amount Outstanding
Commercial paper notes $ 550,198 
2026 Notes, due December 2026 900,000 
2027 Notes, due June 2027 440,212 
2028 Notes, due June 2028 850,000 
2028 Notes, due October 2028 750,000 
2030 Notes, due June 2030 650,000 
2031 Notes, due October 2031 1,000,000 
2032 Notes, due October 2032 300,000 
2034 Notes, due April 2034 550,000 
2036 Notes, due December 2036 144,278 
2041 Notes, due October 2041 750,000 
2045 Notes, due December 2045 332,587 
2051 Notes, due October 2051 1,000,000 
2054 Notes, due April 2054 550,000 
Total debt $ 8,767,275 

The indentures governing our outstanding notes contain covenants that may limit our ability to: incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into sale and lease-back transactions with respect to a principal property; and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party. As of May 2, 2026, we were in compliance with these covenants.
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $3.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance. As of May 2, 2026, we had $0.6 billion of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet. We intend to use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
20

Revolving Credit Facility
Our Fourth Amended and Restated Revolving Credit Agreement, dated as of April 11, 2025, with Bank of America N.A. as administrative agent and the other banks identified therein as lenders (the Revolving Credit Agreement) provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).
We may borrow under the Revolving Credit Agreement in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes. The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness. In addition, the Revolving Credit Agreement contains an interest coverage covenant which requires the ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to consolidated interest charges to be greater than 3.0 to 1.0. As of May 2, 2026, we were in compliance with these covenants.
Stock Repurchase Program
As of May 2, 2026, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $8.5 billion remained available for repurchases under the current authorized program. Repurchased shares are held as authorized but unissued shares of common stock. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when the full dollar amount of the authorization has been used to repurchase shares under the program. Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant.
Capital Expenditures
Net additions to property, plant and equipment were $247.0 million in the first six months of fiscal 2026. We expect capital expenditures for fiscal 2026 to be between approximately 4% and 6% of fiscal 2026 revenue. These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
Dividends
On May 19, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on June 16, 2026 to all shareholders of record at the close of business on June 2, 2026 and is expected to total approximately $535.8 million. We currently expect quarterly dividends to continue in future periods, although they remain subject to determination and declaration by our Board of Directors. The payment of future dividends, if any, will be based on several factors, including our financial performance, outlook and liquidity.

New Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards will not have a material impact on our future financial condition, results of operations, and disclosures. See Note 11, New Accounting Pronouncements, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recently issued and adopted accounting pronouncements, including the dates of adoption and impact on our historical financial condition, results of operations, and disclosures.
21

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to market risks related to our financial instruments, including those identified in Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025. There were no material changes in the six-month period ended May 2, 2026 to the information identified in the Annual Report on Form 10-K for the fiscal year ended November 1, 2025.

ITEM 4. Controls and Procedures

(a)  Evaluation of Disclosure Controls and Procedures . Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of May 2, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of May 2, 2026, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.
(b)  Changes in Internal Control over Financial Reporting. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended May 2, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

22

PART II — OTHER INFORMATION

ITEM 1A. Risk Factors

We are subject to a number of risks that could adversely affect our business, results of operations, financial condition and future prospects, including those identified in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities  

Period Total Number of
Shares Purchased
(a) Average Price
Paid Per Share (b) Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (c) Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans or
Programs
February 1, 2026 through February 28, 2026 409,019  $ 335.78  402,020  $ 9,013,190,935 
March 1, 2026 through March 28, 2026 1,145,447  $ 316.71  836,539  $ 8,746,470,019 
March 29, 2026 through May 2, 2026 765,022  $ 353.14  699,581  $ 8,496,437,073 
Total 2,319,488  $ 332.09  1,938,140  $ 8,496,437,073 

(a) Includes an aggregate of 381,348 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units/awards granted to our employees under our equity compensation plans.
(b) The average price paid for shares in connection with vesting of restricted stock units/awards are averages of the closing stock price at the vesting date which is used to calculate the number of shares to be withheld.
(c) Shares repurchased pursuant to the stock repurchase program publicly announced on August 12, 2004 and updated thereafter. Under the repurchase program, we may repurchase outstanding shares of our common stock from time to time in the open market and through privately negotiated transactions.

ITEM 5. Other Information

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted or terminated by our directors or officers during the second quarter of fiscal 2026 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (Rule 10b5-1 trading arrangement).

Name and Title Action Date of Adoption/
Termination Duration of Rule 10b5-1 Trading Arrangement Aggregate Number of Securities to Be Purchased or Sold
Ray Stata , Director
Adoption March 6, 2026 Until May 6, 2027 , or such earlier date upon which all transactions are completed or expire without execution
Sale of up to
34,000 shares

Karen Golz , Director
Adoption March 12, 2026 Until March 3, 2027 , or such earlier date upon which all transactions are completed or expire without execution
Sale of up to
3,000 shares

None of our officers or directors adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the second quarter of fiscal 2026.

23

ITEM 6. Exhibits

Exhibit No.    Description
10.1 Amended and Restated Analog Devices, Inc. 2020 Equity Incentive Plan , filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on March 12, 2026.

31.1†    Certification Pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities 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 Securities 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).

101.INS†
   XBRL Instance Document - 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.

24

SIGNATURES
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 thereunto duly authorized.
 
ANALOG DEVICES, INC.

Date: May 20, 2026 By: /s/ Vincent Roche
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors
(Principal Executive Officer)

Date: May 20, 2026 By: /s/ Richard C. Puccio, Jr.

Richard C. Puccio, Jr.

Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

25