33 unchanged sentences
Three Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change
+Added: August 2, 2025 August 3, 2024 $ Change % Change
Revenue $ 2,880,348 $ 2,312,209 $ 568,139 25 %
3 unchanged sentences
Diluted EPS $ 1.04 $ 0.79 $ 0.25 32 %
−Removed: Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change
+Added: Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change
Revenue $ 7,943,590 $ 6,983,952 $ 959,638 14 %
6 unchanged sentences
The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024.
−Removed: Therefore, the first six months of fiscal 2025 included one less week of operations as compared to the first six months of fiscal 2024.
+Added: Therefore, the first nine months of fiscal 2025 included one less week of operations as compared to the first nine months of fiscal 2024.
Revenue Trends by End Market
5 unchanged sentences
Three Months Ended
−Removed: May 3, 2025 May 4, 2024
+Added: August 2, 2025 August 3, 2024
Revenue* Y/Y% Revenue % of
4 unchanged sentences
Total revenue $ 2,880,348 100 % 25 % $ 2,312,209 100 %
−Removed: Six Months Ended
−Removed: May 3, 2025 May 4, 2024
+Added: Nine Months Ended
+Added: August 2, 2025 August 3, 2024
Revenue* Y/Y% Revenue % of
5 unchanged sentences
* The sum of the individual percentages may not equal the total due to rounding.
−Removed: Revenue increased 22% and 8% in the three- and six-month periods ended May 3, 2025 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products.
−Removed: In addition to increased demand, the increase in the six-month period is due to customer inventory balances normalizing in the Industrial end market, the increases in the Automotive end market are primarily driven by increases from connectivity solutions, and the increases in the Communications end market are primarily driven by growth in the wireline sub-market from data center infrastructure build outs, primarily to support growth in artificial intelligence applications.
−Removed: These increases in the six-month period were partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.
+Added: Revenue increased 25% and 14% in the three- and nine-month periods ended August 2, 2025 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products.
+Added: In addition to increased demand, the increase in the nine-month period is due to customer inventory balances normalizing in the Industrial end market, the increases in the Automotive end market are primarily driven by increases from connectivity solutions, and the increases in the Communications end market are primarily driven by growth in the wireline sub-market from data center infrastructure build outs, primarily to support growth in artificial intelligence applications.
+Added: The increases in the Consumer end market are primarily related to portable consumer products.
+Added: These increases in the nine-month period were partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.
Revenue by Sales Channel
6 unchanged sentences
Three Months Ended
−Removed: May 3, 2025 May 4, 2024
+Added: August 2, 2025 August 3, 2024
Revenue % of Revenue* Revenue % of Revenue*
3 unchanged sentences
Total revenue $ 2,880,348 100 % $ 2,312,209 100 %
−Removed: Six Months Ended
−Removed: May 3, 2025 May 4, 2024
+Added: Nine Months Ended
+Added: August 2, 2025 August 3, 2024
Revenue % of Revenue* Revenue % of Revenue*
6 unchanged sentences
As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in the percentage of revenue from our Industrial end market.
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
Gross margin $ 1,789,748 $ 1,311,239 $ 478,509 36 % $ 4,831,661 $ 3,965,215 $ 866,446 22 %
Gross margin % 62.1 % 56.7 % 60.8 % 56.8 %
−Removed: Gross margin percentage increased by 630 and 330 basis points in the three- and six-month periods ended May 3, 2025 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand as well as a decrease in amortization expense related to acquired intangible assets.
+Added: Gross margin percentage increased by 540 and 400 basis points in the three- and nine-month periods ended August 2, 2025 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand as well as a decrease in amortization expense related to acquired intangible assets.
Research and Development (R&D)
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
R&D expenses $ 454,251 $ 362,671 $ 91,580 25 % $ 1,298,980 $ 1,108,960 $ 190,020 17 %
R&D expenses as a % of revenue 16 % 16 % 16 % 16 %
−Removed: R&D expenses increased in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses.
+Added: R&D expenses increased in the three- and nine-month periods ended August 2, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses.
R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth.
2 unchanged sentences
Selling, Marketing, General and Administrative (SMG&A)
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
SMG&A expenses $ 325,706 $ 257,213 $ 68,493 27 % $ 913,171 $ 791,420 $ 121,751 15 %
SMG&A expenses as a % of revenue 11 % 11 % 11 % 11 %
−Removed: SMG&A expenses increased in the three- and six-month periods ended May 3, 2025, 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.
+Added: SMG&A expenses increased in the three- and nine-month periods ended August 2, 2025, 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.
Amortization of Intangibles
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
Amortization expenses $ 187,415 $ 187,754 $ (339) — % $ 562,245 $ 567,030 $ (4,785) (1) %
Amortization expenses as a % of revenue 7 % 8 % 7 % 8 %
−Removed: Amortization expenses decreased in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.
+Added: Amortization expenses decreased in the three- and nine-month periods ended August 2, 2025, as compared to the same periods of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.
Special Charges, Net
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
Special charges, net $ 4,348 $ 12,282 $ (7,934) (65) % $ 69,980 $ 34,399 $ 35,581 103 %
−Removed: Special charges, net decreased in the three-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.
−Removed: Special charges, net increased in the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, primarily due to charges related to our Global Repositioning Actions recorded in the first quarter of fiscal 2025.
+Added: Special charges, net decreased in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.
+Added: Special charges, net increased in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, primarily due to charges related to our Global Repositioning Actions recorded in the first quarter of fiscal 2025.
See Note 5, Special Charges, Net , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.
Nonoperating Expense (Income)
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change May 3, 2025 May 4, 2024 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change August 2, 2025 August 3, 2024 $ Change
Total nonoperating expense (income) $ 54,619 $ 68,328 $ (13,709) $ 162,372 $ 202,394 $ (40,022)
−Removed: The year-over-year decrease in nonoperating expense (income) in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, was primarily the result of higher interest income on our cash, cash equivalents and short-term investments and lower interest expense on our debt obligations.
+Added: The year-over-year decrease in nonoperating expense (income) in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily due to lower foreign currency expenses and lower interest expense on our debt obligations.
+Added: The year-over-year decrease in nonoperating expense (income) in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily due to the result of higher interest income on our cash, cash equivalents and short-term investments, lower interest expense on our debt obligations and lower foreign currency expenses.
Provision for Income Taxes
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change May 3, 2025 May 4, 2024 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change August 2, 2025 August 3, 2024 $ Change
Provision for income taxes $ 244,891 $ 30,759 $ 214,132 $ 345,309 $ 103,811 $ 241,498
Effective income tax rate 32.1 % 7.3 % 18.9 % 8.2 %
−Removed: The effective tax rates for the three- and six-month periods ended May 3, 2025 and May 4, 2024 were below the U.S.
−Removed: statutory tax rate of 21% due to lower statutory tax rates applicable to our operations in the foreign jurisdictions in which we earn income.
−Removed: The increase in the effective tax rate in the three- and six-month periods was primarily due to a greater impact of excess tax benefits from stock option deductions in the same periods of the prior year as compared to the current year.
−Removed: Three Months Ended Six Months Ended
−Removed: May 3, 2025 May 4, 2024 $ Change % Change May 3, 2025 May 4, 2024 $ Change % Change
+Added: The tax rates for the three- and nine-month periods ended August 2, 2025 increased primarily due to a net deferred tax expense of $153.8 million recorded in the third quarter of fiscal 2025 related to the remeasurement of our GILTI-related deferred tax assets and liabilities attributable to the passage of the OBBBA.
+Added: Three Months Ended Nine Months Ended
+Added: August 2, 2025 August 3, 2024 $ Change % Change August 2, 2025 August 3, 2024 $ Change % Change
Net income $ 518,518 $ 392,232 $ 126,286 32 % $ 1,479,604 $ 1,157,201 $ 322,403 28 %
1 unchanged sentence
Diluted EPS $ 1.04 $ 0.79 $ 2.97 $ 2.32
−Removed: Net income increased in the three-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, as the result of a $291.8 million increase in operating income and a $9.5 million decrease in nonoperating expense (income), partially offset by a $33.8 million increase in provision for income taxes.
−Removed: Net income increased in the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, as the result of a $197.2 million increase in operating income and a $26.3 million decrease in nonoperating expense (income), partially offset by a $27.4 million increase in provision for income taxes.
+Added: Net income increased in the three-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, as the result of a $326.7 million increase in operating income and a $13.7 million decrease in nonoperating expense (income), partially offset by a $214.1 million increase in provision for income taxes.
+Added: Net income increased in the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, as the result of a $523.9 million increase in operating income and a $40.0 million decrease in nonoperating expense (income), partially offset by a $241.5 million increase in provision for income taxes.
Liquidity and Capital Resources
−Removed: At May 3, 2025, our principal source of liquidity was $2.4 billion of cash and cash equivalents, of which approximately $1.1 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.
+Added: At August 2, 2025, our principal source of liquidity was $3.5 billion of cash, cash equivalents and short-term investments, of which approximately $2.3 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.
−Removed: Our cash and cash equivalents consist of highly liquid investments, including money market funds and corporate and bank obligations.
+Added: 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, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.
−Removed: Six Months Ended
−Removed: May 3, 2025 May 4, 2024
+Added: Nine Months Ended
+Added: August 2, 2025 August 3, 2024
Net cash provided by operating activities $ 3,111,392 $ 2,801,712
Net cash provided by operations as a % of revenue 39 % 40 %
−Removed: Net cash provided by (used for) investing activities $ 133,892 $ (821,178)
+Added: Net cash used for investing activities $ (1,096,216) $ (993,244)
Net cash used for financing activities $ (1,685,327) $ (660,497)
−Removed: The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 3, 2025 as compared to the same period in fiscal 2024.
+Added: The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended August 2, 2025 as compared to the same period in fiscal 2024.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities.
−Removed: The decrease in cash provided by operating activities during the six-month period ended May 3, 2025, as
−Removed: compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for noncash items that was primarily offset by a decrease in working capital.
+Added: The increase in cash provided by operating activities during the nine-month period ended August 2, 2025, 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
−Removed: Investing cash flows generally consist of capital expenditures and cash used for acquisitions.
−Removed: The change in investing cash flows during the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, was primarily the result of changes in our short-term investments and a decrease in cash used for capital expenditures as the rate of spending on our global resiliency and hybrid manufacturing footprint moderated.The change in investing cash flows also included net proceeds from the sale of property, plant and equipment during the second quarter of fiscal 2025, partially offset by cash paid for an acquisition in the first quarter of fiscal 2025.
+Added: Investing cash flows generally consist of purchases of property, plant and equipment, available-for-sale investments and acquisitions of other businesses.
+Added: The change in investing cash flows during the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily the result of changes in our short-term investments and a decrease in cash used for capital expenditures as the rate of spending on our global resiliency and hybrid manufacturing footprint moderated.
+Added: The change in investing cash flows also included net proceeds from the sale of property, plant and equipment during the second quarter of fiscal 2025, partially offset by cash paid for an acquisition in the first quarter of fiscal 2025.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuance and repayment of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.
−Removed: The change in cash used for financing activities during the six-month period ended May 3, 2025, as compared to the same period of the prior fiscal year, was primarily the result of the net impact of our debt obligations, which includes a $1.1 billion debt issuance during fiscal 2024 and an approximately $400.0 million debt repayment during fiscal 2025, and higher dividend payments to shareholders.
+Added: The change in cash used for financing activities during the nine-month period ended August 2, 2025, as compared to the same period of the prior fiscal year, was primarily the result of higher common stock repurchases and higher dividend payments to shareholders.
Working Capital
−Removed: May 3, 2025 November 2, 2024 $ Change % Change
+Added: August 2, 2025 November 2, 2024 $ Change % Change
Accounts receivable $ 1,553,259 $ 1,336,331 $ 216,928 16 %
4 unchanged sentences
* 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.
−Removed: The increase in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and increased revenue levels in the second quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024.
+Added: The increase in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings and increased revenue levels in the third quarter of fiscal 2025 as compared to the fourth quarter of fiscal 2024.
Inventory increased primarily as a result of our efforts to balance manufacturing production, demand and inventory levels.
Our inventory levels are impacted by our need to support forecasted sales demand and variations between those forecasts and actual demand.
−Removed: Current liabilities decreased to $2,690.6 million at May 3, 2025 as compared to $2,988.3 million at the end of fiscal 2024 primarily due to the repayment of approximately $400.0 million of debt during the second quarter of fiscal 2025.
−Removed: As of May 3, 2025, our debt obligations consisted of the following:
+Added: Current liabilities decreased to $2,979.0 million at August 2, 2025 as compared to $2,988.3 million at the end of fiscal 2024 primarily due to the repayment of approximately $400.0 million of debt during the second quarter of fiscal 2025 partially offset by higher accrued liabilities.
+Added: As of August 2, 2025, our debt obligations consisted of the following:
Principal Amount Outstanding
2 unchanged sentences
2027 Notes, due June 2027 440,212
+Added: 2028 Notes, due June 2028 850,000
2028 Notes, due October 2028 750,000
+Added: 2030 Notes, due June 2030 650,000
2031 Notes, due October 2031 1,000,000
11 unchanged sentences
and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party.
−Removed: As of May 3, 2025, we were in compliance with these covenants.
+Added: As of August 2, 2025, we were in compliance with these covenants.
Commercial Paper Program
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $2.5 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.
−Removed: As of May 3, 2025, we had $548.7 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
+Added: As of August 2, 2025, we had $548.7 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
+Added: In August 2025, during our fourth fiscal quarter, we increased the aggregate amount we may issue under our commercial paper program from $2.5 billion to $3.0 billion outstanding at any time.
We 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.
6 unchanged sentences
The Revolving Credit Agreement also requires we maintain a ratio of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges of no less than 3.00 to 1.00 for any fiscal quarter ending thereafter.
−Removed: As of May 3, 2025, we were in compliance with these covenants.
+Added: As of August 2, 2025, we were in compliance with these covenants.
Stock Repurchase Program
−Removed: As of May 3, 2025, our Board of Directors authorized us to repurchase $26.7 billion of our common stock under our common stock repurchase program and $11.4 billion remained available for repurchases under the program.
+Added: As of August 2, 2025, 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 $10.3 billion remained available for repurchases under the program.
The repurchased shares are held as authorized but unissued shares of common stock.
−Removed: Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have repurchased all shares authorized under the program.
+Added: Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when we have utilized the entire amount authorized for repurchases of 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
−Removed: Net additions to property, plant and equipment were $239.2 million in the first six months of fiscal 2025.
+Added: Net additions to property, plant and equipment were $318.4 million in the first nine months of fiscal 2025.
We expect capital expenditures for fiscal 2025 to be between approximately 4% and 6% of fiscal 2025 revenue as spending returns to our long-term operating model.
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.
−Removed: On May 21, 2025, our Board of Directors declared a cash dividend of $0.99 per outstanding share of common stock.
−Removed: The dividend will be paid on June 18, 2025 to all shareholders of record at the close of business on June 4, 2025 and is expected to total approximately $491.3 million.
+Added: On August 19, 2025, our Board of Directors declared a cash dividend of $0.99 per outstanding share of common stock.
+Added: The dividend will be paid on September 16, 2025 to all shareholders of record at the close of business on September 2, 2025 and is expected to total approximately $487.0 million.
We currently expect quarterly dividends to continue in future periods.
−Removed: The payment of any future quarterly dividends, or a future increase in the quarterly dividend amount, will be at the discretion of the Board of Directors and will be dependent upon our financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Board of Directors.
+Added: The declaration of any future quarterly dividends, or a future increase in the quarterly dividend amount, will be at the discretion of the Board of Directors and will be dependent upon our financial position, results of operations, outlook, liquidity and other factors deemed relevant by the Board of Directors.
+Added: Contractual Obligations
+Added: In the third quarter of fiscal 2025, we issued $850.0 million aggregate principal amount of 4.250% senior unsecured notes due June 15, 2028 (2028 Notes) and $650.0 million aggregate principal amount of 4.500% senior unsecured notes due June 15, 2030 (2030 Notes).
+Added: The 2028 Notes and the 2030 Notes have semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025.
+Added: For additional information, see Note 10, Debt , in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
New Accounting Pronouncements
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.