What changed in this filing

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Item 1. Business

2025-11-25 compared with 2024-11-26 · 84 added, 60 removed, 227 unchanged (39% of the section changed)

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The Intelligent Edge is characterized by ubiquitous sensing, hyper-scale and edge computing, artificial intelligence (AI) and pervasive connectivity.

These technological trends are driving a continuous evolution of new generations of applications that are increasing the demand for Analog Devices’ high-performance analog, mixed-signal, power and RF ICs.

We have positioned our business to capitalize on the secular growth opportunities across our markets and to deliver innovative solutions.

Central to our strategy is our focus on challenges that our customers have across the most impactful application areas.

That is built around the following key priorities, which we believe will continue to drive our long-term success:

These technological trends drive new generations of applications that expand the demand for Analog Devices’ high-performance analog, mixed-signal, power and RF ICs.

We have positioned our business to capitalize on these long-term growth opportunities and to deliver innovative solutions across industries.

Central to our strategy is our focus on solving challenges that our customers face across the most impactful application areas.

This strategy is built around the following key priorities, which we believe will continue to drive our long-term success:

• Efficient use of capital.

Research and development (R&D) is critical to continue our cycle of innovation, driven by a diverse array of engineering talent who “engineer good” for our planet and society.

We are also deeply committed to realizing targeted shareholder value creation from our acquisitions to complement our R&D and drive long-term value creation.

Through the development of cutting-edge innovations and our ability to solve difficult problems across a broad array of applications, we generate significant cash flow and are deeply committed to delivering strong shareholder returns.

Research and development (R&D) is critical to continuing our cycle of innovation, driven by a diverse array of engineering talent who “engineer good” for our planet and society.

We are committed to realizing targeted shareholder value creation from acquisitions to complement our R&D and drive long-term value creation.

Through the development of cutting-edge innovations and our ability to solve difficult problems across a broad array of applications, we generate significant cash flow and are committed to delivering strong shareholder returns.

• Deepening customer-centricity.

Close customer relationships influence all aspects of our business:

from our broad range of product portfolios and applications expertise to manufacturing capabilities in high-performance power management and precision and high-speed signal processing technologies.

We believe that our engineering talent continues to be an important competitive differentiator in the semiconductor space that will enable us to continue to deepen our relationships with customers.

We strive to be the destination for the world’s best engineering talent with a team of more than 13,000 engineers.

Together, our products and our engineering talent enable us to partner with our customers, leveraging our analog domain expertise and receive the full benefit of our technology capabilities to develop complete and innovative solutions.

from our broad range of product portfolios and application expertise to manufacturing capabilities in high-performance power management and precision and high-speed signal processing technologies.

We believe that our engineering talent continues to be an important competitive differentiator in the semiconductor space that will enable us to deepen our relationships with customers.

We strive to be the destination for the world’s best engineering talent, with a team of approximately 13,000 engineers.

Together, our products and our engineering talent enable us to partner with our customers, leveraging our analog domain expertise and the full breadth of our technology capabilities to develop complete and innovative solutions.

• Capitalizing on secular trends.

We are positioned to capitalize on important secular growth trends to drive advancements in digitized factories, mobility and digital healthcare, combat climate change and reliably connect humans and the world.

We are well-aligned with the key B2B markets driving the increase in data at the Intelligent Edge and we will continue to be a critical partner in the collection, creation and communication of our customers’ edge data.

In addition, we are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services.

We are positioned to capitalize on critical long-term growth trends to drive advancements in digitized factories, mobility and digital healthcare, combat climate change and reliably connect humans and the world.

We are well aligned with the key B2B markets driving the increase in data at the Intelligent Edge and will continue to be a critical partner in the collection, creation and communication of our customers’ edge data.

In addition, we incorporate AI capabilities across our technologies, business operations, products and services to enhance performance and drive smarter, more efficient solutions.

We were incorporated in Massachusetts in 1965 with our corporate headquarters near Boston in Wilmington, Massachusetts.

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Our fiscal year is the 52-week or 53-week period ending on the Saturday closest to the last day in October;

November 2, 2024 (fiscal 2024) was a 53-week fiscal period, while the fiscal year ended October 28, 2023 (fiscal 2023) and the fiscal year ended October 29, 2022 (fiscal 2022) were 52-week fiscal periods.

The additional week in fiscal 2024 is included in the first quarter ended February 3, 2024.

Therefore, fiscal 2024 includes an additional week of operations as compared to fiscal 2023 and fiscal 2022.

November 1, 2025 (fiscal 2025) was a 52-week fiscal period, while the fiscal year ended November 2, 2024 (fiscal 2024) was a 53-week fiscal period and the fiscal year ended October 28, 2023 (fiscal 2023) was a 52-week fiscal period.

The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024.

Therefore, fiscal 2025 and fiscal 2023 include one less week of operations as compared to fiscal 2024.

Available Information

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We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (including exhibits), and amendments to these reports, as soon as reasonably practicable after we electronically file such material with, or furnish such material to, the Securities and Exchange Commission (SEC).

We also make available on our website our by-laws, corporate governance guidelines, the charters for the committees of our Board of Directors and our code of business conduct and ethics which applies to our directors, officers and employees and other governance documents.

We also make available on our website our by-laws, corporate governance guidelines, the charters for the committees of our Board of Directors, our code of business conduct and ethics, which applies to our directors, officers and employees, and other governance documents.

Such information is available in print and free of charge to any shareholder of Analog Devices who requests it.

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In certain cases, because we have already developed the core technology platform for our general-purpose products, we can create application-specific solutions quickly and efficiently.

Our analog and mixed-signal IC technology have been the foundation of our business for nearly six decades, and we are one of the world’s largest suppliers of high-performance analog ICs.

Our analog and mixed-signal IC technology have been the foundation of our business for six decades, and we are one of the world’s largest suppliers of high-performance analog ICs.

Our analog signal processing ICs are primarily high-performance devices, offering higher dynamic range, greater bandwidth and other enhanced features.

We believe that the principal advantages these products have as compared to competitors’ products include higher accuracy, higher speed, lower cost per function, smaller size, lower power consumption and fewer components, resulting in improved performance and reliability.

We believe that the principal advantages these products have as compared to competitors’ products include higher accuracy, higher speed, smaller size, lower power consumption and fewer components, resulting in improved performance and reliability.

Our product portfolio includes several thousand analog ICs, many of which can have several hundred end customers.

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Our customers include original equipment manufacturers (OEMs) and customers who build electronic subsystems for integration into larger systems.

We continue to expand our capabilities in software, digital platforms and AI to support the evolving needs of our customers and markets.

These efforts are intended to enhance system-level performance, improve design efficiency, reduce complexity and help customers accelerate time to market for their products and solutions.

Our strategic goal is to bridge the domains of analog and mixed-signal, digital and embedded and AI and software technologies to enable intelligent systems that can sense, process and respond to real-world conditions.

This integrated approach supports the development of differentiated solutions across industrial, automotive, communications, consumer and healthcare applications.

Our product offerings include more than 75,000 stock keeping units (SKUs) that can be aggregated into the following general categories:

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These include devices that shape the signal for transmission over the medium or reconstruct the received signal after transmission to recover the intended signal integrity.

• Software, Digital Platforms and Artificial Intelligence —As part of our evolution from a component supplier to a full-system and solutions provider, we recently introduced an upgrade to our open-source embedded development platform, CodeFusion Studio 2.0, designed to support embedded system design through integrated workflows for signal processing, edge computing and connectivity.

CodeFusion Studio 2.0 facilitates prototyping and deployment of applications on ADI platforms and is intended to reduce development time and improve system integration.

In fiscal 2025, we also launched Power Studio, a digital simulation and design ecosystem integrating new system-level and IC-level design capabilities into a single product family.

Together, the Power Studio family of products is designed to enable faster time to market by streamlining power management design and optimization.

These platforms are part of our broader Physical Intelligence vision, which seeks to leverage our deep expertise in electro-physical systems to develop and fine-tune foundational AI models that can reason about and interact with the real world.

This initiative integrates signal, power, sensing, time-series sampling, actuation and more to support autonomous operation and enhanced system responsiveness.

These software and AI-driven capabilities complement our existing product portfolio and support our strategy to deliver differentiated solutions that address complex customer requirements.

Sales Channel

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We publish, share and distribute technical content such as data sheets, application guides and catalogs.

We maintain a staff of field application engineers who aid customers in incorporating our products into their products.

We maintain a staff of field application engineers who aid

customers in incorporating our products into their products.

In addition, we offer a variety of web-based tools that ease product selection and aid in the design process for our customers.

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We typically do not have long-term sales contracts with our customers.

In some of our markets where end-user demand may be particularly volatile and difficult to predict, some customers place orders that require us to manufacture product and have it available for shipment, even though the customer is unwilling to make a binding commitment to purchase all, or even

any, of the product.

In other instances, we manufacture product based on forecasts of customer demand.

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Automotive 30% 30% 24%

Communications 11% 13% 15%

Consumer 13% 13% 10%

Communications 13% 12% 13%

*The sum of the individual percentages may not equal 100% due to rounding.

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Industrial — Our industrial market includes the following sectors:

Industrial Automation — We are a leader in industrial automation because we deliver robust, high performance solutions from our deep motion and process control expertise and precision sensing measurement and interpretation to expansive connectivity and power capabilities.

Industrial Automation — We are a leader in industrial automation demonstrated through our delivery of robust, high-performance solutions derived from our expertise in deep motion and process control and precision sensing measurement and interpretation, which translate into expansive connectivity and power capabilities.

We take real-world phenomena in the most complex environments on the factory floor and translate them into valuable insights and outcomes.

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Our high-voltage, isolation and precision products are a key part of the systems that are designed for safety, longevity and efficiency in electric vehicles and renewable energy.

Beyond electrical testing, our precision and power technology enable analytical instruments for drug or vaccine R&D and manufacturing, food safety and quality and environmental monitoring.

Beyond electrical testing, our precision and power technology enable analytical instruments for drug or

vaccine R&D and manufacturing, food safety and quality and environmental monitoring.

Our instrumentation and measurement market includes applications such as:

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Healthcare — The healthcare market is evolving in response to the need for increased access to better and more affordable care, as well as a growing focus on preventative healthcare and the need to better and more cost effectively manage chronic conditions.

To help achieve this, we are collaborating with customers and partners on innovative solutions that are designed to achieve better outcomes for patients and more efficient workflows for physicians at reduced costs.

To help achieve this, we collaborate with customers and partners on innovative solutions designed to achieve better outcomes for patients and more efficient workflows for physicians at reduced costs.

Our offerings include both standard and application-specific hardware, software and service-based products and are used in applications such as:

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• Substation relays and automation equipment • Building energy automation/control

Automotive — We develop differentiated high-performance signal processing solutions, which enable sophisticated transportation systems that span infotainment, electrification and autonomous applications.

Through collaboration with manufacturers worldwide, we have developed a broad portfolio of analog, digital, power and sensor ICs that address the emerging needs of this evolving industry.

Our focus is on audio/video applications that lead to an enriched in-cabin experience, electrification applications that improve vehicle range and reduce emissions, and mission-critical perception and navigation applications that enable vehicles to more clearly sense the external environment.

Specifically, we have developed products used in applications such as:

• Car audio, voice processing and connectivity • Battery monitoring and management systems

• Video processing and connectivity

Communications — The development of broadband, wireless and internet infrastructures around the world has created an important market for our communications products.

Communications technology involves the processing of signals that are converted from analog to digital and digital to analog form during the process of transmitting and receiving data.

The need for higher speed and reduced power consumption, coupled with more reliable, bandwidth-efficient communications, creates demand for our products, which are used in the full spectrum of signal processing for data, video, voice and machine-to-machine communications.

In wireless and wireline communication applications, our products are incorporated into:

Automotive — We develop differentiated, high-performance signal processing technologies that enable intelligent, efficient and immersive mobility solutions across electrification, digital cabin systems and autonomous platforms.

Collaborating with global mobility solution providers, we deliver a comprehensive portfolio of analog, digital, power and sensor ICs engineered to meet the complex demands of modern mobility systems.

Our innovations in precision sensing, edge processing and connectivity empower real-time insights and system-level intelligence, helping transform mobility platforms into dynamic, software-defined environments.

These technologies support immersive user experiences, optimize energy efficiency and enable mission-critical perception and navigation capabilities across a wide range of mobility applications.

Our solutions are deployed in applications such as:

• Audio, voice processing and connectivity

• Battery monitoring and management systems

• Video processing and networking • Intelligent power solutions

Communications — Our communications market includes the following sectors:

Wireless Communications — The demand for ubiquitous global connectivity continues to drive the need for wireless network infrastructure.

This market requires a range of high-performance RF communications ICs and solutions.

Wireless technology relies on the conversion and processing of signals in both analog and digital domains to transmit and receive data over the air.

Our high-performance RF and mixed-signal products are designed to deliver higher speed connectivity with lower latency and improved energy efficiency to mobile operators and network providers.

In addition, we enable signal chains and advanced processing across the wireless spectrum supporting a diverse range of end systems.

In wireless communication applications, our products are incorporated into:

• Cellular base station equipment • Satellite and terrestrial broadband access equipment

• Microwave backhaul systems • Optical and cable networking equipment for data center and carrier providers

• Data centers and data storage

• Microwave backhaul systems • Two-way radio communication devices

• Fixed wireless access systems

Data Center — This market is driven by rapid adoption of AI, machine learning and hyperscale architectures, which require advanced power delivery, thermal management and high-speed connectivity solutions to address the growing demand for high-performance computing and cloud infrastructure.

Our offerings in this space include:

• Power management solutions

• Optical and high-speed connectivity

• Energy optimization

Consumer — To address the market demand for state of the art personal and professional entertainment systems and the consumer demand for high quality user interfaces, music, movies and photographs, we have developed analog, digital and mixed-signal and power solutions that meet the rigorous cost and time-to-market requirements of the consumer electronics market.

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These products include:

• Portable devices (smart phones, tablets and wearable devices) for media and vital signs monitoring applications • Prosumer audio/video equipment

• Portable devices (smartphones, tablets, handheld gaming and wearable technology) for media and vital signs monitoring applications • Prosumer audio/video equipment

• Hearable devices (headphones, earbuds and hearing health)

See Note 4, Industry, Segment and Geographic Information , of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K for further information about our products by end market.

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Historically, sales to customers during our first fiscal quarter have been lower than other quarters due to plant shutdowns at some of our customers.

In general, the seasonality for any specific period of time has not had a material impact on our results of operations.

In addition, as explained in our risk factors contained in Item 1A of this Annual Report on Form 10-K, our revenue is more likely to be influenced on a quarter-to-quarter basis by cyclicality in the semiconductor industry.

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We define backlog to mean firm orders from a customer or distributor with a requested delivery date within thirteen weeks.

However, backlog may be impacted by the tendency of customers to rely on shorter lead times available from suppliers, including us, in periods of depressed demand.

However, backlog may be

impacted by the tendency of customers to rely on shorter lead times available from suppliers, including us, in periods of depressed demand.

In periods of increased demand, there is a tendency towards longer lead times that has the effect of increasing backlog, and in some instances, we may not have manufacturing capacity sufficient to fulfill all orders.

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We also make extensive use of third-party subcontractors for the assembly and testing of our products.

See Note 2e, Property, Plant and Equipment , of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K for further information about our held for sale facility in Penang, Malaysia.

Our products require a wide variety of components, raw materials and external foundry services, most of which we purchase from third-party suppliers.

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Patents and Intellectual Property Rights

We seek to establish and maintain our proprietary rights in our technology and products through the use of patents, copyrights, mask works, trademarks and trade secrets.

We have a program to file applications for and obtain patents, copyrights, mask works and trademarks in the United States and in selected foreign countries where we believe filing for such protection is appropriate.

We seek to establish and maintain our proprietary rights in our technology and products through the use of patents, copyrights, trademarks and trade secrets.

We have a program to file applications for and obtain patents, copyrights and trademarks in the United States and in selected foreign countries where we believe filing for such protection is appropriate.

We also seek to maintain our trade secrets and confidential information by nondisclosure policies and through the use of appropriate confidentiality agreements.

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There can be no assurance, however, that the rights obtained can be successfully enforced against infringing products in every jurisdiction.

While our patents, copyrights, mask works, trademarks and trade secrets provide some advantage and protection, we believe our competitive position and future success is largely determined by such factors as the system and application knowledge, innovative skills, technological expertise and management ability and experience of our personnel;

While our patents, copyrights, trademarks and trade secrets provide some advantage and protection, we believe our competitive position and future success is largely determined by such factors as the system and application knowledge, innovative skills, technological expertise and management ability and experience of our personnel;

the range and success of new products being developed by us;

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We have programs and management systems in place to protect the environment and the health and safety of our employees, customers and the public.

We endeavor to adhere to applicable environment, health and safety (EHS) regulatory and industry standards across all of our facilities, and to encourage pollution prevention, reduce our water and energy consumption, manage waste streams to divert from landfills and strive towards continual improvement.

We strive to achieve excellence in EHS management practices as an integral part of our total quality management system.

We endeavor to adhere to applicable environment, health and safety (EHS) regulatory and industry standards across all of our facilities, and to encourage pollution prevention, manage our water and energy consumption, control waste streams to divert from landfills and strive towards continual improvement.

We endeavor to achieve excellence in EHS management practices as an integral part of our total quality management system.

Our EHS management systems in all of our manufacturing facilities are certified to ISO 14001:2015 for environmental management and ISO 45001:2018 for occupation health and safety.

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semiconductor industry benchmark.

Our manufacturing facilities are subject to numerous and increasingly strict federal, state, local and foreign EHS laws and regulations, particularly with respect to the transportation, storage, handling, use, emission, discharge and disposal of certain chemicals used or produced in the semiconductor manufacturing process.

Our manufacturing facilities are subject to numerous and increasingly strict federal, state, local and foreign laws and regulations, particularly with respect to the transportation, storage, handling, use, emission, discharge and disposal of certain chemicals used or produced in the semiconductor manufacturing process.

Our products are subject to increasingly stringent regulations regarding substance content in jurisdictions where we do business.

Contracts with many of our customers reflect these and additional EHS compliance standards.

Contracts with many of our customers reflect these and additional compliance standards.

Substance content of our products includes materials that are subject to reporting requirements, including conflict minerals.

Compliance with these laws and regulations has not had a material impact

on our capital expenditures, earnings, financial condition or competitive position.

There can be no assurance, however, that current or future environmental laws and regulations will not impose costly requirements upon us.

Any failure by us to comply with applicable EHS laws, regulations and contractual obligations could result in fines, suspension of production, the need to alter manufacturing processes and legal liability.

Compliance with these laws and regulations has not had a material impact on our capital expenditures, earnings, financial condition or competitive position.

There can be no assurance, however, that current or future ESG laws and regulations will not impose costly requirements upon us.

Any failure by us to comply with applicable laws, regulations and contractual obligations could result in fines, suspension of production, the need to alter manufacturing processes and legal liability.

Human Capital and Empowerment

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In order for us to attract the best talent, we aim to offer challenging work in an environment that enables our employees to learn, grow and reach their full potential.

Core to our empowerment strategy is embracing diversity and building a culture of inclusion across the organization.

Core to our empowerment strategy is building a culture of inclusion across the organization.

We are working to achieve this by expanding the diversity of our workforce, creating growth and development opportunities for our employees, embracing different perspectives and fostering an inclusive work environment for all.

In addition, we encourage employees to develop different networks, which contribute to our broader diversity and inclusion initiatives.

Our current employee networks include the Analog Veterans Network, Neurodiversity Network, People of Color and Allies Network, Pride Network, Women’s Leadership Network, Young Professionals Network, the Green Team and the Communities Activities Board.

As noted in “Environment, Social and Governance” above, we published our 2023 ESG Report which details our sustainability efforts, operations efficiency, employee engagement and governance, and also provides a look at the state of our organization and an overview of some of the initiatives we have launched to drive continuous improvements across diversity and inclusion.

In addition, we encourage employees to develop different networks open to all employees, which contribute to our broader diversity and inclusion initiatives.

Our current employee networks include the Analog Veterans Network, Neurodiversity Network, People of Color and Allies Network, Pride Network, Women’s Leadership Network and Young Professionals Network.

As noted in “Environment, Social and Governance” above, we published our 2024 ESG Report which details our sustainability efforts, operations efficiency,

employee engagement and governance, and also provides a look at the state of our organization and an overview of some of the initiatives we have launched to drive continuous improvements across inclusion, opportunity for all and equitable practices.

As of November 1, 2025, we had approximately 24,500 employees, of whom approximately 13,000 are in engineering roles.

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For further information concerning our equity incentive plans, see Note 3, Stock-based Compensation and Shareholders’ Equity, of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K.

In order to ensure that we are meeting our human capital objectives we frequently utilize employee surveys to understand the effectiveness of our employee and compensation programs and where we can improve across the company.

Our latest survey completed in fiscal 2024 had a 92% participation rate among all employees and the survey results indicated employee satisfaction in areas such as purpose, demonstrating culture, fostering belonging, aligning with our strategy and leadership commitment, while also supporting decision speed and reducing barriers to execution.

In order to ensure that we are meeting our human capital objectives, we regularly conduct employee surveys to evaluate the effectiveness of our employee and compensation programs and to identify opportunities for improvement across the company.

Our latest survey, completed in fiscal 2025, reflected a strong participation rate among employees, and the results indicated employee satisfaction in areas such as teamwork, collaboration, leadership support, manager availability and skill development, while also supporting communication, decision speed and removing barriers to execution.

Our dual focus of being a great place to work and providing industry-leading benefits and work culture has led to strong employee satisfaction and pride that has been recognized across the globe, as evidenced with the following awards:

TIME World’s Best Companies (2024, 2023), Forbes America’s Best Large Employers (2024), Forbes America’s Best Employers for Diversity (2024), Forbes America’s Best Employers by State (2023), The Boston Globe’s Top Places to Work (2023), and Forbes World’s Top Female Friendly Companies (2022).

TIME World’s Most Sustainable Companies (2025), TIME World’s Best Companies (2024, 2023), Forbes America’s Best Employers for Company Culture (2025), Forbes America’s Best Large Employers (2024) and Newsweek America’s Most Responsible Companies (2025).

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.

What changed 10-K

Item 1. Business