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(the Company) maintained, in all material respects, effective internal control over financial reporting as of November 1, 2025, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of November 2, 2024 and October 28, 2023, the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November 2, 2024, and the related notes and schedule listed in the Index at Item 15(a)(2) and our report dated November 26, 2024 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of November 1, 2025 and November 2, 2024, the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November 1, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) and our report dated November 25, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
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OTHER INFORMATION
−Removed: The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors or officers during the fourth quarter of fiscal 2024 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (Rule 10b5-1 trading arrangement).
−Removed: Name and Title Date of Adoption Duration of Rule 10b5-1 Trading Arrangement Aggregate Number of Securities to Be Purchased or Sold
−Removed: Executive Vice President and Chief Financial Officer
−Removed: September 17, 2024 Until April 30, 2025 , or such earlier date upon which all transactions are completed or expire without execution
−Removed: Sale of up to 5,000 shares
−Removed: None of our officers or directors terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal 2024.
+Added: None of our officers or directors adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal 2025.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
19 unchanged sentences
The following consolidated financial statements are included in Item 8 of this Annual Report on Form 10-K:
−Removed: — Consolidated Statements of Income for the years ended November 2, 2024, October 28, 2023 and October 29, 2022
−Removed: — Consolidated Statements of Comprehensive Income for the years ended November 2, 2024, October 28, 2023 and October 29, 2022
−Removed: — Consolidated Balance Sheets as of November 2, 2024 and October 28, 2023
−Removed: — Consolidated Statements of Shareholders’ Equity for the years ended November 2, 2024, October 28, 2023 and October 29, 2022
−Removed: — Consolidated Statements of Cash Flows for the years ended November 2, 2024, October 28, 2023 and October 29, 2022
+Added: — Consolidated Statements of Income for the years ended November 1, 2025, November 2, 2024 and October 28, 2023
+Added: — Consolidated Statements of Comprehensive Income for the years ended November 1, 2025, November 2, 2024 and October 28, 2023
+Added: — Consolidated Balance Sheets as of November 1, 2025 and November 2, 2024
+Added: — Consolidated Statements of Shareholders’ Equity for the years ended November 1, 2025, November 2, 2024 and October 28, 2023
+Added: — Consolidated Statements of Cash Flows for the years ended November 1, 2025, November 2, 2024 and October 28, 2023
Financial Statement Schedules
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All other schedules have been omitted since the required information is not present, or not present in amounts sufficient to require submission of the schedule or because the information required is included in the Consolidated Financial Statements or the Notes thereto.
−Removed: 3.1 Restated Articles of Organization of Analog Devices, Inc., as amended , filed as exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 3, 2008 as filed with the Commission on May 20, 2008 and incorporated herein by reference.
−Removed: 3.2 Amendment to Restated Articles of Organization of Analog Devices, Inc.
−Removed: , filed as exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on December 8, 2008 and incorporated herein by reference.
−Removed: 3.3 Amended and Restated By-Laws of Analog Devices, Inc.
−Removed: , filed as exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on December 8, 2022 and incorporated herein by reference.
+Added: 3.1 Amended and Restated Articles of Organization of Analog Devices, Inc., adopted as of March 12, 2025 , filed as exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 3, 2025 as filed with the Commission on May 22, 2025 and incorporated herein by reference.
+Added: 3.2 Second Amended and Restated By-Laws of Analog Devices, Inc.
+Added: , filed as exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on January 13, 2025 and incorporated herein by reference.
Indenture, dated as of June 3, 2013, by and between Analog Devices, Inc.
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and The Bank of New York Mellon Trust Company, N.A., as trustee (including the forms of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on December 5, 2016 and incorporated herein by reference.
−Removed: 4.4 Supplemental Indenture, dated April 8, 2020, between Analog Devices, Inc.
−Removed: and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on April 8, 2020 and incorporated herein by reference.
4.4 Supplemental Indenture, dated October 5, 2021, between Analog Devices, Inc.
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and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on April 3, 2024 and incorporated herein by reference.
−Removed: 4.9 Description of the Registrant ’ s Securities , filed as exhibit 4.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2019 as filed with the Commission on November 26, 2019 and incorporated herein by reference.
+Added: 4.8 Supplemental Indenture, dated as of June 16, 202 5 , between Analog Devices, Inc.
+Added: and The Bank of New York Mellon Trust Company, N.A., as trustee (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on June 16, 2025 and incorporated herein by reference.
+Added: †4.9 Description of the Registrant’s Securities .
*10.1 Analog Devices, Inc.
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*10.12 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 7, 2021 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference.
−Removed: *10.13 Form of Financial Metric Performance Restricted Stock Unit Agreement for China Employees for usage under the 2020 Equity Stock Incentive Plan adopted December 8, 2020 , filed as exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 30, 2021 as filed with the Commission on February 17, 2021 and incorporated herein by reference.
−Removed: *10.14 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 7, 2021 , filed as exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference.
−Removed: *10.15 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company ’ s 2020 Equity Incentive Plan adopted December 7, 2021 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference.
−Removed: *10.16 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company's 2020 Equity Incentive Plan adopted December 7, 2021 , filed as exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 29, 2022 as filed with the Commission on February 16, 2022 and incorporated herein by reference.
*10.13 Form of EVP Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted March 7, 2022 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated herein by reference.
8 unchanged sentences
*10.22 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted April 3, 2023 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 29, 2023 as filed with the Commission on May 24, 2023 and incorporated herein by reference.
−Removed: *10.27 RSU Equity Award Conversion Agreement , filed as exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference.
+Added: *10.23 Form of Global Non-Qualified Stock Option Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference.
+Added: *10.24 Form of Global Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference.
+Added: *10.25 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference.
+Added: *10.26 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 11, 2023 , filed as exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference.
+Added: *10.27 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted September 10, 2024 , filed as exhibit 10.57 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated by reference herein
*10.28 Form of Restricted Stock Unit Agreement for Non-Employee Directors for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference.
3 unchanged sentences
*10.32 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company’s 2020 Equity Incentive Plan adopted December 10, 2024 , filed as exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 1, 2025 as filed with the Commission on February 19, 2025 and incorporated herein by reference.
−Removed: *10.33 Form of Relative Total Shareholder Return Performance Restricted Stock Unit Agreement for Employees for usage under the Company ’ s 2020 Equity Incentive Plan adopted April 3, 2023 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 29, 2023 as filed with the Commission on May 24, 2023 and incorporated herein by reference.
*10.33 Amended and Restated 1996 Stock Incentive Plan , filed as exhibit 10.36 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 30, 2021 as filed with the Commission on December 3, 2021 and incorporated herein by reference.
10 unchanged sentences
*10.44 Form of Indemnification Agreement for Directors and Officers , filed as exhibit 10.30 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 1, 2008 as filed with the Commission on November 25, 2008 and incorporated herein by reference.
−Removed: 10.46 Third Amended and Restated Credit Agreement, dated as of June 23, 2021, among Analog Devices, Inc., as Borrower, Bank of America, N.A.
−Removed: as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time party thereto , filed as exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on June 23, 2021 and incorporated herein by reference.
−Removed: 10.47 Amendment No.
−Removed: 1 to Third Amended and Restated Credit Agreement, dated as of December 20, 2022 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended January 28, 2023 as filed with the Commission on February 15, 2023 and incorporated herein by reference.
−Removed: 10.48 Amendment No.
−Removed: 2 to Third Amended and Restated Credit Agreement, dated as of July 24, 2023 , filed as exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 29, 2023 as filed with the Commission on August 23, 2023 and incorporated herein by reference.
+Added: 10.45 Fourth Amended and Restated Credit Agreement, dated as of April 11, 2025, among Analog Devices, Inc., as Borrower, Bank of America, N.A.
+Added: as Administrative Agent, Swing Line Lender and L/C Issuer, and each lender from time to time party thereto , filed as exhibit 10.1 to the Company’s Current Report on Form 8-K as filed with the Commission on April 11, 2025 and incorporated herein by reference.
*10.46 Analog Devices, Inc.
Amended & Restated 2022 Employee Stock Purchase Plan , filed as exhibit 10.63 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2023 as filed with the Commission on November 21, 2023 and incorporated herein by reference.
−Removed: *10.50 Offer Letter for Gregory Bryant dated December 14, 2021 , filed as exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated herein by reference.
−Removed: *10.51 Executive Performance Incentive Plan effective May 1, 2022 , filed as exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2022 as filed with the Commission on May 18, 2022 and incorporated by reference herein.
+Added: *10.47 Executive Performance Incentive Plan effective November 3, 2024 , filed as exhibit 10.52 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated herein by reference.
†*10.48 Executive Performance Incentive Plan effective November 2 , 202 5 .
−Removed: *10.53 Maxim Integrated Products, Inc.
−Removed: Form of Global Restricted Stock Unit Agreement effective July 12, 2020 , filed as exhibit 10.28 to Maxim Integrated Products, Inc.’s Annual Report on Form 10-K for the fiscal year ended June 27, 2020 as filed with the Commission on August 19, 2020 and incorporated herein by reference.
−Removed: *10.54 Maxim Integrated Products, Inc.
−Removed: Form of Global Restricted Stock Unit Agreement , filed as exhibit 10.5 to Maxim Integrated Products, Inc.’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 26, 2020 as filed with the Commission on October 28, 2020 and incorporated herein by reference.
*10.49 Offer Letter for Richard C.
dated January 17, 2024 , filed as exhibit 10.8 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended February 3, 2024 as filed with the Commission on February 21, 2024 and incorporated herein by reference.
−Removed: †*10.56 Offer Letter for Katsu Nakamura dated November 1, 2024.
−Removed: †*10.57 Form of Financial Metric Performance Restricted Stock Unit Agreement for Employees for usage under the Company ’ s 2020 Equity Incentive Plan adopted September 10, 2024.
−Removed: Offer Letter for Martin Cotter dated November 20 , 2024.
+Added: *10.50 Offer Letter for Katsu Nakamura dated November 1, 2024 , filed as exhibit 10.56 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated by reference herein.
+Added: *10.51 Offer Letter for Martin Cotter dated November 20, 2024 , filed as exhibit 10.58 to the Company’s Annual Report on Form 10-K for the fiscal year ended November 2, 2024 as filed with the Commission on November 26, 2024 and incorporated herein by reference.
†19 Analog Devices, Inc.
9 unchanged sentences
†97 Analog Devices, Inc.
−Removed: Compensation Recovery Policy , filed as exhibit 97 to the Company’s Annual Report on Form 10-K for the fiscal year ended October 28, 2023 as filed with the Commission on November 21, 2023 and incorporated herein by reference.
+Added: Compensation Recovery Policy .
INS The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.**
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SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
−Removed: Years ended November 2, 2024, October 28, 2023 and October 29, 2022
+Added: Years ended November 1, 2025, November 2, 2024 and October 28, 2023
(dollar amounts in thousands)
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Year ended October 28, 2023 $ 339,105 $ ( 6,641 ) $ — $ 332,464
−Removed: Year ended October 28, 2023 $ 339,105 $ ( 6,641 ) $ — $ 332,464
Year ended November 2, 2024 $ 332,464 $ 10,615 $ — $ 343,079
+Added: Year ended November 1, 2025 $ 343,079 $ ( 79,204 ) $ — $ 263,875
FORM 10-K SUMMARY
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André Andonian
−Removed: Champy Director November 26, 2024
/s/ Edward H.
Frank Director November 25, 2025
−Removed: /s/ Laurie H.
−Removed: Glimcher Director November 26, 2024
Golz Director November 25, 2025
5 unchanged sentences
/s/ Ray Stata Director November 25, 2025
+Added: /s/ Andrea F.
+Added: Wainer Director November 25, 2025
/s/ Susie Wee Director November 25, 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.