What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-02-18 compared with 2025-08-20 · 87 added, 172 removed, 315 unchanged (45% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Three Months Ended

January 31, 2026 February 1, 2025

Revenue $ 3,160,263 $ 2,423,174

25 unchanged sentences

(in thousands)

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Three Months Ended

January 31, 2026 February 1, 2025

Net income $ 830,826 $ 391,316

2 unchanged sentences

Changes in pension plans, net 200 523

Other comprehensive (loss) income ( 5,453 ) 7,483 12,171 18,584

Other comprehensive income 6,141 287

Comprehensive income $ 836,967 $ 391,603

3 unchanged sentences

(in thousands, except share and per share amounts)

August 2, 2025 November 2, 2024

January 31, 2026 November 1, 2025

Current Assets

40 unchanged sentences

(in thousands)

Three Months Ended August 2, 2025

Capital in Accumulated

Common Stock Excess of Retained Comprehensive

Shares Amount Par Value Earnings Loss

BALANCE, MAY 3, 2025

496,248 $ 82,710 $ 24,885,204 $ 10,210,338 $ ( 167,632 )

Net income 518,518

Dividends declared and paid - $ 0.99 per share

Issuance of stock under stock plans and other 388 65 42,702

Stock-based compensation expense 84,703

Other comprehensive loss ( 5,453 )

Common stock repurchased ( 4,681 ) ( 781 ) ( 1,074,371 )

BALANCE, AUGUST 2, 2025

491,955 $ 81,994 $ 23,938,238 $ 10,238,695 $ ( 173,085 )

Nine Months Ended August 2, 2025

Three Months Ended January 31, 2026

Capital in Accumulated

5 unchanged sentences

Dividends declared and paid - $ 0.99 per share

( 1,437,521 )

Issuance of stock under stock plans and other 461 77 49,544

2 unchanged sentences

Common stock repurchased ( 1,911 ) ( 319 ) ( 516,180 )

BALANCE, AUGUST 2, 2025

491,955 $ 81,994 $ 23,938,238 $ 10,238,695 $ ( 173,085 )

See accompanying notes.

Three Months Ended August 3, 2024

Capital in Accumulated

Common Stock Excess of Retained Comprehensive

Shares Amount Par Value Earnings Loss

BALANCE, MAY 4, 2024 496,217 $ 82,704 $ 25,103,737 $ 10,239,549 $ ( 177,201 )

Net income 392,232

Dividends declared and paid - $ 0.92 per share

Issuance of stock under stock plans and other 827 138 51,881

Stock-based compensation expense 64,051

Other comprehensive income 7,483

Common stock repurchased ( 551 ) ( 92 ) ( 117,888 )

BALANCE, AUGUST 3, 2024

BALANCE, JANUARY 31, 2026

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

Nine Months Ended August 3, 2024

Three Months Ended February 1, 2025

Capital in Accumulated

1 unchanged sentence

Shares Amount Par Value Earnings Loss

BALANCE, OCTOBER 28, 2023 496,262 $ 82,712 $ 25,313,914 $ 10,356,798 $ ( 188,302 )

BALANCE, NOVEMBER 2, 2024 496,297 $ 82,718 $ 25,082,243 $ 10,196,612 $ ( 185,256 )

Net income 391,316

Dividends declared and paid - $ 0.92 per share

( 1,338,703 )

Issuance of stock under stock plans and other 411 68 41,679

2 unchanged sentences

Common stock repurchased ( 732 ) ( 122 ) ( 160,246 )

BALANCE, AUGUST 3, 2024

BALANCE, FEBRUARY 1, 2025

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

3 unchanged sentences

(in thousands)

Nine Months Ended

August 2, 2025 August 3, 2024

Three Months Ended

January 31, 2026 February 1, 2025

Cash flows from operating activities:

10 unchanged sentences

Cash flows from investing activities:

Purchases of short-term available-for-sale investments ( 1,150,240 ) ( 438,901 )

Maturities of short-term available-for-sale investments 9,992 —

Additions to property, plant and equipment ( 318,399 ) ( 565,053 )

Proceeds from sale of property, plant and equipment, net

Additions to property, plant and equipment, net ( 109,313 ) ( 148,978 )

Payments for acquisitions, net of cash acquired — ( 45,652 )

2 unchanged sentences

Cash flows from financing activities:

Proceeds from debt 1,490,785 1,087,856

Debt repayments ( 399,998 ) —

Proceeds from commercial paper notes 3,046,825 1,969,276

11 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED AUGUST 2, 2025 (UNAUDITED)

FOR THE THREE MONTHS ENDED JANUARY 31, 2026 (UNAUDITED)

(all tabular amounts in thousands except per share amounts and percentages)

1 unchanged sentence

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 November 1, 2025 (fiscal 2025) or any future period.

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.

Fiscal 2025 is a 52 -week fiscal year and fiscal 2024 was a 53 -week fiscal year.

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

Therefore, the first nine months of fiscal 2025 included one less week of operations as compared to the first nine months of fiscal 2024.

Certain prior-year amounts have been reclassified to conform to the fiscal 2026 presentation.

Note 2 – Shareholders’ Equity

As of August 2, 2025, 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 $ 10.3 billion remained available for repurchases under the program.

As of January 31, 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 $ 9.1 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 nine months of fiscal 2025.

The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first three months of fiscal 2026.

Foreign currency translation adjustment Unrealized holding gains/losses on derivatives

5 unchanged sentences

Other comprehensive income 288 5,653 200 6,141

August 2, 2025 $ ( 72,059 ) $ ( 74,065 ) $ ( 26,961 ) $ ( 173,085 )

January 31, 2026 $ ( 71,412 ) $ ( 64,124 ) $ ( 12,905 ) $ ( 148,441 )

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 Nine Months Ended

Comprehensive (Loss) Income Component August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024 Location

Three Months Ended

Comprehensive (Loss) Income Component January 31, 2026 February 1, 2025 Location

Unrealized holding gains/losses on derivatives:

5 unchanged sentences

( 1,023 ) ( 158 ) Tax

$ 6,767 $ 802 $ 9,311 $ 4,131 Net of tax

Amortization of pension components included in the computation of net periodic pension cost:

Actuarial losses $ 542 $ 515 $ 1,582 $ 1,547 Net of tax

Total amounts reclassified out of AOCI, net of tax $ 4,870 $ ( 937 )

1 unchanged sentence

The following table sets forth the computation of basic and diluted earnings per share:

Three Months Ended Nine Months Ended

August 2, 2025 August 3, 2024 August 2, 2025 August 3, 2024

Three Months Ended

January 31, 2026 February 1, 2025

Net income $ 830,826 $ 391,316

18 unchanged sentences

Severance payments

Balance at February 1, 2025 $ 67,302

Employee severance costs, net

Severance payments

Balance at May 3, 2025 $ 21,043

Employee severance costs, net 2,444

Severance payments ( 14,195 )

Balance at August 2, 2025 $ 9,292

The Company recorded net special charges of $ 70.0 million as part of its Global Repositioning Actions in the nine months ended August 2, 2025.

The Global Repositioning Actions were part of a transformation initiative aimed at aligning the Company’s enterprise strategy, organizational design and streamlining its operations to achieve its long-term strategic plan.

Balance at January 31, 2026 $ 31,248

The Company recorded net special charges of $ 32.4 million as part of its Global Repositioning Actions in the three months ended January 31, 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 second quarter of fiscal 2025, the Company completed the sale of its facility in Milpitas, CA, that was previously classified as held for sale, for approximately $ 39.7 million, net of selling costs, which resulted in an immaterial loss recorded in Special charges, net.

Note 6 – Revenue

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.

Note 6 – Industry and Segment Information

The Company’s Chair and Chief Executive Officer 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

January 31, 2026 February 1, 2025

$ 3,160,263 $ 2,423,174

Cost of sales, including human capital expenses therein 1,115,287 992,871

Operating expenses:

Employee compensation costs 602,487 467,597

Amortization of acquired intangible assets 187,315 187,415

Research and development related costs (excluding employee compensation costs) 128,849 131,482

Special charges, net 47,982 63,887

Other operating expense (excluding employee compensation costs) (1)

81,317 88,609

Nonoperating expense (income)

51,155 55,737

Provision for income taxes 115,045 44,260

Net income $ 830,826 $ 391,316

_______________________________________

(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 following table summarizes 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.

As data systems for capturing and tracking this data and the Company’s methodology evolves and improves, the categorization of products by end market can vary over time.

The assignment of products to end markets may change over time.

When this occurs, the Company reclassifies revenue by end market for prior periods.

1 unchanged sentence

Three Months Ended

August 2, 2025 August 3, 2024

January 31, 2026 February 1, 2025

Revenue % of Revenue* Y/Y% Revenue % of Revenue*

1 unchanged sentence

Automotive 794,402 25 % 8 % 735,646 30 %

Consumer 372,197 13 % 21 % 306,832 13 %

Communications 476,797 15 % 63 % 292,186 12 %

Total revenue $ 2,880,348 100 % 25 % $ 2,312,209 100 %

Nine Months Ended

August 2, 2025 August 3, 2024

Revenue % of Revenue* Y/Y% Revenue % of Revenue*

Industrial $ 3,502,751 44 % 9 % $ 3,223,111 46 %

Automotive 2,445,391 31 % 14 % 2,136,173 31 %

Consumer 399,808 13 % 27 % 314,692 13 %

Communications 985,834 12 % 22 % 807,232 12 %

Total revenue $ 3,160,263 100 % 30 % $ 2,423,174 100 %

1 unchanged sentence

Revenue by Sales Channel

The following tables summarize revenue by sales channel.

The following table summarizes 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.

4 unchanged sentences

Three Months Ended

August 2, 2025 August 3, 2024

Channel Revenue % of Revenue* Revenue % of Revenue*

Distributors $ 1,592,407 55 % $ 1,332,244 58 %

Direct customers 1,240,924 43 % 940,317 41 %

Other 47,017 2 % 39,648 2 %

Total revenue $ 2,880,348 100 % $ 2,312,209 100 %

Nine Months Ended

August 2, 2025 August 3, 2024

January 31, 2026 February 1, 2025

Channel Revenue % of Revenue* Revenue % of Revenue*

6 unchanged sentences

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 August 2, 2025 and November 2, 2024.

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 August 2, 2025 and November 2, 2024, the Company held $ 1.4 billion and $ 1.4 billion, respectively, of cash that is excluded

from the tables below.

August 2, 2025

As of January 31, 2026 and November 1, 2025, the Company held $ 1.5 billion and $ 1.4 billion, respectively, of cash that is excluded from the tables below.

January 31, 2026

Fair Value Measurement at

13 unchanged sentences

Forward foreign currency exchange contracts (2) — 8,739 8,739

— 10,313 10,313

Deferred compensation plan investments 114,245 — 114,245

1 unchanged sentence

Forward foreign currency exchange contracts (2) $ — $ 4,635 $ 4,635

$ — $ 10,535 $ 10,535

Interest rate derivatives (3) — 18,860 18,860

— 17,404 17,404

Total liabilities measured at fair value $ — $ 23,495 $ 23,495

(1) The amortized cost of the Company’s investments classified as available-for-sale as of August 2, 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.

(1) The amortized cost of the Company’s investments classified as available-for-sale as of January 31, 2026 was $ 1.5 billion.

(2) The Company has master netting arrangements by counterparty with respect to derivative contracts.

11 unchanged sentences

Government and institutional money market funds $ 740,730 $ — $ 740,730

Corporate obligations (1) — 397,707 397,707

Short-term investments (2):

Available-for-sale:

Securities with one year or less to maturity:

Corporate obligations (1) — 656,839 656,839

7 unchanged sentences

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 2, 2024 was $ 382.9 million.

(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.

4 unchanged sentences

Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis

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 ($ 548.7 million and $ 547.7 million as of August 2, 2025 and November 2, 2024, 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.

August 2, 2025 November 2, 2024

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 ($ 543.0 million and $ 446.6 million as of January 31, 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.

January 31, 2026 November 1, 2025

Principal Amount Outstanding Fair Value Principal Amount Outstanding Fair Value

2025 Notes, due April 2025 $ — $ — 400,000 397,027

2026 Notes, due December 2026 900,000 898,160 900,000 895,623

14 unchanged sentences

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 August 2, 2025 and November 2, 2024 were $ 282.2 million and $ 257.0 million, respectively, and the fair values of these instruments in the Company’s Condensed Consolidated Balance Sheets were as follows:

Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of January 31, 2026 and November 1, 2025 were $ 311.4 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 August 2, 2025 November 2, 2024

Balance Sheet Location January 31, 2026 November 1, 2025

Forward foreign currency exchange contracts Prepaid expenses and other current assets $ 6,050 $ 4,403

Forward foreign currency exchange contracts Accrued liabilities $ 2,167 $ 4,399

As of August 2, 2025 and November 2, 2024, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $ 184.7 million and $ 176.8 million, respectively, and the fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets were as follows:

As of January 31, 2026 and November 1, 2025, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $ 218.9 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 August 2, 2025 November 2, 2024

Balance Sheet Location January 31, 2026 November 1, 2025

Undesignated hedges related to forward foreign currency exchange contracts

4 unchanged sentences

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:

August 2, 2025

January 31, 2026

Balance Sheet Location Loss on Swaps Gain on Note

1 unchanged sentence

Long-term debt

For 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 for further information.

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.

Note 9 – Inventories

Inventories at August 2, 2025 and November 2, 2024 were as follows:

August 2, 2025 November 2, 2024

Inventories at January 31, 2026 and November 1, 2025 were as follows:

January 31, 2026 November 1, 2025

Raw materials $ 67,345 $ 70,183

2 unchanged sentences

Total inventories $ 1,767,104 $ 1,656,323

Note 10 – Debt

Revolving Credit Agreement

On April 11, 2025, the Company entered into its Fourth Amended and Restated Revolving Credit Agreement (Revolving Credit Agreement) with the Company and Bank of America, N.A.

as administrative agent and the other banks identified therein as lenders, which further amended and restated its revolving credit agreement dated as of June 23, 2021.

The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of up to $ 3.0 billion, expiring on April 11, 2030.

The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default applicable to the Company and its subsidiaries.

As of August 2, 2025, the Company was in compliance with these covenants.

During the second quarter of fiscal 2025, the Company repaid the $ 400.0 million principal amount on its 2025 Notes, due April 2025.

On June 16, 2025, in an underwritten public offering, the Company issued $ 850.0 million aggregate principal amount of 4.250 % senior notes due June 15, 2028 (the 2028 Notes) with semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025.

The net proceeds of the offering were $ 845.3 million, after discounts and issuance costs.

Prior to May 15, 2028 (the date that is one month prior to the maturity date of the 2028 Notes), the Company may, at its option, redeem the 2028 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2028 Notes matured on June 15, 2028) on a semi-annual basis at the applicable treasury rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100 % of the principal amount of the 2028 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after May 15, 2028, the Company may, at its option, redeem the 2028 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100 % of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The 2028 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.

On June 16, 2025, in an underwritten public offering, the Company issued $ 650.0 million aggregate principal amount of 4.500 % senior notes due June 15, 2030 (the 2030 Notes) with semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025.

The net proceeds of the offering were $ 645.5 million, after discounts and issuance costs.

Prior to May 15, 2030 (the date that is one month prior to the maturity date of the 2030 Notes), the Company may, at its option, redeem the 2030 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of:

(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2030 Notes matured on June 15, 2030) on a semi-annual basis at the applicable treasury rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100 % of the principal amount of the 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date.

On or after May 15, 2030, the Company may, at its option, redeem the 2030 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100 % of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.

The 2030 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.

The 2028 Notes and the 2030 Notes were issued pursuant to a base indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by a supplemental indenture, which contains certain covenants, events of default and other customary provisions.

The covenants applicable to the 2028 Notes and the 2030 Notes limit the Company’s ability to incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property;

enter into certain 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 its assets to, any other party.

As of August 2, 2025, the Company was in compliance with these covenants.

Note 10 – Income Taxes

On July 4, 2025, the reconciliation bill, commonly known as the One Big Beautiful Bill Act (OBBBA), was enacted into law.

The OBBBA, among other things, eliminates the requirement to capitalize U.S.

R&D expenses, permanently extends certain provisions of the Tax Cuts & Jobs Act of 2017 and modifies certain international tax provisions, including changes to the Global Intangible Low-Taxed Income (GILTI) and the foreign-derived intangible income regimes, with effective dates beginning in calendar year 2025 and extending through calendar year 2027.

As the OBBBA was enacted during the Company’s fiscal quarter ended August 2, 2025, the Company has considered and reflected the impacts on the condensed consolidated financial statements.

The Company is in the process of evaluating the financial statement impact of these provisions to future periods, but does not expect the OBBBA to have a material impact on the consolidated financial statements.

The Company accounts for GILTI under the deferred method.

As a result of the enactment of the OBBBA, which revised the applicable GILTI tax rate for the Company’s fiscal years beginning in 2027 in the third quarter of fiscal 2025, the Company recorded a net deferred tax expense of $ 153.8 million related to the remeasurement of its GILTI-related deferred tax assets and liabilities.

The Company has numerous audits ongoing throughout the world including:

an IRS income tax audit for the fiscal years ended October 30, 2021 (fiscal 2021), November 2, 2019 (fiscal 2019) and November 3, 2018 (fiscal 2018);

a pre-acquisition IRS income tax audit for Maxim Integrated Products, Inc.’s (Maxim) fiscal years ended June 27, 2015 through August 26, 2021;

and various U.S.

state and local audits and international audits, including Irish corporate tax audits for fiscal 2021.

The Company’s U.S.

federal income tax returns prior to fiscal 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.

During the second quarter of fiscal 2025, the Company received an assessment from the U.S.

The Company’s effective tax rates for the three-month periods ended January 31, 2026, and February 1, 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.

6 unchanged sentences

Note 11 – New Accounting Pronouncements

Standards to Be Implemented

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which enhances the disclosure requirements for reportable segments.

ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items.

Disclosure of multiple measures of segment profit and loss may also be reported.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Standards Implemented

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.

The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

The Company adopted this ASU in fiscal 2026 and will include required financial statement disclosures in its Annual Report on Form 10-K for the fiscal year ending October 31, 2026.

Standards to Be Implemented

Disaggregation of Income Statement Expenses

4 unchanged sentences

Note 12 – Subsequent Events

On August 15, 2025, the Company increased the aggregate amount that it may issue under its commercial paper program from $ 2.5 billion to $ 3.0 billion outstanding at any time.

For further information on the Company’s commercial paper program, see Note 13, Debt , in the Notes to Condensed Consolidated Financial Statements in Part II, Item 8 of the Annual Report on Form 10-K for the fiscal year-ended November 2, 2024, which was filed with the Securities and Exchange Commission on November 26, 2024.

On August 19, 2025, the Board of Directors of the Company declared a cash dividend of $ 0.99 per outstanding share of common stock.

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.

On February 17, 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 March 17, 2026 to all shareholders of record at the close of business on March 3, 2026 and is expected to total approximately $ 537.0 million.

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-Q

Item 1. Financial Statements