Item 1. Financial Statements
ITEM 1. Financial Statements
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)
Three Months Ended
January 31, 2026 February 1, 2025
Revenue $ 3,160,263 $ 2,423,174
Cost of sales 1,115,287 992,871
Gross margin 2,044,976 1,430,303
Operating expenses:
Research and development 467,400 402,892
Selling, marketing, general and administrative 345,253 284,796
Amortization of intangibles 187,315 187,415
Special charges, net 47,982 63,887
Total operating expenses 1,047,950 938,990
Operating income: 997,026 491,313
Nonoperating expense (income):
Interest expense 86,345 75,264
Interest income ( 32,257 ) ( 23,487 )
Other, net ( 2,933 ) 3,960
Total nonoperating expense (income) 51,155 55,737
Income before income taxes 945,871 435,576
Provision for income taxes 115,045 44,260
Net income $ 830,826 $ 391,316
Shares used to compute earnings per common share – basic 488,874 496,116
Shares used to compute earnings per common share – diluted 491,656 498,668
Basic earnings per common share $ 1.70 $ 0.79
Diluted earnings per common share $ 1.69 $ 0.78
See accompanying notes.
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ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)
Three Months Ended
January 31, 2026 February 1, 2025
Net income $ 830,826 $ 391,316
Foreign currency translation adjustments 288 ( 159 )
Change in fair value of derivative instruments designated as cash flow hedges, net 5,653 ( 77 )
Changes in pension plans, net 200 523
Other comprehensive income 6,141 287
Comprehensive income $ 836,967 $ 391,603
See accompanying notes.
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ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)
January 31, 2026 November 1, 2025
ASSETS
Current Assets
Cash and cash equivalents $ 2,905,860 $ 2,499,406
Short-term investments 1,142,987 1,152,915
Accounts receivable 1,360,184 1,436,075
Inventories 1,767,104 1,656,323
Prepaid expenses and other current assets 426,391 363,342
Total current assets 7,602,526 7,108,061
Non-current Assets
Net property, plant and equipment 3,248,983 3,315,696
Goodwill 26,945,180 26,945,180
Intangible assets, net 7,629,200 8,013,815
Deferred tax assets 1,759,646 1,867,102
Other assets 805,655 742,858
Total non-current assets 40,388,664 40,884,651
TOTAL ASSETS $ 47,991,190 $ 47,992,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable $ 549,058 $ 543,760
Income taxes payable 755,829 610,370
Debt, current 898,900 —
Commercial paper notes 543,042 446,639
Accrued liabilities 1,583,794 1,645,032
Total current liabilities 4,330,623 3,245,801
Non-current Liabilities
Long-term debt 7,240,279 8,145,066
Deferred income taxes 1,995,833 2,163,281
Income taxes payable 103,644 100,963
Other non-current liabilities 533,552 521,846
Total non-current liabilities 9,873,308 10,931,156
Shareholders’ Equity
Preferred stock, $ 1.00 par value, 471,934 shares authorized, none outstanding
— —
Common stock, $ 0.16 2/3 par value, 1,200,000,000 shares authorized, 488,204,157 shares outstanding ( 489,654,097 on November 1, 2025)
81,369 81,611
Capital in excess of par value 22,968,224 23,349,185
Retained earnings 10,886,107 10,539,541
Accumulated other comprehensive loss ( 148,441 ) ( 154,582 )
Total shareholders’ equity 33,787,259 33,815,755
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 47,991,190 $ 47,992,712
See accompanying notes.
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ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(in thousands)
Three Months Ended January 31, 2026
Capital in Accumulated
Other
Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss
BALANCE, NOVEMBER 1, 2025
489,654 $ 81,611 $ 23,349,185 $ 10,539,541 $ ( 154,582 )
Net income 830,826
Dividends declared and paid - $ 0.99 per share
( 484,260 )
Issuance of stock under stock plans and other 461 77 49,544
Stock-based compensation expense 85,675
Other comprehensive income 6,141
Common stock repurchased ( 1,911 ) ( 319 ) ( 516,180 )
BALANCE, JANUARY 31, 2026
488,204 $ 81,369 $ 22,968,224 $ 10,886,107 $ ( 148,441 )
Three Months Ended February 1, 2025
Capital in Accumulated
Other
Common Stock Excess of Retained Comprehensive
Shares Amount Par Value Earnings Loss
BALANCE, NOVEMBER 2, 2024 496,297 $ 82,718 $ 25,082,243 $ 10,196,612 $ ( 185,256 )
Net income 391,316
Dividends declared and paid - $ 0.92 per share
( 456,338 )
Issuance of stock under stock plans and other 411 68 41,679
Stock-based compensation expense 77,574
Other comprehensive income 287
Common stock repurchased ( 732 ) ( 122 ) ( 160,246 )
BALANCE, FEBRUARY 1, 2025
495,976 $ 82,664 $ 25,041,250 $ 10,131,590 $ ( 184,969 )
See accompanying notes.
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ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
January 31, 2026 February 1, 2025
Cash flows from operating activities:
Net income $ 830,826 $ 391,316
Adjustments to reconcile net income to net cash provided by operations:
Depreciation 105,886 98,447
Amortization of intangibles 384,615 417,156
Stock-based compensation expense 85,675 77,574
Deferred income taxes ( 60,661 ) ( 59,454 )
Other 13,425 ( 799 )
Changes in operating assets and liabilities 8,749 202,569
Total adjustments 537,689 735,493
Net cash provided by operating activities 1,368,515 1,126,809
Cash flows from investing activities:
Maturities of short-term available-for-sale investments 9,992 —
Additions to property, plant and equipment, net ( 109,313 ) ( 148,978 )
Payments for acquisitions, net of cash acquired — ( 45,652 )
Other ( 7,708 ) 329
Net cash used for investing activities ( 107,029 ) ( 194,301 )
Cash flows from financing activities:
Proceeds from commercial paper notes 3,046,825 1,969,276
Payments of commercial paper notes ( 2,950,422 ) ( 1,968,611 )
Repurchase of common stock ( 516,499 ) ( 160,368 )
Dividend payments to shareholders ( 484,260 ) ( 456,338 )
Proceeds from employee stock plans 49,621 41,747
Other ( 297 ) 438
Net cash used for financing activities ( 855,032 ) ( 573,856 )
Net increase in cash and cash equivalents 406,454 358,652
Cash and cash equivalents at beginning of period 2,499,406 1,991,342
Cash and cash equivalents at end of period $ 2,905,860 $ 2,349,994
See accompanying notes.
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ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JANUARY 31, 2026 (UNAUDITED)
(all tabular amounts in thousands except per share amounts and percentages)
Note 1 – Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended November 1, 2025 (fiscal 2025) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2026 (fiscal 2026) or any future period.
The Company has a 52 - 53 week fiscal year that ends on the Saturday closest to the last day in October. Certain prior-year amounts have been reclassified to conform to the fiscal 2026 presentation.
Note 2 – Shareholders’ Equity
As of 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 three months of fiscal 2026.
Foreign currency translation adjustment Unrealized holding gains/losses on derivatives
Pension plans Total
November 1, 2025 $ ( 71,700 ) $ ( 69,777 ) $ ( 13,105 ) $ ( 154,582 )
Other comprehensive income before reclassifications 288 920 — 1,208
Amounts reclassified out of other comprehensive income — 5,893 200 6,093
Tax effects — ( 1,160 ) — ( 1,160 )
Other comprehensive income 288 5,653 200 6,141
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
Comprehensive (Loss) Income Component January 31, 2026 February 1, 2025 Location
Unrealized holding gains/losses on derivatives:
Currency forwards $ 624 $ ( 1,579 ) Cost of sales
718 ( 847 ) Research and development
820 ( 2,084 ) Selling, marketing, general and administrative
Interest rate derivatives 3,731 3,731 Interest expense
5,893 ( 779 ) Total before tax
( 1,023 ) ( 158 ) Tax
Total amounts reclassified out of AOCI, net of tax $ 4,870 $ ( 937 )
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Note 4 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended
January 31, 2026 February 1, 2025
Net income $ 830,826 $ 391,316
Basic shares:
Weighted-average shares outstanding 488,874 496,116
Earnings per common share basic: $ 1.70 $ 0.79
Diluted shares:
Weighted-average shares outstanding 488,874 496,116
Assumed exercise of common stock equivalents 2,782 2,552
Weighted-average common and common equivalent shares 491,656 498,668
Earnings per common share diluted: $ 1.69 $ 0.78
Anti-dilutive shares related to:
Outstanding stock-based awards 106 190
Note 5 – Special Charges, Net
Liabilities related to special charges, net are included in Accrued liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:
Accrued Special Charges Global Repositioning Actions
Balance at November 1, 2025 $ 4,115
Employee severance costs, net
29,085
Severance payments
( 1,952 )
Balance at January 31, 2026 $ 31,248
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 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.
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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
Revenue
$ 3,160,263 $ 2,423,174
Less:
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 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. The assignment of products to end markets may change over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
January 31, 2026 February 1, 2025
Revenue % of Revenue* Y/Y% Revenue % of Revenue*
Industrial $ 1,489,256 47 % 38 % $ 1,080,650 45 %
Automotive 794,402 25 % 8 % 735,646 30 %
Communications 476,797 15 % 63 % 292,186 12 %
Consumer 399,808 13 % 27 % 314,692 13 %
Total revenue $ 3,160,263 100 % 30 % $ 2,423,174 100 %
* The sum of the individual percentages may not equal the total due to rounding.
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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. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.
Three Months Ended
January 31, 2026 February 1, 2025
Channel Revenue % of Revenue* Revenue % of Revenue*
Distributors $ 1,742,294 55 % $ 1,375,464 57 %
Direct customers 1,377,131 44 % 1,019,872 42 %
Other 40,838 1 % 27,838 1 %
Total revenue $ 3,160,263 100 % $ 2,423,174 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Note 7 – Fair Value
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of January 31, 2026 and November 1, 2025. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of 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
Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds $ 1,028,132 $ — $ 1,028,132
Corporate obligations (1) — 397,987 397,987
Short-term investments:
Available-for-sale:
Corporate obligations (1)
— 647,335 647,335
Bank obligations (1) — 495,652 495,652
Other assets:
Forward foreign currency exchange contracts (2) — 8,739 8,739
Deferred compensation plan investments 114,245 — 114,245
Total assets measured at fair value $ 1,142,377 $ 1,549,713 $ 2,692,090
Liabilities
Forward foreign currency exchange contracts (2) $ — $ 4,635 $ 4,635
Interest rate derivatives (3) — 18,860 18,860
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 January 31, 2026 was $ 1.5 billion.
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(2) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.
(3) The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
November 1, 2025
Fair Value Measurement at
Reporting Date Using:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds $ 740,730 $ — $ 740,730
Corporate obligations (1) — 397,707 397,707
Short-term investments (2):
Available-for-sale:
Corporate obligations (1) — 656,839 656,839
Bank obligations (1) — 496,076 496,076
Other assets:
Forward foreign currency exchange contracts (3) — 6,708 6,708
Deferred compensation plan investments 105,188 — 105,188
Total assets measured at fair value $ 845,918 $ 1,557,330 $ 2,403,248
Liabilities
Forward foreign currency exchange contracts (3) $ — $ 7,975 $ 7,975
Interest rate derivatives (4) — 12,550 12,550
Total liabilities measured at fair value $ — $ 20,525 $ 20,525
(1) The amortized cost of the Company’s investments classified as available-for-sale as of November 1, 2025 was $ 1.6 billion.
(2) Available-for-sale securities are classified as current assets on the Condensed Consolidated Balance Sheets if the securities are available to be converted into cash to fund current operations.
(3) The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.
(4) The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
San Jose, California leased property asset group — As a result of a sublease transaction involving a leased property
in San Jose, California, the Company estimated the fair value of the sublease assets using discounted cash flows from the estimated net sublease rental income discounted at a market rate and recorded an impairment charge which represented the excess carrying value of the asset group associated with the leased property over its estimated fair value. These assets are considered a Level 2 fair value measurement. See Note 5, Special Charges, Net , in these Notes to Condensed Consolidated Financial Statements for additional information.
Debt — The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company’s commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($ 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
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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
2026 Notes, due December 2026 900,000 898,160 900,000 895,623
2027 Notes, due June 2027 440,212 438,402 440,212 436,916
2028 Notes, due June 2028 850,000 856,972 850,000 856,345
2028 Notes, due October 2028 750,000 709,690 750,000 704,186
2030 Notes, due June 2030 650,000 658,983 650,000 659,834
2031 Notes, due October 2031 1,000,000 889,346 1,000,000 884,390
2032 Notes, due October 2032 300,000 301,995 300,000 301,546
2034 Notes, due April 2034 550,000 568,435 550,000 571,370
2036 Notes, due December 2036 144,278 137,601 144,278 138,756
2041 Notes, due October 2041 750,000 551,493 750,000 555,925
2045 Notes, due December 2045 332,587 324,899 332,587 327,992
2051 Notes, due October 2051 1,000,000 649,360 1,000,000 662,609
2054 Notes, due April 2054 550,000 530,558 550,000 541,087
Total senior unsecured notes
$ 8,217,077 $ 7,515,894 $ 8,217,077 $ 7,536,579
Note 8 – Derivatives
Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of 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 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 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 January 31, 2026 November 1, 2025
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets $ 2,689 $ 2,305
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities $ 2,468 $ 3,576
Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company’s interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:
January 31, 2026
Balance Sheet Location Loss on Swaps Gain on Note
Accrued liabilities $ 18,860 $ —
Long-term debt
$ — $ 18,860
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.
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Note 9 – Inventories
Inventories at January 31, 2026 and November 1, 2025 were as follows:
January 31, 2026 November 1, 2025
Raw materials $ 67,345 $ 70,183
Work in process 1,318,628 1,218,625
Finished goods 381,131 367,515
Total inventories $ 1,767,104 $ 1,656,323
Note 10 – Income Taxes
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. The assessment excludes any penalties and interest. The assessment pertains to transfer pricing arrangements between the Company and one of its wholly-owned foreign subsidiaries. The Company firmly disagrees with this assessment and maintains that its transfer pricing is appropriate. Consequently, the Company has not recorded any additional tax liability related to fiscal 2018 and fiscal 2019 in relation to this issue, nor to any other periods. The Company intends to vigorously defend its original tax return position and is currently preparing for an appeal with the IRS. Should the IRS ultimately prevail regarding its assessments for fiscal 2018 and fiscal 2019, such a resolution, along with any potential impact on subsequent fiscal years, could have a material adverse effect on the Company’s income tax expense and net earnings in future periods.
Note 11 – New Accounting Pronouncements
Standards Implemented
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU in fiscal 2026 and will include required financial statement disclosures in its Annual Report on Form 10-K for the fiscal year ending October 31, 2026.
Standards to Be Implemented
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses , requiring public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. This aims to improve investor insights into company performance. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.
Note 12 – Subsequent Events
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.
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