What changed in this filing

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Item 1. Financial Statements

2026-05-20 compared with 2026-02-18 · 98 added, 51 removed, 351 unchanged (30% of the section changed)

3 unchanged sentences

(in thousands, except per share amounts)

Three Months Ended

January 31, 2026 February 1, 2025

Three Months Ended Six Months Ended

May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025

Revenue $ 3,623,465 $ 2,640,068 $ 6,783,728 $ 5,063,242

25 unchanged sentences

(in thousands)

Three Months Ended

January 31, 2026 February 1, 2025

Three Months Ended Six Months Ended

May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025

Net income $ 1,176,350 $ 569,770 $ 2,007,176 $ 961,086

2 unchanged sentences

Changes in pension plans, net 195 517 395 1,040

Other comprehensive income 6,141 287

Other comprehensive (loss) income ( 3,802 ) 17,337 2,339 17,624

Comprehensive income $ 1,172,548 $ 587,107 $ 2,009,515 $ 978,710

3 unchanged sentences

(in thousands, except share and per share amounts)

January 31, 2026 November 1, 2025

May 2, 2026 November 1, 2025

Current Assets

40 unchanged sentences

(in thousands)

Three Months Ended January 31, 2026

Three Months Ended May 2, 2026

Capital in Accumulated

1 unchanged sentence

Shares Amount Par Value Earnings Loss

BALANCE, JANUARY 31, 2026

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

Net income 1,176,350

Dividends declared and paid - $ 1.10 per share

Issuance of stock under stock plans and other 1,202 201 9,665

Stock-based compensation expense 81,721

Other comprehensive loss ( 3,802 )

Common stock repurchased ( 2,319 ) ( 387 ) ( 772,515 )

BALANCE, MAY 2, 2026

487,087 $ 81,183 $ 22,287,095 $ 11,525,998 $ ( 152,243 )

Six Months Ended May 2, 2026

Capital in Accumulated

Common Stock Excess of Retained Comprehensive

Shares Amount Par Value Earnings Loss

BALANCE, NOVEMBER 1, 2025

2 unchanged sentences

Dividends declared and paid - $ 2.09 per share

( 1,020,719 )

Issuance of stock under stock plans and other 1,663 277 59,210

2 unchanged sentences

Common stock repurchased ( 4,230 ) ( 705 ) ( 1,288,696 )

BALANCE, JANUARY 31, 2026

BALANCE, MAY 2, 2026

487,087 $ 81,183 $ 22,287,095 $ 11,525,998 $ ( 152,243 )

Three Months Ended February 1, 2025

See accompanying notes.

Three Months Ended May 3, 2025

Capital in Accumulated

1 unchanged sentence

Shares Amount Par Value Earnings Loss

BALANCE, FEBRUARY 1, 2025 495,976 $ 82,664 $ 25,041,250 $ 10,131,590 $ ( 184,969 )

Net income 569,770

Dividends declared and paid - $ 0.99 per share

Issuance of stock under stock plans and other 1,491 249 19,566

Stock-based compensation expense 72,831

Other comprehensive income 17,337

Common stock repurchased ( 1,219 ) ( 203 ) ( 248,443 )

BALANCE, MAY 3, 2025

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

Six Months Ended May 3, 2025

Capital in Accumulated

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 )

5 unchanged sentences

Common stock repurchased ( 1,951 ) ( 325 ) ( 408,689 )

BALANCE, FEBRUARY 1, 2025

BALANCE, MAY 3, 2025

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

3 unchanged sentences

(in thousands)

Three Months Ended

January 31, 2026 February 1, 2025

Six Months Ended

May 2, 2026 May 3, 2025

Cash flows from operating activities:

12 unchanged sentences

Additions to property, plant and equipment, net ( 247,015 ) ( 239,246 )

Proceeds from sale of property, plant and equipment, net

Payments for acquisitions, net of cash acquired ( 35,875 ) ( 45,652 )

Other ( 23,882 ) ( 12,880 )

Net cash used for investing activities ( 107,029 ) ( 194,301 )

Net cash (used for) provided by investing activities ( 158,955 ) 133,892

Cash flows from financing activities:

Debt repayments — ( 399,998 )

Proceeds from commercial paper notes 7,154,789 4,316,340

5 unchanged sentences

Net cash used for financing activities ( 2,144,091 ) ( 1,695,286 )

Net increase in cash and cash equivalents 406,454 358,652

Net (decrease) increase in cash and cash equivalents ( 62,490 ) 384,893

Cash and cash equivalents at beginning of period 2,499,406 1,991,342

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

FOR THE THREE AND SIX MONTHS ENDED MAY 2, 2026 (UNAUDITED)

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

5 unchanged sentences

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.

As of May 2, 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 $ 8.5 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.

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

Foreign currency translation adjustment Unrealized holding gains/losses on derivatives

5 unchanged sentences

Other comprehensive income 1,324 620 395 2,339

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

May 2, 2026 $ ( 70,376 ) $ ( 69,157 ) $ ( 12,710 ) $ ( 152,243 )

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

Three Months Ended Six Months Ended

Comprehensive (Loss) Income Component May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025 Location

Unrealized holding gains/losses on derivatives:

8 unchanged sentences

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

Three Months Ended

January 31, 2026 February 1, 2025

Three Months Ended Six Months Ended

May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025

Net income $ 1,176,350 $ 569,770 $ 2,007,176 $ 961,086

19 unchanged sentences

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.

Severance payments

Balance at May 2, 2026 $ 13,390

The Company recorded net special charges of $ 32.4 million as part of its Global Repositioning Actions in the six months ended May 2, 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.

4 unchanged sentences

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 Company’s Chief Executive Officer and Chair 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

Three Months Ended Six Months Ended

May 2, 2026 May 3, 2025 May 2, 2026 May 3, 2025

$ 3,623,465 $ 2,640,068 $ 6,783,728 $ 5,063,242

14 unchanged sentences

Revenue Trends by End Market

The following table summarizes revenue by end market.

The following tables summarize 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.

3 unchanged sentences

Three Months Ended

January 31, 2026 February 1, 2025

May 2, 2026 May 3, 2025

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

4 unchanged sentences

Total revenue $ 3,623,465 100 % 37 % $ 2,640,068 100 %

Six Months Ended

May 2, 2026 May 3, 2025

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

Industrial $ 3,296,449 49 % 48 % $ 2,220,569 44 %

Automotive 1,681,709 25 % 5 % 1,596,349 32 %

Communications 1,009,911 15 % 65 % 610,905 12 %

Consumer 795,659 12 % 25 % 635,419 13 %

Total revenue $ 6,783,728 100 % 34 % $ 5,063,242 100 %

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

Revenue by Sales Channel

The following table summarizes revenue by sales channel.

The following tables summarize 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

January 31, 2026 February 1, 2025

May 2, 2026 May 3, 2025

Channel Revenue % of Revenue* Revenue % of Revenue*

3 unchanged sentences

Total revenue $ 3,623,465 100 % $ 2,640,068 100 %

Six Months Ended

May 2, 2026 May 3, 2025

Channel Revenue % of Revenue* Revenue % of Revenue*

Distributors $ 3,813,606 56 % $ 2,855,552 56 %

Direct customers 2,897,220 43 % 2,145,647 42 %

Other 72,902 1 % 62,043 1 %

Total revenue $ 6,783,728 100 % $ 5,063,242 100 %

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

1 unchanged sentence

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

As of May 2, 2026 and November 1, 2025, the Company held $ 1.3 billion and $ 1.4 billion, respectively, of cash that is excluded from the tables below.

Fair Value Measurement at

18 unchanged sentences

Total liabilities measured at fair value $ — $ 33,902 $ 33,902

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

(1) The amortized cost of the Company’s investments classified as available-for-sale as of May 2, 2026 was $ 1.4 billion.

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

36 unchanged sentences

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

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 ($ 550.2 million and $ 446.6 million as of May 2, 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.

May 2, 2026 November 1, 2025

Principal Amount Outstanding Fair Value Principal Amount Outstanding Fair Value

15 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 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:

Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of May 2, 2026 and November 1, 2025 were $ 343.2 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

Balance Sheet Location May 2, 2026 November 1, 2025

Forward foreign currency exchange contracts Prepaid expenses and other current assets $ 1,162 $ 4,403

Forward foreign currency exchange contracts Accrued liabilities $ 6,150 $ 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:

As of May 2, 2026 and November 1, 2025, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $ 319.0 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

Balance Sheet Location May 2, 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:

January 31, 2026

Balance Sheet Location Loss on Swaps Gain on Note

May 2, 2026 November 1, 2025

Balance Sheet Location Loss on Swaps Gain on Note Loss on Swaps Gain on Note

Accrued liabilities $ 23,882 $ — $ 12,550 $ —

Long-term debt

$ — $ 23,882 $ — $ 12,550

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

January 31, 2026 November 1, 2025

Inventories at May 2, 2026 and November 1, 2025 were as follows:

May 2, 2026 November 1, 2025

Raw materials $ 68,165 $ 70,183

3 unchanged sentences

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.

The Company’s effective tax rates for the three- and six-month periods ended May 2, 2026 and May 3, 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.

13 unchanged sentences

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.

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

Standards to Be Implemented

3 unchanged sentences

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.

The Company is currently evaluating the impact 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.

On May 19, 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 June 16, 2026 to all shareholders of record at the close of business on June 2, 2026 and is expected to total approximately $ 535.8 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