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and uncertainty as to the long-term value of our common stock.
−Removed: Additional factors that could cause actual results to differ materially from those described in these forward-looking statements include the risk factors included in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for fiscal 2025.
+Added: Additional factors that could cause actual results to differ materially from those described in these forward-looking statements include the risk factors included in Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q for the period ended August 1, 2026 and Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for fiscal 2025.
Forward-looking statements represent management’s current expectations and are inherently uncertain.
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Three Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change
+Added: August 1, 2026 August 2, 2025 $ Change % Change
Revenue $ 4,021,899 $ 2,880,348 $ 1,141,551 40 %
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Diluted EPS $ 2.74 $ 1.04 $ 1.70 163 %
−Removed: Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change
+Added: Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change
Revenue $ 10,805,627 $ 7,943,590 $ 2,862,037 36 %
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Three Months Ended
−Removed: May 2, 2026 May 3, 2025
+Added: August 1, 2026 August 2, 2025
Revenue* Y/Y% Revenue % of
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Total revenue $ 4,021,899 100 % 40 % $ 2,880,348 100 %
−Removed: Six Months Ended
−Removed: May 2, 2026 May 3, 2025
+Added: Nine Months Ended
+Added: August 1, 2026 August 2, 2025
Revenue* Y/Y% Revenue % of
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* The sum of the individual percentages may not equal the total due to rounding.
−Removed: Revenue increased 37% and 34% in the three- and six-month periods ended May 2, 2026 as compared to the same periods of the prior fiscal year as a result of a broad-based increase in demand for our products, notably within all Industrial
−Removed: sub-markets with the highest growth coming from our test equipment and aerospace and defense sub-markets.
−Removed: Revenue also increased in the data center portion of the Communications end market related to artificial intelligence-driven infrastructure investments.
+Added: Revenue increased 40% and 36% in the three- and nine-month periods ended August 1, 2026 as compared to the same periods of the prior fiscal year, reflecting broad-based demand across end markets.
+Added: Within Industrial, all sub-markets grew,
+Added: with test equipment and aerospace and defense representing the highest growth.
+Added: The strongest growth within Communications came from the data center sub-market, driven by artificial intelligence-related infrastructure investments.
Revenue by Sales Channel
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Three Months Ended
−Removed: May 2, 2026 May 3, 2025
+Added: August 1, 2026 August 2, 2025
Revenue % of Revenue* Revenue % of Revenue*
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Total revenue $ 4,021,899 100 % $ 2,880,348 100 %
−Removed: Six Months Ended
−Removed: May 2, 2026 May 3, 2025
+Added: Nine Months Ended
+Added: August 1, 2026 August 2, 2025
Revenue % of Revenue* Revenue % of Revenue*
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As indicated in the tables above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
+Added: As a percentage of total revenue, the increase in the distributor channel is primarily due to the increase in the percentage of revenue from our Industrial end market.
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change
Gross margin $ 2,707,544 $ 1,789,748 $ 917,796 51 % $ 7,192,318 $ 4,831,661 $ 2,360,657 49 %
Gross margin % 67.3 % 62.1 % 66.6 % 60.8 %
−Removed: Gross margin percentage increased by 630 and 600 basis points in the three- and six-month periods ended May 2, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets.
+Added: Gross margin percentage increased by 520 and 580 basis points in the three- and nine-month periods ended August 1, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets.
Research and Development (R&D)
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change
R&D expenses $ 533,480 $ 454,251 $ 79,229 17 % $ 1,510,203 $ 1,298,980 $ 211,223 16 %
R&D expenses as a % of revenue 13 % 16 % 14 % 16 %
−Removed: R&D expenses increased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses.
+Added: R&D expenses increased in the three- and nine-month periods ended August 1, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses.
R&D expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage.
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Selling, Marketing, General and Administrative (SMG&A)
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change
SMG&A expenses $ 397,326 $ 325,706 $ 71,620 22 % $ 1,105,389 $ 913,171 $ 192,218 21 %
SMG&A expenses as a % of revenue 10 % 11 % 10 % 11 %
−Removed: SMG&A expenses increased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses.
+Added: SMG&A expenses increased in the three- and nine-month periods ended August 1, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses, higher salary and benefit expenses and acquisition related transaction costs in the third quarter of fiscal 2026.
SMG&A expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage.
Special Charges, Net
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change
Special charges, net $ (24,216) $ 4,348 $ (28,564) (657) % $ 23,766 $ 69,980 $ (46,214) (66) %
−Removed: Special charges, net decreased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.
−Removed: The decrease in the six-month period was partially offset by a $15.6 million impairment charge recorded in the first quarter of fiscal 2026 related to the asset group in our leased facilities in San Jose, California.
+Added: Special charges, net decreased in the three- and nine-month periods ended August 1, 2026, as compared to the same periods of the prior fiscal year, primarily due to a $24.4 million gain recorded on the sale of a subsidiary in Penang, Malaysia in the third quarter of fiscal 2026.
+Added: The decrease in the nine-month period was partially offset by a $15.6 million impairment charge recorded in the first quarter of fiscal 2026 related to the asset group in our leased facilities in San Jose, California.
Provision for Income Taxes
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change May 2, 2026 May 3, 2025 $ Change
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change August 1, 2026 August 2, 2025 $ Change
Provision for income taxes $ 205,779 $ 244,891 $ (39,112) $ 469,302 $ 345,309 $ 123,993
Effective income tax rate 13.3 % 32.1 % 12.3 % 18.9 %
−Removed: The primary driver for our increased tax rate in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, is the increase in taxes paid on our international profits.
−Removed: This results in higher non-deductible foreign tax expense under the global intangible low-taxed income (GILTI) regime, which has the effect of increasing our effective tax rate.
−Removed: Three Months Ended Six Months Ended
−Removed: May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change
+Added: The Company’s effective tax rates for the three- and nine-month periods ended August 1, 2026 are below the U.S.
+Added: 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.
+Added: The tax rates for the three- and nine-month periods ended August 2, 2025 were higher than the current year periods primarily due to a net deferred tax expense of $153.8 million recorded in the third quarter of fiscal 2025 related to the remeasurement of our Global Intangible Low-Taxed Income-related deferred tax assets and liabilities attributable to the passage of the One Big Beautiful Bill Act.
+Added: Three Months Ended Nine Months Ended
+Added: August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change
Net income $ 1,340,090 $ 518,518 $ 821,572 158 % $ 3,347,266 $ 1,479,604 $ 1,867,662 126 %
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Diluted EPS $ 2.74 $ 1.04 $ 6.83 $ 2.97
−Removed: Net income increased in the three-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, as the result of a $701.7 million increase in operating income, partially offset by a $92.3 million increase in provision for income taxes.
−Removed: Net income increased in the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, as the result of a $1,207.4 million increase in operating income, partially offset by a $163.1 million increase in provision for income taxes.
+Added: Net income increased in the three-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, as the result of a $794.9 million increase in operating income and a $39.1 million decrease in provision for income taxes as noted above in Provision for Income Taxes.
+Added: Net income increased in the nine-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, as the result of a $2.0 billion increase in operating income, partially offset by a $124.0 million increase in provision for income taxes.
Liquidity and Capital Resources
−Removed: At May 2, 2026, our principal source of liquidity was $3.4 billion of cash, cash equivalents and short-term investments, of which approximately $2.2 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.
+Added: At August 1, 2026, our principal source of liquidity was $2.3 billion of cash, cash equivalents and short-term investments, of which approximately $1.0 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries.
We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States.
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We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, acquisitions, research and development efforts and dividend payments in the immediate future and for at least the next twelve months.
−Removed: Six Months Ended
−Removed: May 2, 2026 May 3, 2025
+Added: Nine Months Ended
+Added: August 1, 2026 August 2, 2025
Net cash provided by operating activities $ 3,844,515 $ 3,111,392
Net cash provided by operations as a % of revenue 36 % 39 %
−Removed: Net cash (used for) provided by investing activities $ (158,955) $ 133,892
+Added: Net cash used for investing activities $ (873,902) $ (1,096,216)
Net cash used for financing activities $ (3,304,149) $ (1,685,327)
−Removed: The following changes contributed to the net change in cash and cash equivalents in the six-month period ended May 2, 2026 as compared to the same period in fiscal 2025.
+Added: The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended August 1, 2026 as compared to the same period in fiscal 2025.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities.
−Removed: The increase in cash provided by operating activities during the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.
+Added: The increase in cash provided by operating activities during the nine-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.
Investing Activities
−Removed: Investing cash flows generally consist of purchases and sales of property, plant and equipment, purchases, sales and maturities of available-for-sale investments;
+Added: Investing cash flows generally consist of purchases and sales of property, plant and equipment;
+Added: purchases, sales and maturities of available-for-sale investments;
and acquisitions of other businesses.
−Removed: The change in investing cash flows during the six-month period ended May 2, 2026, as compared to the same period of the prior fiscal year, was primarily the result of a decrease in maturities of our available-for-sale investments.
−Removed: The change in investing cash flows also included the sale of property, plant and equipment during fiscal 2025.
+Added: The change in investing cash flows during the nine-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, was primarily the result of the acquisition of Empower Semiconductor, Inc.
+Added: during the third quarter of fiscal 2026, partially offset by the net change in our available-for-sale investment portfolio.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuances and repayments of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans.
−Removed: The change in cash used for financing activities during the six-month period ended May 2, 2026, as compared to the same
−Removed: period of the prior fiscal year, was primarily the result of higher common stock repurchases partially offset by debt repayments during fiscal 2025.
+Added: The change in cash used for financing activities during the nine-month period ended August 1, 2026, as compared to the same
+Added: period of the prior fiscal year, was primarily the result of lower net proceeds from our debt obligations and higher common stock repurchases.
Working Capital
−Removed: May 2, 2026 November 1, 2025 $ Change % Change
+Added: August 1, 2026 November 1, 2025 $ Change % Change
Accounts receivable $ 2,389,577 $ 1,436,075 $ 953,502 66 %
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Inventory increased primarily as a result of building inventory levels to support increased demand.
−Removed: Current liabilities increased to $4.5 billion at May 2, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in accrued liabilities, partially offset by a decrease in income taxes payable.
−Removed: As of May 2, 2026, our debt obligations consisted of the following:
+Added: Current liabilities increased to $5.7 billion at August 1, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $1.3 billion of debt due within one year to current liabilities as well as an increase in commercial paper notes and accrued liabilities, partially offset by a decrease in income taxes payable.
+Added: As of August 1, 2026, our debt obligations consisted of the following:
Principal Amount Outstanding
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and consolidate with or merge into, or transfer or lease all or substantially all of our assets to, any other party.
−Removed: As of May 2, 2026, we were in compliance with these covenants.
+Added: As of August 1, 2026, we were in compliance with these covenants.
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $3.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance.
−Removed: As of May 2, 2026, we had $0.6 billion of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
+Added: As of August 1, 2026, we had $1.0 billion of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet.
We intend to use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
−Removed: Revolving Credit Facility
−Removed: Our Fourth Amended and Restated Revolving Credit Agreement, dated as of April 11, 2025, with Bank of America N.A.
−Removed: as administrative agent and the other banks identified therein as lenders (the Revolving Credit Agreement) provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).
−Removed: We may borrow under the Revolving Credit Agreement in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.
−Removed: The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness.
−Removed: In addition, the Revolving Credit Agreement contains an interest coverage covenant which requires the ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to consolidated interest charges to be greater than 3.0 to 1.0.
−Removed: As of May 2, 2026, we were in compliance with these covenants.
+Added: Revolving Credit Agreements
+Added: Our Fourth Amended and Restated Revolving Credit Agreement entered into in April 2025 and our 364-Day Revolving Credit Agreement entered into in July 2026, each with Bank of America N.A.
+Added: as administrative agent and the other banks identified therein as lenders, provide for a five-year and a 364-day unsecured revolving credit facility, respectively, in an aggregate principal amount not to exceed $6.0 billion, subject to certain terms and conditions.
+Added: We may borrow under the Revolving Credit Agreements in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes.
+Added: The terms of the Revolving Credit Agreements impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness.
+Added: In addition, the Revolving Credit Agreements contain interest coverage covenants which requires the ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to consolidated interest charges to be greater than 3.0 to 1.0.
+Added: As of August 1, 2026, we were in compliance with these covenants.
Stock Repurchase Program
−Removed: As of May 2, 2026, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $8.5 billion remained available for repurchases under the current authorized program.
+Added: As of August 1, 2026, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $7.4 billion remained available for repurchases under the current authorized program.
Repurchased shares are held as authorized but unissued shares of common stock.
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Capital Expenditures
−Removed: Net additions to property, plant and equipment were $247.0 million in the first six months of fiscal 2026.
+Added: Net additions to property, plant and equipment were $392.7 million in the first nine months of fiscal 2026.
We expect capital expenditures for fiscal 2026 to be between approximately 4% and 6% of fiscal 2026 revenue.
These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
−Removed: On May 19, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock.
−Removed: 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.
+Added: On August 18, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock.
+Added: The dividend will be paid on September 15, 2026 to all shareholders of record at the close of business on September 1, 2026 and is expected to total approximately $533.0 million.
We currently expect quarterly dividends to continue in future periods, although they remain subject to determination and declaration by our Board of Directors.
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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.