Analog Devices (ADI)

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share amounts) August 1, 2026November 1, 2025 ASSETS Current Assets Cash and cash equivalents$2,165,870 $2,499,406 Short-term investments159,064 1,152,915 Accounts receivable2,389,577 1,436,075 Inventories1,931,496 1,656,323 426,523 363,342 Total current assets7,072,530 7,108,061 Non-current Assets 3,351,981 3,315,696 Goodwill27,988,737 26,945,180 Intangible assets, net7,468,220 8,013,815 Deferred tax assets1,689,972 1,867,102 852,977 742,858 Total non-current assets41,351,887 40,884,651 TOTAL ASSETS$48,424,417 $47,992,712 LIABILITIES AND SHAREHOLDERS EQUITY Current Liabilities Accounts payable$682,167 $543,760 461,804 610,370 Debt, current1,344,855 Commercial paper notes1,005,104 446,639 2,162,324 1,645,032 Total current liabilities5,656,254 3,245,801 Non-current Liabilities Long-term debt6,771,624 8,145,066 Deferred income taxes1,837,959 2,163,281 90,723 100,963 516,960 521,846 Total non-current liabilities9,217,266 10,931,156 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, 484,565,465 shares outstanding (489,654,097 on November 1, 2025) 80,762 81,611 Capital in excess of par value21,288,447 23,349,185 Retained earnings12,330,779 10,539,541 Accumulated other comprehensive loss(149,091)(154,582) Total shareholders equity33,550,897 33,815,755 TOTAL LIABILITIES AND SHAREHOLDERS EQUITY$48,424,417 $47,992,712 See accompanying notes. 3 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Unaudited) (in thousands) Three Months Ended August 1, 2026 Capital inAccumulated Other Common StockExcess ofRetainedComprehensive SharesAmountPar ValueEarningsLoss 487,087 $81,183 $22,287,095 $11,525,998 $(152,243) 1,340,090 Dividends declared and paid - $1.10 per share (535,309) 360 59 61,625 Stock-based compensation expense96,255 Other comprehensive income3,152 Common stock repurchased(2,882)(480)(1,156,528) BALANCE, AUGUST 1, 2026 484,565 $80,762 $21,288,447 $12,330,779 $(149,091) Nine Months Ended August 1, 2026 Capital inAccumulated Other Common StockExcess ofRetainedComprehensive SharesAmountPar ValueEarningsLoss BALANCE, NOVEMBER 1, 2025 489,654 $81,611 $23,349,185 $10,539,541 $(154,582) Net income3,347,266 Dividends declared and paid - $3.19 per share (1,556,028) Issuance of stock under stock plans and other2,023 337 120,834 Stock-based compensation expense263,651 Other comprehensive income5,491 Common stock repurchased(7,112)(1,186)(2,445,223) BALANCE, AUGUST 1, 2026 484,565 $80,762 $21,288,447 $12,330,779 $(149,091) See accompanying notes. 4 Three Months Ended August 2, 2025 Capital inAccumulated Other Common StockExcess ofRetainedComprehensive SharesAmountPar ValueEarningsLoss 496,248 $82,710 $24,885,204 $10,210,338 $(167,632) 518,518 Dividends declared and paid - $0.99 per share (490,161) Issuance of stock under stock plans and other388 65 42,702 Stock-based compensation expense84,703 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 Capital inAccumulated Other Common StockExcess ofRetainedComprehensive SharesAmountPar ValueEarningsLoss BALANCE, NOVEMBER 2, 2024496,297 $82,718 $25,082,243 $10,196,612 $(185,256) Net income1,479,604 Dividends declared and paid - $2.90 per share (1,437,521) Issuance of stock under stock plans and other2,291 382 103,947 Stock-based compensation expense235,108 Other comprehensive income12,171 Common stock repurchased(6,633)(1,106)(1,483,060) BALANCE, AUGUST 2, 2025 491,955 $81,994 $23,938,238 $10,238,695 $(173,085) See accompanying notes. 5 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended August 1, 2026August 2, 2025 Cash flows from operating activities: Net income$3,347,266 $1,479,604 Adjustments to reconcile net income to net cash provided by operations: Depreciation315,298 301,323 Amortization of intangibles1,160,358 1,202,179 263,651 235,108 (281,941)(97,318) (19,377)(1,496) Changes in operating assets and liabilities(940,740)(8,008) Total adjustments497,249 1,631,788 Net cash provided by operating activities3,844,515 3,111,392 Cash flows from investing activities: Purchases of short-term available-for-sale investments (1,150,240) Maturities of short-term available-for-sale investments990,657 372,778 (392,677)(318,399) Proceeds from sale of property, plant and equipment, net 58,892 Proceeds from sale of a subsidiary, net96,592 Payments for acquisitions, net of cash acquired(1,536,049)(45,652) Other(32,425)(13,595) Net cash used for investing activities(873,902)(1,096,216) Cash flows from financing activities: 1,490,785 (399,998) Proceeds from commercial paper notes13,061,198 6,867,508 Payments of commercial paper notes(12,502,732)(6,866,581) Repurchase of common stock(2,446,409)(1,484,166) Dividend payments to shareholders(1,556,028)(1,437,521) Proceeds from employee stock plans121,171 104,329 18,651 40,317 Net cash used for financing activities(3,304,149)(1,685,327) (333,536)329,849 Cash and cash equivalents at beginning of period2,499,406 1,991,342 Cash and cash equivalents at end of period$2,165,870 $2,321,191 See accompanying notes. 6 ANALOG DEVICES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED AUGUST 1, 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 August 1, 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 $7.4 billion remained available for repurchases under the program. Note 3 Accumulated Other Comprehensive (Loss) Income The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first nine months of fiscal 2026.Pension plansTotal November 1, 2025$(71,700)(69,777)$(13,105)$(154,582) Other comprehensive income before reclassifications2,403 (1,612) Amounts reclassified out of other comprehensive income 582 8,857 Tax effects (1,754) Other comprehensive income2,403 582 5,491 $(69,297)(67,271)$(12,523)$(149,091) 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 EndedNine Months Ended Comprehensive (Loss) Income ComponentAugust 1, 2026August 2, 2025August 1, 2026August 2, 2025Location Unrealized holding gains/losses on derivatives: Currency forwards $(1,586)$1,616 $(1,514)$483 Cost of sales (810)949 (134)220 Research and development (1,577)1,606 (1,270)(442)Selling, marketing, general and administrative 3,731 3,731 11,193 11,193 Interest expense 7,902 8,275 11,454 Total before tax 253 (1,135)(1,437)(2,143)Tax $11 $6,767 $6,838 $9,311 7 Note 4 Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share: Three Months EndedNine Months Ended August 1, 2026August 2, 2025August 1, 2026August 2, 2025 Net income$1,340,090 $518,518 $3,347,266 $1,479,604 Weighted-average shares outstanding486,021 494,390 487,500 495,560 Earnings per common share basic:$2.76 $1.05 $6.87 $2.99 Diluted shares: Weighted-average shares outstanding486,021 494,390 487,500 495,560 Assumed exercise of common stock equivalents2,816 2,336 2,817 2,305 Weighted-average common and common equivalent shares488,837 496,726 490,317 497,865 Earnings per common share diluted:$2.74 $1.04 $6.83 $2.97 Anti-dilutive shares related to: Outstanding stock-based awards 134 42 125 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:4,115 31,248 13,390 7,013 Nine Months EndedAugust 2, 2025August 1, 2026August 2, 2025$4,021,899 $2,880,348 $10,805,627 $7,943,590 1,314,355 1,090,600 3,613,309 3,111,929 695,060 572,258 1,938,338 1,570,972 187,985 187,415 563,285 562,245 137,557 125,514 416,592 389,440 (24,216)4,348 23,766 69,980 98,189 82,185 260,662 251,739 67,100 54,619 173,107 162,372 205,779 244,891 469,302 345,309 $1,340,090 $518,518 $3,347,266 $1,479,604 August 1, 2026August 2, 2025 Revenue% of Revenue*Y/Y%Revenue% of Revenue* Industrial$1,971,926 49 %53 %$1,292,988 45 % Automotive998,227 25 %16 %857,146 30 % Communications654,515 16 %84 %354,768 12 % Consumer397,231 10 %6 %375,446 13 % $4,021,899 100 %40 %$2,880,348 100 % Nine Months Ended August 1, 2026August 2, 2025 Revenue% of Revenue*Y/Y%Revenue% of Revenue* Industrial$5,269,825 49 %50 %$3,512,896 44 % Automotive2,685,246 25 %9 %2,454,845 31 % Communications1,659,553 15 %72 %965,036 12 % Consumer1,191,003 11 %18 %1,010,813 13 % Total revenue$10,805,627 100 %36 %$7,943,590 100 % * The sum of the individual percentages may not equal the total due to rounding. 9 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. 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 August 1, 2026August 2, 2025 ChannelRevenue% of Revenue*Revenue% of Revenue* Distributors$2,327,081 58 %$1,592,407 55 % Direct customers1,588,639 39 %1,240,924 43 % Other106,179 3 %47,017 2 % Total revenue$4,021,899 100 %$2,880,348 100 % Nine Months Ended August 1, 2026August 2, 2025 ChannelRevenue% of Revenue*Revenue% of Revenue* Distributors$6,140,687 57 %$4,447,959 56 % Direct customers4,485,859 42 %3,386,571 43 % Other179,081 2 %109,060 1 % Total revenue$10,805,627 100 %$7,943,590 100 % * The sum of the individual percentages may not equal the total due to rounding. 10 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 August 1, 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 August 1, 2026 and November 1, 2025, the Company held $1.1 billion and $1.4 billion, respectively, of cash that is excluded from the tables below. Fair Value Measurement at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Assets$715,175 $ 715,175 Corporate obligations (1) 338,091 159,064 7,256 Deferred compensation plan investments128,158 $843,333 $504,411 1,347,744 Liabilities$ $10,535 10,535 Interest rate derivatives (3) 42,478 Total liabilities measured at fair value$ $53,013 53,013 (1)The amortized cost of the Company s investments classified as available-for-sale as of August 1, 2026 was $498.3 million. (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. 11 Fair Value Measurement at Reporting Date Using: Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Assets$740,730 $ 740,730 Corporate obligations (1) 397,707 Short-term investments (2): 656,839 Bank obligations (1) 496,076 6,708 Deferred compensation plan investments105,188 $845,918 $1,557,330 2,403,248 Liabilities$ $7,975 7,975 Interest rate derivatives (4) 12,550 Total liabilities measured at fair value$ $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 ($1.0 billion and $0.4 billion as of August 1, 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. 12 August 1, 2026November 1, 2025 Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value 900,000 897,938 900,000 895,623 2027 Notes, due June 2027440,212 437,134 440,212 436,916 2028 Notes, due June 2028850,000 846,187 850,000 856,345 2028 Notes, due October 2028750,000 705,821 750,000 704,186 2030 Notes, due June 2030650,000 643,874 650,000 659,834 2031 Notes, due October 20311,000,000 872,143 1,000,000 884,390 2032 Notes, due October 2032300,000 294,449 300,000 301,546 2034 Notes, due April 2034550,000 544,285 550,000 571,370 2036 Notes, due December 2036144,278 134,210 144,278 138,756 2041 Notes, due October 2041750,000 523,880 750,000 555,925 2045 Notes, due December 2045332,587 304,327 332,587 327,992 2051 Notes, due October 20511,000,000 603,881 1,000,000 662,609 2054 Notes, due April 2054550,000 496,578 550,000 541,087 Total senior unsecured notes $8,217,077 $7,304,707 $8,217,077 $7,536,579 Balance Sheet LocationAugust 1, 2026November 1, 2025 Forward foreign currency exchange contractsPrepaid expenses and other current assets$1,195 $4,403 Forward foreign currency exchange contractsAccrued liabilities$7,623 $4,399 As of August 1, 2026 and November 1, 2025, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $455.1 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 LocationAugust 1, 2026November 1, 2025 Undesignated hedges related to forward foreign currency exchange contracts Prepaid expenses and other current assets$6,061 $2,305 Undesignated hedges related to forward foreign currency exchange contracts Accrued liabilities$2,912 $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: November 1, 2025Loss on SwapsGain on NoteLoss on SwapsGain on Note$42,478 $ $12,550 $ $ $42,478 $ $12,550 November 1, 2025 Raw materials$85,123 $70,183 Work in process1,458,059 1,218,625 Finished goods388,314 367,515 Total inventories$1,931,496 $1,656,323 $26,945,180 Acquisition of Empower (Note 11)1,028,880 Net other acquisitions and dispositions14,677 Balance as of August 1, 2026 $27,988,737 14 Intangible Assets As of August 1, 2026 and November 1, 2025, the Company s intangible assets consisted of the following: August 1, 2026November 1, 2025 Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization Customer relationships$10,366,740 $5,874,473 $10,335,903 $5,311,189 Technology-based8,201,637 5,225,684 7,617,866 4,628,765 Trade-name72,200 72,200 72,200 72,200 Assembled workforce1,800 1,800 1,800 1,800 $18,642,377 $11,174,157 $18,027,769 $10,013,954 Note 13 Income Taxes The Company s effective tax rates for the three- and nine-month periods ended August 1, 2026 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 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 14 New Accounting Pronouncements Standards Implemented Income Taxes In December 2023, the Federal Accounting Standards Board (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. 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 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 adoption will have on its financial statement disclosures. Note 15 Subsequent Events On August 18, 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 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. 15 ITEM 2.Management s Discussion and Analysis of Financial Condition and Results of Operations This information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 1, 2025 (fiscal 2025). This Quarterly Report on Form 10-Q, including the following discussion, contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as expects, anticipates, targets, goals, projects, intends, plans, believes, seeks, estimates, continues, potential, may, could and will, and variations of such words and similar expressions are intended to identify such forward-looking statements, however, the absence of the foregoing words or expressions does not mean that a statement is not forward-looking. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; unanticipated difficulties or expenditures relating to integrating acquired businesses; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products and services; adverse results in litigation; the outcome of any regulatory actions, including governmental inquiries, investigations or enforcement proceedings in the event of noncompliance or alleged noncompliance with laws or regulations; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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. We undertake no obligation to revise or update any forward-looking statements, including to reflect events or circumstances occurring after the date of the filing of this report, except to the extent required by law. 16 Results of Operations Overview Amounts in the tables below are reflected in thousands except per share amounts and percentages.August 2, 2025$ Change% Change$4,021,899 $2,880,348 $1,141,551 40 %67.3 %62.1 %$1,340,090 $518,518 $821,572 158 %33.3 %18.0 %$2.74 $1.04 $1.70 163 %August 2, 2025$ Change% Change$10,805,627 $7,943,590 $2,862,037 36 %66.6 %60.8 %$3,347,266 $1,479,604 $1,867,662 126 %31.0 %18.6 %$6.83 $2.97 $3.86 130 % August 1, 2026August 2, 2025 Revenue% of Revenue*Y/Y%Revenue% of Revenue* Industrial$1,971,926 49 %53 %$1,292,988 45 % Automotive998,227 25 %16 %857,146 30 % Communications654,515 16 %84 %354,768 12 % Consumer397,231 10 %6 %375,446 13 % $4,021,899 100 %40 %$2,880,348 100 % Nine Months Ended August 1, 2026August 2, 2025 Revenue% of Revenue*Y/Y%Revenue% of Revenue* Industrial$5,269,825 49 %50 %$3,512,896 44 % Automotive2,685,246 25 %9 %2,454,845 31 % Communications1,659,553 15 %72 %965,036 12 % Consumer1,191,003 11 %18 %1,010,813 13 % Total revenue$10,805,627 100 %36 %$7,943,590 100 % * The sum of the individual percentages may not equal the total due to rounding. 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. Within Industrial, all sub-markets grew, 17 with test equipment and aerospace and defense representing the highest growth. The strongest growth within Communications came from the data center sub-market, driven by artificial intelligence-related infrastructure investments. Revenue by Sales Channel The following tables summarize revenue by sales channel. We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our 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 August 1, 2026August 2, 2025 Revenue% of Revenue*Revenue% of Revenue* Channel Distributors$2,327,081 58 %$1,592,407 55 % Direct customers1,588,639 39 %1,240,924 43 % Other106,179 3 %47,017 2 % Total revenue$4,021,899 100 %$2,880,348 100 % Nine Months Ended August 1, 2026August 2, 2025 Revenue% of Revenue*Revenue% of Revenue* Channel Distributors$6,140,687 57 %$4,447,959 56 % Direct customers4,485,859 42 %3,386,571 43 % Other179,081 2 %109,060 1 % Total revenue$10,805,627 100 %$7,943,590 100 % * The sum of the individual percentages may not equal the total due to rounding. As indicated in the tables above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends. As a percentage of total revenue, the increase in the distributor channel is primarily due to the increase in the percentage of revenue from our Industrial end market. Gross Margin Three Months EndedNine Months Ended August 1, 2026August 2, 2025$ Change% ChangeAugust 1, 2026August 2, 2025$ Change% Change Gross margin$2,707,544 $1,789,748 $917,796 51 %$7,192,318 $4,831,661 $2,360,657 49 % Gross margin %67.3 %62.1 %66.6 %60.8 % Gross margin percentage increased by 520 and 580 basis points in the three- and nine-month periods ended August 1, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets. Research and Development (R&D) Three Months EndedNine Months Ended August 1, 2026August 2, 2025$ Change% ChangeAugust 1, 2026August 2, 2025$ Change% Change R&D expenses$533,480 $454,251 $79,229 17 %$1,510,203 $1,298,980 $211,223 16 % R&D expenses as a % of revenue13 %16 %14 %16 % 18 R&D expenses increased in the three- and nine-month periods ended August 1, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses and higher salary and benefit expenses. R&D expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage. We expect to continue the development of innovative technologies and processes for new products, which we view as critical to our future growth. We believe that a continued commitment to R&D is essential to maintain product leadership with our existing products as well as to provide innovative new product offerings. Selling, Marketing, General and Administrative (SMG&A) Three Months EndedNine Months Ended August 1, 2026August 2, 2025$ Change% ChangeAugust 1, 2026August 2, 2025$ Change% Change SMG&A expenses$397,326 $325,706 $71,620 22 %$1,105,389 $913,171 $192,218 21 % SMG&A expenses as a % of revenue10 %11 %10 %11 % SMG&A expenses increased in the three- and nine-month periods ended August 1, 2026, as compared to the same periods of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses, higher salary and benefit expenses and acquisition related transaction costs in the third quarter of fiscal 2026. SMG&A expenses declined as a percentage of revenue, primarily reflecting higher revenue levels and improved operating leverage. Special Charges, Net Three Months EndedNine Months Ended August 1, 2026August 2, 2025$ Change% ChangeAugust 1, 2026August 2, 2025$ Change% Change Special charges, net$(24,216)$4,348 $(28,564)(657)%$23,766 $69,980 $(46,214)(66)% Nine Months Ended August 1, 2026August 2, 2025$ ChangeAugust 1, 2026August 2, 2025$ Change Provision for income taxes$205,779 $244,891 $(39,112)$469,302 $345,309 $123,993 Effective income tax rate13.3 %32.1 %12.3 %18.9 % The Company s effective tax rates for the three- and nine-month periods ended August 1, 2026 are 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. 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 $153.8 million recorded in the third quarter of fiscal 2025 related to the remeasurement of our Global Intangible Low-Taxed Income-related deferred tax assets and liabilities attributable to the passage of the One Big Beautiful Bill Act. Net Income Three Months EndedNine Months Ended August 1, 2026August 2, 2025$ Change% ChangeAugust 1, 2026August 2, 2025$ Change% Change Net income$1,340,090 $518,518 $821,572 158 %$3,347,266 $1,479,604 $1,867,662 126 % Net income as a % of revenue33.3 %18.0 %31.0 %18.6 % Diluted EPS$2.74 $1.04 $6.83 $2.97 19 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. 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 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. We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations. Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate and bank obligations. We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk. 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. Nine Months Ended August 1, 2026August 2, 2025 Net cash provided by operating activities$3,844,515 $3,111,392 Net cash provided by operations as a % of revenue36 %39 % Net cash used for investing activities$(873,902)$(1,096,216) Net cash used for financing activities$(3,304,149)$(1,685,327) The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended August 1, 2026 as compared to the same period in fiscal 2025. Operating Activities Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities. The increase in cash provided by operating activities during the nine-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items. Investing Activities Investing cash flows generally consist of purchases and sales of property, plant and equipment; purchases, sales and maturities of available-for-sale investments; and acquisitions of other businesses. The change in investing cash flows during the nine-month period ended August 1, 2026, as compared to the same period of the prior fiscal year, was primarily the result of the acquisition of Empower Semiconductor, Inc. during the third quarter of fiscal 2026, partially offset by the net change in our available-for-sale investment portfolio. Financing Activities Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuances and repayments of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans. The change in cash used for financing activities during the nine-month period ended August 1, 2026, as compared to the same 20 period of the prior fiscal year, was primarily the result of lower net proceeds from our debt obligations and higher common stock repurchases. Working Capital August 1, 2026November 1, 2025$ Change% Change Accounts receivable$2,389,577 $1,436,075 $953,502 66 % Days sales outstanding*50 44 Inventory$1,931,496 $1,656,323 $275,173 17 % Days cost of sales in inventory*131 130 _______________________________________ *We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively. The increase in accounts receivable in dollars was primarily the result of increased sales levels and variations in the timing of collections and billings. Inventory increased primarily as a result of building inventory levels to support increased demand. 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. Debt As of August 1, 2026, our debt obligations consisted of the following: Commercial paper notes1,005,104 2026 Notes, due December 2026 2027 Notes, due June 2027 2028 Notes, due June 2028 2028 Notes, due October 2028 2030 Notes, due June 2030 2031 Notes, due October 2031 2032 Notes, due October 2032 2034 Notes, due April 2034 2036 Notes, due December 2036 2041 Notes, due October 2041 2045 Notes, due December 2045 2051 Notes, due October 2051 2054 Notes, due April 2054 Total debt9,222,181 The indentures governing our outstanding notes contain covenants that may limit our ability to: incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into 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 our assets to, any other party. 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. 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. 21 Revolving Credit Agreements 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. 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. 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. 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. 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. As of August 1, 2026, we were in compliance with these covenants. Stock Repurchase Program 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. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when the full dollar amount of the authorization has been used to repurchase shares under the program. Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant. Capital Expenditures 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. Dividends On August 18, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock. 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. The payment of future dividends, if any, will be based on several factors, including our financial performance, outlook and liquidity. New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards will not have a material impact on our future financial condition, results of operations, and disclosures. See Note 14, New Accounting Pronouncements, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recently issued and adopted accounting pronouncements, including the dates of adoption and impact on our historical financial condition, results of operations, and disclosures. 22 ITEM 3.Quantitative and Qualitative Disclosures About Market Risk We are subject to market risks related to our financial instruments, including those identified in Part II, Item 7A, Quantitative and Qualitative Disclosures about Market Risk of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025. There were no material changes in the nine-month period ended August 1, 2026 to the information identified in the Annual Report on Form 10-K for the fiscal year ended November 1, 2025. ITEM 4.Controls and Procedures (a) Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of August 1, 2026. The term disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of August 1, 2026, our Chief Executive Officer and Chief Financial Officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level. (b) Changes in Internal Control over Financial Reporting. No change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended August 1, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 23 PART II OTHER INFORMATION ITEM 1A.Risk Factors We are subject to a number of risks that could adversely affect our business, results of operations, financial condition and future prospects, including those identified in Part I, Item 1A, Risk Factors of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025 (the 2025 Form 10-K). Except for the risk factor set forth below, there have been no material changes from the factors disclosed in the 2025 Form 10-K. Our computer systems and networks are subject to security breaches and other cyber incidents and a significant disruption in, or breach in security of, our information technology systems or certain products could materially and adversely affect our business or reputation. We rely on information technology systems throughout our company to keep financial records and customer data, process orders, manage inventory, coordinate shipments to customers, maintain confidential and proprietary information, assist in semiconductor engineering and other technical activities and operate other critical functions such as internet connectivity, network communications and email. In addition, we provide our confidential and proprietary information to our strategic partners in certain cases, who maintain such information on their information technology systems. We have experienced cybersecurity attacks and incidents, such as the June 2026 incident and other cybersecurity events, some of which resulted in the exfiltration of files from certain affected systems. While our operations were not interrupted as a result of the June 2026 incident, and based on information currently known, we do not believe this incident is reasonably likely to materially impact our business, operations, or financial condition, our investigation into the nature and scope of the exfiltrated information remains ongoing. There is no assurance that our assessment will not change as additional facts emerge, that exfiltrated data will not be misused, or that we will not experience additional incidents in the future that may have a material impact on our business. As demonstrated by the June 2026 incident and other cybersecurity events, our security measures and those of our third-party service providers and strategic partners may not detect or prevent all security breaches, cyberattacks, defects, bugs or errors, and threat actors can be successful in gaining unauthorized access to our systems. We expect that we and our third-party service providers and strategic partners will continue to experience cybersecurity attacks and incidents in the future. Geopolitical tensions and conflicts have escalated the volume and sophistication of cyberattacks. Because the tactics and techniques used by threat actors to obtain unauthorized access to or sabotage systems change frequently and, in some cases, are not recognized until they are launched or even later, we are unable to anticipate all such techniques and may not be able to implement adequate preventative measures in advance, such that security breaches could remain undetected for extended periods of time. Our use of artificial intelligence (AI) can also increase vulnerability to cybersecurity risks, including through unauthorized use or misuse of AI tools and bad inputs or logic or the introduction of malicious code incorporated into AI generated code. AI and machine learning are also used in certain cybersecurity attacks, improving or expanding the existing capabilities of threat actors in ways that can result in greater risks of security incidents and breaches. We and our third-party service providers and strategic partners are subject to security breaches of information technology systems and certain products and other incidents such as unauthorized access, supply-chain attacks, exfiltration or destruction of data, disruption of service, viruses or other malicious code, illegal break-ins or hacking, sabotage, phishing attempts and other forms of social engineering, malware, ransomware and other forms of cyber extortion and similar events. These threats come from cybercriminals, cyberterrorists and hacktivists, nation-state and nation-state-supported actors (including advanced persistent threat intrusions) and computer hackers. They also can result from the malicious or accidental acts of our employees, contractors or third-party providers. Unauthorized access to, or a security breach of, our systems or those of our third-party service providers or strategic partners could disrupt our operations. As occurred in the June 2026 incident, such events can result in the exfiltration of data from our systems and could expose our proprietary information or that of our employees, contractors, partners, customers, suppliers or other third parties to misappropriation or misuse. In the event of a cybersecurity attack or incident such as the June 2026 incident, we may become subject to litigation and regulatory action, lose existing or potential customers, suffer reputational damage and incur other financial losses. We have incurred and expect to continue to incur costs in connection with our response to and remediation of cybersecurity incidents, and such costs and operational consequences may be significant. The continuing and evolving threat of cyberattacks has resulted in increased regulatory focus which requires us to invest significant additional resources to comply with evolving cybersecurity regulations. In addition, in 2023, the SEC adopted rules requiring an issuer to disclose whether a cybersecurity incident was determined to be "material," within four business days of such determination. Making such determinations is complex, requires a number of assumptions based on several factors, and must be made while investigations may still be ongoing and the full scope of an incident may not yet be known. The SEC may not agree with our determinations regarding the materiality of cybersecurity incidents, which could result in fines, civil litigation or damage to our reputation. In addition, certain incidents may require us to notify affected 24 parties and applicable regulators in accordance with applicable law, and we may face regulatory scrutiny regarding the timeliness or adequacy of such notifications. Our information technology systems and those of our third-party service providers and strategic partners are also susceptible to damage, disruptions or shutdowns due to power outages, hardware failures, telecommunication failures, user errors, catastrophes or other unforeseen events. A prolonged disruption in the information technology systems that involve our internal communications or our interactions with customers or suppliers could result in the loss of sales and customers and significant incremental costs, which may adversely affect our business. ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds Issuer Purchases of Equity Securities PeriodTotal Number of Shares Purchased (a)Average Price Paid Per Share (b)Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (c)Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs May 3, 2026 through May 30, 2026481,223 $409.52 477,910 $8,300,728,879 May 31, 2026 through June 27, 20261,213,369 $410.91 1,207,506 $7,804,646,847 June 28, 2026 through August 1, 20261,187,002 $380.29 1,181,548 $7,355,375,064 Total2,881,594 $398.07 2,866,964 $7,355,375,064 (a)Includes an aggregate of 14,630 shares withheld by us from employees to satisfy employee tax obligations upon vesting of restricted stock units/awards granted to our employees under our equity compensation plans. (b)The average price paid for shares in connection with vesting of restricted stock units/awards are averages of the closing stock price at the vesting date which is used to calculate the number of shares to be withheld. (c)Shares repurchased pursuant to the stock repurchase program publicly announced on August 12, 2004 and updated thereafter. Under the repurchase program, we may repurchase outstanding shares of our common stock from time to time in the open market and through privately negotiated transactions. ITEM 5.Other Information The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted or terminated by our directors or officers during the third quarter of fiscal 2026 that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (Rule 10b5-1 trading arrangement). Name and TitleActionDate of Adoption/ TerminationDuration of Rule 10b5-1 Trading ArrangementAggregate Number of Securities to Be Purchased or Sold Richard C. Puccio, Jr., Executive Vice President and Chief Financial Officer AdoptionMay 21, 2026Until February 16, 2027, or such earlier date upon which all transactions are completed or expire without execution Sale of up to 14,292 shares None of our officers or directors adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the third quarter of fiscal 2026. 25