adi-20260801

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 1, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 1-7819

Analog Devices, Inc.

(Exact name of registrant as specified in its charter)

Massachusetts

04-2348234

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

One Analog Way,

Wilmington,

01887

(Address of principal executive offices)

(Zip Code)

(781) 935-5565

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock $0.16 2/3 par value per share	ADI	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 1, 2026 there were 484,565,465 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.

PART I — FINANCIAL INFORMATION


ITEM 1.			Financial Statements

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025
Revenue	$	4,021,899	$	2,880,348	$	10,805,627	$	7,943,590
Cost of sales	1,314,355		1,090,600		3,613,309		3,111,929
Gross margin	2,707,544		1,789,748		7,192,318		4,831,661
Operating expenses:
Research and development	533,480		454,251		1,510,203		1,298,980
Selling, marketing, general and administrative	397,326		325,706		1,105,389		913,171
Amortization of intangibles	187,985		187,415		563,285		562,245
Special charges, net	(24,216)		4,348		23,766		69,980
Total operating expenses	1,094,575		971,720		3,202,643		2,844,376
Operating income:	1,612,969		818,028		3,989,675		1,987,285
Nonoperating expense (income):
Interest expense	88,728		79,592		262,692		229,559
Interest income	(25,377)		(27,083)		(86,199)		(72,295)
Other, net	3,749		2,110		(3,386)		5,108
Total nonoperating expense (income)	67,100		54,619		173,107		162,372
Income before income taxes	1,545,869		763,409		3,816,568		1,824,913
Provision for income taxes	205,779		244,891		469,302		345,309
Net income	$	1,340,090	$	518,518	$	3,347,266	$	1,479,604

Shares used to compute earnings per common share – basic	486,021		494,390		487,500		495,560
Shares used to compute earnings per common share – diluted	488,837		496,726		490,317		497,865

Basic earnings per common share	$	2.76	$	1.05	$	6.87	$	2.99
Diluted earnings per common share	$	2.74	$	1.04	$	6.83	$	2.97

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)


	Three Months Ended				Nine Months Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025
Net income	$	1,340,090	$	518,518	$	3,347,266	$	1,479,604
Foreign currency translation adjustments	1,079		364		2,403		(548)

Change in fair value of derivative instruments designated as cash flow hedges, net	1,886		(6,359)		2,506		11,137
Changes in pension plans, net	187		542		582		1,582
Other comprehensive income (loss)	3,152		(5,453)		5,491		12,171
Comprehensive income	$	1,343,242	$	513,065	$	3,352,757	$	1,491,775

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)


	August 1, 2026		November 1, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	2,165,870	$	2,499,406
Short-term investments	159,064		1,152,915
Accounts receivable	2,389,577		1,436,075
Inventories	1,931,496		1,656,323



Prepaid expenses and other current assets	426,523		363,342
Total current assets	7,072,530		7,108,061
Non-current Assets

Net property, plant and equipment	3,351,981		3,315,696
Goodwill	27,988,737		26,945,180
Intangible assets, net	7,468,220		8,013,815
Deferred tax assets	1,689,972		1,867,102

Other assets	852,977		742,858
Total non-current assets	41,351,887		40,884,651
TOTAL ASSETS	$	48,424,417	$	47,992,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	682,167	$	543,760


Income taxes payable	461,804		610,370
Debt, current	1,344,855		—
Commercial paper notes	1,005,104		446,639

Accrued liabilities	2,162,324		1,645,032
Total current liabilities	5,656,254		3,245,801
Non-current Liabilities
Long-term debt	6,771,624		8,145,066
Deferred income taxes	1,837,959		2,163,281

Income taxes payable	90,723		100,963

Other non-current liabilities	516,960		521,846
Total non-current liabilities	9,217,266		10,931,156

Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding	—		—
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 484,565,465 shares outstanding (489,654,097 on November 1, 2025)	80,762		81,611
Capital in excess of par value	21,288,447		23,349,185
Retained earnings	12,330,779		10,539,541
Accumulated other comprehensive loss	(149,091)		(154,582)
Total shareholders’ equity	33,550,897