adi-20260502

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 May 2, 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 May 2, 2026 there were 487,087,040 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				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
Cost of sales	1,183,667		1,028,458		2,298,955		2,021,329
Gross margin	2,439,798		1,611,610		4,484,773		3,041,913
Operating expenses:
Research and development	509,323		441,837		976,723		844,729
Selling, marketing, general and administrative	362,810		302,669		708,063		587,465
Amortization of intangibles	187,985		187,415		375,300		374,830
Special charges, net	—		1,745		47,982		65,632
Total operating expenses	1,060,118		933,666		2,108,068		1,872,656
Operating income:	1,379,680		677,944		2,376,705		1,169,257
Nonoperating expense (income):
Interest expense	87,619		74,703		173,963		149,967
Interest income	(28,565)		(21,725)		(60,822)		(45,212)
Other, net	(4,202)		(962)		(7,135)		2,998
Total nonoperating expense (income)	54,852		52,016		106,006		107,753
Income before income taxes	1,324,828		625,928		2,270,699		1,061,504
Provision for income taxes	148,478		56,158		263,523		100,418
Net income	$	1,176,350	$	569,770	$	2,007,176	$	961,086

Shares used to compute earnings per common share – basic	487,605		496,173		488,239		496,145
Shares used to compute earnings per common share – diluted	490,458		498,201		491,057		498,434

Basic earnings per common share	$	2.41	$	1.15	$	4.11	$	1.94
Diluted earnings per common share	$	2.40	$	1.14	$	4.09	$	1.93

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)


	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
Foreign currency translation adjustments	1,036		(753)		1,324		(912)

Change in fair value of derivative instruments designated as cash flow hedges, net	(5,033)		17,573		620		17,496
Changes in pension plans, net	195		517		395		1,040
Other comprehensive (loss) income	(3,802)		17,337		2,339		17,624
Comprehensive income	$	1,172,548	$	587,107	$	2,009,515	$	978,710

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)


	May 2, 2026		November 1, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	2,436,916	$	2,499,406
Short-term investments	1,002,392		1,152,915
Accounts receivable	2,051,733		1,436,075
Inventories	1,848,405		1,656,323



Prepaid expenses and other current assets	470,327		363,342
Total current assets	7,809,773		7,108,061
Non-current Assets

Net property, plant and equipment	3,292,288		3,315,696
Goodwill	26,973,180		26,945,180
Intangible assets, net	7,255,362		8,013,815
Deferred tax assets	1,729,558		1,867,102

Other assets	888,934		742,858
Total non-current assets	40,139,322		40,884,651
TOTAL ASSETS	$	47,949,095	$	47,992,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	598,640	$	543,760


Income taxes payable	325,626		610,370
Debt, current	899,227		—
Commercial paper notes	550,198		446,639

Accrued liabilities	2,083,216		1,645,032
Total current liabilities	4,456,907		3,245,801
Non-current Liabilities
Long-term debt	7,235,424		8,145,066
Deferred income taxes	1,906,115		2,163,281

Income taxes payable	87,109		100,963

Other non-current liabilities	521,507		521,846
Total non-current liabilities	9,750,155		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, 487,087,040 shares outstanding (489,654,097 on November 1, 2025)	81,183		81,611
Capital in excess of par value	22,287,095		23,349,185
Retained earnings	11,525,998		10,539,541
Accumulated other comprehensive loss	(152,243)		(154,582)
Total shareholders’ equity	33,742,033		33,815,755
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	47,949,095	$	47,992,712

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands)


	Three Months Ended May 2, 2026
				Capital in				Accumulated Other
	Common Stock			Excess of		Retained		Comprehensive
	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						(536,459)

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 Other
	Common Stock			Excess of		Retained		Comprehensive
	Shares	Amount		Par Value		Earnings		Loss
BALANCE, NOVEMBER 1, 2025	489,654	$	81,611	$	23,349,185	$	10,539,541	$	(154,582)
Net income						2,007,176
Dividends declared and paid - $2.09 per share						(1,020,719)
Issuance of stock under stock plans and other	1,663	277		59,210
Stock-based compensation expense				167,396
Other comprehensive income								2,339
Common stock repurchased	(4,230)	(705)		(1,288,696)
BALANCE, MAY 2, 2026	487,087	$	81,183	$	22,287,095	$	11,525,998	$	(152,243)

See accompanying notes.


	Three Months Ended May 3, 2025
				Capital in				Accumulated Other
	Common Stock			Excess of		Retained		Comprehensive
	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						(491,022)
Issuance of stock under stock plans and other	1,491	249

SEC Form 10-Q filed by Analog Devices Inc.