Analog Devices (ADI) 10-K risk factor changes: FY2025 vs FY2024

- political, legal and economic changes, crises or instability and civil unrest that may impact markets in which we do business, such as macroeconomic weakness related to trade and political disputes between the United States and Europe or China, tensions across the Taiwan Strait that may adversely affect our operations in Taiwan, our customers and the technology industry supply chain, and the ongoing [removed: conflicts] [added: conflict] between Russia and Ukraine and [added: tensions] in Israel and the Middle East;

- currency conversion risks and exchange rate and interest rate [removed: fluctuations, including the potential impact of elevated interest rates;][added: fluctuations and uncertainty;]

- instability of global credit and financial markets due to [added: uncertainty and] adverse macroeconomic conditions such as [removed: elevated] inflation, [added: tariffs and trade restrictions,] high interest rates, bank failures and slower economic growth or recession that could, among other impacts, affect our ability to timely access external financing sources on acceptable terms or lead to financial difficulties or uncertainty of our customers, suppliers and distributors exposing us to late payments, cancelled orders and inventory challenges;

- trade policy, commercial, travel, export or taxation disputes or restrictions, [removed: import or] [added: import,] export [added: or sector-based] tariffs, changes to export classifications or other restrictions imposed by the U.S. government or by the governments of the countries in which we do business, particularly with respect to China;

- natural disasters, public health [removed: emergencies, such as the COVID-19 pandemic,] [added: emergencies] or other catastrophic events;

For example, changes in U.S.-China relations, the political environment or international trade policies could result in further revisions to laws or regulations or their interpretation and enforcement, increased taxation, trade sanctions, the imposition of [removed: import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, which have had and may continue to have an adverse effect on our business plans and operating results.]

In addition, [removed: expanded] export restrictions limit our ability to sell to certain Chinese companies and to third parties that do business with those companies.

These [added: and similar] restrictions have created, and [removed: these and similar restrictions] may continue to create, uncertainty and caution with our current or prospective customers and may cause them to amass large inventories of our products, replace our products with products from another supplier that is not subject to the export restrictions or focus on building indigenous semiconductor capacity to reduce reliance on U.S. suppliers.

We [removed: are continuing] [added: continue] to evaluate the impact of these restrictions on our [removed: business, but these actions] [added: business as they are updated and expanded, and we expect that they] may [added: continue to] have direct and indirect adverse impacts on our revenues and results of operations in China and elsewhere.

In addition, our success may be adversely affected by China’s continuously evolving policies, laws and regulations, including those relating to imports and exports, [added: rare earth materials,] antitrust, AI, cybersecurity, data protection and data privacy, the environment, indigenous innovation, the promotion of a domestic semiconductor industry, intellectual property rights and enforcement and protection of those rights.

Demand in these end markets can fluctuate significantly based upon, for example, consumer spending, consumer preferences, the development of new technologies and macroeconomic [removed: conditions.][added: conditions, including impacts related to tariffs and other trade restrictions.]

This reliance involves several risks, including reduced control over availability, [added: pricing,] capacity utilization, delivery schedules, manufacturing yields, costs and supply chain allocations.

Limited or delayed access to these items, including as a result [removed: of,] [added: of] global trade issues, supply chain constraints, difficulties obtaining import or export licenses, natural disasters, public health emergencies or changes in or new laws or regulations, could adversely affect our results of operations.

Purchasers that acquire our products via the gray market or through other unauthorized channels may resell or otherwise use our products [removed: for purposes for which they were not intended or that may be contrary to our ethical, legal and regulatory obligations.]

A prolonged [removed: disruption at,] [added: disruption, shut-down] or inability to [removed: utilize,] [added: utilize] one or more of our or our third parties’ manufacturing [removed: facilities, loss of raw materials or damage to our or our third parties’ manufacturing equipment for any reason, including] [added: facilities] due to natural or man-made disasters, [added: cybersecurity incidents,] civil unrest or other events outside of our control, such as [added: loss of raw materials or damage to our or our third parties’ manufacturing equipment,] widespread outbreaks of illness, or the failure to maintain our labor force at one or more of these facilities, may disrupt our operations, delay production, shipments and revenue and result in us being unable to timely satisfy customer demand.

As a result, we could forgo revenue opportunities, potentially lose market share and damage our customer relationships, all of which could materially and adversely affect our business, [added: reputation,] financial condition and results of operations.

Sales to third-party distributors accounted for approximately [removed: 58%] [added: 56%] of our revenue in the year ended November [removed: 2, 2024.][added: 1, 2025.]

These independent distributors generally represent product lines offered by several companies and thus could reduce their sales [removed: efforts for our products.]

Further, our distributors could terminate their representation of us with little advance [removed: notice.][added: notice or their representation of us could be negatively affected for other reasons.]

[removed: Termination of a significant distributor or a group of distributors, whether at our initiative or the distributor’s initiative or through consolidation in the distribution industry, could disrupt our business, and] [added: Further,] if we are unable to find suitable replacements with the appropriate scale and resources, our operating results could be adversely affected.

We are required to estimate the effects of [removed: returns] [added: variable consideration including price protection] and [removed: allowances] [added: stock rotation] provided to distributors and record revenue at the time of sale to the distributor.

If our estimates of such [removed: credits and rights] [added: liabilities] are materially understated, it could cause subsequent adjustments that negatively impact our revenues and gross profits in a future period.

- changes in our effective tax rates, adverse tax decisions or new or revised tax legislation in the United States, Ireland or [removed: worldwide;][added: worldwide, including changes related to the One Big Beautiful Bill Act;]

- the effects of issued, threatened or retaliatory government [removed: sanctions, trade barriers] [added: sanctions] or economic restrictions; changes in law, regulations or other restrictions, including executive orders; and changes in import and export regulations, including restrictions on exports to certain companies or to third parties that do business with such companies, export classifications, [removed: or duties and] tariffs, [added: duties or trade barriers,] including with respect to China;

- political changes in the United States, including those related to the [removed: incoming] [added: current U.S.] administration and executive offices of the U.S. government, a decline in the U.S. government defense budget, changes in spending or budgetary priorities, a prolonged U.S. government shutdown or delays in contract awards;

Our business and certain of the end markets we serve are also subject to rapid technological changes and material [removed: fluctuations in demand based on end-user preferences.]

Government incentives, including any that may be offered in connection with the CHIPS Act, may not be available to us on acceptable terms or at [removed: all, and to the extent that the incoming administration modifies or repeals the CHIPS Act, the availability of any such incentives may be even less certain.][added: all.]

The competition for these employees is intense and the labor market is [removed: tight.][added: tight, which may be exacerbated by changes to U.S. immigration policies.]

The loss of key personnel or the inability to attract, timely hire and retain key employees with critical technical skills to achieve our strategy, including as a result of changes to immigration policies, [removed: and the increased uncertainty surrounding such policies in light of the incoming administration’s expected immigration agenda,] could cause business disruptions, increased expenses to [added: comply with such policies and] address any disruptions and could have a material adverse effect on our business.

[added: As we grow, including from the integration of employees and businesses] acquired in connection with previous or future acquisitions, we may find it difficult to maintain important aspects of our corporate culture, which could negatively affect our ability to retain and recruit personnel who are essential to our future success.

The loss of [removed: one or more] [added: members] of our [removed: key employees,] [added: leadership team,] and [removed: any] failure to [removed: have in place and] [added: successfully] execute [removed: an effective] succession [removed: plan] [added: plans] for [removed: key executives,] [added: our leadership team,] could [removed: seriously] [added: also] harm our business and results of operations.

In other instances, we manufacture [removed: product] [added: products] based on non-binding forecasts of customer demands, which may fluctuate significantly on a quarterly or annual basis and at times may prove to be inaccurate.

As a [removed: result,] [added: result of these and other factors,] we [removed: may] [added: often] incur inventory and manufacturing costs in advance of anticipated sales, and we are subject to the risk of lower-than-expected orders or cancellations of orders, leading to a sharp reduction [removed: of] [added: in] sales and backlog.

The foregoing risks may be exacerbated in times of macroeconomic uncertainty, including as a result of [added: tariffs,] elevated inflation, high interest rates, bank failures and slower economic growth or recession.

*Our [removed: semiconductor] products are complex and we may be subject to warranty, indemnity or product liability claims, which could result in significant costs and damage to our reputation and adversely affect customer relationships, the market acceptance of our products and our operating results.*

We may also be subject to customer intellectual [removed: property indemnity claims.]

Further, we sell to customers in industries such as automotive (including autonomous vehicles), aerospace, [removed: defense] [added: defense, healthcare] and [removed: healthcare,] [added: industrial,] where failure of the systems in which our products are integrated could cause damage to property or persons.

In addition, investments in companies are subject to [removed: a] risk of a partial or total loss of our investment.

Our use of AI may 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 [added: generated code.]

A prolonged disruption in the information technology systems that involve our internal communications or our interactions with customers or [removed: suppliers,] [added: suppliers] could result in the loss of sales and customers and significant incremental costs, which could adversely affect our business.

- sanctions imposed by the U.S. government or by the governments in countries in which we do business, which could adversely impact our business by preventing us from performing existing contracts, recognizing revenue, pursuing new business opportunities or receiving payment for products already supplied to customers;

additional import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, which have had and may continue to have an adverse effect on our business plans and operating results.

These restrictions, which have continued to expand over the past several years, have impacted our revenues and results of operations in China and elsewhere.

*Recently announced and future tariffs and other trade restrictions could materially and adversely affect our business, financial condition and results of operations.*

In 2025, the U.S. government announced a series of tariffs, including tariffs targeting a broad range of imports and targeted tariffs on goods from specific countries and industries.

In response, many countries imposed reciprocal tariffs and other trade restrictions on the United States.

Although many of these tariffs, countermeasures and other trade restrictions have since been eased or paused, their initial announcements triggered considerable volatility in global markets and heightened economic uncertainty, and the global trade situation, particularly between the United States and China, continues to be highly dynamic.

Further, throughout 2025 the U.S. government has initiated numerous investigations into products and industries under Section 232 of the Trade Expansion Act of 1962.

For example, in April 2025, the Department of Commerce launched an investigation into the national security impacts of imported semiconductors and semiconductor manufacturing equipment.

While the results of this investigation remain unknown, it is expected to result in additional tariffs and trade restrictions that may adversely impact our business.

Similar investigations on other industries or products, including automotive, copper, steel, aluminum, critical minerals and aircraft, may also adversely impact the semiconductor industry and our business.

These changes have, and similar changes in the future may continue to, increase the cost or reduce the availability of raw materials and supplies we need to operate, cause customers to advance, delay, reduce, or cancel orders, shift buying patterns, impact demand in our end markets, complicate demand forecasting for us and our customers, increase supply chain complexity and contribute to volatility, a broader economic slowdown or recession.

Any of these impacts or changes could materially and adversely affect our business, financial condition and results of operations.

efforts for our products.

For example, our distributors could be adversely impacted by additional tariffs or export controls, which could limit our ability to conduct business with such distributors, increase our costs and adversely affect our reputation and operating results.

Termination of a significant distributor or a group of distributors, whether at our initiative or the distributor’s initiative or through consolidation in the distribution industry, or the inability of a distributor to perform its obligations, could divert management’s attention and resources, result in disputes, litigation and settlement costs, increase risk that our products may be diverted from authorized distribution channels and sold on the “gray market” and disrupt our business.

Further, the imposition of tariffs or other trade restrictions may significantly increase the costs, and otherwise adversely impact the availability, of certain raw materials and supplies that we need to operate.

for purposes for which they were not intended or that may be contrary to our ethical, legal and regulatory obligations.

fluctuations in demand based on end-user preferences.

property indemnity claims.

We incorporate AI capabilities across our technologies, business operations, products and services to enhance performance and drive smarter, more efficient solutions.

Evolving rules, regulations and industry standards governing AI may require us to incur greater compliance costs and restrict the use of AI in our products or

technologies.

Several jurisdictions where we operate are considering or have proposed or enacted legislation and policies regulating AI, including the European Union’s AI Act, and lack of consistency among different regulatory regimes may increase our regulatory and compliance burdens.

As the use of AI in our products, technologies or our business operations changes, we may become subject to new rules, regulations and industry standards, which may exacerbate these risks.

- disruption to our operations and our ability to generate revenues;

- sanctions imposed by governments in countries in which we do business;

The incoming administration has

indicated that it intends to impose or significantly increase tariffs on imports to the United States, which could exacerbate many of these issues.

For example, during 2024, we participated in an inquiry from the U.S. Senate Permanent Subcommittee on Investigations related to the unauthorized misuse of U.S. chips in Russian weapon systems.

As we grow, including from the integration of employees and businesses

generated code.

We are increasingly incorporating AI capabilities into the development of technologies and our business operations and into our products and services.

While the incoming administration has signaled that AI policy will be a priority, the scope and impact of any such policies cannot yet be determined.

It is expected that there will be changes to EHS laws or regulations by the incoming administration, but the impacts of any such changes on us are not currently known.

in the valuation of our deferred tax assets and liabilities; adjustments to income taxes upon finalization of various tax returns; increases in expenses not deductible for tax purposes, including executive compensation subject to the limitations of Section 162(m) of the Internal Revenue Code and amortization of assets acquired in connection with strategic transactions; decreased availability of tax deductions for stock-based compensation awards worldwide; and changes in available tax credits.

For example, we entered into a revolving credit agreement on June 23, 2021, which, as amended, contains a sustainability-linked pricing component, which provides for interest rate and facility fee reductions or increases based on meeting or missing targets related to environmental sustainability, specifically greenhouse gas emissions and renewable energy usage.

For calendar year 2023, we exceeded the target thresholds for greenhouse gas emissions and renewable energy usage related to this sustainability-linked pricing component, which resulted in immaterial adjustments to administrative and interest fees due under the facility.

facilities.

Based on our floating rate debt outstanding as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] inclusive of our commercial paper notes and interest rate swap outstanding, as applicable, our annual interest expense would change by approximately [removed: $15.5] [added: $14.5] million and [removed: $20.5] [added: $15.5] million, respectively, for each [removed: 100 basis] [added: 100-basis] point increase in interest rates.

Based on our cash and marketable securities outstanding as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] our annual interest income would change by approximately [removed: $19.9] [added: $36.5] million and [removed: $9.6] [added: $19.9] million, respectively, for each [removed: 100 basis] [added: 100-basis] point increase in interest rates.

To provide a meaningful assessment of the interest rate risk associated with our investment portfolio, we performed a sensitivity analysis to determine the impact a change in interest rates would have on the value of our investment portfolio assuming an immediate [removed: 100 basis] [added: 100-basis] point parallel shift in the yield curve.

Based on investment positions as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] a hypothetical [removed: 100 basis] [added: 100-basis] point increase in interest rates across all maturities would not materially impact the fair market value of the portfolio in either period.

[removed: If significant, such] [added: Any] losses would only be realized if we sold the investments prior to maturity.

As of November [removed: 2, 2024] [added: 1, 2025] we had $1.0 billion notional of fixed for floating interest rate swaps outstanding, with the swap payable having a fair value of [removed: $36.9] [added: $12.6] million.

A hypothetical [removed: 100 basis] [added: 100-basis] point increase in interest rates would increase the swap payable by approximately [removed: $54.0] [added: $45.9] million with a corresponding adjustment to the carrying value of the related debt.

As of November [removed: 2, 2024,] [added: 1, 2025,] we had [removed: $7.1] [added: $8.2] billion in principal amount of senior unsecured notes outstanding, with a fair value of [removed: $6.3] [added: $7.5] billion.

We also had [removed: $547.7] [added: $446.6] million of commercial paper notes outstanding.

The fair values of our notes as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] assuming a hypothetical 100 basis point increase in market interest rates, are as follows:

| | | | November [removed: 2, 2024] [added: 1, 2025] | | | | | | | | | | | | | | | | | | [removed: October 28, 2023] [added: November 2, 2024] | | | | | | | | | | | | | | |

| Commercial paper notes | | | $ | [removed: 547,738] [added: 446,639] | | | | | $ | [removed: 547,718] [added: 446,624] | | | | | $ | [removed: 547,532] [added: 446,423] | | | | | $ | [removed: 547,225] [added: 547,738] | | | | | $ | [removed: 547,185] [added: 547,718] | | | | | $ | [removed: 546,875] [added: 547,532] | |

| 2025 Notes, due April 2025 | | | [removed: 400,000] [added: —] | | | | | | [removed: 397,027] [added: —] | | | | | | [removed: 395,418] [added: —] | | | | | | 400,000 | | | | | | [removed: 385,231] [added: 397,027] | | | | | | [removed: 380,013] [added: 395,418] | | |

| 2026 Notes, due December 2026 | | | 900,000 | | | | | | [removed: 882,795] [added: 895,623] | | | | | | [removed: 865,439] [added: 886,176] | | | | | | 900,000 | | | | | | [removed: 851,023] [added: 882,795] | | | | | | [removed: 826,888] [added: 865,439] | | |

| 2027 Notes, due June 2027 | | | 440,212 | | | | | | [removed: 421,077] [added: 436,916] | | | | | | [removed: 410,868] [added: 430,163] | | | | | | 440,212 | | | | | | [removed: 408,595] [added: 421,077] | | | | | | [removed: 395,208] [added: 410,868] | | |

| 2028 Notes, due October 2028 | | | 750,000 | | | | | | [removed: 673,316] [added: 704,186] | | | | | | [removed: 648,856] [added: 684,787] | | | | | | 750,000 | | | | | | [removed: 628,999] [added: 673,316] | | | | | | [removed: 600,812] [added: 648,856] | | |

| 2031 Notes, due October 2031 | | | 1,000,000 | | | | | | [removed: 843,766] [added: 884,390] | | | | | | [removed: 792,665] [added: 837,631] | | | | | | 1,000,000 | | | | | | [removed: 773,404] [added: 843,766] | | | | | | [removed: 721,064] [added: 792,665] | | |

| 2032 Notes, due October 2032 | | | 300,000 | | | | | | [removed: 287,172] [added: 301,546] | | | | | | [removed: 268,903] [added: 284,226] | | | | | | 300,000 | | | | | | [removed: 269,828] [added: 287,172] | | | | | | [removed: 251,153] [added: 268,903] | | |

| 2034 Notes, due April 2034 | | | 550,000 | | | | | | [removed: 553,375] [added: 571,370] | | | | | | [removed: 514,043] [added: 533,837] | | | | | | [removed: —] [added: 550,000] | | | | | | [removed: —] [added: 553,375] | | | | | | [removed: —] [added: 514,043] | | |

| 2036 Notes, due December 2036 | | | 144,278 | | | | | | [removed: 136,718] [added: 138,756] | | | | | | [removed: 124,895] [added: 127,435] | | | | | | 144,278 | | | | | | [removed: 118,554] [added: 136,718] | | | | | | [removed: 108,085] [added: 124,895] | | |

| 2041 Notes, due October 2041 | | | 750,000 | | | | | | [removed: 534,435] [added: 555,925] | | | | | | [removed: 472,539] [added: 493,618] | | | | | | 750,000 | | | | | | [removed: 479,078] [added: 534,435] | | | | | | [removed: 422,949] [added: 472,539] | | |

| 2045 Notes, due December 2045 | | | 332,587 | | | | | | [removed: 322,942] [added: 327,992] | | | | | | [removed: 285,905] [added: 291,047] | | | | | | 332,587 | | | | | | [removed: 292,248] [added: 322,942] | | | | | | [removed: 259,323] [added: 285,905] | | |

| 2051 Notes, due October 2051 | | | 1,000,000 | | | | | | [removed: 655,668] [added: 662,609] | | | | | | [removed: 560,843] [added: 568,102] | | | | | | 1,000,000 | | | | | | [removed: 590,666] [added: 655,668] | | | | | | [removed: 507,297] [added: 560,843] | | |

| 2054 Notes, due April 2054 | | | 550,000 | | | | | | [removed: 541,912] [added: 541,087] | | | | | | [removed: 470,255] [added: 470,454] | | | | | | [removed: —] [added: 550,000] | | | | | | [removed: —] [added: 541,912] | | | | | | [removed: —] [added: 470,255] | | |

As more fully described in Note 2i, *Derivative and Hedging Agreements*, of the Notes to Consolidated Financial Statements contained in [added: Part II,] Item 8 of this Annual Report on Form 10-K, we regularly hedge our non-U.S. dollar-based exposures by entering into forward foreign currency exchange contracts.

Relative to the net unhedged foreign currency exposures existing at November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] an immediate 10% unfavorable movement in foreign currency exchange rates would result in approximately [removed: $32.2] [added: $89.6] million of losses and [removed: $66.5] [added: $32.2] million of losses, respectively, in changes in earnings or cash flows over the course of the year.

Based on the credit ratings of our counterparties as of November [removed: 2, 2024,] [added: 1, 2025,] we do not believe that there is significant risk of nonperformance by them.

The following table illustrates the effect that an immediate 10% unfavorable or favorable movement in foreign currency exchange rates, relative to the U.S. dollar, would have on the fair value of our forward exchange contracts as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023:][added: November 2, 2024:]

| | | | November [removed: 2, 2024] [added: 1, 2025] | | | | | | [removed: October 28, 2023] [added: November 2, 2024] | | |

| Fair value of forward exchange contracts | | | $ | [removed: (8,961)] [added: (1,267)] | | | | | $ | [removed: (11,575)] [added: (8,961)] | |

| Fair value of forward exchange contracts after a 10% unfavorable movement in foreign currency exchange rates asset | | | $ | [removed: 31,564] [added: 47,703] | | | | | $ | [removed: 49,284] [added: 31,564] | |

| Fair value of forward exchange contracts after a 10% favorable movement in foreign currency exchange rates liability | | | $ | [removed: (45,922)] [added: (45,730)] | | | | | $ | [removed: (70,461)] [added: (45,922)] | |

We have audited the accompanying consolidated balance sheets of Analog Devices, Inc. (the Company) as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November [removed: 2, 2024,] [added: 1, 2025,] and the related notes and financial statement schedule listed in the Index at Item 15(a)(2) (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] and the results of its operations and its cash flows for each of the three years in the period ended November [removed: 2, 2024,] [added: 1, 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of November [removed: 2, 2024,] [added: 1, 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November [removed: 26, 2024] [added: 25, 2025] expressed an unqualified opinion thereon.

| *Description of the Matter* | | | As described in Note 2n to the consolidated financial statements, the Company’s sales contracts provide certain distributors with credits for price protection and rights of return, which results in variable consideration. During [removed: 2024,] [added: 2025,] sales to distributors were [removed: $5.5] [added: $6.1] billion net of expected price protection credits and rights of return for which the liability balance as of November [removed: 2, 2024] [added: 1, 2025] was [removed: $508.7] [added: $785] million, of which the vast majority relates to the price protection credits. Auditing the Company’s measurement for price protection credits under distributor contracts involved especially challenging judgment because the calculation involves subjective management assumptions about estimates of expected price protection credits. For example, estimated price protection credits included in the transaction price reflects management’s evaluation of contractual terms, historical experience and assumptions about future economic conditions. Changes in those assumptions can have a material effect on the amount recognized for price protection credits. | | |

| 2028 Notes, due June 2028 | | | 850,000 | | | | | | 856,345 | | | | | | 835,576 | | | | | | — | | | | | | — | | | | | | — | | |

| 2030 Notes, due June 2030 | | | 650,000 | | | | | | 659,834 | | | | | | 633,147 | | | | | | — | | | | | | — | | | | | | — | | |

November 25, 2025

| 2024 Notes, due October 2024 | | | — | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | 499,473 | | | | | | 495,058 | | |

November 26, 2024

These technological trends [removed: are driving a continuous evolution of] [added: drive] new generations of applications that [removed: are increasing] [added: expand] the demand for Analog Devices’ high-performance analog, mixed-signal, power and RF ICs.

We have positioned our business to capitalize on [removed: the secular] [added: these long-term] growth opportunities [removed: across our markets] and to deliver innovative [removed: solutions.][added: solutions across industries.]

Central to our strategy is our focus on [added: solving] challenges that our customers [removed: have] [added: face] across the most impactful application areas.

[removed: That] [added: This strategy] is built around the following key priorities, which we believe will continue to drive our long-term success:

- Efficient use of capital. Research and development (R&D) is critical to [removed: continue] [added: continuing] our cycle of innovation, driven by a diverse array of engineering talent who “engineer good” for our planet and society.

We are [removed: also deeply] committed to realizing targeted shareholder value creation from [removed: our] acquisitions to complement our R&D and drive long-term value creation.

Through the development of cutting-edge innovations and our ability to solve difficult problems across a broad array of applications, we generate significant cash flow and are [removed: deeply] committed to delivering strong shareholder returns.

- Deepening customer-centricity. Close customer relationships influence all aspects of our business: from our broad range of product portfolios and [removed: applications] [added: application] expertise to manufacturing capabilities in high-performance power management and precision and high-speed signal processing technologies.

We believe that our engineering talent continues to be an important competitive differentiator in the semiconductor space that will enable us to [removed: continue to] deepen our relationships with customers.

We strive to be the destination for the world’s best engineering [removed: talent] [added: talent,] with a team of [removed: more than] [added: approximately] 13,000 engineers.

Together, our products and our engineering talent enable us to partner with our customers, leveraging our analog domain expertise and [removed: receive] the full [removed: benefit] [added: breadth] of our technology capabilities to develop complete and innovative solutions.

- Capitalizing on secular trends. We are positioned to capitalize on [removed: important secular] [added: critical long-term] growth trends to drive advancements in digitized factories, mobility and digital healthcare, combat climate change and reliably connect humans and the world.

We are [removed: well-aligned] [added: well aligned] with the key B2B markets driving the increase in data at the Intelligent Edge and [removed: we] will continue to be a critical partner in the collection, creation and communication of our customers’ edge data.

Our fiscal year is the 52-week or 53-week period ending on the Saturday closest to the last day in October; November [removed: 2, 2024] [added: 1, 2025] (fiscal [removed: 2024)] [added: 2025)] was a [removed: 53-week] [added: 52-week] fiscal period, while the fiscal year ended [removed: October 28, 2023] [added: November 2, 2024] (fiscal [removed: 2023)] [added: 2024) was a 53-week fiscal period] and the fiscal year ended October [removed: 29, 2022] [added: 28, 2023] (fiscal [removed: 2022) were] [added: 2023) was a] 52-week fiscal [removed: periods.][added: period.]

The additional week in fiscal 2024 [removed: is] [added: was] included in the first quarter ended February 3, 2024.

Therefore, fiscal [removed: 2024 includes an additional] [added: 2025 and fiscal 2023 include one less] week of operations as compared to fiscal [removed: 2023 and fiscal 2022.][added: 2024.]

We also make available on our website our by-laws, corporate governance guidelines, the charters for the committees of our Board of [removed: Directors and] [added: Directors,] our code of business conduct and [removed: ethics] [added: ethics,] which applies to our directors, officers and [removed: employees] [added: employees,] and other governance documents.

Our analog and mixed-signal IC technology have been the foundation of our business for [removed: nearly] six decades, and we are one of the world’s largest suppliers of high-performance analog ICs.

We believe that the principal advantages these products have as compared to competitors’ products include higher accuracy, higher speed, [removed: lower cost per function,] smaller size, lower power consumption and fewer components, resulting in improved performance and reliability.

Our converter products combine sampling rates and accuracy with the low noise, power, price and small package size required by industrial, automotive, [removed: consumer,] [added: consumer] and communications electronics.

Within this product portfolio we provide precision, instrumentation, [removed: high speed,] [added: high-speed,] intermediate frequency/RF/microwave, [removed: broadband,] [added: broadband] and other amplifiers.

In addition to sensor products, our other analog product category includes isolators that enable designers to implement isolation in designs without the cost, size, power, [removed: performance,] [added: performance] and reliability constraints found with optocouplers.

- *Interface*—Includes general purpose analog ICs whose primary function is to modify or shape the signal in order to ensure signal integrity for transmission over a distance through a physical medium such as a wire, cable, [removed: waveguide,] [added: waveguide] or tracks within a printed circuit board.

We maintain a staff of field application engineers who aid [removed: customers in incorporating our products into their products.]

In some of our markets where end-user demand may be particularly volatile and difficult to predict, some customers place orders that require us to manufacture product and have it available for shipment, even though the customer is unwilling to make a binding commitment to purchase all, or even [added: any, of the product.]

| End Market* | | | | | | Percent of Fiscal [removed: 2024] [added: 2025] Revenue | | | | | | Percent of Fiscal [removed: 2023] [added: 2024] Revenue | | | | | | Percent of Fiscal [removed: 2022] [added: 2023] Revenue | | |

| Automotive | | | | | | 30% | | | | | | [removed: 23%] [added: 30%] | | | | | | [removed: 20%] [added: 24%] | | |

| Communications | | | | | | [removed: 11%] [added: 13%] | | | | | | [removed: 13%] [added: 12%] | | | | | | [removed: 15%] [added: 13%] | | |

| Consumer | | | | | | 13% | | | | | | [removed: 10%] [added: 13%] | | | | | | [removed: 13%] [added: 10%] | | |

*Industrial Automation* — We are a leader in industrial automation [removed: because we deliver] [added: demonstrated through our delivery of] robust, [removed: high performance] [added: high-performance] solutions [added: derived] from our [added: expertise in] deep motion and process control [removed: expertise] and precision sensing measurement and [removed: interpretation to] [added: interpretation, which translate into] expansive connectivity and power capabilities.

We co-create with customers to architect robotics systems and solutions that improve dynamic behavior and precision while enhancing worker safety, machine [removed: health,] [added: health] and manufacturing flexibility.

Beyond electrical testing, our precision and power technology enable analytical instruments for drug or [removed: vaccine R&D and manufacturing, food safety and quality and environmental monitoring.]

As such, we also sell products in the form of system in package (SiPs), printed circuit board assemblies, [removed: modules,] [added: modules] and subsystems.

To help achieve this, we [removed: are collaborating] [added: collaborate] with customers and partners on innovative solutions [removed: that are] designed to achieve better outcomes for patients and more efficient workflows for physicians at reduced costs.

Automotive — We develop [removed: differentiated] [added: differentiated,] high-performance signal processing [removed: solutions, which] [added: technologies that] enable [removed: sophisticated transportation] [added: intelligent, efficient and immersive mobility solutions across electrification, digital cabin] systems [removed: that span infotainment, electrification] and autonomous [removed: applications.][added: platforms.]

| • | | | [removed: Car audio,] [added: Audio,] voice processing and connectivity | | | | | | • | | | Battery monitoring and management systems | | |

In wireless [removed: and wireline] communication applications, our products are incorporated into:

| • Portable devices [removed: (smart phones, tablets] [added: (smartphones, tablets, handheld gaming] and wearable [removed: devices)] [added: technology)] for media and vital signs monitoring applications | | | | | | • Prosumer audio/video equipment | | |

We believe that competitive performance in the marketplace for integrated circuits depends upon multiple factors, including technological innovation, strength of brand, diversity of product portfolio, product performance, technical support, delivery capabilities, customer service quality, reliability and price, with the relative importance of these factors varying among products, [removed: markets,] [added: markets] and customers.

In addition, as explained in our risk factors contained in Item 1A of this Annual Report on Form 10-K, our revenue is more likely to be influenced on a [removed: quarter to quarter] [added: quarter-to-quarter] basis by cyclicality in the semiconductor industry.

In addition, we incorporate AI capabilities across our technologies, business operations, products and services to enhance performance and drive smarter, more efficient solutions.

We continue to expand our capabilities in software, digital platforms and AI to support the evolving needs of our customers and markets.

These efforts are intended to enhance system-level performance, improve design efficiency, reduce complexity and help customers accelerate time to market for their products and solutions.

Our strategic goal is to bridge the domains of analog and mixed-signal, digital and embedded and AI and software technologies to enable intelligent systems that can sense, process and respond to real-world conditions.

This integrated approach supports the development of differentiated solutions across industrial, automotive, communications, consumer and healthcare applications.

- *Software, Digital Platforms and Artificial Intelligence*—As part of our evolution from a component supplier to a full-system and solutions provider, we recently introduced an upgrade to our open-source embedded development platform, CodeFusion Studio 2.0, designed to support embedded system design through integrated workflows for signal processing, edge computing and connectivity.

CodeFusion Studio 2.0 facilitates prototyping and deployment of applications on ADI platforms and is intended to reduce development time and improve system integration.

In fiscal 2025, we also launched Power Studio, a digital simulation and design ecosystem integrating new system-level and IC-level design capabilities into a single product family.

Together, the Power Studio family of products is designed to enable faster time to market by streamlining power management design and optimization.

These platforms are part of our broader Physical Intelligence vision, which seeks to leverage our deep expertise in electro-physical systems to develop and fine-tune foundational AI models that can reason about and interact with the real world.

This initiative integrates signal, power, sensing, time-series sampling, actuation and more to support autonomous operation and enhanced system responsiveness.

These software and AI-driven capabilities complement our existing product portfolio and support our strategy to deliver differentiated solutions that address complex customer requirements.

customers in incorporating our products into their products.

| Industrial | | | | | | 45% | | | | | | 46% | | | | | | 53% | | |

vaccine R&D and manufacturing, food safety and quality and environmental monitoring.

Collaborating with global mobility solution providers, we deliver a comprehensive portfolio of analog, digital, power and sensor ICs engineered to meet the complex demands of modern mobility systems.

Our innovations in precision sensing, edge processing and connectivity empower real-time insights and system-level intelligence, helping transform mobility platforms into dynamic, software-defined environments.

These technologies support immersive user experiences, optimize energy efficiency and enable mission-critical perception and navigation capabilities across a wide range of mobility applications.

Our solutions are deployed in applications such as:

| • | | | Video processing and networking | | | | | | • | | | Intelligent power solutions | | |

Communications — Our communications market includes the following sectors:

*Wireless Communications* — The demand for ubiquitous global connectivity continues to drive the need for wireless network infrastructure.

This market requires a range of high-performance RF communications ICs and solutions.

Wireless technology relies on the conversion and processing of signals in both analog and digital domains to transmit and receive data over the air.

Our high-performance RF and mixed-signal products are designed to deliver higher speed connectivity with lower latency and improved energy efficiency to mobile operators and network providers.

In addition, we enable signal chains and advanced processing across the wireless spectrum supporting a diverse range of end systems.

| • Microwave backhaul systems | | | | | | • Two-way radio communication devices | | |

| • Fixed wireless access systems | | | | | | | | |

*Data Center* — This market is driven by rapid adoption of AI, machine learning and hyperscale architectures, which require advanced power delivery, thermal management and high-speed connectivity solutions to address the growing demand for high-performance computing and cloud infrastructure.

Our offerings in this space include:

| • Power management solutions | | | | | | • Optical and high-speed connectivity | | |

| • Energy optimization | | | | | | | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| • Hearable devices (headphones, earbuds and hearing health) | | | | | | | | |

However, backlog may be

See Note 2e, *Property, Plant and Equipment*, of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K for further information about our held for sale facility in Penang, Malaysia.

As noted in “Environment, Social and Governance” above, we published our 2024 ESG Report which details our sustainability efforts, operations efficiency,

In addition, we are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services.

any, of the product.

| Industrial | | | | | | 46% | | | | | | 54% | | | | | | 52% | | |

Through collaboration with manufacturers worldwide, we have developed a broad portfolio of analog, digital, power and sensor ICs that address the emerging needs of this evolving industry.

Our focus is on audio/video applications that lead to an enriched in-cabin experience, electrification applications that improve vehicle range and reduce emissions, and mission-critical perception and navigation applications that enable vehicles to more clearly sense the external environment.

Specifically, we have developed products used in applications such as:

| • | | | Video processing and connectivity | | | | | | | | | | | |

Communications — The development of broadband, wireless and internet infrastructures around the world has created an important market for our communications products.

Communications technology involves the processing of signals that are converted from analog to digital and digital to analog form during the process of transmitting and receiving data.

The need for higher speed and reduced power consumption, coupled with more reliable, bandwidth-efficient communications, creates demand for our products, which are used in the full spectrum of signal processing for data, video, voice and machine-to-machine communications.

| • Microwave backhaul systems | | | | | | • Optical and cable networking equipment for data center and carrier providers | | |

| • Data centers and data storage | | | | | | | | |

In general, the seasonality for any specific period of time has not had a material impact on our results of operations.

on our capital expenditures, earnings, financial condition or competitive position.

For information regarding material pending legal proceedings in which we are involved, see Note 10, *Commitments and Contingencies* of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K.

For the fiscal year ended November [removed: 2, 2024][added: 1, 2025]

[removed: None][added: None]

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately [removed: $76,694,000,000] [added: $81,121,000,000] based on the last reported sale of the Common Stock on The Nasdaq Global Select Market on May [removed: 4, 2024.][added: 3, 2025.]

As of November [removed: 2, 2024,] [added: 1, 2025,] there were [removed: 496,296,854] [added: 489,654,097] shares of Common Stock, $0.16 2/3 par value per share, outstanding.

| Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held March [removed: 12, 2025] [added: 11, 2026] | | | | | | III | | |

| [Note about Forward-Looking [removed: Statements](#i9cc5acd33c2747b097f29460e74199b6_10)] [added: Statements](#ib54758e35c0c43d39d76d6549829c86e_10)] | | | [removed: [1](#i9cc5acd33c2747b097f29460e74199b6_10)] [added: [1](#ib54758e35c0c43d39d76d6549829c86e_10)] | | |

| [Item 1. [removed: Business](#i9cc5acd33c2747b097f29460e74199b6_16)] [added: Business](#ib54758e35c0c43d39d76d6549829c86e_16)] | | | [removed: [2](#i9cc5acd33c2747b097f29460e74199b6_16)] [added: [2](#ib54758e35c0c43d39d76d6549829c86e_16)] | | |

| [Item 1A. Risk [removed: Factors](#i9cc5acd33c2747b097f29460e74199b6_19)] [added: Factors](#ib54758e35c0c43d39d76d6549829c86e_19)] | | | [removed: [10](#i9cc5acd33c2747b097f29460e74199b6_19)] [added: [11](#ib54758e35c0c43d39d76d6549829c86e_19)] | | |

| [Item 1B. Unresolved Staff [removed: Comments](#i9cc5acd33c2747b097f29460e74199b6_22)] [added: Comments](#ib54758e35c0c43d39d76d6549829c86e_22)] | | | [removed: [23](#i9cc5acd33c2747b097f29460e74199b6_22)] [added: [24](#ib54758e35c0c43d39d76d6549829c86e_22)] | | |

| [Item 1C. [removed: Cybersecurity](#i9cc5acd33c2747b097f29460e74199b6_25)] [added: Cybersecurity](#ib54758e35c0c43d39d76d6549829c86e_25)] | | | [removed: [23](#i9cc5acd33c2747b097f29460e74199b6_25)] [added: [25](#ib54758e35c0c43d39d76d6549829c86e_25)] | | |

| [Item 2. [removed: Properties](#i9cc5acd33c2747b097f29460e74199b6_28)] [added: Properties](#ib54758e35c0c43d39d76d6549829c86e_28)] | | | [removed: [25](#i9cc5acd33c2747b097f29460e74199b6_28)] [added: [27](#ib54758e35c0c43d39d76d6549829c86e_28)] | | |

| [Item 3. Legal [removed: Proceedings](#i9cc5acd33c2747b097f29460e74199b6_31)] [added: Proceedings](#ib54758e35c0c43d39d76d6549829c86e_31)] | | | [removed: [26](#i9cc5acd33c2747b097f29460e74199b6_31)] [added: [28](#ib54758e35c0c43d39d76d6549829c86e_31)] | | |

| [Item 4. Mine Safety [removed: Disclosures](#i9cc5acd33c2747b097f29460e74199b6_34)] [added: Disclosures](#ib54758e35c0c43d39d76d6549829c86e_34)] | | | [removed: [26](#i9cc5acd33c2747b097f29460e74199b6_34)] [added: [28](#ib54758e35c0c43d39d76d6549829c86e_34)] | | |

| [Item 5. Market for [removed: Registrant](#i9cc5acd33c2747b097f29460e74199b6_43)’[s] [added: Registrant](#ib54758e35c0c43d39d76d6549829c86e_43)’[s] Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9cc5acd33c2747b097f29460e74199b6_43)] [added: Securities](#ib54758e35c0c43d39d76d6549829c86e_43)] | | | [removed: [27](#i9cc5acd33c2747b097f29460e74199b6_43)] [added: [29](#ib54758e35c0c43d39d76d6549829c86e_43)] | | |

| [Item [removed: 6.](#i9cc5acd33c2747b097f29460e74199b6_46)] [added: 6.](#ib54758e35c0c43d39d76d6549829c86e_46)] Reserved | | | [removed: [28](#i9cc5acd33c2747b097f29460e74199b6_46)] [added: [30](#ib54758e35c0c43d39d76d6549829c86e_46)] | | |

| [Item 7. [removed: Management](#i9cc5acd33c2747b097f29460e74199b6_52)’[s] [added: Management](#ib54758e35c0c43d39d76d6549829c86e_52)’[s] Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9cc5acd33c2747b097f29460e74199b6_52)] [added: Operations](#ib54758e35c0c43d39d76d6549829c86e_52)] | | | [removed: [29](#i9cc5acd33c2747b097f29460e74199b6_52)] [added: [31](#ib54758e35c0c43d39d76d6549829c86e_52)] | | |

| [Item 7A. Quantitative and Qualitative Disclosures about Market [removed: Risk](#i9cc5acd33c2747b097f29460e74199b6_58)] [added: Risk](#ib54758e35c0c43d39d76d6549829c86e_58)] | | | [removed: [39](#i9cc5acd33c2747b097f29460e74199b6_58)] [added: [40](#ib54758e35c0c43d39d76d6549829c86e_58)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i9cc5acd33c2747b097f29460e74199b6_61)] [added: Firm](#ib54758e35c0c43d39d76d6549829c86e_61)] | | | [removed: [41](#i9cc5acd33c2747b097f29460e74199b6_61)] [added: [42](#ib54758e35c0c43d39d76d6549829c86e_61)] | | |

| [Item 8. Financial Statements and Supplementary [removed: Data](#i9cc5acd33c2747b097f29460e74199b6_64)] [added: Data](#ib54758e35c0c43d39d76d6549829c86e_64)] | | | [removed: [43](#i9cc5acd33c2747b097f29460e74199b6_64)] [added: [44](#ib54758e35c0c43d39d76d6549829c86e_64)] | | |

| [Consolidated Statements of [removed: Income](#i9cc5acd33c2747b097f29460e74199b6_67)] [added: Income](#ib54758e35c0c43d39d76d6549829c86e_67)] | | | [removed: [43](#i9cc5acd33c2747b097f29460e74199b6_67)] [added: [44](#ib54758e35c0c43d39d76d6549829c86e_67)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i9cc5acd33c2747b097f29460e74199b6_70)] [added: Income](#ib54758e35c0c43d39d76d6549829c86e_70)] | | | [removed: [44](#i9cc5acd33c2747b097f29460e74199b6_70)] [added: [45](#ib54758e35c0c43d39d76d6549829c86e_70)] | | |

| [Consolidated Balance [removed: Sheets](#i9cc5acd33c2747b097f29460e74199b6_73)] [added: Sheets](#ib54758e35c0c43d39d76d6549829c86e_73)] | | | [removed: [45](#i9cc5acd33c2747b097f29460e74199b6_73)] [added: [46](#ib54758e35c0c43d39d76d6549829c86e_73)] | | |

| [Consolidated Statements of [removed: Shareholders](#i9cc5acd33c2747b097f29460e74199b6_76)’ [Equity](#i9cc5acd33c2747b097f29460e74199b6_76)] [added: Shareholders](#ib54758e35c0c43d39d76d6549829c86e_76)’ [Equity](#ib54758e35c0c43d39d76d6549829c86e_76)] | | | [removed: [46](#i9cc5acd33c2747b097f29460e74199b6_76)] [added: [47](#ib54758e35c0c43d39d76d6549829c86e_76)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i9cc5acd33c2747b097f29460e74199b6_79)] [added: Flows](#ib54758e35c0c43d39d76d6549829c86e_79)] | | | [removed: [47](#i9cc5acd33c2747b097f29460e74199b6_79)] [added: [48](#ib54758e35c0c43d39d76d6549829c86e_79)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i9cc5acd33c2747b097f29460e74199b6_82)] [added: Statements](#ib54758e35c0c43d39d76d6549829c86e_82)] | | | [removed: [48](#i9cc5acd33c2747b097f29460e74199b6_82)] [added: [49](#ib54758e35c0c43d39d76d6549829c86e_82)] | | |

| [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i9cc5acd33c2747b097f29460e74199b6_139)] [added: Disclosure](#ib54758e35c0c43d39d76d6549829c86e_142)] | | | [removed: [82](#i9cc5acd33c2747b097f29460e74199b6_139)] [added: [80](#ib54758e35c0c43d39d76d6549829c86e_142)] | | |

| [Item 9A. Controls and [removed: Procedures](#i9cc5acd33c2747b097f29460e74199b6_142)] [added: Procedures](#ib54758e35c0c43d39d76d6549829c86e_145)] | | | [removed: [82](#i9cc5acd33c2747b097f29460e74199b6_142)] [added: [80](#ib54758e35c0c43d39d76d6549829c86e_145)] | | |

| [Item 9B. Other [removed: Information](#i9cc5acd33c2747b097f29460e74199b6_145)] [added: Information](#ib54758e35c0c43d39d76d6549829c86e_148)] | | | [removed: [84](#i9cc5acd33c2747b097f29460e74199b6_145)] [added: [82](#ib54758e35c0c43d39d76d6549829c86e_148)] | | |

| [Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent [removed: Inspections](#i9cc5acd33c2747b097f29460e74199b6_148)] [added: Inspections](#ib54758e35c0c43d39d76d6549829c86e_154)] | | | [removed: [84](#i9cc5acd33c2747b097f29460e74199b6_148)] [added: [82](#ib54758e35c0c43d39d76d6549829c86e_154)] | | |

| [Item 10. Directors, Executive Officers and Corporate [removed: Governance](#i9cc5acd33c2747b097f29460e74199b6_154)] [added: Governance](#ib54758e35c0c43d39d76d6549829c86e_160)] | | | [removed: [85](#i9cc5acd33c2747b097f29460e74199b6_154)] [added: [83](#ib54758e35c0c43d39d76d6549829c86e_160)] | | |

| [Item 11. Executive [removed: Compensation](#i9cc5acd33c2747b097f29460e74199b6_157)] [added: Compensation](#ib54758e35c0c43d39d76d6549829c86e_163)] | | | [removed: [85](#i9cc5acd33c2747b097f29460e74199b6_157)] [added: [83](#ib54758e35c0c43d39d76d6549829c86e_163)] | | |

| [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9cc5acd33c2747b097f29460e74199b6_160)] [added: Matters](#ib54758e35c0c43d39d76d6549829c86e_166)] | | | [removed: [85](#i9cc5acd33c2747b097f29460e74199b6_160)] [added: [83](#ib54758e35c0c43d39d76d6549829c86e_166)] | | |

| [Item 13. Certain Relationships and Related Transactions, and Director [removed: Independence](#i9cc5acd33c2747b097f29460e74199b6_163)] [added: Independence](#ib54758e35c0c43d39d76d6549829c86e_169)] | | | [removed: [85](#i9cc5acd33c2747b097f29460e74199b6_163)] [added: [83](#ib54758e35c0c43d39d76d6549829c86e_169)] | | |

| [Item 14. Principal Accountant Fees and [removed: Services](#i9cc5acd33c2747b097f29460e74199b6_166)] [added: Services](#ib54758e35c0c43d39d76d6549829c86e_172)] | | | [removed: [85](#i9cc5acd33c2747b097f29460e74199b6_166)] [added: [83](#ib54758e35c0c43d39d76d6549829c86e_172)] | | |

| [Item 15. Exhibits and Financial Statement [removed: Schedules](#i9cc5acd33c2747b097f29460e74199b6_172)] [added: Schedules](#ib54758e35c0c43d39d76d6549829c86e_178)] | | | [removed: [86](#i9cc5acd33c2747b097f29460e74199b6_172)] [added: [84](#ib54758e35c0c43d39d76d6549829c86e_178)] | | |

| [Schedule II - [removed: Va](#i9cc5acd33c2747b097f29460e74199b6_181)luation] [added: Va](#ib54758e35c0c43d39d76d6549829c86e_187)luation] and Qualifying Accounts | | | [removed: [93](#i9cc5acd33c2747b097f29460e74199b6_181)] [added: [90](#ib54758e35c0c43d39d76d6549829c86e_187)] | | |

| [Item 16. Form 10-K [removed: Summary](#i9cc5acd33c2747b097f29460e74199b6_184)] [added: Summary](#ib54758e35c0c43d39d76d6549829c86e_190)] | | | [removed: [94](#i9cc5acd33c2747b097f29460e74199b6_184)] [added: [91](#ib54758e35c0c43d39d76d6549829c86e_190)] | | |

In addition, any statements that refer to projections regarding our future financial performance or results; [removed: our anticipated growth and trends in our businesses;] the effects of business, economic, political, legal and regulatory impacts or conflicts upon our global operations; [added: our anticipated growth and trends in our businesses;] changes in demand for semiconductors and the related changes in demand and supply for our [removed: products, including the effects of customer inventory adjustments;] [added: products;] manufacturing delays, product availability, and supply chain disruptions; our ability to recruit or retain our key personnel; our future liquidity, capital needs and capital expenditures; our development of technologies and processes and research and development investments; our future market position and expected competitive changes in the marketplace for our products; our plans to pay dividends or repurchase stock; servicing our outstanding debt; our plans to borrow under our [removed: third] [added: fourth] amended and restated revolving credit agreement, [removed: as amended,] and issue notes under our commercial paper program and the planned use of proceeds from such borrowing and issuing; our expected tax rate; the effect of tax examinations and audits and changes in or the application of new or revised tax laws; expected cost savings; the effect of new accounting pronouncements; [removed: our plans to integrate or realize the benefits or synergies expected of acquired businesses] and [removed: technologies; and] other characterizations of future events or circumstances are forward-looking statements.

| [PART I](#ib54758e35c0c43d39d76d6549829c86e_13) | | | [2](#ib54758e35c0c43d39d76d6549829c86e_13) | | |

| [PART II](#ib54758e35c0c43d39d76d6549829c86e_40) | | | [29](#ib54758e35c0c43d39d76d6549829c86e_40) | | |

| [PART III](#ib54758e35c0c43d39d76d6549829c86e_157) | | | [83](#ib54758e35c0c43d39d76d6549829c86e_157) | | |

| [PART IV](#ib54758e35c0c43d39d76d6549829c86e_175) | | | [84](#ib54758e35c0c43d39d76d6549829c86e_175) | | |

| [Signatures](#ib54758e35c0c43d39d76d6549829c86e_193) | | | [92](#ib54758e35c0c43d39d76d6549829c86e_193) | | |

| [PART I](#i9cc5acd33c2747b097f29460e74199b6_13) | | | [2](#i9cc5acd33c2747b097f29460e74199b6_13) | | |

| [PART II](#i9cc5acd33c2747b097f29460e74199b6_40) | | | [27](#i9cc5acd33c2747b097f29460e74199b6_40) | | |

| [PART III](#i9cc5acd33c2747b097f29460e74199b6_151) | | | [85](#i9cc5acd33c2747b097f29460e74199b6_151) | | |

| [PART IV](#i9cc5acd33c2747b097f29460e74199b6_169) | | | [86](#i9cc5acd33c2747b097f29460e74199b6_169) | | |

| [Signatures](#i9cc5acd33c2747b097f29460e74199b6_187) | | | [95](#i9cc5acd33c2747b097f29460e74199b6_187) | | |

We have in place a third-party risk management program to evaluate the cyber postures of our critical [removed: partners’] [added: partners] who handle the Company’s sensitive data in order to identify, monitor and address material cybersecurity risks that may arise from such third-party relationships.

The Cybersecurity Steering Committee is chaired by our [removed: CISO, who reports to our CIO.][added: CISO.]

Both our CISO and our CIO have extensive experience in assessing and managing cybersecurity programs and risk management through serving in various senior roles in information technology and [removed: cybersecurity, serving on external Boards of Directors] [added: cybersecurity] and holding multiple industry-recognized certifications.

| Penang, Malaysia (1) [added: (2)] | | | | | | Wafer probe and testing, assembly and engineering offices | | | | | | 697,000 sq. ft. | | |

| Chonburi Province, Thailand | | | | | | Wafer probe and testing, warehouse, engineering and administrative offices | | | | | | [removed: 194,000] [added: 744,000] sq. ft. | | |

| Chelmsford, MA | | | | | | Final assembly of certain module and subsystem-level products, testing, engineering and administrative offices | | | | | | [removed: 174,000] [added: 237,000] sq. ft. | | |

For information concerning our obligations under all operating leases, see Note [removed: 9,] [added: 7,] *Leases*, of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K.

| | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

(2)For further information concerning our held for sale assets at the Penang, Malaysia facility, see Note 2e, *Property, Plant and Equipment,* of the Notes to Consolidated Financial Statements contained in Part II, Item 8 of this Annual Report on Form 10-K.

| Camas, WA | | | | | | Wafer fabrication | | | | | | 97,000 sq. ft. | | |

| San Jose, CA | | | | | | Manufacturing, marketing and administrative offices | | | | | | 102,000 sq. ft. | | | | | | 2033 | | | | | | 1, five-yr. period | | |

The number of holders of record of our common stock at November [removed: 22, 2024] [added: 21, 2025] was [removed: 2,230.][added: 2,142.]

On [removed: November 1, 2024,] [added: October 31, 2025,] the last reported sales price of our common stock on The Nasdaq Global Select Market was [removed: $225.48] [added: $234.13] per share.

On November [removed: 25, 2024,] [added: 24, 2025,] our Board of Directors declared a cash dividend of [removed: $0.92] [added: $0.99] per outstanding share of common stock.

The dividend will be paid on December [removed: 20, 2024] [added: 22, 2025] to all shareholders of record at the close of business on December [removed: 9, 2024] [added: 8, 2025] and is expected to total approximately [removed: $456.6] [added: $484.8] million.

The table below summarizes the activity related to stock repurchases for the three months ended November [removed: 2, 2024.][added: 1, 2025.]

As of November [removed: 2, 2024,] [added: 1, 2025,] the Company had repurchased a total of approximately [removed: 207.7] [added: 216.5] million shares of its common stock for approximately [removed: $15.0] [added: $17.0] billion under our share repurchase program.

An additional [removed: $1.7] [added: $9.7] billion remains available for repurchase of shares under the current authorized program.

(1)Includes [removed: 60,501] [added: an aggregate of 146,775] 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.

The following graph compares cumulative total shareholder return on our common stock since [removed: November 2, 2019] [added: October 31, 2020] with the cumulative total return of the Standard & Poor’s (S&P) 500 Index and the S&P Semiconductors Index.

This graph assumes the investment of $100 on [removed: November 2, 2019] [added: October 31, 2020] in our common stock, the S&P 500 Index and the S&P Semiconductors Index and assumes all dividends are reinvested.

][added: Workiva.jpg](https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101_g1.jpg)]

| August 3, 2025 through August 30, 2025 | | | | | | 1,019,618 | | | | | | $ | 235.55 | | | | | 911,058 | | | | | | $ | 10,079,668,663 | |

| August 31, 2025 through September 27, 2025 | | | | | | 755,288 | | | | | | $ | 247.02 | | | | | 746,876 | | | | | | $ | 9,895,164,780 | |

| September 28, 2025 through November 1, 2025 | | | | | | 1,040,641 | | | | | | $ | 239.82 | | | | | 1,010,838 | | | | | | $ | 9,652,678,988 | |

| Total | | | | | | 2,815,547 | | | | | | $ | 240.20 | | | | | 2,668,772 | | | | | | $ | 9,652,678,988 | |

| August 4, 2024 through August 31, 2024 | | | | | | 143,269 | | | | | | $ | 219.84 | | | | | 95,944 | | | | | | $ | 1,712,491,367 | |

| September 1, 2024 through September 28, 2024 | | | | | | 109,336 | | | | | | $ | 223.90 | | | | | 102,240 | | | | | | $ | 1,689,594,092 | |

| September 29, 2024 through November 2, 2024 | | | | | | 169,648 | | | | | | $ | 227.53 | | | | | 163,568 | | | | | | $ | 1,652,367,857 | |

| Total | | | | | | 422,253 | | | | | | $ | 223.98 | | | | | 361,752 | | | | | | $ | 1,652,367,857 | |

The following discussion includes results of operations and financial condition for the fiscal year ended November [removed: 2, 2024] [added: 1, 2025] (fiscal [removed: 2024)] [added: 2025)] and the fiscal year ended [removed: October 28, 2023] [added: November 2, 2024] (fiscal [removed: 2023)] [added: 2024)] and year-over-year comparisons between fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023.][added: 2024.]

For discussion on results of operations and financial condition for fiscal [removed: 2023] [added: 2024] and the fiscal year ended October [removed: 29, 2022] [added: 28, 2023] (fiscal [removed: 2022)] [added: 2023)] and year-over-year comparisons between fiscal [removed: 2023] [added: 2024] and fiscal [removed: 2022,] [added: 2023,] please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for fiscal [removed: 2023] [added: 2024] filed with the Securities and Exchange Commission on November [removed: 21, 2023.][added: 26, 2024.]

Fiscal [removed: 2024] [added: 2025] was a [removed: 53-week] [added: 52-week] fiscal period, while fiscal [removed: 2023] [added: 2024] was a [removed: 52-week] [added: 53-week] fiscal period.

The additional week in fiscal 2024 [removed: is] [added: was] included in the first quarter ended February 3, 2024.

Therefore, fiscal [removed: 2024] [added: 2025] includes [removed: an additional] [added: one less] week of operations as compared to fiscal [removed: 2023.][added: 2024.]

| | | | Fiscal Year | | | | | | | | | | | | [removed: 2024 over 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | | | | | | | |

| Gross margin % | | | [removed: 57.1] [added: 61.5] | | % | | | | [removed: 64.0] [added: 57.1] | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income as a % of revenue | | | [removed: 17.3] [added: 20.6] | | % | | | | [removed: 26.9] [added: 17.3] | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Diluted EPS | | | $ | [removed: 3.28] [added: 4.56] | | | | | $ | [removed: 6.55] [added: 3.28] | | | | | | | | | | | $ | [removed: (3.27)] [added: 1.28] | | | | | [removed: (50)] [added: 39] | | % | | | | | | | | | | | | |

| | | | Fiscal [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | Fiscal [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | Revenue | | | | | | % of Total Revenue (1) | | | | | | Y/Y% [added: Change] | | | | | | Revenue | | | | | | % of Total Revenue (1) | | | | | | | | | | | | | | | | | | | | |

| Total Revenue | | | $ | [removed: 9,427,157] [added: 11,019,707] | | | | | 100 | | % | | | | [removed: (23)] [added: 17] | | % | | | | $ | [removed: 12,305,539] [added: 9,427,157] | | | | | 100 | | % | | | | | | | | | | | | | | | | | | |

Other customers include the U.S. government, government prime contractors and certain commercial [removed: customers for which revenue is recorded over time.]

| | | | Fiscal [removed: 2024] [added: 2025] | | | | | | | | | | | | Fiscal [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | | | |

| Distributors | | | $ | [removed: 5,505,779] [added: 6,144,819] | | | | | [removed: 58] [added: 56] | | % | | | | $ | [removed: 7,534,894] [added: 5,505,779] | | | | | [removed: 61] [added: 58] | | % | | | | | | | | | | | | |

| Direct customers | | | [removed: 3,772,945] [added: 4,718,993] | | | | | | [removed: 40] [added: 43] | | % | | | | [removed: 4,603,166] [added: 3,772,945] | | | | | | [removed: 37] [added: 40] | | % | | | | | | | | | | | | |

| Other | | | [removed: 148,433] [added: 155,895] | | | | | | [removed: 2] [added: 1] | | % | | | | [removed: 167,479] [added: 148,433] | | | | | | [removed: 1] [added: 2] | | % | | | | | | | | | | | | |

| Total Revenue | | | $ | [removed: 9,427,157] [added: 11,019,707] | | | | | 100 | | % | | | | $ | [removed: 12,305,539] [added: 9,427,157] | | | | | 100 | | % | | | | | | | | | | | | |

As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods [removed: presented,] [added: presented] but can fluctuate from time to time based on end market revenue trends.

As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in [added: the percentage of] revenue [removed: in] [added: from] our Industrial end market.

Geographic revenue information for fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023] [added: 2024] reflects the geographic location of the distributors or OEMs who purchased the Company’s products.

| | | | Fiscal Year | | | | | | | | | | | | [removed: 2024 over 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | $ Change | | | | | | % Change (1) | | | | | | | | | | | | | | |

| Rest of North and South America | | | [removed: 62,318] [added: 162,470] | | | | | | [removed: 88,579] [added: 62,318] | | | | | | | | | | | | [removed: (26,261)] [added: 100,152] | | | | | | [removed: (30)] [added: 161] | | % | | | | | | | | | | | | |

In all periods presented, the predominant regions comprising “Rest of North and South America” are [removed: Canada] [added: Mexico] and [removed: Mexico;] [added: Canada;] the predominant regions comprising “Europe” are Germany, [removed: Sweden, Israel and] the [removed: Netherlands;] [added: Netherlands, France] and [added: Israel; and] the predominant regions comprising “Rest of Asia” are Taiwan, [removed: Malaysia,] South [removed: Korea] [added: Korea, Malaysia] and Singapore.

Total revenue [removed: decreased] [added: increased] in fiscal [removed: 2024] [added: 2025] as compared to fiscal [removed: 2023] [added: 2024] in [removed: all] [added: most] regions due to [removed: weaker macroeconomic conditions] [added: broad-based demand increases] as discussed above under the heading *Revenue Trends by End Market.*

| | | | Fiscal Year | | | | | | | | | | | | | | | | | | [removed: 2024 over 2023] | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | | | | | | | |

| Gross margin % | | | [removed: 57.1] [added: 61.5] | | % | | | | [removed: 64.0] [added: 57.1] | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Gross margin percentage in fiscal [removed: 2024 decreased] [added: 2025 increased] by [removed: 690] [added: 440] basis points compared to fiscal [removed: 2023,] [added: 2024,] primarily due to [removed: lower] [added: higher] utilization of our factories due to [removed: decreased] [added: increased] customer demand [removed: and unfavorable product mix.][added: as well as a decrease in amortization expense related to acquired intangible assets.]

| | | | Fiscal Year | | | | | | | | | | | | [removed: 2024 over 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | | | | | | | |

| R&D expenses as a % of revenue | | | 16 | | % | | | | [removed: 13] [added: 16] | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

R&D expenses [removed: decreased] [added: increased] in fiscal [removed: 2024] [added: 2025] as compared to fiscal [removed: 2023] [added: 2024,] primarily as a result of [removed: lower] [added: higher] R&D employee related variable compensation [added: expenses and higher salary and benefit] expenses, partially offset by the impact of an additional week of operations in fiscal 2024 as compared to fiscal [removed: 2023.][added: 2025.]

| | | | Fiscal Year | | | | | | | | | | | | [removed: 2024 over 2023] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | $ Change | | | | | | % Change | | | | | | | | | | | | | | |

| SMG&A expenses as a % of revenue | | | 11 | | % | | | | [removed: 10] [added: 11] | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

SMG&A expenses [removed: decreased] [added: increased] in fiscal [removed: 2024] [added: 2025] as compared to fiscal [removed: 2023,] [added: 2024,] primarily as a result of [removed: lower variable compensation expenses,] [added: higher] SMG&A employee related [added: variable compensation expenses and] salary and benefit [removed: expenses and discretionary spending.][added: expenses, partially offset by an additional week of operations in fiscal 2024 as compared to fiscal 2025.]

[removed: The decrease was] [added: These increases were] partially offset by [added: the impact of] an additional week of operations in fiscal 2024 as compared to fiscal [removed: 2023.][added: 2025.]

| Revenue | | | $ | 11,019,707 | | | | | $ | 9,427,157 | | | | | | | | | | | $ | 1,592,550 | | | | | 17 | | % | | | | | | | | | | | | |

| Net income | | | $ | 2,267,342 | | | | | $ | 1,635,273 | | | | | | | | | | | $ | 632,069 | | | | | 39 | | % | | | | | | | | | | | | |

| Industrial | | | $ | 4,929,409 | | | | | 45 | | % | | | | 15 | | % | | | | $ | 4,290,324 | | | | | 46 | | % | | | | | | | | | | | | | | | | | | |

| Automotive | | | 3,277,865 | | | | | | 30 | | % | | | | 16 | | % | | | | 2,837,522 | | | | | | 30 | | % | | | | | | | | | | | | | | | | | | |

| Consumer | | | 1,434,568 | | | | | | 13 | | % | | | | 19 | | % | | | | 1,207,880 | | | | | | 13 | | % | | | | | | | | | | | | | | | | | | |

| Communications | | | 1,377,865 | | | | | | 13 | | % | | | | 26 | | % | | | | 1,091,431 | | | | | | 12 | | % | | | | | | | | | | | | | | | | | | |

Revenue increased 17% in fiscal 2025 as compared to fiscal 2024 as a result of broad-based increase in demand for our products.

In addition to increased demand, the increase in the Industrial end market was primarily due to customer inventory balances normalizing and growth in the test equipment and aerospace and defense sub-markets.

In the Automotive end market, the increase was primarily driven by increases from connectivity solutions.

The increase in the Consumer end market was primarily related to portable consumer products and the increase in the Communications end market was primarily driven by growth in the wireline sub-market from data center infrastructure expansion in support of AI applications.

customers for which revenue is recorded over time.

| United States | | | $ | 3,238,145 | | | | | $ | 2,840,426 | | | | | | | | | | | $ | 397,719 | | | | | 14 | | % | | | | | | | | | | | | |

| Europe | | | 2,285,598 | | | | | | 2,109,529 | | | | | | | | | | | | 176,069 | | | | | | 8 | | % | | | | | | | | | | | | |

| Japan | | | 989,916 | | | | | | 1,085,631 | | | | | | | | | | | | (95,715) | | | | | | (9) | | % | | | | | | | | | | | | |

| China | | | 2,858,286 | | | | | | 2,128,840 | | | | | | | | | | | | 729,446 | | | | | | 34 | | % | | | | | | | | | | | | |

| Rest of Asia | | | 1,485,292 | | | | | | 1,200,413 | | | | | | | | | | | | 284,879 | | | | | | 24 | | % | | | | | | | | | | | | |

| Total Revenue | | | $ | 11,019,707 | | | | | $ | 9,427,157 | | | | | | | | | | | $ | 1,592,550 | | | | | 17 | | % | | | | | | | | | | | | |

| Gross margin | | | $ | 6,773,478 | | | | | $ | 5,381,343 | | | | | | | | | | | $ | 1,392,135 | | | | | 26 | | % | | | | | | | | | | | | |

| R&D expenses | | | $ | 1,766,001 | | | | | $ | 1,487,863 | | | | | | | | | | | $ | 278,138 | | | | | 19 | | % | | | | | | | | | | | | |

| SMG&A expenses | | | $ | 1,255,339 | | | | | $ | 1,068,640 | | | | | | | | | | | $ | 186,699 | | | | | 17 | | % | | | | | | | | | | | | |

| Amortization expenses | | | $ | 749,662 | | | | | $ | 754,784 | | | | | | | | | | | $ | (5,122) | | | | | (1) | | % | | | | | | | | | | | | |

Our effective tax rate for fiscal 2025 was impacted by a net deferred tax expense of $153.8 million 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 | | | $ | 2,267,342 | | | | | $ | 1,635,273 | | | | | | | | | | | $ | 632,069 | | | | | 39 | | % | | | | | | | | | | | | |

| | | | 2025 | | | | | | 2024 | | | | | | | | |

Investing cash flows generally consist of purchases of property, plant and equipment, available-for-sale investments and acquisitions of other businesses.

| Inventory | | | $ | 1,656,323 | | | | | $ | 1,447,687 | | | | | $ | 208,636 | | 14 | | % |

| Debt obligations (1) | | | | | | $ | 8,663,716 | | | | | $ | 446,639 | | | | | $ | 2,940,212 | | | | | $ | 650,000 | | | | | $ | 4,626,865 | |

| Interest payments associated with debt obligations | | | | | | 3,192,312 | | | | | | 290,787 | | | | | | 517,777 | | | | | | 389,089 | | | | | | 1,994,659 | | |

| Investment-related commitments (2) | | | | | | 186,892 | | | | | | 37,378 | | | | | | 74,757 | | | | | | 74,757 | | | | | | — | | |

| Transition tax (3) | | | | | | 167,856 | | | | | | 167,856 | | | | | | — | | | | | | — | | | | | | — | | |

| Operating leases (4) | | | | | | 394,961 | | | | | | 85,606 | | | | | | 142,960 | | | | | | 109,501 | | | | | | 56,894 | | |

| Inventory-related purchase commitments (5) | | | | | | 269,737 | | | | | | 122,643 | | | | | | 103,761 | | | | | | 40,000 | | | | | | 3,333 | | |

| Total | | | | | | $ | 12,875,474 | | | | | $ | 1,150,909 | | | | | $ | 3,779,467 | | | | | $ | 1,263,347 | | | | | $ | 6,681,751 | |

We generally warrant that our products will meet their

We have determined that the business operates as a single operating segment and has a single reporting unit for the purpose of goodwill impairment testing.

If fair value is determined to be less

During fiscal 2025, we used a combination of the quantitative and qualitative methods of assessing goodwill.

During fiscal 2024, we used the qualitative method of assessing goodwill.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Revenue | | | $ | 9,427,157 | | | | | $ | 12,305,539 | | | | | | | | | | | $ | (2,878,382) | | | | | (23) | | % | | | | | | | | | | | | |

| Net income | | | $ | 1,635,273 | | | | | $ | 3,314,579 | | | | | | | | | | | $ | (1,679,306) | | | | | (51) | | % | | | | | | | | | | | | |

| Industrial | | | $ | 4,314,280 | | | | | 46 | | % | | | | (35) | | % | | | | $ | 6,611,794 | | | | | 54 | | % | | | | | | | | | | | | | | | | | | |

| Automotive | | | 2,827,439 | | | | | | 30 | | % | | | | (2) | | % | | | | 2,876,140 | | | | | | 23 | | % | | | | | | | | | | | | | | | | | | |

| Communications | | | 1,080,496 | | | | | | 11 | | % | | | | (33) | | % | | | | 1,606,426 | | | | | | 13 | | % | | | | | | | | | | | | | | | | | | |

| Consumer | | | 1,204,942 | | | | | | 13 | | % | | | | (1) | | % | | | | 1,211,179 | | | | | | 10 | | % | | | | | | | | | | | | | | | | | | |

Revenue decreased 23% in fiscal 2024 as compared to fiscal 2023 primarily as a result of weaker macroeconomic trends.

This was pronounced in our Industrial end market as customers decreased their inventory balances and in the Communications end market primarily due to the timing of infrastructure deployment cycles.

The Automotive and Consumer end markets declined to a lesser extent as demand weakened driven by reduced consumer spending.

| United States | | | $ | 2,840,426 | | | | | $ | 4,165,296 | | | | | | | | | | | $ | (1,324,870) | | | | | (32) | | % | | | | | | | | | | | | |

| Europe | | | 2,109,529 | | | | | | 3,001,871 | | | | | | | | | | | | (892,342) | | | | | | (30) | | % | | | | | | | | | | | | |

| Japan | | | 1,085,631 | | | | | | 1,397,119 | | | | | | | | | | | | (311,488) | | | | | | (22) | | % | | | | | | | | | | | | |

| China | | | 2,128,840 | | | | | | 2,229,631 | | | | | | | | | | | | (100,791) | | | | | | (5) | | % | | | | | | | | | | | | |

| Rest of Asia | | | 1,200,413 | | | | | | 1,423,043 | | | | | | | | | | | | (222,630) | | | | | | (16) | | % | | | | | | | | | | | | |

| Total Revenue | | | $ | 9,427,157 | | | | | $ | 12,305,539 | | | | | | | | | | | $ | (2,878,382) | | | | | (23) | | % | | | | | | | | | | | | |

| Gross margin | | | $ | 5,381,343 | | | | | $ | 7,877,218 | | | | | | | | | | | $ | (2,495,875) | | | | | (32) | | % | | | | | | | | | | | | |

| R&D expenses | | | $ | 1,487,863 | | | | | $ | 1,660,194 | | | | | | | | | | | $ | (172,331) | | | | | (10) | | % | | | | | | | | | | | | |

| SMG&A expenses | | | $ | 1,068,640 | | | | | $ | 1,273,584 | | | | | | | | | | | $ | (204,944) | | | | | (16) | | % | | | | | | | | | | | | |

| Amortization expenses | | | $ | 754,784 | | | | | $ | 959,618 | | | | | | | | | | | $ | (204,834) | | | | | (21) | | % | | | | | | | | | | | | |

*Operating Income*

| Operating income | | | $ | 2,032,798 | | | | | $ | 3,823,112 | | | | | | | | | | | $ | (1,790,314) | | | | | (47) | | % | | | | | | | | | | | | |

| Operating income as a % of revenue | | | 21.6 | | % | | | | 31.1 | | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The decrease in operating income in fiscal 2024 as compared to fiscal 2023 was primarily the result of a decrease in revenue which contributed to a decrease in gross margin of $2,495.9 million, partially offset by a $204.9 million decrease in SMG&A expenses, a $204.8 million decrease in amortization expenses, a $172.3 million decrease in R&D expenses and a $123.5 million decrease in special charges, net, as more fully described above.

Our effective tax rate for fiscal 2023 was also impacted by a discrete income tax benefit recorded of $81.7 million resulting from the approval granted by the Joint Committee on Taxation of our federal corporate income tax relief claim which reduced the amount of transition tax owed under the Tax Cuts and Jobs Act of 2017.

| | | | Fiscal Year | | | | | | | | | | | | 2024 over 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | $ | 1,635,273 | | | | | $ | 3,314,579 | | | | | | | | | | | $ | (1,679,306) | | | | | (51) | | % | | | | | | | | | | | | |

| | | | 2024 | | | | | | 2023 | | | | | | | | |

Investing cash flows generally consist of capital expenditures and cash used for acquisitions.

| | | | 2024 | | | | | | 2023 | | | | | | $ Change | | | % Change | | |

| Inventory | | | $ | 1,447,687 | | | | | $ | 1,642,214 | | | | | $ | (194,527) | | (12) | | % |

Cost of sales amounts used in the calculation of days cost of sales in inventory include accounting adjustments related to amortization of developed technology intangible assets acquired and depreciation related to the write-up of fixed assets to fair value as a result of the acquisition of Maxim.

Our common stock repurchase program has been in place since August 2004.

Since inception, our Board of Directors has authorized us to repurchase $16.7 billion of our common stock under the program, which includes the $8.5 billion authorization approved by the Board of Directors on August 25, 2021.

Under the program, we may repurchase outstanding shares of our common stock from time to time in the open market and through privately negotiated transactions.

| Debt obligations (1) | | | | | | $ | 7,664,815 | | | | | $ | 947,738 | | | | | $ | 1,340,212 | | | | | $ | 750,000 | | | | | $ | 4,626,865 | |

| Interest payments associated with debt obligations | | | | | | 3,169,308 | | | | | | 232,301 | | | | | | 433,714 | | | | | | 343,339 | | | | | | 2,159,954 | | |

| Investment-related commitments (2) | | | | | | 198,000 | | | | | | 33,000 | | | | | | 66,000 | | | | | | 66,000 | | | | | | 33,000 | | |

| Transition tax (3) | | | | | | 302,141 | | | | | | 149,224 | | | | | | 152,917 | | | | | | — | | | | | | — | | |

Years ended November [added: 1, 2025, November] 2, [removed: 2024, October 28, 2023] [added: 2024] and October [removed: 29, 2022][added: 28, 2023]

| (thousands, except per share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Revenue | | | $ | [removed: 9,427,157] [added: 11,019,707] | | | | | $ | [removed: 12,305,539] [added: 9,427,157] | | | | | $ | [removed: 12,013,953] [added: 12,305,539] | |

| Cost of sales | | | [removed: 4,045,814] [added: 4,246,229] | | | | | | [removed: 4,428,321] [added: 4,045,814] | | | | | | [removed: 4,481,479] [added: 4,428,321] | | |

| Gross margin | | | [removed: 5,381,343] [added: 6,773,478] | | | | | | [removed: 7,877,218] [added: 5,381,343] | | | | | | [removed: 7,532,474] [added: 7,877,218] | | |

| Research and development | | | [removed: 1,487,863] [added: 1,766,001] | | | | | | [removed: 1,660,194] [added: 1,487,863] | | | | | | [removed: 1,700,518] [added: 1,660,194] | | |

| Selling, marketing, general and administrative | | | [removed: 1,068,640] [added: 1,255,339] | | | | | | [removed: 1,273,584] [added: 1,068,640] | | | | | | [removed: 1,266,175] [added: 1,273,584] | | |

| Amortization of intangibles | | | [removed: 754,784] [added: 749,662] | | | | | | [removed: 959,618] [added: 754,784] | | | | | | [removed: 1,012,572] [added: 959,618] | | |

| Special charges, net | | | [removed: 37,258] [added: 69,980] | | | | | | [removed: 160,710] [added: 37,258] | | | | | | [removed: 274,509] [added: 160,710] | | |

| Total operating expenses | | | [removed: 3,348,545] [added: 3,840,982] | | | | | | [removed: 4,054,106] [added: 3,348,545] | | | | | | [removed: 4,253,774] [added: 4,054,106] | | |

| Operating income: | | | [removed: 2,032,798] [added: 2,932,496] | | | | | | [removed: 3,823,112] [added: 2,032,798] | | | | | | [removed: 3,278,700] [added: 3,823,112] | | |

| Interest expense | | | [removed: 322,227] [added: 317,716] | | | | | | [removed: 264,641] [added: 322,227] | | | | | | [removed: 200,408] [added: 264,641] | | |

| Interest income | | | [removed: (78,817)] [added: (105,266)] | | | | | | [removed: (41,287)] [added: (78,817)] | | | | | | [removed: (6,906)] [added: (41,287)] | | |

| Other, net | | | [removed: 12,048] [added: 7,934] | | | | | | [removed: (8,245)] [added: 12,048] | | | | | | [removed: (13,551)] [added: (8,245)] | | |

| Total nonoperating expense (income) | | | [removed: 255,458] [added: 220,384] | | | | | | [removed: 215,109] [added: 255,458] | | | | | | [removed: 179,951] [added: 215,109] | | |

| Income before income taxes | | | [removed: 1,777,340] [added: 2,712,112] | | | | | | [removed: 3,608,003] [added: 1,777,340] | | | | | | [removed: 3,098,749] [added: 3,608,003] | | |

| Provision for income taxes | | | [removed: 142,067] [added: 444,770] | | | | | | [removed: 293,424] [added: 142,067] | | | | | | [removed: 350,188] [added: 293,424] | | |

| Net income | | | $ | [removed: 1,635,273] [added: 2,267,342] | | | | | $ | [removed: 3,314,579] [added: 1,635,273] | | | | | $ | [removed: 2,748,561] [added: 3,314,579] | |

| Shares used to compute earnings per common share — basic | | | [removed: 496,166] [added: 494,381] | | | | | | [removed: 502,232] [added: 496,166] | | | | | | [removed: 519,226] [added: 502,232] | | |

| Shares used to compute earnings per common share — diluted | | | [removed: 498,697] [added: 496,709] | | | | | | [removed: 505,959] [added: 498,697] | | | | | | [removed: 523,178] [added: 505,959] | | |

| Basic earnings per common share | | | $ | [removed: 3.30] [added: 4.59] | | | | | $ | [removed: 6.60] [added: 3.30] | | | | | $ | [removed: 5.29] [added: 6.60] | |

| Diluted earnings per common share | | | $ | [removed: 3.28] [added: 4.56] | | | | | $ | [removed: 6.55] [added: 3.28] | | | | | $ | [removed: 5.25] [added: 6.55] | |

Years ended November [added: 1, 2025, November] 2, [removed: 2024, October 28, 2023] [added: 2024] and October [removed: 29, 2022][added: 28, 2023]

| (thousands) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Net income | | | $ | [removed: 1,635,273] [added: 2,267,342] | | | | | $ | [removed: 3,314,579] [added: 1,635,273] | | | | | $ | [removed: 2,748,561] [added: 3,314,579] | |

| Foreign currency translation adjustment | | | [removed: 1,033] [added: (189)] | | | | | | [removed: (408)] [added: 1,033] | | | | | | [removed: (46,341)] [added: (408)] | | |

| Changes in fair value of derivatives (net of tax of [removed: $5,948] [added: $6,747] in [removed: 2024, $486] [added: 2025, $5,948] in [removed: 2023] [added: 2024] and [removed: $2,902] [added: $486] in [removed: 2022)] [added: 2023)] | | | [removed: 4,533] [added: (5,584)] | | | | | | [removed: 7,948] [added: 4,533] | | | | | | [removed: (30,331)] [added: 7,948] | | |

| Adjustment for realized loss reclassified into earnings (net of tax of [removed: $2,140] [added: $3,228] in [removed: 2024, $3,311] [added: 2025, $2,140] in [removed: 2023] [added: 2024] and [removed: $5,054] [added: $3,311] in [removed: 2022)] [added: 2023)] | | | [removed: 12,308] [added: 21,009] | | | | | | [removed: 9,622] [added: 12,308] | | | | | | [removed: 34,472] [added: 9,622] | | |

| Total change in derivative instruments designated as cash flow hedges, net of tax | | | [removed: 16,841] [added: 15,425] | | | | | | [removed: 17,570] [added: 16,841] | | | | | | [removed: 4,141] [added: 17,570] | | |

| Change in actuarial (loss)/gain (net of tax of [removed: $1,198] [added: $1,828] in [removed: 2024, $312] [added: 2025, $1,198] in [removed: 2023] [added: 2024] and [removed: $7,756] [added: $312] in [removed: 2022)] [added: 2023)] | | | [removed: (14,828)] [added: 15,438] | | | | | | [removed: (7,312)] [added: (14,828)] | | | | | | [removed: 30,613] [added: (7,312)] | | |

| Other comprehensive income [removed: (loss)] | | | [removed: 3,046] [added: 30,674] | | | | | | [removed: 9,850] [added: 3,046] | | | | | | [removed: (11,587)] [added: 9,850] | | |

| Comprehensive income | | | $ | [removed: 1,638,319] [added: 2,298,016] | | | | | $ | [removed: 3,324,429] [added: 1,638,319] | | | | | $ | [removed: 2,736,974] [added: 3,324,429] | |

[added: | | | | | | |] November [added: 1, 2025 | | | | | | November] 2, [removed: 2024 and October] [added: 2024 | | | | | | October] 28, 2023 [added: | | |]

| (thousands, except per share amounts) | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Cash and cash equivalents [removed: |] [added: at beginning of year] | | [removed: $] | 1,991,342 | | | | | [removed: $] | 958,061 | | [added: | | | | 1,470,572 | | |]

| Short-term investments | | | [removed: 371,822] [added: 1,152,915] | | | | | | [removed: —] [added: 371,822] | | |

| Accounts receivable less allowances of [removed: $7,160 ($2,763] [added: $5,441 ($7,160] in [removed: 2023)] [added: 2024)] | | | [removed: 1,336,331] [added: 1,436,075] | | | | | | [removed: 1,469,734] [added: 1,336,331] | | |

| Inventories | | | [removed: 1,447,687] [added: 1,656,323] | | | | | | [removed: 1,642,214] [added: 1,447,687] | | |

| Prepaid expenses and other current assets | | | [removed: 337,472] [added: 363,342] | | | | | | [removed: 314,013] [added: 337,472] | | |

| Total current assets | | | [removed: 5,484,654] [added: 7,108,061] | | | | | | [removed: 4,384,022] [added: 5,484,654] | | |

November 1, 2025 and November 2, 2024

| Cash and cash equivalents | | | $ | 2,499,406 | | | | | $ | 1,991,342 | |

| Net Income — 2025 | | | | | | | | | | | | | | | | | | | | | 2,267,342 | | | | | | | | |

| Issuance of stock under stock plans | | | 2,805 | | | | | | 468 | | | | | | 108,445 | | | | | | | | | | | | | | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | 30,674 | | |

| Common stock repurchased | | | (9,448) | | | | | | (1,575) | | | | | | (2,163,063) | | | | | | | | | | | | | | |

| BALANCE, NOVEMBER 1, 2025 | | | 489,654 | | | | | | $ | 81,611 | | | | | $ | 23,349,185 | | | | | $ | 10,539,541 | | | | | $ | (154,582) | |

| Maturities of short-term available-for-sale investments | | | 372,778 | | | | | | 69,279 | | | | | | — | | |

| Proceeds from sale of property, plant and equipment, net | | | 58,892 | | | | | | — | | | | | | — | | |

| Payments for acquisitions, net of cash acquired | | | (45,652) | | | | | | — | | | | | | — | | |

The Intelligent Edge is characterized by ubiquitous sensing, hyper-scale and edge computing, artificial intelligence (AI) and pervasive connectivity.

These technological trends drive new generations of applications that expand the demand for Analog Devices’ high-performance analog, mixed-signal, power and radio frequency ICs.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 (1) | | |

| Land and buildings | | | $ | 2,118,530 | | | | | $ | 2,077,384 | |

| Machinery and equipment | | | 4,592,126 | | | | | | 4,441,293 | | |

| | | | 7,405,590 | | | | | | 7,187,988 | | |

| Machinery and equipment | | | 25,756 | | |

| Office equipment | | | 6,519 | | |

The Company has determined that its business operates as a single operating segment and has a single reporting unit for the purpose of goodwill impairment testing.

During fiscal 2025, the Company used a combination of the quantitative and qualitative methods of assessing goodwill.

The following table presents the changes in goodwill during fiscal 2025 and fiscal 2024:

| | | | 2025 | | | | | | 2024 | | |

| Balance at beginning of year | | | $ | 26,909,775 | | | | | $ | 26,909,775 | |

| Acquisition (1) | | | 35,405 | | | | | | — | | |

| Balance at end of year | | | $ | 26,945,180 | | | | | $ | 26,909,775 | |

(1) The fiscal 2025 acquisition was not material to the Company.

| Total | | | $ | 18,027,769 | | | | | $ | 10,013,954 | | | | | $ | 18,007,374 | | | | | $ | 8,421,910 | |

| 2026 | | | $ | 1,537,505 | |

| 2027 | | | $ | 1,533,013 | |

| 2028 | | | $ | 1,465,336 | |

| 2029 | | | $ | 1,128,237 | |

| 2030 | | | $ | 404,189 | |

As of November 1, 2025, the Company recorded $96.3 million and $167.2 million as offsets within current income taxes payable and in other assets, respectively, with corresponding reductions to the carrying amounts of the qualifying manufacturing assets on the Consolidated Balance Sheet.

the risk of counterparty default to be significant.

| | | | November 1, 2025 | | | | | | | | | | | | | | | | | | | | |

| Corporate obligations (1) | | | — | | | | | | 397,707 | | | | | | | | | | | | 397,707 | | |

| Corporate obligations (1) | | | — | | | | | | 656,839 | | | | | | | | | | | | 656,839 | | |

| Bank obligations (1) | | | — | | | | | | 496,076 | | | | | | | | | | | | 496,076 | | |

ANALOG DEVICES, INC.

ANALOG DEVICES, INC.

ANALOG DEVICES, INC.

| BALANCE, OCTOBER 30, 2021 | | | 525,331 | | | | | | $ | 87,554 | | | | | $ | 30,574,237 | | | | | $ | 7,517,316 | | | | | $ | (186,565) | |

| Net Income — 2022 | | | | | | | | | | | | | | | | | | | | | 2,748,561 | | | | | | | | |

| Issuance of stock under stock plans | | | 2,701 | | | | | | 449 | | | | | | 33,438 | | | | | | | | | | | | | | |

| Common stock repurchased | | | (18,736) | | | | | | (3,123) | | | | | | (3,073,892) | | | | | | | | | | | | | | |

| Cost of goods sold for inventory acquired | | | — | | | | | | — | | | | | | 271,396 | | |

| Non-cash impairment charge | | | — | | | | | | — | | | | | | 91,953 | | |

| Payments on revolver | | | — | | | | | | — | | | | | | (400,000) | | |

| Proceeds from revolver | | | — | | | | | | — | | | | | | 400,000 | | |

| Effect of exchange rate changes on cash | | | — | | | | | | — | | | | | | (34,706) | | |

| Cash and cash equivalents at beginning of year | | | 958,061 | | | | | | 1,470,572 | | | | | | 1,977,964 | | |

On August 26, 2021 (Acquisition Date), the Company completed the acquisition of Maxim Integrated Products, Inc. (Maxim), an independent manufacturer of innovative analog and mixed-signal products and technologies.

The acquisition of Maxim is referred to as the Acquisition.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

| Land and buildings | | | $ | 2,061,751 | | | | | $ | 1,737,842 | |

| Machinery and equipment | | | 4,456,926 | | | | | | 4,355,651 | | |

| | | | 7,187,988 | | | | | | 6,643,932 | | |

_________________________________

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

| Backlog (1) | | | — | | | | | | — | | | | | | 361,200 | | | | | | 361,200 | | |

| Total | | | $ | 18,007,374 | | | | | $ | 8,421,910 | | | | | $ | 18,360,130 | | | | | $ | 7,048,173 | |

_________________________________

(1) Backlog-related intangible asset was fully utilized during fiscal 2024.

| 2025 | | | $ | 1,584,043 | |

| 2026 | | | $ | 1,534,232 | |

| 2027 | | | $ | 1,529,740 | |

| 2028 | | | $ | 1,463,291 | |

| 2029 | | | $ | 1,126,744 | |

As of October 28, 2023, the Company recognized $174.3 million in other assets with a corresponding reduction to these fixed asset carrying amounts.

| | | | October 28, 2023 | | | | | | | | | | | | | | | | | | | | |

| Total assets measured at fair value | | | $ | 394,226 | | | | | $ | 1,940 | | | | | | | | | | | $ | 396,166 | |

Santa Clara, California leased property asset group — As a result of a sublease transaction involving a leased property in Santa Clara, California during fiscal 2022, 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 Santa Clara, California leased property over its estimated fair value.

These assets are considered a Level 2 fair value measurement.

| 2024 Notes, due October 2024 | | | $ | — | | | | | $ | — | | | | | $ | 500,000 | | | | | $ | 499,473 | |

| | | | | | | November 2, 2024 | | | | | | October 28, 2023 | | | | | | October 29, 2022 | | |

warranty for its products.

| October 28, 2023 | | | $ | (72,544) | | | | | | | | | | | | | | | | | $ | (102,043) | | | | | $ | (13,715) | | | | | $ | (188,302) | |

(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 Analog’s disclosure controls and procedures as of November [removed: 2, 2024.][added: 1, 2025.]

Based on the evaluation of our disclosure controls and procedures as of November [removed: 2, 2024,] [added: 1, 2025,] 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.

Our management assessed the effectiveness of our internal control over financial reporting as of November [removed: 2, 2024.][added: 1, 2025.]

Based on this assessment, our management concluded that, as of November [removed: 2, 2024,] [added: 1, 2025,] our internal control over financial reporting is effective based on those criteria.

We have audited Analog Devices, Inc.’s internal control over financial reporting as of November [removed: 2, 2024,] [added: 1, 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Analog Devices, Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of November [removed: 2, 2024,] [added: 1, 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of November [removed: 2, 2024] [added: 1, 2025] and [removed: October 28, 2023,] [added: November 2, 2024,] the related consolidated statements of income, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended November [removed: 2, 2024,] [added: 1, 2025,] and the related notes and [added: financial statement] schedule listed in the Index at Item 15(a)(2) and our report dated November [removed: 26, 2024] [added: 25, 2025] expressed an unqualified opinion thereon.

(d) *Changes in Internal Controls 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 Securities Exchange Act) occurred during the fiscal quarter ended November [removed: 2, 2024] [added: 1, 2025] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

November 25, 2025

November 26, 2024

None of our officers or directors [added: adopted or] terminated a Rule 10b5-1 trading arrangement or [removed: adopted or terminated] a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the fourth quarter of fiscal [removed: 2024.][added: 2025.]

The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted by our directors or officers during the fourth quarter of fiscal 2024 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 Title | | | Date of Adoption | | | Duration of Rule 10b5-1 Trading Arrangement | | | Aggregate Number of Securities to Be Purchased or Sold | | |

| Richard C. Puccio, Jr. Executive Vice President and Chief Financial Officer | | | September 17, 2024 | | | Until April 30, 2025, or such earlier date upon which all transactions are completed or expire without execution | | | Sale of up to 5,000 shares | | |

Information required by this item will be included in our [removed: 2025] [added: 2026] proxy statement to be filed with the SEC within 120 days after November [removed: 2, 2024] [added: 1, 2025] and is incorporated herein by reference.

During fiscal [removed: 2024,] [added: 2025,] we made no material change to the procedures by which shareholders may recommend nominees to our Board of Directors, as described in our [removed: 2024] [added: 2025] proxy statement.

Information required by this item will be included in our [removed: 2025] [added: 2026] proxy statement to be filed with the SEC within 120 days after November [removed: 2, 2024] [added: 1, 2025] and is incorporated herein by reference.

Information required by this item will be included in our [removed: 2025] [added: 2026] proxy statement to be filed with the SEC within 120 days after November [removed: 2, 2024] [added: 1, 2025] and is incorporated herein by reference.

Information required by this item will be included in our [removed: 2025] [added: 2026] proxy statement to be filed with the SEC within 120 days after November [removed: 2, 2024] [added: 1, 2025] and is incorporated herein by reference.

Information required by this item will be included in our [removed: 2025] [added: 2026] proxy statement to be filed with the SEC within 120 days after November [removed: 2, 2024] [added: 1, 2025] and is incorporated herein by reference.

| | | | — | | | Consolidated Statements of Income for the years ended November [added: 1, 2025, November] 2, [removed: 2024,] [added: 2024 and] October 28, 2023 [removed: and October 29, 2022] | | |

| | | | — | | | Consolidated Statements of Comprehensive Income for the years ended November [added: 1, 2025, November] 2, [removed: 2024,] [added: 2024 and] October 28, 2023 [removed: and October 29, 2022] | | |

| | | | — | | | Consolidated Balance Sheets as of November [added: 1, 2025 and November] 2, 2024 [removed: and October 28, 2023] | | |

| | | | — | | | Consolidated Statements of Shareholders’ Equity for the years ended November [added: 1, 2025, November] 2, [removed: 2024,] [added: 2024 and] October 28, 2023 [removed: and October 29, 2022] | | |

| | | | — | | | Consolidated Statements of Cash Flows for the years ended November [added: 1, 2025, November] 2, [removed: 2024,] [added: 2024 and] October 28, 2023 [removed: and October 29, 2022] | | |

| 3.1 | | | | | | [removed: [Restated] [added: [Amended and Restated] Articles of Organization of Analog Devices, Inc., [added: adopted] as [removed: amended](https://www.sec.gov/Archives/edgar/data/6281/000095013508003842/b69749adexv3w1.htm),] [added: of March 12, 2025](https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/a31analog-amendedandrestat.htm),] filed as exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended May 3, [removed: 2008] [added: 2025] as filed with the Commission on May [removed: 20, 2008] [added: 22, 2025] and incorporated herein by reference. | | | | | |

| 3.2 | | | | | | [removed: [Amendment to] [added: [Second Amended and] Restated [removed: Articles of Organization] [added: By-Laws] of Analog Devices, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/6281/000095013508007881/b73171adexv3w1.htm),] [added: Inc.](https://www.sec.gov/Archives/edgar/data/6281/000119312525005302/d909821dex31.htm),] filed as exhibit 3.1 to the Company’s Current Report on Form 8-K as filed with the Commission on [removed: December 8, 2008] [added: January 13, 2025] and incorporated herein by reference. | | | | | |

| [removed: 3.3] [added: *10.46] | | | | | | [removed: [Amended and Restated By-Laws of Analog] [added: [Analog] Devices, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/6281/000119312522300481/d428637dex31.htm),] [added: Inc. Amended & Restated 2022 Employee Stock Purchase Plan](https://www.sec.gov/Archives/edgar/data/6281/000000628123000203/exhibit1063-amendedrestate.htm),] filed as exhibit [removed: 3.1] [added: 10.63] to the Company’s [removed: Current] [added: Annual] Report on Form [removed: 8-K] [added: 10-K for the fiscal year ended October 28, 2023] as filed with the Commission on [removed: December 8, 2022] [added: November 21, 2023] and incorporated herein by reference. | | | | | |

| [removed: 4.4] [added: 4.7] | | | | | | [Supplemental Indenture, dated [added: as of] April [removed: 8, 2020,] [added: 3, 2024,] between Analog Devices, Inc. and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee](https://www.sec.gov/Archives/edgar/data/6281/000119312520101422/d904144dex42.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/6281/000119312524085997/d786555dex42.htm)] (including the form of note contained therein), filed as exhibit 4.2 to the Company’s Current Report on Form 8-K as filed with the Commission on April [removed: 8, 2020] [added: 3, 2024] and incorporated herein by reference. | | | | | |