Item 1. Financial Statements

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)

			Three Months Ended												Nine Months Ended
			August 2, 2025						August 3, 2024						August 2, 2025						August 3, 2024
Revenue			$	2,880,348					$	2,312,209					$	7,943,590					$	6,983,952
Cost of sales			1,090,600						1,000,970						3,111,929						3,018,737
Gross margin			1,789,748						1,311,239						4,831,661						3,965,215
Operating expenses:
Research and development			454,251						362,671						1,298,980						1,108,960
Selling, marketing, general and administrative			325,706						257,213						913,171						791,420
Amortization of intangibles			187,415						187,754						562,245						567,030
Special charges, net			4,348						12,282						69,980						34,399
Total operating expenses			971,720						819,920						2,844,376						2,501,809
Operating income:			818,028						491,319						1,987,285						1,463,406
Nonoperating expense (income):
Interest expense			79,592						85,179						229,559						239,423
Interest income			(27,083)						(26,432)						(72,295)						(50,870)
Other, net			2,110						9,581						5,108						13,841
Total nonoperating expense (income)			54,619						68,328						162,372						202,394
Income before income taxes			763,409						422,991						1,824,913						1,261,012
Provision for income taxes			244,891						30,759						345,309						103,811
Net income			$	518,518					$	392,232					$	1,479,604					$	1,157,201
Shares used to compute earnings per common share – basic			494,390						496,338						495,560						496,077
Shares used to compute earnings per common share – diluted			496,726						498,794						497,865						498,689
Basic earnings per common share			$	1.05					$	0.79					$	2.99					$	2.33
Diluted earnings per common share			$	1.04					$	0.79					$	2.97					$	2.32

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in thousands)

			Three Months Ended												Nine Months Ended
			August 2, 2025						August 3, 2024						August 2, 2025						August 3, 2024
Net income			$	518,518					$	392,232					$	1,479,604					$	1,157,201
Foreign currency translation adjustments			364						198						(548)						847
Change in fair value of derivative instruments designated as cash flow hedges, net			(6,359)						7,426						11,137						16,752
Changes in pension plans, net			542						(141)						1,582						985
Other comprehensive (loss) income			(5,453)						7,483						12,171						18,584
Comprehensive income			$	513,065					$	399,715					$	1,491,775					$	1,175,785

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share amounts)

			August 2, 2025						November 2, 2024
ASSETS
Current Assets
Cash and cash equivalents			$	2,321,191					$	1,991,342
Short-term investments			1,148,096						371,822
Accounts receivable			1,553,259						1,336,331
Inventories			1,596,853						1,447,687
Prepaid expenses and other current assets			305,170						337,472
Total current assets			6,924,569						5,484,654
Non-current Assets
Net property, plant and equipment			3,299,278						3,415,550
Goodwill			26,945,180						26,909,775
Intangible assets, net			8,402,630						9,585,464
Deferred tax assets			1,925,442						2,083,752
Other assets			695,502						749,082
Total non-current assets			41,268,032						42,743,623
TOTAL ASSETS			$	48,192,601					$	48,228,277
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable			$	490,723					$	487,457
Income taxes payable			475,033						447,379
Debt, current			—						399,636
Commercial paper notes			548,665						547,738
Accrued liabilities			1,464,617						1,106,070
Total current liabilities			2,979,038						2,988,280
Non-current Liabilities
Long-term debt			8,139,938						6,634,313
Deferred income taxes			2,371,536						2,624,392
Income taxes payable			99,880						260,486
Other non-current liabilities			516,367						544,489
Total non-current liabilities			11,127,721						10,063,680
Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding			—						—
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 491,955,436 shares outstanding (496,296,854 on November 2, 2024)			81,994						82,718
Capital in excess of par value			23,938,238						25,082,243
Retained earnings			10,238,695						10,196,612
Accumulated other comprehensive loss			(173,085)						(185,256)
Total shareholders’ equity			34,085,842						35,176,317
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	48,192,601					$	48,228,277

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands)

			Three Months Ended August 2, 2025
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, MAY 3, 2025			496,248						$	82,710					$	24,885,204					$	10,210,338					$	(167,632)
Net income																					518,518
Dividends declared and paid - $0.99 per share																					(490,161)
Issuance of stock under stock plans and other			388						65						42,702
Stock-based compensation expense															84,703
Other comprehensive loss																											(5,453)
Common stock repurchased			(4,681)						(781)						(1,074,371)
BALANCE, AUGUST 2, 2025			491,955						$	81,994					$	23,938,238					$	10,238,695					$	(173,085)
			Nine Months Ended August 2, 2025
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, NOVEMBER 2, 2024			496,297						$	82,718					$	25,082,243					$	10,196,612					$	(185,256)
Net income																					1,479,604
Dividends declared and paid - $2.90 per share																					(1,437,521)
Issuance of stock under stock plans and other			2,291						382						103,947
Stock-based compensation expense															235,108
Other comprehensive income																											12,171
Common stock repurchased			(6,633)						(1,106)						(1,483,060)
BALANCE, AUGUST 2, 2025			491,955						$	81,994					$	23,938,238					$	10,238,695					$	(173,085)

See accompanying notes.

			Three Months Ended August 3, 2024
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, MAY 4, 2024			496,217						$	82,704					$	25,103,737					$	10,239,549					$	(177,201)
Net income																					392,232
Dividends declared and paid - $0.92 per share																					(456,485)
Issuance of stock under stock plans and other			827						138						51,881
Stock-based compensation expense															64,051
Other comprehensive income																											7,483
Common stock repurchased			(551)						(92)						(117,888)
BALANCE, AUGUST 3, 2024			496,493						$	82,750					$	25,101,781					$	10,175,296					$	(169,718)
			Nine Months Ended August 3, 2024
															Capital in												Accumulated Other
			Common Stock												Excess of						Retained						Comprehensive
			Shares						Amount						Par Value						Earnings						Loss
BALANCE, OCTOBER 28, 2023			496,262						$	82,712					$	25,313,914					$	10,356,798					$	(188,302)
Net income																					1,157,201
Dividends declared and paid - $2.70 per share																					(1,338,703)
Issuance of stock under stock plans and other			2,989						498						115,857
Stock-based compensation expense															192,262
Other comprehensive income																											18,584
Common stock repurchased			(2,758)						(460)						(520,252)
BALANCE, AUGUST 3, 2024			496,493						$	82,750					$	25,101,781					$	10,175,296					$	(169,718)

See accompanying notes.

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

			Nine Months Ended
			August 2, 2025						August 3, 2024
Cash flows from operating activities:
Net income			$	1,479,604					$	1,157,201
Adjustments to reconcile net income to net cash provided by operations:
Depreciation			301,323						265,530
Amortization of intangibles			1,202,179						1,318,325
Stock-based compensation expense			235,108						192,262
Deferred income taxes			(97,318)						(269,566)
Other			(1,496)						23,826
Changes in operating assets and liabilities			(8,008)						114,134
Total adjustments			1,631,788						1,644,511
Net cash provided by operating activities			3,111,392						2,801,712
Cash flows from investing activities:
Purchases of short-term available-for-sale investments			(1,150,240)						(438,901)
Maturities of short-term available-for-sale investments			372,778						—
Additions to property, plant and equipment			(318,399)						(565,053)
Proceeds from sale of property, plant and equipment, net			58,892						—
Payments for acquisitions, net of cash acquired			(45,652)						—
Other			(13,595)						10,710
Net cash used for investing activities			(1,096,216)						(993,244)
Cash flows from financing activities:
Proceeds from debt			1,490,785						1,087,856
Debt repayments			(399,998)						—
Proceeds from commercial paper notes			6,867,508						7,709,492
Payments of commercial paper notes			(6,866,581)						(7,709,273)
Repurchase of common stock			(1,484,166)						(520,712)
Dividend payments to shareholders			(1,437,521)						(1,338,703)
Proceeds from employee stock plans			104,329						116,355
Other			40,317						(5,512)
Net cash used for financing activities			(1,685,327)						(660,497)
Net increase in cash and cash equivalents			329,849						1,147,971
Cash and cash equivalents at beginning of period			1,991,342						958,061
Cash and cash equivalents at end of period			$	2,321,191					$	2,106,032

See accompanying notes.

ANALOG DEVICES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED AUGUST 2, 2025 (UNAUDITED)

(all tabular amounts in thousands except per share amounts and percentages)

Note 1 – Basis of Presentation

In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended November 2, 2024 (fiscal 2024) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending November 1, 2025 (fiscal 2025) or any future period.

The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Fiscal 2025 is a 52-week fiscal year and fiscal 2024 was a 53-week fiscal year. The additional week in fiscal 2024 was included in the first quarter ended February 3, 2024. Therefore, the first nine months of fiscal 2025 included one less week of operations as compared to the first nine months of fiscal 2024.

Note 2 – Shareholders’ Equity

As of August 2, 2025, the Company’s Board of Directors had authorized the repurchase of an aggregate of $26.7 billion of its common stock under its common stock repurchase program and $10.3 billion remained available for repurchases under the program.

Note 3 – Accumulated Other Comprehensive (Loss) Income

The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first nine months of fiscal 2025.

			Foreign currency translation adjustment																		Unrealized holding gains/losses on derivatives						Pension plans						Total
November 2, 2024			$	(71,511)																	$	(85,202)					$	(28,543)					$	(185,256)
Other comprehensive income before reclassifications			(548)																		2,825						—						2,277
Amounts reclassified out of other comprehensive income			—																		11,454						1,582						13,036
Tax effects			—																		(3,142)						—						(3,142)
Other comprehensive income			(548)																		11,137						1,582						12,171
August 2, 2025			$	(72,059)																	$	(74,065)					$	(26,961)					$	(173,085)

The amounts reclassified out of AOCI into the Condensed Consolidated Statements of Income and the Condensed Consolidated Statements of Shareholders’ Equity with presentation location during each period were as follows:

						Three Months Ended												Nine Months Ended
Comprehensive (Loss) Income Component						August 2, 2025						August 3, 2024						August 2, 2025						August 3, 2024						Location
Unrealized holding gains/losses on derivatives:
Currency forwards						$	1,616					$	(853)					$	483					$	(1,445)					Cost of sales
						949						(225)						220						(497)						Research and development
						1,606						(1,391)						(442)						(3,782)						Selling, marketing, general and administrative
Interest rate derivatives						3,731						3,731						11,193						11,193						Interest expense
						7,902						1,262						11,454						5,469						Total before tax
						(1,135)						(460)						(2,143)						(1,338)						Tax
						$	6,767					$	802					$	9,311					$	4,131					Net of tax
Amortization of pension components included in the computation of net periodic pension cost:
Actuarial losses						$	542					$	515					$	1,582					$	1,547					Net of tax
Total amounts reclassified out of AOCI, net of tax						$	7,309					$	1,317					$	10,893					$	5,678

Note 4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

			Three Months Ended												Nine Months Ended
			August 2, 2025						August 3, 2024						August 2, 2025						August 3, 2024
Net income			$	518,518					$	392,232					$	1,479,604					$	1,157,201
Basic shares:
Weighted-average shares outstanding			494,390						496,338						495,560						496,077
Earnings per common share basic:			$	1.05					$	0.79					$	2.99					$	2.33
Diluted shares:
Weighted-average shares outstanding			494,390						496,338						495,560						496,077
Assumed exercise of common stock equivalents			2,336						2,456						2,305						2,612
Weighted-average common and common equivalent shares			496,726						498,794						497,865						498,689
Earnings per common share diluted:			$	1.04					$	0.79					$	2.97					$	2.32
Anti-dilutive shares related to:
Outstanding stock-based awards			134						3						125						94

Note 5 – Special Charges, Net

Liabilities related to special charges, net are included in Accrued liabilities in the Condensed Consolidated Balance Sheets. The activity is detailed below:

Accrued Special Charges																					Global Repositioning Actions
Balance at November 2, 2024																					$	13,855
Employee severance costs, net																					56,334
Severance payments																					(2,887)
Balance at February 1, 2025																					$	67,302
Employee severance costs, net																					5,189
Severance payments																					(51,448)
Balance at May 3, 2025																					$	21,043
Employee severance costs, net																					2,444
Severance payments																					(14,195)
Balance at August 2, 2025																					$	9,292

The Company recorded net special charges of $70.0 million as part of its Global Repositioning Actions in the nine months ended August 2, 2025. The Global Repositioning Actions were part of a transformation initiative aimed at aligning the Company’s enterprise strategy, organizational design and streamlining its operations to achieve its long-term strategic plan. The special charges include severance costs, in accordance with the Company’s ongoing benefit plan or statutory requirements at foreign locations, related to the termination of certain employees in manufacturing, engineering and selling, marketing, general and administrative roles.

During the second quarter of fiscal 2025, the Company completed the sale of its facility in Milpitas, CA, that was previously classified as held for sale, for approximately $39.7 million, net of selling costs, which resulted in an immaterial loss recorded in Special charges, net.

Note 6 – Revenue

Revenue Trends by End Market

The following tables summarize revenue by end market. The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which the Company’s product will be incorporated. As data systems for capturing and tracking this data and the Company’s methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, the Company reclassifies revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

			Three Months Ended
			August 2, 2025																		August 3, 2024
			Revenue						% of Revenue*						Y/Y%						Revenue						% of Revenue*
Industrial			$	1,285,041					45		%				23		%				$	1,045,291					45		%
Automotive			850,619						30		%				22		%				694,905						30		%
Consumer			372,197						13		%				21		%				306,832						13		%
Communications			372,491						13		%				40		%				265,181						11		%
Total revenue			$	2,880,348					100		%				25		%				$	2,312,209					100		%
			Nine Months Ended
			August 2, 2025																		August 3, 2024
			Revenue						% of Revenue*						Y/Y%						Revenue						% of Revenue*
Industrial			$	3,502,751					44		%				9		%				$	3,223,111					46		%
Automotive			2,445,391						31		%				14		%				2,136,173						31		%
Consumer			1,009,614						13		%				24		%				817,436						12		%
Communications			985,834						12		%				22		%				807,232						12		%
Total revenue			$	7,943,590					100		%				14		%				$	6,983,952					100		%
* The sum of the individual percentages may not equal the total due to rounding.

Revenue by Sales Channel

The following tables summarize revenue by sales channel. The Company sells its products globally through a direct sales force, third-party distributors, independent sales representatives and via its website. Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers. Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.

			Three Months Ended
			August 2, 2025												August 3, 2024
Channel			Revenue						% of Revenue*						Revenue						% of Revenue*
Distributors			$	1,592,407					55		%				$	1,332,244					58		%
Direct customers			1,240,924						43		%				940,317						41		%
Other			47,017						2		%				39,648						2		%
Total revenue			$	2,880,348					100		%				$	2,312,209					100		%
			Nine Months Ended
			August 2, 2025												August 3, 2024
Channel			Revenue						% of Revenue*						Revenue						% of Revenue*
Distributors			$	4,447,959					56		%				$	4,115,836					59		%
Direct customers			3,386,571						43		%				2,753,885						39		%
Other			109,060						1		%				114,231						2		%
Total revenue			$	7,943,590					100		%				$	6,983,952					100		%
* The sum of the individual percentages may not equal the total due to rounding.

Note 7 – Fair Value

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The tables below, set forth by level, present the Company’s financial assets and liabilities, excluding accrued interest components that were accounted for at fair value on a recurring basis as of August 2, 2025 and November 2, 2024. The tables exclude cash on hand and assets and liabilities that are measured at historical cost or any basis other than fair value. As of August 2, 2025 and November 2, 2024, the Company held $1.4 billion and $1.4 billion, respectively, of cash that is excluded

from the tables below.

			August 2, 2025
			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds			$	555,878					$	—											$	555,878
Corporate obligations (1)			—						396,109												396,109
Short-term investments (2):
Available-for-sale:
Corporate obligations (1)			—						654,391												654,391
Bank obligations (1)			—						493,705												493,705
Other assets:
Forward foreign currency exchange contracts (3)			—						10,313												10,313
Deferred compensation plan investments			100,559						—												100,559
Total assets measured at fair value			$	656,437					$	1,554,518											$	2,210,955
Liabilities
Forward foreign currency exchange contracts (3)			$	—					$	10,535											$	10,535
Interest rate derivatives (4)			—						17,404												17,404
Total liabilities measured at fair value			$	—					$	27,939											$	27,939

(1)The amortized cost of the Company’s investments classified as available-for-sale as of August 2, 2025 was $1.6 billion.

(2)Available-for-sale securities are classified as current assets on the Condensed Consolidated Balance Sheets if the securities are available to be converted into cash to fund current operations.

(3)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.

(4)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

			November 2, 2024
			Fair Value Measurement at Reporting Date Using:
			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)												Total
Assets
Cash equivalents:
Available-for-sale:
Government and institutional money market funds			$	592,560					$	—											$	592,560
Short-term investments:
Available-for-sale:
Securities with one year or less to maturity:
Corporate obligations (1)			—						71,246												71,246
Bank obligations (1)			—						300,576												300,576
Other assets:
Forward foreign currency exchange contracts (2)			—						7,318												7,318
Deferred compensation plan investments			92,698						—												92,698
Total assets measured at fair value			$	685,258					$	379,140											$	1,064,398
Liabilities
Forward foreign currency exchange contracts (2)			$	—					$	16,279											$	16,279
Interest rate derivatives (3)			—						36,855												36,855
Total liabilities measured at fair value			$	—					$	53,134											$	53,134

(1)The amortized cost of the Company’s investments classified as available-for-sale as of November 2, 2024 was $382.9 million.

(2)The Company has master netting arrangements by counterparty with respect to derivative contracts. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements for more information related to the Company’s master netting arrangements.

(3)The carrying value of the related debt was adjusted by an equal and offsetting amount. The fair value of interest rate derivatives is estimated using a discounted cash flow analysis based on the contractual terms of the derivatives. See Note 8, Derivatives, in these Notes to Condensed Consolidated Financial Statements.

Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis

The table below presents the estimated fair values of certain financial instruments not recorded at fair value on a recurring basis. Given the short tenure of the Company’s commercial paper notes, the carrying value of the outstanding commercial paper notes approximates the fair values, and therefore, are excluded from the table below ($548.7 million and $547.7 million as of August 2, 2025 and November 2, 2024, respectively). The fair values of the senior unsecured notes are obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.

			August 2, 2025												November 2, 2024
			Principal Amount Outstanding						Fair Value						Principal Amount Outstanding						Fair Value
2025 Notes, due April 2025			$	—					$	—					400,000						397,027
2026 Notes, due December 2026			900,000						892,974						900,000						882,795
2027 Notes, due June 2027			440,212						436,034						440,212						421,077
2028 Notes, due June 2028			850,000						855,077						—						—
2028 Notes, due October 2028			750,000						696,785						750,000						673,316
2030 Notes, due June 2030			650,000						656,509						—						—
2031 Notes, due October 2031			1,000,000						879,165						1,000,000						843,766
2032 Notes, due October 2032			300,000						299,985						300,000						287,172
2034 Notes, due April 2034			550,000						565,982						550,000						553,375
2036 Notes, due December 2036			144,278						139,050						144,278						136,718
2041 Notes, due October 2041			750,000						547,882						750,000						534,435
2045 Notes, due December 2045			332,587						324,873						332,587						322,942
2051 Notes, due October 2051			1,000,000						650,076						1,000,000						655,668
2054 Notes, due April 2054			550,000						532,331						550,000						541,912
Total senior unsecured notes			$	8,217,077					$	7,476,723					$	7,117,077					$	6,250,203

Note 8 – Derivatives

Foreign Exchange Exposure Management — The total notional amounts of forward foreign currency derivative instruments designated as hedging instruments of cash flow hedges as of August 2, 2025 and November 2, 2024 were $282.2 million and $257.0 million, respectively, and the fair values of these instruments in the Company’s Condensed Consolidated Balance Sheets were as follows:

									Fair Value At
			Balance Sheet Location						August 2, 2025						November 2, 2024
Forward foreign currency exchange contracts			Prepaid expenses and other current assets						$	6,800					$	780
Forward foreign currency exchange contracts			Accrued liabilities						$	3,071					$	4,235

As of August 2, 2025 and November 2, 2024, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $184.7 million and $176.8 million, respectively, and the fair values of undesignated hedges in the Company’s Condensed Consolidated Balance Sheets were as follows:

									Fair Value At
			Balance Sheet Location						August 2, 2025						November 2, 2024
Undesignated hedges related to forward foreign currency exchange contracts			Prepaid expenses and other current assets						$	3,513					$	6,538
Undesignated hedges related to forward foreign currency exchange contracts			Accrued liabilities						$	7,464					$	12,044

Interest Rate Exposure Management — The Company does not consider the risk of counterparty default to be significant. The gain or loss on the Company’s interest rate swap transactions attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps were recorded as follows:

						August 2, 2025
Balance Sheet Location						Loss on Swaps						Gain on Note
Accrued liabilities						$	17,404					$	—
Long-term debt						$	—					$	17,404

For information on the unrealized holding gains (losses) on derivatives included in and reclassified out of AOCI into the Condensed Consolidated Statements of Income related to forward foreign currency exchange contracts, see Note 3, Accumulated Other Comprehensive (Loss) Income, in these Notes to Condensed Consolidated Financial Statements for further information.

Note 9 – Inventories

Inventories at August 2, 2025 and November 2, 2024 were as follows:

			August 2, 2025						November 2, 2024
Raw materials			$	68,721					$	93,608
Work in process			1,171,900						1,047,022
Finished goods			356,232						307,057
Total inventories			$	1,596,853					$	1,447,687

Note 10 – Debt

Revolving Credit Agreement

On April 11, 2025, the Company entered into its Fourth Amended and Restated Revolving Credit Agreement (Revolving Credit Agreement) with the Company and Bank of America, N.A. as administrative agent and the other banks identified therein as lenders, which further amended and restated its revolving credit agreement dated as of June 23, 2021. The Revolving Credit Agreement provides for a five-year unsecured revolving credit facility in an aggregate principal amount of up to $3.0 billion, expiring on April 11, 2030.

The Revolving Credit Agreement contains customary representations and warranties, and affirmative and negative covenants and events of default applicable to the Company and its subsidiaries. As of August 2, 2025, the Company was in compliance with these covenants.

Senior Notes

During the second quarter of fiscal 2025, the Company repaid the $400.0 million principal amount on its 2025 Notes, due April 2025.

On June 16, 2025, in an underwritten public offering, the Company issued $850.0 million aggregate principal amount of 4.250% senior notes due June 15, 2028 (the 2028 Notes) with semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025. The net proceeds of the offering were $845.3 million, after discounts and issuance costs. Prior to May 15, 2028 (the date that is one month prior to the maturity date of the 2028 Notes), the Company may, at its option, redeem the 2028 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2028 Notes matured on June 15, 2028) on a semi-annual basis at the applicable treasury rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2028 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after May 15, 2028, the Company may, at its option, redeem the 2028 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2028 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2028 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.

On June 16, 2025, in an underwritten public offering, the Company issued $650.0 million aggregate principal amount of 4.500% senior notes due June 15, 2030 (the 2030 Notes) with semi-annual fixed interest payments due on June 15 and December 15 of each year, commencing December 15, 2025. The net proceeds of the offering were $645.5 million, after discounts and issuance costs. Prior to May 15, 2030 (the date that is one month prior to the maturity date of the 2030 Notes), the Company may, at its option, redeem the 2030 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of: (1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the 2030 Notes matured on June 15, 2030) on a semi-annual basis at the applicable treasury rate plus 10 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the 2030 Notes to be redeemed, plus, in either case, accrued and unpaid interest thereon to the redemption date. On or after May 15, 2030, the Company may, at its option, redeem the 2030 Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the 2030 Notes being redeemed plus accrued and unpaid interest thereon to the redemption date. The 2030 Notes are unsecured and rank equally in right of payment with all of the Company’s other existing and future unsecured senior indebtedness.

The 2028 Notes and the 2030 Notes were issued pursuant to a base indenture between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented by a supplemental indenture, which contains certain covenants, events of default and other customary provisions. The covenants applicable to the 2028 Notes and the 2030 Notes limit the Company’s ability to incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into certain sale and lease-back transactions with respect to a principal property; and consolidate with

or merge into, or transfer or lease all or substantially all of its assets to, any other party. As of August 2, 2025, the Company was in compliance with these covenants.

Note 11 – Income Taxes

On July 4, 2025, the reconciliation bill, commonly known as the One Big Beautiful Bill Act (OBBBA), was enacted into law. The OBBBA, among other things, eliminates the requirement to capitalize U.S. R&D expenses, permanently extends certain provisions of the Tax Cuts & Jobs Act of 2017 and modifies certain international tax provisions, including changes to the Global Intangible Low-Taxed Income (GILTI) and the foreign-derived intangible income regimes, with effective dates beginning in calendar year 2025 and extending through calendar year 2027. As the OBBBA was enacted during the Company’s fiscal quarter ended August 2, 2025, the Company has considered and reflected the impacts on the condensed consolidated financial statements. The Company is in the process of evaluating the financial statement impact of these provisions to future periods, but does not expect the OBBBA to have a material impact on the consolidated financial statements.

The Company accounts for GILTI under the deferred method. As a result of the enactment of the OBBBA, which revised the applicable GILTI tax rate for the Company’s fiscal years beginning in 2027 in the third quarter of fiscal 2025, the Company recorded a net deferred tax expense of $153.8 million related to the remeasurement of its GILTI-related deferred tax assets and liabilities.

The Company has numerous audits ongoing throughout the world including: an IRS income tax audit for the fiscal years ended October 30, 2021 (fiscal 2021), November 2, 2019 (fiscal 2019) and November 3, 2018 (fiscal 2018); a pre-acquisition IRS income tax audit for Maxim Integrated Products, Inc.’s (Maxim) fiscal years ended June 27, 2015 through August 26, 2021; and various U.S. state and local audits and international audits, including Irish corporate tax audits for fiscal 2021. The Company’s U.S. federal income tax returns prior to fiscal 2018 are no longer subject to examination, except for the applicable Maxim pre-acquisition fiscal years noted above.

During the second quarter of fiscal 2025, the Company received an assessment from the U.S. Internal Revenue Service (IRS) for fiscal 2018 and fiscal 2019, totaling approximately $267.0 million. The assessment excludes any penalties and interest. The assessment pertains to transfer pricing arrangements between the Company and one of its wholly-owned foreign subsidiaries. The Company firmly disagrees with this assessment and maintains that its transfer pricing is appropriate. Consequently, the Company has not recorded any additional tax liability related to fiscal 2018 and fiscal 2019 in relation to this issue, nor to any other periods. The Company intends to vigorously defend its original tax return position and is currently preparing for an appeal with the IRS. Should the IRS ultimately prevail regarding its assessments for fiscal 2018 and fiscal 2019, such a resolution, along with any potential impact on subsequent fiscal years, could have a material adverse effect on the Company’s income tax expense and net earnings in future periods.

Note 12 – New Accounting Pronouncements

Standards to Be Implemented

Segment Reporting

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances the disclosure requirements for reportable segments. ASU 2023-07 requires segment disclosure to include significant segment expense categories and amounts, and qualitative detail of other segment items. Disclosure of multiple measures of segment profit and loss may also be reported. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Income Taxes

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires the disaggregation of information in existing income tax disclosures related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, requiring public companies to disaggregate key expense categories such as inventory purchases, employee compensation and depreciation in their financial statements. This aims to improve investor insights into company performance. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact, if any, adoption will have on its financial statement disclosures.

Note 13 – Subsequent Events

On August 15, 2025, the Company increased the aggregate amount that it may issue under its commercial paper program from $2.5 billion to $3.0 billion outstanding at any time. For further information on the Company’s commercial paper program, see Note 13, Debt, in the Notes to Condensed Consolidated Financial Statements in Part II, Item 8 of the Annual Report on Form 10-K for the fiscal year-ended November 2, 2024, which was filed with the Securities and Exchange Commission on November 26, 2024.

On August 19, 2025, the Board of Directors of the Company declared a cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on September 16, 2025 to all shareholders of record at the close of business on September 2, 2025 and is expected to total approximately $487.0 million.