adi-20250802

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

(Mark One)


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

For the quarterly period ended August 2, 2025


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

For the transition period from to

Commission File No. 1-7819

Analog Devices, Inc.

(Exact name of registrant as specified in its charter)

Massachusetts

04-2348234

(State or other jurisdiction of incorporation or organization)

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

One Analog Way,

Wilmington,

01887

(Address of principal executive offices)

(Zip Code)

(781) 935-5565

(Registrant’s telephone number, including area code)

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

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


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

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

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

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

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

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

As of August 2, 2025 there were 491,955,436 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.

PART I — FINANCIAL INFORMATION


ITEM 1.			Financial Statements

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)


	Three Months Ended				Nine Months Ended
	August 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)

SEC Form 10-Q filed by Analog Devices Inc.