Form 8-K

8-K — ANALOG DEVICES INC

Accession: 0000006281-26-000072

Filed: 2026-08-19

Period: 2026-08-19

CIK: 0000006281

SIC: 3674 (SEMICONDUCTORS & RELATED DEVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — adi-20260819.htm (Primary)

EX-99.1 (adi3q26exhibit991earnings.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: adi-20260819.htm · Sequence: 1

adi-20260819

0000006281false00000062812026-08-192026-08-19

_________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________

FORM 8-K

_____________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 19, 2026

_____________________________________________________________________________________________________

Analog Devices, Inc.

(Exact name of Registrant as Specified in its Charter)

______________________________________________________________________________________________________

Massachusetts 1-7819 04-2348234

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

One Analog Way, Wilmington, MA 01887

(Address of Principal Executive Offices) (Zip Code)

Registrant's telephone number, including area code: (781) 935-5565

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

______________________________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

Item 2.02. Results of Operations and Financial Condition

On August 19, 2026, Analog Devices, Inc. (the “Registrant”) announced its financial results for its fiscal third quarter ended August 1, 2026. The full text of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1.

The information in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

99.1

Press release dated August 19, 2026

104 Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 19, 2026 ANALOG DEVICES, INC.

By: /s/ Janene I. Asgeirsson

Janene I. Asgeirsson

Chief Legal Officer and Corporate Secretary

EX-99.1

Filename: adi3q26exhibit991earnings.htm · Sequence: 2

Document

Exhibit 99.1

Analog Devices Reports Record Fiscal Third Quarter 2026 Financial Results

•Revenue of $4.02 billion, with year-over-year growth led by Data Center and Industrial

•Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectively

•Returned $1.7 billion to shareholders via dividends and share repurchases in the third quarter

WILMINGTON, Mass.--August 19, 2026--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2026, which ended August 1, 2026.

“ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand,” said Vincent Roche, CEO and Chair. “We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility. Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era – for customers and investors alike.”

“Demand continued to strengthen across our product portfolio and regions throughout the third quarter, which is reflected in our record fourth quarter outlook” said Richard Puccio, CFO. “We believe our balance of disciplined execution and targeted growth investments will enable us to finish the year strongly and carry that momentum into fiscal 2027.”

Performance for the Third Quarter of Fiscal 2026

Results Summary(1)

(in millions, except per-share amounts and percentages)

Three Months Ended

Aug. 1, 2026 Aug. 2, 2025 Change

Revenue $ 4,022 $ 2,880 40 %

Gross margin $ 2,708 $ 1,790 51 %

Gross margin percentage 67.3 % 62.1 % 520 bps

Operating income $ 1,613 $ 818 97 %

Operating margin 40.1 % 28.4 % 1,170 bps

Diluted earnings per share $ 2.74 $ 1.04 163 %

Adjusted Results(2)

Adjusted gross margin $ 2,917 $ 1,995 46 %

Adjusted gross margin percentage 72.5 % 69.2 % 330 bps

Adjusted operating income $ 2,010 $ 1,215 65 %

Adjusted operating margin 50.0 % 42.2 % 780 bps

Adjusted diluted earnings per share $ 3.45 $ 2.05 68 %

Three Months Ended Trailing Twelve Months

Cash Generation Aug. 1, 2026 Aug. 1, 2026

Net cash provided by operating activities $ 1,604 $ 5,545

% of revenue 40 % 40 %

Capital expenditures $ (146) $ (608)

Free cash flow(2)

$ 1,458 $ 4,937

% of revenue 36 % 36 %

Three Months Ended Trailing Twelve Months

Cash Return Aug. 1, 2026 Aug. 1, 2026

Dividend paid $ (535) $ (2,043)

Stock repurchases (1,157) (3,127)

Total cash returned $ (1,692) $ (5,170)

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the “Non-GAAP Financial Information” section for additional information.

Outlook for the Fourth Quarter of Fiscal Year 2026

For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 42.6%, +/-150 bps, and adjusted operating margin of approximately 52.0%, +/-100 bps. We are planning for reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15.

Our fourth quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our fourth quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on September 15, 2026 to all shareholders of record at the close of business on September 1, 2026.

Conference Call Scheduled for Today, Wednesday, August 19, 2026 at 10:00 am ET

ADI will host a conference call to discuss our third quarter fiscal 2026 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is

useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below.

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, special charges, net3, and tax related items4, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

2Acquisition Related Transaction Costs: Costs directly related to the acquisition of Empower Semiconductor, Inc., including legal, accounting and other professional fees as well as integration-

related costs. We exclude these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

3Special Charges, Net: Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

4Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and X.

Forward-Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; markets, market position, addressable markets, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; benefits related to our hybrid manufacturing model; benefits related to acquisitions; statements related to seasonality; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future;

factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

ANALOG DEVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended Nine Months Ended

Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025

Revenue $ 4,021,899 $ 2,880,348 $ 10,805,627 $ 7,943,590

Cost of sales 1,314,355 1,090,600 3,613,309 3,111,929

Gross margin 2,707,544 1,789,748 7,192,318 4,831,661

Operating expenses:

Research and development 533,480 454,251 1,510,203 1,298,980

Selling, marketing, general and administrative 397,326 325,706 1,105,389 913,171

Amortization of intangibles 187,985 187,415 563,285 562,245

Special charges, net (24,216) 4,348 23,766 69,980

Total operating expenses 1,094,575 971,720 3,202,643 2,844,376

Operating income 1,612,969 818,028 3,989,675 1,987,285

Nonoperating expense (income):

Interest expense 88,728 79,592 262,692 229,559

Interest income (25,377) (27,083) (86,199) (72,295)

Other, net 3,749 2,110 (3,386) 5,108

Total nonoperating expense (income) 67,100 54,619 173,107 162,372

Income before income taxes 1,545,869 763,409 3,816,568 1,824,913

Provision for income taxes 205,779 244,891 469,302 345,309

Net income $ 1,340,090 $ 518,518 $ 3,347,266 $ 1,479,604

Shares used to compute earnings per common share - basic 486,021 494,390 487,500 495,560

Shares used to compute earnings per common share - diluted 488,837 496,726 490,317 497,865

Basic earnings per common share $ 2.76 $ 1.05 $ 6.87 $ 2.99

Diluted earnings per common share $ 2.74 $ 1.04 $ 6.83 $ 2.97

ANALOG DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

Aug. 1, 2026 Nov. 1, 2025

ASSETS

Current Assets

Cash and cash equivalents $ 2,165,870 $ 2,499,406

Short-term investments 159,064 1,152,915

Accounts receivable 2,389,577 1,436,075

Inventories 1,931,496 1,656,323

Prepaid expenses and other current assets 426,523 363,342

Total current assets 7,072,530 7,108,061

Non-current Assets

Net property, plant and equipment 3,351,981 3,315,696

Goodwill 27,988,737 26,945,180

Intangible assets, net 7,468,220 8,013,815

Deferred tax assets 1,689,972 1,867,102

Other assets 852,977 742,858

Total non-current assets 41,351,887 40,884,651

TOTAL ASSETS $ 48,424,417 $ 47,992,712

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities

Accounts payable $ 682,167 $ 543,760

Income taxes payable 461,804 610,370

Debt, current 1,344,855 —

Commercial paper notes 1,005,104 446,639

Accrued liabilities 2,162,324 1,645,032

Total current liabilities 5,656,254 3,245,801

Non-current Liabilities

Long-term debt 6,771,624 8,145,066

Deferred income taxes 1,837,959 2,163,281

Income taxes payable 90,723 100,963

Other non-current liabilities 516,960 521,846

Total non-current liabilities 9,217,266 10,931,156

Shareholders’ Equity

Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

— —

Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 484,565,465 shares outstanding (489,654,097 on November 1, 2025)

80,762 81,611

Capital in excess of par value 21,288,447 23,349,185

Retained earnings 12,330,779 10,539,541

Accumulated other comprehensive loss (149,091) (154,582)

Total shareholders’ equity 33,550,897 33,815,755

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 48,424,417 $ 47,992,712

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended Nine Months Ended

Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025

Cash flows from operating activities:

Net income $ 1,340,090 $ 518,518 $ 3,347,266 $ 1,479,604

Adjustments to reconcile net income to net cash provided by operations:

Depreciation 104,455 102,542 315,298 301,323

Amortization of intangibles 389,765 384,750 1,160,358 1,202,179

Stock-based compensation expense 96,255 84,703 263,651 235,108

Deferred income taxes (161,011) 52,052 (281,941) (97,318)

Other (24,104) (5,699) (19,377) (1,496)

Changes in operating assets and liabilities (141,491) 28,239 (940,740) (8,008)

Total adjustments 263,869 646,587 497,249 1,631,788

Net cash provided by operating activities 1,603,959 1,165,105 3,844,515 3,111,392

Cash flows from investing activities:

Purchases of short-term available-for-sale investments

— (1,150,240) — (1,150,240)

Maturities of short-term available-for-sale investments

842,840 — 990,657 372,778

Additions to property, plant and equipment, net (145,662) (79,153) (392,677) (318,399)

Proceeds from sale of property, plant and equipment, net

— — — 58,892

Proceeds from sale of a subsidiary, net 96,592 — 96,592 —

Payments for acquisitions, net of cash acquired (1,500,174) — (1,536,049) (45,652)

Other (8,543) (715) (32,425) (13,595)

Net cash used for investing activities (714,947) (1,230,108) (873,902) (1,096,216)

Cash flows from financing activities:

Proceeds from debt — 1,490,785 — 1,490,785

Debt repayments — — — (399,998)

Proceeds from commercial paper notes 5,906,409 2,551,168 13,061,198 6,867,508

Payments of commercial paper notes (5,451,502) (2,551,223) (12,502,732) (6,866,581)

Repurchase of common stock (1,157,008) (1,075,152) (2,446,409) (1,484,166)

Dividend payments to shareholders (535,309) (490,161) (1,556,028) (1,437,521)

Proceeds from employee stock plans 61,684 42,767 121,171 104,329

Other 15,668 41,775 18,651 40,317

Net cash (used for) provided by financing activities (1,160,058) 9,959 (3,304,149) (1,685,327)

Net (decrease) increase in cash and cash equivalents (271,046) (55,044) (333,536) 329,849

Cash and cash equivalents at beginning of period 2,436,916 2,376,235 2,499,406 1,991,342

Cash and cash equivalents at end of period $ 2,165,870 $ 2,321,191 $ 2,165,870 $ 2,321,191

ANALOG DEVICES, INC.

REVENUE TRENDS BY END MARKET

(Unaudited)

(In thousands)

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 our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify 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 1, 2026 August 2, 2025

Revenue

% of Revenue1

Y/Y% Revenue

% of Revenue1

Industrial $ 1,971,926 49% 53% $ 1,292,988 45%

Automotive

998,227 25% 16% 857,146 30%

Communications 654,515 16% 84% 354,768 12%

Consumer 397,231 10% 6% 375,446 13%

Total revenue $ 4,021,899 100% 40% $ 2,880,348 100%

Nine Months Ended

August 1, 2026 August 2, 2025

Revenue

% of Revenue1

Y/Y% Revenue

% of Revenue1

Industrial $ 5,269,825 49% 50% $ 3,512,896 44%

Automotive

2,685,246 25% 9% 2,454,845 31%

Communications 1,659,553 15% 72% 965,036 12%

Consumer 1,191,003 11% 18% 1,010,813 13%

Total revenue $ 10,805,627 100% 36% $ 7,943,590 100%

1) The sum of the individual percentages may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended Nine Months Ended

Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025

Gross margin $ 2,707,544 $ 1,789,748 $ 7,192,318 $ 4,831,661

Gross margin percentage 67.3 % 62.1 % 66.6 % 60.8 %

Acquisition related expenses 209,192 204,756 619,404 662,865

Adjusted gross margin $ 2,916,736 $ 1,994,504 $ 7,811,722 $ 5,494,526

Adjusted gross margin percentage 72.5 % 69.2 % 72.3 % 69.2 %

Operating expenses $ 1,094,575 $ 971,720 $ 3,202,643 $ 2,844,376

Percent of revenue 27.2 % 33.7 % 29.6 % 35.8 %

Acquisition related expenses (188,594) (188,015) (565,089) (564,045)

Acquisition related transaction costs (23,391) — (23,391) —

Special charges, net 24,216 (4,348) (23,766) (69,980)

Adjusted operating expenses $ 906,806 $ 779,357 $ 2,590,397 $ 2,210,351

Adjusted operating expenses percentage 22.5 % 27.1 % 24.0 % 27.8 %

Operating income $ 1,612,969 $ 818,028 $ 3,989,675 $ 1,987,285

Operating margin 40.1 % 28.4 % 36.9 % 25.0 %

Acquisition related expenses 397,786 392,771 1,184,493 1,226,910

Acquisition related transaction costs 23,391 — 23,391 —

Special charges, net (24,216) 4,348 23,766 69,980

Adjusted operating income $ 2,009,930 $ 1,215,147 $ 5,221,325 $ 3,284,175

Adjusted operating margin 50.0 % 42.2 % 48.3 % 41.3 %

Nonoperating expense (income) $ 67,100 $ 54,619 $ 173,107 $ 162,372

Acquisition related expenses 2,150 2,150 6,450 6,450

Adjusted nonoperating expense (income) $ 69,250 $ 56,769 $ 179,557 $ 168,822

Income before income taxes $ 1,545,869 $ 763,409 $ 3,816,568 $ 1,824,913

Acquisition related expenses 395,636 390,621 1,178,043 1,220,460

Acquisition related transaction costs 23,391 — 23,391 —

Special charges, net (24,216) 4,348 23,766 69,980

Adjusted income before income taxes $ 1,940,680 $ 1,158,378 $ 5,041,768 $ 3,115,353

Provision for income taxes $ 205,779 $ 244,891 $ 469,302 $ 345,309

Effective income tax rate 13.3 % 32.1 % 12.3 % 18.9 %

Tax related items 48,270 (106,855) 162,938 15,780

Adjusted provision for income taxes $ 254,049 $ 138,036 $ 632,240 $ 361,089

Adjusted tax rate 13.1 % 11.9 % 12.5 % 11.6 %

Diluted EPS $ 2.74 $ 1.04 $ 6.83 $ 2.97

Acquisition related expenses 0.81 0.79 2.40 2.45

Acquisition related transaction costs 0.05 — 0.05 —

Special charges, net (0.05) 0.01 0.05 0.14

Tax related items (0.10) 0.22 (0.33) (0.03)

Adjusted diluted EPS* $ 3.45 $ 2.05 $ 8.99 $ 5.53

* The sum of the individual per share amounts may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

Trailing Twelve Months Three Months Ended

Aug. 1, 2026 Aug. 1, 2026 May 2, 2026 Jan. 31, 2026 Nov. 1, 2025

Revenue $ 13,881,544 $ 4,021,899 $ 3,623,465 $ 3,160,063 $ 3,076,117

Net cash provided by operating activities $ 5,545,325 $ 1,603,959 $ 872,041 $ 1,368,515 $ 1,700,810

% of Revenue 40 % 40 % 24 % 43 % 55 %

Capital expenditures $ (607,830) $ (145,662) $ (137,702) $ (109,313) $ (215,153)

Free cash flow $ 4,937,495 $ 1,458,297 $ 734,339 $ 1,259,202 $ 1,485,657

% of Revenue 36 % 36 % 20 % 40 % 48 %

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

Three Months Ending October 31, 2026

Reported Adjusted

Revenue $4.3 Billion $4.3 Billion

(+/- $100 Million) (+/- $100 Million)

Operating margin 42.6% 52.0% (1)

(+/-150 bps) (+/-100 bps)

Nonoperating expense ~$80 Million ~$80 Million

Tax rate 12% - 14% 12% - 14% (2)

Earnings per share $3.14 $3.86 (3)

(+/- $0.15) (+/- $0.15)

(1) Includes $405 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $53 million of tax effects associated with the adjustment for acquisition related expenses noted above.

(3) Includes $0.72 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

For more information, please contact:

Jeff Ambrosi

Senior Director, Investor Relations

Analog Devices, Inc.

781-461-3282

investor.relations@analog.com

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