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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 January 31, 2026
    OR
☐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,MA 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.16 2/3 par value per shareADINasdaq 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 January 31, 2026 there were 488,204,157 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
 January 31, 2026February 1, 2025
Revenue$3,160,263 $2,423,174 
Cost of sales1,115,287 992,871 
Gross margin2,044,976 1,430,303 
Operating expenses:
Research and development467,400 402,892 
Selling, marketing, general and administrative345,253 284,796 
Amortization of intangibles187,315 187,415 
Special charges, net47,982 63,887 
Total operating expenses1,047,950 938,990 
Operating income:997,026 491,313 
Nonoperating expense (income):
Interest expense86,345 75,264 
Interest income(32,257)(23,487)
Other, net(2,933)3,960 
Total nonoperating expense (income)51,155 55,737 
Income before income taxes945,871 435,576 
Provision for income taxes115,045 44,260 
Net income$830,826 $391,316 
Shares used to compute earnings per common share – basic488,874 496,116 
Shares used to compute earnings per common share – diluted491,656 498,668 
Basic earnings per common share$1.70 $0.79 
Diluted earnings per common share$1.69 $0.78 








See accompanying notes.
1



ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)

Three Months Ended
January 31, 2026February 1, 2025
Net income$830,826 $391,316 
Foreign currency translation adjustments288 (159)
Change in fair value of derivative instruments designated as cash flow hedges, net5,653 (77)
Changes in pension plans, net200 523 
Other comprehensive income6,141 287 
Comprehensive income$836,967 $391,603 






















See accompanying notes.
2

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)

January 31, 2026November 1, 2025
ASSETS  
Current Assets
Cash and cash equivalents$2,905,860 $2,499,406 
Short-term investments1,142,987 1,152,915 
Accounts receivable1,360,184 1,436,075 
Inventories1,767,104 1,656,323 
Prepaid expenses and other current assets426,391 363,342 
Total current assets7,602,526 7,108,061 
Non-current Assets
Net property, plant and equipment3,248,983 3,315,696 
Goodwill26,945,180 26,945,180 
Intangible assets, net7,629,200 8,013,815 
Deferred tax assets1,759,646 1,867,102 
Other assets805,655 742,858 
Total non-current assets40,388,664 40,884,651 
TOTAL ASSETS$47,991,190 $47,992,712 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$549,058 $543,760 
Income taxes payable755,829 610,370 
Debt, current898,900 — 
Commercial paper notes543,042 446,639 
Accrued liabilities1,583,794 1,645,032 
Total current liabilities4,330,623 3,245,801 
Non-current Liabilities
Long-term debt7,240,279 8,145,066 
Deferred income taxes1,995,833 2,163,281 
Income taxes payable103,644 100,963 
Other non-current liabilities533,552 521,846 
Total non-current liabilities9,873,308 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, 488,204,157 shares outstanding (489,654,097 on November 1, 2025)
81,369 81,611 
Capital in excess of par value22,968,224 23,349,185 
Retained earnings10,886,107 10,539,541 
Accumulated other comprehensive loss(148,441)(154,582)
Total shareholders’ equity33,787,259 33,815,755 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$47,991,190 $47,992,712 






See accompanying notes.
3

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Unaudited)
(in thousands)

Three Months Ended January 31, 2026
Capital inAccumulated
Other
 Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, NOVEMBER 1, 2025
489,654 $81,611 $23,349,185 $10,539,541 $(154,582)
Net income830,826 
Dividends declared and paid - $0.99 per share
(484,260)
Issuance of stock under stock plans and other461 77 49,544 
Stock-based compensation expense85,675 
Other comprehensive income6,141 
Common stock repurchased(1,911)(319)(516,180)
BALANCE, JANUARY 31, 2026
488,204 $81,369 $22,968,224 $10,886,107 $(148,441)


Three Months Ended February 1, 2025
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, NOVEMBER 2, 2024496,297 $82,718 $25,082,243 $10,196,612 $(185,256)
Net income391,316 
Dividends declared and paid - $0.92 per share
(456,338)
Issuance of stock under stock plans and other411 68 41,679 
Stock-based compensation expense77,574 
Other comprehensive income287 
Common stock repurchased(732)(122)(160,246)
BALANCE, FEBRUARY 1, 2025
495,976 $82,664 $25,041,250 $10,131,590 $(184,969)














See accompanying notes.
4

ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

  
Three Months Ended
 January 31, 2026February 1, 2025
Cash flows from operating activities:
Net income$830,826 $391,316 
Adjustments to reconcile net income to net cash provided by operations:
Depreciation105,886 98,447 
Amortization of intangibles384,615 417,156 
Stock-based compensation expense85,675 77,574 
Deferred income taxes(60,661)(59,454)
Other13,425 (799)
Changes in operating assets and liabilities8,749 202,569 
Total adjustments537,689 735,493 
Net cash provided by operating activities1,368,515 1,126,809 
Cash flows from investing activities:
Maturities of short-term available-for-sale investments9,992 — 
Additions to property, plant and equipment, net(109,313)(148,978)
Payments for acquisitions, net of cash acquired— (45,652)
Other(7,708)329 
Net cash used for investing activities(107,029)(194,301)
Cash flows from financing activities:
Proceeds from commercial paper notes3,046,825 1,969,276 
Payments of commercial paper notes(2,950,422)(1,968,611)
Repurchase of common stock(516,499)(160,368)
Dividend payments to shareholders(484,260)(456,338)
Proceeds from employee stock plans49,621 41,747 
Other(297)438 
Net cash used for financing activities(855,032)(573,856)
Net increase in cash and cash equivalents406,454 358,652 
Cash and cash equivalents at beginning of period2,499,406 1,991,342 
Cash and cash equivalents at end of period$2,905,860 $2,349,994 














See accompanying notes.
5

ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JANUARY 31, 2026 (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 1, 2025 (fiscal 2025) 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 October 31, 2026 (fiscal 2026) 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. Certain prior-year amounts have been reclassified to conform to the fiscal 2026 presentation.
Note 2 – Shareholders’ Equity
As of January 31, 2026, 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 $9.1 billion remained available for repurchases under the program.
Note 3 – Accumulated Other Comprehensive (Loss) Income
The following table provides the changes in accumulated other comprehensive (loss) income (AOCI) by component and the related tax effects during the first three months of fiscal 2026.
Foreign currency translation adjustment
Unrealized holding gains/losses on derivatives
Pension plansTotal
November 1, 2025$(71,700)$(69,777)$(13,105)$(154,582)
Other comprehensive income before reclassifications288 920 — 1,208 
Amounts reclassified out of other comprehensive income— 5,893 200 6,093 
Tax effects— (1,160)— (1,160)
Other comprehensive income288 5,653 200 6,141 
January 31, 2026$(71,412)$(64,124)$(12,905)$(148,441)
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
Comprehensive (Loss) Income ComponentJanuary 31, 2026February 1, 2025Location
Unrealized holding gains/losses on derivatives:
Currency forwards $624 $(1,579)Cost of sales
718 (847)Research and development
820 (2,084)Selling, marketing, general and administrative
Interest rate derivatives3,731 3,731 Interest expense
5,893 (779)Total before tax
(1,023)(158)Tax
Total amounts reclassified out of AOCI, net of tax$4,870 $(937)
6

Note 4 – Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share:
 Three Months Ended
 January 31, 2026February 1, 2025
Net income$830,826 $391,316 
Basic shares:
Weighted-average shares outstanding488,874 496,116 
Earnings per common share basic:$1.70 $0.79 
Diluted shares:
Weighted-average shares outstanding488,874 496,116 
Assumed exercise of common stock equivalents2,782 2,552 
Weighted-average common and common equivalent shares491,656 498,668 
Earnings per common share diluted:$1.69 $0.78 
Anti-dilutive shares related to:
Outstanding stock-based awards106 190 
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 ChargesGlobal Repositioning Actions
Balance at November 1, 2025$4,115 
Employee severance costs, net
29,085 
Severance payments
(1,952)
Balance at January 31, 2026$31,248 
The Company recorded net special charges of $32.4 million as part of its Global Repositioning Actions in the three months ended January 31, 2026. The Global Repositioning Actions were part of a transformation initiative aimed at aligning the Company’s enterprise strategy and 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 first quarter of fiscal 2026, the Company entered into a sublease agreement for its leased property in San Jose, California. As a result of the sublease transaction, the Company recorded an impairment charge of $15.6 million in net special charges, which represented the excess carrying value of the associated asset group over its estimated fair value. The Company estimated fair value using cash flows from the estimated net sublease rental income discounted at a market rate.
7

Note 6 – Industry and Segment Information
The Company’s Chair and Chief Executive Officer has been identified as its Chief Operating Decision Maker (CODM). The following table presents a summary of consolidated net income inclusive of significant segment expenses and other expense information provided to the CODM:
Three Months Ended
January 31, 2026February 1, 2025
Revenue
$3,160,263 $2,423,174 
Less:
Cost of sales, including human capital expenses therein1,115,287 992,871 
Operating expenses:
Employee compensation costs602,487 467,597 
Amortization of acquired intangible assets187,315 187,415 
Research and development related costs (excluding employee compensation costs)128,849 131,482 
Special charges, net47,982 63,887 
Other operating expense (excluding employee compensation costs) (1)
81,317 88,609 
Nonoperating expense (income)
51,155 55,737 
Provision for income taxes115,045 44,260 
Net income$830,826 $391,316 
_______________________________________
(1)Includes depreciation and amortization expenses, facilities expenses, legal expenses and other discretionary expenses.
Revenue Trends by End Market
The following table summarizes 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. The assignment of products to end markets may change 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
 January 31, 2026February 1, 2025
 Revenue% of Revenue*Y/Y%Revenue% of Revenue*
Industrial$1,489,256 47 %38 %$1,080,650 45 %
Automotive794,402 25 %8 %735,646 30 %
Communications476,797 15 %63 %292,186 12 %
Consumer399,808 13 %27 %314,692 13 %
Total revenue$3,160,263 100 %30 %$2,423,174 100 %
* The sum of the individual percentages may not equal the total due to rounding.
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Revenue by Sales Channel
The following table summarizes 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
January 31, 2026February 1, 2025
ChannelRevenue% of Revenue*Revenue% of Revenue*
   Distributors$1,742,294 55 %$1,375,464 57 %
   Direct customers1,377,131 44 %1,019,872 42 %
   Other40,838 1 %27,838 1 %
Total revenue$3,160,263 100 %$2,423,174 100 %
* 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 January 31, 2026 and November 1, 2025. 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 January 31, 2026 and November 1, 2025, the Company held $1.5 billion and $1.4 billion, respectively, of cash that is excluded from the tables below.
 January 31, 2026
 
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$1,028,132 $— $1,028,132 
Corporate obligations (1)— 397,987 397,987 
Short-term investments:
Available-for-sale:
Corporate obligations (1)
— 647,335 647,335 
Bank obligations (1)— 495,652 495,652 
Other assets:
Forward foreign currency exchange contracts (2)— 8,739 8,739 
Deferred compensation plan investments114,245 — 114,245 
Total assets measured at fair value$1,142,377 $1,549,713 $2,692,090 
Liabilities
Forward foreign currency exchange contracts (2)$— $4,635 $4,635 
Interest rate derivatives (3)— 18,860 18,860 
Total liabilities measured at fair value$— $23,495 $23,495 
(1)The amortized cost of the Company’s investments classified as available-for-sale as of January 31, 2026 was $1.5 billion.
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(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.

 November 1, 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$740,730 $— $740,730 
Corporate obligations (1)— 397,707 397,707 
Short-term investments (2):
Available-for-sale:
Corporate obligations (1)— 656,839 656,839 
Bank obligations (1)— 496,076 496,076 
Other assets:
Forward foreign currency exchange contracts (3)— 6,708 6,708 
Deferred compensation plan investments105,188 — 105,188 
Total assets measured at fair value$845,918 $1,557,330 $2,403,248 
Liabilities
Forward foreign currency exchange contracts (3)$— $7,975 $7,975 
Interest rate derivatives (4)— 12,550 12,550 
Total liabilities measured at fair value$— $20,525 $20,525 
(1)The amortized cost of the Company’s investments classified as available-for-sale as of November 1, 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.
Assets and Liabilities Not Recorded at Fair Value on a Recurring Basis
San Jose, California leased property asset group — As a result of a sublease transaction involving a leased property
in San Jose, California, 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 leased property over its estimated fair value. These assets are considered a Level 2 fair value measurement. See Note 5, Special Charges, Net, in these Notes to Condensed Consolidated Financial Statements for additional information.
Debt — 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 ($543.0 million and $446.6 million as of January 31, 2026 and November 1, 2025, respectively). The fair values of the senior unsecured notes are
10

obtained from broker prices and are classified as Level 1 measurements according to the fair value hierarchy.
January 31, 2026November 1, 2025
Principal Amount OutstandingFair Value Principal Amount Outstanding Fair Value
2026 Notes, due December 2026900,000 898,160 900,000 895,623 
2027 Notes, due June 2027440,212 438,402 440,212 436,916 
2028 Notes, due June 2028850,000 856,972 850,000 856,345 
2028 Notes, due October 2028750,000 709,690 750,000 704,186 
2030 Notes, due June 2030650,000 658,983 650,000 659,834 
2031 Notes, due October 20311,000,000 889,346 1,000,000 884,390 
2032 Notes, due October 2032300,000 301,995 300,000 301,546 
2034 Notes, due April 2034550,000 568,435 550,000 571,370 
2036 Notes, due December 2036144,278 137,601 144,278 138,756 
2041 Notes, due October 2041750,000 551,493 750,000 555,925 
2045 Notes, due December 2045332,587 324,899 332,587 327,992 
2051 Notes, due October 20511,000,000 649,360 1,000,000 662,609 
2054 Notes, due April 2054550,000 530,558 550,000 541,087 
Total senior unsecured notes
$8,217,077 $7,515,894 $8,217,077 $7,536,579 
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 January 31, 2026 and November 1, 2025 were $311.4 million and $297.0 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 LocationJanuary 31, 2026November 1, 2025
Forward foreign currency exchange contractsPrepaid expenses and other current assets$6,050 $4,403 
Forward foreign currency exchange contractsAccrued liabilities$2,167 $4,399 
As of January 31, 2026 and November 1, 2025, the total notional amounts of undesignated hedges related to forward foreign currency exchange contracts were $218.9 million and $207.3 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 LocationJanuary 31, 2026November 1, 2025
Undesignated hedges related to forward foreign currency exchange contracts
Prepaid expenses and other current assets$2,689 $2,305 
Undesignated hedges related to forward foreign currency exchange contracts
Accrued liabilities$2,468 $3,576 
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:
January 31, 2026
Balance Sheet LocationLoss on SwapsGain on Note
Accrued liabilities$18,860 $— 
Long-term debt
$— $18,860 
For further 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.
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Note 9 – Inventories
Inventories at January 31, 2026 and November 1, 2025 were as follows:
January 31, 2026November 1, 2025
Raw materials$67,345 $70,183 
Work in process1,318,628 1,218,625 
Finished goods381,131 367,515 
Total inventories$1,767,104 $1,656,323 
Note 10 – Income Taxes
The Company’s effective tax rates for the three-month periods ended January 31, 2026, and February 1, 2025, were below the U.S. statutory tax rate of 21%, due to lower statutory tax rates applicable to the Company's operations in the foreign jurisdictions in which it earns income.
During 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 11 – New Accounting Pronouncements
Standards Implemented
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 adopted this ASU in fiscal 2026 and will include required financial statement disclosures in its Annual Report on Form 10-K for the fiscal year ending October 31, 2026.
Standards to Be Implemented
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 12 – Subsequent Events
On February 17, 2026, the Board of Directors of the Company declared a cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on March 17, 2026 to all shareholders of record at the close of business on March 3, 2026 and is expected to total approximately $537.0 million.

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ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
This information should be read in conjunction with the unaudited condensed consolidated financial statements and related notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the fiscal year ended November 1, 2025 (fiscal 2025).
This Quarterly Report on Form 10-Q, including the following discussion, contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “potential,” “may,” “could” and “will,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors.
The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in the 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 that 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 and regulatory 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. Additional factors that could cause actual results to differ materially from those described in these forward-looking statements include the risk factors included in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for fiscal 2025. Forward-looking statements represent management’s current expectations and are inherently uncertain. We undertake no obligation to revise or update any forward-looking statements, including to reflect events or circumstances occurring after the date of the filing of this report, except to the extent required by law.
Results of Operations
Overview
Amounts in the table below are reflected in thousands except per share amounts and percentages.
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
Revenue$3,160,263 $2,423,174 $737,089 30 %
Gross margin %64.7 %59.0 %
Net income$830,826 $391,316 $439,510 112 %
Net income as a % of revenue26.3 %16.1 %
Diluted EPS$1.69 $0.78 $0.91 117 %
Revenue Trends by End Market
The following table summarizes 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 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.
13

Three Months Ended
 January 31, 2026February 1, 2025
 Revenue% of
Revenue*		Y/Y%Revenue% of
Revenue*
Industrial$1,489,256 47 %38 %$1,080,650 45 %
Automotive794,402 25 %8 %735,646 30 %
Communications476,797 15 %63 %292,186 12 %
Consumer399,808 13 %27 %314,692 13 %
Total revenue$3,160,263 100 %30 %$2,423,174 100 %
* The sum of the individual percentages may not equal the total due to rounding.
Revenue increased 30% in the three-month period ended January 31, 2026 as compared to the same period of the prior fiscal year as a result of a broad-based increase in demand for our products, notably within the wireline sub-markets of the Communications end market that supports datacenter expansion, within the test equipment sub-market of the Industrial end market and within portable consumer products sub-market of the Consumer end market.
Revenue by Sales Channel
The following table summarizes revenue by sales channel. We sell our products globally through a direct sales force, third-party distributors, independent sales representatives and via our 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
January 31, 2026February 1, 2025
Revenue% of Revenue*Revenue% of Revenue*
Channel
   Distributors$1,742,294 55 %$1,375,464 57 %
   Direct customers1,377,131 44 %1,019,872 42 %
   Other40,838 1 %27,838 1 %
Total revenue$3,160,263 100 %$2,423,174 100 %
* The sum of the individual percentages may not equal the total due to rounding.
As indicated in the table above, the percentage of total revenue sold via each channel has remained relatively consistent in the periods presented, but can fluctuate from time to time based on end market revenue trends.
Gross Margin
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
Gross margin$2,044,976 $1,430,303 $614,673 43 %
Gross margin %64.7 %59.0 %
Gross margin percentage increased by 570 basis points in the three-month period ended January 31, 2026 as compared to the same period of the prior fiscal year, primarily due to higher utilization of our factories as a result of increased customer demand and favorable mix of products sold into our end markets.
Research and Development (R&D)
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
R&D expenses$467,400 $402,892 $64,508 16 %
R&D expenses as a % of revenue15 %17 %
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R&D expenses increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily as a result of higher R&D employee-related variable compensation expenses. R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth. We expect to continue the development of innovative technologies and processes for new products. We believe that a continued commitment to R&D is essential to maintain product leadership with our existing products as well as to provide innovative new product offerings.
Selling, Marketing, General and Administrative (SMG&A)
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
SMG&A expenses$345,253 $284,796 $60,457 21 %
SMG&A expenses as a % of revenue11 %12 %
SMG&A expenses increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily as a result of higher SMG&A employee-related variable compensation expenses and higher salary and benefit expenses.
Special Charges, Net
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
Special charges, net$47,982 $63,887 $(15,905)(25)%
Special charges, net decreased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions, partially offset by a $15.6 million impairment charge related to our asset group in our leased facilities in San Jose, California.
Nonoperating Expense (Income)
 Three Months Ended
 January 31, 2026February 1, 2025$ Change
Total nonoperating expense (income)$51,155 $55,737 $(4,582)
The year-over-year decrease in nonoperating expense (income) in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily due to gains on our other investments.
Provision for Income Taxes
 Three Months Ended
 January 31, 2026February 1, 2025$ Change
Provision for income taxes$115,045 $44,260 $70,785 
Effective income tax rate12.2 %10.2 %
The primary driver for our increased tax rate is the increase in taxes paid on our international profits. This results in higher non-deductible foreign tax expense under the global intangible low-taxed income (GILTI) regime, which has the effect of increasing our effective tax rate.
Net Income
 Three Months Ended
 January 31, 2026February 1, 2025$ Change% Change
Net income$830,826 $391,316 $439,510 112 %
Net income as a % of revenue26.3 %16.1 %
Diluted EPS$1.69 $0.78 
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Net income increased in the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, as the result of a $505.7 million increase in operating income and a $4.6 million decrease in nonoperating expense (income), partially offset by a $70.8 million increase in provision for income taxes.
Liquidity and Capital Resources
At January 31, 2026, our principal source of liquidity was $4.0 billion of cash, cash equivalents and short-term investments, of which approximately $2.3 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries. We manage our worldwide cash requirements by, among other things, reviewing available funds held by our foreign subsidiaries and the cost effectiveness by which those funds can be accessed in the United States. We do not expect current regulatory restrictions or taxes on repatriation to have a material adverse effect on our overall liquidity, financial condition or results of operations. Our cash, cash equivalents and short-term investments consist of highly liquid investments, including money market funds and corporate and bank obligations. We maintain these balances with counterparties with high credit ratings, and continually monitor the amount of credit exposure to any one issuer and diversify our investments in order to minimize our credit risk.
We believe that our existing sources of liquidity and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing, will be sufficient to fund operations, capital expenditures, research and development efforts and dividend payments (if any) in the immediate future and for at least the next twelve months.
 Three Months Ended
 January 31, 2026February 1, 2025
Net cash provided by operating activities$1,368,515 $1,126,809 
Net cash provided by operations as a % of revenue43 %47 %
Net cash used for investing activities$(107,029)$(194,301)
Net cash used for financing activities$(855,032)$(573,856)
The following changes contributed to the net change in cash and cash equivalents in the three-month period ended January 31, 2026 as compared to the same period in fiscal 2025.
Operating Activities
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities. The increase in cash provided by operating activities during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for non-cash items.
Investing Activities
Investing cash flows generally consist of purchases of property, plant and equipment, available-for-sale investments and acquisitions of other businesses. The change in investing cash flows during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily the result of a decrease in cash used for capital expenditures. The change in investing cash flows also included cash paid for an acquisition in the first quarter of fiscal 2025.
Financing Activities
Financing cash flows generally consist of payments of dividends to stockholders, repurchases of common stock, issuances and repayments of debt and proceeds from the sale of shares of common stock pursuant to employee equity incentive plans. The change in cash used for financing activities during the three-month period ended January 31, 2026, as compared to the same period of the prior fiscal year, was primarily the result of higher common stock repurchases.
Working Capital
January 31, 2026November 1, 2025$ Change% Change
Accounts receivable$1,360,184 $1,436,075 $(75,891)(5)%
Days sales outstanding*40 44 
Inventory$1,767,104 $1,656,323 $110,781 7 %
Days cost of sales in inventory*140 130 
_______________________________________
*We use the average of the current quarter and prior quarter ending net accounts receivable and ending inventory balance in our calculation of days sales outstanding and days cost of sales in inventory, respectively.
16

The decrease in accounts receivable in dollars was primarily the result of variations in the timing of collections and billings.
Inventory increased primarily as a result of building inventory levels to support increased demand.
Current liabilities increased to $4.3 billion at January 31, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in income taxes payable.
Debt
As of January 31, 2026, our debt obligations consisted of the following:
Principal Amount Outstanding
Commercial paper notes$543,042 
2026 Notes, due December 2026900,000 
2027 Notes, due June 2027440,212 
2028 Notes, due June 2028850,000 
2028 Notes, due October 2028750,000 
2030 Notes, due June 2030650,000 
2031 Notes, due October 20311,000,000 
2032 Notes, due October 2032300,000 
2034 Notes, due April 2034550,000 
2036 Notes, due December 2036144,278 
2041 Notes, due October 2041750,000 
2045 Notes, due December 2045332,587 
2051 Notes, due October 20511,000,000 
2054 Notes, due April 2054550,000 
Total debt$8,760,119 
The indentures governing our outstanding notes contain covenants that may limit our ability to: incur, create, assume or guarantee any debt for borrowed money secured by a lien upon a principal property; enter into 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 our assets to, any other party. As of January 31, 2026, we were in compliance with these covenants.
Under our commercial paper program, we may issue short-term, unsecured commercial paper notes in amounts up to a maximum aggregate face amount of $3.0 billion outstanding at any time, with maturities of up to 397 days from the date of issuance. As of January 31, 2026, we had $543.0 million of outstanding borrowings under the commercial paper program recorded in the Condensed Consolidated Balance Sheet. We intend to use the net proceeds of the commercial paper program for general corporate purposes, including without limitation, repayment of indebtedness, stock repurchases, acquisitions, capital expenditures and working capital.
Revolving Credit Facility
Our Fourth Amended and Restated Revolving Credit Agreement, dated as of April 11, 2025, with Bank of America N.A. as administrative agent and the other banks identified therein as lenders (the Revolving Credit Agreement) provides for a five-year unsecured revolving credit facility in an aggregate principal amount not to exceed $3.0 billion (subject to certain terms and conditions).
We may borrow under the Revolving Credit Agreement in the future and use the proceeds for repayment of existing indebtedness, stock repurchases, acquisitions, capital expenditures, working capital and other lawful corporate purposes. The terms of the Revolving Credit Agreement impose restrictions on our ability to undertake certain transactions, to create certain liens on assets and to incur certain subsidiary indebtedness. In addition, the Revolving Credit Agreement contains an interest coverage covenant which requires the ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) to consolidated interest charges to be greater than 3.0 to 1.0. As of January 31, 2026, we were in compliance with these covenants.
17

Stock Repurchase Program
As of January 31, 2026, our Board of Directors had authorized us to repurchase an aggregate of $26.7 billion of our common stock under our common stock repurchase program and $9.1 billion remained available for repurchases under the current authorized program. Repurchased shares are held as authorized but unissued shares of common stock. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will expire when the full dollar amount of the authorization has been used to repurchase shares under the program. Future repurchases of common stock will be dependent upon our financial position, results of operations, outlook, liquidity and other factors we deem relevant.
Capital Expenditures
Net additions to property, plant and equipment were $109.3 million in the first three months of fiscal 2026. We expect capital expenditures for fiscal 2026 to be between approximately 4% and 6% of fiscal 2026 revenue. These capital expenditures will be funded with a combination of cash on hand and cash expected to be generated from future operations, together with existing and anticipated available short- and long-term financing.
Dividends
On February 17, 2026, our Board of Directors declared a cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on March 17, 2026 to all shareholders of record at the close of business on March 3, 2026 and is expected to total approximately $537.0 million. We currently expect quarterly dividends to continue in future periods, although they remain subject to determination and declaration by our Board of Directors. The payment of future dividends, if any, will be based on several factors, including our financial performance, outlook and liquidity.
New Accounting Pronouncements
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board that are adopted by us as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards will not have a material impact on our future financial condition, results of operations, and disclosures. See Note 11, New Accounting Pronouncements, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for a description of recently issued and adopted accounting pronouncements, including the dates of adoption and impact on our historical financial condition, results of operations, and disclosures.
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ITEM 3.Quantitative and Qualitative Disclosures About Market Risk
We are subject to market risks related to our financial instruments, including those identified in Part II, Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025. There were no material changes in the three-month period ended January 31, 2026 to the information identified in the Annual Report on Form 10-K for the fiscal year ended November 1, 2025.
ITEM 4.Controls and Procedures
(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 our disclosure controls and procedures as of January 31, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act), means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of January 31, 2026, 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.
(b) Changes in Internal Control 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 Exchange Act) occurred during the quarter ended January 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER INFORMATION
ITEM 1A.Risk Factors
We are subject to a number of risks that could adversely affect our business, results of operations, financial condition and future prospects, including those identified in Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended November 1, 2025, which was filed with the Securities and Exchange Commission on November 25, 2025.
ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities 
PeriodTotal Number of
Shares Purchased
(a)		Average Price
Paid Per Share (b)		Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs (c)		Approximate Dollar
Value of Shares that
May Yet Be
Purchased Under
the Plans or
Programs
November 2, 2025 through November 29, 2025672,798 $236.31 650,567 $9,498,807,744 
November 30, 2025 through December 27, 2025657,775 $277.04 649,610 $9,318,868,023 
December 28, 2025 through January 31, 2026580,305 $295.33 577,739 $9,148,258,473 
Total1,910,878 $268.25 1,877,916 $9,148,258,473 
(a)Includes an aggregate of 32,961 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.
(b)The average price paid for shares in connection with vesting of restricted stock units/awards are averages of the closing stock price at the vesting date which is used to calculate the number of shares to be withheld.
(c)Shares repurchased pursuant to the stock repurchase program publicly announced on August 12, 2004 and updated thereafter. Under the repurchase program, we may repurchase outstanding shares of our common stock from time to time in the open market and through privately negotiated transactions.
ITEM 5.Other Information
The following table describes contracts, instructions or written plans for the sale or purchase of our securities adopted or terminated by our directors or officers during the first quarter of fiscal 2026 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 TitleActionDate of Adoption/
Termination		Duration of Rule 10b5-1 Trading ArrangementAggregate Number of Securities to Be Purchased or Sold
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors
AdoptionDecember 3, 2025
Until May 3, 2027, or such earlier date upon which all transactions are completed or expire without execution
Sale of up to
120,000 shares
None of our officers or directors adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the first quarter of fiscal 2026.

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ITEM 6.Exhibits
Exhibit No.  Description
10.1†
10.2†
10.3†
10.4†
10.5†
31.1†  
31.2†  
32.1*
  
32.2*
  
101.INS†
  
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.
101.SCH†
  
Inline XBRL Schema Document.
101.CAL†
  
Inline XBRL Calculation Linkbase Document.
101.LAB†
  
Inline XBRL Labels Linkbase Document.
101.PRE†
  
Inline XBRL Presentation Linkbase Document.
101.DEF†
  
Inline XBRL Definition Linkbase Document.
104†
Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
†  
Filed herewith.
*  
Furnished herewith.

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SIGNATURES
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 thereunto duly authorized.
 
ANALOG DEVICES, INC.
Date: February 18, 2026By:/s/ Vincent Roche
Vincent Roche
Chief Executive Officer and Chair of the Board of Directors
(Principal Executive Officer)
Date: February 18, 2026By:
/s/ Richard C. Puccio, Jr.
Richard C. Puccio, Jr.
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

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