Analog Devices (NASDAQ: ADI) lifts profit, returns cash after record Q3

Rhea-AI Filing Summary

Analog Devices, Inc. (ADI) reported record fiscal third quarter 2026 results for the period ended August 1, 2026, driven by broad-based demand, particularly in Data Center and Industrial. Revenue was $4.02 billion, up 40% year over year, with GAAP diluted EPS of $2.74 rising 163%. Gross margin expanded to 67.3% and operating margin to 40.1%.

On a non‑GAAP basis, adjusted revenue was the same, with adjusted operating margin 50.0% and adjusted diluted EPS $3.45, up 68% from a year earlier. Trailing twelve‑month operating cash flow reached $5.55 billion (40% of revenue) and free cash flow was $4.94 billion (36% of revenue). ADI returned $1.69 billion to shareholders in the quarter through dividends and share repurchases.

For the fourth quarter of fiscal 2026, ADI forecasts revenue of $4.3 billion +/- $100 million, reported operating margin of about 42.6% and adjusted operating margin around 52.0%. Reported EPS is planned at $3.14 +/- $0.15 and adjusted EPS at $3.86 +/- $0.15. The Board declared a quarterly cash dividend of $1.10 per share, payable September 15, 2026.

Positive

• Fiscal Q3 revenue grew 40% year over year to $4.02 billion, with GAAP diluted EPS up 163% to $2.74, indicating very strong earnings leverage.
• Non-GAAP performance was robust, with adjusted operating margin 50.0% and adjusted diluted EPS $3.45, up 68% year over year.
• Trailing twelve‑month free cash flow reached $4.94 billion, or 36% of revenue, supporting significant shareholder returns.
• Management’s Q4 2026 outlook targets revenue of about $4.3 billion and adjusted EPS $3.86, implying continued record performance.

Negative

• None.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q3 2026 Revenue: $4,021,899 thousand Q3 2026 GAAP Diluted EPS: $2.74 Q3 2026 Adjusted Diluted EPS: $3.45 +5 more

8 metrics

Q3 2026 Revenue $4,021,899 thousand Three months ended August 1, 2026; up 40% year over year

Q3 2026 GAAP Diluted EPS $2.74 Three months ended August 1, 2026; up 163% from $1.04 in prior-year quarter

Q3 2026 Adjusted Diluted EPS $3.45 Non-GAAP EPS for three months ended August 1, 2026; up 68% year over year

Q3 2026 Operating Margin 40.1 % GAAP operating margin for three months ended August 1, 2026, versus 28.4% a year earlier

Trailing 12-Month Free Cash Flow $4,937,495 thousand Free cash flow for trailing twelve months ended August 1, 2026; 36% of revenue

Q3 2026 Cash Returned to Shareholders $1,692,317 thousand Dividends and stock repurchases in three months ended August 1, 2026

Q4 2026 Revenue Outlook $4.3 Billion (+/- $100 Million) Forecast for three months ending October 31, 2026

Quarterly Dividend per Share $1.10 Cash dividend declared, payable September 15, 2026

Key Terms

free cash flow, adjusted operating margin, non-GAAP financial measures, acquisition related expenses, +2 more

6 terms

free cash flow financial

"Free cash flow of $4.9 billion on a trailing twelve-month basis or 36% of revenue"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

adjusted operating margin financial

"we expect reported operating margin of approximately 42.6%, and adjusted operating margin of approximately 52.0%"

Adjusted operating margin shows how much profit a company makes from its core business activities, after removing unusual or one-time costs and income. It helps investors see the company's true profitability by providing a clearer picture, similar to removing unexpected expenses to understand the regular performance. This metric is useful for comparing companies or tracking performance over time, as it highlights consistent earning power.

non-GAAP financial measures financial

"This release includes non-GAAP financial measures that are not in accordance with U.S. GAAP"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

acquisition related expenses financial

"Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions"

Costs directly tied to buying or merging with another company, such as legal and advisory fees, due diligence, filing and regulatory charges, breakup fees, severance or restructuring costs, and integration or IT work. For investors they matter because these one-time or transaction-related outlays lower reported profits and use cash today, like closing costs and moving expenses when you buy a house, but they can also enable future growth if the acquisition creates value.

special charges, net financial

"Special Charges, Net: Expenses, net, incurred in connection with facility closures and cost reduction efforts"

Special charges, net are one-time or unusual costs and gains a company records that are outside its normal business operations, shown after offsetting related items. Think of them like a major house repair and an insurance payout that are combined into a single line: they can make a quarter look much better or worse than regular results, so investors use this item to separate one-off events from the company’s ongoing performance and cash-generating ability.

trailing twelve months financial

"Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a trailing twelve-month basis"

Trailing twelve months is a rolling measure of a company’s financial performance that adds together the most recent four quarters of results to show how the business has done over the last 12 months, rather than a fixed fiscal year. Investors use it like checking a car’s last 12 months of fuel use to see current efficiency — it highlights recent trends, evens out seasonal swings, and provides an up-to-date basis for comparing and valuing companies.

Offering Details

IPO/secondary/shelf/ATM

Offering

Offering Type IPO/secondary/shelf/ATM

FAQ

How did Analog Devices (ADI) perform financially in fiscal Q3 2026?

Analog Devices reported Q3 2026 revenue of $4.02 billion, up 40% year over year, and GAAP diluted EPS of $2.74, up 163%. Adjusted diluted EPS was $3.45, a 68% increase, reflecting strong demand and margin expansion across key end markets.

What is ADI’s revenue and EPS outlook for Q4 2026?

ADI forecasts Q4 2026 revenue of $4.3 billion, plus or minus $100 million. At this level, it expects reported EPS of $3.14 and adjusted EPS of $3.86, each with a ±$0.15 range, alongside operating margin expansion versus the prior year.

How strong was Analog Devices’ cash flow and free cash flow generation?

Over the trailing twelve months, ADI generated $5.55 billion in operating cash flow, equal to 40% of revenue, and $4.94 billion in free cash flow, or 36% of revenue. In Q3 alone, free cash flow was $1.46 billion, underlining high cash conversion.

How much capital did ADI return to shareholders in Q3 2026?

In Q3 2026, ADI returned $1.69 billion to shareholders, including $535 million in dividends and $1.16 billion of stock repurchases. Over the trailing twelve months, total capital returned reached $5.17 billion through combined dividends and buybacks.

What dividend did Analog Devices declare and when will it be paid?

ADI’s Board declared a quarterly cash dividend of $1.10 per share. The dividend will be paid on September 15, 2026 to shareholders of record as of the close of business on September 1, 2026, continuing the company’s cash return program.

Which end markets drove ADI’s revenue growth in Q3 2026?

In Q3 2026, ADI’s revenue grew across all end markets: Industrial $1.97 billion, Automotive $0.99 billion, Communications $0.65 billion, and Consumer $0.40 billion. Year over year, total revenue rose 40%, with Communications and Industrial showing particularly strong growth.

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Understanding 8-K Material Events →

Available on EDGAR 08/19/2026 - 07:03 AM Accepted by SEC EDGAR 08/19/2026 - 07:03 AM Learn about SEC filing dates

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

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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