Reports › ADI › 10-Q FY2026

SEC filings, compared

What changed in Analog Devices's 10-Q for the quarter ended January 31, 2026

Compared with the 10-Q for the quarter ended February 1, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: ANALOG DEVICES INC · ADI
This filing: 0000006281-26-000016 ↗ · filed Feb 18, 2026
Compared with: 0000006281-25-000023 ↗ · filed Feb 19, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

30 material changes among 51 changed paragraphs · 1 held for review

11 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 1 held for review appears as a diff at the end.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2026	FY2025	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	3,160,263,000USD · Nov 2, 2025 to Jan 31, 2026	2,423,174,000USD · Nov 3, 2024 to Feb 1, 2025	+737,089,000+30.4%
Net income or lossus-gaap:NetIncomeLoss	830,826,000USD · Nov 2, 2025 to Jan 31, 2026	391,316,000USD · Nov 3, 2024 to Feb 1, 2025	+439,510,000+112.3%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,905,860,000USD · at Jan 31, 2026	2,349,994,000USD · at Feb 1, 2025	+555,866,000+23.7%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	1,368,515,000USD · Nov 2, 2025 to Jan 31, 2026	1,126,809,000USD · Nov 3, 2024 to Feb 1, 2025	+241,706,000+21.5%

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2026: 0000006281-26-000016 · FY2025: 0000006281-25-000023

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

1 material addition

Part I, Item 2 · MD&A

1 of 1 shown · In filing order, too few to rank

01AddedPart I, Item 2 › Results of Operations

Summary · quote-checked

Added disclosure explaining that higher taxes on international profits and GILTI-related non-deductible foreign tax expense increased the effective tax rate.

The new paragraph identifies a specific tax-related driver and its effect on the effective tax rate, adding substantive MD&A information.

Filing text · FY2025 10-Q · filed Feb 19, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Feb 18, 2026

[added] 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.

Cite this change

"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."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

6 material removals

Part I, Item 2 · MD&A

5 of 6 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The current report removes disclosure of the additional share repurchase authorization and the terms governing the repurchase program.

The removed paragraph disclosed a $10.0 billion authorization, remaining capacity, permitted transaction methods and program termination condition—substantive capital allocation information.

Why the model ranked it here

Removing the buyback authorization and program terms makes the company’s capital allocation commitment and remaining repurchase capacity less transparent.

Filing text · FY2025 10-Q · filed Feb 19, 2025

[removed] On February 18, 2025, our Board of Directors authorized us to repurchase an additional $10.0 billion of our common stock, bringing the total remaining share repurchase authorization to approximately $11.5 billion. Under the share repurchase program, we may repurchase outstanding shares of our common stock from time to time on the open market or through privately negotiated transactions. Unless terminated earlier by resolution of our Board of Directors, the repurchase program will terminate when we have utilized the entire amount under the program.

Filing text · FY2026 10-Q · filed Feb 18, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On February 18, 2025, our Board of Directors authorized us to repurchase an additional $10.0 billion of our common stock, bringing the total remaining share repurchase authorization to approximately $11.5 billion."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000023, filed 19 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000023/adi-20250201.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

02RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current filing removes the disclosure that R&D expenses increased and identifies discretionary spending and benefit expenses as the primary drivers.

This is a substantive MD&A results narrative about expense direction and drivers, not merely a period rollover or formatting change.

Why the model ranked it here

Removing the R&D discussion obscures the expense trend and management’s stated reasons for it.

Filing text · FY2025 10-Q · filed Feb 19, 2025

[removed] R&D expenses increased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of increased discretionary spending and higher benefit expenses, partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025.

Filing text · FY2026 10-Q · filed Feb 18, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"R&D expenses increased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of increased discretionary spending and higher benefit expenses, partially offset by the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000023, filed 19 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000023/adi-20250201.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

03RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The amortization expenses table, including expense amounts and amortization as a percentage of revenue, was removed.

The disappearance of a numeric table changes the disclosed results information; it is not merely a recurring table updated for a new period.

Why the model ranked it here

Removing the amortization table eliminates quantitative visibility into a reported expense and its burden relative to revenue.

Filing text · FY2025 10-Q · filed Feb 19, 2025

~~[removed] |[removed] Three Months Ended[removed] February 1, 2025 | February 3, 2024 | $ Change | % Change[removed] Amortization expenses | $ | 187,415 | $ | 190,332 | $ | (2,917) | (2) | %[removed] Amortization expenses as a % of revenue | 8 | % | 8 | %~~

Filing text · FY2026 10-Q · filed Feb 18, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Three Months Ended February 1, 2025 | February 3, 2024 | $ Change | % Change Amortization expenses | $ | 187,415 | $ | 190,332 | $ | (2,917) | (2) | % Amortization expenses as a % of revenue | 8 | % | 8 | %"

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000023, filed 19 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000023/adi-20250201.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

04RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The filing no longer discloses the decrease in amortization expenses or attributes it to acquired intangible assets becoming fully amortized.

Removal eliminates a substantive MD&A result and its stated driver, rather than merely updating a period, figure, or presentation.

Why the model ranked it here

Removing the amortization explanation obscures the stated effect of acquired intangible assets becoming fully amortized on expense results.

Filing text · FY2025 10-Q · filed Feb 19, 2025

[removed] Amortization expenses decreased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024.

Filing text · FY2026 10-Q · filed Feb 18, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Amortization expenses decreased in the three-month period ended February 1, 2025, as compared to the same period of the prior fiscal year, primarily as a result of a portion of our acquired intangible assets becoming fully amortized during fiscal 2024."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000023, filed 19 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000023/adi-20250201.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

05RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

Removed disclosure explaining revenue reclassifications by end market when categorization changes over time.

The filing no longer states that prior-period revenue may be reclassified or that such reclassifications typically do not materially affect end-market trends.

Filing text · FY2025 10-Q · filed Feb 19, 2025

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. As data systems [removed] for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary 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.

Filing text · FY2026 10-Q · filed Feb 18, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary 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."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000023, filed 19 February 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000023/adi-20250201.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

Show all 6 in Part I, Item 2 (1 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

23 material changes

Part I, Item 2 · MD&A

5 of 23 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The debt schedule removes the 2025 Notes, adds 2030 Notes, changes a 2028 maturity amount, and increases total debt.

Maturities, outstanding principal, and the listed debt instruments changed, altering disclosed obligations and the company’s debt exposure rather than merely rolling forward the table.

Why the model ranked it here

The debt schedule changes the company’s listed instruments, maturities and outstanding obligations, directly altering the debt profile a client must assess.

Filing text · FY2025 10-Q · filed Feb 19, 2025

Filing text · FY2026 10-Q · filed Feb 18, 2026

Cite this change

"2030 Notes, due June 2030 | 650,000"

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The revolving credit facility covenant changed from a 3.5-to-1.0 leverage ratio to an interest coverage ratio greater than 3.0-to-1.0.

The filing discloses a different covenant and threshold, changing the stated financial constraint and exposure; the compliance date merely rolls forward.

Why the model ranked it here

The covenant changed to a different financial test, materially altering the borrowing constraint and the conditions under which lenders could become concerned.

Filing text · FY2025 10-Q · filed Feb 19, 2025

We may borrow under ~~[removed] this revolving credit facility~~ 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 ~~[removed] a consolidated leverage ratio covenant of total consolidated funded debt to~~ consolidated earnings before interest, taxes, ~~[removed] depreciation,~~ and amortization (EBITDA) ~~[removed] of not~~ greater than ~~[removed] 3.5~~ to 1.0. As of ~~[removed] February 1, 2025,~~ we were in compliance with these covenants.

Filing text · FY2026 10-Q · filed Feb 18, 2026

We may borrow under [added] 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 [added] an interest coverage covenant which requires the ratio of consolidated earnings before interest, taxes, [added] depreciation and amortization (EBITDA) [added] to consolidated interest charges to be greater than [added] 3.0 to 1.0. As of [added] January 31, 2026, we were in compliance with these covenants.

Cite this change

"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."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Current liabilities shifted from a decrease to an increase, driven primarily by debt reclassification and higher income taxes payable.

The direction changed and the stated drivers changed, including a newly disclosed debt reclassification that creates a current-liability obligation.

Why the model ranked it here

Current liabilities now include debt reclassified as due in the near term, changing the company’s stated short-term obligations and liquidity needs.

Filing text · FY2025 10-Q · filed Feb 19, 2025

Current liabilities ~~[removed] decreased to $2,971.0 million at February 1, 2025~~ as compared to ~~[removed] $2,988.3 million~~ at the end of fiscal ~~[removed] 2024~~ due to ~~[removed] lower accounts payable partially offset by increased accrued liabilities and~~ income taxes payable.

Filing text · FY2026 10-Q · filed Feb 18, 2026

Current liabilities [added] increased to $4.3 billion at January 31, 2026 as compared to [added] $3.2 billion at the end of fiscal [added] 2025 primarily due to [added] the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in income taxes payable.

Cite this change

"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."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Reported liquidity increased from $2.7 billion to $4.0 billion, while U.S.-held liquidity increased from approximately $1.4 billion to $2.3 billion.

Although the dates roll forward, the changed liquidity amounts alter the filing’s statement about available cash and its geographic allocation, producing a substantively different liquidity disclosure.

Why the model ranked it here

The filing reports substantially greater liquidity and a changed geographic allocation of cash, materially revising the company’s liquidity position.

Filing text · FY2025 10-Q · filed Feb 19, 2025

At ~~[removed] February 1, 2025,~~ our principal source of liquidity was ~~[removed] $2.7~~ billion of cash, cash equivalents and short-term investments, of which approximately ~~[removed] $1.4~~ 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.

Filing text · FY2026 10-Q · filed Feb 18, 2026

At [added] January 31, 2026, our principal source of liquidity was [added] $4.0 billion of cash, cash equivalents and short-term investments, of which approximately [added] $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.

Cite this change

"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"

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

05ChangedPart I, Item 2 › Results of Operations

Summary · quote-checked

Revenue shifted from a 4% decrease to a 30% increase, with demand drivers replacing prior-period timing, inventory, and market-specific explanations.

The direction of revenue changed and the stated drivers were replaced, making the MD&A narrative substantively different under the rubric.

Why the model ranked it here

Revenue shifted from contraction to broad-based demand-driven growth, substantially changing the operating trajectory described by management.

Filing text · FY2025 10-Q · filed Feb 19, 2025

Revenue ~~[removed] decreased 4%~~ in the three-month period ended ~~[removed] February 1, 2025~~ as compared to the same period of the prior fiscal ~~[removed] year, primarily~~ as a result of ~~[removed] the impact of an additional week of operations in the first quarter of fiscal 2024 as compared to the first quarter of fiscal 2025. The Industrial~~ end market ~~[removed] decline is also due to the continued reduction in customers' inventory balances. The decline in the Communications~~ end market [removed] was also driven by weak demand in the wireless sub-market, partially offset by growth in the wireline sub-market driven by data center infrastructure build outs primarily to support growth in artificial intelligence applications. The Consumer increase was driven by greater share gains.

Filing text · FY2026 10-Q · filed Feb 18, 2026

Revenue [added] increased 30% in the three-month period ended [added] January 31, 2026 as compared to the same period of the prior fiscal [added] year as a result of [added] a broad-based increase in demand for our products, notably within the wireline sub-markets of the Communications end market [added] that supports datacenter expansion, within the test equipment sub-market of the Industrial end market [added] and within portable consumer products sub-market of the Consumer end market.

Cite this change

"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."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000016, filed 18 February 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000016/adi-20260131.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000016?ref=quote

Show all 23 in Part I, Item 2 (18 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

1 change held

HeldPart I, Item 2 › Liquidity and Capital Resources

Filing text · FY2025 10-Q · filed Feb 19, 2025

As of ~~[removed] February 1, 2025,~~ our Board of Directors authorized us to repurchase ~~[removed] $16.7~~ billion of our common stock under our common stock repurchase program and ~~[removed] $1.5~~ billion remained available for repurchases under the ~~[removed] program. The repurchased~~ shares are held as authorized but unissued shares of common stock.

Filing text · FY2026 10-Q · filed Feb 18, 2026

As of [added] January 31, 2026, our Board of Directors [added] had authorized us to repurchase [added] an aggregate of $26.7 billion of our common stock under our common stock repurchase program and [added] $9.1 billion remained available for repurchases under the [added] current authorized program. Repurchased shares are held as authorized but unissued shares of common stock.[added] 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.

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