Reports › ADI › 10-Q FY2026

SEC filings, compared

What changed in Analog Devices's 10-Q for the quarter ended May 2, 2026

Compared with the 10-Q for the quarter ended May 3, 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: 0000006281-26-000052 ↗ · filed May 20, 2026
Compared with: 0000006281-25-000125 ↗ · filed May 22, 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

31 material changes among 55 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	3,623,465,000USD · Feb 1, 2026 to May 2, 2026	2,640,068,000USD · Feb 2, 2025 to May 3, 2025	+983,397,000+37.2%
Net income or lossus-gaap:NetIncomeLoss	1,176,350,000USD · Feb 1, 2026 to May 2, 2026	569,770,000USD · Feb 2, 2025 to May 3, 2025	+606,580,000+106.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,436,916,000USD · at May 2, 2026	2,376,235,000USD · at May 3, 2025	+60,681,000+2.6%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	2,240,556,000USD · Nov 2, 2025 to May 2, 2026	1,946,287,000USD · Nov 3, 2024 to May 3, 2025	+294,269,000+15.1%

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: 0000006281-26-000052 · FY2025: 0000006281-25-000125

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 › Liquidity and Capital Resources

Summary · quote-checked

Added an explanation attributing the change from the prior fiscal-year period to higher common stock repurchases, partly offset by debt repayments during fiscal 2025.

The new text introduces substantive liquidity drivers—stock repurchases and debt repayments—rather than a date, formatting, or recurring-list update.

Filing text · FY2025 10-Q · filed May 22, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 20, 2026

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 six-month period ended May 2, 2026, as compared to the same [added] period of the prior fiscal year, was primarily the result of higher common stock repurchases partially offset by debt repayments during fiscal 2025.

Cite this change

"period of the prior fiscal year, was primarily the result of higher common stock repurchases partially offset by debt repayments during fiscal 2025."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?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.

5 material removals

Part I, Item 2 · MD&A

5 of 5 shown · In filing order, too few to rank

01RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The amortization expenses table was removed from the Results of Operations discussion.

A numeric table that disappears is material under the rubric because its existence changed, rather than merely reflecting updated figures.

Filing text · FY2025 10-Q · filed May 22, 2025

~~[removed] |[removed] Three Months Ended | Six Months Ended[removed] May 3, 2025 | May 4, 2024 | $ Change | % Change | May 3, 2025 | May 4, 2024 | $ Change | % Change[removed] Amortization expenses | $ | 187,415 | $ | 188,944 | $ | (1,529) | (1) | % | $ | 374,830 | $ | 379,276 | $ | (4,446) | (1) | %[removed] Amortization expenses as a % of revenue | 7 | % | 9 | % | 7 | % | 8 | %~~

Filing text · FY2026 10-Q · filed May 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Amortization expenses as a % of revenue | 7 | % | 9 | % | 7 | % | 8 | %"

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000125, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/adi-20250503.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

02RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The disclosure that amortization expenses decreased due to acquired intangible assets becoming fully amortized was removed.

The removed paragraph stated both a reported expense trend and its driver; removing that explanation substantively changes the MD&A narrative.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] Amortization expenses decreased in the three- and six-month periods ended May 3, 2025, as compared to the same periods 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 May 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"Amortization expenses decreased in the three- and six-month periods ended May 3, 2025, as compared to the same periods 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 0000006281-25-000125, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/adi-20250503.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

03RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current filing removes a table reporting total nonoperating expense (income) for three- and six-month periods.

The removed paragraph is a numeric table. Under the rubric, disappearance of a table is material rather than a routine period update.

Filing text · FY2025 10-Q · filed May 22, 2025

~~[removed] |[removed] Three Months Ended | Six Months Ended[removed] May 3, 2025 | May 4, 2024 | $ Change | May 3, 2025 | May 4, 2024 | $ Change[removed] Total nonoperating expense (income) | $ | 52,016 | $ | 61,520 | $ | (9,504) | $ | 107,753 | $ | 134,066 | $ | (26,313)~~

Filing text · FY2026 10-Q · filed May 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"| Three Months Ended | Six Months Ended May 3, 2025 | May 4, 2024 | $ Change | May 3, 2025 | May 4, 2024 | $ Change Total nonoperating expense (income) | $ | 52,016 | $ | 61,520 | $ | (9,504) | $ | 107,753 | $ | 134,066 | $ | (26,313)"

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000125, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/adi-20250503.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

04RemovedPart I, Item 2 › Results of Operations

Summary · quote-checked

The current filing removes the explanation that lower nonoperating expense (income) resulted from higher interest income and lower interest expense.

This removes stated drivers of a reported MD&A result, changing the substance of the results narrative rather than merely updating periods or wording.

Filing text · FY2025 10-Q · filed May 22, 2025

[removed] The year-over-year decrease in nonoperating expense (income) in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, was primarily the result of higher interest income on our cash, cash equivalents and short-term investments and lower interest expense on our debt obligations.

Filing text · FY2026 10-Q · filed May 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"The year-over-year decrease in nonoperating expense (income) in the three- and six-month periods ended May 3, 2025, as compared to the same periods of the prior fiscal year, was primarily the result of higher interest income on our cash, cash equivalents and short-term investments and lower interest expense on our debt obligations."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000125, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/adi-20250503.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

05RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Removed the explanation that the period-over-period change mainly reflected higher adjusted net income, offset by decreased working capital.

The removed MD&A sentence disclosed stated drivers of a financial change; dropping those drivers substantively changes the results narrative rather than merely rolling forward periods.

Filing text · FY2025 10-Q · filed May 22, 2025

Cash provided by operating activities is net income adjusted for certain non-cash items and changes in operating assets and liabilities. The decrease in cash provided by operating activities during the six-month period ended May 3, 2025, as ~~[removed] compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for noncash items that was primarily offset by a decrease in working capital.~~

Filing text · FY2026 10-Q · filed May 20, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"compared to the same period of the prior fiscal year, was mainly the result of higher net income adjusted for noncash items that was primarily offset by a decrease in working capital."

Analog Devices, Form 10-Q for FY2025, Part I, Item 2, accession 0000006281-25-000125, filed 22 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628125000125/adi-20250503.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

What the company says differently

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

25 material changes

Part I, Item 2 · MD&A

5 of 25 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The debt table adds 2028 and 2030 notes and reports higher commercial paper and total debt amounts.

Newly appearing debt instruments indicate changed borrowing obligations; the updated total debt also changes the stated exposure, beyond a routine period roll-forward.

Why the model ranked it here

Newly disclosed debt instruments and higher total borrowings change the company’s financing obligations and debt exposure.

Filing text · FY2025 10-Q · filed May 22, 2025

Filing text · FY2026 10-Q · filed May 20, 2026

Cite this change

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

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

02ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Current liabilities shifted from a decrease driven by debt repayment to an increase driven by debt reclassification and changes in accrued liabilities and income taxes payable.

The direction changed, and the stated drivers changed from debt repayment to debt reclassification, accrued liabilities, and income taxes payable, substantively changing the liquidity disclosure.

Why the model ranked it here

Current liabilities shifted from declining after debt repayment to rising because debt became current and accrued obligations increased, materially changing the liquidity picture.

Filing text · FY2025 10-Q · filed May 22, 2025

Current liabilities ~~[removed] decreased to $2,690.6 million~~ at May ~~[removed] 3, 2025~~ as compared to ~~[removed] $2,988.3 million~~ at the end of fiscal ~~[removed] 2024~~ primarily due to the ~~[removed] repayment of approximately $400.0 million~~ of debt ~~[removed] during the second quarter of fiscal 2025.~~

Filing text · FY2026 10-Q · filed May 20, 2026

Current liabilities [added] increased to $4.5 billion at May [added] 2, 2026 as compared to [added] $3.2 billion at the end of fiscal [added] 2025 primarily due to the [added] reclassification of $0.9 billion of debt [added] due in December 2026 to current liabilities as well as an increase in accrued liabilities, partially offset by a decrease in income taxes payable.

Cite this change

"Current liabilities increased to $4.5 billion at May 2, 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 accrued liabilities, partially offset by a decrease in income taxes payable."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

The liquidity sufficiency statement newly includes acquisitions and no longer qualifies dividend payments with “if any.”

The paragraph adds acquisitions as a funding use and changes dividend payments from conditional to stated, altering disclosed liquidity needs and certainty.

Why the model ranked it here

The liquidity sufficiency statement now includes acquisitions as a funding need and presents dividend payments without the prior qualification.

Filing text · FY2025 10-Q · filed May 22, 2025

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 ~~[removed] (if any)~~ in the immediate future and for at least the next twelve months.

Filing text · FY2026 10-Q · filed May 20, 2026

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, [added] acquisitions, research and development efforts and dividend payments in the immediate future and for at least the next twelve months.

Cite this change

"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, acquisitions, research and development efforts and dividend payments in the immediate future and for at least the next twelve months."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

04ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Investing cash flow changed from net cash provided to net cash used for the current six-month period, with updated operating and financing cash-flow figures.

The investing cash-flow direction reverses from provided to used, changing the liquidity assertion; this is substantive under the Figures rule, not merely a period roll-forward.

Why the model ranked it here

Investing cash flow reversed from a source of cash to a use of cash, changing the reported liquidity dynamics.

Filing text · FY2025 10-Q · filed May 22, 2025

Filing text · FY2026 10-Q · filed May 20, 2026

|Six Months EndedMay 2, 2026 | May 3, 2025Net cash provided by operating activities | $ | 2,240,556 | $ | 1,946,287Net cash provided by operations as a % of revenue | 33 | % | 38 | %Net cash (used for) provided by investing activities | $ | (158,955) | $ | 133,892Net cash used for financing activities | $ | (2,144,091) | $ | (1,695,286)

Cite this change

"Net cash (used for) provided by investing activities | $ | (158,955) | $ | 133,892"

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

05ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Liquidity disclosure changed from $2.4 billion of cash and cash equivalents to $3.4 billion including short-term investments, with different U.S. holdings.

The updated amounts and inclusion of short-term investments substantively change the stated liquidity level and composition, so this is more than a calendar roll-forward.

Why the model ranked it here

The stated liquidity source now includes short-term investments and has a materially different composition between domestic and foreign holdings.

Filing text · FY2025 10-Q · filed May 22, 2025

At May ~~[removed] 3, 2025,~~ our principal source of liquidity was ~~[removed] $2.4~~ billion of ~~[removed] cash and cash equivalents,~~ of which approximately ~~[removed] $1.1~~ 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 ~~[removed] cash and cash equivalents~~ 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 May 20, 2026

At May [added] 2, 2026, our principal source of liquidity was [added] $3.4 billion of [added] cash, cash equivalents and short-term investments, of which approximately [added] $2.2 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 [added] 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 May 2, 2026, our principal source of liquidity was $3.4 billion of cash, cash equivalents and short-term investments, of which approximately $2.2 billion was held in the United States, and the balance of which was held outside the United States in various foreign subsidiaries."

Analog Devices, Form 10-Q for FY2026, Part I, Item 2, accession 0000006281-26-000052, filed 20 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm

Comparison: https://yearover.com/reports/adi/0000006281-26-000052?ref=quote

Show all 25 in Part I, Item 2 (20 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 › Results of Operations

Filing text · FY2025 10-Q · filed May 22, 2025

Special charges, net decreased in the ~~[removed] three-month period~~ ended May ~~[removed] 3, 2025,~~ as compared to the same ~~[removed] period~~ of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions. ~~[removed] Special charges, net increased~~ in the six-month period ~~[removed] ended May 3, 2025, as compared to the same period of the prior fiscal year, primarily due to charges related to our Global Repositioning Actions~~ recorded in the first quarter of fiscal ~~[removed] 2025. See Note 5, Special Charges, Net, in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for further discussion.~~

Filing text · FY2026 10-Q · filed May 20, 2026

Special charges, net decreased in the [added] three- and six-month periods ended May [added] 2, 2026, as compared to the same [added] periods of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions. [added] The decrease in the six-month period [added] was partially offset by a $15.6 million impairment charge recorded in the first quarter of fiscal [added] 2026 related to the asset group in our leased facilities in San Jose, California.

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