Analog Devices Reports Fiscal Third Quarter 2025 Financial Results

Revenue of $2.88 billion, with double-digit year-over-year growth across all end markets Operating cash flow of $4.2 billion and free cash flow of $3.7 billion on a trailing twelve-month basis or 40% and 35% of revenue, respectively Returned $1.6 billion to shareholders during the third quarter via $0.5 billion in dividends and $1.1 billion in repurchases , /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2025, which ended August 2, 2025. "Despite geopolitical challenges, ADI's third-quarter revenue and earnings per share exceeded the high end of our expectations," stated CEO and Chair Vincent Roche. "While tariffs and trade fluctuations are creating market uncertainty, the demand for ADI's products remains robust. The company's relentless focus on cutting-edge innovation positions us to capitalize on the growth of the intelligent physical edge. In addition, our diverse and resilient business model enables ADI to navigate various market conditions and consistently create long-term value for our shareholders." CFO Richard Puccio added, "We closed the third quarter with continued backlog growth and healthy bookings trends, notably in the Industrial end market. Our favorable third quarter results and outlook for continued growth in the fourth quarter, position us well to finish fiscal 2025 from a position of strength." Performance for the Third Quarter of Fiscal 2025 Results Summary(1) (in millions, except per-share amounts and percentages) ‌ Three Months Ended Aug. 2, 2025 Aug. 3, 2024 Change Revenue $ 2,880 $ 2,312 25 % Gross margin $ 1,790 $ 1,311 36 % Gross margin percentage 62.1 % 56.7 % 540 bps Operating income $ 818 $ 491 67 % Operating margin 28.4 % 21.2 % 720 bps Diluted earnings per share $ 1.04 $ 0.79 32 % ‌ Adjusted Results(2) Adjusted gross margin $ 1,995 $ 1,571 27 % Adjusted gross margin percentage 69.2 % 67.9 % 130 bps Adjusted operating income $ 1,215 $ 952 28 % Adjusted operating margin 42.2 % 41.2 % 100 bps Adjusted diluted earnings per share $ 2.05 $ 1.58 30 % ‌ Three Months Ended Trailing Twelve Months Cash Generation Aug. 2, 2025 Aug. 2, 2025 Net cash provided by operating activities $ 1,165 $ 4,162 % of revenue 40 % 40 % Capital expenditures $ (79) $ (484) Free cash flow(2) $ 1,086 $ 3,678 % of revenue 38 % 35 % ‌ Three Months Ended Trailing Twelve Months Cash Return Aug. 2, 2025 Aug. 2, 2025 Dividend paid $ (490) $ (1,894) Stock repurchases (1,075) (1,579) Total cash returned $ (1,565) $ (3,473) (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 2025 For the fourth quarter of fiscal 2025, we are forecasting revenue of $3.0 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 30.5%, +/-150 bps, and adjusted operating margin of approximately 43.5%, +/-100 bps. We are planning for reported EPS to be $1.53, +/-$0.10, and adjusted EPS to be $2.22, +/-$0.10. Our fourth quarter fiscal 2025 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 2025 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 $0.99 per outstanding share of common stock. The dividend will be paid on September 16, 2025 to all shareholders of record at the close of business on September 2, 2025. Conference Call Scheduled for Today, Wednesday, August 20, 2025 at 10:00 am ET ADI will host a conference call to discuss our third quarter fiscal 2025 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 and special charges, net2, 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 and special charges, net2, 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 and special charges, net2, 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 items3, 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, special charges, net2, and tax related items3, 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. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance. 2Special Charges, Net: Expenses, net, incurred as part of the integration of Maxim, 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. 3Tax Related Items: Income tax effect of the non-GAAP items discussed above, deferred tax expense related to the remeasurement of GILTI-related deferred tax assets and liabilities attributable to the One Big Beautiful Bill Act and certain other income tax expenses associated with prior periods. 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, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and Twitter (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; impacts related to tariffs and other trade restrictions; 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; market size, market share gains, market position, 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; 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 conflict, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S. government, or U.S. Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; diversion of products from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; 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. 2, 2025 Aug. 3, 2024 Aug. 2, 2025 Aug. 3, 2024 Revenue $ 2,880,348 $ 2,312,209 $ 7,943,590 $ 6,983,952 Cost of sales 1,090,600 1,000,970 3,111,929 3,018,737 Gross margin 1,789,748 1,311,239 4,831,661 3,965,215 Operating expenses: Research and development 454,251 362,671 1,298,980 1,108,960 Selling, marketing, general and administrative 325,706 257,213 913,171 791,420 Amortization of intangibles 187,415 187,754 562,245 567,030 Special charges, net 4,348 12,282 69,980 34,399 Total operating expenses 971,720 819,920 2,844,376 2,501,809 Operating income 818,028 491,319 1,987,285 1,463,406 Nonoperating expense (income): Interest expense 79,592 85,179 229,559 239,423 Interest income (27,083) (26,432) (72,295) (50,870) Other, net 2,110 9,581 5,108 13,841 Total nonoperating expense (income) 54,619 68,328 162,372 202,394 Income before income taxes 763,409 422,991 1,824,913 1,261,012 Provision for income taxes 244,891 30,759 345,309 103,811 Net income $ 518,518 $ 392,232 $ 1,479,604 $ 1,157,201 ‌ Shares used to compute earnings per common share - basic 494,390 496,338 495,560 496,077 Shares used to compute earnings per common share - diluted 496,726 498,794 497,865 498,689 ‌ Basic earnings per common share $ 1.05 $ 0.79 $ 2.99 $ 2.33 Diluted earnings per common share $ 1.04 $ 0.79 $ 2.97 $ 2.32 ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) ‌ Aug. 2, 2025 Nov. 2, 2024 ASSETS Current Assets Cash and cash equivalents $ 2,321,191 $ 1,991,342 Short-term investments 1,148,096 371,822 Accounts receivable 1,553,259 1,336,331 Inventories 1,596,853 1,447,687 Prepaid expenses and other current assets 305,170 337,472 Total current assets 6,924,569 5,484,654 Non-current Assets Net property, plant and equipment 3,299,278 3,415,550 Goodwill 26,945,180 26,909,775 Intangible assets, net 8,402,630 9,585,464 Deferred tax assets 1,925,442 2,083,752 Other assets 695,502 749,082 Total non-current assets 41,268,032 42,743,623 TOTAL ASSETS $ 48,192,601 $ 48,228,277 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable $ 490,723 $ 487,457 Income taxes payable 475,033 447,379 Debt, current — 399,636 Commercial paper notes 548,665 547,738 Accrued liabilities 1,464,617 1,106,070 Total current liabilities 2,979,038 2,988,280 Non-current Liabilities Long-term debt 8,139,938 6,634,313 Deferred income taxes 2,371,536 2,624,392 Income taxes payable 99,880 260,486 Other non-current liabilities 516,367 544,489 Total non-current liabilities 11,127,721 10,063,680 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, 491,955,436 shares outstanding (496,296,854 on November 2, 2024) 81,994 82,718 Capital in excess of par value 23,938,238 25,082,243 Retained earnings 10,238,695 10,196,612 Accumulated other comprehensive loss (173,085) (185,256) Total shareholders' equity 34,085,842 35,176,317 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,192,601 $ 48,228,277 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) ‌ Three Months Ended Nine Months Ended Aug. 2, 2025 Aug. 3, 2024 Aug. 2, 2025 Aug. 3, 2024 Cash flows from operating activities: Net income $ 518,518 $ 392,232 $ 1,479,604 $ 1,157,201 Adjustments to reconcile net income to net cash provided by operations: Depreciation 102,542 92,358 301,323 265,530 Amortization of intangibles 384,750 437,949 1,202,179 1,318,325 Stock-based compensation expense 84,703 64,051 235,108 192,262 Deferred income taxes 52,052 (105,218) (97,318) (269,566) Other (5,699) 10,456 (1,496) 23,826 Changes in operating assets and liabilities 28,239 (36,801) (8,008) 114,134 Total adjustments 646,587 462,795 1,631,788 1,644,511 Net cash provided by operating activities 1,165,105 855,027 3,111,392 2,801,712 Cash flows from investing activities: Purchases of short-term available-for-sale investments (1,150,240) (14,784) (1,150,240) (438,901) Maturities of short-term available-for-sale investments — — 372,778 — Additions to property, plant and equipment, net (79,153) (153,886) (318,399) (565,053) Proceeds from sale of property, plant and equipment, net — — 58,892 — Payments for acquisitions, net of cash acquired — — (45,652) — Other (715) (3,396) (13,595) 10,710 Net cash used for investing activities (1,230,108) (172,066) (1,096,216) (993,244) Cash flows from financing activities: Proceeds from debt 1,490,785 — 1,490,785 1,087,856 Debt repayments — — (399,998) — Proceeds from commercial paper notes 2,551,168 2,326,091 6,867,508 7,709,492 Payments of commercial paper notes (2,551,223) (2,326,883) (6,866,581) (7,709,273) Repurchase of common stock (1,075,152) (117,980) (1,484,166) (520,712) Dividend payments to shareholders (490,161) (456,485) (1,437,521) (1,338,703) Proceeds from employee stock plans 42,767 52,019 104,329 116,355 Other 41,775 6,614 40,317 (5,512) Net cash provided by (used for) financing activities 9,959 (516,624) (1,685,327) (660,497) Net (decrease) increase in cash and cash equivalents (55,044) 166,337 329,849 1,147,971 Cash and cash equivalents at beginning of period 2,376,235 1,939,695 1,991,342 958,061 Cash and cash equivalents at end of period $ 2,321,191 $ 2,106,032 $ 2,321,191 $ 2,106,032 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. As data systems 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. Three Months Ended August 2, 2025 August 3, 2024 Revenue % of Revenue1 Y/Y% Revenue % of Revenue1 Industrial $ 1,285,041 45 % 23 % $ 1,045,291 45 % Automotive 850,619 30 % 22 % 694,905 30 % Consumer 372,197 13 % 21 % 306,832 13 % Communications 372,491 13 % 40 % 265,181 11 % Total revenue $ 2,880,348 100 % 25 % $ 2,312,209 100 % ‌ Nine Months Ended August 2, 2025 August 3, 2024 Revenue % of Revenue1 Y/Y% Revenue % of Revenue1 Industrial $ 3,502,751 44 % 9 % $ 3,223,111 46 % Automotive 2,445,391 31 % 14 % 2,136,173 31 % Consumer 1,009,614 13 % 24 % 817,436 12 % Communications 985,834 12 % 22 % 807,232 12 % Total revenue $ 7,943,590 100 % 14 % $ 6,983,952 100 % 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. 2, 2025 Aug. 3, 2024 Aug. 2, 2025 Aug. 3, 2024 Gross margin $ 1,789,748 $ 1,311,239 $ 4,831,661 $ 3,965,215 Gross margin percentage 62.1 % 56.7 % 60.8 % 56.8 % Acquisition related expenses 204,756 259,296 662,865 778,821 Adjusted gross margin $ 1,994,504 $ 1,570,535 $ 5,494,526 $ 4,744,036 Adjusted gross margin percentage 69.2 % 67.9 % 69.2 % 67.9 % ‌ Operating expenses $ 971,720 $ 819,920 $ 2,844,376 $ 2,501,809 Percent of revenue 33.7 % 35.5 % 35.8 % 35.8 % Acquisition related expenses (188,015) (188,882) (564,045) (571,504) Special charges, net (4,348) (12,282) (69,980) (34,399) Adjusted operating expenses $ 779,357 $ 618,756 $ 2,210,351 $ 1,895,906 Adjusted operating expenses percentage 27.1 % 26.8 % 27.8 % 27.1 % ‌ Operating income $ 818,028 $ 491,319 $ 1,987,285 $ 1,463,406 Operating margin 28.4 % 21.2 % 25.0 % 21.0 % Acquisition related expenses 392,771 448,178 1,226,910 1,350,325 Special charges, net 4,348 12,282 69,980 34,399 Adjusted operating income $ 1,215,147 $ 951,779 $ 3,284,175 $ 2,848,130 Adjusted operating margin 42.2 % 41.2 % 41.3 % 40.8 % ‌ Nonoperating expense (income) $ 54,619 $ 68,328 $ 162,372 $ 202,394 Acquisition related expenses 2,150 2,150 6,450 6,450 Adjusted nonoperating expense (income) $ 56,769 $ 70,478 $ 168,822 $ 208,844 ‌ Income before income taxes $ 763,409 $ 422,991 $ 1,824,913 $ 1,261,012 Acquisition related expenses 390,621 446,028 1,220,460 1,343,875 Special charges, net 4,348 12,282 69,980 34,399 Adjusted income before income taxes $ 1,158,378 $ 881,301 $ 3,115,353 $ 2,639,286 ‌ Provision for income taxes $ 244,891 $ 30,759 $ 345,309 $ 103,811 Effective income tax rate 32.1 % 7.3 % 18.9 % 8.2 % Tax related items (106,855) 64,036 15,780 188,995 Adjusted provision for income taxes $ 138,036 $ 94,795 $ 361,089 $ 292,806 Adjusted tax rate 11.9 % 10.8 % 11.6 % 11.1 % ‌ Diluted EPS $ 1.04 $ 0.79 $ 2.97 $ 2.32 Acquisition related expenses 0.79 0.89 2.45 2.69 Special charges, net 0.01 0.02 0.14 0.07 Tax related items 0.22 (0.13) (0.03) (0.38) Adjusted diluted EPS* $ 2.05 $ 1.58 $ 5.53 $ 4.71 * 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. 2, 2025 Aug. 2, 2025 May 3, 2025 Feb. 1, 2025 Nov. 2, 2024 Revenue $ 10,386,795 $ 2,880,348 $ 2,640,068 $ 2,423,174 $ 2,443,205 Net cash provided by operating activities $ 4,162,209 $ 1,165,105 $ 819,478 $ 1,126,809 $ 1,050,817 % of Revenue 40 % 40 % 31 % 47 % 43 % Capital expenditures $ (483,809) $ (79,153) $ (90,268) $ (148,978) $ (165,410) Free cash flow $ 3,678,400 $ 1,085,952 $ 729,210 $ 977,831 $ 885,407 % of Revenue 35 % 38 % 28 % 40 % 36 % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS (Unaudited) ‌ Three Months Ending November 1, 2025 Reported Adjusted Revenue $3.0 Billion $3.0 Billion (+/- $100 Million) (+/- $100 Million) Operating margin 30.5 % 43.5 %(1) (+/-150 bps) (+/-100 bps) Nonoperating expenses ~ $55-$60 Million ~ $55-$60 Million Tax rate 11% - 13% 11% - 13% (2) Earnings per share $1.53 $2.22 (3) (+/- $0.10) (+/- $0.10) (1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above. (3) Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact: Jeff Ambrosi781-461-3282Senior Director, Investor Relations[email protected] SOURCE Analog Devices, Inc. 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Analog Devices Reports Fiscal Third Quarter 2025 Financial Results

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