ADI · 10-K filed 25 Nov 2025 · year to 1 Nov 2025

Analog Devices

35 named things its latest annual report says its results depend on, each in the company's own words. 32 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Third-party distributors

earns from · approximately 56% of our revenuenamed as a risk

Sales to third-party distributors accounted for approximately 56% of our revenue in the year ended November 1, 2025.Risk factors (Item 1A)

Also named by CAVA, VLTO

Industrial end market

earns from · 45%

Industrial 45% 46% 53%Business (Item 1)

Also named by ON

Automotive end market

earns from · 30%

Automotive 30% 30% 24%Business (Item 1)

Also named by ON

Communications end market

earns from · 13%

Communications 13% 12% 13%Business (Item 1)

Also named by AMKR

Consumer end market

earns from · 13%

Consumer 13% 13% 10%Business (Item 1)

U.S. government

earns fromnamed as a risk

Some of our revenue is derived from contracts with agencies of the United States government and subcontracts with its prime contractors.Risk factors (Item 1A)

Also named by AIR, APH, ASTS, ATI, AVAV, AWK, BA, BWXT and 46 more

Suppliers

Taiwan Semiconductor Manufacturing Co. (TSMC)

depends on · more than half of our wafer requirementsnamed as a risk

With respect to TSMC in particular, tensions across the Taiwan Strait or other geopolitical events could disrupt TSMC’s operations, which would adversely affect our ability to manufacture certain products and as a result, could adversely affect our business and results of operations.Risk factors (Item 1A)

Also named by ALAB, AMD, AVGO, CRWV, ENTG, FTNT, INTC, KLAC and 6 more

Sole-source vendors

depends onnamed as a risk

In certain instances, one of our vendors may be the sole source of highly specialized processing services or materials.Risk factors (Item 1A)

Also named by LOW

Places

Taiwan

operates innamed as a risk

political, legal and economic changes, crises or instability and civil unrest that may impact markets in which we do business, such as macroeconomic weakness related to trade and political disputes between the United States and Europe or China, tensions across the Taiwan Strait that may adversely affect our operations in Taiwan, our customers and the technology industry supply chain, and the ongoing conflict between Russia and Ukraine and tensions in Israel and the Middle East;Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, AEHR, ALAB, AMAT, AMD, ANET and 50 more

China

earns fromnamed as a risk

These restrictions, which have continued to expand over the past several years, have impacted our revenues and results of operations in China and elsewhere.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, AEHR, ALAB and 261 more

Ireland

operates innamed as a risk

changes in our effective tax rates, adverse tax decisions or new or revised tax legislation in the United States, Ireland or worldwide, including changes related to the One Big Beautiful Bill Act;Risk factors (Item 1A)

Also named by AAPL, ACN, AGX, BEN, CDNS, CELH, COR, DDOG and 13 more

Philippines

operates innamed as a risk

In addition to leveraging an outsourcing model for certain manufacturing operations, we also rely on our internal manufacturing operations located in the United States, Ireland, the Philippines, Thailand and Malaysia.Risk factors (Item 1A)

Also named by ACN, AEHR, COF, FDS, HRL, INTU, LITE, MCHP and 5 more

Thailand

operates innamed as a risk

Also named by CB, CIEN, INGR, LITE, LZB, MCHP, NXT, TER and 3 more

Penang, Malaysia

operates in

In addition, we operate an assembly, wafer sort and testing facility in Penang, Malaysia and wafer sort and test facilities in the Philippines and Thailand.Business (Item 1)

Also named by DXCM, KEYS, SNDK

Wilmington, Massachusetts

operates in

Our IC products are fabricated on proprietary processes at our internal production facilities in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland and also on a mix of proprietary and non-proprietary processes at third-party wafer fabricators.Business (Item 1)

Also named by SYM

Limerick, Ireland

operates in

Also named by REGN

Hazards

Water availability

depends onnamed as a risk

In addition, global climate change may result in certain natural disasters or other severe weather events occurring more frequently or with greater intensity, such as drought, wildfires, storms, sea-level rise, extreme temperatures and flooding, and could disrupt the availability of water necessary for the operation of our fabrication facilities and otherwise adversely impact our results of operations.Risk factors (Item 1A)

Also named by FPI

Commodities and inputs

Euro

exposed to its price · approximately $89.6 million of lossesnamed as a risk

Currently, our largest foreign currency exposure is the Euro, primarily because our European operations have the highest proportion of our local currency denominated expenses.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, AME, AMG, AMGN, AMP and 186 more

Silicon wafers

depends onnamed as a risk

The raw materials used to manufacture these devices include silicon wafers, processing chemicals (including liquefied gases), precious metals laminates, ceramic and plastic used for packaging.Business (Item 1)

Also named by ALAB, QCOM, VSH

Regulators

Internal Revenue Service (IRS)

subject tonamed as a risk

Further, we are subject to, and are under tax examination and audit in various jurisdictions, including an IRS income tax audit for the fiscal years ended October 30, 2021, November 2, 2019 (fiscal 2019) and November 3, 2018; an IRS income tax audit for Maxim Integrated Products, Inc.’s fiscal years ended June 27, 2015 through August 26, 2021; and various U.S. state and local tax audits and international audits, including an Irish corporate tax audit for fiscal 2021.Risk factors (Item 1A)

Also named by AAPL, ABNB, AJG, AMGN, BBSI, BMNR, BRO, CAH and 39 more

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

For example, the Organization for Economic Cooperation and Development’s (OECD) Base Erosion and Profit Sharing Plans, which implement a minimum global effective tax rate of 15%, applied to us beginning in fiscal year 2025.Risk factors (Item 1A)

Also named by ABNB, ACN, ADM, ADSK, AKAM, ALB, AMAT, APH and 70 more

Sustainability-Linked Senior Notes

$750 millionnamed as a risk

Our Sustainability-Linked Senior Notes initially bear interest at a rate of 1.7% per annum and are subject to an increase of an additional 30 basis points per annum from April 1, 2026 to their maturity on October 1, 2028 unless the Sustainability Performance Target (as defined in the Sustainability-Linked Senior Notes) has been satisfied.Risk factors (Item 1A)

U.S. tariffs (2025)

subject tonamed as a risk

In 2025, the U.S. government announced a series of tariffs, including tariffs targeting a broad range of imports and targeted tariffs on goods from specific countries and industries.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, AEHR, AEP, AIOT, AKAM, AM and 170 more

One Big Beautiful Bill Act

subject tonamed as a risk

Also named by AA, ABR, ADM, ALB, AMAT, AMGN, AMKR, AMRC and 121 more

Export Administration Regulations

subject tonamed as a risk

compliance requirements of customs and export regulations, including the Export Administration Regulations and the International Traffic and Arms Regulations;Risk factors (Item 1A)

Also named by ALAB, AMD, APP, ARW, AVGO, CARR, CDRE, COHR and 40 more

International Traffic in Arms Regulations

subject tonamed as a risk

compliance requirements of customs and export regulations, including the Export Administration Regulations and the International Traffic and Arms Regulations;Risk factors (Item 1A)

Also named by ACHR, AIR, ALSN, APH, AVAV, CDRE, CLS, COHR and 29 more

Cybersecurity Maturity Model Certification

subject tonamed as a risk

In connection with our United States government business, we are subject to evolving procurement rules and regulations, as well as government audits and to review and approval of our policies, procedures, and internal controls for compliance with procurement regulations and applicable laws, such as the Cybersecurity Maturity Model Certification.Risk factors (Item 1A)

Also named by AVAV, BWXT, GE, HEI, HLIO, HON, HWM, KTOS and 15 more

Health Insurance Portability and Accountability Act (HIPAA)

subject tonamed as a risk

Further, our product offerings in the digital healthcare solutions space, which include the collection and processing of sensitive personal information, subject us to heightened requirements under data privacy laws, such as the Health Insurance Portability and Accountability Act.Risk factors (Item 1A)

Also named by BBY, BR, BWIN, CART, CTSH, DGX, IQV, KR and 8 more

U.S. export controls

subject tonamed as a risk

In addition, export restrictions limit our ability to sell to certain Chinese companies and to third parties that do business with those companies.Risk factors (Item 1A)

Also named by DD, FLS, FTNT, HPE, MDB, NVT, PANW, Q and 1 more

Section 232 semiconductor investigation

subject tonamed as a risk

For example, in April 2025, the Department of Commerce launched an investigation into the national security impacts of imported semiconductors and semiconductor manufacturing equipment.Risk factors (Item 1A)

Also named by KLAC, LITE, MRVL, MU

Federal Acquisition Regulations

subject tonamed as a risk

As a United States government contractor or subcontractor, we are subject to federal contracting regulations, including the Federal Acquisition Regulations, which govern the allowability of costs incurred by us in the performance of United States government contracts.Risk factors (Item 1A)

Also named by AVAV, IEX, KTOS, MTSI

PFAS restrictions

subject tonamed as a risk

For example, several jurisdictions have sought or may seek to restrict the use of per- and polyfluoroalkyl substances (PFAS), which may be found in process chemicals, parts, components and other materials used in semiconductor manufacturing and have limited technically and commercially feasible alternatives.Risk factors (Item 1A)

Also named by ENTG, KLAC, PII, THO

U.S. defense budget

earns fromnamed as a risk

political changes in the United States, including those related to the current U.S. administration and executive offices of the U.S. government, a decline in the U.S. government defense budget, changes in spending or budgetary priorities, a prolonged U.S. government shutdown or delays in contract awards;Risk factors (Item 1A)

Also named by TDG

CHIPS and Science Act of 2022

subject tonamed as a risk

Government incentives, including any that may be offered in connection with the CHIPS Act, may not be available to us on acceptable terms or at all.Risk factors (Item 1A)

Also named by EME

European Union AI Act

subject tonamed as a risk

Several jurisdictions where we operate are considering or have proposed or enacted legislation and policies regulating AI, including the European Union’s AI Act, and lack of consistency among different regulatory regimes may increase our regulatory and compliance burdens.Risk factors (Item 1A)