亚德诺：2024年度报告

(Mark One)☑ ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended November1, 2025ORTRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromtoCommission file number1-7819 Analog Devices, Inc. (Exact name of registrant as specified in its charter) Massachusetts 04-2348234(I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) One Analog Way, Wilmington, MA(Address of principal executive offices) 01887(Zip Code) (781)935-5565(Registrant’s telephone number, including area code)______________________________ Securities registered pursuant to Section12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock $0.16 2/3 par value per shareADINasdaq Global Select Market Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject tosuch filing requirements for the past 90days.Yes☑No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§ 232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required tosubmit such files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☑Non-accelerated filer☐ Acceleratedfiler☐Smallerreportingcompany☐Emerging growthcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☑ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately$81,121,000,000 based on the last reported sale of the Common Stock on The Nasdaq Global Select Market on May3, 2025. Shares of voting andnon-voting stock beneficially owned by executive officers, directors and holders of more than 5% of the outstanding stock have been excluded from this calculation because such persons or institutions may be deemed affiliates. This determination of affiliate status is not a conclusive determinationfor other purposes. As of November1, 2025, there were 489,654,097shares of Common Stock, $0.16 2/3 par value per share, outstanding. Documents Incorporated by Reference Portions of the Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held March11, 2026 TABLE OF CONTENTS Note about Forward-Looking Statements1PART I2Item 1. Business2Item 1A. Risk Factors11Item 1B. Unresolved Staff Comments24Item 1C. Cybersecurity25Item 2. Properties27Item 3. Legal Proceedings28Item 4. Mine Safety Disclosures28PART II29Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities29Item 6. Reserved30Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations31Item 7A. Quantitative and Qualitative Disclosures about Market Risk40Report of Independent Registered Public Accounting Firm42