ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Nov. 2, 2024

Oct. 28, 2023

Gross margin

$       1,416,128

$       1,646,716

$       5,381,343

$       7,877,218

  Gross margin percentage

58.0 %

60.6 %

57.1 %

64.0 %

      Acquisition related expenses

243,667

259,925

1,022,488

1,047,309

Adjusted gross margin

$       1,659,795

$       1,906,641

$       6,403,831

$       8,924,527

  Adjusted gross margin percentage

67.9 %

70.2 %

67.9 %

72.5 %

Operating expenses

$          846,736

$       1,012,301

$       3,348,545

$       4,054,106

  Percent of revenue

34.7 %

37.3 %

35.5 %

32.9 %

      Acquisition related expenses

(188,821)

(206,151)

(760,325)

(976,223)

      Acquisition related transaction costs

—

—

—

(7,069)

      Special charges, net

(2,859)

(114,035)

(37,258)

(160,710)

Adjusted operating expenses

$          655,056

$          692,115

$       2,550,962

$       2,910,104

  Adjusted operating expenses percentage

26.8 %

25.5 %

27.1 %

23.6 %

Operating income

$          569,392

$          634,415

$       2,032,798

$       3,823,112

  Operating margin

23.3 %

23.4 %

21.6 %

31.1 %

      Acquisition related expenses

432,488

466,076

1,782,813

2,023,532

      Acquisition related transaction costs

—

—

—

7,069

      Special charges, net

2,859

114,035

37,258

160,710

Adjusted operating income

$       1,004,739

$       1,214,526

$       3,852,869

$       6,014,423

  Adjusted operating margin

41.1 %

44.7 %

40.9 %

48.9 %

Nonoperating expense (income)

$            53,064

$            62,629

$          255,458

$          215,109

      Acquisition related expenses

2,150

2,150

8,600

13,743

Adjusted nonoperating expense (income)

$            55,214

$            64,779

264,058

$          228,852

Income before income taxes

$          516,328

$          571,786

$       1,777,340

$       3,608,003

      Acquisition related expenses

430,338

463,926

1,774,213

2,009,789

      Acquisition related transaction costs

—

—

—

7,069

      Special charges, net

2,859

114,035

37,258

160,710

Adjusted income before income taxes

$          949,525

$       1,149,747

$       3,588,811

$       5,785,571

Provision for income taxes

$            38,256

$            73,356

$          142,067

$          293,424

  Effective tax rate

7.4 %

12.8 %

8.0 %

8.1 %

      Tax related items

76,702

70,503

265,697

388,093

Adjusted provision for income taxes

$          114,958

$          143,859

$          407,764

$          681,517

  Adjusted tax rate

12.1 %

12.5 %

11.4 %

11.8 %

Diluted EPS

$                 0.96

$                 1.00

$                 3.28

$                 6.55

      Acquisition related expenses

0.86

0.93

3.56

3.97

      Acquisition related transaction costs

—

—

—

0.01

      Special charges, net

0.01

0.23

0.07

0.32

      Tax related items

(0.15)

(0.14)

(0.53)

(0.77)

Adjusted diluted EPS*

$                 1.67

$                 2.01

$                 6.38

$               10.09

* The sum of the individual per share amounts may not equal the total due to rounding.