--- ticker: ADI company: Analog Devices Inc. filing_type: 10-K year_current: 2023 year_prior: 2022 risks_added: 0 risks_removed: 0 risks_modified: 1 risks_unchanged: 4 source: SEC EDGAR url: https://riskdiff.com/adi/2023-vs-2022/ markdown_url: https://riskdiff.com/adi/2023-vs-2022/index.md generated: 2026-05-10 --- # Analog Devices Inc.: 10-K Risk Factor Changes 2023 vs 2022 > Source: U.S. Securities and Exchange Commission (EDGAR) > Generated: 2026-05-10 > All data extracted directly from official filings. No hallucinated content. > **[AI-Generated Summary]** The paragraph below was produced by a language > model and may contain errors. All other content on this page is deterministically > extracted from the original SEC filing. > Analog Devices maintained substantial continuity in its risk disclosure between the 2022 and 2023 10-K filings, with four risk factors remaining unchanged. The company substantively modified its General Risk Factors disclosure, reflecting evolving business circumstances or regulatory developments. No new risks were introduced and no previously disclosed risks were eliminated. --- ## Summary | Status | Count | |--------|-------| | New risks added | 0 | | Risks removed | 0 | | Risks modified | 1 | | Unchanged | 4 | --- ## Modified: General Risk Factors **Key changes:** - Reworded sentence: "Our results of operations could be affected by natural disasters or other catastrophic events in the locations in which we operate." - Reworded sentence: "Earthquakes, fires, tsunamis, flooding, public health emergencies or other catastrophic events may disrupt local semiconductor-related businesses and adversely affect manufacturing capacity, availability and cost of key raw materials, utilities and equipment, and availability of key services, including transport of our products worldwide." - Reworded sentence: "In addition, global 22 22 22 22 22 22 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." - Added sentence: "The extent to which the novel strain of the coronavirus (COVID-19) pandemic will adversely affect our business, financial condition and results of operations is uncertain." - Added sentence: "The COVID-19 pandemic created significant worldwide uncertainty, volatility and economic disruption and impacted our workforce and operations, the operations of our customers, those of our respective vendors and suppliers and the global capital markets." **Prior (2022):** Our results of operations could be affected by natural disasters in the locations in which we operate. We, like many companies in the semiconductor industry, rely on supplies, services, internal manufacturing capacity, wafer fabrication foundries and other subcontractors in locations around the world that are susceptible to natural disasters and other significant disruptions. Earthquakes, fires, tsunamis, flooding or other natural disasters may disrupt local semiconductor-related businesses and adversely affect manufacturing capacity, availability and cost of key raw materials, utilities and equipment, and availability of key services, including transport of our products worldwide. Our insurance may not adequately cover losses resulting from such disruptions. Any prolonged inability to utilize one of our manufacturing facilities, or those of our subcontractors or third-party wafer fabrication foundries, as a result of fire, flood, natural disaster, unavailability of utilities or otherwise, could result in a temporary or permanent loss of customers for affected products, which could have a material adverse effect on our results of operations and financial condition. In addition, global climate change may result in certain natural disasters occurring more frequently or with greater intensity, such as drought, wildfires, storms, sea-level rise, and flooding, and could disrupt the availability of water necessary for the operation of our fabrication facilities located in semi-arid regions. The long-term effects of climate change on the global economy and the semiconductor industry in particular are unclear, but could be severe. Our stock price may be volatile. The market price of our common stock may be volatile, as it may be significantly affected by factors including: •global economic conditions generally; •crises in global credit, debt and financial markets; •actual or anticipated fluctuations in our revenue and operating results; •changes in financial estimates or other statements made by securities analysts or others in analyst reports or other publications, or our failure to perform in line with those estimates or statements or our published guidance; •financial results and prospects of our customers; •U.S. and foreign government actions, including with respect to trade, travel, export and taxation; •the extent of the impact and the duration of the COVID-19 pandemic; •changes in market valuations of other semiconductor companies; •rumors and speculation in the press, investment community or on social media about us, our customers or other companies in our industry; •announcements by us, our customers or our competitors of significant new products, technical innovations, material transactions, acquisitions or dispositions, litigation, capital commitments, including share repurchases and dividend policies, or revised earnings estimates; •departures of key personnel; •alleged noncompliance with laws, regulations or ethics standards by us or any of our employees, officers or directors; and •negative media publicity targeting us or our suppliers, customers or competitors. The stock market has historically experienced volatility, especially within the semiconductor industry, that often has been unrelated to the performance of particular companies, such as the response to rising inflation and increasing interest rates. These market fluctuations may cause our stock price to fall regardless of our operating results. Our directors and executive officers periodically buy or sell shares of our common stock in the market, including pursuant to Rule 10b5-1 trading plans. Regardless of the individual's reasons for such purchases or sales, securities analysts and investors could view such transactions as positive or negative indicators and our stock price could be adversely affected as a result. 23 23 23 23 23 23 **Current (2023):** Our results of operations could be affected by natural disasters or other catastrophic events in the locations in which we operate. We, like many companies in the semiconductor industry, rely on supplies, services, internal manufacturing capacity, wafer fabrication foundries and other subcontractors in locations around the world that are susceptible to natural disasters and other significant disruptions. Earthquakes, fires, tsunamis, flooding, public health emergencies or other catastrophic events may disrupt local semiconductor-related businesses and adversely affect manufacturing capacity, availability and cost of key raw materials, utilities and equipment, and availability of key services, including transport of our products worldwide. Our insurance may not adequately cover losses resulting from such disruptions. Any prolonged inability to utilize one of our manufacturing facilities, or those of our subcontractors or third-party wafer fabrication foundries, as a result of fire, flood, natural disaster, unavailability of utilities or otherwise, could result in a temporary or permanent loss of customers for affected products, which could have a material adverse effect on our results of operations and financial condition. In addition, global 22 22 22 22 22 22 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. The long-term effects of climate change on the global economy and the semiconductor industry in particular are unclear, but could be severe. The extent to which the novel strain of the coronavirus (COVID-19) pandemic will adversely affect our business, financial condition and results of operations is uncertain. The COVID-19 pandemic created significant worldwide uncertainty, volatility and economic disruption and impacted our workforce and operations, the operations of our customers, those of our respective vendors and suppliers and the global capital markets. During the course of the pandemic, many of the countries in which we operate took and may continue to take measures to address the pandemic, which at times has resulted and may continue to result in disruptions at some of our manufacturing operations and facilities, including restrictions on our access to facilities. We may also be required to take actions as may be required by government authorities or that we determine are in the best interests of our employees, customers, partners, and suppliers, which may cause disruption to our business. The COVID-19 pandemic could also cause further disruption in our supply chain and customer demand, and could adversely affect the ability of our customers to perform, including in making timely payments to us, which could further impact our business, financial condition and results of operations. To the extent the COVID-19 pandemic adversely affects our business, results of operations, financial condition and cash flows, it may also heighten many of the other risks described in this "Risk Factors" section. Our stock price may be volatile. The market price of our common stock may be volatile, as it may be significantly affected by factors including: •global economic conditions generally; •crises in global credit, debt and financial markets; •actual or anticipated fluctuations in our revenue and operating results; •changes in financial estimates or other statements made by securities analysts or others in analyst reports or other publications, or our failure to perform in line with those estimates or statements or our published guidance; •financial results and prospects of our customers; •U.S. and foreign government actions, including with respect to trade, travel, export and taxation; •changes in market valuations of other semiconductor companies; •rumors and speculation in the press, investment community or on social media about us, our customers or other companies in our industry; •announcements by us, our customers or our competitors of significant new products, technical innovations, material transactions, acquisitions or dispositions, litigation, capital commitments, including share repurchases and dividend policies, or revised earnings estimates; •departures of key personnel; •alleged noncompliance with laws, regulations or ethics standards by us or any of our employees, officers or directors; and •negative media publicity targeting us or our suppliers, customers or competitors. The stock market has historically experienced volatility, especially within the semiconductor industry, that often has been unrelated to the performance of particular companies, such as the response to rising inflation and increasing interest rates. These market fluctuations may cause our stock price to fall regardless of our operating results. Our directors and executive officers periodically buy or sell shares of our common stock in the market, including pursuant to Rule 10b5-1 trading plans. Regardless of the individual's reasons for such purchases or sales, securities analysts and investors could view such transactions as positive or negative indicators and our stock price could be adversely affected as a result. --- *Data sourced from SEC EDGAR. Last updated 2026-05-10.*