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On August 1, 2025, the U.S. administration implemented additional changes to its tariff policy, including the suspension of the de minimis exemption, expiration of the 10% baseline tariff, implementation of revised reciprocal tariffs tailored to each trading partner, and the imposition of tariffs on particular goods (e.g., copper). Although semiconductors remain exempt from most of the recent tariff actions, an increase in tariffs on semiconductors is expected to be imposed once the Section 232 investigation into the impact on U.S. national security by imports of semiconductors, semiconductor manufacturing equipment and their derivative products is concluded. Semiconductors may also be subject to tariffs resulting from ongoing trade negotiations.
Read in the filing ↗ Also in 10-K of May 21, 2026, 10-Q of Nov 5, 2026, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026
Tariffs, trade restrictions, and evolving global trade policies pose risks to our supply chain, cost structure, and customer demand. Beginning in 2018 and continuing through 2026, the U.S. imposed additional tariffs on various imports, and several countries have imposed retaliatory tariffs on goods originating from the U.S. Although semiconductors currently remain exempt from certain U.S. tariffs under the ongoing Section 232 investigation, many inputs used in semiconductor manufacturing - including chemicals, metals, and equipment - remain subject to country specific tariffs or may become subject to new duties. The tariff landscape remains uncertain and may change with limited notice.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
countries or the impact of public health concerns, may adversely impact the industry supply chain. The U.S. has imposed additional tariffs on imports, and certain countries have imposed retaliatory tariffs on imports that have the U.S. as their country of origin. For example, in 2025, the U.S imposed tariffs on imports from China and other countries and foreign governments imposed tariffs on imports from the U.S. It is unclear what tariffs will apply to semiconductors at this time.
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supply chain due to mergers and acquisitions may reduce the number of suppliers or change our relationships with them. The reduced availability of necessary labor or the impact of public health concerns may also adversely impact the industry supply chain. Tariffs and trade restrictions present additional risks. The U.S. has imposed additional tariffs on imports, and certain countries have imposed retaliatory tariffs on imports that have the U.S. as their country of origin. For example, in 2025, the U.S. imposed tariffs on most imports from China, but semiconductors are currently exempted from these tariffs due to the ongoing Section 232 investigation by the U.S. Department of Commerce. Country-specific tariffs applicable to U.S. imports of input materials and products incorporating semiconductors remain in place. The tariff landscape remains uncertain and subject to change.
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and foreign governments imposed tariffs on imports from the U.S. It is unclear what tariffs will apply to semiconductors during this time.
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The U.S. and other countries have levied tariffs and taxes on certain goods, implemented trade restrictions, and introduced national security protection policies. Trade tensions between the U.S. and China, have continued to escalate from 2018 to present, and include the U.S. increasing tariffs on Chinese origin goods and China increasing tariffs on U.S. origin goods. Additionally, the U.S. has imposed a baseline 10% tariff on almost all imported goods globally. We continue to take steps to mitigate the costs of these tariffs on our business by adjusting our operations and supply chain but may be unable to completely mitigate the costs of such tariffs, including those imposed in recent years or in the future.
Read in the filing ↗ Also in 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026, 10-Q of Nov 6, 2025, 10-Q of Aug 7, 2025, 10-K of May 23, 2025
While we continue to evaluate the potential impacts of these proposed tariffs and our ability to mitigate their related impacts, these tariffs and any retaliatory tariffs imposed may adversely impact our revenue and cost of goods sold in the U.S. and internationally. The imposition of tariffs could impact our supply chain for rare earth and other materials and cause a decrease in the sales of products to customers located in China, other customers selling to Chinese end users, or other global customers, which could materially and adversely affect our business, financial condition and results of operations. The ultimate impact of any tariffs will depend on various factors, including whether semiconductors continue to be exempt from tariffs and any changes to the amount, scope and nature of the tariffs imposed by the U.S. or other countries. For additional information, see “Item 1A. Risk Factors”, including the risk factor titled “We may lose sales if suppliers of raw materials, components or equipment fail to meet our or our customers' needs, increase prices, are impacted by increases in tariffs, or such raw materials, components or equipment become restricted or unavailable."
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There continues to be uncertainty regarding overall macroeconomic conditions, including increased geopolitical tensions, risk of a recession, and the effects of potential trade policies, including tariffs. Long established global trade relationships are potentially changing in fundamental ways that make it difficult to predict how global supply chains and economic environments will be affected. For example, in March and April 2025, the U.S. imposed tariffs on imports from China and other countries and foreign governments imposed additional tariffs on imports from the U.S. It is unclear what tariffs will apply to semiconductors during this time of change.
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Additional tariffs imposed on components, raw materials, or equipment may increase our costs and have an adverse impact on our operating results in future periods. We may also incur increases in manufacturing costs in mitigating the impact of tariffs on our operations. We will attempt to mitigate the impact of those tariffs on our business but may experience an increase in operating costs, impaired sourcing flexibility, and reduced demand for our products, resulting in reduced revenue.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
Semiconductors may also be subject to tariffs resulting from ongoing trade negotiations.
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• impact of price increases, increased tariffs, raw material availability or other factors affecting our suppliers;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026
rates, persistent inflation, instability in the banking sector, tariffs, public health concerns or other factors;
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New or increased tariffs imposed on raw materials, components, equipment, or other inputs used in our production processes could increase our manufacturing costs. For example, new Section 232 tariffs and related import restrictions on polysilicon and certain derivative products which are scheduled to take effect on December 4, 2026 could increase the cost or
Read in the filing ↗ Also in 10-K of May 21, 2026, 10-Q of Aug 6, 2026
• The impact of national security protections, trade restrictions and changes in tariffs, including those impacting China;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026, 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
• trade restrictions and increase in tariffs, including those on business in China, or focused on specific companies;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026, 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
Supply interruptions or additional tariffs imposed on components, raw materials, or equipment may increase our costs and have an adverse impact on our operating results in future periods. We also have in the past and may in the future incur increases in manufacturing costs in taking actions which are designed to mitigate the impact of supply interruptions or tariffs on our operations. We will attempt to mitigate the impact of these various supply interruptions and tariffs on our business but may experience an increase in operating costs, impaired sourcing flexibility, and reduced demand for our products, resulting in reduced revenue.
Read in the filing ↗ Also in 10-Q of Feb 5, 2026
We regularly review the financial viability and performance of our licensees, customers, distributors and suppliers. Any downturn in global or regional economic conditions, as a result of tariffs, high interest rates, high inflation, instability in the banking sector, the enactment of broad sanctions or tariffs by the U.S. or other countries, public health concerns, industry work stoppages, transit stoppages or other factors, may adversely impact their financial viability. The financial decline of a
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• global economic and financial uncertainty due to changes in tariffs, interest rates, persistent inflation, instability in the banking sector, war or other conflicts, public health concerns or other factors;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026
purchase, or actions taken by foreign governments such as China to favor companies located in their own country through tariffs or other actions, which could adversely impact our operating results.
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• global economic and financial uncertainty due to changes in geopolitical conditions or military conflicts, interest rates, persistent inflation, instability in the banking sector, tariffs, public health concerns or other factors;
Read in the filing ↗ Also in 10-Q of Nov 5, 2026
… has imposed additional tariffs on imports, and certain countries have imposed retaliatory tariffs on imports that have the U.S. as their country of origin. For example, in March and April 2025, the U.S imposed tariffs on imports from China and other countries and foreign governments imposed tariffs on imports from the U.S. It is unclear what tariffs …
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
If any of these risks occur or are worse than we anticipate, our sales could decrease and our operating results could suffer, we could face an increase in the cost of components, production delays, business interruptions, delays in obtaining export licenses, or denials of such licenses, tariffs and trade restrictions, longer payment cycles, increased taxes, restrictions on the repatriation of funds and the burdens of complying with a variety of foreign laws, any of which could ultimately have a material adverse effect on our business. Further changes in trade policy, tariffs, additional taxes, or restrictions on supplies,
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Nov 5, 2026
• the issuance of new export controls or trade sanctions, tariffs or other trade barriers, fines, restrictions or delays in our ability to export or import products, or increase costs associated with the manufacture or transfer of products;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026, 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
• general economic, industry, public health or political conditions in the U.S. or internationally, including uncertain economic conditions in U.S., China and Europe, changes in tariffs, interest rates, persistent inflation or instability in the banking sector;
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026, 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
Our customers may also be adversely affected by the tariffs and other issues described above. The labor, supplies and equipment necessary for their businesses could become more difficult to obtain for various reasons not limited to business interruptions of suppliers, reduced availability of labor, transit disruptions, consolidation in their supply chain, or sanctions, trade restrictions or tariffs or the impact of public health concerns that impair sourcing flexibility or increase costs. If our customers are not able to produce their products, then their need for our products will decrease. Such interruptions of our customers’ businesses could harm our business.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025
We may lose sales if suppliers of raw materials, components or equipment fail to meet our or our customers' needs, increase prices, are impacted by increases in tariffs, or such raw materials, components or equipment become restricted or unavailable.
Read in the filing ↗ Also in 10-Q of Aug 7, 2025, 10-Q of Nov 6, 2025, 10-Q of Feb 5, 2026
Further changes in trade or national security protection policy, tariffs, additional taxes, restrictions on exports or other trade barriers, including those taken against the U.S. in retaliation for U.S. policies, may limit our ability to obtain equipment,
Read in the filing ↗ Also in 10-Q of Aug 6, 2026
On February 20, 2026, the U.S. Supreme Court ruled that certain tariffs collected pursuant to the International Emergency Economic Powers Act (IEEPA) were unconstitutional. On April 20, 2026, the U.S. Customs and Border Protection (CBP) began processing refunds through its Consolidated Administration and Processing of Entries (CAPE) portal. Although Microchip has submitted claims for refunds of certain previously paid tariffs under IEEPA and has received some of the requested refunds to date, the timing and amount of any additional recoveries remain uncertain. Accordingly, we cannot predict the timing, likelihood, or amount of any future refunds or other recoveries that may ultimately be realized.
Read in the filing ↗ Also in 10-Q of Nov 5, 2026, 10-K of May 21, 2026
Any of these factors could increase our manufacturing costs, impair our sourcing flexibility, delay our production schedules, and adversely affect our operating results. Additionally, our sales may be adversely impacted if tariffs or government trade actions restrict access to needed supplies.
Read in the filing ↗ Also in 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026
The U.S. and certain other global jurisdictions in which we operate, have taken and have threatened to take significant legislative and policy changes in areas including but not limited to tariffs, taxes and trade, labor, and the environment. If implemented, these changes could increase our effective tax rate, decrease our revenue and increase our selling, general, administrative and/or manufacturing costs, which could have a material adverse effect on our business, results of operations or financial conditions. Changes in tariffs, tax policy, trade regulations or other matters, and any uncertainty surrounding the scope or timing of such changes, could negatively impact the stock market, and reduce the trading price of our stock or
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export licenses, or denials of such licenses, tariffs and trade restrictions, longer payment cycles, increased taxes, restrictions on the repatriation of funds and the burdens of complying with a variety of foreign laws, any of which could ultimately have a material adverse effect on our business. Further changes in trade policy, tariffs, additional taxes, or restrictions on supplies, equipment, and raw materials including rare earth minerals, may limit our ability to produce products, increase our selling and/or manufacturing costs, decrease margins, reduce the competitiveness of our products, or inhibit our ability to sell products or purchase necessary equipment and supplies, which could have a material adverse effect on our business, results of operations, or financial conditions.
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Increased tariffs on our customers' products could adversely impact their sales, and increased tariffs on our products in comparison to those of our competitors could each result in lower demand for our products. Further, governments may impose restrictions on the sale to certain customers of our products, or any applications containing our products. For example, the Chinese government has announced restrictions relating to sales of certain raw materials and to sales of products containing certain products made by Micron, and they may direct companies within China to purchase Chinese-made products. The Chinese government may also re-initiate the suspended antidumping investigation into imports of analog chips originating in the United States and aggressively enforce the new regulation intended to combat the extraterritorial application of foreign trade controls, sanctions and other measures, which would likely have an adverse impact on our
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reduce the availability of semiconductor inputs, including wafers and wafer-derived materials. We may also incur incremental costs associated with supply chain adjustments undertaken to mitigate the effects of trade restrictions or tariffs. While we attempt to reduce cost burdens and secure alternative supply arrangements, we may experience higher operating costs, reduced sourcing flexibility, or lower demand for our products if customers face higher input costs or trade related disruptions.
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We have experienced, and may experience in the future, pricing declines in certain of our proprietary product lines, primarily due to competitive conditions. In the past, we have moderated average selling price declines in many of our proprietary product lines by introducing new products with more features and higher prices. However, we may not be able to do so in the future. We have experienced in the past, and may experience in the future, competitive pricing pressures on our products. In fiscal 2023 and fiscal 2022, we experienced cost increases which we were able to pass on to our customers. However, in the future, we may be unable to maintain average selling prices due to an oversupply of product in the market or increased pricing pressure, including as a result of tariffs being applied to the products we sell or purchase, or actions taken by foreign governments such as China to favor companies located in their own country through tariffs or other actions, which could adversely impact our operating results.
Read in the filing ↗ Also in 10-Q of Feb 5, 2026, 10-K of May 21, 2026, 10-Q of Aug 6, 2026, 10-Q of Nov 5, 2026