We propose a semi-dynamic timing analysis flow applicable to large-scale circuits that takes into account dynamic power-supply drop. Logic delay is accurately estimated in the presence of power-supply noise through timing correction as a function of power-supply voltage during operation, where a time-dependent power-supply noise waveform is derived by way of a vectorless technique. Measurements and analysis of dynamic supply-noise waveforms and associated delay changes were performed on a sub-100-nm CMOS test circuit with embedded on-chip noise detectors and delay monitors. The proposed analysis technique was extended and applied to a test digital circuit with more than 10 million gates and validated toward a multi-10-million-gate CMOS SoC design.