Analog Devices Inc (ADI)

Analog Devices Tops Estimates and Issues Strong Outlook (ADI)May 20, 2026 8:47 AM
IH Market News Analog Devices Inc. (NASDAQ:ADI) reported fiscal second-quarter 2026 results that came in ahead of analyst expectations, with both earnings and revenue exceeding the upper end of the company’s own guidance range.The semiconductor company posted adjusted earnings per share of $3.09, surpassing the consensus estimate of $2.90 by $0.19. Revenue totaled $3.62 billion, ahead of the expected $3.51 billion and up 37% year over year from $2.64 billion in the same quarter last year.Despite the stronger-than-expected results and upbeat outlook, shares slipped 0.5% following the announcement. Growth Across Key End Markets Analog Devices recorded year-over-year growth in all of its end markets during the quarter. Industrial revenue increased 56%, while the Communications segment surged 79%.“ADI’s second quarter revenue and earnings were above the high end of our outlook, reflecting the combination of record demand and sharp operational discipline,” said Vincent Roche, CEO and Chair. Third-Quarter Guidance Exceeds Wall Street Forecasts For the third quarter of fiscal 2026, the company projected adjusted earnings per share between $3.15 and $3.45. The midpoint of $3.30 is above the analyst consensus estimate of $3.00.Analog Devices also guided for third-quarter revenue of $3.8 billion to $4.0 billion, exceeding Wall Street expectations of $3.61 billion. The midpoint of the guidance range stands at $3.9 billion.CFO Richard Puccio noted, “We continued to see growing demand in the second quarter with record bookings across our B2B markets of Industrial, Automotive, and Communications. These positive demand signals are reflected in our outlook for continued strong growth in the third quarter.” Strong Cash Flow Generation During the quarter, Analog Devices generated $872 million in operating cash flow, representing 24% of revenue.Over the trailing twelve months, operating cash flow totaled $5.1 billion, equal to 40% of revenue, while free cash flow reached $4.6 billion, or 36% of revenue.Analog Devices stock price Original: Analog Devices Tops Estimates and Issues Strong Outlook (ADI)

Analog Devices Reports Record Fiscal Second Quarter 2026 Financial ResultsMay 20, 2026 7:01 AM
PR Newswire (US) Revenue of $3.62 billion, with year-over-year growth across all end markets, led by Industrial and CommunicationsOperating cash flow of $5.1 billion and free cash flow of $4.6 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectivelyReturned $1.3 billion to shareholders via dividends and share repurchases in the second quarterWILMINGTON, Mass., May 20, 2026 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal second quarter 2026, which ended May 2, 2026. "ADI's second quarter revenue and earnings were above the high end of our outlook, reflecting the combination of record demand and sharp operational discipline," said Vincent Roche, CEO and Chair. "Our innovation-led value creation strategy targets our customers' most complex and consequential challenges with a goal of delivering substantial and sustained business impact. We continue to invest to extend our technology performance leadership and enhance our long-term value for customers and shareholders alike.""We continued to see growing demand in the second quarter with record bookings across our B2B markets of Industrial, Automotive, and Communications," said Richard Puccio, CFO. "These positive demand signals are reflected in our outlook for continued strong growth in the third quarter." Performance for the Second Quarter of Fiscal 2026Results Summary(1)




(in millions, except per-share amounts and percentages)     











Three Months Ended
May 2, 2026
May 3, 2025
ChangeRevenue$            3,623
$            2,640
37 %Gross margin$            2,440
$            1,612
51 %Gross margin percentage67.3 %
61.0 %
630 bpsOperating income$            1,380
$               678
104 %Operating margin38.1 %
25.7 %
1,240 bpsDiluted earnings per share$              2.40
$              1.14
111 %





Adjusted Results(2)




Adjusted gross margin$            2,645
$            1,832
44 %Adjusted gross margin percentage73.0 %
69.4 %
360 bpsAdjusted operating income$            1,774
$            1,088
63 %Adjusted operating margin49.0 %
41.2 %
780 bpsAdjusted diluted earnings per share$              3.09
$              1.85
67 %








Three Months
Ended
Trailing Twelve
MonthsCash Generation

May 2, 2026
May 2, 2026Net cash provided by operating activities

$               872
$             5,106% of revenue

24 %
40 %Capital expenditures

$              (138)
$               (541)Free cash flow(2)

$               734
$             4,565% of revenue

20 %
36 %








Three Months
Ended
Trailing Twelve
MonthsCash Return

May 2, 2026
May 2, 2026Dividend paid

$              (536)
$            (1,998)Stock repurchases

(773)
(3,045)Total cash returned

$           (1,309)
$            (5,043)





(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information.Outlook for the Third Quarter of Fiscal Year 2026For the third quarter of fiscal 2026, we are forecasting revenue of $3.9 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 39.0%, +/-150 bps, and adjusted operating margin of approximately 49.0%, +/-100 bps. We are planning for reported EPS to be $2.60, +/-$0.15, and adjusted EPS to be $3.30, +/-$0.15. Our third quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our third quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information.Dividend PaymentThe ADI Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on June 16, 2026 to all shareholders of record at the close of business on June 2, 2026.Conference Call Scheduled for Today, Wednesday, May 20, 2026 at 10:00 am ETADI will host a conference call to discuss our second quarter fiscal 2026 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.Non-GAAP Financial InformationThis release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company's financial results presented in accordance with GAAP. The Company's use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company's core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company's earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company's core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.  The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue. Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.   Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below.  Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, special charges, net2, and tax related items3, which are described further below.Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue. 1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.2Special Charges, Net: Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.3Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.About Analog Devices, Inc.Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.Forward-Looking StatementsThis press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; benefits related to our hybrid manufacturing model; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.ANALOG DEVICES, INC. CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(In thousands, except per share amounts)

Three Months Ended
Six Months Ended
May 2, 2026
May 3, 2025
May 2, 2026
May 3, 2025Revenue$     3,623,465
$     2,640,068
$     6,783,728
$     5,063,242Cost of sales1,183,667
1,028,458
2,298,955
2,021,329Gross margin2,439,798
1,611,610
4,484,773
3,041,913Operating expenses:






   Research and development509,323
441,837
976,723
844,729   Selling, marketing, general and administrative362,810
302,669
708,063
587,465   Amortization of intangibles187,985
187,415
375,300
374,830   Special charges, net—
1,745
47,982
65,632Total operating expenses1,060,118
933,666
2,108,068
1,872,656Operating income1,379,680
677,944
2,376,705
1,169,257Nonoperating expense (income):






   Interest expense87,619
74,703
173,963
149,967   Interest income(28,565)
(21,725)
(60,822)
(45,212)   Other, net(4,202)
(962)
(7,135)
2,998Total nonoperating expense (income)54,852
52,016
106,006
107,753Income before income taxes1,324,828
625,928
2,270,699
1,061,504Provision for income taxes148,478
56,158
263,523
100,418Net income$     1,176,350
$        569,770
$     2,007,176
$        961,086







Shares used to compute earnings per common share     
- basic487,605
496,173
488,239
496,145Shares used to compute earnings per common share
- diluted490,458
498,201
491,057
498,434







Basic earnings per common share$              2.41
$              1.15
$              4.11
$              1.94Diluted earnings per common share$              2.40
$              1.14
$              4.09
$              1.93 ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except share and per share amounts)

May 2, 2026
Nov. 1, 2025ASSETS


Current Assets


Cash and cash equivalents$          2,436,916
$          2,499,406Short-term investments1,002,392
1,152,915Accounts receivable2,051,733
1,436,075Inventories1,848,405
1,656,323Prepaid expenses and other current assets470,327
363,342Total current assets7,809,773
7,108,061Non-current Assets


Net property, plant and equipment3,292,288
3,315,696Goodwill26,973,180
26,945,180Intangible assets, net7,255,362
8,013,815Deferred tax assets1,729,558
1,867,102Other assets888,934
742,858Total non-current assets40,139,322
40,884,651TOTAL ASSETS$        47,949,095
$        47,992,712LIABILITIES AND SHAREHOLDERS' EQUITY


Current Liabilities


Accounts payable$             598,640
$             543,760Income taxes payable325,626
610,370Debt, current899,227
—Commercial paper notes550,198
446,639Accrued liabilities2,083,216
1,645,032Total current liabilities4,456,907
3,245,801Non-current Liabilities


Long-term debt7,235,424
8,145,066Deferred income taxes1,906,115
2,163,281Income taxes payable87,109
100,963Other non-current liabilities521,507
521,846Total non-current liabilities9,750,155
10,931,156Shareholders' Equity


Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding—
—Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 487,087,040 shares     
outstanding (489,654,097 on November 1, 2025)81,183
81,611Capital in excess of par value22,287,095
23,349,185Retained earnings11,525,998
10,539,541Accumulated other comprehensive loss(152,243)
(154,582)Total shareholders' equity33,742,033
33,815,755TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$        47,949,095
$        47,992,712 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)

Three Months Ended
Six Months Ended
May 2, 2026
May 3, 2025
May 2, 2026
May 3, 2025Cash flows from operating activities:






  Net income$   1,176,350
$      569,770
$   2,007,176
$      961,086  Adjustments to reconcile net income to net cash
provided by operations:






       Depreciation104,957
100,334
210,843
198,781       Amortization of intangibles385,978
400,273
770,593
817,429       Stock-based compensation expense81,721
72,831
167,396
150,405       Deferred income taxes(60,269)
(89,916)
(120,930)
(149,370)       Other(8,698)
5,002
4,727
4,203       Changes in operating assets and liabilities(807,998)
(238,816)
(799,249)
(36,247)   Total adjustments(304,309)
249,708
233,380
985,201Net cash provided by operating activities872,041
819,478
2,240,556
1,946,287Cash flows from investing activities:






  Maturities of short-term available-for-sale investments137,825
372,778
147,817
372,778  Additions to property, plant and equipment, net(137,702)
(90,268)
(247,015)
(239,246)  Proceeds from sale of property, plant and equipment, net     —
58,892
—
58,892  Payments for acquisitions, net of cash acquired(35,875)
—
(35,875)
(45,652)  Other(16,174)
(13,209)
(23,882)
(12,880)Net cash (used for) provided by investing activities(51,926)
328,193
(158,955)
133,892Cash flows from financing activities:






  Debt repayments—
(399,998)
—
(399,998)  Proceeds from commercial paper notes4,107,964
2,347,064
7,154,789
4,316,340  Payments of commercial paper notes(4,100,808)
(2,346,747)
(7,051,230)
(4,315,358)  Repurchase of common stock(772,902)
(248,646)
(1,289,401)
(409,014)  Dividend payments to shareholders(536,459)
(491,022)
(1,020,719)
(947,360)  Proceeds from employee stock plans9,866
19,815
59,487
61,562  Other3,280
(1,896)
2,983
(1,458)Net cash used for financing activities(1,289,059)
(1,121,430)
(2,144,091)
(1,695,286)Net (decrease) increase in cash and cash equivalents(468,944)
26,241
(62,490)
384,893Cash and cash equivalents at beginning of period2,905,860
2,349,994
2,499,406
1,991,342Cash and cash equivalents at end of period$   2,436,916
$   2,376,235
$   2,436,916
$   2,376,235ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
May 2, 2026
May 3, 2025
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1Industrial$     1,799,413
50 %
56 %
$     1,150,315
44 %Automotive871,565
24 %
2 %
856,090
32 %Communications     554,728
15 %
79 %
310,604
12 %Consumer397,759
11 %
23 %
323,059
12 %Total revenue$     3,623,465
100 %
37 %
$     2,640,068
100 %










Six Months Ended
May 2, 2026
May 3, 2025
Revenue
%  of Revenue1
Y/Y%
Revenue
% of Revenue1Industrial$     3,296,449
49 %
48 %
$     2,220,569
44 %Automotive1,681,709
25 %
5 %
1,596,349
32 %Communications1,009,911
15 %
65 %
610,905
12 %Consumer795,659
12 %
25 %
635,419
13 %Total revenue$     6,783,728
100 %
34 %
$     5,063,242
100 %









1) The sum of the individual percentages may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS(Unaudited)(In thousands, except per share amounts)

Three Months Ended
Six Months Ended
May 2, 2026
May 3, 2025
May 2, 2026
May 3, 2025Gross margin$     2,439,798
$     1,611,610
$     4,484,773
$     3,041,913  Gross margin percentage67.3 %
61.0 %
66.1 %
60.1 %      Acquisition related expenses205,464
220,277
410,212
458,109Adjusted gross margin$     2,645,262
$     1,831,887
$     4,894,985
$     3,500,022  Adjusted gross margin percentage73.0 %
69.4 %
72.2 %
69.1 %







Operating expenses$     1,060,118
$        933,666
$     2,108,068
$     1,872,656  Percent of revenue29.3 %
35.4 %
31.1 %
37.0 %      Acquisition related expenses(188,582)
(188,015)
(376,495)
(376,030)      Special charges, net—
(1,745)
(47,982)
(65,632)Adjusted operating expenses$        871,536
$        743,906
$     1,683,591
$     1,430,994  Adjusted operating expenses percentage     24.1 %
28.2 %
24.8 %
28.3 %







Operating income$     1,379,680
$        677,944
$     2,376,705
$     1,169,257  Operating margin38.1 %
25.7 %
35.0 %
23.1 %      Acquisition related expenses394,046
408,292
786,707
834,139      Special charges, net—
1,745
47,982
65,632Adjusted operating income$     1,773,726
$     1,087,981
$     3,211,394
$     2,069,028  Adjusted operating margin49.0 %
41.2 %
47.3 %
40.9 %







Nonoperating expense (income)$          54,852
$          52,016
$        106,006
$        107,753      Acquisition related expenses 2,150
2,150
4,300
4,300Adjusted nonoperating expense (income)$          57,002
$          54,166
$        110,306
$        112,053







Income before income taxes$     1,324,828
$        625,928
$     2,270,699
$     1,061,504     Acquisition related expenses391,896
406,142
782,407
829,839     Special charges, net—
1,745
47,982
65,632Adjusted income before income taxes$     1,716,724
$     1,033,815
$     3,101,088
$     1,956,975







Provision for income taxes$        148,478
$          56,158
$        263,523
$        100,418Effective income tax rate11.2 %
9.0 %
11.6 %
9.5 %     Tax related items54,219
57,573
114,668
122,635Adjusted provision for income taxes$        202,697
$        113,731
$        378,191
$        223,053Adjusted tax rate11.8 %
11.0 %
12.2 %
11.4 %







Diluted EPS$              2.40
$              1.14
$              4.09
$              1.93      Acquisition related expenses0.80
0.82
1.59
1.66      Special charges, net—
—
0.10
0.13      Tax related items(0.11)
(0.12)
(0.23)
(0.25)Adjusted diluted EPS*$              3.09
$              1.85
$              5.54
$              3.48
* The sum of the individual per share amounts may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW(Unaudited)(In thousands)

Trailing Twelve Months
Three Months Ended
May 2, 2026
May 2, 2026
Jan. 31, 2026
Nov. 1, 2025
Aug. 2, 2025Revenue$                          12,739,993
$ 3,623,465
$  3,160,063
$ 3,076,117
$ 2,880,348Net cash provided by operating activities     $                            5,106,471
$    872,041
$  1,368,515
$ 1,700,810
$ 1,165,105% of Revenue40 %
24 %
43 %
55 %
40 %Capital expenditures$                              (541,321)
$   (137,702)
$    (109,313)
$   (215,153)
$     (79,153)Free cash flow$                            4,565,150
$    734,339
$  1,259,202
$ 1,485,657
$ 1,085,952% of Revenue36 %
20 %
40 %
48 %
38 % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS(Unaudited)

Three Months Ending August 1, 2026
Reported
AdjustedRevenue$3.9 Billion
$3.9 Billion
(+/- $100 Million)
(+/- $100 Million)Operating margin39.0 %
49.0 %(1)
(+/-150 bps)
(+/-100 bps)Tax rate12% - 14%
12% - 14% (2)Earnings per share$2.60
$3.30 (3)
(+/- $0.15)
(+/- $0.15)
(1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above.(3) Includes $0.70 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact:Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices, Inc.
781-461-3282
investor.relations@analog.com View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-record-fiscal-second-quarter-2026-financial-results-302776884.htmlSOURCE Analog Devices, Inc. Original: Analog Devices Reports Record Fiscal Second Quarter 2026 Financial Results

Analog Devices to Acquire Empower Semiconductor, Expanding its Next-Generation High-Density Power Portfolio for the AI EraMay 19, 2026 4:02 PM
PR Newswire (US) Addresses a critical challenge in AI – delivering high-density, energy-efficient compute as power and thermal demands limit system scaleFurther advances ADI's position as a leading strategic, system-level grid-to-core power partner for hyperscalers and AI silicon developersExpands ADI's total addressable market in AI compute power delivery with Integrated Voltage Regulator (IVR) and Silicon Capacitor technology solutionsWILMINGTON, Mass. and MILPITAS, Calif., May 19, 2026 /PRNewswire/ -- Analog Devices, Inc. (NASDAQ: ADI) and Empower Semiconductor today announced that they have entered into a definitive agreement under which ADI will acquire Empower in an all-cash transaction for $1.5 billion. As AI compute scales, power density – not just total watts – has become the limiting factor. Delivering high-density, high-efficiency power at the point of compute, while responding to fast-changing demands, is now one of the most critical challenges in system design.Together, ADI and Empower will help shape the power delivery architecture for AI and other compute-intensive applications. By enabling power conversion closer to the processor, the combined solution shortens the power delivery path and improves efficiency to support higher-performance, higher-density systems. Building on its leadership in high-performance power management, ADI is investing in its system-level platform to deliver a step-change in performance, density, and efficiency from grid to core.Commentary"AI infrastructure is fundamentally reshaping how power must be delivered, with energy now the most persistent constraint to scaling next-generation systems. ADI already delivers some of the highest-performance power management solutions in the industry, and with Empower we are further expanding our portfolio to help customers rearchitect their power systems and achieve the compute densities next-generation AI demands. The impact of this technology extends well beyond AI data centers to any domain where energy constrains what is possible," said Vincent Roche, CEO and Chair at ADI."Empower was founded to solve the hardest problem in AI power delivery – the power bottleneck that is limiting AI throughput. Our technology enables the power density, speed and efficiency required by AI processors to reach their full potential, unleashing generations of performance improvements. The combination of ADI's power management platform, scale and operational excellence, along with the system level benefits our merger enables, will accelerate our adoption with customers," said Tim Phillips, CEO of Empower Semiconductor.Empower's silicon capacitors are already in production, and IVR programs are advancing in close collaboration with leading hyperscalers and AI silicon providers – capabilities ADI will accelerate through its scale, manufacturing, and customer reach.  Transaction Details
Under the terms of the agreement, which has been approved by the Boards of Directors of both companies, ADI will pay Empower's stockholders $1.5 billion in an all-cash purchase price. The transaction is expected to close in the second half of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Following the closing of the Transaction, Mr. Phillips will continue leading IVR technology efforts as part of ADI.About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X.About Empower Semiconductor
Empower Semiconductor, based in Silicon Valley, powers the AI revolution with its FinFast™ technology by reducing the energy footprint and total cost of ownership of data centers. Its integrated voltage regulators deliver on-demand scalable power with the speed, precision and signal integrity required by AI processors. Empower's power-management architecture is designed to shrink solution footprint, height and component count, achieving vertical power delivery with robust power density and efficiency. Learn more at www.empowersemi.com and follow us on LinkedIn.Advisors
PJT Partners is acting as financial advisor to ADI, and Wachtell, Lipton, Rosen & Katz as legal counsel; Barclays is acting as financial advisor, and Goodwin Procter as legal counsel to Empower.All trademarks and registered trademarks are the property of their respective owners.Forward-Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, the expected timetable for closing of the transaction between Analog Devices, Inc. and Empower Semiconductor; the expected benefits of the transaction; ADI's expected product offerings, product development, and technical advances resulting from the transaction; and other future events. Statements that are not historical facts, including statements about our beliefs, plans, and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the risk that regulatory approvals may not be obtained or other closing conditions may not be satisfied in a timely manner or at all; the possibility that the transaction will not close or that closing may be delayed; unforeseen or unknown liabilities; costs or expenses related to the transaction; the inability to retain key personnel; difficulties in integrating the acquired business; the risk that expected benefits of the transaction may not be realized or may take longer to realize than expected; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.CONTACT:
Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices
View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-to-acquire-empower-semiconductor-expanding-its-next-generation-high-density-power-portfolio-for-the-ai-era-302776701.htmlSOURCE Analog Devices, Inc. Original: Analog Devices to Acquire Empower Semiconductor, Expanding its Next-Generation High-Density Power Portfolio for the AI Era

Analog Devices closes in on $1.5 billion Empower Semiconductor acquisition – Bloomberg (ADI)May 19, 2026 6:47 AM
IH Market News Analog Devices reportedly in advanced negotiations for cash takeover Analog Devices (NASDAQ:ADI) is reportedly nearing an agreement to acquire privately owned chipmaker Empower Semiconductor in a deal valued at approximately $1.5 billion in cash, according to a Bloomberg News report published Tuesday citing sources familiar with the matter.The report said an announcement could come as early as Tuesday, although it noted that discussions are still ongoing and there remains a possibility that negotiations could end without a final agreement. Empower specializes in power management chips for data centers Milpitas, California-based Empower Semiconductor develops power management semiconductors used to regulate voltage across a range of applications, including data center infrastructure.Analog Devices manufactures chips used in industrial machinery, communications equipment, automotive systems and consumer electronics. The company has benefited from rising demand tied to artificial intelligence infrastructure expansion and increased investment in data centers.Analog Devices stock price Original: Analog Devices closes in on $1.5 billion Empower Semiconductor acquisition – Bloomberg (ADI)

Analog Devices to Participate in the Morgan Stanley Technology, Media, and Telecom ConferenceFebruary 20, 2026 10:00 AM
PR Newswire (US)

WILMINGTON, Mass., Feb. 20, 2026 /PRNewswire/ -- Analog Devices, Inc. (NASDAQ: ADI) today announced that the Company's Executive Vice President & Chief Financial Officer, Richard Puccio, will discuss business topics and trends at the Morgan Stanley Technology, Media, and Telecom Conference, located in San Francisco, California on Tuesday, March 3, at 10:00 a.m. PST.







The webcast for the conference may be accessed live via the Investor Relations section of Analog Devices' website at Investor Relations. An archived replay will also be available following the webcast for at least 30 days.About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X (formerly Twitter).Media Contact
Jeff Ambrosi
781-461-3282
Senior Director, Investor Relations, Analog Devices, Inc. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-to-participate-in-the-morgan-stanley-technology-media-and-telecom-conference-302692462.htmlSOURCE Analog Devices, Inc.

Original: Analog Devices to Participate in the Morgan Stanley Technology, Media, and Telecom Conference

Analog Devices Reports Fiscal First Quarter 2026 Financial ResultsFebruary 18, 2026 7:01 AM
PR Newswire (US)

Revenue of $3.16 billion, with year-over-year growth across all end markets, led by Industrial and CommunicationsOperating cash flow of $5.1 billion and free cash flow of $4.6 billion on a trailing twelve-month basis or 43% and 39% of revenue, respectivelyReturned $1.0 billion to shareholders via dividends and share repurchases in the first quarterRaised quarterly dividend 11% to $1.10, marking twenty-two consecutive years of increasesWILMINGTON, Mass., Feb. 18, 2026 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal first quarter 2026, which ended January 31, 2026.







"ADI's robust first quarter built upon the strong position and momentum with which we entered the year," said Vincent Roche, CEO and Chair.  "Our success continues to be the result of relentless innovation to solve our customers toughest problems and deliver enduring business impact.  Our investments in R&D and the customer experience from design to delivery continue to position us to create outstanding value for shareholders and customers alike." "During our first quarter, bookings growth continued, driven by broad strength in Industrial and record orders for our Data Center segment. While the macro and geopolitical backdrop remains challenging, our revenue outlook for the second quarter reflects a new high watermark for ADI, underscoring our strong execution against cyclical and secular growth tailwinds," said Richard Puccio, CFO. Performance for the First Quarter of Fiscal 2026 




Results Summary(1)




(in millions, except per-share amounts and percentages)











Three Months Ended
Jan. 31, 2026
Feb. 1, 2025
ChangeRevenue$                    3,160
$                    2,423
30 %Gross margin$                    2,045
$                    1,430
43 %Gross margin percentage64.7 %
59.0 %
570 bpsOperating income$                       997
$                       491
103 %Operating margin31.5 %
20.3 %
1,120 bpsDiluted earnings per share$                      1.69
$                      0.78
117 %





Adjusted Results(2)




Adjusted gross margin$                    2,250
$                    1,668
35 %Adjusted gross margin percentage71.2 %
68.8 %
240 bpsAdjusted operating income$                    1,438
$                       981
47 %Adjusted operating margin45.5 %
40.5 %
500 bpsAdjusted diluted earnings per share$                      2.46
$                      1.63
51 %








Three Months
Ended
Trailing Twelve
MonthsCash Generation

Jan. 31, 2026
Jan. 31, 2026Net cash provided by operating activities

$                    1,369
$                   5,054% of revenue

43 %
43 %Capital expenditures

$                      (109)
$                     (494)Free cash flow(2)

$                    1,259
$                   4,560% of revenue

40 %
39 %








Three Months
Ended
Trailing Twelve
MonthsCash Return

Jan. 31, 2026
Jan. 31, 2026Dividend paid

$                      (484)
$                  (1,952)Stock repurchases

(516)
(2,521)Total cash returned

$                   (1,000)
$                  (4,473)





(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information.Outlook for the Second Quarter of Fiscal Year 2026For the second quarter of fiscal 2026, we are forecasting revenue of $3.5 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 36.4%, +/-150 bps, and adjusted operating margin of approximately 47.5%, +/-100 bps. We are planning for reported EPS to be $2.19, +/-$0.15, and adjusted EPS to be $2.88, +/-$0.15.  Our second quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our second quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information.Dividend PaymentThe ADI Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on March 17, 2026 to all shareholders of record at the close of business on March 3, 2026.Conference Call Scheduled for Today, Wednesday, February 18, 2026 at 10:00 am ETADI will host a conference call to discuss our first quarter fiscal 2026 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.Non-GAAP Financial InformationThis release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company's financial results presented in accordance with GAAP. The Company's use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company's core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company's earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company's core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.  The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue. Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.   Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below.   Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, special charges, net2, and tax related items3, which are described further below.Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.  1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.2Special Charges, Net: Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.3Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.About Analog Devices, Inc.Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X (formerly Twitter).Forward-Looking StatementsThis press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures;  our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners. ANALOG DEVICES, INC. CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(In thousands, except per share amounts)

Three Months Ended
Jan. 31, 2026
Feb. 1, 2025Revenue$          3,160,263
$          2,423,174Cost of sales1,115,287
992,871Gross margin2,044,976
1,430,303Operating expenses:


   Research and development467,400
402,892   Selling, marketing, general and administrative345,253
284,796   Amortization of intangibles187,315
187,415   Special charges, net47,982
63,887Total operating expenses1,047,950
938,990Operating income997,026
491,313Nonoperating expense (income):


   Interest expense86,345
75,264   Interest income(32,257)
(23,487)   Other, net(2,933)
3,960Total nonoperating expense (income)51,155
55,737Income before income taxes945,871
435,576Provision for income taxes115,045
44,260Net income$             830,826
$             391,316



Shares used to compute earnings per common share - basic488,874
496,116Shares used to compute earnings per common share - diluted   491,656
498,668



Basic earnings per common share$                   1.70
$                   0.79Diluted earnings per common share$                   1.69
$                   0.78 ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except share and per share amounts)

Jan. 31, 2026
Nov. 1, 2025ASSETS


Current Assets


Cash and cash equivalents$               2,905,860
$               2,499,406Short-term investments1,142,987
1,152,915Accounts receivable1,360,184
1,436,075Inventories1,767,104
1,656,323Prepaid expenses and other current assets426,391
363,342Total current assets7,602,526
7,108,061Non-current Assets


Net property, plant and equipment3,248,983
3,315,696Goodwill26,945,180
26,945,180Intangible assets, net7,629,200
8,013,815Deferred tax assets1,759,646
1,867,102Other assets805,655
742,858Total non-current assets40,388,664
40,884,651TOTAL ASSETS$             47,991,190
$             47,992,712LIABILITIES AND SHAREHOLDERS' EQUITY


Current Liabilities


Accounts payable$                  549,058
$                  543,760Income taxes payable755,829
610,370Debt, current898,900
—Commercial paper notes543,042
446,639Accrued liabilities1,583,794
1,645,032Total current liabilities4,330,623
3,245,801Non-current Liabilities


Long-term debt7,240,279
8,145,066Deferred income taxes1,995,833
2,163,281Income taxes payable103,644
100,963Other non-current liabilities533,552
521,846Total non-current liabilities9,873,308
10,931,156Shareholders' Equity


Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding—
—Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 488,204,157 shares   
outstanding (489,654,097 on November 1, 2025)81,369
81,611Capital in excess of par value22,968,224
23,349,185Retained earnings10,886,107
10,539,541Accumulated other comprehensive loss(148,441)
(154,582)Total shareholders' equity33,787,259
33,815,755TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY$             47,991,190
$             47,992,712 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands)

Three Months Ended
Jan. 31, 2026
Feb. 1, 2025Cash flows from operating activities:


  Net income$         830,826
$         391,316  Adjustments to reconcile net income to net cash provided by operations:   


       Depreciation105,886
98,447       Amortization of intangibles384,615
417,156       Stock-based compensation expense85,675
77,574       Deferred income taxes(60,661)
(59,454)       Other13,425
(799)       Changes in operating assets and liabilities8,749
202,569   Total adjustments537,689
735,493Net cash provided by operating activities1,368,515
1,126,809Cash flows from investing activities:


  Maturities of short-term available-for-sale investments9,992
—  Additions to property, plant and equipment, net(109,313)
(148,978)  Payments for acquisitions, net of cash acquired—
(45,652)  Other(7,708)
329Net cash used for investing activities(107,029)
(194,301)Cash flows from financing activities:


  Proceeds from commercial paper notes3,046,825
1,969,276  Payments of commercial paper notes(2,950,422)
(1,968,611)  Repurchase of common stock(516,499)
(160,368)  Dividend payments to shareholders(484,260)
(456,338)  Proceeds from employee stock plans49,621
41,747  Other(297)
438Net cash used for financing activities(855,032)
(573,856)Net increase in cash and cash equivalents406,454
358,652Cash and cash equivalents at beginning of period2,499,406
1,991,342Cash and cash equivalents at end of period$      2,905,860
$      2,349,994 ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
January 31, 2026
February 1, 2025
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1Industrial$        1,489,256
47 %
38 %
$        1,080,650
45 %Automotive794,402
25 %
8 %
735,646
30 %Communications476,797
15 %
63 %
292,186
12 %Consumer399,808
13 %
27 %
314,692
13 %Total revenue$        3,160,263
100 %
30 %
$        2,423,174
100 %









1) The sum of the individual percentages may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS(Unaudited)(In thousands, except per share amounts)

Three Months Ended
Jan. 31, 2026
Feb. 1, 2025Gross margin$          2,044,976
$          1,430,303  Gross margin percentage64.7 %
59.0 %      Acquisition related expenses204,748
237,832Adjusted gross margin$          2,249,724
$          1,668,135  Adjusted gross margin percentage71.2 %
68.8 %



Operating expenses$          1,047,950
$             938,990  Percent of revenue33.2 %
38.8 %      Acquisition related expenses(187,913)
(188,015)      Special charges, net(47,982)
(63,887)Adjusted operating expenses$             812,055
$             687,088  Adjusted operating expenses percentage   25.7 %
28.4 %



Operating income$             997,026
$             491,313  Operating margin31.5 %
20.3 %      Acquisition related expenses392,661
425,847      Special charges, net47,982
63,887Adjusted operating income$          1,437,669
$             981,047  Adjusted operating margin45.5 %
40.5 %



Nonoperating expense (income)$               51,155
$               55,737      Acquisition related expenses 2,150
2,150Adjusted nonoperating expense (income)$               53,305
$               57,887



Income before income taxes$             945,871
$             435,576     Acquisition related expenses390,511
423,697     Special charges, net47,982
63,887Adjusted income before income taxes$          1,384,364
$             923,160



Provision for income taxes$             115,045
$               44,260Effective income tax rate12.2 %
10.2 %     Tax related items60,449
65,062Adjusted provision for income taxes$             175,494
$             109,322Adjusted tax rate12.7 %
11.8 %



Diluted EPS$                   1.69
$                   0.78      Acquisition related expenses0.79
0.85      Special charges, net0.10
0.13      Tax related items(0.12)
(0.13)Adjusted diluted EPS*$                   2.46
$                   1.63
* The sum of the individual per share amounts may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW(Unaudited)(In thousands)

Trailing
Twelve
Months
Three Months Ended
Jan. 31, 2026
Jan. 31, 2026
Nov. 1, 2025
Aug. 2, 2025
May 3, 2025Revenue$  11,756,796
$  3,160,263
$  3,076,117
$  2,880,348
$  2,640,068Net cash provided by operating activities   $    5,053,908
$  1,368,515
$  1,700,810
$  1,165,105
$     819,478% of Revenue43 %
43 %
55 %
40 %
31 %Capital expenditures$      (493,887)
$    (109,313)
$    (215,153)
$      (79,153)
$      (90,268)Free cash flow$    4,560,021
$  1,259,202
$  1,485,657
$  1,085,952
$     729,210% of Revenue39 %
40 %
48 %
38 %
28 % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS(Unaudited)

Three Months Ending May 2, 2026
Reported
AdjustedRevenue$3.5 Billion
$3.5 Billion
(+/- $100 Million)
(+/- $100 Million)Operating margin36.4 %
47.5 %(1)
(+/-150 bps)
(+/-100 bps)Tax rate11% - 13%
11% - 13% (2)Earnings per share$2.19
$2.88 (3)
(+/- $0.15)
(+/- $0.15)
(1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above.(3) Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact:Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices, Inc.
781-461-3282
investor.relations@analog.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-fiscal-first-quarter-2026-financial-results-302691090.htmlSOURCE Analog Devices, Inc.

Original: Analog Devices Reports Fiscal First Quarter 2026 Financial Results

Analog Devices Raises Quarterly Dividend by 11%February 17, 2026 5:30 PM
PR Newswire (US)

WILMINGTON, Mass., Feb. 17, 2026 /PRNewswire/ -- Analog Devices, Inc. (NASDAQ: ADI), a global semiconductor leader, today announced that its Board of Directors voted to increase its quarterly dividend by 11% to $1.10 per outstanding share of common stock, marking 22 consecutive years of higher dividends.







"ADI has executed its powerful and resilient business model to deliver positive free cash flow for 29 consecutive years," said Vincent Roche, CEO and Chair. "Since the inception of our capital return program 22 years ago, we have returned more than $32 billion to shareholders via dividends and share repurchases. We continue to strategically target our R&D investments to the most attractive opportunities driving strong growth and generating exceptional free cash flow, 100% of which we have committed to return to shareholders over the long term."The dividend increase is effective with the dividend payable on March 17, 2026, to shareholders of record as of the close of business on March 3, 2026.About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and X (formerly Twitter).Forward Looking Statements
This press release contains forward-looking statements regarding, among other things, the timing and amount of cash dividends and share repurchases, return of free cash flow, R&D and other business investments, and our financial position in the future. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission ("SEC"), including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.Contact
Jeff Ambrosi
Senior Director, Investor Relations
Analog Devices, Inc.
781-461-3282 
investor.relations@analog.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-raises-quarterly-dividend-by-11-302689927.htmlSOURCE Analog Devices, Inc.

Original: Analog Devices Raises Quarterly Dividend by 11%

Holiday week brings fresh data, earnings and renewed U.S.–Iran talks to the fore: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 16, 2026 5:40 AM
IH Market News
Markets are heading into a shortened trading week packed with economic releases and major corporate earnings, while geopolitical developments between Washington and Tehran are keeping energy traders alert. Oil prices are holding in a narrow range ahead of new nuclear talks in Switzerland, Warner Bros. Discovery is reportedly reassessing a takeover proposal, and both gold and Bitcoin are under pressure.



U.S. markets shut for holiday



Wall Street is closed Monday for a public holiday, but investors are bracing for a busy schedule later in the week featuring key inflation data and high-profile earnings.On Friday, U.S. indices finished mixed. Traders weighed January inflation figures that showed price pressures easing more than expected, strengthening expectations that the Federal Reserve could bring forward its next rate cut to as early as June. Earlier in the week, however, a robust labor market report had fueled speculation that policymakers — who reduced rates several times in 2025 — might delay further easing until the second half of the year.The Nasdaq Composite remained under strain, reflecting persistent concerns about disruption in technology and communication services from the rapid development of new artificial intelligence models. Questions around competitive pressures and the timeline for returns on heavy AI infrastructure spending by mega-cap firms weighed on sentiment.Attention now shifts to Friday’s release of the U.S. personal consumption expenditures (PCE) price index for December, closely watched by Fed officials as a key inflation gauge. An advance estimate of fourth-quarter U.S. GDP is also due the same day.Earnings season continues, with results expected from companies including Walmart Inc. (NYSE:WMT), Palo Alto Networks (NASDAQ:PANW), Analog Devices (NASDAQ:ADI) and Booking Holdings (NASDAQ:BKNG).



Washington and Tehran to meet again



The U.S. and Iran are scheduled to hold a second round of nuclear negotiations in Switzerland this week, following renewed dialogue earlier in February.The diplomatic push comes alongside heightened tensions, with Washington deploying additional military assets to the Middle East and signaling readiness for further action should talks falter. President Donald Trump has repeatedly urged Tehran to accept an agreement or risk facing increased military pressure.Over the weekend, Iranian officials indicated a willingness to compromise on aspects of their nuclear program in exchange for relief from U.S. sanctions, adding that the next move rests with Washington.“[T]here is still a large risk premium priced into the market given the uncertainty over how the situation between the U.S. and Iran evolves,” analysts at ING said in a note.Oil markets were largely steady in European trading, with volumes dampened by holidays in China and the U.S. Weak Japanese growth data also raised concerns about global demand. Brent crude for April delivery was little changed at $67.72 per barrel.



Warner Bros. revisits takeover discussions – report



Separately, media reports suggest fresh developments in the ongoing takeover saga involving Warner Bros. Discovery (NASDAQ:WBD).According to Bloomberg, Warner Bros. is considering reopening negotiations with Paramount Skydance (NASDAQ:PSKY) after David Ellison’s group enhanced its hostile bid. Board members are reportedly evaluating whether Paramount’s proposal may be more attractive than an alternative offer from Netflix Inc. (NASDAQ:NFLX).Last week, Paramount pledged to increase the cash component payable to Warner Bros. shareholders for each quarter a deal remains unresolved in 2026 and to cover any penalties tied to breaking Warner’s current agreement with Netflix. However, the base offer of $30 per share was left unchanged.



Gold retreats



Gold prices slipped in European trading as the U.S. dollar stabilized following recent inflation data. Precious metals have been volatile in recent weeks, remaining below late-January highs.Spot gold declined 0.9% to $4,998.69 per ounce, while April gold futures fell 0.6% to $5,018.69. Although both gold and silver gained last week on dip-buying and dollar softness, geopolitical tensions have continued to support safe-haven demand.



Bitcoin extends slide



Bitcoin (COIN:BTCUSD) also moved lower, marking a fourth consecutive week of steep losses across cryptocurrency markets.The world’s largest digital asset retreated after briefly touching $70,000 over the weekend, falling 3.1% to $68,624.6. Bitcoin has now erased roughly half its value since reaching a record high near $126,000 in October.Meanwhile, Strategy (NASDAQ:MSTR), the largest corporate holder of Bitcoin, stated it could manage its debt obligations even if Bitcoin dropped as low as $8,000. In a social media post, the company said it can “withstand a drawdown in $BTC price to $8K and still have sufficient assets to fully cover our debt.”Strategy currently holds 714,644 Bitcoin, financed through a combination of equity issuance and long-term debt.Walmart stock pricePalo Alto stock priceAnalog Devices stock priceBooking Holdings stock priceWarner Brothers Discovery stock priceParamount Skydance stock priceNetflix stock price

Original: Holiday week brings fresh data, earnings and renewed U.S.–Iran talks to the fore: Dow Jones, S&P, Nasdaq, Wall Street Futures

7 Best Semiconductor Stocks to Buy for 2025



Weekly Chart

ADI, new 52 week low

ADI, new 52/week high

ADI, 10Q due 2/19

ADI, 10Q due 11/26

ADI 10Q due AUGUST 21

ADI new 52 week high

I a am in at about 165. Nice one

ADI new 52 week high

Yep I sold, playing with the TradeDesk

Bernstein Adjusts Price Target on Analog Devices to $190 From $185, Maintains Outperform Rating

BY MT Newswires
08/19/2021

10:51 AM EDT, 08/19/2021 (MT Newswires) -- Analog Devices ( ADI ) has an average outperform rating and a price target range of $141 to $206, according to analysts polled by Capital IQ.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

I want in!!

Sold at an Alleged top at $144, put it all into $ NNDM 2 weeks ago

Apple represented approximately 14% of ADI’s total revenue in fiscal year 2017. But Apple is not relying on ADI any more. This could significantly impact ADI’s revenues. Other facts including Headwinds, Tailwinds, and Risks are here: http://alamg.com/report-analog-devices-adi-factors-that-must-be-considered-before-investing-12.html

Like this one going into earnings at the end of the month.

nice move though

Little upside for ADI long-term investors prior to earnings

Fair Value

anybody trading this stock...last time I owned this stock it was at $24, but that was like 7 or 8 years ago.

At that time, they were a $2B company, and the crook (I mean CEO) who was running (I mean ripping off) the company was going to increase revenue to $5B. I lost interest after selling the stock, and I never found out if he was able to achieve $5B.

just my opinion,
Andy

http://www.zacks.com/stock/news/75422/earnings-preview-analog-devices

~ Wednesday! $ADI ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $ADI ~ Earnings expected on Wednesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=ADI&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=ADI&p=W&b=3&g=0&id=p54550695994



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Finviz: http://finviz.com/quote.ashx?t=ADI
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<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ADI >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

~ Wednesday! $ADI ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $ADI ~ Earnings expected on Wednesday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.








http://stockcharts.com/h-sc/ui?s=ADI&p=D&b=3&g=0&id=p88783918276&a=237480049




http://stockcharts.com/h-sc/ui?s=ADI&p=W&b=3&g=0&id=p54550695994



~ Google Finance: http://www.google.com/finance?q=ADI
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~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=ADI+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=ADI
Finviz: http://finviz.com/quote.ashx?t=ADI
~ BusyStock: http://busystock.com/i.php?s=ADI&v=2


<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ADI >>>>>>



http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916

*If the earnings date is in error please ignore error. I do my best.

Analog Devices, Inc. (Analog Devices) designs, manufactures and markets analog, mixed-signal and digital signal processing integrated circuits (ICs) used in all types of electronic equipment. Its signal processing products translate real-world phenomena, such as temperature, pressure, sound, light, speed and motion into electrical signals to be used in a range of electronic devices. The Company’s products are included in different electronic equipment, including industrial process controls, medical imaging equipment, factory automation systems, portable electronic devices, instrumentation, cellular basestations, energy management systems, wireless communications equipment, defense electronics, digital cameras, automobiles and digital televisions. As of October 31, 2009, Analog Devices had approximately 60,000 customers worldwide.

http://www.google.com/finance?q=ADI