Analog Devices Reports Record Fiscal Third Quarter 2026 Financial Results
• Revenue of $4.02 billion, with year-over-year growth led by Data Center and Industrial
• Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectively
• Returned $1.7 billion to shareholders via dividends and share repurchases in the third quarter
--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2026, which ended August 1, 2026.
“ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand,” said Vincent Roche, CEO and Chair. “We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility. Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era – for customers and investors alike.”
“Demand continued to strengthen across our product portfolio and regions throughout the third quarter, which is reflected in our record fourth quarter outlook” said Richard Puccio, CFO. “We believe our balance of disciplined execution and targeted growth investments will enable us to finish the year strongly and carry that momentum into fiscal 2027.”
For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 42.6%, +/-150 bps, and adjusted operating margin of approximately 52.0%, +/-100 bps. We are planning for reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15.
Our fourth 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 fourth 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.
The 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 September 15, 2026 to all shareholders of record at the close of business on September 1, 2026.
ADI will host a conference call to discuss our third 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.
This 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 expenses 1 , 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 expenses 1 , acquisition related transaction costs 2 , and special charges, net 3 , 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 expenses 1 , acquisition related transaction costs 2 , and special charges, net 3 , 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 expenses 1 , 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 expenses 1 , acquisition related transaction costs 2 , and s pecial charges, net 3 , 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 items 4 , 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 expenses 1 , acquisition related transaction costs 2 , special charges, net 3 , and tax related items 4 , 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.
1 Acquisition 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.
2 Acquisition Related Transaction Costs: Costs directly related to the acquisition of Empower Semiconductor, Inc., including legal, accounting and other professional fees as well as integration-
related costs. We exclude these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.
3 Special 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.
4 Tax 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.
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.
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; 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; markets, market position, addressable markets, 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; benefits related to acquisitions; statements related to seasonality; 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.
(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.
* The sum of the individual per share amounts may not equal the total due to rounding.
(1) Includes $405 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.
(2) Includes $53 million of tax effects associated with the adjustment for acquisition related expenses noted above.
(3) Includes $0.72 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.
Full text with the tables
Exhibit 99.1
Analog Devices Reports Record Fiscal Third Quarter 2026 Financial Results
• Revenue of $4.02 billion, with year-over-year growth led by Data Center and
Industrial
• Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a
trailing twelve-month basis or 40% and 36% of revenue, respectively
• Returned $1.7 billion to shareholders via dividends and share repurchases in
the third quarter
WILMINGTON, Mass.--August 19, 2026
--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today
announced financial results for its fiscal third quarter 2026, which ended
August 1, 2026.
“ADI delivered a strong third quarter, exceeding the midpoint of our revenue,
margin, and earnings outlook as we capitalized on broad-based demand,” said
Vincent Roche, CEO and Chair. “We continue to extend our leadership through a
powerful combination of innovation, deep customer collaboration, and
manufacturing agility. Our investments in these foundational areas, combined
with the trust we have built over decades, provide a unique advantage to create,
deliver, and capture value in the AI era – for customers and investors alike.”
“Demand continued to strengthen across our product portfolio and regions
throughout the third quarter, which is reflected in our record fourth quarter
outlook” said Richard Puccio, CFO. “We believe our balance of disciplined
execution and targeted growth investments will enable us to finish the year
strongly and carry that momentum into fiscal 2027.”
Performance for the Third Quarter of Fiscal 2026
Resu…
Summ…
(in
mill…
exce…
per-…
amou… Three Aug. Aug.
and Months 1, 2,
perc… Ended 2026 2025 Change
──────────────────────────────────────────────────────────────────────────────
Reve… $ 4,022 $ 2,880 40 %
Gross $ 2,708 $ 1,790 51 %
marg…
Gross 520
marg… 67.3 % 62.1 % bps
perc…
Oper… $ 1,613 $ 818 97 %
inco…
Oper… 40.1 % 28.4 % 1,170
marg… bps
Dilu…
earn… $ 2.74 $ 1.04 163 %
per
share
Adju…
Resu…
Adju…
gross $ 2,917 $ 1,995 46 %
marg…
Adju…
gross 72.5 % 69.2 % 330
marg… bps
perc…
Adju…
oper… $ 2,010 $ 1,215 65 %
inco…
Adju… 780
oper… 50.0 % 42.2 % bps
marg…
Adju…
dilu…
earn… $ 3.45 $ 2.05 68 %
per
share
Three Traili…
Months Twelve
Ended Months
Cash Aug. 1, Aug. 1,
Gene… 2026 2026
Net
cash
prov… $ 1,604 $ 5,545
by
oper…
acti…
% of 40 % 40 %
reve…
Capi… $ -146 $ -608
expe…
Free
cash $ 1,458 $ 4,937
flow…
% of 36 % 36 %
reve…
Three Traili…
Months Twelve
Ended Months
Cash Aug. 1, Aug. 1,
Retu… 2026 2026
Divi… $ -535 $ -2,043
paid
Stock -1,157 -3,127
repu…
Total
cash $ -1,692 $ -5,170
retu…
(1)
The
sum
and/…
comp…
of
the
indi…
amou…
may
not
equal
the
total
due
to
roun…
(2)
Reco…
of
non-…
fina…
meas…
to
their
most
dire…
comp…
GAAP
fina…
meas…
are
prov…
in
the
fina…
tabl…
incl…
in
this
press
rele…
See
also
the
“Non…
Fina…
Info…
sect…
for
addi…
info…
Outlook for the Fourth Quarter of Fiscal Year 2026
For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3
billion, +/- $100 million. At the midpoint of this revenue outlook, we expect
reported operating margin of approximately 42.6%, +/-150 bps, and adjusted
operating margin of approximately 52.0%, +/-100 bps. We are planning for
reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15.
Our fourth 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
fourth 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 Payment
The 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 September 15,
2026 to all shareholders of record at the close of business on September 1,
2026.
Conference Call Scheduled for Today, Wednesday, August 19, 2026 at 10:00 am ET
ADI will host a conference call to discuss our third 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 Information
This 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 expenses 1 , 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 expenses 1 ,
acquisition related transaction costs 2 , and special charges, net 3 , 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 expenses 1 , acquisition
related transaction costs 2 , and special charges, net 3 , 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 expenses 1 , 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 expenses 1 ,
acquisition related transaction costs 2 , and s pecial charges, net 3 , 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 items 4 , 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 expenses 1 , acquisition related
transaction costs 2 , special charges, net 3 , and tax related items 4 , 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.
1 Acquisition 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.
2 Acquisition Related Transaction Costs: Costs directly related to the
acquisition of Empower Semiconductor, Inc., including legal, accounting and
other professional fees as well as integration-
related costs. We exclude these costs from our non-GAAP measures because they
relate to a specific transaction and are not reflective of our ongoing financial
performance.
3 Special 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.
4 Tax 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 Statements
This press release contains forward-looking statements, which address a variety
of subjects including, for example, our statements regarding future financial
performance; 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;
markets, market position, addressable markets, 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; benefits related to acquisitions;
statements related to seasonality; 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 Nine
Months Aug. 1, Months Aug. 2, Aug. 1, Aug. 2,
Ended 2026 Ended 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Reven… $ 4,021,… $ 2,880,… $ 10,805,… $ 7,943,…
Cost
of 1,314,… 1,090,… 3,613,3… 3,111,…
sales
Gross 2,707,… 1,789,… 7,192,3… 4,831,…
margin
Opera…
expen…
Resea…
and 533,480 454,251 1,510,2… 1,298,…
devel…
Selli…
marke…
gener… 397,326 325,706 1,105,3… 913,171
and
admin…
Amort…
of 187,985 187,415 563,285 562,245
intan…
Speci…
charg… -24,216 4,348 23,766 69,980
net
Total
opera… 1,094,… 971,720 3,202,6… 2,844,…
expen…
Opera… 1,612,… 818,028 3,989,6… 1,987,…
income
Nonop…
expen…
(inco…
Inter… 88,728 79,592 262,692 229,559
expen…
Inter… -25,377 -27,083 -86,199 -72,295
income
Other, 3,749 2,110 -3,386 5,108
net
Total
nonop… 67,100 54,619 173,107 162,372
expen…
(inco…
Income
before 1,545,… 763,409 3,816,5… 1,824,…
income
taxes
Provi…
for 205,779 244,891 469,302 345,309
income
taxes
Net $ 1,340,… $ 518,518 $ 3,347,2… $ 1,479,…
income
Shares
used
to
compu…
earni… 486,021 494,390 487,500 495,560
per
common
share
-
basic
Shares
used
to
compu…
earni… 488,837 496,726 490,317 497,865
per
common
share
-
dilut…
Basic
earni…
per $ 2.76 $ 1.05 $ 6.87 $ 2.99
common
share
Dilut…
earni…
per $ 2.74 $ 1.04 $ 6.83 $ 2.97
common
share
ANALOG DEVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
Aug. 1, 2026 Nov. 1, 2025
────────────────────────────────────────────────────────────────────────────
ASSETS
Current Assets
Cash and cash equivalents $ 2,165,870 $ 2,499,406
Short-term investments 159,064 1,152,915
Accounts receivable 2,389,577 1,436,075
Inventories 1,931,496 1,656,323
Prepaid expenses and other current 426,523 363,342
assets
Total current assets 7,072,530 7,108,061
Non-current Assets
Net property, plant and equipment 3,351,981 3,315,696
Goodwill 27,988,737 26,945,180
Intangible assets, net 7,468,220 8,013,815
Deferred tax assets 1,689,972 1,867,102
Other assets 852,977 742,858
Total non-current assets 41,351,887 40,884,651
TOTAL ASSETS $ 48,424,417 $ 47,992,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable $ 682,167 $ 543,760
Income taxes payable 461,804 610,370
Debt, current 1,344,855 —
Commercial paper notes 1,005,104 446,639
Accrued liabilities 2,162,324 1,645,032
Total current liabilities 5,656,254 3,245,801
Non-current Liabilities
Long-term debt 6,771,624 8,145,066
Deferred income taxes 1,837,959 2,163,281
Income taxes payable 90,723 100,963
Other non-current liabilities 516,960 521,846
Total non-current liabilities 9,217,266 10,931,156
Shareholders’ 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, 80,762 81,611
484,565,465 shares outstanding
(489,654,097 on November 1, 2025)
Capital in excess of par value 21,288,447 23,349,185
Retained earnings 12,330,779 10,539,541
Accumulated other comprehensive loss -149,091 -154,582
Total shareholders’ equity 33,550,897 33,815,755
TOTAL LIABILITIES AND SHAREHOLDERS’ $ 48,424,417 $ 47,992,712
EQUITY
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Nine
Months Aug. 1, Aug. 2, Months Aug. 1, Aug. 2,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash
flows
from
opera…
activ…
Net $ 1,340,… $ 518,518 $ 3,347,2… $ 1,479,…
income
Adjus…
to
recon…
net
income
to
net
cash
provi…
by
opera…
Depre… 104,455 102,542 315,298 301,323
Amort…
of 389,765 384,750 1,160,3… 1,202,…
intan…
Stock…
compe… 96,255 84,703 263,651 235,108
expen…
Defer…
income -161,0… 52,052 -281,941 -97,318
taxes
Other -24,104 -5,699 -19,377 -1,496
Chang…
in
opera… -141,4… 28,239 -940,740 -8,008
assets
and
liabi…
Total 263,869 646,587 497,249 1,631,…
adjus…
Net
cash
provi… 1,603,… 1,165,1… 3,844,5… 3,111,…
by
opera…
activ…
Cash
flows
from
inves…
activ…
Purch…
of
short… — -1,150,… — -1,150…
avail…
inves…
Matur…
of
short… 842,840 — 990,657 372,778
avail…
inves…
Addit…
to
prope…
plant -145,6… -79,153 -392,677 -318,3…
and
equip…
net
Proce…
from
sale
of
prope… — — — 58,892
plant
and
equip…
net
Proce…
from
sale 96,592 — 96,592 —
of a
subsi…
net
Payme…
for
acqui… -1,500… — -1,536,… -45,652
net of
cash
acqui…
Other -8,543 -715 -32,425 -13,595
Net
cash
used -714,9… -1,230,… -873,902 -1,096…
for
inves…
activ…
Cash
flows
from
finan…
activ…
Proce…
from — 1,490,7… — 1,490,…
debt
Debt — — — -399,9…
repay…
Proce…
from
comme… 5,906,… 2,551,1… 13,061,… 6,867,…
paper
notes
Payme…
of
comme… -5,451… -2,551,… -12,502… -6,866…
paper
notes
Repur…
of -1,157… -1,075,… -2,446,… -1,484…
common
stock
Divid…
payme… -535,3… -490,161 -1,556,… -1,437…
to
share…
Proce…
from
emplo… 61,684 42,767 121,171 104,329
stock
plans
Other 15,668 41,775 18,651 40,317
Net
cash
(used
for) -1,160… 9,959 -3,304,… -1,685…
provi…
by
finan…
activ…
Net
(decr…
incre…
in -271,0… -55,044 -333,536 329,849
cash
and
cash
equiv…
Cash
and
cash
equiv… 2,436,… 2,376,2… 2,499,4… 1,991,…
at
begin…
of
period
Cash
and
cash
equiv… $ 2,165,… $ 2,321,1… $ 2,165,8… $ 2,321,…
at end
of
period
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 August August
Ended 1, 2026 2, 2025
──────────────────────────────────────────────────────────────────────────────
Revenue % of Y/Y% Revenue % of
Revenu… Revenu…
Indus… $ 1,971,… 49% 53% $ 1,292,… 45%
Autom… 998,227 25% 16% 857,146 30%
Commu… 654,515 16% 84% 354,768 12%
Consu… 397,231 10% 6% 375,446 13%
Total $ 4,021,… 100% 40% $ 2,880,… 100%
reven…
Nine
Months
Ended
August August
1, 2026 2, 2025
Revenue % of Y/Y% Revenue % of
Revenu… Revenu…
Indus… $ 5,269,… 49% 50% $ 3,512,… 44%
Autom… 2,685,… 25% 9% 2,454,… 31%
Commu… 1,659,… 15% 72% 965,036 12%
Consu… 1,191,… 11% 18% 1,010,… 13%
Total $ 10,805… 100% 36% $ 7,943,… 100%
reven…
1) The
sum of
the
indiv…
perce…
may
not
equal
the
total
due to
round…
ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Aug. Aug. Nine Aug. Aug.
Months 1, 2, Mont… 1, 2,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Gross $ 2,70… $ 1,789… $ 7,192… $ 4,83…
marg…
Gross
marg… 67.3 % 62.1 % 66.6 % 60.8 %
perc…
Acqu…
rela… 209,… 204,7… 619,4… 662,…
expe…
Adju…
gross $ 2,91… $ 1,994… $ 7,811… $ 5,49…
marg…
Adju…
gross 72.5 % 69.2 % 72.3 % 69.2 %
marg…
perc…
Oper… $ 1,09… $ 971,7… $ 3,202… $ 2,84…
expe…
Perc…
of 27.2 % 33.7 % 29.6 % 35.8 %
reve…
Acqu…
rela… -188… -188,… -565,… -564…
expe…
Acqu…
rela… -23,… — -23,3… —
tran…
costs
Spec…
char… 24,2… -4,348 -23,7… -69,…
net
Adju…
oper… $ 906,… $ 779,3… $ 2,590… $ 2,21…
expe…
Adju…
oper… 22.5 % 27.1 % 24.0 % 27.8 %
expe…
perc…
Oper… $ 1,61… $ 818,0… $ 3,989… $ 1,98…
inco…
Oper… 40.1 % 28.4 % 36.9 % 25.0 %
marg…
Acqu…
rela… 397,… 392,7… 1,184… 1,22…
expe…
Acqu…
rela… 23,3… — 23,391 —
tran…
costs
Spec…
char… -24,… 4,348 23,766 69,9…
net
Adju…
oper… $ 2,00… $ 1,215… $ 5,221… $ 3,28…
inco…
Adju…
oper… 50.0 % 42.2 % 48.3 % 41.3 %
marg…
Nono…
expe… $ 67,1… $ 54,619 $ 173,1… $ 162,…
(inc…
Acqu…
rela… 2,150 2,150 6,450 6,450
expe…
Adju…
nono… $ 69,2… $ 56,769 $ 179,5… $ 168,…
expe…
(inc…
Inco…
befo… $ 1,54… $ 763,4… $ 3,816… $ 1,82…
inco…
taxes
Acqu…
rela… 395,… 390,6… 1,178… 1,22…
expe…
Acqu…
rela… 23,3… — 23,391 —
tran…
costs
Spec…
char… -24,… 4,348 23,766 69,9…
net
Adju…
inco…
befo… $ 1,94… $ 1,158… $ 5,041… $ 3,11…
inco…
taxes
Prov…
for $ 205,… $ 244,8… $ 469,3… $ 345,…
inco…
taxes
Effe…
inco… 13.3 % 32.1 % 12.3 % 18.9 %
tax
rate
Tax
rela… 48,2… -106,… 162,9… 15,7…
items
Adju…
prov…
for $ 254,… $ 138,0… $ 632,2… $ 361,…
inco…
taxes
Adju…
tax 13.1 % 11.9 % 12.5 % 11.6 %
rate
Dilu… $ 2.74 $ 1.04 $ 6.83 $ 2.97
EPS
Acqu…
rela… 0.81 0.79 2.40 2.45
expe…
Acqu…
rela… 0.05 — 0.05 —
tran…
costs
Spec…
char… -0.05 0.01 0.05 0.14
net
Tax
rela… -0.10 0.22 -0.33 -0.03
items
Adju…
dilu… $ 3.45 $ 2.05 $ 8.99 $ 5.53
EPS*
* 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)
Tra… Au… Thr… Au… May Ja… Nov.
Twe… 1, Mon… 1, 2, 31, 1,
Mon… 20… End… 20… 2026 20… 2025
──────────────────────────────────────────────────────────────────────────────
Re… $ 13… $ 4,… $ 3,6… $ 3,… $ 3,0…
Net
ca…
pr… $ 5,… $ 1,… $ 872… $ 1,… $ 1,7…
by
op…
ac…
%
of 40 % 40 % 24 % 43 % 55 %
Re…
Ca… $ -6… $ -1… $ -13… $ -1… $ -21…
ex…
Fr…
ca… $ 4,… $ 1,… $ 734… $ 1,… $ 1,4…
fl…
%
of 36 % 36 % 20 % 40 % 48 %
Re…
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending October 31,
2026
──────────────────────────────────────────────────────────────────────────────
Reported Adjusted
Revenue $4.3 Billion $4.3 Billion
-+/- $100 Million -+/- $100 Million
Operating margin 42.6% 52.0% (1)
-+/-150 bps -+/-100 bps
Nonoperating expense ~$80 Million ~$80 Million
Tax rate 12% - 14% 12% - 14% (2)
Earnings per share $3.14 $3.86 (3)
-+/- $0.15 -+/- $0.15
(1) Includes $405 million of adjustments related to acquisition related expenses
as previously defined in the Non-GAAP Financial Information section of this
press release.
(2) Includes $53 million of tax effects associated with the adjustment for
acquisition related expenses noted above.
(3) Includes $0.72 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