Analog Devices Inc. (ADI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$3.34	$3.45	+3.3%	—	—	—
Q4 26	$2.31	$2.46	+6.5%	—	—	—
Q3 26	$2.23	$2.26	+1.3%	—	—	—
Q2 26	$1.95	$2.05	+5.1%	—	—	—
Q1 26	$1.7	$1.85	+8.8%	—	—	—
Q4 25	$1.54	$1.63	+5.8%	—	—	—
Q3 25	$1.64	$1.67	+1.8%	—	—	—
Q2 25	$1.51	$1.58	+4.6%	—	—	—
Q1 25	$1.27	$1.4	+10.2%	—	—	—
Q4 24	$1.71	$1.73	+1.2%	—	—	—
Q3 24	$2.02	$2.01	-0.5%	—	—	—
Q2 24	$2.52	$2.49	-1.2%	—	—	—
Q1 24	$2.76	$2.83	+2.5%	—	—	—
Q4 23	$2.6	$2.75	+5.8%	—	—	—
Q3 23	$2.59	$2.73	+5.4%	—	—	—
Q2 23	$2.43	$2.52	+3.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.59	—	—	$11B	—
FY24	—	$3.3	—	—	$9.4B	—
FY23	—	$6.6	—	—	$12.3B	—
FY22	—	$5.29	—	—	$12B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.4B	$5.2B	$6.2B	$6B	$5.6B	$7.3B	$12B	$12.3B	$9.4B	$11B
YoY change	-0.4%	+53.3%	+18.6%	-3.75%	-6.48%	+30.6%	+64.2%	+2.43%	-23.4%	+16.9%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.4B	5.2B	6.2B	6B	5.6B	7.3B	12B	12.3B	9.4B	11B
Cost of revenue	1.2B	2.1B	2B	2B	1.9B	2.8B	4.5B	4.4B	4B	4.2B
Gross profit	2.2B	3.2B	4.3B	4B	3.7B	4.5B	7.5B	7.9B	5.4B	6.8B
Gross margin	65.1%	60.4%	68.3%	67%	65.9%	61.8%	62.7%	64%	57.1%	61.5%
Research & development	653.8M	968.1M	1.2B	1.1B	1.1B	1.3B	1.7B	1.7B	1.5B	1.8B
Selling, general & administrative	461.4M	690.5M	695.5M	648.1M	659.9M	915.4M	1.3B	1.3B	1.1B	1.3B
Operating expenses	1.1B	1.7B	1.9B	1.8B	1.7B	2.2B	3B	2.9B	2.6B	3B
Operating income	1B	1.2B	2B	1.8B	1.6B	1.8B	3.6B	4B	2.1B	3B
Operating margin	30.4%	23.1%	31.5%	30.1%	27.7%	24.3%	29.6%	32.4%	22%	27.2%
Non-operating income, net	-17.3M	-57M	-61.4M	-101.7M	-50M	-264.3M	-261M	-152.5M	-49.3M	-77.9M
Pretax income	956.9M	934.7M	1.7B	1.5B	1.3B	1.3B	3.1B	3.6B	1.8B	2.7B
Income tax	95.3M	129.4M	148.3M	122.7M	90.9M	-61.7M	350.2M	293.4M	142.1M	444.8M
Net income	861.7M	805.4M	1.5B	1.4B	1.2B	1.4B	2.7B	3.3B	1.6B	2.3B
Net margin	25.2%	15.4%	24.2%	22.8%	21.8%	19%	22.9%	26.9%	17.3%	20.6%
EBITDA	1.3B	1.8B	2.8B	2.6B	2.4B	2.9B	5.9B	6.3B	4.2B	5.1B
EPS	2.79	2.32	4.05	3.68	3.31	3.5	5.29	6.6	3.3	4.59
Diluted EPS	2.76	2.29	4	3.65	3.28	3.46	5.25	6.55	3.28	4.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	2.7B	2.5B	2.2B	2.3B	2.4B	2.4B	2.6B	2.9B	3.1B	3.2B	3.6B	4B
Cost of revenue	1.1B	1B	979M	1B	1B	992.9M	1B	1.1B	1.1B	1.1B	1.2B	1.3B
Gross profit	1.6B	1.5B	1.2B	1.3B	1.4B	1.4B	1.6B	1.8B	1.9B	2B	2.4B	2.7B
Gross margin	60.6%	58.7%	54.7%	56.7%	58%	59%	61%	62.1%	63.1%	64.7%	67.3%	67.3%
Research & development	406.6M	391.4M	354.9M	362.7M	378.9M	402.9M	441.8M	454.3M	467M	467.4M	509.3M	533.5M
Selling, general & administrative	288.9M	290.1M	244.1M	257.2M	277.2M	284.8M	302.7M	325.7M	342.2M	345.3M	362.8M	397.3M
Operating expenses	695.5M	681.5M	599M	619.9M	656.1M	687.7M	744.5M	780M	809.2M	812.7M	872.1M	930.8M
Operating income	748.5M	602.1M	392.1M	503.6M	572.3M	555.2M	679.7M	822.4M	945.2M	1B	1.4B	1.6B
Operating margin	27.6%	24%	18.2%	21.8%	23.4%	22.9%	25.7%	28.6%	30.7%	33.1%	38.1%	39.5%
Non-operating income, net	-114.2M	-20.7M	-5.7M	-21.9M	-1.1M	-67.8M	-783K	-6.5M	-2.8M	-45M	4.2M	20.5M
Pretax income	571.8M	513.4M	324.6M	423M	516.3M	435.6M	625.9M	763.4M	887.2M	945.9M	1.3B	1.5B
Income tax	73.4M	50.7M	22.4M	30.8M	38.3M	44.3M	56.2M	244.9M	99.5M	115M	148.5M	205.8M
Net income	498.4M	462.7M	302.2M	392.2M	478.1M	391.3M	569.8M	518.5M	787.7M	830.8M	1.2B	1.3B
Net margin	18.3%	18.4%	14%	17%	19.6%	16.1%	21.6%	18%	25.6%	26.3%	32.5%	33.3%
EBITDA	1.3B	1.1B	936M	1.1B	1.1B	1.1B	1.2B	1.3B	1.5B	1.6B	1.9B	2.1B
EPS	1	0.93	0.61	0.79	0.96	0.79	1.15	1.05	1.6	1.7	2.41	2.76
Diluted EPS	1	0.93	0.61	0.79	0.96	0.78	1.14	1.04	1.6	1.69	2.4	2.74

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	19.8B	—	31B	39.4B	43.7B	69B	—	79B	110.7B	115.7B	191.6B
Enterprise value	17.5B	—	36.5B	44.2B	47.8B	73.8B	—	85.1B	116B	120.8B	197.6B
Shares outstanding	308.7M	346.4M	370.4M	369.1M	368.6M	397.5M	519.2M	502.2M	496.2M	494.4M	494.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	23	—	20.6	28.9	35.8	49.6	—	23.8	67.7	51.1	46.7
P/S	5.78	—	4.98	6.57	7.8	9.42	—	6.42	11.7	10.5	13.7
P/B	3.83	—	2.75	3.36	3.64	1.81	—	2.22	3.15	3.42	5.68
EV/EBITDA	13.8	—	13.2	16.9	20.2	25.6	—	13.4	27.3	23.7	28.5
EV/Sales	5.11	—	5.87	7.38	8.54	10.1	—	6.91	12.3	11	14.2
Earnings yield	4.35%	—	4.86%	3.46%	2.79%	2.02%	—	4.19%	1.48%	1.96%	2.14%
FCF yield	5.88%	—	7.05%	5.02%	4.22%	3.47%	—	4.5%	2.82%	3.7%	2.16%
PEG	—	—	—	—	—	—	—	—	—	—	0.29

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.1%	60.4%	68.3%	67%	65.9%	61.8%	62.7%	64%	57.1%	61.5%	67.3%
Operating margin	30.4%	23.1%	31.5%	30.1%	27.7%	24.3%	29.6%	32.4%	22%	27.2%	39.5%
Net margin	25.2%	15.4%	24.2%	22.8%	21.8%	19%	22.9%	26.9%	17.3%	20.6%	29.8%
ROE	16.7%	7.93%	13.4%	11.6%	10.2%	3.66%	7.54%	9.32%	4.65%	6.7%	12.2%
ROA	10.8%	3.81%	7.37%	6.37%	5.69%	2.66%	5.46%	6.79%	3.39%	4.72%	6.41%
ROIC	33%	6.16%	10.6%	10%	8.95%	4.15%	7.58%	8.79%	4.71%	6.46%	10.8%
Return on tangible assets	24.5%	-5.78%	-11.1%	-11.8%	-11.8%	-4.34%	-9.15%	-12%	-6.6%	-10.3%	-18.4%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	6.35	1.47	2.01	1.32	1.84	1.94	2.02	1.37	1.84	2.19	1.25
Quick ratio	5.87	1.13	1.45	0.91	1.4	1.51	1.45	0.86	1.35	1.68	0.91
Debt / equity	0.34	0.77	0.56	0.47	0.43	0.18	0.18	0.2	0.22	0.26	0.27
Debt / assets	0.22	0.37	0.31	0.26	0.24	0.13	0.13	0.14	0.16	0.18	0.19
Net debt / EBITDA	-1.83	3.74	1.99	1.85	1.74	1.68	0.87	0.96	1.25	0.98	0.96
Interest coverage	11.8	4.73	7.53	7.49	7.79	8.19	16.5	14.6	6.52	9.54	14.4
Effective tax rate	9.95%	13.8%	8.96%	8.26%	6.93%	0%	11.3%	8.13%	7.99%	16.4%	12.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.1	15.1	16.8	16.2	15.2	18.4	23.1	24.5	19	22.3	28.4
EPS (basic)	2.79	2.32	4.05	3.68	3.31	3.5	5.29	6.6	3.3	4.59	4.59
EPS (diluted)	2.76	2.29	4	3.65	3.28	3.46	5.25	6.55	3.28	4.56	8.42
Book value per share	16.7	29.3	30.4	31.7	32.5	95.6	70.2	70.8	70.9	68.4	69.2
FCF per share	3.77	2.74	5.91	5.36	5	6.02	7.27	7.08	6.29	8.65	10.1
Cash per share	13.1	3.03	2.2	1.76	2.86	4.98	2.83	1.91	4.76	7.39	4.8
Capex per share	0.41	0.59	0.69	0.75	0.45	0.86	1.35	2.51	1.47	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.72%	3.89%	4.09%	4.6%	2.96%	4.7%	5.82%	10.3%	7.75%	—	—
Capex / operating cash flow	9.89%	20%	10.4%	12.6%	8.36%	13.3%	15.4%	24.8%	19.2%	—	—
Payout ratio	59.6%	74.8%	46.7%	57%	72.6%	79.8%	56.2%	50.7%	109.8%	84.9%	49.6%
Dividend yield	2.59%	—	2.27%	1.98%	2.03%	1.61%	—	2.13%	1.62%	1.66%	1.11%

Yield

1.11%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.10

ex-dividend Sep 1, 2026

Payout ratio

50%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$1.10
Jun 2, 2026	$1.10
Mar 3, 2026	$1.10

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$2.7B	$2.5B	$2.2B	$2.3B	$2.4B	$2.4B	$2.6B	$2.9B	$3.1B	$3.2B	$3.6B	$4B
YoY change	-16.4%	-22.7%	-33.8%	-24.8%	-10.1%	-3.56%	+22.3%	+24.6%	+25.9%	+30.4%	+37.2%	+39.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.1B	1B	816.6M	648.3M	1.1B	2B	1.5B	958.1M	2.4B	3.7B
Receivables	477.6M	689M	639.7M	635.1M	737.5M	1.5B	1.8B	1.5B	1.3B	1.4B
Inventory	376.6M	550.8M	586.8M	609.9M	608.3M	1.2B	1.4B	1.6B	1.4B	1.7B
Total current assets	5B	2.4B	2.1B	2B	2.5B	5.4B	4.9B	4.4B	5.5B	7.1B
Property, plant & equipment	636.1M	1.1B	1.2B	1.2B	1.1B	2B	2.4B	3.2B	3.4B	3.3B
Goodwill & intangibles	4.5B	35.1B	34.1B	32.9B	31.9B	84.4B	80.4B	76.5B	73B	69.9B
Total assets	8B	21.1B	20.4B	21.4B	21.5B	52.3B	50.3B	48.8B	48.2B	48B
Accounts payable	171.4M	236.6M	260.9M	225.3M	227.3M	443.4M	582.2M	493M	487.5M	543.8M
Short-term debt	—	300M	67M	299.7M	39.9M	569.2M	53.6M	1.1B	1B	519.5M
Total current liabilities	782.9M	1.6B	1.1B	1.5B	1.4B	2.8B	2.4B	3.2B	3B	3.2B
Long-term debt	1.7B	7.6B	6.3B	5.2B	5.1B	6.3B	6.5B	5.9B	6.6B	8.1B
Total liabilities	2.8B	11B	9.2B	9.7B	9.5B	14.3B	13.8B	13.2B	13.1B	14.2B
Shareholders' equity	5.2B	10.2B	11.3B	11.7B	12B	38B	36.5B	35.6B	35.2B	33.8B
Total debt	1.7B	7.9B	6.3B	5.5B	5.2B	6.8B	6.6B	7B	7.6B	8.7B
Net debt	811M	6.8B	5.5B	4.8B	4.1B	4.8B	5.1B	6.1B	5.7B	6.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	958.1M	1.3B	2.4B	2.5B	2.4B	2.7B	2.4B	3.5B	3.7B	4B	3.4B	2.3B
Receivables	1.5B	1.2B	1B	1.1B	1.3B	1.2B	1.4B	1.6B	1.4B	1.4B	2.1B	2.4B
Inventory	1.6B	1.6B	1.5B	1.4B	1.4B	1.5B	1.5B	1.6B	1.7B	1.8B	1.8B	1.9B
Total current assets	4.4B	4.4B	5.2B	5.4B	5.5B	5.7B	5.6B	6.9B	7.1B	7.6B	7.8B	7.1B
Property, plant & equipment	3.2B	—	—	—	3.4B	—	—	—	3.3B	—	—	—
Goodwill & intangibles	76.5B	75.6B	74.7B	73.8B	73B	72.3B	71.5B	70.7B	69.9B	69.1B	68.5B	70.9B
Total assets	48.8B	48.4B	48.9B	48.6B	48.2B	48B	47.3B	48.2B	48B	48B	47.9B	48.4B
Accounts payable	493M	398.1M	422.7M	424.7M	487.5M	368.9M	429.4M	490.7M	543.8M	549.1M	598.6M	682.2M
Short-term debt	1.1B	1B	1.4B	1.4B	1B	948.3M	548.7M	548.7M	519.5M	1.4B	1.4B	2.3B
Total current liabilities	3.2B	2.9B	3.3B	3.2B	3B	3B	2.7B	3B	3.2B	4.3B	4.5B	5.7B
Long-term debt	5.9B	5.9B	6.6B	6.7B	6.6B	6.6B	6.6B	8.1B	8.1B	7.2B	7.2B	6.8B
Total liabilities	13.2B	12.8B	13.6B	13.4B	13.1B	12.9B	12.3B	14.1B	14.2B	14.2B	14.2B	14.9B
Shareholders' equity	35.6B	35.5B	35.2B	35.2B	35.2B	35.1B	35B	34.1B	33.8B	33.8B	33.7B	33.6B
Total debt	7B	7B	8.1B	8.1B	7.6B	7.6B	7.2B	8.7B	8.7B	8.7B	8.7B	9.1B
Net debt	6.1B	5.7B	6.1B	6B	5.7B	5.2B	4.8B	6.4B	6.2B	5.8B	6.2B	7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	861.7M	805.4M	1.5B	1.4B	1.2B	1.4B	2.7B	3.3B	1.6B	2.3B
Depreciation & amortization	209.8M	584.1M	799.1M	811.3M	810.9M	1.1B	2.3B	2.3B	2.1B	2B
Stock-based compensation	63.4M	104.2M	151.2M	150.3M	149.5M	243.6M	323.5M	299.8M	262.7M	321.6M
Change in working capital	120.5M	-9.8M	689.1M	-98.5M	127.6M	-42.1M	-727.2M	-386.4M	156.1M	377.6M
Operating cash flow	1.3B	1B	2.5B	2.2B	2B	2.6B	4.5B	5.1B	3.8B	4.8B
Capital expenditure	-127.4M	-204.1M	-254.9M	-275.4M	-165.7M	-343.7M	-699.3M	-1.3B	-730.5M	—
Investing cash flow	-1.2B	-6.6B	-314M	-293.2M	-180.5M	2.2B	-657.4M	-1.3B	-1.1B	-846.9M
Dividends paid	-513.2M	-602.1M	-703.3M	-777.5M	-886.2M	-1.1B	-1.5B	-1.7B	-1.8B	-1.9B
Share repurchases	-370.1M	-46.5M	-226M	-613M	-244.5M	-3.1B	-2.6B	-3B	-615.6M	-2.2B
Financing cash flow	-94.9M	5.5B	-2.5B	-2.2B	-1.5B	-4.4B	-4.7B	-8.9B	-12B	-12.7B
Net change in cash	-25.1M	-143.2M	-318.6M	-346.6M	313.2M	336.7M	-842.1M	-5.1B	-9.3B	-8.7B
Free cash flow	1.2B	950.3M	2.2B	2B	1.8B	2.4B	3.8B	3.6B	3.1B	4.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	498.4M	462.7M	302.2M	392.2M	478.1M	391.3M	569.8M	518.5M	787.7M	830.8M	1.2B	1.3B
Depreciation & amortization	536.1M	525.3M	528.3M	530.3M	520.5M	515.6M	500.6M	487.3M	495.3M	490.5M	490.9M	494.2M
Stock-based compensation	72.7M	69.8M	58.4M	64.1M	70.4M	77.6M	72.8M	84.7M	86.5M	85.7M	81.7M	96.3M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	1.1B	960.3M	835.4M	891.8M	970.2M	924.2M	1.1B	1.2B	1.7B	1.4B	872M	1.6B
Capital expenditure	-476.4M	-223M	-188.2M	-153.9M	-165.4M	-149M	-31.4M	—	—	—	—	—
Investing cash flow	-479.1M	-219.1M	-178M	-172.1M	-180.9M	-194.3M	328.2M	-1.2B	-10.2M	2.3M	85.8M	-569.3M
Dividends paid	-428M	-426.1M	-456.1M	-456.5M	-456.8M	-456.3M	-491M	-490.2M	-486.9M	-484.3M	-536.5M	-535.3M
Share repurchases	-469.9M	-180.4M	-222.4M	-118M	-94.9M	-160.4M	-248.6M	-1.1B	-680.5M	-516.5M	-772.9M	-1.2B
Financing cash flow	-3.5B	-3.4B	-3.3B	-2.9B	-3.5B	-2.6B	-3.5B	-2.6B	-4B	-3.9B	-5.4B	-6.7B
Net change in cash	-2.9B	-2.7B	-2.6B	-2.2B	-2.7B	-1.9B	-2.1B	-2.6B	-2.3B	-2.5B	-4.4B	-5.6B
Free cash flow	710.9M	915.9M	619.7M	701.1M	885.4M	977.8M	729.2M	1.1B	1.5B	1.3B	734.3M	1.5B

Date	Ratio
Mar 16, 2000	2:1
Jan 7, 1997	4:3
Jan 4, 1996	3:2
Jan 5, 1995	3:2
Apr 15, 1986	4:3
Apr 16, 1985	5:4
Apr 17, 1984	4:3
Apr 5, 1983	3:2
Apr 13, 1982	5:4
Apr 7, 1981	5:4
Apr 16, 1980	5:4

Analog Devices Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history