Last Updated: 21 April 2026
Analog Devices, Inc. (NASDAQ: ADI) is one of the world's three largest analog and mixed-signal semiconductor companies, designing the sensing, signal-conditioning, power-management and connectivity silicon that underpins modern industrial automation, electric vehicles, AI data centres, aerospace & defence, 5G infrastructure, medical imaging and wearable devices. Founded in 1965 and headquartered in Wilmington, Massachusetts, the company ended fiscal 2025 (year-end 1 November 2025) with $11.02bn of revenue, $4.3bn of free cash flow and 22 consecutive years of dividend increases. Following its $20.9bn acquisition of Maxim Integrated in 2021, ADI is the clearest pure-play peer to Texas Instruments in the industrial-and-automotive analog market. On 18 February 2026 the company reported Q1 FY26 revenue of $3.16bn (+30% YoY), above the high end of its own guidance, and raised the dividend 11% to $1.10 per share. As the ticker hit a fresh 52-week high of $365.53 on 17 April 2026, this report lays out what ADI actually builds, how the money flows, and what to watch — all from company filings, transcripts and regulatory disclosures, with zero analyst opinions. For live pricing see our live charts, upcoming company dates on the economic calendar, and discussion on the ChartsView forum.
1. Company Snapshot
| Field | Value |
|---|---|
| Company | Analog Devices, Inc. |
| Ticker / Exchange | ADI / NASDAQ Global Select |
| Sector | Technology — Semiconductors (Analog & Mixed-Signal) |
| Headquarters | One Analog Way, Wilmington, Massachusetts, USA |
| Founded | 1965 (by Ray Stata and Matthew Lorber) |
| CEO & Chair | Vincent Roche (CEO since May 2013; Chair since 2022) |
| President & COO | Anelise Sacks (appointed 2025) |
| CFO | Richard C. Puccio, Jr. (since February 2024; ex-CFO of AWS) |
| Founder / Director | Ray Stata (co-founder, still a director) |
| Employees (FY25 10-K) | ~24,000 worldwide |
| Share price (17 Apr 2026) | ~$355–365 (52-week high $365.53 set 17 Apr 2026) |
| Market cap (17–20 Apr 2026) | ~$151bn |
| Shares outstanding (Q1 FY26) | ~495m |
| FY2025 revenue | $11.02bn (+17% YoY) |
| FY2025 GAAP net income | $2.27bn (+39% YoY) |
| FY2025 GAAP diluted EPS | $4.56 |
| FY2025 free cash flow | $4.3bn (~39% of revenue) |
| FY2025 gross margin | 61.5% (GAAP); ~69% adj. |
| Quarterly dividend | $1.10 (raised Feb 2026, +11% YoY; 22nd consecutive annual hike) |
| Website | analog.com / investor.analog.com |
2. Bull Case vs Bear Case
Distilled from the full report below — factual only, no ratings.
Bull Case
- Cycle inflection confirmed: Four consecutive quarters of above-seasonal growth and double-digit YoY revenue gains; Q1 FY26 book-to-bill well above 1.0 with record Data Center bookings.
- AI data centre pivot is landing: Data Center revenue grew ~50% in FY25 and accelerated further in Q1 FY26; August 2025 announcement of support for NVIDIA's 800 VDC architecture for 1 MW AI racks gives ADI a named role in the Rubin-era power chain alongside TI and Infineon.
- Industrial engine running: Industrial (the highest-margin end market) grew 38% YoY in Q1 FY26 and represents 45% of group revenue; ATE grew ~40% in FY25 on AI-chip test demand.
- Cash machine: FY25 operating cash flow $4.8bn (44% of revenue), free cash flow $4.3bn (39% margin); 29 consecutive years of positive FCF per company disclosure.
- Capital return consistency: 22 consecutive years of dividend hikes; $32bn+ returned to shareholders since programme inception; $841m repurchased in the most recent quarter disclosed.
- Credit quality: S&P Global upgraded ADI's long-term issuer credit rating to 'A' from 'A-' on 17 April 2026, citing end-market mix and product leadership.
Bear Case
- Valuation now full on any lens: Trailing P/E roughly 56–64x, forward P/E ~31x, EV/EBITDA ~32–34x on a business growing mid-teens to 30% depending on timeframe. Stock trades above widely reported fair-value estimates.
- Automotive still soft: Automotive revenue fell 8% sequentially in Q1 FY26 on tariff and macro pull-in unwind; management has guided for continued softness early in FY26.
- Q2 headline growth is partly non-recurring: Management disclosed that about one-third of the Q2 sequential revenue jump comes from pricing actions, with roughly half of that a one-time channel repricing — meaning "clean" sequential growth is ~7% versus the 11% headline.
- Texas Instruments is a bigger competitor with more internal wafer capacity: TI's in-house 300mm fab expansion (Sherman, TX) is designed to widen the structural cost gap versus ADI's hybrid-fab model.
- China / export control overhang: Cyclical exposure to China industrial and auto customers; US/China October 2022–December 2024 export control regime and the 2025 additions create enduring sales-licence friction even for legacy analog parts.
- Insider selling skew: CEO Vincent Roche and founder Ray Stata both ran option-exercise-and-sell transactions in 2026 at >$300/share; no material open-market insider buying has been reported.
3. What Does Analog Devices Actually Do?
ADI designs, manufactures and sells analog, mixed-signal, and digital signal processing integrated circuits — the silicon that turns real-world phenomena (heat, pressure, motion, current, voltage, sound, RF) into digital data, conditions that data, moves it around at high speed, and manages the power that runs the system. In any industrial, automotive or data-centre system, analog chips sit between the sensor and the processor. ADI has roughly 75,000 products on its catalogue and ships to more than 100,000 customers with no single customer accounting for more than ~10% of revenue (per the FY25 10-K).
FY2025 revenue mix by end market (per FY25 10-K):
| End market | % of FY25 revenue | Illustrative applications | Direction in Q1 FY26 |
|---|---|---|---|
| Industrial | 45% | Factory automation, ATE (AI-chip test), aerospace & defence, instrumentation, healthcare imaging, process control | +38% YoY — strongest segment; record bookings in ATE & A&D |
| Automotive | 30% | BMS (battery management for EVs), ADAS sensors, GMSL/A²B in-cabin connectivity, cockpit audio, infotainment | -8% QoQ on tariff/macro pull-in unwind (per Q1 call) |
| Communications | 13% | 5G and wired networking front-ends; AI data centre power delivery; optical networking | Strong growth led by Data Center |
| Consumer | 13% | Premium audio, wearables, hearables, prosumer imaging | Modest sequential growth |
Product categories (approximate revenue contribution, from segment disclosures): Converters (ADCs/DACs) remain ADI's crown jewel at roughly 38% of revenue; amplifiers and linear products; power management; RF & microwave (including Hittite-origin and legacy Maxim parts); DSP; MEMS and sensors (iSensor, accelerometers, microphones); interface & isolation (iCoupler digital isolators, a category ADI essentially invented); and embedded-processor/ASSP products for specific verticals.
Data Center specifics: Within Communications/Data Center, management disclosed that power delivery is roughly one-third of Data Center revenue, DC power control another one-third, and the balance is clock/timing, data conversion and high-speed interconnect for AI accelerators. ADI shipped its first smart power stage to a vertical power customer and disclosed accelerating adoption of intermediate bus converter (IBC) modules for 48/54V rails.
4. The Business Model
How they make money. ADI sells chips to OEMs (directly and via distributors — Arrow, Avnet, WPG being the largest) under long product lifecycles typical of analog: 10–20 years of sustained revenue per design-in. Once a part is "designed in" to, say, a factory PLC or an EV BMS, switching cost is high because analog performance (noise, drift, thermal behaviour) is empirically tuned. That is the structural reason analog gross margins are higher and less volatile than digital logic.
Unit economics (FY25, GAAP except where noted). Revenue $11.02bn; gross margin 61.5% (adj. ~69%); operating margin ~29% GAAP / ~41% adjusted; net income $2.27bn; diluted EPS $4.56; free cash flow $4.3bn. Management guided Q2 FY26 operating margin of 47.5% adj. (±100 bps) — one of the highest in semiconductors.
Manufacturing model — "hybrid fab". ADI runs its own front-end wafer fabs in Wilmington MA, Beaverton OR, Camas WA and Limerick, Ireland, plus back-end assembly/test in Penang, Cavite and elsewhere, but outsources roughly half of wafer starts to TSMC, GlobalFoundries and others. This is a meaningful structural contrast with Texas Instruments, which is pushing a >90% internal-wafer 300mm strategy. ADI's model gives lower capex intensity but less absolute gross-margin upside at peak utilisation.
Moat. (i) 75,000-part catalogue creates a search/reference-design moat; (ii) analog talent is scarce and slow-trained (ADI has 6,000+ engineers on its books); (iii) 10–20 year design-in lifecycles on industrial and auto programmes; (iv) IP in high-speed converters (Hittite, Innovasic heritage) and in isolation technology (iCoupler).
Subsidy / regulatory credit dependency. ADI receives CHIPS Act support relative to its US fab footprint but has not disclosed this as material to group revenue or profit in FY25 filings. Unlike EV makers or solar peers, ADI is not subsidy-dependent at the P&L level.
5. Financial Health
Five-year summary (USD bn except where noted; fiscal years end early November):
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 7.32 | 12.01 | 12.31 | 9.43 | 11.02 |
| YoY change | +32% | +64% (first full year with Maxim) | +2% | -23% (cycle downturn) | +17% |
| Gross margin (GAAP) | ~61% | ~65% | ~64% | ~57% | 61.5% |
| Net income (GAAP) | 1.39 | 2.75 | 3.31 | 1.64 | 2.27 |
| Diluted EPS (GAAP) | $3.46 | $5.26 | $6.55 | $3.28 | $4.56 |
| Operating cash flow | ~3.9 | ~4.7 | ~4.6 | ~3.9 | 4.8 |
| Free cash flow | ~2.7 | ~3.8 | ~3.2 | ~3.2 | 4.3 |
| Shares o/s (diluted, m) | ~520 | ~521 | ~504 | ~498 | ~495 |
Notes: FY22 was the first full year including Maxim Integrated (closed 26 Aug 2021). FY24 reflected the 2023–2024 inventory-correction trough across industrial distribution. FY25 represents the early-cycle recovery. Figures from ADI press releases, investor-relations fact-sheets and the FY25 10-K; FCF per company disclosure.
Balance sheet (end FY25 per 10-K, summary). Total debt around $7.5–8bn (long-term notes in multiple tranches); cash and short-term investments ~$2bn; investment-grade rating upgraded to 'A' at S&P on 17 April 2026. Net debt is well covered by $4.3bn of annual free cash flow and roughly $5bn+ annual adjusted EBITDA.
Recent quarterly trend.
| Quarter | Revenue | YoY | Adj. EPS | Notes |
|---|---|---|---|---|
| Q4 FY25 (quarter ended 1 Nov 2025) | $3.08bn | +strong YoY | Beat | Growth across all end markets led by Communications & Industrial |
| Q1 FY26 (quarter ended 1 Feb 2026, reported 18 Feb 2026) | $3.16bn | +30% | $2.46 (vs $2.31 consensus) | Industrial +38% YoY; Automotive -8% QoQ; record Data Center bookings |
| Q2 FY26 (guide) | $3.50bn ±$100m | Implied mid-teens YoY | Adj EPS $2.88 ±$0.15 | Op margin 47.5% ±100 bps; ~⅓ of seq growth from pricing |
6. Valuation & Market Data
Raw figures as close to 21 April 2026 as sources allow — no commentary on cheap/expensive.
| Metric | Value | Source / Date |
|---|---|---|
| Share price (intraday 17 Apr 2026) | High $365.53 (new 52-week high) | Exchange data |
| Share price (20 Apr 2026) | ~$355 (+3.73% on day) | Trading Key, 20 Apr 2026 |
| Market capitalisation | ~$151bn | Exchange / Yahoo, 20 Apr 2026 |
| Enterprise value (approx) | ~$157bn (mkt cap + ~$8bn debt − ~$2bn cash) | Derived from FY25 10-K balance sheet |
| Trailing P/E (GAAP) | ~56–64x (different sources) | Macrotrends / Full Ratio, mid-Apr 2026 |
| Forward P/E | ~31x | GuruFocus / Stockanalysis, 10–14 Apr 2026 |
| P/S (TTM) | ~13–14x | Derived vs FY25 revenue $11.02bn |
| EV/EBITDA | ~32–34x | ValueInvesting.io / YCharts, mid-Apr 2026 |
| Price / FCF | ~35x (vs FY25 FCF $4.3bn) | Derived |
| 52-week range | ~$198–$365.53 | Exchange data, trailing 52 weeks to Apr 2026 |
| Year-to-date total return (≈) | ~+36% | Defense World, 19 Apr 2026 |
| 1-month share price return | ~+20% | Defense World, 19 Apr 2026 |
| Shares outstanding | ~495m (diluted, Q1 FY26) | ADI press release, 18 Feb 2026 |
| Institutional ownership | ~89–94% | Fintel / Yahoo, Apr 2026 |
| Short interest (% of float) | ~1.49% | Nasdaq short interest |
| Quarterly dividend | $1.10 | Declared 18 Feb 2026, paid 17 Mar 2026 |
| Annualised dividend | $4.40 | Company press release |
| Dividend yield (at ~$355) | ~1.24% | Derived |
| Consecutive annual dividend increases | 22 | Company disclosure |
| Buyback spend (most recent disclosed quarter) | ~$841m | Company disclosure |
| Cumulative capital returned since programme inception | >$32bn | Company disclosure |
| S&P credit rating | A (upgraded from A-) | S&P Global, 17 Apr 2026 |
7. What Are They Building / What's Coming?
NVIDIA 800 VDC AI data-centre platform. On 21 August 2025 ADI announced support for NVIDIA's 800 VDC data centre architecture, positioning itself as one of the silicon providers enabling 1 MW-plus AI racks ahead of the Rubin/Vera Rubin ramp in 2027. ADI's role is the down-conversion from 800 VDC to intermediate rails (48/54V) and on to point-of-load, with the company targeting >98% conversion efficiency at high loads, digital power control, and telemetry interfaces for NVIDIA's platform management. ADI is also advancing hot-swap controllers for managing inrush current in high-voltage AI systems.
Automated Test Equipment (ATE). ATE — used by Teradyne, Advantest and chinese peers to test AI GPUs, HBM stacks and power devices — grew roughly 40% in FY25 and continues to accelerate in FY26 as AI silicon complexity ramps. ATE and aerospace & defence combined are now about one-third of ADI's Industrial segment and at record revenue levels.
Automotive — GMSL/A²B/BMS franchise. ADI's Gigabit Multimedia Serial Link (GMSL) for ADAS sensor aggregation and Automotive Audio Bus (A²B) for in-cabin networking are designed into most Western OEM platforms. Wireless Battery Management System (wBMS) for EVs remains a differentiated product line — GM's Ultium and BMW's Neue Klasse use ADI BMS silicon. Automotive is currently in inventory digestion but management has framed FY26 H2 as the expected inflection.
Edge AI & robotics. ADI has ramped MAX78000 / MAX78002 convolutional neural-network accelerators (Maxim-heritage) targeting always-on AI inference at milliwatt power budgets for factory robots, medical wearables and smart meters. MEMS (IMUs, microphones), Time-of-Flight, and precision ADC/DAC families position ADI for the "physical AI / robotics" theme Vincent Roche has repeatedly highlighted.
5G and wired communications. ADI's RadioVerse SoCs (transceivers, RFSoCs) are inside major 5G base-station vendors. Management has flagged early 6G radio-prototype engagement and continued 25G/50G/100G PAM4 optical components for hyperscaler networks.
Intelligent Edge / Software. ADI is building out CodeFusion Studio (open-source embedded dev platform) and its SiP/ASIC platforms that combine Maxim power IP, classical ADI converters and application-specific DSP. Disclosed 2026 initiative: "Intelligent Edge" solutions packaged with AI algorithms for specific verticals — factory condition monitoring, smart buildings, precision healthcare.
8. Competitive Landscape
| Company | Ticker | Approx. market cap (Apr 2026) | Latest annual revenue | Notes vs ADI |
|---|---|---|---|---|
| Texas Instruments | TXN | Multi-$100bn cap | ~$16bn | Largest analog player; roughly 2x ADI's analog-IC share; heavier internal 300mm wafer strategy (Sherman TX). |
| Analog Devices | ADI | ~$151bn (20 Apr 2026) | $11.02bn (FY25) | #2 analog globally; Industrial/Auto/Comms/Consumer mix. |
| Infineon Technologies | IFX.DE | Large-cap | ~€15bn | European #1; dominant in auto power (SiC, IGBT), strong in industrial power. |
| STMicroelectronics | STM | Large-cap | ~$13bn | Broader MCU/analog/SiC; exposure to auto and industrial similar to ADI. |
| NXP Semiconductors | NXPI | Large-cap | ~$12bn | Auto-heavy; competes in connectivity, radar, BMS. |
| ON Semiconductor | ON | Mid-cap | ~$7bn | Auto/industrial; SiC-heavy; lower diversification. |
| Microchip Technology | MCHP | Mid/large-cap | ~$5bn | MCU-heavy; smaller analog footprint. |
| Renesas Electronics | 6723.T | Large-cap | ~¥1.4tn | Japanese auto/industrial analog + MCU; 800 VDC ecosystem partner alongside ADI. |
Market share context. Industry trackers (Omdia / IC Insights style rankings) put the top two analog IC vendors — TI and ADI — at roughly 30% combined analog market share, with TI at close to 2x ADI's share. The top 10 analog suppliers hold around 68% of the market collectively.
ADI strengths vs peers: highest-performance converter portfolio; strongest isolation/iCoupler position; broadest industrial breadth; historically best-in-class R&D efficiency measured as new-product revenue contribution.
ADI weaknesses vs TI: smaller share; lower proportion of internal wafer capacity (hybrid-fab model); slightly higher capex-plus-rent burden per revenue dollar at cycle peaks.
ADI vs Infineon / STM: less power-discrete (SiC/IGBT) exposure, which trims direct benefit from EV-powertrain shift but avoids the current SiC pricing/margin pressure.
9. Leadership and Ownership
Key executives.
- Vincent Roche — CEO since May 2013; Chair since 2022. Joined ADI in 1988; previous roles in worldwide sales, strategic marketing and business development. Led the LTIP (Linear Technology) and Maxim acquisitions.
- Anelise Sacks — President and COO (announced 2025). Prior long tenure in ADI sales/marketing.
- Richard C. Puccio, Jr. — EVP and CFO since 5 February 2024. Previously CFO of Amazon Web Services (AWS); 29 years at PwC prior to Amazon. AB Harvard (Economics), MBA Boston University.
- Ray Stata — Co-founder; non-executive director; still active on the Board after 60+ years at the company.
- Vivek Jain — EVP; technology/product leadership (Form 4 filings in 2026 show standard equity grants/withholding).
Ownership. Institutional ownership reported at 89–94% depending on source. Largest holders disclosed in 13F filings: Vanguard Group ~10.0%, BlackRock ~7.9%, State Street Global Advisors ~4.6%, plus Geode, Fidelity (FMR), JPMorgan Asset Management and T. Rowe Price. Insider ownership is modest (CEO and Board directly own well under 1% in aggregate); Ray Stata's holdings remain the largest individual stake.
Insider transactions — Form 4 filings (2026 YTD, publicly reported).
| Date | Insider | Role | Action | Shares | Price | Approx value | 10b5-1? |
|---|---|---|---|---|---|---|---|
| 1 Apr 2026 | Vincent Roche | CEO & Chair | Option exercise & sell | 10,000 exercised @ $94.41 / 10,000 sold @ ~$318.14 avg | $318.14 avg | ~$3.2m | Yes — plan adopted 23 May 2025 |
| Mar 2026 | Ray Stata | Co-founder / Director | Option exercise & partial sell | 7,640 exercised @ $54.93 / 1,226 sold @ $339.15 | $339.15 | ~$416k sold | Reported as open-market |
| 16–18 Mar 2026 | Katsufumi Nakamura | SVP | RSU vest / grant; tax-withhold sell | 399 granted / 842.757 withheld @ $310.92 | $310.92 | ~$262k withheld | Tax-withholding only |
| Mar 2026 | Vivek Jain | EVP | RSU grant / tax withhold | 12,576 granted / 5,521.559 withheld | Market | Standard equity comp | Tax-withholding only |
No material open-market insider buying has been reported in 2026 YTD. Sales have all been either 10b5-1 programmatic or option-exercise related; directors and executives have simultaneously received RSU/PRSU grants consistent with annual equity cycles.
10. Risks and Challenges
1. Semiconductor cycle & inventory. ADI is still emerging from the 2023–2024 distribution-channel inventory correction (FY24 revenue fell 23% YoY). A renewed inventory build at distributors or end customers — particularly in Automotive, where Q1 FY26 already saw an 8% QoQ decline — could stall the current recovery. Management has guided continued Automotive softness early in FY26.
2. China exposure & export controls. ADI generates double-digit percentage revenue in Greater China and ships through global distributors into Chinese industrial and EV supply chains. The October 2022 US export controls, tightened in October 2023 and December 2024 and extended in March 2025, and the November 2025 US/China one-year pause (subject to review in 2026) create binary regulatory tail risk. Legacy analog and RF parts generally face less direct exposure than cutting-edge logic, but licence friction and downstream end-use rules still materially affect addressable market.
3. Automotive slowdown. Global EV volume growth has decelerated and Western OEMs have cut EV capex. BMS attach rates are sticky, but programme delays at Ford, GM and VW could push out revenue ADI has previously messaged.
4. Competition from Texas Instruments' internal 300mm capacity. TI's Sherman, TX 300mm fab build-out is targeted at structurally cheaper analog wafers. ADI's hybrid-fab model may face relative gross-margin pressure through the cycle if TI is willing to use price to gain share, as it has publicly flagged.
5. Maxim integration "follow-through". ADI delivered the original ~$275m cost-synergy target faster than planned but is still working through cross-selling and platform rationalisation programmes from the Maxim combination. Any slippage in hitting disclosed revenue-synergy milestones would be visible.
6. Concentration on analog fundamentals. If a disruptive step-change in integrated photonics, chiplet-based power delivery, or hyperscaler-designed analog ASICs were to emerge, incumbents' moats could be eroded.
7. Valuation & capital allocation. On every trailing multiple shown in section 6, ADI is priced at a premium vs its own 10-year history. The $841m most recently disclosed quarterly buyback was executed at prices meaningfully below the current 52-week high. Reported fair-value estimates from third-party research firms place the stock ~30% above "estimated fair value", which by itself says nothing but frames the risk of multiple compression.
8. Legal and regulatory. No material adverse litigation has been disclosed in the FY25 10-K beyond routine patent and commercial matters. Ongoing US semiconductor antitrust scrutiny and EU AI Act / product-safety regimes are watch items but not quantified in filings.
9. FX translation. Roughly half of revenue is non-US; USD strength reduces reported revenue and margin.
11. Recent Developments
Last 48 hours (19–21 April 2026)
- 20 April 2026: ADI closed up 3.73% on the day (Trading Key), trading around $355 as AI-semi bellwethers rallied. No company-specific press release was issued; the move tracked a broader analog-semi re-rating.
- 19 April 2026: Defense World reported ADI hit a new 52-week high of $365.53 during Friday's session (17 April), with ~+20% one-month and ~+36% YTD share-price returns.
- 17 April 2026: S&P Global Ratings upgraded ADI's long-term issuer credit rating to 'A' from 'A-', citing end-market mix resilience and product leadership.
- 17 April 2026: Birch Hill Investment Advisors filed disclosure of selling 1,371 ADI shares (a small position adjustment; not a 10% holder).
Last 6 months
- April 2026: ADI presented at the International Conference on Display Technology (ICDT) 2026 in Chongqing, China — display-driver and timing-chain innovations.
- 1 April 2026: CEO Vincent Roche Form 4 — exercised 10,000 options at $94.41 and sold 10,000 shares at ~$318.14 under a 10b5-1 plan adopted 23 May 2025.
- 18 February 2026: Q1 FY26 results. Revenue $3.16bn (+30% YoY, +3% QoQ, above high end of guidance); adj. EPS $2.46 vs $2.31 consensus; Industrial +38% YoY; Communications led by Data Center; Automotive -8% QoQ on tariff/macro pull-in unwind. Book-to-bill well above 1.0; record Data Center bookings. Dividend raised 11% to $1.10 (22nd consecutive annual hike). Q2 revenue guide $3.5bn ±$100m; adj EPS $2.88 ±$0.15; operating margin 47.5% ±100 bps.
- 22 January 2026: ADI announced Q1 FY26 earnings would be on 18 February 2026.
- 25 November 2025: Q4 FY25 / full-year FY25 results. Revenue $11.02bn (+17% YoY); net income $2.27bn (+39%); diluted EPS $4.56; gross margin expanded to 61.5% from 57.1%; operating cash flow $4.8bn; FCF $4.3bn (39% of revenue). Industrial 45%, Automotive 30%, Consumer 13%, Communications 13% of FY25 revenue.
- Q4 FY25: $841m in share repurchases executed in the most recent disclosed quarter (per dividend/buyback commentary).
- 21 August 2025: ADI announced support for NVIDIA's 800 VDC data-centre architecture for next-gen AI factories; positioned in the rack-to-load power chain.
12. Key Dates Coming Up
- 21 May 2026 (confirmed per multiple trackers): Q2 FY26 earnings release — management has guided $3.5bn revenue (±$100m), adj. EPS $2.88 (±$0.15), adj. operating margin 47.5% (±100 bps). The market will focus on Automotive recovery pace, Data Center growth rate, and the extent to which non-recurring channel repricing inflates the headline sequential.
- 17 March 2026 dividend has been paid; next ex-div and record dates will be announced alongside Q2 results.
- August 2026 (indicative): Q3 FY26 earnings.
- 2026–2027: Production ramp of NVIDIA 800 VDC ecosystem — ADI silicon expected to ship in volume alongside Vera Rubin platform roll-out.
- FY26 full year: Management has repeated a framework of "sustained double-digit revenue growth" over the cycle; FY26 exit run-rate depends on Automotive inflection.
- Investor events: ADI typically presents at the J.P. Morgan Healthcare / Industrials conferences and at the Bank of America Global Tech conference in June — dates published on investor.analog.com/events.
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Disclaimer: This research is for informational purposes only and does not constitute financial advice. ChartsView does not publish analyst opinions, price targets or buy/sell/hold ratings. All figures are sourced from Analog Devices' press releases, investor-relations fact sheets, the FY25 10-K, Q1 FY26 earnings call transcript, SEC Form 4 filings and public exchange data as of 21 April 2026. Where a figure is derived, the derivation is shown; where a number is not disclosed, the report says so. Do your own due diligence.