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Saturday 17 October 2026 Export ADI’s income statement to Excel — free account

Analog Devices, Inc.

ADI Technology Semiconductors

Analog Devices, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 16.9% from fiscal 2024. In the quarter to July 2026, revenue grew 39.6%, EPS grew 162.9%, free cash flow grew 34.3% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years.

395.44 8.51 −2.11%
Market cap
$195.7B
P/E
46.7×
Fwd P/E
0.0×
Dividend yield
0.00%
F-score
8/9
Altman Z
5.73
Beneish M
−2.77
Dividend safety
69/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Analog Devices, Inc. (ADI) Financial Analysis

Updated · Covers results through Q3 FY2026 · Sources · How this is made

Snapshot

Analog Devices generated $11.0 billion of revenue, $2.9 billion of operating income, and $2.3 billion of net income in FY2025. Diluted EPS was $4.56 in FY2025, while free cash flow was $4.3 billion in FY2025.

In Q3 FY2026, revenue reached $4.0 billion, gross profit was $2.7 billion, operating income was $1.6 billion, and net income was $1.3 billion. Diluted EPS was $2.74 in Q3 FY2026, and free cash flow was $1.5 billion in Q3 FY2026. Market capitalisation was $192.2 billion as of September 28, 2026.

Growth

Revenue grew 16.9% in FY2025 against FY2024, reaching $11.0 billion in FY2025. The three-year revenue compound annual growth rate was −2.84% in FY2022–FY2025, while the five-year rate was 14.5% in FY2020–FY2025. Diluted EPS grew 39.0% in FY2025 against FY2024, and free cash flow grew 38.9% in FY2025 against FY2024.

Revenue was $4.0 billion in Q3 FY2026, up 11.0% in Q3 FY2026 against Q2 FY2026 and 39.6% in Q3 FY2026 against Q3 FY2025. Diluted EPS was $2.74 in Q3 FY2026, up 14.2% sequentially and 163.5% from a year earlier. Free cash flow was $1.5 billion in Q3 FY2026, up 98.6% sequentially and 34.3% from a year earlier.

Profitability

Gross margin was 61.5% in FY2025, an increase of 4.4 percentage points in FY2024–FY2025, but 4.4 percentage points below FY2020–FY2025. Operating margin was 26.6% in FY2025, up 5.0 percentage points in FY2024–FY2025 and down 0.1 percentage points in FY2020–FY2025. Net margin was 20.6% in FY2025, up 3.2 percentage points over FY2024–FY2025 and down 1.2 percentage points over FY2020–FY2025.

Return on equity was 6.57%, return on assets was 4.71%, and return on invested capital was 4.78% in FY2025. Gross margin was 67.3% and operating margin was 40.1% in Q3 FY2026. Operating margin increased 2.0 percentage points in Q3 FY2026 against Q2 FY2026.

Balance sheet

Total debt was $8.1 billion in FY2025, while cash and short-term investments were $3.7 billion in FY2025. Net debt was $4.5 billion in FY2025, compared with $5.8 billion in Q3 FY2026. The Q3 FY2026 net-debt balance was $1.1 billion higher than in Q2 FY2026 and $1.1 billion higher than in Q3 FY2025.

Shareholders’ equity was $33.8 billion in FY2025, and book value per share was $68.40 in FY2025. Working capital was $3.9 billion in FY2025. The current ratio was 1.3× in Q3 FY2026, while debt to equity was 0.2× in Q3 FY2026.

Cash flow & capital return

Operating cash flow was $4.8 billion in FY2025, up 24.9% in FY2025 against FY2024. Capital expenditure was $474.7 million in FY2025, and free cash flow was $4.3 billion in FY2025. Free cash flow represented 191.3% of net income in FY2025. Over FY2020–FY2025, free cash flow had an 18.7% compound annual growth rate.

Dividends paid were $1.9 billion and net share repurchases were $2.1 billion in FY2025. Capital returned to shareholders was $4.0 billion in FY2025 and $19.0 billion in FY2021–FY2025. Weighted average shares were 494.4 million shares in FY2025. Weighted average shares were 486.0 million shares in Q3 FY2026, down −0.32% in Q3 FY2026 against Q2 FY2026.

Valuation

As of September 28, 2026, P/E was 46.7×, below the 48.5× industry median, below the 46.9× five-year median, and above the 32.4× ten-year median. As of September 28, 2026, P/S was 13.8×, above the 8.4× industry median, the 9.5× five-year median, and the 6.5× ten-year median.

As of September 28, 2026, P/B was 5.7×, above the 5.5× industry median, the 2.2× five-year median, and the 3.1× ten-year median. As of September 28, 2026, EV/Sales was 14.3×, above the 8.8× industry median, the 10.2× five-year median, and the 7.4× ten-year median. As of September 28, 2026, EV/Cash flow was 40.1×, above the 27.8× five-year median and the 24.8× ten-year median.

What changed since last quarter

Revenue was $4.0 billion in Q3 FY2026, up 11.0% from Q2 FY2026 and 39.6% from Q3 FY2025. Management attributes the year-over-year revenue increase to broad-based end-market demand, including growth across Industrial sub-markets and data-center demand in Communications tied to artificial-intelligence-related infrastructure investments.

Gross margin was 67.3% in Q3 FY2026, unchanged by 0.0 percentage points from Q2 FY2026 and up 5.2 percentage points from Q3 FY2025. Management attributes the year-over-year gross-margin increase to higher utilization of manufacturing fixed costs from increased customer demand and favourable product mix. Operating margin was 40.1% in Q3 FY2026, up 2.0 percentage points sequentially and 11.7 percentage points year over year. Net income was $1.3 billion in Q3 FY2026; management attributes the year-over-year increase to higher operating income and a lower income-tax provision.

Open questions

  • How were revenue changes distributed among the company’s end markets beyond the qualitative demand commentary?
  • What portion of the increase in net debt relates to financing, investment activity, or cash deployment?
  • How did the acquisition activity affect the company’s operating results and cash flows?
  • What is the expected timing and impact of debt classified as due within one year?

Sources

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.