Analog Devices, Inc. (Nasdaq: ADI) designs, manufactures and sells analog, mixed-signal and digital signal-processing semiconductors, software and subsystems for sensing, connectivity, processing and power management.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Oct 28, 20230000006281-23-000203 | Nov 21, 2023 | 10-K | Open 10-Ksec.gov |
| Nov 2, 20240000006281-24-000204 | Nov 26, 2024 | 10-K | Open 10-Ksec.gov |
| Nov 1, 20250000006281-25-000153 | Nov 25, 2025 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Analog Devices entered fiscal 2026 with a strengthening recovery, but its earnings acceleration and cash generation tell different stories. Fiscal 2025 revenue recovered to $11.020 billion, still below fiscal 2023, as customer inventories normalized and demand improved across end markets. Subsequent nine-month revenue reached $10.806 billion, with Industrial and Communications leading growth and better manufacturing utilization supporting margins. Earnings also benefited from a favorable prior-year tax comparison and a property-disposal gain. Working capital absorbed substantial cash, while dividends and repurchases exceeded operating cash flow after capital expenditure, before acquisitions. Empower closed in July 2026; Alif remained pending in the supplied evidence. September's $3 billion note issuance establishes new financing, not its net cash effect. The principal uncertainties are demand durability, funding demands, a disputed IRS assessment, the ongoing investigation of the confirmed June cybersecurity incident and a separate, unrelated cybersecurity matter reported to ADI on July 26 whose validity, scope and potential impact remained unverified in the supplied evidence.
Sources: 10-K · 2025-11-01 · 10-Q · 2026-08-01 · 8-K · 2026-09-09 · EX-99.1 · 2026-09-09 · 8-K · 2026-09-15 · 8-K · 2026-06-23
ADI's components connect physical signals with electronic systems: they measure, convert, amplify, process, communicate and manage power. Its portfolio exceeds 75,000 products, combining general-purpose platforms with application-specific solutions. Engineering expertise and customer development work support differentiation; fiscal 2025 R&D was $1.766 billion. Industrial accounted for approximately 45% of annual revenue and Automotive 30%, with Consumer and Communications each approximately 13%. These rounded end-market categories are not separate profit segments: ADI reported one operating and reportable segment in fiscal 2025.
The manufacturing model combines internal factories with outside foundries supplying more than half of annual wafer requirements. This creates leverage in both directions: stronger demand spreads factory costs over more output, while downturns leave underused capacity. Distributors generated 56% of fiscal 2025 revenue, and two individually represented 24% and 13%. Sales to distributors generally enter revenue at shipment or delivery, not final customer consumption, limiting what reported sales alone reveal about underlying demand.
Sources: 10-K · 2025-11-01
Fiscal 2025 revenue was $11.020 billion, versus $9.427 billion in fiscal 2024 and $12.306 billion in fiscal 2023. Management attributed the recovery to broader demand, normalizing Industrial inventories, Automotive connectivity and AI-related data-center infrastructure investment. Gross margin improved to 61.5% from 57.1%, helped by factory utilization and lower acquired-intangible amortization. GAAP net income recovered to $2.267 billion but remained below fiscal 2023's $3.315 billion. Higher compensation and a tax-rate increase partly offset operating improvement. Fiscal 2024 had 53 weeks, versus 52 in the other two years; no quantified extra-week adjustment is available.
Sources: 10-K · 2025-11-01 · 10-K · 2024-11-02
The August 19, 2026 quarterly filing reported revenue of $4.022 billion for the quarter ended August 1 and $10.806 billion for nine months. Management linked Industrial strength to test equipment and aerospace and defense, and Communications strength to AI infrastructure. Quarterly gross margin reached 67.3%. GAAP net income was $1.340 billion, but its comparison with $518.5 million a year earlier benefited from the absence of the prior year's $153.8 million deferred-tax remeasurement charge. A Penang disposal gain also helped operating income, while fewer diluted shares amplified EPS growth. Empower's contribution since its July acquisition was immaterial, so it does not explain the revenue surge.
Sources: 10-Q · 2026-08-01
Fiscal 2025 operating cash flow was $4.812 billion and ADI-defined non-GAAP free cash flow—operating cash flow less net PP&E additions—was $4.279 billion. Dividends and repurchases used $4.089 billion. In the subsequent nine months, operating cash flow of $3.845 billion was restrained by $940.7 million of operating-asset and liability cash use. After $392.7 million of net PP&E additions, the calculated residual was $3.452 billion, below $4.002 billion of shareholder payments before acquisition spending. Cash and short-term investments declined to $2.325 billion at August 1, while commercial paper increased. Neither cash flow nor investment maturities should be confused with profit.
Sources: 10-K · 2025-11-01 · EX-99.1 · 2025-11-25 · 10-Q · 2026-08-01
Empower closed July 7, 2026 for approximately $1.5 billion, expanding power-management technology; purchase accounting remained preliminary. On September 9, ADI announced Alif for $1.35 billion upfront cash plus up to $200 million of conditional consideration. Closing was expected in calendar fourth-quarter 2026, subject to conditions; no supplied evidence confirms completion. ADI separately issued $3 billion of senior-note principal on September 17. The filing does not establish net proceeds, their use or post-issuance cash and debt. The two revolvers' combined $6 billion commitment is conditional credit capacity, not cash or an additional $6 billion of reported borrowing.
Sources: 10-Q · 2026-08-01 · 8-K · 2026-09-09 · EX-99.1 · 2026-09-09 · 8-K · 2026-09-15
Orders can be canceled or delayed, and distributor inventory, pricing and standalone AI revenue are not quantified. External foundries, Taiwan exposure, export restrictions and tariffs create supply and demand risks. ADI disputes an approximately $267 million IRS assessment excluding interest and penalties, without recording an additional liability for that issue. Separately, June 2026 unauthorized access involved confirmed file exfiltration. Operations were uninterrupted, but investigation and remediation continued; management's assessment that material impact was not reasonably likely remained provisional. That June-incident assessment, disclosed on July 29 and reiterated in the August 19 filing, did not rule out later effects. On July 26, 2026, ADI was also made aware of public reports concerning a separate, unrelated cybersecurity matter. Its validity, scope and potential impact were still being assessed, not established as a confirmed second breach. No resolution of that separate matter is established by the supplied evidence, and the June incident's operational and materiality assessment does not apply to it. These uncertainties qualify the recovery rather than negate the reported results.
Sources: 10-K · 2025-11-01 · 10-Q · 2026-08-01 · 8-K · 2026-06-23
USD 11.019707 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 52
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 11.019707 bn | — |
| 2023 | USD 12.305539 bn | — |
Consolidated revenue, net of estimated variable consideration.
Sources: 10-K · 2025-11-01
USD 9.427157 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · weeks: 53
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 9.427157 bn | — |
Consolidated revenue, net of estimated variable consideration.
Sources: 10-K · 2025-11-01
USD 2.267342 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.267342 bn | 38.7% |
| 2024 | USD 1.635273 bn | -50.7% |
| 2023 | USD 3.314579 bn | — |
Consolidated earnings after income taxes.
Sources: 10-K · 2025-11-01
USD 4.812202 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.812202 bn | 24.9% |
| 2024 | USD 3.852529 bn | -20.0% |
| 2023 | USD 4.817634 bn | — |
Net cash provided by operating activities.
Sources: 10-K · 2025-11-01
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