ANALOG DEVICES INCADI
ANALOG DEVICES INC Financial Overview 2021–2025
Updated Jul 10, 2026Analog Devices engineered a massive operational rebound in FY2025, expanding its gross margin by 440 basis points to 61.5% on the back of rising factory utilization. This sharp recovery demonstrates the company's pricing power and cements its central role in the industrial and automotive semiconductor supply chains. Despite intense industry cyclicality, ADI's strategic shift toward high-performance analog components and intelligent edge solutions is successfully insulating its core profitability.
The company has dramatically scaled its operations over the last five years, with total revenue growing from $7.32 billion in FY2021 to $11.02 billion in FY2025. This trajectory was supercharged by the transformative $28 billion acquisition of Maxim Integrated in FY2021, which fundamentally expanded the company's product portfolio. By FY2025, the industrial segment anchored the business at 45% of total revenue, followed closely by the automotive sector at 30%.
Following a severe 23% top-line contraction in FY2024, ADI bounced back with a 17% revenue jump in FY2025, generating $4.81 billion in robust operating cash flow. The market heavily rewarded this cycle-tested resilience. At the close of FY2025, ADI commanded a $114.6 billion market cap, with shares priced at $234.13 and trading at a premium 51.3x earnings multiple.
Recent Developments (Q1 and Q2 2026)
ADI accelerated its top-line growth in the first half of 2026, highlighted by a 37% year-over-year revenue surge to $3.62 billion in Q2 2026. Gross margins expanded to 67.3% for the quarter, driving net income up 106% to $1.18 billion. To bolster its power management portfolio, the company announced the acquisition of Empower Semiconductor in May 2026. ADI also increased its quarterly dividend to $1.10 per share and recently secured a new $3.0 billion revolving credit facility to enhance liquidity.
Bulls focus on rapid revenue expansion across the communications and industrial sectors fueled by AI infrastructure investments. Bears will question the stock's elevated price tag, with shares trading at a steep 87.3x earnings multiple as of May 20, 2026.
What to watch: the successful closing and integration of the Empower Semiconductor transaction in the second half of 2026; the maintenance of gross margins above 67% amid fluctuating factory utilization.
Rev
$11.02B
FY2025
NI
$2.27B
FY2025
EPS
$4.59
FY2025
OCF
$4.81B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
ANALOG DEVICES INC 8-K Report, Material Agreement (Jul 2, 2026)
Analog Devices, Inc. (ADI) has entered into a new 364-day revolving credit facility totaling $3.0 billion, providing significant liquidity and financial flexibility. This agreement, effective July 2, 2026, is with Bank of America, N.A. as Administrative Agent and a syndicate of lenders. The facility allows for multi-currency borrowings and offers the option to convert outstanding loans to a non-amortizing term loan one year post-closing, subject to certain conditions and a fee. The credit agreement includes provisions for annual extensions, prepayments without penalty, and voluntary reductions in commitment. It also allows for the designation of foreign subsidiaries as borrowers, with ADI providing guarantees. The terms of the facility are tied to ADI's Debt Ratings, influencing interest rates and facility fees. Standard covenants, representations, warranties, and events of default are included, along with a financial covenant requiring a minimum consolidated EBITDA to consolidated interest charges ratio of 3.00 to 1.00.
ANALOG DEVICES INC 8-K Report, Financial Results (May 20, 2026)
Analog Devices, Inc. (ADI) has filed a Form 8-K on May 20, 2026, to report its financial results for the fiscal second quarter ended May 2, 2026. The filing primarily serves to furnish the press release containing these results, which is included as Exhibit 99.1. While the specific financial figures are not detailed within the 8-K itself, investors can access the comprehensive performance data, including revenue, profitability, and segment performance, through the accompanying press release. This report is crucial for understanding ADI's recent operational performance and financial health.
ANALOG DEVICES INC 8-K Report, Regulation FD Disclosure (May 19, 2026)
Analog Devices Inc. (ADI) has announced a definitive agreement to acquire Empower Semiconductor, Inc., a company specializing in integrated voltage regulators and power management solutions. This strategic acquisition is expected to enhance ADI's capabilities in advanced power management, a critical area for performance and efficiency in modern electronics. The transaction is anticipated to close in the second half of calendar year 2026, subject to standard closing conditions and regulatory approvals, including the Hart-Scott-Rodium Act waiting period.
ANALOG DEVICES INC 8-K Report, Executive Changes (Mar 12, 2026)
Analog Devices, Inc. (ADI) filed an 8-K on March 12, 2026, detailing the outcomes of its 2026 Annual Meeting of Shareholders held on March 11, 2026. The key takeaway for investors is the strong shareholder approval of critical corporate governance matters, including the election of its ten-member Board of Directors and the ratification of Ernst & Young LLP as its independent auditor for the fiscal year ending October 31, 2026. Additionally, shareholders overwhelmingly approved the Amended and Restated Analog Devices, Inc. 2020 Equity Incentive Plan, signaling continued support for management's compensation and retention strategies. While most proposals received broad shareholder backing, it is noteworthy that a non-binding shareholder proposal regarding special meeting rights was not approved. The 'say-on-pay' vote for executive compensation was also approved on an advisory basis. These outcomes reflect shareholder confidence in the current leadership and strategic direction of Analog Devices.
ANALOG DEVICES INC 8-K Report, Financial Results (Feb 18, 2026)
Analog Devices Inc. (ADI) has filed an 8-K report detailing its financial performance for the fiscal first quarter ended January 31, 2026, and a significant increase in its quarterly dividend. The company announced its financial results on February 18, 2026, through a press release. While the specific financial metrics (revenue, profit, etc.) are not detailed within the 8-K's text itself, these results are available in the furnished press release (Exhibit 99.1). In addition to its quarterly results, ADI's Board of Directors declared an increased quarterly cash dividend of $1.10 per share, up from $0.99 per share. This marks a positive signal for shareholders, indicating management's confidence in the company's financial health and its commitment to returning value to its investors. The dividend is payable on March 17, 2026, to shareholders of record on March 3, 2026.
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