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
All ADI Financial Metrics(61)
Income Statement
Balance Sheet
- Cash & ST Investments
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- Cash
- Short-Term Investments
- Receivables
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- Prepaid & Other
- PP&E
- Goodwill
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- Current Liabilities
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- Accrued Liabilities
- Short-Term Debt
- Long-Term Debt
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Cash Flow
Recent SEC Filings
ANALOG DEVICES INC 8-K Report, Material Agreement (Sep 17, 2026)
Analog Devices Inc. (ADI) has announced a significant debt financing initiative, issuing a total of $3.0 billion in senior notes across four tranches with maturities ranging from September 2029 to October 2036. This issuance, comprising $500 million in 2029 Notes, $500 million in 2031 Notes, $1 billion in 2033 Notes, and $1 billion in 2036 Notes, indicates the company's strategy to secure long-term capital. The proceeds from this offering are intended to fund general corporate purposes, which could include potential acquisitions, capital expenditures, or working capital needs. The notes are unsecured and unsubordinated, ranking equally with other senior unsecured debt, and are not guaranteed by any subsidiaries. Investors should note the varying interest rates and redemption provisions associated with each note series, offering different risk-return profiles. The company has also provided details on early redemption options, including "Par Call" provisions, which allow for redemption at a premium or at par under specific conditions.
ANALOG DEVICES INC 8-K Report, Regulation FD Disclosure (Sep 9, 2026)
Analog Devices, Inc. (ADI) has announced a definitive agreement to acquire Alif Semiconductor, Inc. Alif specializes in low-power microcontroller and fusion processor semiconductor products, notably featuring integrated AI/ML acceleration. This strategic acquisition is expected to close in the fourth quarter of calendar year 2026, pending standard closing conditions, including regulatory approval under the Hart-Scott-Rodino Antitrust Improvements Act. This move signifies ADI's intent to strengthen its position in the rapidly growing embedded processing market, particularly in areas demanding high performance with low power consumption and AI capabilities. Investors should monitor the integration process and the impact of Alif's technology on ADI's product portfolio and future revenue streams.
ANALOG DEVICES INC 8-K Report, Financial Results (Aug 19, 2026)
Analog Devices, Inc. (ADI) announced its financial results for the fiscal third quarter ended August 1, 2026, on August 19, 2026. This 8-K filing primarily serves to furnish the press release detailing these results as an exhibit. While specific financial figures are not directly detailed in the 8-K text itself, the filing indicates that the press release (Exhibit 99.1) contains the comprehensive operational and financial data for the quarter. Investors should refer to Exhibit 99.1 for details on revenue, profitability, and any forward-looking guidance provided by the company.
ANALOG DEVICES INC 8-K Report, Corporate Update (Jul 29, 2026)
Analog Devices, Inc. (ADI) disclosed on July 29, 2026, that it identified unauthorized access to certain company systems on June 23, 2026. The company promptly initiated incident response protocols, engaged external cybersecurity experts, and notified law enforcement. While operations were not interrupted, an investigation confirmed that certain files were exfiltrated, though the full scope and nature of the data are still under investigation. To date, there is no indication of public release or fraudulent use of the data. ADI stated it does not believe this incident is reasonably likely to materially impact its business, operations, or financial condition, based on current information and mitigation efforts. Additionally, ADI is separately assessing public reports of a disparate cybersecurity matter that emerged on July 26, 2026. The company will provide notifications to affected parties and regulators as appropriate. Investors should be aware that while ADI currently assesses the impact as immaterial, ongoing investigations and potential future discoveries could alter this outlook, with risks including data misuse, operational disruptions, and legal/reputational ramifications.
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.
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