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Analog Devices 8-K Report, Financial Results (Nov 25, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 25, 2025
Period End
November 25, 2025
Security
ADI
In the record · 2016–202610-K1010-Q338-K146

ADI filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 146 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Sep ’18Sep ’18
  2. Leadership change8-K · Aug ’20Aug ’20
  3. Material agreement8-K · Oct ’22Oct ’22
  4. Material agreement8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed November 25, 2025. Cited figures are marked; the original filing is the authoritative source.

Analog Devices (ADI) reported a strong fourth quarter and fiscal 2025 (ended November 1, 2025).

Q4 revenue was $3.08 billiona, up 26% year over year, with growth across all end markets led by Communications (+37%) and Industrial (+34%). Full-year revenue reached $11.02 billion, up 17%. Profitability improved sharply: Q4 GAAP gross margin expanded 510 bps to 63.1%, GAAP operating margin rose to 30.7% from 23.3%, and GAAP diluted EPS was $1.60 versus $0.96.

On an adjusted basis, Q4 operating margin was 43.5% and adjusted EPS was $2.26b, up 35%. Full-year adjusted EPS was $7.79, up 22%. Adjusted figures exclude acquisition-related amortization and other items, so investors should weigh GAAP results alongside them.

Cash generation was robust, with fiscal 2025 operating cash flow of $4.8 billionc and free cash flow of $4.3 billion (39% of revenue). ADI returned 96% of free cash flow to shareholders through $2.2 billion of buybacks and $1.9 billion of dividends. Total debt rose: long-term debt increased to $8.1 billion from $6.6 billion, though cash and short-term investments grew to about $3.65 billion.

For fiscal Q1 2026, ADI guided revenue to $3.1 billiond (+/- $100 million), roughly flat sequentially with Q4. Guidance implies GAAP EPS of $1.60 (+/- $0.10) and adjusted EPS of $2.29 (+/- $0.10), and adjusted operating margin of about 43.5%.

CFO Richard Puccio said macro uncertainty will likely influence the shape of fiscal 2026, though management believes ADI is well positioned to benefit from the ongoing cyclical recovery and secular growth trends. The Board declared a quarterly dividend of $0.99 per share, payable December 22, 2025, to holders of record on December 8, 2025.

02—Key points

Key Highlights

  1. Q4 FY25 revenue of $3.08 billion, up 26% year over year, with growth across all four end markets; Communications rose 37% and Industrial rose 34%.
  2. GAAP operating margin expanded to 30.7% from 23.3%, and gross margin rose 510 bps to 63.1%, reflecting strong volume leverage and lower acquisition-related charges as a share of revenue.
  3. Full-year FY25 revenue of $11.02 billion, up 17%, with GAAP diluted EPS of $4.56 (up 39%) and adjusted diluted EPS of $7.79 (up 22%).
  4. Fiscal 2025 free cash flow of $4.28 billion (39% of revenue), with Q4 free cash flow of $1.49 billion (48% of revenue).
  5. Shareholder returns totaled $4.1 billion in FY25 ($2.2 billion buybacks and $1.9 billion dividends), equal to 96% of free cash flow.
  6. Q1 FY26 guidance calls for revenue of $3.1 billion (+/- $100 million), GAAP EPS of $1.60 and adjusted EPS of $2.29, with management flagging macro uncertainty for the fiscal year's shape.
  7. Long-term debt rose to $8.1 billion from $6.6 billion, a point investors should monitor against cash of $2.5 billion and short-term investments of $1.2 billion.

03—Questions

Frequently Asked Questions

  1. How strong was ADI's fourth quarter compared with a year earlier?

    Q4 FY25 revenue was $3.08 billion, up 26% from $2.44 billion. GAAP diluted EPS rose 67% to $1.60 and adjusted EPS rose 35% to $2.26. GAAP operating income climbed 66% to $945 million, and adjusted operating margin reached 43.5%, up 240 bps.

  2. What is the outlook for the first quarter of fiscal 2026?

    ADI forecasts revenue of $3.1 billion (+/- $100 million), reported operating margin of about 31.0% (+/- 130 bps), and adjusted operating margin of about 43.5% (+/- 100 bps). Reported EPS is expected at $1.60 (+/- $0.10) and adjusted EPS at $2.29 (+/- $0.10). The guidance implies little sequential change from Q4.

  3. Why do GAAP and adjusted results differ so much?

    Adjusted metrics exclude acquisition-related expenses, mainly amortization of acquired intangibles and fair value adjustments tied to acquisitions including Maxim Integrated. These totaled $1.62 billion of operating expenses-related charges for FY25 and $393 million in Q4. Special charges and tax items are also excluded. Management argues these items do not reflect ongoing operations, but investors should still account for the non-cash amortization in valuation.

  4. Is ADI's capital return sustainable given its rising debt?

    In FY25, ADI returned 96% of free cash flow to shareholders. Free cash flow was $4.28 billion, against $2.2 billion in buybacks and $1.9 billion in dividends. Long-term debt increased to $8.1 billion from $6.6 billion, and cash plus short-term investments totaled about $3.65 billion. Coverage appears adequate, but a payout near 100% of free cash flow leaves limited room for debt reduction or acquisitions without additional borrowing.

  5. What dividend is ADI paying, and when?

    The Board declared a quarterly cash dividend of $0.99 per share. It is payable December 22, 2025, to shareholders of record at the close of business on December 8, 2025. The dividend totals roughly $1.9 billion annualized at current share counts, consistent with the FY25 dividend payments.

04—Continue

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