Analog Devices, Inc. (ADI) financials
NASDAQ · Technology · Semiconductors · 24,500 employees · CEO Vincent T. Roche
- Price
- $417.11 -3.73%
- Market cap
- $202B
- Enterprise value
- $209B
- Last report
- Q3 '26 filed 2026-08-19
- Next report
- 2026-11-24 EPS est. $3.89
Revenue (TTM)$13.9B+33.6% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)35.5%+10.9 pp vs a year agoOperating income $4.93B
Net income (TTM)$4.14B+111.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$4.94B+34.2% vs a year agoCapex $608M
Diluted EPS (TTM)$8.43+115.1% vs a year agoSum of the last 4 quarters
Net cash-$6.8B-30.2% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $202B EV $209B
- Revenue
- $13.9B Trailing 12 months
- Revenue growth
- +37% FY2026 consensus
- Profit margin
- 29.8% Net income / revenue, TTM
- P/E
- 49.2× Forward 32.4× (FY2026)
- P/S
- 14.6× Price / sales, TTM
- EV / EBITDA
- 29.8× TTM
- Free cash flow
- $4.94B Trailing 12 months
- Net income
- $4.14B Trailing 12 months
- Revenue estimate
- $15.1B FY2026 consensus
- Earnings
- 2026-11-24 Revenue est. $4.32B
- Dividend
- $4.29 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-19): revenue beat by 2.6%, EPS beat by 3.3%Revenue $4.02B vs $3.92B expected (+2.6%); EPS $3.45 vs $3.34 (+3.3%).
- Revenue growth accelerating: 39.6% year on yearQ3 '26 revenue $4.02B, against an average of 29.5% over the four quarters before.
- Operating margin 35.5% (TTM), +10.9 pp on a year agoOperating income grew 93.0% while revenue grew 33.6%.
- Capex 4.4% of revenue (a year ago 4.7%)$608M invested in the last 4 quarters (+25.6% on a year earlier). Free cash flow $4.94B = 119.4% of net income.
- Returned $5.17B to shareholders = 104.7% of free cash flowBuybacks $3.13B (a year earlier $1.58B), dividends $2.04B, stock-based pay $350M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 1.3% in a year490M diluted shares in Q3 '26, 497M a year earlier.
- Net debt $6.8BCash + short-term investments $2.32B, debt incl. leases $9.12B; a year ago net debt $5.22B.
Last quarter: Q3 '26
Quarter ended 2026-08-01. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.02B | $2.88B | +39.6% |
| Gross margin | 67.3% | 62.1% | +5.2 pp |
| Operating income | $1.61B | $818M | +97.2% |
| Operating margin | 40.1% | 28.4% | +11.7 pp |
| Net income | $1.34B | $519M | +158.4% |
| Diluted EPS | $2.74 | $1.04 | +163.5% |
| Operating cash flow | $1.6B | $1.17B | +37.7% |
| Capex | $146M | $79.2M | +84.0% |
| Free cash flow | $1.46B | $1.09B | +34.3% |
| R&D | $533M | $454M | +17.4% |
| Stock-based compensation | $96.3M | $84.7M | +13.6% |
Reported vs consensus
2026-08-19| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.02B | $3.92B | +2.6% |
| EPS (as estimated) | $3.45 | $3.34 | +3.3% |
From the report of 2026-08-19 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Industrial | $1.41B | +34.9% | 45.8% | $4.93B | +14.3% | |
| Automotive | $845M | +11.3% | 27.5% | $3.28B | +15.9% | |
| Communications | $400M | +48.0% | 13.0% | $1.38B | +27.5% | |
| Consumer | $422M | +14.3% | 13.7% | $1.43B | +19.1% |
Revenue by region
share of total| Segment | Q4 '25 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $539M | -12.5% | 33.7% | $2.11B | +5.3% | |
| Europe | $374M | +8.2% | 23.4% | $1.47B | +21.5% | |
| CHINA | $334M | +32.8% | 20.9% | $1.21B | +43.6% | |
| JAPAN | $179M | +6.8% | 11.2% | $716M | +41.5% | |
| Rest of Asia | $145M | +7.8% | 9.1% | $594M | +33.4% | |
| Rest of North and South America | $26.1M | -1.6% | 1.6% | $103M | +0.3% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.55B
- Capex
- -$608M
- Buybacks
- -$3.13B
- Dividends
- -$2.04B
- Acquisitions
- -$1.54B
- Net debt issued
- $456M
- Stock-based compensation
- $350M
- Free cash flow
- $4.94B
- Returned to shareholders / FCF
- 104.7%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 49.2× | 44.1× | 24.3× – 68.3× |
| EV / EBITDA | 29.8× | 21.8× | 14.1× – 28.5× |
| EV / Sales | 15.1× | 9.5× | 6.7× – 12.5× |
| Price / FCF | 40.9× | 26.9× | 19.9× – 35.8× |
| Price / Book | 6.1× | 2.5× | 1.8× – 3.4× |
| FCF yield | 2.4% | 3.9% | 2.8% – 5.0% |
| Return on invested capital | 9.6% | 5.3% | 3.4% – 7.5% |
| Return on equity | 12.3% | 6.4% | 3.7% – 9.3% |
Analysts
Consensus target $480.24 (+15.1%)
range $405.00 – $675.00 · rating Buy
Strong buy0
Buy45
Hold9
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $15.1B | +37.3% | $12.88 | +182.5% | 32.4× | 19 |
| FY2027 | $18.6B | +22.9% | $16.82 | +30.6% | 24.8× | 20 |
| FY2028 | $20.8B | +12.0% | $19.93 | +18.5% | 20.9× | 10 |
| FY2029 | $23.4B | +12.2% | $21.79 | +9.4% | 19.1× | 4 |
| FY2030 | $25.1B | +7.4% | $23.90 | +9.7% | 17.5× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 286 figures Analog Devices, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $682M | $491M | +39.0% | $544M | $487M | +11.6% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $2.39B | $1.55B | +53.8% | $1.44B | $1.34B | +7.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $5.44M2025-11-01 | $7.16M | -24.0% | $5.44M | $7.16M | -24.0% |
| Accrual for Taxes Other than Income Taxes, Current | $35.3M2025-11-01 | $23.1M | +52.3% | $35.3M | $23.1M | +52.3% |
| Accrued Income Taxes, Current | $462M | $475M | -2.8% | $610M | $447M | +36.4% |
| Accrued Income Taxes, Noncurrent | $90.7M | $99.9M | -9.2% | $101M | $260M | -61.2% |
| Accrued Liabilities, Current | $2.16B | $1.46B | +47.6% | $1.65B | $1.11B | +48.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.09B2025-11-01 | $3.77B | +8.4% | $4.09B | $3.77B | +8.4% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$149M | -$173M | +13.9% | -$155M | -$185M | +16.6% |
| Additional Paid in Capital, Common Stock | $21.3B | $23.9B | -11.1% | $23.3B | $25.1B | -6.9% |
| Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | $264M | $647M | -59.2% | $2.54B | $2.22B | +14.8% |
| Amortization of Intangible Assets | $390M | $385M | +1.3% | $1.59B | $1.74B | -8.6% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 134K | -100.0% | 94K | 71K | +32.4% |
| Assets | $48.4B | $48.2B | +0.5% | $48B | $48.2B | -0.5% |
| Assets for Plan Benefits, Defined Benefit Plan | $13M2025-11-01 | $6.11M | +112.6% | $13M | $6.11M | +112.6% |
| Assets Held-for-sale, Not Part of Disposal Group | $54.2M2025-11-01 | $41.5M | +30.5% | $54.2M | $41.5M | +30.5% |
| Assets, Current | $7.07B | $6.92B | +2.1% | $7.11B | $5.48B | +29.6% |
| Assets, Fair Value Disclosure | $1.35B | $2.21B | -39.0% | $2.4B | $1.06B | +125.8% |
| Assets, Noncurrent | $41.4B | $41.3B | +0.2% | $40.9B | $42.7B | -4.3% |
| Cash | $1.1B | $1.4B | -21.4% | $642M2023-10-28 | $1.02B | -36.8% |
| Cash and Cash Equivalents, at Carrying Value | $2.17B | $2.32B | -6.7% | $2.5B | $1.99B | +25.5% |
| Cash Equivalents, at Carrying Value | $1.36B2025-11-01 | $1.4B | -2.7% | $1.36B | $1.4B | -2.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $2.17B | $2.32B | -6.7% | $2.5B | $1.99B | +25.5% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$271M | -$55M | -392.4% | $508M | $1.03B | -50.8% |
| Commercial Paper | $1.01B | $549M | +83.2% | $447M | $548M | -18.5% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.10 | $0.99 | +11.1% | $3.89 | $3.62 | +7.5% |
| Common Stock, Dividends, Per Share, Declared | $1.10 | $0.99 | +11.1% | $3.89 | $3.62 | +7.5% |
| Common Stock, Par or Stated Value Per Share | $0.16 | $0.16 | 0.0% | $0.16 | $0.16 | 0.0% |
| Common Stock, Shares Authorized | 1.2B | 1.2B | 0.0% | 1.2B | 1.2B | 0.0% |
| Common Stock, Shares, Outstanding | 485M | 492M | -1.5% | 490M | 496M | -1.3% |
| Common Stock, Value, Issued | $80.8M | $82M | -1.5% | $81.6M | $82.7M | -1.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.34B | $513M | +161.8% | $2.3B | $1.64B | +40.3% |
| Cost of Goods and Services Sold | $1.31B | $1.09B | +20.5% | $4.25B | $4.05B | +5.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $493M | $348M | +41.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $185M | $147M | +25.6% |
| Current Income Tax Expense (Benefit) | – | – | – | $691M | $510M | +35.7% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $14.2M | $14.4M | -1.6% |
| Debt Instrument, Face Amount | $8.22B | $8.22B | 0.0% | $7.66B2024-11-02 | $7.06B | +8.5% |
| Debt Instrument, Fair Value Disclosure | $7.3B | $7.48T | -99.9% | $5.84B2023-10-28 | $5.47B | +6.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $72M2025-11-01 | $83.1M | -13.4% | $72M | $83.1M | -13.4% |
| Debt Securities, Available-for-sale | $1.14B2025-11-01 | $593M | +92.1% | $1.14B | $593M | +92.1% |
| Debt Securities, Available-for-sale, Current | $159M | $1.15B | -86.1% | $1.15B | $372M | +210.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$455M | -$493M | +7.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $216M | $121M | +77.5% |
| Deferred Income Tax Assets, Net | $1.69B | $1.93B | -12.2% | $1.87B | $2.08B | -10.4% |
| Deferred Income Tax Expense (Benefit) | -$161M | $154M | -204.7% | -$247M | -$368M | +32.9% |
| Deferred Income Tax Liabilities, Net | $1.84B | $2.37B | -22.5% | $2.16B | $2.62B | -17.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$7.02M | $3.58M | -296.1% |
| Deferred Tax Assets, Gross | $3.02B2025-11-01 | $3.1B | -2.7% | $3.02B | $3.1B | -2.7% |
| Deferred Tax Assets, Inventory | $35.3M2025-11-01 | $29.1M | +21.3% | $35.3M | $29.1M | +21.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.76B2025-11-01 | $2.76B | -0.1% | $2.76B | $2.76B | -0.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $33.5M2025-11-01 | $41.3M | -19.1% | $33.5M | $41.3M | -19.1% |
| Deferred Tax Assets, Other | $68.1M2025-11-01 | $71M | -4.1% | $68.1M | $71M | -4.1% |
| Deferred Tax Assets, Tax Credit Carryforwards | $242M2025-11-01 | $318M | -24.1% | $242M | $318M | -24.1% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $57M2025-11-01 | $48.8M | +16.8% | $57M | $48.8M | +16.8% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | $23.8M2025-11-01 | $22.3M | +6.8% | $23.8M | $22.3M | +6.8% |
| Deferred Tax Assets, Valuation Allowance | $264M2025-11-01 | $343M | -23.1% | $264M | $343M | -23.1% |
| Deferred Tax Liabilities, Gross | $3.05B2025-11-01 | $3.3B | -7.5% | $3.05B | $3.3B | -7.5% |
| Deferred Tax Liabilities, Net | $296M2025-11-01 | $541M | -45.2% | $296M | $541M | -45.2% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $142M2025-11-01 | $140M | +1.8% | $142M | $140M | +1.8% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-08-01, 10-Q 2026-05-02, 10-Q 2026-01-31, 10-K 2025-11-01, 10-Q 2025-08-02, 10-Q 2025-05-03, 10-Q 2025-02-01, 10-K 2024-11-02, 10-Q 2024-08-03
Data as of 2026-11-01