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Analog Devices, Inc. reported fiscal first quarter 2026 results for the period ended January 31, 2026, posting revenue of $3.16 billion with year-over-year growth across all end markets, led by Industrial and Communications.
On a trailing twelve-month basis, the company generated operating cash flow of $5.1 billion and free cash flow of $4.6 billion, representing 43% and 39% of revenue, respectively.
During the first quarter, Analog Devices returned $1.0 billion to shareholders through dividends and share repurchases. The company also increased its quarterly dividend by 11% to $1.10 per share, marking its twenty-second consecutive year of dividend increases.
CEO and Chair Vincent Roche said the company’s first-quarter performance built on strong momentum entering the year, attributing results to sustained innovation and continued investment in R&D and customer experience. CFO Richard Puccio noted that bookings growth continued during the quarter, driven by broad strength in Industrial markets and record orders in the Data Center segment. Despite ongoing macroeconomic and geopolitical uncertainty, he said the company’s second-quarter outlook reflects a new high watermark for ADI.
For the second quarter of fiscal 2026, Analog Devices expects:
- Revenue of $3.5 billion, ± $100 million
- Reported operating margin of approximately 36.4%, ± 150 basis points
- Adjusted operating margin of approximately 47.5%, ± 100 basis points
- Reported EPS of $2.19, ± $0.15
- Adjusted EPS of $2.88, ± $0.15
The adjusted results are non-GAAP financial measures, with reconciliations provided in the company’s financial tables. The company stated that actual results may differ based on various risk factors and that the outlook supersedes prior forward-looking statements.
Original – Analog Devices
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Analog Devices, Inc. announced the appointment of Dr. Yoky Matsuoka as an independent director and member of the Board’s Corporate Development Committee, effective January 20, 2026. Her appointment expands the Board to 11 members.
Dr. Matsuoka is an executive officer of Panasonic Holdings, where she leads global innovation and new business. Her prior leadership roles include Vice President in Google’s healthcare organization, Chief Technology Officer at Google/Nest, co-founder and head of innovation at Google X, and a senior executive position at Apple. She also served as CEO of Quanttus, a wearable health technology startup.
“Yoky is an exceptional technologist and business leader whose experience integrating hardware, software and AI to deliver meaningful human outcomes aligns directly with ADI’s mission,” said Vincent Roche, ADI’s CEO and Chair. “Her focus on building sustainable, efficient and human-centric systems will help guide ADI as we scale our solutions across the physical and digital worlds.”
Before her Silicon Valley tenure, Dr. Matsuoka was an endowed professor at Carnegie Mellon University and the University of Washington, specializing in AI, robotics and neuroscience. She founded and directed the NSF ERC Center for Sensorimotor Neural Engineering and the Neurobotics Laboratory, advancing devices that restore human sensation and movement. A recipient of the MacArthur “Genius” Award, she used the grant to establish the YokyWorks Foundation, supporting children with physical and learning challenges.
Dr. Matsuoka holds a Ph.D. and S.M. from the Massachusetts Institute of Technology and a B.S. from the University of California, Berkeley, all in Electrical Engineering and Computer Science. She was featured on Forbes’ 50 Over 50: Innovation list and Inc.’s Top Female Founders list in 2023.
Original – Analog Devices
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Analog Devices, Inc. announced its financial results for the fourth quarter and full fiscal year ended November 1, 2025, highlighting consistent growth across key end markets and strong shareholder returns.
For the fourth quarter of fiscal 2025, Analog Devices reported revenue of $3.08 billion, reflecting year-over-year growth across all major end markets, led by Communications and Industrial segments. Fiscal 2025 revenue reached $11.0 billion, representing a 17% increase compared to the prior year.
The company generated operating cash flow of $4.8 billion and free cash flow of $4.3 billion, accounting for 44% and 39% of total revenue, respectively. Analog Devices returned 96% of its fiscal 2025 free cash flow to shareholders, including $2.2 billion through share repurchases and $1.9 billion in dividend payments.
Vincent Roche, CEO and Chair of Analog Devices, stated, “Our strong fourth quarter concluded a year of robust growth, driven by both cyclical tailwinds and our differentiated market position. These results reflect the strength of our business model, as well as our unwavering focus on delivering high-performance technologies that solve complex challenges for our customers. This has built deep customer trust and a rapidly expanding design pipeline, reinforcing our confidence in delivering long-term value.”
Richard Puccio, Chief Financial Officer, added, “We saw healthy booking trends continue through the fourth quarter, with particular strength in our Communications market and steady growth in Industrial. While macroeconomic uncertainty may influence the near-term landscape, we are well positioned to benefit from both cyclical recovery and long-term secular growth trends.”
Analog Devices expects first-quarter fiscal 2026 revenue of approximately $3.1 billion, plus or minus $100 million. At the midpoint of this outlook, the company anticipates a reported operating margin of 31.0% (±130 basis points) and an adjusted operating margin of 43.5% (±100 basis points). Reported earnings per share (EPS) are projected at $1.60 (±$0.10), with adjusted EPS expected at $2.29 (±$0.10).
Analog Devices’ Board of Directors has declared a quarterly cash dividend of $0.99 per share. The dividend will be payable on December 22, 2025, to shareholders of record as of the close of business on December 8, 2025.
All non-GAAP financial measures mentioned are reconciled to the most directly comparable GAAP measures in the company’s financial tables and filings.
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ASE Technology Holding Co., Ltd. and Analog Devices, Inc. have announced a new strategic collaboration in Penang, Malaysia, marked by the signing of a binding Memorandum of Understanding.
Under the proposed agreement, ASE plans to acquire 100 percent of the equity of Analog Devices Sdn. Bhd., including its manufacturing facility in Penang. Following the acquisition, the two companies intend to enter into a long-term supply partnership, with ASE providing manufacturing services for Analog Devices. Both companies also plan to co-invest in developing the skills and capabilities of the Penang workforce.
The Penang facility, established in 1994 and located in the Bayan Lepas industrial hub, spans more than 680,000 square feet. Once the acquisition is complete, ASE will integrate the site into its global network of IC packaging and testing operations. The move is expected to enhance ASE’s ability to meet increasing customer and supply chain demands while offering new opportunities for investment and innovation.
According to ASE Chief Operating Officer Tien Wu, the acquisition is a key step in expanding the company’s global manufacturing reach and flexibility. He said the agreement reflects ASE’s continued commitment to collaborate closely with Analog Devices in delivering advanced IC packaging and testing solutions for analog, mixed-signal, and digital signal processing products. Wu added that ASE looks forward to welcoming the Penang team and combining the strengths of both organizations to drive growth and innovation.
Vivek Jain, Executive Vice President of Global Operations & Technology at Analog Devices, emphasized that advanced assembly technology and resilient manufacturing are vital for the company’s long-term success. He said the partnership with ASE will expand the Penang factory’s capabilities and capacity, enhancing Analog Devices’ technology offerings and supply chain resilience while continuing to support customers and provide career growth opportunities for employees.
Both parties expect to finalize definitive agreements in the fourth quarter of 2025, with the transaction anticipated to close in the first half of 2026, pending customary closing conditions and regulatory approvals. After completion, ASE will take over operations at the Penang site, supporting both Analog Devices and other customers as part of its expanding global network.
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Analog Devices has introduced ADI Power Studio, a comprehensive suite of design tools that unifies modeling, simulation, component selection, and efficiency analysis for power management engineers. The platform provides an integrated design environment that accelerates the development of complex, power-dense electronic systems.
As part of this launch, ADI unveiled early versions of two new web-based tools — ADI Power Studio Planner and ADI Power Studio Designer — offering engineers a modern, intuitive experience for both system-level and IC-level power design. These tools complement ADI’s established portfolio, which includes LTspice, SIMPLIS, LTpowerCAD, LTpowerPlanner, EE-Sim, LTpowerPlay, and LTpowerAnalyzer.
Today’s power systems are increasingly complex, with multiple voltage domains and hundreds of interdependent power rails. ADI Power Studio addresses these challenges by providing a unified workflow that helps teams simulate real-world performance early in the design process. Engineers can perform accurate modeling, evaluate tradeoffs, generate bills of materials, and optimize architectures — all within a single ecosystem.
Robert Reay, Vice President and Fellow for Power Products at ADI, described the launch as a significant step forward. “ADI Power Studio is more than a set of tools — it’s a design ecosystem,” he said. “By integrating system- and IC-level capabilities into one platform, we’re enabling engineers to streamline design and deliver solutions to customers faster.”
ADI Power Studio Planner enables interactive, web-based power tree planning, allowing engineers to visualize architectures, calculate losses, and analyze efficiency with intelligent parametric search and design tradeoffs.
ADI Power Studio Designer provides IC-level optimization with guided workflows for selecting components, estimating performance, and running detailed efficiency simulations using LTspice and SIMPLIS before moving to hardware testing.Together, these tools create a connected workflow from concept to evaluation, reducing rework, shortening development cycles, and supporting engineers as they design next-generation, high-efficiency power systems.
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Analog Devices, Inc. announced financial results for its fiscal third quarter 2025, which ended August 2, 2025.
“Despite geopolitical challenges, ADI’s third-quarter revenue and earnings per share exceeded the high end of our expectations,” stated CEO and Chair Vincent Roche. “While tariffs and trade fluctuations are creating market uncertainty, the demand for ADI’s products remains robust. The company’s relentless focus on cutting-edge innovation positions us to capitalize on the growth of the intelligent physical edge. In addition, our diverse and resilient business model enables ADI to navigate various market conditions and consistently create long-term value for our shareholders.”
- Revenue of $2.88 billion, with double-digit year-over-year growth across all end markets
- Operating cash flow of $4.2 billion and free cash flow of $3.7 billion on a trailing twelve-month basis or 40% and 35% of revenue, respectively
- Returned $1.6 billion to shareholders during the third quarter via $0.5 billion in dividends and $1.1 billion in repurchases
CFO Richard Puccio added, “We closed the third quarter with continued backlog growth and healthy bookings trends, notably in the Industrial end market. Our favorable third quarter results and outlook for continued growth in the fourth quarter, position us well to finish fiscal 2025 from a position of strength.”
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Analog Devices, Inc. announced financial results for its fiscal second quarter 2025, which ended May 3, 2025.
- Revenue of $2.64 billion, with double-digit year-over-year growth across all end markets
- Operating cash flow of $3.9 billion and free cash flow of $3.3 billion on a trailing twelve-month basis or 39% and 34% of revenue, respectively
- Returned $0.7 billion to shareholders via dividends and repurchases during the second quarter
“ADI delivered second quarter revenue and earnings per share above the high end of guidance,” said Vincent Roche, CEO and Chair. “Against a backdrop of global trade volatility, our performance reflects the ongoing cyclical recovery, and the strength and resiliency of our business model. Our unwavering commitment to innovation and customer success, enables ADI to continue extending our leadership at the increasingly AI-driven Intelligent Edge, delivering exceptional value for shareholders over both the near- and long-terms.”
CFO Richard Puccio added, “Second quarter bookings accelerated across all end markets and all regions, resulting in continued sequential backlog growth. The improving demand signals we saw throughout our fiscal Q2, support our outlook for continued growth in Q3, and reinforce our view that we are in a cyclical upturn.”
Performance for the Second Quarter of Fiscal 2025 (PDF)
Outlook for the Third Quarter of Fiscal Year 2025
For the third quarter of fiscal 2025, we are forecasting revenue of $2.75 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 27.2%, +/-150 bps, and adjusted operating margin of approximately 41.5%, +/-100 bps. We are planning for reported EPS to be $1.23, +/-$0.10, and adjusted EPS to be $1.92, +/-$0.10.
Our third quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our third quarter fiscal 2025 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Original – Analog Devices
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Analog Devices, Inc. announced financial results for its fiscal first quarter 2025, which ended February 1, 2025.
- Revenue of more than $2.4 billion, with sequential growth in Industrial, Automotive, and Communications, and double-digit year-over-year growth in Consumer
- Operating cash flow of $3.8 billion and free cash flow of $3.2 billion on a trailing twelve-month basis
- Raised quarterly dividend 8% to $0.99, marking twenty-one consecutive years of increases
- Increased share repurchase authorization by $10.0 billion, bringing total remaining authorization to approximately $11.5 billion
“ADI delivered first quarter revenue, profitability, and earnings per share above the midpoint of our outlook, despite the challenging macro and geopolitical backdrop,” said Vincent Roche, CEO and Chair. “Our recovery is being propelled by improving cyclical dynamics and numerous new wins across our franchise converting to revenue. We remain firmly committed to delivering ever higher levels of value for customers through differentiated innovation and customer experience, coupled with an agile and resilient supply chain.”
“Bookings continued to show gradual improvement during the first quarter with strength in Industrial and Automotive positioning us to grow sequentially and year-over-year in our second fiscal quarter. We remain confident that fiscal 2025 represents a return to growth for ADI,” said Richard Puccio, CFO.
Performance for the First Quarter of Fiscal 2025 (PDF)
Outlook for the Second Quarter of Fiscal Year 2025
For the second quarter of fiscal 2025, Analog Devices is forecasting revenue of $2.50 billion, +/- $100 million. At the midpoint of this revenue outlook, reported operating margin of is expected to be approximately 24.2%, +/-160 bps, and adjusted operating margin of approximately 40.5%, +/-100 bps. Reported EPS is planned to be $0.97, +/-$0.10, and adjusted EPS to be $1.68, +/-$0.10.
The second quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about the second quarter fiscal 2025 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on March 17, 2025 to all shareholders of record at the close of business on March 4, 2025.
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Analog Devices, Inc. announced the appointment of Andrea F. Wainer, a seasoned healthcare executive, to its Board of Directors as an independent director. She will also serve as a member of the Board’s Nominating and Corporate Governance Committee.
“We are delighted to welcome Andrea to the ADI Board, as her deep experience and leadership in the healthcare sector will provide ADI with an important source of wisdom and knowledge as we navigate the rich opportunity landscape ahead of us,” said Vincent Roche, ADI’s CEO and Chair.
Wainer is a highly versatile, results-oriented leader with expertise leading innovative businesses at Abbott Laboratories (Abbott), Pfizer and Astellas Pharma. Since 2019, she has served as Executive Vice President, Rapid and Molecular Diagnostics at Abbott. In this role, she leads three businesses – one focused on molecular diagnostics and the analysis of DNA and RNA at the molecular level, the second a provider of rapid point-of-care diagnostics, and the third delivers a leading hand-held point-of-care device.
Previous roles held include President, Abbott Molecular Diagnostics; President, Abbott Animal Health; and Divisional Vice President/General Manager, Abbott Renal Care.
Wainer also serves as a member of the Board of Trustees of the Goodman Theatre.
She earned a Bachelor’s Degree in Accounting from the John M. Olin School of Business, Washington University and a Master’s Degree in Business Administration from the Kellogg School of Management, Northwestern University.
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Analog Devices, Inc. announced financial results for its fiscal fourth quarter and fiscal year 2024, which ended November 2, 2024.
“ADI’s revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution,” said Vincent Roche, CEO and Chair. “While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model’s resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term.”
“After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025,” said Richard Puccio, CFO.
Performance for the Fourth Quarter and Fiscal Year 2024 (PDF)
Outlook for the First Quarter of Fiscal Year 2025
For the first quarter of fiscal 2025, we are forecasting revenue of $2.35 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.0%, +/- 130 bps, and adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10.
Our first quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Original – Analog Devices
