ANALOG DEVICES (ADI) Company Report

ADI reported a broad-based recovery across industrial end-markets, exiting Q4 with a book-to-bill above one in industrial and guiding above-seasonal growth for the January quarter.
China delivered a record revenue year, with automotive achieving its second record and representing about one-third of ADI’s global auto revenue; other China end-markets remain below prior peaks.
Maxim acquisition has generated hundreds of millions in revenue synergies in 2025, with ADI on track to achieve its $1 billion synergy target by 2027, potentially earlier.
The data center business, split evenly between optical and power, has grown 50% year-over-year for three consecutive quarters, driven by AI infrastructure demand.
ADI’s pricing discipline and premium ASPs on newer products have preserved margins, with potential for gross margins to reach around 71% under high-growth scenarios.

2 days ago

Transcript

ADI outlines growth drivers at UBS 2025 Global Tech and AI Conference

ADI

Guidance Update

M&A

Revenue Acceleration/Inflection

ADI announced above-seasonal guidance for its January quarter, citing a broad-based recovery with industrial book-to-bill above 1 and tailwinds from AI-driven test demand and rising aerospace and defense spending.
Two-thirds of ADI’s communications revenue is in wireline/data centers, which has grown significantly amid the AI infrastructure boom; the test business reached $800 M, while aerospace and defense exceeded $1 B, driven by high-performance modules.
China sales comprised 26% of revenue, grew 26% in fiscal 2025—outpacing total revenue—and China auto now represents ~33% of ADI’s global auto business, fueled by design wins and higher content per vehicle.
The Maxim acquisition delivered hundreds of millions in revenue synergies in 2025, keeping the $1 B synergy target by 2027 on track; future M&A will focus on software, digital, and AI capabilities to complement ADI’s analog portfolio.

2 days ago

Transcript

ADI details broad-based recovery and synergy targets at UBS conference

ADI

Guidance Update

Revenue Acceleration/Inflection

ADI reported a broad-based recovery across industrial, communications, consumer, and auto markets, exiting Q4 with a book-to-bill above one in industrial and communications, supporting a Q1 guide above seasonal levels.
China contributed 26% of FY 2025 revenue, growing 26% YoY, with China auto at ~33% of ADI’s global auto business, driven by ADAS content gains in mass-market vehicles.
Maxim acquisition delivered hundreds of millions in FY 2025 revenue synergies, with a $1 billion synergy target by 2027, potentially achieved earlier given a strong pipeline.
The data center business expanded 50% YoY for three consecutive quarters, evenly split between high-speed optical controllers and power conversion/delivery solutions for AI infrastructure.
ADI maintained disciplined pricing, increasing ASPs on newer products and avoiding broad price reductions to bolster margins amid inflationary cost pressures.

2 days ago

Transcript

Analog Devices reports Q4 FY2025 results

ADI

Earnings

Guidance Update

Dividends

FY2025 revenue reached $11.0 billion (+17% YoY) and Q4 revenue was $3.08 billion (+26% YoY, +7% sequentially), with double-digit growth across all end markets.
Q4 gross margin was 69.8% (+60 bps sequential, +190 bps YoY) and operating margin was 43.5% (+130 bps sequential, +240 bps YoY); Q4 EPS was $2.26 (+10% sequential, +35% YoY).
Free cash flow for FY2025 was $4.3 billion (39% of revenue), with $4.1 billion returned to shareholders via dividends and buybacks; net leverage improved to 0.9×.
Q1 FY2026 guidance calls for $3.1 billion revenue (±$0.1 billion), 43.5% operating margin (±100 bps), tax rate of 12–14%, and $2.29 EPS (±$0.10).

Nov 25, 2025, 3:00 PM

Transcript

Analog Devices reports Q4 fiscal 2025 earnings

ADI

Earnings

Dividends

Share Buyback

Fiscal 2025 revenue of $11 billion (+17% YoY), EPS of $7.79 (+22% YoY), gross margin of 69.3% and operating margin of 41.9%.
Q4 revenue of $3.08 billion (+26% YoY, +7% sequential), EPS of $2.26 (+35% YoY, +10% sequential), with gross and operating margins at 69.8% and 43.5%, respectively.
Q4 revenue mix: industrial 46% (+34% YoY), automotive 28% (+19%), communications 13% (+37%), consumer 13% (+7%); data center segment surpassed a $1 billion run rate (+>50% YoY).
Generated record free cash flow of $4 billion (39% of revenue) and returned over $4 billion to shareholders via an 8% dividend increase and share count reduction.
Outlook for fiscal 2026 anticipates broad-based growth led by industrial and communications, with Q2 typically up mid-single digits seasonally; remains cautious on auto due to tariff and policy uncertainties.

Nov 25, 2025, 3:00 PM

Transcript

Analog Devices reports Q4 2025 results

ADI

Earnings

Guidance Update

Dividends

Fiscal 2025 revenue was $11 billion (+17% YoY), EPS $7.79 (+22% YoY), and record free cash flow $4.3 billion (39% of revenue).
Q4 2025 revenue reached $3.08 billion (+26% YoY, +7% sequentially); gross margin was 69.8%, operating margin 43.5%, and EPS $2.26 (+35% YoY).
All end markets grew double-digit in Q4: Industrial +34%, Automotive +19%, Communications +37%, Consumer +19%.
Returned $4.1 billion to shareholders in FY 2025, including an 8% dividend increase and share repurchases ; Q1 FY 2026 guidance: revenue $3.1 billion±$0.1 billion, EPS $2.29±$0.10.

Nov 25, 2025, 3:00 PM

Transcript

Analog Devices announces Q4 2025 and FY 2025 financial results

ADI

Earnings

Dividends

Share Buyback

Q4 revenue of $3.08 billion (up 26% YoY) and fiscal 2025 revenue of $11.02 billion (up 17%).
Q4 GAAP operating margin of 30.7% with diluted EPS of $1.60; fiscal 2025 operating margin of 26.6% with EPS of $4.56.
Fiscal 2025 operating cash flow of $4.8 billion and free cash flow of $4.3 billion (44%/39% of revenue), returning 96% of free cash flow via $2.2 billion share repurchases and $1.9 billion dividends.
Board declared quarterly dividend of $0.99 per share, payable December 22, 2025 (record date December 8).

Nov 25, 2025, 12:03 PM

8-K

Analog Devices reports Q4 and FY2025 results

ADI

Earnings

Share Buyback

Guidance Update

$3.08 B Q4 revenue (+26% y-o-y); $11.02 B fiscal 2025 revenue (+17%).
Diluted EPS of $1.60 in Q4 (+67% y-o-y) and $4.56 for fiscal 2025 (+39%).
Operating cash flow of $4.8 B and free cash flow of $4.3 B (39% of revenue); 96% of free cash flow returned via $2.2 B share repurchases and $1.9 B dividends.
Fiscal Q1 2026 outlook: $3.1 B revenue (±$0.1 B), $1.60 GAAP EPS (±$0.10) and $2.29 adjusted EPS (±$0.10); $0.99 quarterly dividend declared.

Nov 25, 2025, 12:01 PM

Press Release

Analog Devices to sell Penang facility to ASE

ADI

M&A

New Projects/Investments

ASE will acquire 100% equity of Analog Devices Sdn. Bhd., including the 680,000 sq ft Penang facility (operational since 1994), under a binding MOU.
Transaction includes a long-term supply agreement and co-investment to upskill and expand the facility, enhancing manufacturing capabilities.
Definitive agreements are expected in Q4 2025, with closing anticipated in H1 2026, subject to regulatory approvals.
Move aims to bolster global supply chain resilience and increase operational flexibility to meet growing customer demand.

Oct 21, 2025, 8:08 AM

Morningstar

Analog Devices highlights cyclical recovery and outlook at JPMorgan All-Stars Conference

ADI

Guidance Update

Revenue Acceleration/Inflection

Analog Devices confirmed a cyclical upturn since the Q2 FY2024 bottom, with sequential order improvements in six of the last seven quarters and growth across all industrial end markets in Q3.
Automotive revenue is on track for a third consecutive record year, with high-growth sockets (connectivity, functional safety, BMS) comprising ~50% of auto sales; pull-in normalization is expected by Q4 FY2025.
AI/data center revenues are projected at $500–600 million in FY2025 (up >30% YoY), with key design wins in vertical power and optical modules slated to ramp in 2026, adding about $100 million annually.
Inventory days on the balance sheet stand at 160 days, while channel inventories remain below six weeks; ADI plans to keep days flat in Q4 by adding inventory to support the upturn and leverage six-week backend cycle times.
The company aims to restore gross margins to around 70% in Q4 FY2025 through improved utilization and a higher-margin industrial mix, targeting a return to 74% in the longer term as capacity and mix normalize.

Sep 16, 2025, 9:00 AM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for ANALOG DEVICES.

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