Revenue ($USD Billions)

Q3 2025

$2.75 ± $0.10 "

N/A

no current guidance

Operating Margin (%)

Q3 2025

41.5 ± 1.0 "

N/A

no current guidance

Tax Rate (%)

Q3 2025

11–13 "

N/A

no current guidance

Adjusted EPS ($USD)

Q3 2025

$1.92 ± $0.10 "

N/A

no current guidance

Revenue ($USD Billions)

Q4 2025

N/A

$3.0 billion ± $100 million "

no prior guidance

Operating Margin (%)

Q4 2025

N/A

43.5% ± 100 basis points "

no prior guidance

Tax Rate (%)

Q4 2025

N/A

between 11% and 13% "

no prior guidance

Adjusted EPS ($USD)

Q4 2025

N/A

$2.22 ± $0.10 "

no prior guidance

Industrial Recovery & Diversification

Q1–Q2 calls highlighted broad‐based recovery with deep diversification across subsectors (e.g., industrial automation, aerospace & defense, ATE) and flagged normalization in bookings and inventories. " " " " " " " Q4 2024 discussed sequential gains with early recovery signals despite inventory challenges. " "

Q3 2025 features a robust, accelerating industrial recovery—demand is strong across all industrial subsectors with renewed emphasis on automation and geographic differentiation—and reaffirms the value of a diversified model. " " " " "

Recovery and diversification remain a consistent strength; sentiment is increasingly positive with a strategic emphasis on automation and broader market coverage.

Automotive Performance, Volatility, Revenue Trends

Q1 showed moderate sequential growth driven by high-performance designs and design wins. " " " " Q2 reported record automotive performance with tariff-induced pull–in activity that was expected to normalize " " " , and Q4 noted mixed geographic results with continued content gains. " "

Q3 2025 reported record revenue levels driven by content and share gains—though it also flagged an expected sequential decline as pull–in effects unwind. "

Consistent strong performance with volatility related to pull–in timing; normalization is underway, so near-term contraction is expected while long-term trends remain positive.

Aerospace & Defense Supply Constraints

Earlier periods (Q1 and Q4) emphasized growth in Aerospace & Defense with expectations for double-digit expansion but without specific supply constraint issues. " " " Q2 did not mention constraints.

Q3 2025 explicitly calls out “supply limitations” amid surging demand and details proactive capacity expansion measures to address these constraints. "

A new emphasis on supply constraints as demand surges forces proactive capacity investments—highlighting a potential near-term challenge despite strong growth prospects.

Order Backlog and Demand Normalization

Q1 noted improved backlog and normalized inventories across customer channels. " " " Q2 emphasized the convergence of shipping with end demand in both industrial and automotive segments, while Q4 mentioned inventory digestion and early normalization signals. " " " " "

Q3 2025 highlights a very strong backlog (especially in aerospace & defense) with lean channel inventories and expectations for catch–up to end demand. " " "

There is a steady progression from prior under–shipping to current normalization; growing backlog and lean inventories indicate that demand is aligning with recovery in the supply chain.

Manufacturing Utilization and Capacity Investments

Q1 stressed a hybrid manufacturing model with increased internal capacity. " Q2 showed rising utilization (boosting gross margins) and significant investments—including expanded U.S./European fabs and enhanced back–end capacity. " " " Q4 reinforced these themes with additional CapEx ($2.7B) and utilization improvements. " "

Q3 2025 shows improved utilization—despite a one–time issue at a European fab—and continued capacity investments, especially to address aerospace & defense demand pressures. "

Continuous investment drives gradual utilization improvements; temporary setbacks are managed proactively, ensuring capacity remains a key growth enabler.

Robotics and Advanced Automation

Q1 mentioned early wins in software–configurable I/O and surgical robotics. " Q2 discussed the shift toward more mobile, tactile, and precise robotics solutions along with industrial automation gains. " " " Q4 highlighted Industry 4.0 integration and significant content growth. " "

Q3 2025 emphasizes double-digit growth in industrial automation and a strategic move into humanoid and highly dexterous robotics supported by key partnerships (e.g. with NVIDIA, Teradyne). " "

New generation robotics are evolving from fixed–arm formats toward advanced, high–content systems; sentiment is increasingly optimistic as integration of AI and additional sensor modalities boost growth potential.

New Product Introductions and Innovation

Q1 showcased breakthrough products (e.g. 1.6 terabit optical module, quantum initiatives) with strong design win contributions. " " Q2 focused on leveraging megatrends in healthcare, autonomy, and AI, while Q4 introduced new software platforms (CodeFusion Studio, Assure). " " " " " "

Q3 2025 spotlights innovation in industrial automation and robotics—with enhanced AI algorithms and partnerships (e.g. with NVIDIA) accelerating development and digital twin simulation. " "

The continuous push for innovation is driving evolving product portfolios with strong design wins; integrated AI and software solutions are increasingly underpinning future growth.

AI-Driven Infrastructure and High-Speed Interfaces

Q1 introduced high-speed optical and power technologies (1.6 terabit module, vertical power techniques). " Q2 underlined AI’s role in boosting ATE and data center growth. " " " Q4 focused on achieving steady demand in wireline communications and high-speed interfaces. " " "

Q3 2025 reinforces AI–driven growth especially in industrial ATE and communications segments, supporting continued demand for high–speed connectivity solutions. " "

Sustained robust growth is seen as AI investments continue to drive demand in infrastructure and high–speed solutions remain pivotal; the trend is steadily positive.

Geopolitical Uncertainties and Trade Risks

Q1 emphasized a hybrid manufacturing approach to mitigate geopolitical risks and noted overall resilience. " " Q2 commented on tariff impacts that drove pull–in activity. " " " Q4 provided little commentary.

Q3 2025 reiterates concerns over tariffs and geopolitical uncertainties while stressing diversification and supply chain resilience. " " "

Persistent concerns remain, though strategic diversification and robust supply chain management help mitigate risks; messaging stays cautious yet confident compared to earlier cycles.

Competition from Indigenous Suppliers

Q1 noted competitive pressure in mid-to–low segments but defended its “innovation premium”. " Q2 and Q4 were silent on this issue.

Q3 2025 reaffirms strong positioning in competitive markets such as China by leveraging the innovation premium. "

Competition remains an underlying challenge in certain markets; however, emphasis on premium, high–performance technologies has generally offset competitive pressure over time.

Inventory Management and Supply Chain Normalization

Q1 detailed normalized inventory levels and lean channel management accompanied by internal stock buffers. " " Q2 described a shift from under–shipping (estimated 10% below end consumption) toward shipping to end demand, and Q4 noted modest inventory increases with reduced days on hand. " " " " "

Q3 2025 reports continued lean channel inventories coupled with increased internal stocking and a clear signal that supply is beginning to catch up with demand. " " "

There is a steady trend toward normalization—from significant under–shipping to more balanced inventory management—indicating that supply chain challenges are gradually being resolved.

Software Investments and Integrated Solutions

Q1 underscored early efforts to integrate additional digital and software capabilities into products to address customer complexity. " " Q4 announced major software initiatives (CodeFusion Studio and ADI Assure) to enhance product integration. "

Q3 2025 reinforces a software–driven strategy in robotics and automation by integrating AI algorithms and partnering with NVIDIA to deliver end–to–end solutions. " "

There is growing emphasis on software integration to complement core analog innovations; this strategy is increasingly key to boosting differentiation and long–term growth.

Communications Business and 5G CapEx Uncertainty

Q1 reported robust wireline growth despite challenges in wireless, with a modest outlook. " Q2 showed moderate sequential gains with some wireless declines, and Q4 noted wireless struggles driven by 5G CapEx uncertainty while wireline offset some declines. " " "

Q3 2025 shows strong overall communications performance with double-digit sequential growth in both wireline and wireless, and no explicit mention of 5G CapEx uncertainty. "

While 5G CapEx uncertainty was previously a headwind—particularly for wireless—this concern appears muted in Q3, suggesting a potential recovery in the wireless segment alongside sustained wireline strength.

Battery Management Systems (BMS) Trends

Q1 indicated that BMS was poised for a rebound in 2025 driven by new design wins and wireless content improvements. " Q4 observed improved BMS demand in China and the U.S. alongside ongoing inventory headwinds, with expectations for growth. " "

Q3 2025 contains no new commentary on BMS, suggesting reduced emphasis compared to earlier periods.

Conversations around BMS have diminished in Q3, implying that earlier optimism may have plateaued or that the market is entering a consolidation phase, though the long-term recovery remains expected.