Company file · ADI

Analog Devices

Communications was Analog Devices' fastest-growing segment in FY2025, up 26.2%

Revenue rose 16.9% to $11.0B in FY2025, from $9.4B in FY2024. Net income rose 38.7% to $2.3B. Industrial was the largest segment, at 45% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Nov 25, 2025) · Latest quarter: 10-Q for the quarter ended Aug 1, 2026 (filed Aug 19, 2026) · Data pulled Oct 27, 2026

Key facts

Analog Devices (Nasdaq: ADI) closed fiscal 2025 on Nov 1, 2025 with revenue of $11.0B, up 16.9% from a year before; net income came to $2.3B, up 38.7%. Its newest quarterly report covers the three months to Aug 1, 2026: revenue of $4.0B, up 39.6% on the same stretch of the prior year, and net income of $1.3B. Broken down by segment, Industrial led with 45% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Nov 25, 2025) and 10-Q for the quarter ended Aug 1, 2026 (filed Aug 19, 2026).

Revenue$11.0BFY2025 · +16.9% vs FY2024

Net income$2.3BFY2025 · +38.7% vs FY2024

Operating cash flow$4.8BFY2025 · +24.9% vs FY2024

Cash & equivalents$2.2Bat Aug 1, 2026 · −13.3% vs FY2025 end

Total debt$8.1Bat Aug 1, 2026 · −5.5% vs FY2025 end

Diluted shares497MFY2025 avg · −0.4% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Nov 25, 2025

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Feb 18, 2026 · 10-Q filed May 20, 2026 · 10-Q filed Aug 19, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Industrial$4.9B45%+14.9%
Automotive$3.3B30%+15.5%
Consumer$1.4B13%+18.8%
Communications$1.4B13%+26.2%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Industrial (45%), Automotive (30%), Consumer (13%) and Communications (13%), as shares of total revenue. Total revenue was $11.0B.

By segment: three-year mixShare of the total each fiscal year

FY2023

53%24%10%13%

FY2024

46%30%13%12%

FY2025

45%30%13%13%

IndustrialAutomotiveConsumerCommunications

Source: 10-K FY2025

By region, FY2025

Non-US$7.8B71%+18.1%

United States$3.2B29%+14.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (May to Jul 2026) compared with Q3 FY2025 (May to Jul 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$4.0B Q3 FY2026

$2.9B Q3 FY2025

39.6% increase

Net income

$1.3B Q3 FY2026

$519M Q3 FY2025

158.4% increase

Source: Analog Devices 10-Q for the quarter ended Aug 1, 2026, filed Aug 19, 2026

Cash & equivalents $2.2B at Aug 1, 2026, vs $2.5B at FY2025 end.
Total debt $8.1B at Aug 1, 2026, vs $8.6B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $3.8B vs $3.1B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 16.9% in FY2025 to $11.0B, from $9.4B a year earlier. 10-K, FY2025
Net income rose 38.7% in FY2025 to $2.3B, from $1.6B. 10-K, FY2025
Operating cash flow rose 24.9% in FY2025 to $4.8B. 10-K, FY2025
Revenue in the quarter ended Aug 1, 2026 was $4.0B, up 39.6% on a year earlier. 10-Q, quarter ended Aug 1, 2026

The bear case

Total debt rose 7.6% in FY2025 to $8.6B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include chip cycles; customer concentration; export rules and trade. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Analog Devices is in the semiconductors industry, part of the information technology sector. The SEC files it under Semiconductors & Related Devices.

Analog Devices reports 4 segments: Industrial, Automotive, Consumer and Communications.

Its fiscal year ends in October; the latest, FY2025, ended Nov 1, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the semiconductors industry. They are not a summary of Analog Devices’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Chip cyclesDemand for chips swings between shortages and gluts, and orders can be cut quickly.
Customer concentrationA few large customers can account for much of sales.
Export rules and tradeExport controls and tariffs can limit sales to some customers or countries.
Manufacturing supplyIt depends on outside factories and suppliers, and disruptions can delay products.
Competition and design winsCustomers pick suppliers product by product, so losing a design can cost years of sales.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.3B	$9.4B	$11.0B
Net income	$3.3B	$1.6B	$2.3B
Operating cash flow	$4.8B	$3.9B	$4.8B
Cash & equivalents (year end)	$958M	$2.0B	$2.5B
Total debt (year end)	$6.4B	$8.0B	$8.6B
Diluted shares	506M	499M	497M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Recent filings

Form	Filed	Period
10-Q	Aug 19, 2026	Aug 1, 2026
10-Q	May 20, 2026	May 2, 2026
10-Q	Feb 18, 2026	Jan 31, 2026
DEF 14A	Jan 23, 2026	Mar 11, 2026
10-K	Nov 25, 2025	Nov 1, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Analog Devices

How does Analog Devices make money?

Fiscal 2025 revenue: $11.0B. By segment in FY2025: Industrial (45%), Automotive (30%), Consumer (13%) and Communications (13%), as shares of total revenue. Total revenue was $11.0B. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

What was Analog Devices's revenue in fiscal 2025?

$11.0B, up 16.9% from fiscal 2024 ($9.4B). The year ended Nov 1, 2025; for fiscal 2023 the figure was $12.3B. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

Is Analog Devices profitable?

Net income was $2.3B in fiscal 2025 (up 38.7%; fiscal 2024 was $1.6B). That counts as a GAAP profit. The latest quarter, ended Aug 1, 2026: net income was $1.3B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 25, 2025.

What did Analog Devices report in its latest quarterly filing?

For the three months to Aug 1, 2026: revenue $4.0B (up 39.6% from $2.9B) and net income $1.3B (up 158.4% from $519M). Source: 10-Q for the quarter ended Aug 1, 2026, filed Aug 19, 2026.

How much cash and debt does Analog Devices have?

As of Aug 1, 2026: $2.2B of cash and cash equivalents, $8.1B of total debt. Total debt here is short-term borrowings and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Aug 19, 2026.

What are the main risks Analog Devices faces?

Analog Devices's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Nov 25, 2025. Risks that are common among companies in the semiconductors industry include Chip cycles; customer concentration; export rules and trade; manufacturing supply; competition and design wins. The first: Demand for chips swings between shortages and gluts, and orders can be cut quickly. Source: 10-K, Item 1A Risk Factors.

Where do these Analog Devices numbers come from?

The 10-K filed Nov 25, 2025 (fiscal 2025) and the 10-Q filed Aug 19, 2026 (quarter ended Aug 1, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ADI: The editor holds no position in Analog Devices (ADI). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell ADI from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 27, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ADI, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Analog DevicesADI	FY2025	$11.0B	+16.9%	$2.3B
NvidiaNVDA	FY2026	$215.9B	+65.5%	$120.1B
BroadcomAVGO	FY2025	$63.9B	+23.9%	$23.1B
MicronMU	FY2026	$133.2B	+256.3%	$85.0B
AMD	FY2025	$34.6B	+34.3%	$4.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.