Menu Search

Company Announcements

Analog Devices Inc

Analog Devices Reports Fiscal Third Quarter 2025 Financial Results

  • 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

WILMINGTON, Mass. , Aug. 20, 2025 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today 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."

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."

Performance for the Third Quarter of Fiscal 2025  

Results Summary (1)






(in millions, except per-share amounts and percentages)






‌







Three Months Ended


Aug. 2, 2025


Aug. 3, 2024


Change

Revenue

$                   2,880


$                   2,312


25 %

Gross margin

$                   1,790


$                   1,311


36 %

Gross margin percentage

62.1 %


56.7 %


540 bps

Operating income

$                      818


$                      491


67 %

Operating margin

28.4 %


21.2 %


720 bps

Diluted earnings per share

$                     1.04


$                     0.79


32 %

‌






Adjusted Results(2)






Adjusted gross margin

$                   1,995


$                   1,571


27 %

Adjusted gross margin percentage

69.2 %


67.9 %


130 bps

Adjusted operating income

$                   1,215


$                      952


28 %

Adjusted operating margin

42.2 %


41.2 %


100 bps

Adjusted diluted earnings per share

$                     2.05


$                     1.58


30 %

‌









Three Months
Ended


Trailing Twelve
Months

Cash Generation



Aug. 2, 2025


Aug. 2, 2025

Net cash provided by operating activities



$                   1,165


$                   4,162

% of revenue



40 %


40 %

Capital expenditures



$                       (79)


$                     (484)

Free cash flow(2)



$                   1,086


$                   3,678

% of revenue



38 %


35 %

‌









Three Months
Ended


Trailing Twelve
Months

Cash Return



Aug. 2, 2025


Aug. 2, 2025

Dividend paid



$                     (490)


$                  (1,894)

Stock repurchases



(1,075)


(1,579)

Total cash returned



$                  (1,565)


$                  (3,473)







(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information.

Outlook for the Fourth Quarter of Fiscal Year 2025

For the fourth quarter of fiscal 2025, we are forecasting revenue of $3.0 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 30.5%, +/-150 bps, and adjusted operating margin of approximately 43.5%, +/-100 bps. We are planning for reported EPS to be $1.53, +/-$0.10, and adjusted EPS to be $2.22, +/-$0.10.  

Our fourth 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 fourth 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 September 16, 2025 to all shareholders of record at the close of business on September 2, 2025.

Conference Call Scheduled for Today, Wednesday, August 20, 2025 at 10:00 am ET

ADI will host a conference call to discuss our third quarter fiscal 2025 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company's financial results presented in accordance with GAAP. The Company's use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. 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.

Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company's core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company's earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company's core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.  

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. 

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue. 

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. 

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.   

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below.   

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. 

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, special charges, net2, and tax related items3, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.  

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

2Special Charges, Net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

3Tax Related Items: Income tax effect of the non-GAAP items discussed above, deferred tax expense related to the remeasurement of GILTI-related deferred tax assets and liabilities attributable to the One Big Beautiful Bill Act and certain other income tax expenses associated with prior periods. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward-Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflict, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S. government, or U.S. Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; diversion of products from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management's current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

ANALOG DEVICES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

‌


Three Months Ended


Nine Months Ended


Aug. 2, 2025


Aug. 3, 2024


Aug. 2, 2025


Aug. 3, 2024

Revenue

$          2,880,348


$          2,312,209


$          7,943,590


$          6,983,952

Cost of sales

1,090,600


1,000,970


3,111,929


3,018,737

Gross margin

1,789,748


1,311,239


4,831,661


3,965,215

Operating expenses:








   Research and development

454,251


362,671


1,298,980


1,108,960

   Selling, marketing, general and administrative

325,706


257,213


913,171


791,420

   Amortization of intangibles

187,415


187,754


562,245


567,030

   Special charges, net

4,348


12,282


69,980


34,399

Total operating expenses

971,720


819,920


2,844,376


2,501,809

Operating income

818,028


491,319


1,987,285


1,463,406

Nonoperating expense (income):








   Interest expense

79,592


85,179


229,559


239,423

   Interest income

(27,083)


(26,432)


(72,295)


(50,870)

   Other, net

2,110


9,581


5,108


13,841

Total nonoperating expense (income)

54,619


68,328


162,372


202,394

Income before income taxes

763,409


422,991


1,824,913


1,261,012

Provision for income taxes

244,891


30,759


345,309


103,811

Net income

$             518,518


$             392,232


$          1,479,604


$          1,157,201

‌








Shares used to compute earnings per common share
- basic

494,390


496,338


495,560


496,077

Shares used to compute earnings per common share
- diluted

496,726


498,794


497,865


498,689

‌








Basic earnings per common share

$                   1.05


$                   0.79


$                   2.99


$                   2.33

Diluted earnings per common share

$                   1.04


$                   0.79


$                   2.97


$                   2.32

 

ANALOG DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

‌


Aug. 2, 2025


Nov. 2, 2024

ASSETS




Current Assets




Cash and cash equivalents

$               2,321,191


$               1,991,342

Short-term investments

1,148,096


371,822

Accounts receivable

1,553,259


1,336,331

Inventories

1,596,853


1,447,687

Prepaid expenses and other current assets

305,170


337,472

Total current assets

6,924,569


5,484,654

Non-current Assets




Net property, plant and equipment

3,299,278


3,415,550

Goodwill

26,945,180


26,909,775

Intangible assets, net

8,402,630


9,585,464

Deferred tax assets

1,925,442


2,083,752

Other assets

695,502


749,082

Total non-current assets

41,268,032


42,743,623

TOTAL ASSETS

$             48,192,601


$             48,228,277

LIABILITIES AND SHAREHOLDERS' EQUITY




Current Liabilities




Accounts payable

$                  490,723


$                  487,457

Income taxes payable

475,033


447,379

Debt, current

—


399,636

Commercial paper notes

548,665


547,738

Accrued liabilities

1,464,617


1,106,070

Total current liabilities

2,979,038


2,988,280

Non-current Liabilities




Long-term debt

8,139,938


6,634,313

Deferred income taxes

2,371,536


2,624,392

Income taxes payable

99,880


260,486

Other non-current liabilities

516,367


544,489

Total non-current liabilities

11,127,721


10,063,680

Shareholders' Equity




Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

—


—

Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 491,955,436 shares
outstanding (496,296,854 on November 2, 2024)

81,994


82,718

Capital in excess of par value

23,938,238


25,082,243

Retained earnings

10,238,695


10,196,612

Accumulated other comprehensive loss

(173,085)


(185,256)

Total shareholders' equity

34,085,842


35,176,317

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$             48,192,601


$             48,228,277

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

‌


Three Months Ended


Nine Months Ended


Aug. 2, 2025


Aug. 3, 2024


Aug. 2, 2025


Aug. 3, 2024

Cash flows from operating activities:








  Net income

$         518,518


$         392,232


$     1,479,604


$     1,157,201

  Adjustments to reconcile net income to net cash provided by operations:








       Depreciation

102,542


92,358


301,323


265,530

       Amortization of intangibles

384,750


437,949


1,202,179


1,318,325

       Stock-based compensation expense

84,703


64,051


235,108


192,262

       Deferred income taxes

52,052


(105,218)


(97,318)


(269,566)

       Other

(5,699)


10,456


(1,496)


23,826

       Changes in operating assets and liabilities

28,239


(36,801)


(8,008)


114,134

   Total adjustments

646,587


462,795


1,631,788


1,644,511

Net cash provided by operating activities

1,165,105


855,027


3,111,392


2,801,712

Cash flows from investing activities:








  Purchases of short-term available-for-sale investments

(1,150,240)


(14,784)


(1,150,240)


(438,901)

  Maturities of short-term available-for-sale investments

—


—


372,778


—

  Additions to property, plant and equipment, net

(79,153)


(153,886)


(318,399)


(565,053)

  Proceeds from sale of property, plant and equipment, net

—


—


58,892


—

  Payments for acquisitions, net of cash acquired

—


—


(45,652)


—

  Other

(715)


(3,396)


(13,595)


10,710

Net cash used for investing activities

(1,230,108)


(172,066)


(1,096,216)


(993,244)

Cash flows from financing activities:








  Proceeds from debt

1,490,785


—


1,490,785


1,087,856

  Debt repayments

—


—


(399,998)


—

  Proceeds from commercial paper notes

2,551,168


2,326,091


6,867,508


7,709,492

  Payments of commercial paper notes

(2,551,223)


(2,326,883)


(6,866,581)


(7,709,273)

  Repurchase of common stock

(1,075,152)


(117,980)


(1,484,166)


(520,712)

  Dividend payments to shareholders

(490,161)


(456,485)


(1,437,521)


(1,338,703)

  Proceeds from employee stock plans

42,767


52,019


104,329


116,355

  Other

41,775


6,614


40,317


(5,512)

Net cash provided by (used for) financing activities

9,959


(516,624)


(1,685,327)


(660,497)

Net (decrease) increase in cash and cash equivalents

(55,044)


166,337


329,849


1,147,971

Cash and cash equivalents at beginning of period

2,376,235


1,939,695


1,991,342


958,061

Cash and cash equivalents at end of period

$      2,321,191


$      2,106,032


$     2,321,191


$     2,106,032

ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
 (Unaudited)
 (In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the "sold to" customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.

Three Months Ended


August 2, 2025


August 3, 2024


Revenue


% of Revenue1


Y/Y%


Revenue


% of Revenue1

Industrial

$        1,285,041


45 %


23 %


$        1,045,291


45 %

Automotive

850,619


30 %


22 %


694,905


30 %

Consumer

372,197


13 %


21 %


306,832


13 %

Communications

372,491


13 %


40 %


265,181


11 %

Total revenue

$        2,880,348


100 %


25 %


$        2,312,209


100 %

‌











Nine Months Ended


August 2, 2025


August 3, 2024


Revenue


%  of Revenue1


Y/Y%


Revenue


% of Revenue1

Industrial

$        3,502,751


44 %


9 %


$        3,223,111


46 %

Automotive

2,445,391


31 %


14 %


2,136,173


31 %

Consumer

1,009,614


13 %


24 %


817,436


12 %

Communications

985,834


12 %


22 %


807,232


12 %

Total revenue

$        7,943,590


100 %


14 %


$        6,983,952


100 %











1) The sum of the individual percentages may not equal the total due to rounding.

 

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

‌


Three Months Ended


Nine Months Ended


Aug. 2, 2025


Aug. 3, 2024


Aug. 2, 2025


Aug. 3, 2024

Gross margin

$         1,789,748


$         1,311,239


$         4,831,661


$         3,965,215

  Gross margin percentage

62.1 %


56.7 %


60.8 %


56.8 %

      Acquisition related expenses

204,756


259,296


662,865


778,821

Adjusted gross margin

$         1,994,504


$         1,570,535


$         5,494,526


$         4,744,036

  Adjusted gross margin percentage

69.2 %


67.9 %


69.2 %


67.9 %

‌








Operating expenses

$            971,720


$            819,920


$         2,844,376


$         2,501,809

  Percent of revenue

33.7 %


35.5 %


35.8 %


35.8 %

      Acquisition related expenses

(188,015)


(188,882)


(564,045)


(571,504)

      Special charges, net

(4,348)


(12,282)


(69,980)


(34,399)

Adjusted operating expenses

$            779,357


$            618,756


$         2,210,351


$         1,895,906

  Adjusted operating expenses percentage

27.1 %


26.8 %


27.8 %


27.1 %

‌








Operating income

$            818,028


$            491,319


$         1,987,285


$         1,463,406

  Operating margin

28.4 %


21.2 %


25.0 %


21.0 %

      Acquisition related expenses

392,771


448,178


1,226,910


1,350,325

      Special charges, net

4,348


12,282


69,980


34,399

Adjusted operating income

$         1,215,147


$            951,779


$         3,284,175


$         2,848,130

  Adjusted operating margin

42.2 %


41.2 %


41.3 %


40.8 %

‌








Nonoperating expense (income)

$              54,619


$              68,328


$            162,372


$            202,394

      Acquisition related expenses

2,150


2,150


6,450


6,450

Adjusted nonoperating expense (income)

$              56,769


$              70,478


$            168,822


$            208,844

‌








Income before income taxes

$            763,409


$            422,991


$         1,824,913


$         1,261,012

     Acquisition related expenses

390,621


446,028


1,220,460


1,343,875

     Special charges, net

4,348


12,282


69,980


34,399

Adjusted income before income taxes

$         1,158,378


$            881,301


$         3,115,353


$         2,639,286

‌








Provision for income taxes

$            244,891


$              30,759


$            345,309


$            103,811

Effective income tax rate

32.1 %


7.3 %


18.9 %


8.2 %

     Tax related items

(106,855)


64,036


15,780


188,995

Adjusted provision for income taxes

$            138,036


$              94,795


$            361,089


$            292,806

Adjusted tax rate

11.9 %


10.8 %


11.6 %


11.1 %

‌








Diluted EPS

$                  1.04


$                  0.79


$                  2.97


$                  2.32

      Acquisition related expenses

0.79


0.89


2.45


2.69

      Special charges, net

0.01


0.02


0.14


0.07

      Tax related items

0.22


(0.13)


(0.03)


(0.38)

Adjusted diluted EPS*

$                  2.05


$                  1.58


$                  5.53


$                  4.71


* The sum of the individual per share amounts may not equal the total due to rounding.

 

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

‌


Trailing
Twelve
Months


Three Months Ended


Aug. 2, 2025


Aug. 2, 2025


May 3, 2025


Feb. 1, 2025


Nov. 2, 2024

Revenue

$  10,386,795


$ 2,880,348


$  2,640,068


$  2,423,174


$  2,443,205

Net cash provided by operating activities

$    4,162,209


$ 1,165,105


$     819,478


$  1,126,809


$  1,050,817

% of Revenue

40 %


40 %


31 %


47 %


43 %

Capital expenditures

$      (483,809)


$     (79,153)


$      (90,268)


$    (148,978)


$    (165,410)

Free cash flow

$    3,678,400


$ 1,085,952


$     729,210


$     977,831


$     885,407

% of Revenue

35 %


38 %


28 %


40 %


36 %

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

‌


Three Months Ending November 1, 2025


Reported


Adjusted

Revenue

$3.0 Billion


$3.0 Billion


(+/- $100 Million)


(+/- $100 Million)

Operating margin

30.5 %


43.5 %(1)


(+/-150 bps)


(+/-100 bps)

Nonoperating expenses

~ $55-$60 Million


~ $55-$60 Million

Tax rate

11% - 13%


11% - 13% (2)

Earnings per share

$1.53


$2.22 (3)


(+/- $0.10)


(+/- $0.10)


(1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. 

(2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above.

(3) Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

 

For more information, please contact:

Jeff Ambrosi
781-461-3282
Senior Director, Investor Relations
investor.relations@analog.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-fiscal-third-quarter-2025-financial-results-302534085.html

SOURCE Analog Devices, Inc.