Analog Devices Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Analog Devices has an operating margin of 26.6%, meaning the company retains $27 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 21.6% the prior year.
Analog Devices's revenue surged 16.9% year-over-year to $11.0B, reflecting rapid business expansion. This strong growth earns a score of 77/100.
Analog Devices carries a low D/E ratio of 0.24, meaning only $0.24 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.19, Analog Devices holds $2.19 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 68/100.
Analog Devices converts 38.8% of revenue into free cash flow ($4.3B). This strong cash generation earns a score of 100/100.
Analog Devices generates a 6.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from 4.7% the prior year.
Analog Devices scores 7.81, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($164.7B) relative to total liabilities ($14.2B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Analog Devices passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Analog Devices generates $2.12 in operating cash flow ($4.8B OCF vs $2.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Analog Devices earns $9.2 in operating income for every $1 of interest expense ($2.9B vs $317.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Analog Devices (ADI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Analog Devices generated $11.0B in revenue in fiscal year 2025. This represents an increase of 16.9% from the prior year.
Analog Devices's EBITDA was $4.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.2% from the prior year.
Analog Devices generated $4.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 37.0% from the prior year.
Analog Devices reported $2.3B in net income in fiscal year 2025. This represents an increase of 38.7% from the prior year.
Analog Devices earned $4.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 39.0% from the prior year.
Analog Devices held $2.5B in cash against $8.1B in long-term debt as of fiscal year 2025.
Analog Devices paid $3.89 per share in dividends in fiscal year 2025. This represents an increase of 7.5% from the prior year.
Analog Devices had 490M shares outstanding in fiscal year 2025. This represents a decrease of 1.3% from the prior year.
Analog Devices's gross margin was 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.4 percentage points from the prior year.
Analog Devices's operating margin was 26.6% in fiscal year 2025, reflecting core business profitability. This is up 5.0 percentage points from the prior year.
Analog Devices's net profit margin was 20.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.
Analog Devices's ROE was 6.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.0 percentage points from the prior year.
Analog Devices invested $1.8B in research and development in fiscal year 2025. This represents an increase of 18.7% from the prior year.
Analog Devices spent $2.2B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 251.6% from the prior year.
Analog Devices invested $533.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 27.0% from the prior year.
ADI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B+9.1% | $2.6B+9.0% | $2.4B+4.8% | $2.3B+7.1% | $2.2B-14.1% | $2.5B-18.3% | $3.1B-5.7% | $3.3B |
| Cost of Revenue | $1.1B+6.0% | $1.0B+3.6% | $992.9M-0.8% | $1.0B+2.2% | $979.0M-5.8% | $1.0B-6.8% | $1.1B-0.3% | $1.1B |
| Gross Profit | $1.8B+11.1% | $1.6B+12.7% | $1.4B+9.1% | $1.3B+11.1% | $1.2B-19.9% | $1.5B-24.9% | $2.0B-8.5% | $2.1B |
| R&D Expenses | $454.3M+2.8% | $441.8M+9.7% | $402.9M+11.1% | $362.7M+2.2% | $354.9M-9.3% | $391.4M-7.6% | $423.8M+1.9% | $415.8M |
| SG&A Expenses | $325.7M+7.6% | $302.7M+6.3% | $284.8M+10.7% | $257.2M+5.4% | $244.1M-15.8% | $290.1M-13.2% | $334.1M+3.0% | $324.3M |
| Operating Income | $818.0M+20.7% | $677.9M+38.0% | $491.3M0.0% | $491.3M+27.2% | $386.1M-34.1% | $586.0M-37.0% | $929.5M-17.6% | $1.1B |
| Interest Expense | $79.6M+6.5% | $74.7M-0.7% | $75.3M-11.6% | $85.2M+10.5% | $77.1M0.0% | $77.1M+11.2% | $69.3M+9.6% | $63.3M |
| Income Tax | $244.9M+336.1% | $56.2M+26.9% | $44.3M+43.9% | $30.8M+37.6% | $22.4M-55.9% | $50.7M+2406.2% | -$2.2M-102.0% | $110.3M |
| Net Income | $518.5M-9.0% | $569.8M+45.6% | $391.3M-0.2% | $392.2M+29.8% | $302.2M-34.7% | $462.7M-47.2% | $877.0M-10.3% | $977.7M |
| EPS (Diluted) | $1.04-8.8% | $1.14+46.2% | $0.78-1.3% | $0.79+29.5% | $0.61-34.4% | $0.93-46.6% | $1.74-9.4% | $1.92 |
ADI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $48.0B+1.4% | $47.3B-1.3% | $48.0B-0.5% | $48.2B-1.3% | $48.9B+1.0% | $48.4B-0.8% | $48.8B-1.5% | $49.5B |
| Current Assets | $7.1B+27.2% | $5.6B-2.5% | $5.7B+4.5% | $5.5B+5.6% | $5.2B+17.6% | $4.4B+0.7% | $4.4B-7.6% | $4.7B |
| Cash & Equivalents | $2.5B+5.2% | $2.4B+1.1% | $2.3B+18.0% | $2.0B+2.7% | $1.9B+48.8% | $1.3B+36.1% | $958.1M-18.6% | $1.2B |
| Inventory | $1.7B+8.6% | $1.5B+3.4% | $1.5B+1.9% | $1.4B-2.1% | $1.5B-4.8% | $1.6B-5.4% | $1.6B-0.4% | $1.6B |
| Accounts Receivable | $1.4B+3.9% | $1.4B+15.9% | $1.2B-10.8% | $1.3B+33.0% | $1.0B-16.1% | $1.2B-18.6% | $1.5B-9.1% | $1.6B |
| Goodwill | $26.9B0.0% | $26.9B0.0% | $26.9B+0.1% | $26.9B0.0% | $26.9B0.0% | $26.9B0.0% | $26.9B0.0% | $26.9B |
| Total Liabilities | $14.2B+14.9% | $12.3B-4.4% | $12.9B-1.2% | $13.1B-4.1% | $13.6B+6.0% | $12.8B-2.9% | $13.2B-2.2% | $13.5B |
| Current Liabilities | $3.2B+20.6% | $2.7B-9.4% | $3.0B-0.6% | $3.0B-9.4% | $3.3B+12.8% | $2.9B-8.7% | $3.2B+21.0% | $2.6B |
| Long-Term Debt | $8.1B+22.5% | $6.6B+0.5% | $6.6B-0.2% | $6.6B+0.3% | $6.6B+11.2% | $5.9B+0.7% | $5.9B-9.4% | $6.5B |
| Total Equity | $33.8B-3.4% | $35.0B-0.2% | $35.1B-0.3% | $35.2B-0.2% | $35.2B-0.8% | $35.5B0.0% | $35.6B-1.2% | $36.0B |
| Retained Earnings | $10.5B+3.2% | $10.2B+0.8% | $10.1B-0.6% | $10.2B-0.4% | $10.2B-1.5% | $10.4B+0.4% | $10.4B+5.3% | $9.8B |
ADI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B+107.5% | $819.5M-27.3% | $1.1B+7.2% | $1.1B+30.1% | $807.9M-29.1% | $1.1B-4.1% | $1.2B+9.8% | $1.1B |
| Capital Expenditures | $215.2M+138.3% | $90.3M-39.4% | $149.0M-9.9% | $165.4M-12.1% | $188.2M-15.6% | $223.0M-53.2% | $476.4M+67.5% | $284.3M |
| Free Cash Flow | $1.5B+103.7% | $729.2M-25.4% | $977.8M+10.4% | $885.4M+42.9% | $619.7M-32.3% | $915.9M+28.8% | $710.9M-10.8% | $797.2M |
| Investing Cash Flow | -$225.3M-168.7% | $328.2M+268.9% | -$194.3M-74.1% | -$111.6M+81.5% | -$602.1M-174.8% | -$219.1M+54.3% | -$479.1M-68.4% | -$284.5M |
| Financing Cash Flow | -$1.3B-15.7% | -$1.1B-95.4% | -$573.9M+45.5% | -$1.1B-344.9% | $430.4M+174.9% | -$574.2M+36.2% | -$899.4M+30.3% | -$1.3B |
| Dividends Paid | $486.9M-0.8% | $491.0M+7.6% | $456.3M-0.1% | $456.8M+0.1% | $456.1M+7.1% | $426.1M-0.4% | $428.0M-1.7% | $435.2M |
| Share Buybacks | $680.5M+173.7% | $248.6M+55.0% | $160.4M+69.0% | $94.9M-57.3% | $222.4M+23.3% | $180.4M-61.6% | $469.9M-59.2% | $1.2B |
ADI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.1%+1.1pp | 61.0%+2.0pp | 59.0%+2.3pp | 56.7%+2.1pp | 54.7%-4.0pp | 58.7%-5.1pp | 63.8%-2.0pp | 65.7% |
| Operating Margin | 28.4%+2.7pp | 25.7%+5.4pp | 20.3%-1.0pp | 21.3%+3.4pp | 17.9%-5.4pp | 23.3%-6.9pp | 30.2%-4.4pp | 34.6% |
| Net Margin | 18.0%-3.6pp | 21.6%+5.4pp | 16.2%-0.8pp | 17.0%+3.0pp | 14.0%-4.4pp | 18.4%-10.1pp | 28.5%-1.4pp | 30.0% |
| Return on Equity | 1.5%-0.1pp | 1.6%+0.5pp | 1.1%0.0pp | 1.1%+0.3pp | 0.9%-0.4pp | 1.3%-1.1pp | 2.4%-0.3pp | 2.7% |
| Return on Assets | 1.1%-0.1pp | 1.2%+0.4pp | 0.8%+0.0pp | 0.8%+0.2pp | 0.6%-0.3pp | 1.0%-0.8pp | 1.8%-0.2pp | 2.0% |
| Current Ratio | 2.19+0.1 | 2.08+0.1 | 1.93+0.1 | 1.84+0.3 | 1.58+0.1 | 1.51+0.1 | 1.37-0.4 | 1.79 |
| Debt-to-Equity | 0.24+0.1 | 0.190.0 | 0.190.0 | 0.190.0 | 0.19+0.0 | 0.170.0 | 0.17-0.0 | 0.18 |
| FCF Margin | 37.7%+10.1pp | 27.6%-12.7pp | 40.4%+10.0pp | 30.3%+1.6pp | 28.7%-7.8pp | 36.4%+9.9pp | 26.6%+2.1pp | 24.4% |
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Frequently Asked Questions
What is Analog Devices's annual revenue?
Analog Devices (ADI) reported $11.0B in total revenue for fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Analog Devices's revenue growing?
Analog Devices (ADI) revenue grew by 16.9% year-over-year, from $9.4B to $11.0B in fiscal year 2025.
Is Analog Devices profitable?
Yes, Analog Devices (ADI) reported a net income of $2.3B in fiscal year 2025, with a net profit margin of 20.6%.
What is Analog Devices's earnings per share (EPS)?
Analog Devices (ADI) reported diluted earnings per share of $4.56 for fiscal year 2025. This represents a 39.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Analog Devices's EBITDA?
Analog Devices (ADI) had EBITDA of $4.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Analog Devices have?
As of fiscal year 2025, Analog Devices (ADI) had $2.5B in cash and equivalents against $8.1B in long-term debt.
What is Analog Devices's gross margin?
Analog Devices (ADI) had a gross margin of 61.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Analog Devices's operating margin?
Analog Devices (ADI) had an operating margin of 26.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Analog Devices's net profit margin?
Analog Devices (ADI) had a net profit margin of 20.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Analog Devices pay dividends?
Yes, Analog Devices (ADI) paid $3.89 per share in dividends during fiscal year 2025.
What is Analog Devices's return on equity (ROE)?
Analog Devices (ADI) has a return on equity of 6.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Analog Devices's free cash flow?
Analog Devices (ADI) generated $4.3B in free cash flow during fiscal year 2025. This represents a 37.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Analog Devices's operating cash flow?
Analog Devices (ADI) generated $4.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Analog Devices's total assets?
Analog Devices (ADI) had $48.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Analog Devices's capital expenditures?
Analog Devices (ADI) invested $533.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Analog Devices spend on research and development?
Analog Devices (ADI) invested $1.8B in research and development during fiscal year 2025.
Does Analog Devices buy back shares?
Yes, Analog Devices (ADI) spent $2.2B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Analog Devices have outstanding?
Analog Devices (ADI) had 490M shares outstanding as of fiscal year 2025.
What is Analog Devices's current ratio?
Analog Devices (ADI) had a current ratio of 2.19 as of fiscal year 2025, which is generally considered healthy.
What is Analog Devices's debt-to-equity ratio?
Analog Devices (ADI) had a debt-to-equity ratio of 0.24 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Analog Devices's return on assets (ROA)?
Analog Devices (ADI) had a return on assets of 4.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Analog Devices's Altman Z-Score?
Analog Devices (ADI) has an Altman Z-Score of 7.81, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Analog Devices's Piotroski F-Score?
Analog Devices (ADI) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Analog Devices's earnings high quality?
Analog Devices (ADI) has an earnings quality ratio of 2.12x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Analog Devices cover its interest payments?
Analog Devices (ADI) has an interest coverage ratio of 9.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Analog Devices?
Analog Devices (ADI) scores 79 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.