Analog Devices (NASDAQ: ADI) reports record Q2 2026 growth, boosts margins and guides strong Q3

Rhea-AI Filing Summary

Analog Devices reported record fiscal second quarter 2026 results, with revenue of $3.62 billion, a 37% increase from $2.64 billion a year earlier. Management said revenue and earnings were above the high end of prior expectations, driven by strong demand and cost discipline.

GAAP diluted EPS rose to $2.40 from $1.14, while adjusted diluted EPS increased to $3.09 from $1.85. Operating margin expanded to 38.1%, and adjusted operating margin reached 49.0%. Industrial remained the largest end market, and Communications showed particularly strong year-over-year growth.

On a trailing twelve‑month basis, operating cash flow was $5.1 billion and free cash flow was $4.57 billion, or 36% of revenue. The company returned $1.3 billion to shareholders in the quarter through dividends and buybacks and guided third‑quarter revenue to about $3.9 billion with reported EPS around $2.60 and adjusted EPS around $3.30.

Positive

• Record Q2 revenue and strong growth: Revenue reached $3.62 billion, up 37% year over year, with growth across all end markets, indicating broad-based demand momentum.
• Margin expansion and earnings strength: GAAP operating margin rose to 38.1% and adjusted operating margin to 49.0%, while adjusted EPS increased 67% to $3.09, reflecting strong profitability.
• Robust cash generation and shareholder returns: Trailing twelve‑month free cash flow was $4.57 billion (36% of revenue), and the company returned $1.3 billion in Q2 via dividends and buybacks, alongside a declared $1.10 quarterly dividend.
• Upbeat near-term outlook: Management guided Q3 fiscal 2026 revenue to approximately $3.9 billion, with reported EPS around $2.60 and adjusted EPS around $3.30, signaling expectations for continued solid performance.

Negative

• None.

Insights

Equity research analyst

ADI posted strong broad-based growth, higher margins, robust cash generation, and upbeat guidance.

Analog Devices delivered Q2 revenue of $3.62B, up 37% year over year, with strength across Industrial, Automotive, Communications, and Consumer. GAAP operating margin rose to 38.1%, and adjusted operating margin reached 49.0%, highlighting operating leverage as volumes scale.

GAAP diluted EPS more than doubled to $2.40, while adjusted EPS climbed to $3.09. Management noted results exceeded the high end of the outlook, and bookings were record across B2B markets, supporting their innovation-focused strategy and continued investment in technology leadership.

Cash generation remained strong, with trailing twelve‑month free cash flow of $4.57B, or 36% of revenue. The company returned $1.3B to shareholders in Q2 and guided Q3 revenue to about $3.9B with reported EPS near $2.60 and adjusted EPS near $3.30, suggesting expectations for continued solid performance.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 revenue: $3.623 billion Q2 2026 GAAP diluted EPS: $2.40 per share Q2 2026 adjusted diluted EPS: $3.09 per share +5 more

8 metrics

Q2 2026 revenue $3.623 billion Up 37% year over year from $2.640 billion

Q2 2026 GAAP diluted EPS $2.40 per share Increased from $1.14 in Q2 2025 (111% growth)

Q2 2026 adjusted diluted EPS $3.09 per share Up from $1.85 in Q2 2025, a 67% increase

Q2 2026 operating margin 38.1% GAAP operating margin vs 25.7% a year earlier

Trailing 12M free cash flow $4.565 billion 36% of $12.74 billion trailing twelve‑month revenue

Q2 2026 cash returned $1.309 billion Dividends of $536 million and buybacks of $773 million

Q3 2026 revenue outlook $3.9 billion Forecast, plus or minus $100 million

Quarterly dividend $1.10 per share Payable June 16, 2026 to holders of record June 2, 2026

Key Terms

Adjusted diluted earnings per share, Free cash flow, Operating margin, Acquisition related expenses, +2 more

6 terms

Adjusted diluted earnings per share financial

"Adjusted diluted earnings per share | $ | 3.09 | | | $ | 1.85"

Adjusted diluted earnings per share is the company’s net profit per share after accounting for potential extra shares (from options or convertible securities) and removing one‑time or unusual items so the number reflects ongoing business results. Think of it like timing a runner’s steady pace after excluding a few unexpected stops; it gives investors a clearer view of sustainable profit available to each share. Investors use it to compare companies and judge underlying profitability and valuation without short‑term distortions.

Free cash flow financial

"Free cash flow (2) | | | $ | 734 | | | $ | 4,565"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Operating margin financial

"Operating margin | 38.1 | % | | 25.7 | %"

Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.

Acquisition related expenses financial

"Acquisition related expenses | 205,464 | | | 220,277"

Costs directly tied to buying or merging with another company, such as legal and advisory fees, due diligence, filing and regulatory charges, breakup fees, severance or restructuring costs, and integration or IT work. For investors they matter because these one-time or transaction-related outlays lower reported profits and use cash today, like closing costs and moving expenses when you buy a house, but they can also enable future growth if the acquisition creates value.

Special charges, net financial

"Special charges, net | — | | | | | 1,745"

Special charges, net are one-time or unusual costs and gains a company records that are outside its normal business operations, shown after offsetting related items. Think of them like a major house repair and an insurance payout that are combined into a single line: they can make a quarter look much better or worse than regular results, so investors use this item to separate one-off events from the company’s ongoing performance and cash-generating ability.

Non-GAAP financial measures financial

"This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

Earnings Snapshot

Revenue: $3.623 billion · Guidance included

Q2 2026

Revenue $3.623 billion +37% year over year

GAAP diluted EPS $2.40 +111% year over year

Adjusted diluted EPS $3.09 +67% year over year

GAAP operating margin 38.1% up from 25.7% in prior-year quarter

Adjusted operating margin 49.0% up from 41.2% in prior-year quarter

Trailing 12M free cash flow $4.565 billion 36% of trailing twelve‑month revenue

Guidance

For Q3 FY2026, ADI forecasts revenue of $3.9 billion +/- $100 million, reported operating margin about 39% and adjusted operating margin about 49%, with reported EPS of $2.60 +/- $0.15 and adjusted EPS of $3.30 +/- $0.15.

Understanding 8-K Material Events →

0000006281false00000062812026-05-202026-05-20

_________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________

FORM 8-K

_____________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2026

_____________________________________________________________________________________________________

Analog Devices, Inc.

(Exact name of Registrant as Specified in its Charter)

______________________________________________________________________________________________________

Massachusetts

1-7819

04-2348234

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

One Analog Way,			Wilmington,			MA			01887
(Address of Principal Executive Offices)									(Zip Code)

Registrant's telephone number, including area code: (781) 935-5565  

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

______________________________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock $0.16 2/3 par value per share			ADI			Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition

On May 20, 2026, Analog Devices, Inc. (the “Registrant”) announced its financial results for its fiscal second quarter ended May 2, 2026. The full text of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1.  

The information in this Item 2.02 and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01.     Financial Statements and Exhibits

(d)  Exhibits

Exhibit No.						Description
99.1						Press release dated May 20, 2026
104						Cover Page Interactive Data File (formatted as inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:

May 20, 2026

ANALOG DEVICES, INC.

By:

/s/ Janene I. Asgeirsson

Janene I. Asgeirsson

Senior Vice President, Chief Legal Officer and Corporate Secretary

Exhibit 99.1

Analog Devices Reports Record Fiscal Second Quarter 2026 Financial Results

•Revenue of $3.62 billion, with year-over-year growth across all end markets, led by Industrial and Communications

•Operating cash flow of $5.1 billion and free cash flow of $4.6 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectively

•Returned $1.3 billion to shareholders via dividends and share repurchases in the second quarter

WILMINGTON, Mass.--May 20, 2026--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal second quarter 2026, which ended May 2, 2026.

“ADI’s second quarter revenue and earnings were above the high end of our outlook, reflecting the combination of record demand and sharp operational discipline,” said Vincent Roche, CEO and Chair. “Our innovation-led value creation strategy targets our customers’ most complex and consequential challenges with a goal of delivering substantial and sustained business impact. We continue to invest to extend our technology performance leadership and enhance our long-term value for customers and shareholders alike.”

“We continued to see growing demand in the second quarter with record bookings across our B2B markets of Industrial, Automotive, and Communications,” said Richard Puccio, CFO. “These positive demand signals are reflected in our outlook for continued strong growth in the third quarter.”

Performance for the Second Quarter of Fiscal 2026

Results Summary(1)
(in millions, except per-share amounts and percentages)
			Three Months Ended
			May 2, 2026						May 3, 2025						Change
Revenue			$	3,623					$	2,640					37		%
Gross margin			$	2,440					$	1,612					51		%
Gross margin percentage			67.3		%				61.0		%				630 bps
Operating income			$	1,380					$	678					104		%
Operating margin			38.1		%				25.7		%				1,240 bps
Diluted earnings per share			$	2.40					$	1.14					111		%
Adjusted Results(2)
Adjusted gross margin			$	2,645					$	1,832					44		%
Adjusted gross margin percentage			73.0		%				69.4		%				360 bps
Adjusted operating income			$	1,774					$	1,088					63		%
Adjusted operating margin			49.0		%				41.2		%				780 bps
Adjusted diluted earnings per share			$	3.09					$	1.85					67		%
									Three Months Ended						Trailing Twelve Months
Cash Generation									May 2, 2026						May 2, 2026
Net cash provided by operating activities									$	872					$	5,106
% of revenue									24		%				40		%
Capital expenditures									$	(138)					$	(541)
Free cash flow(2)									$	734					$	4,565
% of revenue									20		%				36		%
									Three Months Ended						Trailing Twelve Months
Cash Return									May 2, 2026						May 2, 2026
Dividend paid									$	(536)					$	(1,998)
Stock repurchases									(773)						(3,045)
Total cash returned									$	(1,309)					$	(5,043)
(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 Third Quarter of Fiscal Year 2026

For the third quarter of fiscal 2026, we are forecasting revenue of $3.9 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 39.0%, +/-150 bps, and adjusted operating margin of approximately 49.0%, +/-100 bps. We are planning for reported EPS to be $2.60, +/-$0.15, and adjusted EPS to be $3.30, +/-$0.15.

Our third quarter fiscal 2026 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 third quarter fiscal 2026 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 $1.10 per outstanding share of common stock. The dividend will be paid on June 16, 2026 to all shareholders of record at the close of business on June 2, 2026.

Conference Call Scheduled for Today, Wednesday, May 20, 2026 at 10:00 am ET

ADI will host a conference call to discuss our second quarter fiscal 2026 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. 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 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. 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, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and 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; benefits related to our hybrid manufacturing model; 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 conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; 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												Six Months Ended
			May 2, 2026												May 3, 2025						May 2, 2026						May 3, 2025
Revenue			$	3,623,465											$	2,640,068					$	6,783,728					$	5,063,242
Cost of sales			1,183,667												1,028,458						2,298,955						2,021,329
Gross margin			2,439,798												1,611,610						4,484,773						3,041,913
Operating expenses:
Research and development			509,323												441,837						976,723						844,729
Selling, marketing, general and administrative			362,810												302,669						708,063						587,465
Amortization of intangibles			187,985												187,415						375,300						374,830
Special charges, net			—												1,745						47,982						65,632
Total operating expenses			1,060,118												933,666						2,108,068						1,872,656
Operating income			1,379,680												677,944						2,376,705						1,169,257
Nonoperating expense (income):
Interest expense			87,619												74,703						173,963						149,967
Interest income			(28,565)												(21,725)						(60,822)						(45,212)
Other, net			(4,202)												(962)						(7,135)						2,998
Total nonoperating expense (income)			54,852												52,016						106,006						107,753
Income before income taxes			1,324,828												625,928						2,270,699						1,061,504
Provision for income taxes			148,478												56,158						263,523						100,418
Net income			$	1,176,350											$	569,770					$	2,007,176					$	961,086
Shares used to compute earnings per common share - basic			487,605												496,173						488,239						496,145
Shares used to compute earnings per common share - diluted			490,458												498,201						491,057						498,434
Basic earnings per common share			$	2.41											$	1.15					$	4.11					$	1.94
Diluted earnings per common share			$	2.40											$	1.14					$	4.09					$	1.93

ANALOG DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share amounts)

			May 2, 2026						Nov. 1, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	2,436,916					$	2,499,406
Short-term investments			1,002,392						1,152,915
Accounts receivable			2,051,733						1,436,075
Inventories			1,848,405						1,656,323
Prepaid expenses and other current assets			470,327						363,342
Total current assets			7,809,773						7,108,061
Non-current Assets
Net property, plant and equipment			3,292,288						3,315,696
Goodwill			26,973,180						26,945,180
Intangible assets, net			7,255,362						8,013,815
Deferred tax assets			1,729,558						1,867,102
Other assets			888,934						742,858
Total non-current assets			40,139,322						40,884,651
TOTAL ASSETS			$	47,949,095					$	47,992,712
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable			$	598,640					$	543,760
Income taxes payable			325,626						610,370
Debt, current			899,227						—
Commercial paper notes			550,198						446,639
Accrued liabilities			2,083,216						1,645,032
Total current liabilities			4,456,907						3,245,801
Non-current Liabilities
Long-term debt			7,235,424						8,145,066
Deferred income taxes			1,906,115						2,163,281
Income taxes payable			87,109						100,963
Other non-current liabilities			521,507						521,846
Total non-current liabilities			9,750,155						10,931,156
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, 487,087,040 shares outstanding (489,654,097 on November 1, 2025)			81,183						81,611
Capital in excess of par value			22,287,095						23,349,185
Retained earnings			11,525,998						10,539,541
Accumulated other comprehensive loss			(152,243)						(154,582)
Total shareholders’ equity			33,742,033						33,815,755
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	47,949,095					$	47,992,712

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

			Three Months Ended												Six Months Ended
			May 2, 2026						May 3, 2025						May 2, 2026												May 3, 2025
Cash flows from operating activities:
Net income			$	1,176,350					$	569,770					$	2,007,176											$	961,086
Adjustments to reconcile net income to net cash provided by operations:
Depreciation			104,957						100,334						210,843												198,781
Amortization of intangibles			385,978						400,273						770,593												817,429
Stock-based compensation expense			81,721						72,831						167,396												150,405
Deferred income taxes			(60,269)						(89,916)						(120,930)												(149,370)
Other			(8,698)						5,002						4,727												4,203
Changes in operating assets and liabilities			(807,998)						(238,816)						(799,249)												(36,247)
Total adjustments			(304,309)						249,708						233,380												985,201
Net cash provided by operating activities			872,041						819,478						2,240,556												1,946,287
Cash flows from investing activities:
Maturities of short-term available-for-sale investments			137,825						372,778						147,817												372,778
Additions to property, plant and equipment, net			(137,702)						(90,268)						(247,015)												(239,246)
Proceeds from sale of property, plant and equipment, net			—						58,892						—												58,892
Payments for acquisitions, net of cash acquired			(35,875)						—						(35,875)												(45,652)
Other			(16,174)						(13,209)						(23,882)												(12,880)
Net cash (used for) provided by investing activities			(51,926)						328,193						(158,955)												133,892
Cash flows from financing activities:
Debt repayments			—						(399,998)						—												(399,998)
Proceeds from commercial paper notes			4,107,964						2,347,064						7,154,789												4,316,340
Payments of commercial paper notes			(4,100,808)						(2,346,747)						(7,051,230)												(4,315,358)
Repurchase of common stock			(772,902)						(248,646)						(1,289,401)												(409,014)
Dividend payments to shareholders			(536,459)						(491,022)						(1,020,719)												(947,360)
Proceeds from employee stock plans			9,866						19,815						59,487												61,562
Other			3,280						(1,896)						2,983												(1,458)
Net cash used for financing activities			(1,289,059)						(1,121,430)						(2,144,091)												(1,695,286)
Net (decrease) increase in cash and cash equivalents			(468,944)						26,241						(62,490)												384,893
Cash and cash equivalents at beginning of period			2,905,860						2,349,994						2,499,406												1,991,342
Cash and cash equivalents at end of period			$	2,436,916					$	2,376,235					$	2,436,916											$	2,376,235

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. The assignment of products to end markets may change 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
			May 2, 2026																		May 3, 2025
			Revenue						% of Revenue1						Y/Y%						Revenue						% of Revenue1
Industrial			$	1,799,413					50%						56%						$	1,150,315					44%
Automotive			871,565						24%						2%						856,090						32%
Communications			554,728						15%						79%						310,604						12%
Consumer			397,759						11%						23%						323,059						12%
Total revenue			$	3,623,465					100%						37%						$	2,640,068					100%
			Six Months Ended
			May 2, 2026																		May 3, 2025
			Revenue						% of Revenue1						Y/Y%						Revenue						% of Revenue1
Industrial			$	3,296,449					49%						48%						$	2,220,569					44%
Automotive			1,681,709						25%						5%						1,596,349						32%
Communications			1,009,911						15%						65%						610,905						12%
Consumer			795,659						12%						25%						635,419						13%
Total revenue			$	6,783,728					100%						34%						$	5,063,242					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												Six Months Ended
			May 2, 2026						May 3, 2025						May 2, 2026						May 3, 2025
Gross margin			$	2,439,798					$	1,611,610					$	4,484,773					$	3,041,913
Gross margin percentage			67.3		%				61.0		%				66.1		%				60.1		%
Acquisition related expenses			205,464						220,277						410,212						458,109
Adjusted gross margin			$	2,645,262					$	1,831,887					$	4,894,985					$	3,500,022
Adjusted gross margin percentage			73.0		%				69.4		%				72.2		%				69.1		%
Operating expenses			$	1,060,118					$	933,666					$	2,108,068					$	1,872,656
Percent of revenue			29.3		%				35.4		%				31.1		%				37.0		%
Acquisition related expenses			(188,582)						(188,015)						(376,495)						(376,030)
Special charges, net			—						(1,745)						(47,982)						(65,632)
Adjusted operating expenses			$	871,536					$	743,906					$	1,683,591					$	1,430,994
Adjusted operating expenses percentage			24.1		%				28.2		%				24.8		%				28.3		%
Operating income			$	1,379,680					$	677,944					$	2,376,705					$	1,169,257
Operating margin			38.1		%				25.7		%				35.0		%				23.1		%
Acquisition related expenses			394,046						408,292						786,707						834,139
Special charges, net			—						1,745						47,982						65,632
Adjusted operating income			$	1,773,726					$	1,087,981					$	3,211,394					$	2,069,028
Adjusted operating margin			49.0		%				41.2		%				47.3		%				40.9		%
Nonoperating expense (income)			$	54,852					$	52,016					$	106,006					$	107,753
Acquisition related expenses			2,150						2,150						4,300						4,300
Adjusted nonoperating expense (income)			$	57,002					$	54,166					$	110,306					$	112,053
Income before income taxes			$	1,324,828					$	625,928					$	2,270,699					$	1,061,504
Acquisition related expenses			391,896						406,142						782,407						829,839
Special charges, net			—						1,745						47,982						65,632
Adjusted income before income taxes			$	1,716,724					$	1,033,815					$	3,101,088					$	1,956,975
Provision for income taxes			$	148,478					$	56,158					$	263,523					$	100,418
Effective income tax rate			11.2		%				9.0		%				11.6		%				9.5		%
Tax related items			54,219						57,573						114,668						122,635
Adjusted provision for income taxes			$	202,697					$	113,731					$	378,191					$	223,053
Adjusted tax rate			11.8		%				11.0		%				12.2		%				11.4		%
Diluted EPS			$	2.40					$	1.14					$	4.09					$	1.93
Acquisition related expenses			0.80						0.82						1.59						1.66
Special charges, net			—						—						0.10						0.13
Tax related items			(0.11)						(0.12)						(0.23)						(0.25)
Adjusted diluted EPS*			$	3.09					$	1.85					$	5.54					$	3.48

* 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
			May 2, 2026						May 2, 2026						Jan. 31, 2026						Nov. 1, 2025						Aug. 2, 2025
Revenue			$	12,739,993					$	3,623,465					$	3,160,063					$	3,076,117					$	2,880,348
Net cash provided by operating activities			$	5,106,471					$	872,041					$	1,368,515					$	1,700,810					$	1,165,105
% of Revenue			40		%				24		%				43		%				55		%				40		%
Capital expenditures			$	(541,321)					$	(137,702)					$	(109,313)					$	(215,153)					$	(79,153)
Free cash flow			$	4,565,150					$	734,339					$	1,259,202					$	1,485,657					$	1,085,952
% of Revenue			36		%				20		%				40		%				48		%				38		%

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

			Three Months Ending August 1, 2026
			Reported						Adjusted
Revenue			$3.9 Billion						$3.9 Billion
			(+/- $100 Million)						(+/- $100 Million)
Operating margin			39.0%						49.0% (1)
			(+/-150 bps)						(+/-100 bps)
Tax rate			12% - 14%						12% - 14% (2)
Earnings per share			$2.60						$3.30 (3)
			(+/- $0.15)						(+/- $0.15)

(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 $0.70 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

Senior Director, Investor Relations

Analog Devices, Inc.

781-461-3282

investor.relations@analog.com

FAQ

How did Analog Devices (ADI) perform in its fiscal Q2 2026?

Analog Devices reported strong fiscal Q2 2026 results, with revenue of $3.62 billion, up 37% year over year. GAAP diluted EPS was $2.40 and adjusted EPS was $3.09, reflecting higher margins and broad-based demand across Industrial, Automotive, Communications, and Consumer markets.

What were Analog Devices’ key profitability metrics in Q2 2026?

Analog Devices expanded profitability significantly in Q2 2026, posting GAAP operating margin of 38.1% and adjusted operating margin of 49.0%. These margins rose from 25.7% and 41.2% a year earlier, indicating strong operating leverage as revenue increased across end markets.

How much cash flow did Analog Devices (ADI) generate and return to shareholders?

On a trailing twelve‑month basis, Analog Devices generated $5.1 billion in operating cash flow and $4.57 billion in free cash flow, equal to 36% of revenue. In Q2 alone, it returned $1.3 billion to shareholders through dividends and share repurchases, highlighting substantial cash return activity.

What guidance did Analog Devices provide for its fiscal Q3 2026?

For fiscal Q3 2026, Analog Devices forecast revenue of $3.9 billion, plus or minus $100 million. At the midpoint, it expects reported operating margin around 39%, adjusted operating margin around 49%, reported EPS of $2.60, and adjusted EPS of $3.30, each with specified tolerance ranges.

Which end markets drove Analog Devices’ revenue growth in Q2 2026?

Analog Devices saw year-over-year revenue growth in all end markets during Q2 2026. Industrial remained the largest at $1.80 billion, while Communications showed particularly strong percentage growth, and Automotive and Consumer also increased, supporting the company’s record quarterly revenue performance.

What dividend did Analog Devices declare alongside its Q2 2026 results?

Analog Devices’ board declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend is payable on June 16, 2026 to shareholders of record at the close of business on June 2, 2026, continuing the company’s cash return program.

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