Analog Devices
ADI · NasdaqSemiconductors & Related Devices · Fiscal year ends Oct 31
Analog Devices reported revenue of $11B in the fiscal year ended Nov 2025, up 16.9% from the year before. Operating income was $2.9B, an operating margin of 26.6%, and net income was $2.3B. Operating cash flow of $4.8B less capital expenditure of $534M left free cash flow of $4.3B. Net debt was $5.6B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3B | $12B | $12.3B | $9.4B | $11B |
| Cost of revenue | $2.8B | $4.5B | $4.4B | $4B | $4.2B |
| Gross profit | $4.5B | $7.5B | $7.9B | $5.4B | $6.8B |
| Research & development | $1.3B | $1.7B | $1.7B | $1.5B | $1.8B |
| Selling, general & admin | $915M | $1.3B | $1.3B | $1.1B | $1.3B |
| Operating income | $1.7B | $3.3B | $3.8B | $2B | $2.9B |
| Interest expense | $185M | $200M | $265M | $322M | $318M |
| Pre-tax income | $1.3B | $3.1B | $3.6B | $1.8B | $2.7B |
| Income tax | −$62M | $350M | $293M | $142M | $445M |
| Net income | $1.4B | $2.7B | $3.3B | $1.6B | $2.3B |
| Diluted EPS | 3.46 | 5.25 | 6.55 | 3.28 | 4.56 |
| Diluted shares | 401M | 523M | 506M | 499M | 497M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2B | $1.5B | $958M | $2B | $2.5B |
| Receivables | $1.5B | $1.8B | $1.5B | $1.3B | $1.4B |
| Inventory | $1.2B | $1.4B | $1.6B | $1.4B | $1.7B |
| Current assets | $5.4B | $4.9B | $4.4B | $5.5B | $7.1B |
| Net PP&E | $2B | $2.4B | $3.2B | $3.4B | $3.3B |
| Goodwill | $26.9B | $26.9B | $26.9B | $26.9B | $26.9B |
| Total assets | $52.3B | $50.3B | $48.8B | $48.2B | $48B |
| Payables | $443M | $582M | $493M | $487M | $544M |
| Current liabilities | $2.8B | $2.4B | $3.2B | $3B | $3.2B |
| Short-term debt | $517M | $0 | $499M | $400M | $0 |
| Long-term debt | $6.8B | $6.5B | $5.9B | $6.6B | $8.1B |
| Shareholders' equity | $38B | $36.5B | $35.6B | $35.2B | $33.8B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $4.5B | $4.8B | $3.9B | $4.8B |
| Capital expenditure | $344M | $699M | $1.3B | $730M | $534M |
| Free cash flow | $2.4B | $3.8B | $3.6B | $3.1B | $4.3B |
| Depreciation & amortisation | $231M | $283M | $335M | $363M | $407M |
| Stock-based compensation | $244M | $323M | $300M | $263M | $322M |
| Acquisitions | −$2.5B | $0 | $0 | $0 | $46M |
| Share buybacks | $2.6B | $2.6B | $3B | $616M | $2.2B |
| Dividends paid | $1.1B | $1.5B | $1.7B | $1.8B | $1.9B |
| Dividend per share | 2.69 | 2.97 | 3.34 | 3.62 | 3.89 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Nov 2024 | Nov 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 64.2% | 2.4% | −23.4% | 16.9% |
| Operating income growth (YoY) | – | 93.8% | 16.6% | −46.8% | 44.3% |
| EPS growth (YoY) | – | 51.7% | 24.8% | −49.9% | 39.0% |
| Gross margin | 61.8% | 62.7% | 64.0% | 57.1% | 61.5% |
| Operating margin | 23.1% | 27.3% | 31.1% | 21.6% | 26.6% |
| Net margin | 19.0% | 22.9% | 26.9% | 17.3% | 20.6% |
| Return on equityBlank when equity is negative | 3.7% | 7.5% | 9.3% | 4.6% | 6.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 6.9% | 8.4% | 4.5% | 6.6% |
| Free cash flow margin | 32.7% | 31.4% | 28.9% | 33.1% | 38.8% |
| Cash conversion (CFO ÷ net income) | 1.97x | 1.63x | 1.45x | 2.36x | 2.12x |
| Receivable days | 73 | 55 | 44 | 52 | 48 |
| Inventory days | 157 | 114 | 135 | 131 | 142 |
| Payable days | 58 | 47 | 41 | 44 | 47 |
| Interest cover | 9.16x | 16.4x | 14.4x | 6.31x | 9.23x |
| Debt ÷ equity | 0.19x | 0.18x | 0.18x | 0.20x | 0.24x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.3B | $5.1B | $5.4B | $5B | $5.6B |
| Current ratio | 1.94x | 2.02x | 1.37x | 1.84x | 2.19x |
Recent filings
More in Semiconductors & Related Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.