Analog Devices, Inc. engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. It provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs. The company also offers amplifiers to condition analog signals; and radio frequency and microwave ICs to support cellular infrastructure; and micro-electro-mechanical systems technology solutions, including accelerometers used to sense acceleration, gyroscopes for sense rotation, inertial measurement units to sense multiple degrees of freedom, and broadband switches for radio and instrument systems, as well as isolators. In addition, it provides digital signal processing and system products for numeric calculations. The company serves clients in the industrial, automotive, consumer, instrumentation, aerospace, defense and healthcare, and communications markets through a direct sales force, third-party distributors, and independent sales representatives, as well as online. The company was incorporated in 1965 and is headquartered in Wilmington, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.0B | $5.0B | $2.3B | $4.3B | 6.7% | 16.9% | 38.7% |
| 2024 | $9.4B | $4.2B | $1.6B | $3.1B | 4.6% | -23.4% | -50.7% |
| 2023 | $12.3B | $6.2B | $3.3B | $3.6B | 9.3% | 2.4% | 20.6% |
| 2022 | $12.0B | $5.6B | $2.7B | $3.8B | 7.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 12,013.95 | 12,305.54 | 9,427.16 | 11,019.71 |
| Operating Revenue | - | 12,013.95 | 12,305.54 | 9,427.16 | 11,019.71 |
| Cost Of Revenue | - | 4,481.48 | 4,428.32 | 4,045.81 | 4,246.23 |
| Gross Profit | - | 7,532.47 | 7,877.22 | 5,381.34 | 6,773.48 |
| Operating Expense | - | 3,979.26 | 3,893.40 | 3,311.29 | 3,771 |
| Research And Development | - | 1,700.52 | 1,660.19 | 1,487.86 | 1,766 |
| Selling General And Administration | - | 1,266.18 | 1,273.58 | 1,068.64 | 1,255.34 |
| Total Expenses | - | 8,460.74 | 8,321.72 | 7,357.10 | 8,017.23 |
| Operating Income | - | 3,553.21 | 3,983.82 | 2,070.06 | 3,002.48 |
| Total Operating Income As Reported | - | 3,278.70 | 3,823.11 | 2,032.80 | 2,932.50 |
| EBITDA | - | 5,596.66 | 6,165.75 | 4,203.88 | 5,028.67 |
| Normalized EBITDA | - | 5,871.16 | 6,326.46 | 4,241.14 | 5,098.65 |
| EBIT | - | 3,299.16 | 3,872.64 | 2,099.57 | 3,029.83 |
| Interest Income | - | 6.91 | 41.29 | 78.82 | 105.27 |
| Interest Expense | - | 200.41 | 264.64 | 322.23 | 317.72 |
| Net Interest Income | - | -193.50 | -223.35 | -243.41 | -212.45 |
| Other Non Operating Income Expenses | - | 13.55 | 8.24 | -12.05 | -7.93 |
| Other Income Expense | - | -260.96 | -152.46 | -49.31 | -77.91 |
| Interest Income Non Operating | - | 6.91 | 41.29 | 78.82 | 105.27 |
| Interest Expense Non Operating | - | 200.41 | 264.64 | 322.23 | 317.72 |
| Net Non Operating Interest Income Expense | - | -193.50 | -223.35 | -243.41 | -212.45 |
| Pretax Income | - | 3,098.75 | 3,608 | 1,777.34 | 2,712.11 |
| Tax Provision | - | 350.19 | 293.42 | 142.07 | 444.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -31.02 | -13.02 | -2.98 | -11.48 |
| Net Income Continuous Operations | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Net Income From Continuing And Discontinued Operation | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Net Income | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Net Income Common Stockholders | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Net Income Including Noncontrolling Interests | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Normalized Income | - | 2,992.05 | 3,462.27 | 1,669.55 | 2,325.85 |
| Diluted NI Availto Com Stockholders | - | 2,748.56 | 3,314.58 | 1,635.27 | 2,267.34 |
| Basic Average Shares | - | 519.23 | 502.23 | 496.17 | 494.38 |
| Diluted Average Shares | - | 523.18 | 505.96 | 498.70 | 496.71 |
| Reconciled Depreciation | - | 2,297.50 | 2,293.10 | 2,104.32 | 1,998.84 |
| Reconciled Cost Of Revenue | - | 3,196.55 | 3,094.84 | 2,696.28 | 2,997.05 |
| Total Unusual Items | - | -274.51 | -160.71 | -37.26 | -69.98 |
| Total Unusual Items Excluding Goodwill | - | -274.51 | -160.71 | -37.26 | -69.98 |
| Special Income Charges | - | -274.51 | -160.71 | -37.26 | -69.98 |
| Other Special Charges | 299.61 | 274.51 | 160.71 | 37.26 | - |
| Restructuring And Mergern Acquisition | 84.46 | 274.51 | 160.71 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 1,012.57 | 959.62 | 754.78 | 749.66 |
| Depreciation And Amortization In Income Statement | - | 1,012.57 | 959.62 | 754.78 | 749.66 |
| Otherunder Preferred Stock Dividend | 0 | - | - | - | - |
| Amortization | - | 1,012.57 | 959.62 | 754.78 | 749.66 |
| Amortization Of Intangibles Income Statement | - | 1,012.57 | 959.62 | 754.78 | 749.66 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Analog Devices, Inc.this co. | ADI | $208.8B | 92.11β premium | 6.18 | 6.7% | 42.76 |
| QUALCOMM Incorporated | QCOM | $255.7B | 46.14 | 12.06 | 26.1% | 17.75 |
| Palo Alto Networks, Inc. | PANW | $227.6B | 200.71 | 29.09 | 14.5% | 116.26 |
| Seagate Technology Holdings plc | STX | $209.5B | 142.62 | -462.49 | -324.3% | 102.45 |
| Arista Networks, Inc. | ANET | $209.0B |
| - |
| - |
| - |
| - |
| - |
| 59.53 |
| 16.90 |
| 28.4% |
| 50.48 |
| Western Digital Corporation | WDC | $198.4B | 107.81 | 35.81 | 33.2% | 103.70 |
| CrowdStrike Holdings, Inc. | CRWD | $183.1B | -1126.48 | 41.34 | -3.7% | 978.97 |
| Amphenol Corporation | APH | $180.6B | 42.28 | 13.46 | 31.8% | 26.84 |
| Corning Incorporated | GLW | $170.1B | 106.61 | 14.41 | 13.5% | 47.66 |
| Peer Median | - | 83.07 | 15.65 | 20.3% | 76.47 | |