Analog Devices (ADI) financial statements
Analog Devices reported revenue of $11.0B in fiscal 2025, up 13.9% a year over 9 years.
Net income was $2.3B and the operating margin 26.6%, against 30.0% in 2016.
Free cash flow was $4.3B, and the company returned $1.9B in dividends and $2.2B in net buybacks.
The diluted share count rose 59% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Analog Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.4B | $5.2B | $6.2B | $6.0B | $5.6B | $7.3B | $12.0B | $12.3B | $9.4B | $11.0B |
| Cost of revenue | $1.2B | $2.1B | $2.0B | $2.0B | $1.9B | $2.8B | $4.5B | $4.4B | $4.0B | $4.2B |
| Gross profit | $2.2B | $3.2B | $4.3B | $4.0B | $3.7B | $4.5B | $7.5B | $7.9B | $5.4B | $6.8B |
| Research and development | $654M | $968M | $1.2B | $1.1B | $1.1B | $1.3B | $1.7B | $1.7B | $1.5B | $1.8B |
| Selling, general and admin | $461M | $691M | $696M | $648M | $660M | $915M | $1.3B | $1.3B | $1.1B | $1.3B |
| Operating income | $1.0B | $1.2B | $1.9B | $1.7B | $1.5B | $1.7B | $3.3B | $3.8B | $2.0B | $2.9B |
| Interest expense | $89M | $251M | $254M | $229M | $193M | $185M | $200M | $265M | $322M | $318M |
| Pre-tax income | $957M | $935M | $1.7B | $1.5B | $1.3B | $1.3B | $3.1B | $3.6B | $1.8B | $2.7B |
| Income tax | $95M | $129M | $148M | $123M | $91M | -$62M | $350M | $293M | $142M | $445M |
| Net income | $862M | $805M | $1.5B | $1.4B | $1.2B | $1.4B | $2.7B | $3.3B | $1.6B | $2.3B |
| EPS (diluted) | — | — | — | — | $3.28 | $3.46 | $5.25 | $6.55 | $3.28 | $4.56 |
| Diluted shares | 312M | 350M | 375M | 373M | 372M | 401M | 523M | 506M | 499M | 497M |
| Gross margin | 65.1% | 60.4% | 68.3% | 67.0% | 65.9% | 61.8% | 62.7% | 64.0% | 57.1% | 61.5% |
| Operating margin | 30.0% | 22.2% | 30.5% | 28.6% | 26.7% | 23.1% | 27.3% | 31.1% | 21.6% | 26.6% |
| Net margin | 25.2% | 15.4% | 24.2% | 22.8% | 21.8% | 19.0% | 22.9% | 26.9% | 17.3% | 20.6% |
Balance sheet
Fiscal years, from Analog Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.1B | $1.0B | $817M | $648M | $1.1B | $2.0B | $1.5B | $958M | $2.4B | $3.7B |
| Receivables | $478M | $689M | $640M | $635M | $738M | $1.5B | $1.8B | $1.5B | $1.3B | $1.4B |
| Inventory | $377M | $551M | $587M | $610M | $608M | $1.2B | $1.4B | $1.6B | $1.4B | $1.7B |
| Total current assets | $5.0B | $2.4B | $2.1B | $2.0B | $2.5B | $5.4B | $4.9B | $4.4B | $5.5B | $7.1B |
| Property, plant and equipment | $636M | $1.1B | $1.2B | $1.2B | $1.1B | $2.0B | $2.4B | $3.2B | $3.4B | $3.3B |
| Goodwill | $1.7B | $12.2B | $12.3B | $12.3B | $12.3B | $26.9B | $26.9B | $26.9B | $26.9B | $26.9B |
| Total assets | $8.0B | $21.1B | $20.4B | $21.4B | $21.5B | $52.3B | $50.3B | $48.8B | $48.2B | $48.0B |
| Total current liabilities | $783M | $1.6B | $1.1B | $1.5B | $1.4B | $2.8B | $2.4B | $3.2B | $3.0B | $3.2B |
| Long-term debt | — | — | — | — | — | — | $6.5B | $5.9B | $6.6B | $8.1B |
| Total liabilities | $2.8B | $11.0B | $9.2B | $9.7B | $9.5B | $14.3B | $13.8B | $13.2B | $13.1B | $14.2B |
| Shareholders' equity | $5.2B | $10.2B | $11.3B | $11.7B | $12.0B | $38.0B | $36.5B | $35.6B | $35.2B | $33.8B |
| Net debt | -$921M | -$748M | -$750M | -$349M | -$1.1B | -$1.5B | $5.1B | $5.4B | $5.0B | $5.6B |
Cash flow
Fiscal years, from Analog Devices's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.2B | $2.4B | $2.3B | $2.0B | $2.7B | $4.5B | $4.8B | $3.9B | $4.8B |
| Capital spending | $127M | $204M | $255M | $275M | $166M | $344M | $699M | $1.3B | $730M | $534M |
| Free cash flow | $1.2B | $950M | $2.2B | $2.0B | $1.8B | $2.4B | $3.8B | $3.6B | $3.1B | $4.3B |
| Stock-based compensation | $63M | $104M | $151M | $150M | $150M | $244M | $323M | $300M | $263M | $322M |
| Dividends paid | $513M | $602M | $703M | $777M | $886M | $1.1B | $1.5B | $1.7B | $1.8B | $1.9B |
| Share buybacks (net) | -$370M | -$47M | -$226M | -$613M | -$244M | -$2.6B | -$2.6B | -$3.0B | -$616M | -$2.2B |
| Net borrowing | $1.2B | $6.1B | -$1.5B | $400M | -$354M | $3.9B | $296M | $0 | $588M | $1.1B |
| Free cash flow margin | 34.0% | 18.1% | 35.1% | 33.0% | 32.9% | 32.7% | 31.4% | 28.9% | 33.1% | 38.8% |
| Dividends per share | $1.64 | $1.72 | $1.88 | $2.09 | $2.38 | $2.76 | $2.95 | $3.32 | $3.60 | $3.87 |
Questions
What was Analog Devices's revenue in 2025?
$11.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Analog Devices generate?
$4.3B in fiscal 2025 (operating cash flow minus capital spending).
From Analog Devices's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.