[ADI] Analog Devices: Fiscal Q4 2026 Earnings Preview on Data Center Growth and Margin

Analog Devices (ADI) is one of the world's largest suppliers of high-performance analog chips, which convert real-world signals such as temperature, pressure, sound and motion into data that electronic systems can process, and which also regulate voltage and control power in those systems[1]. Ahead of its fiscal Q4 2026 earnings, the company is scheduled to report results on 2026-11-24 for the fiscal 2026 fourth quarter, the three months ending October 31, 2026[2]. The latest disclosed quarter is fiscal Q3 2026, ended August 1, 2026, when revenue was $4.02 billion, up 40% year over year, with an adjusted gross margin of 72.5%, an adjusted operating margin of 50.0% and adjusted EPS of $3.45[3]. On August 19, 2026, management guided fourth-quarter revenue to $4.3 billion, plus or minus $100 million, an adjusted operating margin of 52%, plus or minus 1 percentage point (implying an adjusted gross margin of about 74%), and adjusted EPS of $3.86, plus or minus $0.15[4]. As of November 9, 2026, the Drillr compilation showed an average fourth-quarter revenue estimate of $4.321 billion from 16 analysts, an average EPS estimate of $3.89 from 17 analysts and an average fiscal 2026 revenue estimate of $15.127 billion from 22 analysts[5].

Three things matter most in this report. The first is whether Communications can grow about 10% sequentially as guided: Communications revenue was $654.5 million in the third quarter, up 84% year over year, about 80% of it came from data centers, and the data center business grew more than 100% year over year[6][7], so the fourth-quarter figure can help separate more chip content per system from one-time stocking by AI customers. The second is whether Industrial can grow by a high single digit sequentially as guided without the channel indicators worsening: Industrial revenue was $1.9719 billion in the third quarter, up 53%, but revenue through distributors rose 46% year over year, faster than the company's 40%, and days sales outstanding rose from 44 to 50[8], which bears on how much Industrial growth reflects end consumption. The third is whether adjusted gross margin can rise from 72.5% to about 74%: the company attributes the 150-basis-point increase to product mix, fixed-cost absorption and previously announced price increases[9], while tight outside foundry capacity and cost inflation push the other way, so the fourth-quarter figure will be the first test of management's statement that it can hold about 74% over the medium term[4].

Company Background and Business Structure

ADI's core assets are six decades of analog and mixed-signal chip technology and an engineering team of about 13,000, and its 10-K describes the company as one of the world's largest suppliers of high-performance analog chips[1]. Since acquiring Maxim, ADI has invested $2.7 billion in upgrading its internal manufacturing, and management targets Maxim synergies of $700 million in 2026 and $1 billion by 2027[10][4]. In fiscal Q3 2026, ADI closed the all-cash acquisition of Empower Semiconductor for about $1.5 billion to provide in-package power delivery for next-generation AI processors, and it ended the quarter with a net leverage ratio of 0.9[7].

ADI has one operating and reportable segment and discloses revenue by end market; in fiscal 2025, Industrial, Automotive, Consumer and Communications accounted for 45%, 30%, 13% and 13% of revenue[11][12]. Industrial revenue was $4.929 billion in fiscal 2025 and serves automatic test equipment (ATE), electronic test and measurement, aerospace and defense, and factory automation customers; management calls it the company's most profitable business, with average product lifecycles of 15 to 20 years[12][13]. Automotive revenue was $3.278 billion, with growth driven mainly by connectivity solutions; Consumer revenue was $1.435 billion, mainly from portable consumer products; and Communications revenue was $1.378 billion, with fiscal 2025 growth driven mainly by data center buildouts supporting AI applications[12]. By fiscal Q3 2026 the mix had shifted visibly: Industrial accounted for 49%, Automotive 25%, Communications 16% and Consumer 10%, and about 80% of Communications came from data centers[6][7].

Production and sales channels shape ADI's cost structure and demand visibility. The company runs its own wafer fabs in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland, but it sources more than half of its annual wafer needs from foundries such as TSMC, and it performs assembly and test in Penang, Malaysia, the Philippines and Thailand[10]. ADI sells through a direct sales force, distributors, independent sales representatives and its website; in the third quarter, distributors accounted for $2.327 billion, or 58% of revenue, direct customers for 39% and other customers for 3%[11][8]. A high distributor share means ADI has to forecast distributor demand and bear price-protection and stock-rotation arrangements[11].

Financial History and Current Position

ADI's annual revenue has moved through a full destocking and recovery cycle. Revenue was $12.306 billion in fiscal 2023, with Industrial at 53%; it fell to $9.427 billion in fiscal 2024 as customers destocked; and it rebounded 17% to $11.020 billion in fiscal 2025, with all four end markets growing[12]. Fiscal 2025 GAAP gross margin rose from 57.1% to 61.5%, mainly because of higher factory utilization and lower amortization of acquired intangibles; net income was $2.267 billion, up 39%, and diluted EPS was $4.56[14]. Operating cash flow that year was $4.812 billion, or 44% of revenue, capital expenditure was $533.6 million, and cash, cash equivalents and short-term investments stood at $3.7 billion at fiscal year-end[15].

Fiscal 2026 revenue accelerated every quarter and set a new record each time. First-quarter revenue was $3.160 billion, up 30%, with a 71.2% adjusted gross margin and a 45.5% adjusted operating margin[16]; second-quarter revenue was $3.623 billion, up 37%, with a 73.0% adjusted gross margin and a 49% adjusted operating margin[13]; and third-quarter revenue was $4.022 billion, up 40% year over year and 11% sequentially[7]. Subtracting the prior-year nine-month revenue from full-year fiscal 2025 revenue puts fiscal Q4 2025 revenue at about $3.076 billion, which is the year-over-year comparison base for the coming quarter[12][6].

Third-quarter profit improved because gross margin and the expense ratio improved at the same time. GAAP gross margin was 67.3% versus 62.1% a year earlier, GAAP operating income was $1.613 billion, up 97%, and diluted EPS was $2.74; adjusted gross margin was 72.5%, up 330 basis points, adjusted operating margin was 50.0%, up 780 basis points, and adjusted EPS was $3.45, up 68%[3]. Net income was $1.340 billion in the third quarter and $3.347 billion for the first nine months, versus $1.480 billion a year earlier[17].

Cash generation is strong, but working capital and leverage are both rising. Trailing twelve-month operating cash flow was $5.545 billion and free cash flow was $4.937 billion, or 36% of revenue, while ADI returned $5.170 billion to shareholders through dividends and buybacks over the same period[3]. Working capital consumed $941 million in the first nine months, and acquisition payments totaled $1.536 billion[17]; accounts receivable rose from $1.436 billion at fiscal 2025 year-end to $2.390 billion, inventory rose from $1.656 billion to $1.931 billion, and cash, cash equivalents and short-term investments fell to $2.3 billion at the end of the third quarter[8]. In September 2026, ADI also issued about $3.0 billion of senior notes maturing from 2029 to 2036, with coupons from 5.100% to 5.750%[18].

Operating Model

Revenue is the sum of the four end markets, and each market's revenue is roughly units shipped times average selling price. Units depend on customer end demand and on channel inventory changes: more than half of revenue passes through distributors, and the gap between what distributors buy (sell-in) and what they resell (sell-through) is channel restocking or destocking[8]. Average selling price depends on product mix and price increases: in the second quarter, management said the announced price actions would add a couple of percentage points to fiscal 2026 growth and that all of the second-quarter upside above guidance came from volume rather than incremental price[13]. Of third-quarter revenue of $4.022 billion, Industrial contributed $1.972 billion, Automotive $998 million, Communications $655 million and Consumer $397 million[6].

Profit depends on two layers, gross margin and the expense ratio, and rising revenue magnifies both. Adjusted gross profit is revenue minus wafer costs from internal fabs and foundries, assembly and test, and labor; internal fabs carry a high fixed-cost share, so higher revenue raises utilization and lowers unit cost, and the 10-Q attributes the 520-basis-point year-over-year rise in third-quarter GAAP gross margin mainly to higher utilization of manufacturing fixed costs and a favorable product mix[19]. Adjusted operating profit then subtracts R&D and selling and administrative costs and excludes acquisition-related expenses and transaction costs: acquisition-related expenses in third-quarter GAAP cost of sales were $209 million, and adjusted operating expenses were $907 million, or 22.5% of revenue, versus 27.1% a year earlier[20]. This means most incremental revenue converts directly into operating profit, but the same leverage works in reverse if revenue slows.

Cash flow goes through two more deductions after profit: working capital and capital expenditure. Net income of $3.347 billion in the first nine months, plus $315 million of depreciation and $1.160 billion of intangible amortization, minus a $941 million increase in working capital, produced $3.845 billion of operating cash flow, while capital expenditure was $393 million[17]. ADI plans to keep fiscal 2026 capital expenditure at 4% to 6% of revenue[15] and targets returning 100% of free cash flow over the long term, with 40% to 60% going to dividends and the rest to share count reduction[21]. The Empower acquisition was paid for with cash, commercial paper and the September notes, so the added interest will enter the income statement in later quarters[7][18].

Industry and Competitive Position

Competition in analog chips rests on technical innovation, brand strength, portfolio breadth, product performance, technical support, delivery capability, service quality, reliability and price[1]. ADI positions itself in high-performance, long-lifecycle products: management says its average selling price is 4 to 5 times the industry average, each new product generation captures more value, and the risk of substitution after a design win is low[13]. Beyond similar chipmakers, ADI's competitors include emerging companies selling specialized products and entities tied to foreign governments' efforts to build domestic semiconductor industries[1].

AI has added new sources of demand, and management has raised its view of industry growth as a result. Management says the three secular growth cycles of AI infrastructure, aerospace and defense, and ATE now make up about 30% of ADI's revenue[9], and it believes the analog business can deliver double-digit compound annual growth for several years, up from the prior long-term target of 5% to 7%[4]. Inside the data center, ADI benefits from the optical transition from 800G to 3.2 terabits per second, optical circuit switching (OCS) revenue is on track to double in fiscal 2026, and design wins for 800V DC power distribution are progressing well[7].

ADI's disadvantages and constraints lie mainly in outside capacity and comparable data. More than half of its wafers depend on foundries such as TSMC, which also serve competitors, so capacity can tighten when industry demand surges, and tensions across the Taiwan Strait could disrupt TSMC's operations[10]; in the second quarter, management noted that steep industry demand had raised concerns that outside semiconductor capacity could constrain output going into 2027, even though ADI had more than doubled its internal capacity from pre-COVID levels[13]. The disclosures cited here cover only ADI, with no peer revenue, margin or share figures, so the selling-price multiple and design-win stickiness remain management's own description and cannot be checked item by item against competitors.

Core Debates

Data center sales have doubled in a year and now make up about 80% of Communications. Can fourth-quarter Communications revenue grow about 10% as guided, showing that growth comes from more ADI content per system rather than one-off customer stocking?

Communications is ADI's fastest-growing business, and its path affects both the revenue guide and the gross margin guide. Third-quarter Communications revenue was $654.5 million versus $354.8 million a year earlier, up 84%[6]; management says AI infrastructure, aerospace and defense, and ATE together now account for about 30% of company revenue[9]. Data center chips carry higher prices and margins, so their growth determines both whether ADI reaches its $4.3 billion revenue guide and whether adjusted gross margin can rise to about 74%[4].

Current evidence shows data center growth still accelerating, but every size figure comes from management's spoken remarks. Third-quarter Communications revenue grew 18% sequentially, about 80% came from data centers, and the data center business grew more than 100% year over year across both optical and power product lines[7]; in the second quarter, data centers were more than 75% of the segment and grew more than 90%[13]. Management says OCS revenue will double in fiscal 2026 and 800V DC power design wins are progressing well, and ADI spent $1.5 billion in cash on Empower in the third quarter[7]. The alternative explanation is that concentrated stocking by AI customers pulled orders forward; because ADI does not report data center revenue in a table, the financial statements cannot yet separate the two explanations.

The financial transmission is clear, but each link is sized only approximately. AI data center buildouts drive purchases of chips for optical modules, OCS and 800V DC power, which show up first in data center sub-segment revenue, then in Communications revenue and finally in consolidated revenue and gross margin through a higher-margin mix[19][7]. Management guided fourth-quarter Communications revenue up about 10% sequentially, led by data centers[4], which would be about $720 million on the third-quarter base of $654.5 million; management also warned that a slowdown or cut in AI infrastructure capital expenditure would directly hurt revenue growth[9].

In the fourth quarter, the test is whether Communications revenue, data center growth and management's comments line up. If Communications revenue is at least about $720 million, management's data center growth figure is still about 100%, data centers stay near 80% of the segment, and management still names both optical and power as growth sources, the more-content-per-system reading gets stronger. Conversely, if Communications grows less than 5% sequentially, or management mentions AI customers digesting inventory or data center growth falling below 90%, part of the growth came from one-time pull-ins rather than a lasting rise in chip content per system.

Industrial has grown sharply for several quarters, yet distributor sales are rising faster than the company as a whole and collection days are lengthening. Can fourth-quarter Industrial revenue grow by a high single digit as guided without the channel indicators worsening further?

Industrial is ADI's largest and most profitable business, so the source of its growth determines whether the high-margin mix can last. Third-quarter Industrial revenue was $1.9719 billion, or 49% of company revenue[6], and its average product lifecycles of 15 to 20 years mean designs are rarely replaced once won[13]. If Industrial growth reflects end consumption, the high-margin mix will persist; if part of it reflects distributor restocking and buying ahead of price increases, revenue will give back some of the gain over the following one or two quarters.

Management's statements and the channel data currently point in different directions. Third-quarter Industrial revenue rose 53% year over year and 10% sequentially, led by ATE, electronic test and measurement, aerospace and defense, and industrial automation[7]; in the first quarter, management said the two-thirds of Industrial outside ATE and aerospace and defense was still about 20% below its previous peak, and that the second-quarter outlook assumed sell-in equal to sell-through with no evidence of restocking[21], and in the third quarter it still said customers were running lean inventories with no material restocking[9]. Yet third-quarter distributor revenue grew 46.1% year over year, faster than the company's 39.6%, and its share rose from 55% to 58%; accounts receivable rose from $1.4361 billion at fiscal 2025 year-end to $2.3896 billion, and days sales outstanding rose from 44 to 50[8]. In the second quarter, that gap was only about 2.7 percentage points, with distributors up 39.9% against 37.2% for the company[22].

Price increases and the shifting Industrial share make the channel signal harder to read. On the first-quarter call, management said about one-third of the second-quarter sequential revenue increase came from price, roughly half of that price lift came from repricing channel inventory and would not repeat in the third quarter, and price would add about 50 basis points of growth in each of the third and fourth quarters[21]. The 10-K also explains that changes in the distributor share depend mainly on the Industrial revenue share[11], so a rising Industrial share by itself pushes the distributor share up. The transmission runs from end demand to orders from distributors and direct customers, then through distributor sell-in and price increases into Industrial revenue and gross margin; channel restocking would show up first as a higher distributor share and higher receivables, and then reverse in later quarters.

Four indicators can test the quality of Industrial growth in the fourth quarter. Management guided Industrial revenue up a high single digit sequentially[4], and 7% growth on the third-quarter base would be about $2.110 billion; whether distributor growth still exceeds company growth by more than 5 percentage points can be calculated once the 10-K discloses channel revenue; the next checks are whether fiscal year-end days sales outstanding return to 50 or below and whether management still says customers have not materially restocked. If Industrial grows less than 5% sequentially, management acknowledges channel restocking, or days sales outstanding rise above 55, the end-demand reading weakens.

Adjusted gross margin rose from about 69% to 72.5% in a year, and ADI guides to about 74% in the fourth quarter. Can price increases, product mix and factory utilization keep outrunning cost inflation and tight outside capacity?

Gross margin is the variable with the largest profit leverage at ADI. On quarterly revenue of $4.3 billion, each percentage point of adjusted gross margin equals roughly $43 million of operating profit[4]. Management says it can hold gross margin around 74% over the medium term and has raised its long-term analog growth view to double digits[4], so whether the fourth-quarter margin reaches guidance is the first number that tests that view.

The margin gains have clear sources, but part of them was one-time. Third-quarter adjusted gross margin was 72.5% versus 69.2% a year earlier, up 330 basis points[20]; the 10-Q attributes the GAAP margin increase to higher utilization of manufacturing fixed costs and a favorable product mix[19]. Adjusted operating expenses fell from 27.1% to 22.5% of revenue, lifting the adjusted operating margin to 50.0%[20]. Second-quarter adjusted gross margin was 73.0%[13], which included a one-time gain from repricing channel inventory[21], so the third-quarter margin slipped by about 50 basis points. Management says the roughly 150-basis-point fourth-quarter increase comes from product mix, fixed-cost absorption on higher revenue and previously announced price adjustments, and that the full effect of pricing will not show until fiscal Q1 2027, when all shipments carry the new prices[9].

The opposing forces come from outside foundries and input costs. More than half of ADI's wafers come from foundries such as TSMC[10]; management acknowledges that the rapid rise in demand has started to extend lead times and that persistent inflation is raising input costs, which could pressure margins if price and mix do not offset it[9]; inventory rose to $1.9315 billion at the end of the third quarter, including $1.4581 billion of work in process, with days of inventory at 131 versus 130 at fiscal 2025 year-end[8]. Capital expenditure in the first nine months was $392.7 million, or 3.6% of revenue of $10.806 billion, below the company's full-year plan of 4% to 6%[17][15]. The transmission runs from price increases, mix improvement and fixed-cost absorption, minus input-cost and foundry inflation, to adjusted gross margin; subtracting R&D and selling and administrative costs gives the adjusted operating margin, which then flows into EPS and free cash flow.

In the fourth quarter, margin, expense ratio and inventory all need to hit their marks at once. The checkpoints are whether adjusted gross margin is at least 74.0%, adjusted operating margin at least 52%, adjusted operating expenses no more than 22.5% of revenue, fiscal year-end days of inventory no higher than 131, and full-year capital expenditure within 4% to 6% of revenue. If fourth-quarter adjusted gross margin falls below 73.0%, or management says input costs or foundry price increases offset its own price increases, the claim that ADI can hold about 74% over the medium term will face a direct challenge.

Risks and Falsifiers

Acquisitions and leverage raise interest costs and put pressure on the cash-return commitment at the same time. ADI paid about $1.5 billion in cash for Empower in the third quarter[7] and issued about $3.0 billion of senior notes in September[18]; interest expense was already $262.7 million in the first nine months versus $229.6 million a year earlier[17], while ADI returned $5.170 billion to shareholders over the trailing twelve months[3]. The exposed lines are interest expense, adjusted operating expenses and shareholder returns; if the fourth-quarter adjusted operating margin reaches 52% and the company reaffirms its plans to return 100% of free cash flow and keep capital expenditure at 4% to 6% of revenue, this risk has not materialized.

Automotive exposure and geopolitics affect about a quarter of revenue. Third-quarter Automotive revenue was $998.2 million, or 25% of revenue, up 16% year over year[6], but the fourth-quarter guide calls only for low-single-digit sequential growth[4]; ADI depends on overseas foundries such as TSMC, and geopolitical events such as Taiwan Strait tensions could disrupt supply[10], while tariffs, export controls and changes in Chinese demand could pass through to revenue via orders from Automotive and Industrial customers. If fourth-quarter Automotive revenue does not decline sequentially and management does not cut its fiscal 2027 growth language, this risk has not played out.

A slowdown in AI infrastructure spending would hit Communications directly. On the third-quarter call, management explicitly said a slowdown or reduction in AI infrastructure capital expenditure would hurt revenue growth[9], and data center revenue is concentrated in the optical and power product lines[7]. The exposed lines are third-quarter Communications revenue of $654.5 million and its mix contribution to consolidated gross margin[6]; if fourth-quarter Communications revenue grows at least 10% sequentially and management does not mention customers slowing purchases, the current reading holds.

Channel restocking and price protection could cause some revenue to reverse later. More than half of revenue goes through distributors, so ADI has to forecast distributor demand and bear price-protection and stock-rotation arrangements[11]; on the first-quarter call, management said about half of the second-quarter price lift came from repricing channel inventory[21]. The exposed lines are third-quarter Industrial revenue of $1.9719 billion and operating cash flow, with accounts receivable already at $2.3896 billion at the end of the third quarter[8]; if fourth-quarter Industrial revenue meets guidance, the distributor growth gap narrows to within 5 percentage points and days sales outstanding stay at 50 or below, this risk is largely ruled out.

Outside foundry capacity and costs could limit both shipments and gross margin. More than half of ADI's wafers depend on foundries such as TSMC, and capacity can tighten when industry demand surges[10]; in the second quarter, management said outside capacity could constrain output going into 2027[13], and in the third quarter it said lead times had started to extend and inflation was raising costs[9]. The exposed items are the 72.5% third-quarter adjusted gross margin, the roughly 74% fourth-quarter margin guide and shipment capacity; if fourth-quarter adjusted gross margin is at least 74.0% and days of inventory stay at 131 or below, this risk has not shown up in the financial results.

What to Watch Next

• Communications revenue: $654.5 million in the third quarter, up 84%. Watch whether it reaches about $720 million, up 10% sequentially; sequential growth below 5% would weaken the content-per-system reading.
• Data center growth and share, as stated by management: more than 100% growth and about 80% of Communications. Watch whether growth stays near 100% and the share holds; any mention of customers digesting inventory or growth below 90% would count against it.
• Industrial revenue: $1.9719 billion in the third quarter, up 53%. Watch whether it reaches at least about $2.110 billion, up 7% sequentially; growth below 5% would weaken the end-demand reading.
• Distributor growth gap and days sales outstanding: about 5.6 percentage points and 50 days. Watch whether the gap narrows to within 5 points and days return to 50 or below; an admission of restocking or days above 55 would count against it.
• Adjusted gross and operating margin: 72.5% and 50.0%. Watch whether they reach about 74% and 52%; gross margin below 73.0% or costs offsetting price increases would count against it.
• Adjusted operating expense ratio, days of inventory and capital expenditure: 22.5%, 131 days and 3.6% of revenue over nine months. Watch for an expense ratio at or below 22.5%, inventory days at or below 131 and full-year capital expenditure within 4% to 6%; a clear rise in the expense ratio or inventory days would weaken the profit leverage.

Conclusion

ADI's results are driven by three forces: Communications growth led by AI data centers, an Industrial recovery led by ATE and aerospace and defense, and a gross margin pushed higher by price increases, product mix and factory utilization. In the third quarter, revenue was $4.022 billion, up 40%, the adjusted operating margin was 50.0%, and trailing twelve-month free cash flow was $4.937 billion[3]; over the same period, receivables and inventory rose and the distributor share climbed to 58%[8], and the company took on more leverage to buy Empower and issue $3.0 billion of notes[7][18]. The central unresolved relationship is how much of this growth comes from more chips per system and lasting end demand, and how much comes from customers and distributors buying ahead amid price increases and expected capacity shortages.

Between the third-quarter report on August 19, 2026 and November 10, the coverage found consisted mainly of share-price moves, acquisition and debt-offering news, and brokers adjusting their views on the stock; no authored analysis with independent reasoning and a verifiable date turned up. As a result, outside interpretations cannot be set against the three debates above, and readers have to rely on the company's own disclosures and management's comments, in which data center size, the scale of price increases and channel inventory are given only as approximate figures on earnings calls.

The combination that would materially strengthen the current reading is fourth-quarter Communications revenue of about $720 million with data center growth still near 100%, Industrial revenue up by a high single digit sequentially with a narrower distributor growth gap and days sales outstanding back at 50 or below, and an adjusted gross margin of about 74% alongside an operating margin of about 52%. Conversely, if Communications or Industrial grows less than 5% sequentially, management mentions customers digesting inventory or channel restocking, days sales outstanding rise above 55, or adjusted gross margin falls below 73.0%, the reading that demand and pricing are jointly driving the business will be clearly weakened.

Sources

[1] ADI 10-K filed 2025-11-25 · products and competition · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[2] ADI earnings calendar updated 2026-11-09 · 2026-11-09 · Drillr earnings calendar

[3] ADI 8-K filed 2026-08-19 (Q3 FY2026 earnings release) · results summary, cash generation and return · 2026-08-19 · 8-K · https://www.prnewswire.com/news-releases/analog-devices-reports-record-fiscal-third-quarter-2026-financial-results-302854642.html

[4] ADI Q3 FY2026 earnings call 2026-08-19 · Q4 FY2026 guidance and outlook · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[5] Drillr analyst estimates ADI Q4 FY2026 retrieved 2026-11-09 · 2026-11-09 · Drillr 分析师预测汇总 · https://gateway.drillr.ai/mcp/private

[6] ADI 8-K filed 2026-08-19 (Q3 FY2026 earnings release) · revenue by end market · 2026-08-19 · 8-K · https://www.prnewswire.com/news-releases/analog-devices-reports-record-fiscal-third-quarter-2026-financial-results-302854642.html

[7] ADI Q3 FY2026 earnings call 2026-08-19 · segment results · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] ADI 10-Q filed 2026-08-19 (Q3 FY2026) · receivables, inventory and channel · 2026-08-19 · 10-Q · https://www.sec.gov/Archives/edgar/data/6281/000000628126000073/

[9] ADI Q3 FY2026 earnings call 2026-08-19 · Q&A on margin, growth and supply · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[10] ADI 10-K filed 2025-11-25 · production resources and external foundries · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[11] ADI 10-K filed 2025-11-25 · single segment and sales channels · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[12] ADI 10-K filed 2025-11-25 · revenue by end market FY2023-FY2025 · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[13] ADI Q2 FY2026 earnings call 2026-05-20 · segment results, supply and pricing · 2026-05-20 · earnings-call · https://gateway.drillr.ai/mcp/private

[14] ADI 10-K filed 2025-11-25 · FY2025 results overview and gross margin · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[15] ADI 10-K filed 2025-11-25 · operating cash flow and capex plan · 2025-11-25 · 10-K · https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/

[16] ADI 8-K filed 2026-02-18 (Q1 FY2026 earnings release) · end markets and non-GAAP reconciliation · 2026-02-18 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000006281&type=8-K&dateb=&owner=include&count=40

[17] ADI 10-Q filed 2026-08-19 (Q3 FY2026) · income statement and nine-month cash flow · 2026-08-19 · 10-Q · https://www.sec.gov/Archives/edgar/data/6281/000000628126000073/

[18] ADI 8-K filed 2026-09-17 · $3.0 billion senior notes · 2026-09-17 · 8-K · https://www.sec.gov/Archives/edgar/data/6281/000119312526394361/

[19] ADI 10-Q filed 2026-08-19 (Q3 FY2026) · gross margin and revenue drivers · 2026-08-19 · 10-Q · https://www.sec.gov/Archives/edgar/data/6281/000000628126000073/

[20] ADI 8-K filed 2026-08-19 (Q3 FY2026 earnings release) · non-GAAP reconciliation · 2026-08-19 · 8-K · https://www.prnewswire.com/news-releases/analog-devices-reports-record-fiscal-third-quarter-2026-financial-results-302854642.html

[21] ADI Q1 FY2026 earnings call 2026-02-18 · margin, pricing and sell-through · 2026-02-18 · earnings-call · https://gateway.drillr.ai/mcp/private

[22] ADI 10-Q filed 2026-05-20 (Q2 FY2026) · revenue by sales channel · 2026-05-20 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000006281&type=10-Q&dateb=&owner=include&count=40