Analog Devices reported strong revenue growth across all major sectors, especially in industrial and communications. However, there were challenges in automotive pull-ins and utilization that impacted margins. Despite these issues, the outlook remains positive with strong growth expected in industrial and a record year for automotive.

Company Guidance -

Q4 2025

During the Analog Devices Third Quarter Fiscal Year 2025 Earnings Conference Call, the company provided guidance that included several key metrics. The third-quarter revenue was reported at $2.88 billion, which exceeded expectations, marking a 9% sequential increase and a 25% year-over-year growth. Industrial, which constituted 45% of the revenue, grew by 12% sequentially and 23% year-over-year, driven by sectors such as aerospace and defense, automation, and AI infrastructure. Automotive revenue, contributing 30% of the total, showed a 22% year-over-year growth despite a 1% sequential decline. Communications revenue increased by 18% sequentially and 40% year-over-year, while consumer revenue grew 16% sequentially and 21% year-over-year. The gross margin for the quarter was 69.2%, with an operating margin of 42.2%. The EPS was $2.05, representing a 30% year-over-year increase. Looking ahead to the fourth quarter, revenue is expected to be $3 billion, plus or minus $100 million, with an operating margin of approximately 43.5% and an EPS projection of $2.22, plus or minus $0.10. The company anticipates continued growth, particularly in the industrial market, and is mindful of geopolitical and macroeconomic uncertainties.

Strong Revenue Growth

Revenue of $2.88 billion exceeded expectations, up 9% sequentially and 25% year-over-year.

Industrial Sector Recovery

Industrial revenue, representing 45% of total revenue, grew 12% sequentially and 23% year-over-year, with strong performance across instrumentation, automation, aerospace, defense, and energy management.

Record Automotive Revenue

Automotive revenue was down 1% sequentially but up 22% year-over-year, marking it as a record year for automotive revenue, driven by connectivity and power solutions.

Communications and Consumer Growth

Communications revenue grew 18% sequentially and 40% year-over-year, while consumer revenue increased 16% sequentially and 21% year-over-year.

High Operating Margin

Operating margin reached 42.2%, up 100 basis points sequentially and year-over-year.

Strong Free Cash Flow

Free cash flow over the trailing 12 months was $3.7 billion or 35% of revenue, with $3.5 billion returned to shareholders.

Analog Devices (ADI) Earnings, Revenues Date & History

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ADI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Dec 02, 2025	2025 (Q4)	2.23 / -	1.67	―	―	―
Aug 20, 2025	2025 (Q3)	1.95 / 2.06	1.58	30.38% (+0.48)	―
May 22, 2025	2025 (Q2)	1.70 / 1.85	1.4	32.14% (+0.45)	―
Feb 19, 2025	2025 (Q1)	1.54 / 1.63	1.73	-5.78% (-0.10)	―
Nov 26, 2024	2024 (Q4)	1.64 / 1.67	2.01	-16.92% (-0.34)	―
Aug 21, 2024	2024 (Q3)	1.51 / 1.58	2.49	-36.55% (-0.91)	―
May 22, 2024	2024 (Q2)	1.26 / 1.40	2.83	-50.53% (-1.43)	―
Feb 21, 2024	2024 (Q1)	1.71 / 1.73	2.75	-37.09% (-1.02)	―
Nov 21, 2023	2023 (Q4)	2.00 / 2.01	2.73	-26.37% (-0.72)	―
Aug 23, 2023	2023 (Q3)	2.52 / 2.49	2.52	-1.19% (-0.03)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ADI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 20, 2025	$230.44	$244.87	+6.26%
May 22, 2025	$221.21	$210.97	-4.63%
Feb 19, 2025	$218.27	$239.52	+9.74%
Nov 26, 2024	$220.67	$216.20	-2.03%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.