Analog Devices (ADI) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 27, 2026

Before Open (Confirmed)

Period Ending

2026 (Q2)

Consensus EPS Forecast

2.85

Last Year’s EPS

1.85

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 21 Analysts Ratings

Earnings Call Summary

Q1 2026

Earnings Call Date:Feb 18, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call communicated strong, broad-based revenue growth, accelerating ATE and data center demand, robust margins, and exceptional cash generation and shareholder returns. Management provided an upbeat Q2 guide with meaningful margin improvement and reiterated long-term investment and capital return priorities. Near-term risks include automotive softness, an inventory build, and one-time pricing/channel effects that buoyed Q1/Q2 results. On balance the positive operational momentum, margin expansion and cash flow generation materially outweigh the noted headwinds.

Company Guidance

For Q2 ADI guided revenue of $3.5 billion ± $100 million (about an 11% sequential increase from Q1’s $3.16B), adjusted EPS of $2.88 ± $0.15, and an operating margin at the midpoint of 47.5% ± 100 bps (Q1 was 45.5%), with a tax rate forecast of 11–13%; gross margin is expected to expand roughly 100 bps q/q (≈150 bps on a normalized basis excluding a one‑time ~50 bps channel repricing). Management said OpEx should rise mid‑single digits in Q2 (Q1 OpEx was $812M) but fall as a percent of revenue, producing ~200 bps of sequential operating‑margin improvement; pricing actions account for ~1/3 of the Q2 sequential revenue increase (about half of that is nonrecurring channel repricing), so ex‑price sequential growth is ~7% versus the 11% headline. By end market, Q2 assumptions include industrial up ~20% sequential (~50% YoY), communications up high‑single digits (~60% YoY), automotive flat to down sequential, and consumer down mid‑single digits. Corporate balance‑sheet and cash‑flow anchors cited: cash & short‑term investments $4.0B, net leverage 0.8, inventory days 171, TTM operating cash flow $5.1B, TTM CapEx $0.5B (fiscal ’26 CapEx expected to be 4–6% of revenue), TTM free cash flow $4.6B (39% of revenue); the company reiterated a long‑term target to return 100% of FCF and raised the quarterly dividend 11% to $1.10.

Revenue outperformance

Q1 revenue of $3.16 billion, up 3% sequentially and 30% year-over-year, coming in above the midpoint of guidance.

Broad-based end-market strength

Industrial represented 47% of revenue and grew 5% sequentially and 38% year-over-year; Communications (15% of revenue) grew 20% sequentially and 63% year-over-year; Consumer (13% of revenue) grew 2% sequentially and 27% year-over-year — growth was broad-based across regions and applications.

ATE and Data Center acceleration

Automated Test Equipment (ATE) grew ~40% in fiscal 2025 and accelerated in Q1 with a record quarter; data center-related revenue grew ~50% in fiscal 2025 and accelerated in Q1. Management noted ATE + data center together are a material and fast-growing part of the business (management referenced the combined opportunity at ~20% of revenue), with data center now called out as a >$2B run-rate business and an important driver going forward.

Strong margins and operating leverage

Q1 gross margin was 71.2%, up 140 basis points sequentially and 240 basis points year-over-year. Operating margin was 45.5%, up 200 basis points sequentially and 500 basis points year-over-year, driven by higher utilization, favorable mix and operating leverage.

Earnings and cash generation

Adjusted EPS of $2.46, up 9% sequentially and 51% year-over-year. Trailing 12-month operating cash flow was $5.1 billion; CapEx TTM $0.5 billion; free cash flow TTM $4.6 billion (39% of revenue). Cash and short-term investments totaled $4.0 billion and net leverage decreased to 0.8.

Capital returns and dividend increase

Announced an 11% increase to the annual dividend (quarterly dividend raised to $1.10), marking the 22nd consecutive annual dividend increase. Management reiterated a long-term target to return 100% of free cash flow to shareholders and highlighted >$32 billion returned since 2004 and >100% of FCF returned since the 2021 acquisition.

Strong Q2 outlook

Q2 guidance: revenue $3.5 billion ± $100 million (midpoint implies ~11% sequential growth), operating margin midpoint 47.5% (±100 bps), tax rate 11%–13%, adjusted EPS $2.88 ± $0.15. Management expects industrial to be up ~20% sequentially in Q2 and communications to remain strong.

Price realization and margin tailwinds (partially captured in guide)

Management indicated recent pricing actions are contributing to the Q2 outlook; price-related uplift was quantified as ~1/3 of the quarter-over-quarter revenue increase at the midpoint and management expects additional modest price-related tailwinds (~50 bps) in each of Q3 and Q4.

Analog Devices (ADI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ADI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 27, 2026	2026 (Q2)	2.85 / -	1.85	―	―	―
Feb 18, 2026	2026 (Q1)	2.31 / 2.46	1.63	50.92% (+0.83)	―
Nov 25, 2025	2025 (Q4)	2.23 / 2.26	1.67	35.33% (+0.59)	―
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)	―

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
Feb 18, 2026	$337.51	$346.37	+2.63%
Nov 25, 2025	$238.56	$251.13	+5.27%
Aug 20, 2025	$228.72	$243.05	+6.26%
May 22, 2025	$219.56	$209.40	-4.63%

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.