ANALOG DEVICES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ANALOG DEVICES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,421	5,246	6,225	5,991	5,603	7,318	12,014	12,306	9,427	11,020
Cost of revenue	1,194	2,078	1,974	1,977	1,913	2,793	4,481	4,428	4,046	4,246
Gross profit	2,227	3,168	4,250	4,014	3,690	4,525	7,532	7,877	5,381	6,773
Research and development	654	968	1,165	1,130	1,051	1,296	1,701	1,660	1,488	1,766
Selling, general and administrative	461	691	696	648	660	915	1,266	1,274	1,069	1,255
Operating expenses	1,199	2,005	2,351	2,303	2,192	2,833	4,254	4,054	3,349	3,841
Operating income	1,028	1,163	1,900	1,711	1,498	1,692	3,279	3,823	2,033	2,932
Interest expense	88.8	251	254	229	193	185	200	265	322	318
Interest income	21.2	30.3	9.38	10.2	4.31	1.22	6.91	41.3	78.8	105
Other non-operating income	-71.2	-228	-244	-225	-187	-363	-180	-215	-255	-220
Pre-tax income	957	935	1,655	1,486	1,312	1,329	3,099	3,608	1,777	2,712
Income tax	95.3	129	148	123	90.9	-61.7	350	293	142	445
Net income	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
EBITDA	1,163	1,357	2,128	1,951	1,732	1,923	3,562	4,158	2,396	3,339
EPS, basic					3.31	3.50	5.29	6.60	3.30	4.59
EPS, diluted					3.28	3.46	5.25	6.55	3.28	4.56
Shares, basic (weighted)	309	346	370	369	369	397	519	502	496	494
Shares, diluted (weighted)	312	350	375	373	372	401	523	506	499	497
Dividend per share	1.66	1.77	1.89	2.10	2.40	2.69	2.97	3.34	3.62	3.89

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	921	1,048	817	648	1,056	1,978	1,471	958	1,991	2,499
Short-term investments	3,135	0						0	372	1,153
Receivables	478	689	640	635	738	1,459	1,800	1,470	1,336	1,436
Inventory	377	551	587	610	608	1,201	1,400	1,642	1,448	1,656
Other current assets	58.5	60.2	69.1	91.8	116	741	267	314	337	363
Total current assets	4,975	2,351	2,112	1,985	2,518	5,378	4,938	4,384	5,485	7,108
Property, plant and equipment	636	1,107	1,154	1,220	1,121	1,979	2,401	3,219	3,416	3,316
Lease right-of-use assets					257	280	263	277	243	230
Goodwill	1,679	12,217	12,253	12,257	12,278	26,918	26,913	26,910	26,910	26,945
Intangible assets	549	5,319	4,778	4,217	3,650	15,267	13,265	11,312	9,585	8,014
Long-term investments	21.9	24.8	28.7	77.3	86.7	128	122
Other non-current assets	46.7	56	62.9	18,188	17,830	384	520	743	749	743
Total assets	7,970	21,141	20,438	21,393	21,469	52,322	50,302	48,794	48,228	47,993
Accounts payable	171	237	261	225	227	443	582	493	487	544
Accrued liabilities	256	499	630	796	956	1,478	1,595	1,353	1,106	1,645
Short-term debt	0	300	67	300	0	517	0	499	400	0
Total current liabilities	783	1,596	1,052	1,509	1,365	2,770	2,443	3,201	2,988	3,246
Long-term debt							6,549	5,902	6,634	8,145
Lease liabilities					288	296	337	360	319	284
Other non-current liabilities	153	75.5	112	240	449	556	515	581	544	522
Total liabilities	2,805	10,980	9,170	9,683	9,471	14,330	13,837	13,229	13,052	14,177
Total debt						6,777	6,577	6,402	7,034	8,145
Paid-in capital	402	5,251	5,282	4,936	4,950	30,574	27,857	25,314	25,082	23,349
Retained earnings	4,786	4,911	5,983	6,899	7,236	7,517	8,721	10,357	10,197	10,540
Other comprehensive income	-73.8	-61.4	-58.4	-188	-249	-187	-198	-188	-185	-155
Shareholders' equity	5,166	10,162	11,268	11,709	11,998	37,993	36,465	35,565	35,176	33,816
Total equity	5,166	10,162	11,268	11,709	11,998	37,993	36,465	35,565	35,176	33,816
Total liabilities and equity	7,970	21,141	20,438	21,393	21,469	52,322	50,302	48,794	48,228	47,993
Shares outstanding	369	369	370	368	369	525	509	496	496	490

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	862	805	1,507	1,363	1,221	1,390	2,749	3,315	1,635	2,267
Depreciation and amortization	135	195	229	241	234	231	283	335	363	407
Stock-based compensation	63.4	104	151	150	150	244	323	300	263	322
Deferred income tax	8.12	-810	-730	-91.3	-114	-407	-327	-453	-368	-247
Change in receivables	-9.39	-65.7	46	5.89	-102	-115	-344	331	133	-91
Change in inventory	38.2	-47.4	-34.6	-42.8	1.76	-65.1	-471	-242	191	-209
Change in payables		86	-18.4	-6.37	103	208	172	-499	-134	657
Cash from operations	1,291	1,154	2,442	2,253	2,008	2,735	4,475	4,818	3,853	4,812
Capital expenditures	-127	-204	-255	-275	-166	-344	-699	-1,261	-730	-534
Acquisitions	-83.2	-9,633	-52.8	-11.2	0	2,451	0	0	0	-45.7
Purchases of investments	-7,697	-705	0	0			0	0	-439	-1,150
Sales and maturities of investments	6,375	3,363	0	0				0	69.3	373
Cash from investing	-1,218	-6,618	-314	-293	-181	2,144	-657	-1,266	-1,105	-1,322
Debt issued	1,235	11,156	744	1,250	396	3,940	296	0	1,088	1,491
Debt repaid	0	-5,050	-2,275	-850	-750	0	0	0	-500	-400
Stock issued	61.5	133	99	117
Share buybacks	-370	-46.5	-226	-613	-244	-2,605	-2,577	-2,964	-616	-2,165
Dividends paid	-513	-602	-703	-777	-886	-1,109	-1,545	-1,679	-1,795	-1,924
Cash from financing	-33.4	5,587	-2,358	-2,127	-1,421	-3,960	-4,291	-4,064	-1,714	-2,983
Exchange rate effect	-2.93	3.55	-1.57	-1.39	0.18	3.17	-34.7	0	0
Net change in cash	36.8	127	-231	-168	408	922	-507	-513	1,033	508
Free cash flow	1,164	950	2,187	1,978	1,843	2,391	3,776	3,556	3,122	4,279
Interest paid	41.7	183	233	216	186	198	173	206	268	256
Income taxes paid	77.9	868	211	206	238	388	822	987	415	568

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $393.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	65.8%	Gross profit / revenue.
Operating margin	35.5%	Operating income / revenue.
EBITDA margin	38.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.9%	Pre-tax income / revenue.
Net margin	29.8%	Net income / revenue.
FCF margin	35.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	39.9%	Cash from operations / revenue.
Effective tax rate	12.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	11.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	14.2%	Research and development expense / revenue.
SG&A / revenue	10.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	44.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	14.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	39.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	38.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-6.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	39.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-4.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	6.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	24.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	37.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	10.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-3.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	23.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.25x	Current assets / current liabilities.
Quick ratio	0.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.24x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.8%	Total debt / total assets.
Liabilities / assets	30.7%	Total liabilities / total assets.
Net debt	$5.79B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.08x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	14.1x	Operating income / interest expense.
Working capital	$1.42B	Current assets - current liabilities.
Goodwill and intangibles / assets	73.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.91B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.29x	Revenue / average total assets.
Fixed asset turnover	4.14x	Revenue / average property, plant and equipment.
Inventory turnover	2.46x	Cost of revenue / average inventory.
Days inventory	148 days	365 x average inventory / cost of revenue.
Receivables turnover	5.81x	Revenue / average receivables.
Days sales outstanding	63 days	365 x average receivables / revenue.
Days payables	52 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	159 days	Days inventory + days sales outstanding - days payables.
FCF conversion	119.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	11.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.40	Revenue / diluted weighted shares.
FCF per share	$10.10	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.34	Cash from operations / diluted weighted shares.
Book value per share	$69.24	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$3.93	Tangible book value / shares outstanding.
Cash per share	$4.80	(Cash + short-term investments) / shares outstanding.
Payout ratio	49.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	41.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	63.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$191.72B	Share price x shares outstanding.
Enterprise value	$197.51B	Market cap + total debt - cash - short-term investments.
P/E	46.4x	Market cap / net income. Only when net income is positive.
P/S	13.8x	Market cap / revenue.
P/B	5.71x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	38.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.6x	Market cap / cash from operations, when positive.
EV/Sales	14.2x	Enterprise value / revenue.
EV/EBIT	40.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	36.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	40.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.6%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	2.7%	(Dividends paid + share buybacks) / market cap.

What was ANALOG DEVICES INC's revenue in fiscal 2025?

ANALOG DEVICES INC reported revenue of $11.02B for fiscal 2025, 16.9% higher than the year before.

Was ANALOG DEVICES INC profitable in fiscal 2025?

Yes. Net income was $2.27B, a net margin of 20.6%.

How much free cash flow did ANALOG DEVICES INC generate in fiscal 2025?

Cash from operations of $4.81B minus capital expenditures of $533.6M left free cash flow of $4.28B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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