◆ Inside the Latest Quarter (Q3 FY2026)

Analog Devices (ADI) — the variant view

ADI's third quarter of fiscal 2026 set records, with revenue up 40%, Communications up 84% and adjusted operating margin of 50%, while receivables rose faster than sales.

📈 ADI valuation, revenue & earnings — P/E, P/S, revenue, EPS →

ADI's third quarter of fiscal 2026, ended 1 August, was a record, and the gain was broad. Revenue was $4,021.9 million, up 40%1. The chief executive said ADI had delivered "a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand"2. The company had guided to $3.9 billion, plus or minus $100 million3; it beat the top of that range.

Analog Devices revenue growth by end market, Q3 FY2026 (%)+53Industrial+16Automotive+84Communications+6ConsumerAnalog Devices Q3 FY2026 results release, revenue by end market
Every end market grew; Communications fastest.

Every end market grew. Industrial rose 53% to $1,971.9 million, Automotive 16% to $998.2 million, Communications 84% to $654.5 million and Consumer 6% to $397.2 million4. Within Communications, the data-centre sub-market grew fastest, "driven by artificial intelligence-related infrastructure investments"5.

Margins rose with volume. Reported gross margin was 67.3% against 62.1%, adjusted 72.5% against 69.2%6. Operating margin was 40.1% against 28.4%, adjusted 50.0% against 42.2%7. Net income was $1,340.1 million against $518.5 million, and diluted EPS $2.74 against $1.04; adjusted EPS was $3.45 against $2.058. The tax rate helped: 13.3% against 32.1%9.

Cash followed. Operating cash flow was $1,604.0 million, capital spending $145.7 million and free cash flow $1,458.3 million10. The company returned $1,692 million, $535 million in dividends and $1,157 million in buybacks11, and paid $1,500.2 million for Empower12. Receivables were $2,389.6 million against $1,436.1 million nine months earlier13.

Over nine months revenue was $10,805.6 million, up 36%, net income $3,347.3 million and diluted EPS $6.83, or $8.99 adjusted14. Operating expenses fell to 27.2% of revenue from 33.7%15, which is where most of the margin gain came from. The quarter included a gain of about $24.2 million on the sale of the Penang subsidiary16, which turned special charges into a small credit.

The fourth quarter is guided to "$4.3 billion, +/- $100 million"17. Revenue at the bottom of that range, with receivables still rising faster than sales, would be the first sign that the quarter was a channel peak.

References
  1. ReportedRevenue was $4,021.9 million, up 40%.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  2. ReportedThe chief executive said ADI had delivered "a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand".
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  3. ReportedThe company had guided to $3.9 billion, plus or minus $100 million; it beat the top of that range.
    Analog Devices second-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market and third-quarter guidance. — Q2 FY2026 · publ. 20 May 2026 · source ↗
  4. ReportedIndustrial rose 53% to $1,971.9 million, Automotive 16% to $998.2 million, Communications 84% to $654.5 million and Consumer 6% to $397.2 million.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - revenue by end market. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  5. ReportedWithin Communications, the data-centre sub-market grew fastest, "driven by artificial intelligence-related infrastructure investments".
    Analog Devices Form 10-Q for the quarter ended 1 August 2026 - end-market and channel revenue, the Empower acquisition, the Penang sale, the buyback authorisation and the chief operating decision maker. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  6. ReportedReported gross margin was 67.3% against 62.1%, adjusted 72.5% against 69.2%.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  7. ReportedOperating margin was 40.1% against 28.4%, adjusted 50.0% against 42.2%.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  8. ReportedNet income was $1,340.1 million against $518.5 million, and diluted EPS $2.74 against $1.04; adjusted EPS was $3.45 against $2.05.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  9. ReportedThe tax rate helped: 13.3% against 32.1%.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  10. ReportedOperating cash flow was $1,604.0 million, capital spending $145.7 million and free cash flow $1,458.3 million.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - cash flow, capital returns and balance sheet. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  11. ReportedThe company returned $1,692 million, $535 million in dividends and $1,157 million in buybacks, and paid $1,500.2 million for Empower.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - cash flow, capital returns and balance sheet. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  12. ReportedThe company returned $1,692 million, $535 million in dividends and $1,157 million in buybacks, and paid $1,500.2 million for Empower.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - cash flow, capital returns and balance sheet. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  13. ReportedReceivables were $2,389.6 million against $1,436.1 million nine months earlier.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - cash flow, capital returns and balance sheet. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  14. ReportedOver nine months revenue was $10,805.6 million, up 36%, net income $3,347.3 million and diluted EPS $6.83, or $8.99 adjusted.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  15. ReportedOperating expenses fell to 27.2% of revenue from 33.7%, which is where most of the margin gain came from.
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  16. ReportedThe quarter included a gain of about $24.2 million on the sale of the Penang subsidiary, which turned special charges into a small credit.
    Analog Devices Form 10-Q for the quarter ended 1 August 2026 - end-market and channel revenue, the Empower acquisition, the Penang sale, the buyback authorisation and the chief operating decision maker. — Q3 FY2026 · publ. 19 August 2026 · source ↗
  17. ReportedThe fourth quarter is guided to "$4.3 billion, +/- $100 million".
    Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
Sources
Generated September 29, 2026