Apple: Twelve Percent, Then UnnamedNarrow moat

Analog Devices (ADI) — moat facet

Apple was 12% of ADI's revenue in fiscal 2017; consumer has since shrunk from 24% of revenue to 13% as the rest of the company grew.

ADI once had a large end customer, and its disappearance from the filings is one of the more telling changes of the decade. The fiscal 2019 10-K recorded that "In fiscal 2017, sales to Apple, Inc., one of our end customers, accounted for approximately 12% of net revenues."1 In fiscal 2025, no end customer reached 10%2.

Consumer share of Analog Devices revenue (%)23.9FY201715.0FY201812.6FY201911.2FY202012.7FY202210.1FY202313.0FY20259.9Q3 FY2026Analog Devices Forms 10-K FY2019-FY2025 and Q3 FY2026 results release, end-market revenue
Consumer fell from about a quarter of revenue to about a tenth.

The consumer end market tells the story. It was $1,255.0 million in fiscal 2017, 23.9% of revenue34. It fell to $933.8 million in 2018, $752.3 million in 2019 and $624.9 million in 2020567. Maxim lifted it to $1,519.9 million in fiscal 20228; it was $1,434.6 million in fiscal 2025, 13.0% of revenue910.

ADI's consumer business is now described more broadly than one phone maker: "Portable devices (smartphones, tablets, handheld gaming and wearable technology)" as well as prosumer audio and video and hearables11. The fiscal 2025 increase was "primarily related to portable consumer products"12. It grew 18.8% that year13, and 6% in the third quarter of fiscal 202614, the slowest of the four end markets.

The lesson for a reader of this company is that concentration was reduced mostly by other markets growing, not by the consumer business diversifying. A single consumer programme can still move the line; the line is now smaller relative to the whole.

Consumer revenue was about $397.2 million in the latest quarter, almost exactly what it was in the two before151617. If it falls below $350 million while the other markets grow, a large consumer programme will have been lost; if it jumps above $500 million, ADI will have won one back, with the concentration that comes with it.

Moat trajectory: Holding steady

Consumer 13.0% of FY2025 revenue and 9.9% in Q3 FY2026.

The number that tests this moat
Reported
Consumer revenue, latest quarter
$397.2M (Q3 FY2026, +6% year on year), against $399.8M and $397.8M in the two quarters before

Whether a large consumer programme is being won or lost; below $350M or above $500M would signal either.

Source: Analog Devices Q3 FY2026 results release ↗
References
  1. ReportedThe fiscal 2019 10-K recorded that "In fiscal 2017, sales to Apple, Inc., one of our end customers, accounted for approximately 12% of net revenues." In fiscal 2025, no end customer reached 10%.
    Analog Devices Form 10-K for fiscal 2019 (year ended 2 November 2019) - the Linear acquisition, five-year selected data for 2015-2019, Arrow, Macnica and Apple concentration, named competitors and fabs. — FY2019 · publ. November 2019 · source ↗
  2. ReportedThe fiscal 2019 10-K recorded that "In fiscal 2017, sales to Apple, Inc., one of our end customers, accounted for approximately 12% of net revenues." In fiscal 2025, no end customer reached 10%.
    Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - Item 1 business: products, customers, engineers, competition and strategy. — FY2025 · publ. 25 November 2025 · source ↗
  3. ReportedIt was $1,255.0 million in fiscal 2017, 23.9% of revenue.
    Analog Devices Form 10-K for fiscal 2019 (year ended 2 November 2019) - the Linear acquisition, five-year selected data for 2015-2019, Arrow, Macnica and Apple concentration, named competitors and fabs. — FY2019 · publ. November 2019 · source ↗
  4. Moat Explorer calcIt was $1,255.0 million in fiscal 2017, 23.9% of revenue.
    Moat Explorer calculation from Analog Devices reported figures ($ millions unless stated; fiscal years ending late October or early November). Revenue growth: FY2025 11,019.7 / 9,427.2 - 1 = +16.9%; FY2024 9,427.2 / 12,305.5 - 1 = -23.4%; FY2023 12,305.5 / 12,014.0 - 1 = +2.4%; FY2022 12,014.0 / 7,318.3 - 1 = +64.2%; FY2021 7,318.3 / 5,603.1 - 1 = +30.6%; FY2020 5,603.1 / 5,991.1 - 1 = -6.5%; FY2019 5,991.1 / 6,224.7 - 1 = -3.8%; FY2024 revenue fall 12,305.5 - 9,427.2 = 2,878.3, about $2.9bn; FY2026 implied 10,805.6 + 4,300 = 15,105.6, about $15.1bn, 15,105.6 / 11,019.7 - 1 = +37%, 15,105.6 / 12,305.5 - 1 = +23%; Q3 FY2026 quarterly revenue 4,021.9 / 3,076.1 - 1 = +30.7% on Q4 FY2025; 4,021.9 / 2,423.2 = 1.66 times Q1 FY2025. Operating income: FY2024 2,032.8 / 3,823.1 - 1 = -46.8%, a fall of 3,823.1 - 2,032.8 = 1,790.3, about $1.8bn. Gross profit FY2024 5,381.3 / 7,877.2 - 1 = -31.7%. Gross margin FY2015 2,259.3 / 3,435.1 = 65.8%; FY2016 2,227.2 / 3,421.4 = 65.1%; reported gross margin range FY2015-FY2025 57.1% (FY2024) to 68.3% (FY2018); Q3 FY2026 adjusted less reported 72.5 - 67.3 = 5.2 points. Acquisition-related expenses Q3 FY2026 209.2 (cost of sales) + 188.6 (operating expenses) = 397.8; nine months FY2026 619.4 + 565.1 = 1,184.5. People: revenue per employee FY2021 7,318.3 / 24,700 = about $296,000; FY2022 12,014.0 / 24,450 = $491,000; FY2024 9,427.2 / 24,000 = $393,000; FY2025 11,019.7 / 24,500 = $450,000; engineers 13,000 / 24,500 = 53% (FY2025), 11,000 / 24,700 = 45% (FY2021); engineers added 13,000 - 11,000 = 2,000. R&D as a share of revenue: FY2015 637.5 / 3,435.1 = 18.6%; FY2016 653.8 / 3,421.4 = 19.1%; FY2017 968.1 / 5,246.4 = 18.5%; FY2018 1,165.0 / 6,224.7 = 18.7%; FY2019 1,130.3 / 5,991.1 = 18.9%; FY2020 1,050.5 / 5,603.1 = 18.7%; FY2021 1,296.1 / 7,318.3 = 17.7%; FY2022 1,700.5 / 12,014.0 = 14.2%; FY2023 1,660.2 / 12,305.5 = 13.5%; FY2024 1,487.9 / 9,427.2 = 15.8%; FY2025 1,766.0 / 11,019.7 = 16.0%; Q3 FY2026 533.5 / 4,021.9 = 13.3%; R&D FY2024 1,487.9 / 1,700.5 - 1 = -12.5%. End markets: FY2024 over FY2023 Industrial 4,290.3 / 6,565.4 - 1 = -34.7%; Communications 1,091.4 / 1,591.6 - 1 = -31.4%; Automotive 2,837.5 / 2,904.0 - 1 = -2.3%; Consumer 1,207.9 / 1,244.6 - 1 = -3.0%. FY2025 over FY2024 Industrial 4,929.4 / 4,290.3 - 1 = +14.9%; Automotive 3,277.9 / 2,837.5 - 1 = +15.5%; Communications 1,377.9 / 1,091.4 - 1 = +26.2%; Consumer 1,434.6 / 1,207.9 - 1 = +18.8%. FY2017 to FY2025: Industrial 4,929.4 / 2,324.7 = 2.12 times, 9.9% a year; Automotive 3,277.9 / 758.1 = 4.3 times, 20.1% a year; Communications 1,377.9 / 908.6 = 1.52 times, 5.3% a year; Consumer 1,434.6 / 1,255.0 = 1.14 times, 1.7% a year. Consumer share 1,255.0 / 5,246.4 = 23.9% (FY2017), 933.8 / 6,224.7 = 15.0%, 752.3 / 5,991.1 = 12.6%, 624.9 / 5,603.1 = 11.2%, 1,519.9 / 12,014.0 = 12.7%, 1,244.6 / 12,305.5 = 10.1%, 1,434.6 / 11,019.7 = 13.0% (FY2025), Q3 FY2026 397.2 / 4,021.9 = 9.9%. Automotive share 3,277.9 / 11,019.7 = 29.7% (FY2025), Q3 FY2025 857.1 / 2,880.3 = 29.8%, Q3 FY2026 998.2 / 4,021.9 = 24.8%. Communications share Q3 FY2025 354.8 / 2,880.3 = 12.3%, Q3 FY2026 654.5 / 4,021.9 = 16.3%. Industrial plus Communications (4,929.4 + 1,377.9) / 11,019.7 = 57.2% (FY2025); Q3 FY2026 (1,971.9 + 654.5 = 2,626.4) / 4,021.9 = 65.3%. Trailing twelve months to August 2026 (Q4 FY2025 + Q1 + Q2 + Q3 FY2026): Industrial 1,426.5 + 1,489.3 + 1,799.4 + 1,971.9 = 6,687.1; Automotive 852.2 + 794.4 + 871.6 + 998.2 = 3,516.4; Communications 389.8 + 476.8 + 554.7 + 654.5 = 2,075.8; Consumer 407.5 + 399.8 + 397.8 + 397.2 = 1,602.3. Distributor revenue Q3 FY2026 2,327.1 / 1,592.4 - 1 = +46.1%. Geography: China share of revenue 898.6 / 5,246.4 = 17.1% (FY2017); 1,215.9 / 6,224.7 = 19.5%; 1,316.3 / 5,991.1 = 22.0%; 1,348.0 / 5,603.1 = 24.1%; 1,614.4 / 7,318.3 = 22.1%; 2,563.5 / 12,014.0 = 21.3%; 2,229.6 / 12,305.5 = 18.1%; 2,128.8 / 9,427.2 = 22.6%; 2,858.3 / 11,019.7 = 25.9% (FY2025); China growth 2,858.3 / 2,128.8 - 1 = +34.3%; United States growth 3,238.1 / 2,840.4 - 1 = +14.0%; China over United States 2,858.3 / 3,238.1 = 88%; United States share 3,238.1 / 11,019.7 = 29.4% (FY2025), 4,165.3 / 12,305.5 = 33.8% (FY2023). Customers: distributors at 10% or more FY2024 24% + 12% + 12% = 48%; FY2025 24% + 13% = 37% (a second distributor below 10%). Acquisitions and balance sheet: Linear price 15.8bn / FY2016 revenue 3.42bn = 4.6 times; goodwill FY2017 12,217.5 / FY2016 1,679.1 = 7.3 times; goodwill 1 August 2026 27,988.7 / FY2015 1,636.5 = 17.1 times; Maxim goodwill added 26,918.5 - 12,278.4 = 14,640.1, about $14.6bn; Linear plus Maxim 15.8 + 28.0 = 43.8, about $44bn; goodwill and intangibles (26,945.2 + 8,013.8) / 47,992.7 = 72.8% (1 November 2025); (27,988.7 + 7,468.2 = 35,456.9) / 48,424.4 = 73.2% (1 August 2026); other assets 47,992.7 - 26,945.2 - 8,013.8 = 13,033.7; market value over equity 191.61bn / 33.55bn = 5.7 times; over goodwill 191.61 / 27.99 = 6.8 times; amortisation fall FY2026 to FY2030 1,537.5 - 404.2 = 1,133.3; Empower plus Alif 1.5 + 1.35 + 0.2 = 3.05bn; Empower 1.5 / total assets 48.4 = 3%. Cash: free cash flow = operating cash flow less capital expenditure: FY2015 907.8 - 154.0 = 753.8 (21.9% of revenue); FY2016 1,291.3 - 127.4 = 1,163.9 (34.0%); FY2017 1,154.4 - 204.1 = 950.3 (18.1%); FY2018 2,442.4 - 254.9 = 2,187.5 (35.1%); FY2019 2,253.1 - 275.4 = 1,977.7 (33.0%); FY2020 2,008.5 - 165.7 = 1,842.8 (32.9%); FY2021 2,735.1 - 343.7 = 2,391.4 (32.7%); FY2022 4,475.4 - 699.3 = 3,776.1 (31.4%); FY2023 4,817.6 - 1,261.5 = 3,556.1 (28.9%); FY2024 3,852.5 - 730.5 = 3,122.0 (33.1%); FY2025 4,278.6 / 11,019.7 = 38.8%; TTM August 2026 4,937.5 / 13,881.5 = 36%. Capital expenditure as a share of revenue: FY2015 4.5%, FY2016 3.7%, FY2017 3.9%, FY2018 4.1%, FY2019 4.6%, FY2020 3.0%, FY2021 4.7%, FY2022 699.3 / 12,014.0 = 5.8%, FY2023 1,261.5 / 12,305.5 = 10.3%, FY2024 730.5 / 9,427.2 = 7.7%, FY2025 533.6 / 11,019.7 = 4.8%, TTM 607.8 / 13,881.5 = 4.4%; FY2025 over FY2023 533.6 / 1,261.5 = 42%. Cash returned over free cash flow: FY2021 (1,109.3 dividends + 2,605.1 buybacks) / 2,391.4 = 155%; FY2022 (1,544.6 + 2,577.0) / 3,776.1 = 109%; FY2023 (1,679.1 + 2,964.0) / 3,556.1 = 131%; FY2024 (1,795.5 + 615.6) / 3,122.0 = 77%; FY2025 (1,924.4 + 2,164.6) / 4,278.6 = 96%; TTM 5,170 / 4,937.5 = 105%. Buybacks FY2024 615.6 / FY2023 2,964.0 = 21%, a fall of 79%; FY2021-FY2025 2,605.1 + 2,577.0 + 2,964.0 + 615.6 + 2,164.6 = 10,926.3, about $11bn. Dividends per share over diluted EPS: FY2015 1.57 / 2.20 = 71%; FY2018 1.89 / 4.00 = 47%; FY2020 2.40 / 3.28 = 73%; FY2022 2.97 / 5.25 = 57%; FY2023 3.34 / 6.55 = 51%; FY2024 3.62 / 3.28 = 110%; FY2025 3.89 / 4.56 = 85%. Dividend per share growth (3.89 / 1.57) ^ (1/10) - 1 = 9.5% a year. Shares outstanding 484,565,465 / 496,296,854 - 1 = -2.4%; 484,565,465 / 489,654,097 - 1 = -1.0%. Debt: net debt 1 November 2025 = long-term debt 8,145.1 + commercial paper 446.6 - cash 2,499.4 - short-term investments 1,152.9 = 4,939.4; 1 August 2026 = 6,771.6 + 1,344.9 + 1,005.1 - 2,165.9 - 159.1 = 6,796.6; net debt over trailing free cash flow 6,796.6 / 4,937.5 = 1.4 times; cash and short-term investments 2,499.4 + 1,152.9 = 3,652.3 (FY2025 end) and 2,165.9 + 159.1 = 2,324.9 (1 August 2026); commercial paper 1,005.1 / 446.6 = 2.25 times. Working capital: receivables 2,389.6 / 1,436.1 - 1 = +66.4%; inventories 1,931.5 / 1,656.3 - 1 = +16.6%. Earnings and valuation: trailing net income to August 2026 = FY2025 2,267.3 - nine months FY2025 1,479.6 + nine months FY2026 3,347.3 = 4,135.0; market value 191.61bn / 4,135.0 = 46.3 times; FY2026 EPS build reported 6.83 + 3.14 = 9.97, adjusted 8.99 + 3.86 = 12.85; Q4 adjusted EPS guide low end 3.86 - 0.15 = 3.71. Year-end market value over fiscal-year net income: 17.26bn / 696.9 = 24.8 (FY2015); 32.82bn / 805.4 = 40.8 (FY2017); 31.77bn / 1,507.0 = 21.1 (FY2018); 54.58bn / 1,220.8 = 44.7 (FY2020); 92.34bn / 1,390.4 = 66.4 (FY2021); 83.54bn / 2,748.6 = 30.4 (FY2022); 98.54bn / 3,314.6 = 29.7 (FY2023); 105.44bn / 1,635.3 = 64.5 (FY2024); 132.79bn / 2,267.3 = 58.6 (FY2025). Additional: Q3 FY2025 shares of revenue Industrial 1,293.0 / 2,880.3 = 44.9%, Consumer 375.4 / 2,880.3 = 13.0%; Q3 FY2026 Industrial 1,971.9 / 4,021.9 = 49.0%; Industrial share Q1 FY2025 1,080.7 / 2,423.2 = 44.6%; Industrial Q3 FY2026 over Q1 FY2025 1,971.9 / 1,080.7 = 1.82 times, about 82% higher. Consumer growth Q1 FY2026 399.8 / 314.7 - 1 = +27%; Q2 FY2026 397.8 / 323.1 - 1 = +23%. Return on equity FY2025 2,267.3 / average (35,176.3 + 33,815.8) / 2 = 6.6%; FY2024 1,635.3 / average (35,565.1 + 35,176.3) / 2 = 4.6%. Customer relationships net of amortisation 10,335.9 - 5,311.2 = 5,024.7. Dividends paid 1,924.4 / 491.1 = 3.9 times. Regions FY2025 against FY2023: Japan 989.9 / 1,397.1 - 1 = -29.1%; Europe 2,285.6 / 3,001.9 - 1 = -23.9%; China 2,858.3 / 2,229.6 - 1 = +28.2%; rest of Asia 1,485.3 against 1,423.0; United States 3,238.1 against 4,165.3. Share price 395.43 / 445.91 - 1 = -11.3% from the 52-week high; 445.91 / 223.47 = 2.0 times; price-to-sales end FY2022 83.54bn / 12,014.0 = 7.0; trailing Communications 2,075.8 against FY2022 1,855.3. Competitors: Texas Instruments 2025 free cash flow 2,938 / revenue 17,682 = 16.6%; ADI 38.8% - 16.6% = 22.2 points; ADI revenue 11,019.7 / TI 17,682 = 62%; capital expenditure 4,550 / 533.6 = 8.5 times - revenue, margins, R&D, people and earnings. — FY2015-Q3 FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Analog Devices Forms 10-K, 10-Q and results releases, SEC XBRL, and the Texas Instruments 2025 Form 10-K; each operand is stated in the source line.
  5. ReportedIt fell to $933.8 million in 2018, $752.3 million in 2019 and $624.9 million in 2020.
    Analog Devices Form 10-K for fiscal 2019 (year ended 2 November 2019) - the Linear acquisition, five-year selected data for 2015-2019, Arrow, Macnica and Apple concentration, named competitors and fabs. — FY2019 · publ. November 2019 · source ↗
  6. ReportedIt fell to $933.8 million in 2018, $752.3 million in 2019 and $624.9 million in 2020.
    Analog Devices Form 10-K for fiscal 2021 (year ended 30 October 2021) - the Maxim acquisition, named competitors, wafer sourcing and end-market revenue for 2019-2021. — FY2021 · publ. December 2021 · source ↗
  7. ReportedIt fell to $933.8 million in 2018, $752.3 million in 2019 and $624.9 million in 2020.
    Analog Devices Form 10-K for fiscal 2022 (year ended 29 October 2022) - end-market, channel and geographic revenue for 2020-2022 and the acquisition history. — FY2022 · publ. November 2022 · source ↗
  8. ReportedMaxim lifted it to $1,519.9 million in fiscal 2022; it was $1,434.6 million in fiscal 2025, 13.0% of revenue.
    Analog Devices Form 10-K for fiscal 2024 (year ended 2 November 2024) - the fiscal 2024 downturn, end-market revenue for 2022-2024 and the distributor table including 2022. — FY2024 · publ. November 2024 · source ↗
  9. ReportedMaxim lifted it to $1,519.9 million in fiscal 2022; it was $1,434.6 million in fiscal 2025, 13.0% of revenue.
    Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - goodwill, intangible assets and their amortisation schedule, and the single reporting unit. — FY2025 · publ. 25 November 2025 · source ↗
  10. Moat Explorer calcMaxim lifted it to $1,519.9 million in fiscal 2022; it was $1,434.6 million in fiscal 2025, 13.0% of revenue.
    Moat Explorer calculation from Analog Devices reported figures ($ millions unless stated; fiscal years ending late October or early November). Revenue growth: FY2025 11,019.7 / 9,427.2 - 1 = +16.9%; FY2024 9,427.2 / 12,305.5 - 1 = -23.4%; FY2023 12,305.5 / 12,014.0 - 1 = +2.4%; FY2022 12,014.0 / 7,318.3 - 1 = +64.2%; FY2021 7,318.3 / 5,603.1 - 1 = +30.6%; FY2020 5,603.1 / 5,991.1 - 1 = -6.5%; FY2019 5,991.1 / 6,224.7 - 1 = -3.8%; FY2024 revenue fall 12,305.5 - 9,427.2 = 2,878.3, about $2.9bn; FY2026 implied 10,805.6 + 4,300 = 15,105.6, about $15.1bn, 15,105.6 / 11,019.7 - 1 = +37%, 15,105.6 / 12,305.5 - 1 = +23%; Q3 FY2026 quarterly revenue 4,021.9 / 3,076.1 - 1 = +30.7% on Q4 FY2025; 4,021.9 / 2,423.2 = 1.66 times Q1 FY2025. Operating income: FY2024 2,032.8 / 3,823.1 - 1 = -46.8%, a fall of 3,823.1 - 2,032.8 = 1,790.3, about $1.8bn. Gross profit FY2024 5,381.3 / 7,877.2 - 1 = -31.7%. Gross margin FY2015 2,259.3 / 3,435.1 = 65.8%; FY2016 2,227.2 / 3,421.4 = 65.1%; reported gross margin range FY2015-FY2025 57.1% (FY2024) to 68.3% (FY2018); Q3 FY2026 adjusted less reported 72.5 - 67.3 = 5.2 points. Acquisition-related expenses Q3 FY2026 209.2 (cost of sales) + 188.6 (operating expenses) = 397.8; nine months FY2026 619.4 + 565.1 = 1,184.5. People: revenue per employee FY2021 7,318.3 / 24,700 = about $296,000; FY2022 12,014.0 / 24,450 = $491,000; FY2024 9,427.2 / 24,000 = $393,000; FY2025 11,019.7 / 24,500 = $450,000; engineers 13,000 / 24,500 = 53% (FY2025), 11,000 / 24,700 = 45% (FY2021); engineers added 13,000 - 11,000 = 2,000. R&D as a share of revenue: FY2015 637.5 / 3,435.1 = 18.6%; FY2016 653.8 / 3,421.4 = 19.1%; FY2017 968.1 / 5,246.4 = 18.5%; FY2018 1,165.0 / 6,224.7 = 18.7%; FY2019 1,130.3 / 5,991.1 = 18.9%; FY2020 1,050.5 / 5,603.1 = 18.7%; FY2021 1,296.1 / 7,318.3 = 17.7%; FY2022 1,700.5 / 12,014.0 = 14.2%; FY2023 1,660.2 / 12,305.5 = 13.5%; FY2024 1,487.9 / 9,427.2 = 15.8%; FY2025 1,766.0 / 11,019.7 = 16.0%; Q3 FY2026 533.5 / 4,021.9 = 13.3%; R&D FY2024 1,487.9 / 1,700.5 - 1 = -12.5%. End markets: FY2024 over FY2023 Industrial 4,290.3 / 6,565.4 - 1 = -34.7%; Communications 1,091.4 / 1,591.6 - 1 = -31.4%; Automotive 2,837.5 / 2,904.0 - 1 = -2.3%; Consumer 1,207.9 / 1,244.6 - 1 = -3.0%. FY2025 over FY2024 Industrial 4,929.4 / 4,290.3 - 1 = +14.9%; Automotive 3,277.9 / 2,837.5 - 1 = +15.5%; Communications 1,377.9 / 1,091.4 - 1 = +26.2%; Consumer 1,434.6 / 1,207.9 - 1 = +18.8%. FY2017 to FY2025: Industrial 4,929.4 / 2,324.7 = 2.12 times, 9.9% a year; Automotive 3,277.9 / 758.1 = 4.3 times, 20.1% a year; Communications 1,377.9 / 908.6 = 1.52 times, 5.3% a year; Consumer 1,434.6 / 1,255.0 = 1.14 times, 1.7% a year. Consumer share 1,255.0 / 5,246.4 = 23.9% (FY2017), 933.8 / 6,224.7 = 15.0%, 752.3 / 5,991.1 = 12.6%, 624.9 / 5,603.1 = 11.2%, 1,519.9 / 12,014.0 = 12.7%, 1,244.6 / 12,305.5 = 10.1%, 1,434.6 / 11,019.7 = 13.0% (FY2025), Q3 FY2026 397.2 / 4,021.9 = 9.9%. Automotive share 3,277.9 / 11,019.7 = 29.7% (FY2025), Q3 FY2025 857.1 / 2,880.3 = 29.8%, Q3 FY2026 998.2 / 4,021.9 = 24.8%. Communications share Q3 FY2025 354.8 / 2,880.3 = 12.3%, Q3 FY2026 654.5 / 4,021.9 = 16.3%. Industrial plus Communications (4,929.4 + 1,377.9) / 11,019.7 = 57.2% (FY2025); Q3 FY2026 (1,971.9 + 654.5 = 2,626.4) / 4,021.9 = 65.3%. Trailing twelve months to August 2026 (Q4 FY2025 + Q1 + Q2 + Q3 FY2026): Industrial 1,426.5 + 1,489.3 + 1,799.4 + 1,971.9 = 6,687.1; Automotive 852.2 + 794.4 + 871.6 + 998.2 = 3,516.4; Communications 389.8 + 476.8 + 554.7 + 654.5 = 2,075.8; Consumer 407.5 + 399.8 + 397.8 + 397.2 = 1,602.3. Distributor revenue Q3 FY2026 2,327.1 / 1,592.4 - 1 = +46.1%. Geography: China share of revenue 898.6 / 5,246.4 = 17.1% (FY2017); 1,215.9 / 6,224.7 = 19.5%; 1,316.3 / 5,991.1 = 22.0%; 1,348.0 / 5,603.1 = 24.1%; 1,614.4 / 7,318.3 = 22.1%; 2,563.5 / 12,014.0 = 21.3%; 2,229.6 / 12,305.5 = 18.1%; 2,128.8 / 9,427.2 = 22.6%; 2,858.3 / 11,019.7 = 25.9% (FY2025); China growth 2,858.3 / 2,128.8 - 1 = +34.3%; United States growth 3,238.1 / 2,840.4 - 1 = +14.0%; China over United States 2,858.3 / 3,238.1 = 88%; United States share 3,238.1 / 11,019.7 = 29.4% (FY2025), 4,165.3 / 12,305.5 = 33.8% (FY2023). Customers: distributors at 10% or more FY2024 24% + 12% + 12% = 48%; FY2025 24% + 13% = 37% (a second distributor below 10%). Acquisitions and balance sheet: Linear price 15.8bn / FY2016 revenue 3.42bn = 4.6 times; goodwill FY2017 12,217.5 / FY2016 1,679.1 = 7.3 times; goodwill 1 August 2026 27,988.7 / FY2015 1,636.5 = 17.1 times; Maxim goodwill added 26,918.5 - 12,278.4 = 14,640.1, about $14.6bn; Linear plus Maxim 15.8 + 28.0 = 43.8, about $44bn; goodwill and intangibles (26,945.2 + 8,013.8) / 47,992.7 = 72.8% (1 November 2025); (27,988.7 + 7,468.2 = 35,456.9) / 48,424.4 = 73.2% (1 August 2026); other assets 47,992.7 - 26,945.2 - 8,013.8 = 13,033.7; market value over equity 191.61bn / 33.55bn = 5.7 times; over goodwill 191.61 / 27.99 = 6.8 times; amortisation fall FY2026 to FY2030 1,537.5 - 404.2 = 1,133.3; Empower plus Alif 1.5 + 1.35 + 0.2 = 3.05bn; Empower 1.5 / total assets 48.4 = 3%. Cash: free cash flow = operating cash flow less capital expenditure: FY2015 907.8 - 154.0 = 753.8 (21.9% of revenue); FY2016 1,291.3 - 127.4 = 1,163.9 (34.0%); FY2017 1,154.4 - 204.1 = 950.3 (18.1%); FY2018 2,442.4 - 254.9 = 2,187.5 (35.1%); FY2019 2,253.1 - 275.4 = 1,977.7 (33.0%); FY2020 2,008.5 - 165.7 = 1,842.8 (32.9%); FY2021 2,735.1 - 343.7 = 2,391.4 (32.7%); FY2022 4,475.4 - 699.3 = 3,776.1 (31.4%); FY2023 4,817.6 - 1,261.5 = 3,556.1 (28.9%); FY2024 3,852.5 - 730.5 = 3,122.0 (33.1%); FY2025 4,278.6 / 11,019.7 = 38.8%; TTM August 2026 4,937.5 / 13,881.5 = 36%. Capital expenditure as a share of revenue: FY2015 4.5%, FY2016 3.7%, FY2017 3.9%, FY2018 4.1%, FY2019 4.6%, FY2020 3.0%, FY2021 4.7%, FY2022 699.3 / 12,014.0 = 5.8%, FY2023 1,261.5 / 12,305.5 = 10.3%, FY2024 730.5 / 9,427.2 = 7.7%, FY2025 533.6 / 11,019.7 = 4.8%, TTM 607.8 / 13,881.5 = 4.4%; FY2025 over FY2023 533.6 / 1,261.5 = 42%. Cash returned over free cash flow: FY2021 (1,109.3 dividends + 2,605.1 buybacks) / 2,391.4 = 155%; FY2022 (1,544.6 + 2,577.0) / 3,776.1 = 109%; FY2023 (1,679.1 + 2,964.0) / 3,556.1 = 131%; FY2024 (1,795.5 + 615.6) / 3,122.0 = 77%; FY2025 (1,924.4 + 2,164.6) / 4,278.6 = 96%; TTM 5,170 / 4,937.5 = 105%. Buybacks FY2024 615.6 / FY2023 2,964.0 = 21%, a fall of 79%; FY2021-FY2025 2,605.1 + 2,577.0 + 2,964.0 + 615.6 + 2,164.6 = 10,926.3, about $11bn. Dividends per share over diluted EPS: FY2015 1.57 / 2.20 = 71%; FY2018 1.89 / 4.00 = 47%; FY2020 2.40 / 3.28 = 73%; FY2022 2.97 / 5.25 = 57%; FY2023 3.34 / 6.55 = 51%; FY2024 3.62 / 3.28 = 110%; FY2025 3.89 / 4.56 = 85%. Dividend per share growth (3.89 / 1.57) ^ (1/10) - 1 = 9.5% a year. Shares outstanding 484,565,465 / 496,296,854 - 1 = -2.4%; 484,565,465 / 489,654,097 - 1 = -1.0%. Debt: net debt 1 November 2025 = long-term debt 8,145.1 + commercial paper 446.6 - cash 2,499.4 - short-term investments 1,152.9 = 4,939.4; 1 August 2026 = 6,771.6 + 1,344.9 + 1,005.1 - 2,165.9 - 159.1 = 6,796.6; net debt over trailing free cash flow 6,796.6 / 4,937.5 = 1.4 times; cash and short-term investments 2,499.4 + 1,152.9 = 3,652.3 (FY2025 end) and 2,165.9 + 159.1 = 2,324.9 (1 August 2026); commercial paper 1,005.1 / 446.6 = 2.25 times. Working capital: receivables 2,389.6 / 1,436.1 - 1 = +66.4%; inventories 1,931.5 / 1,656.3 - 1 = +16.6%. Earnings and valuation: trailing net income to August 2026 = FY2025 2,267.3 - nine months FY2025 1,479.6 + nine months FY2026 3,347.3 = 4,135.0; market value 191.61bn / 4,135.0 = 46.3 times; FY2026 EPS build reported 6.83 + 3.14 = 9.97, adjusted 8.99 + 3.86 = 12.85; Q4 adjusted EPS guide low end 3.86 - 0.15 = 3.71. Year-end market value over fiscal-year net income: 17.26bn / 696.9 = 24.8 (FY2015); 32.82bn / 805.4 = 40.8 (FY2017); 31.77bn / 1,507.0 = 21.1 (FY2018); 54.58bn / 1,220.8 = 44.7 (FY2020); 92.34bn / 1,390.4 = 66.4 (FY2021); 83.54bn / 2,748.6 = 30.4 (FY2022); 98.54bn / 3,314.6 = 29.7 (FY2023); 105.44bn / 1,635.3 = 64.5 (FY2024); 132.79bn / 2,267.3 = 58.6 (FY2025). Additional: Q3 FY2025 shares of revenue Industrial 1,293.0 / 2,880.3 = 44.9%, Consumer 375.4 / 2,880.3 = 13.0%; Q3 FY2026 Industrial 1,971.9 / 4,021.9 = 49.0%; Industrial share Q1 FY2025 1,080.7 / 2,423.2 = 44.6%; Industrial Q3 FY2026 over Q1 FY2025 1,971.9 / 1,080.7 = 1.82 times, about 82% higher. Consumer growth Q1 FY2026 399.8 / 314.7 - 1 = +27%; Q2 FY2026 397.8 / 323.1 - 1 = +23%. Return on equity FY2025 2,267.3 / average (35,176.3 + 33,815.8) / 2 = 6.6%; FY2024 1,635.3 / average (35,565.1 + 35,176.3) / 2 = 4.6%. Customer relationships net of amortisation 10,335.9 - 5,311.2 = 5,024.7. Dividends paid 1,924.4 / 491.1 = 3.9 times. Regions FY2025 against FY2023: Japan 989.9 / 1,397.1 - 1 = -29.1%; Europe 2,285.6 / 3,001.9 - 1 = -23.9%; China 2,858.3 / 2,229.6 - 1 = +28.2%; rest of Asia 1,485.3 against 1,423.0; United States 3,238.1 against 4,165.3. Share price 395.43 / 445.91 - 1 = -11.3% from the 52-week high; 445.91 / 223.47 = 2.0 times; price-to-sales end FY2022 83.54bn / 12,014.0 = 7.0; trailing Communications 2,075.8 against FY2022 1,855.3. Competitors: Texas Instruments 2025 free cash flow 2,938 / revenue 17,682 = 16.6%; ADI 38.8% - 16.6% = 22.2 points; ADI revenue 11,019.7 / TI 17,682 = 62%; capital expenditure 4,550 / 533.6 = 8.5 times - acquisitions, goodwill, amortisation and valuation. — FY2015-Q3 FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Analog Devices Forms 10-K, 10-Q and results releases, SEC XBRL, and the Texas Instruments 2025 Form 10-K; each operand is stated in the source line.
  11. ReportedADI's consumer business is now described more broadly than one phone maker: "Portable devices (smartphones, tablets, handheld gaming and wearable technology)" as well as prosumer audio and video and hearables.
    Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - revenue by end market, sales channel and geography, and significant distributors. — FY2025 · publ. 25 November 2025 · source ↗
  12. ReportedThe fiscal 2025 increase was "primarily related to portable consumer products".
    Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - revenue by end market, sales channel and geography, and significant distributors. — FY2025 · publ. 25 November 2025 · source ↗
  13. Moat Explorer calcIt grew 18.8% that year, and 6% in the third quarter of fiscal 2026, the slowest of the four end markets.
    Moat Explorer calculation from Analog Devices reported figures ($ millions unless stated; fiscal years ending late October or early November). Revenue growth: FY2025 11,019.7 / 9,427.2 - 1 = +16.9%; FY2024 9,427.2 / 12,305.5 - 1 = -23.4%; FY2023 12,305.5 / 12,014.0 - 1 = +2.4%; FY2022 12,014.0 / 7,318.3 - 1 = +64.2%; FY2021 7,318.3 / 5,603.1 - 1 = +30.6%; FY2020 5,603.1 / 5,991.1 - 1 = -6.5%; FY2019 5,991.1 / 6,224.7 - 1 = -3.8%; FY2024 revenue fall 12,305.5 - 9,427.2 = 2,878.3, about $2.9bn; FY2026 implied 10,805.6 + 4,300 = 15,105.6, about $15.1bn, 15,105.6 / 11,019.7 - 1 = +37%, 15,105.6 / 12,305.5 - 1 = +23%; Q3 FY2026 quarterly revenue 4,021.9 / 3,076.1 - 1 = +30.7% on Q4 FY2025; 4,021.9 / 2,423.2 = 1.66 times Q1 FY2025. Operating income: FY2024 2,032.8 / 3,823.1 - 1 = -46.8%, a fall of 3,823.1 - 2,032.8 = 1,790.3, about $1.8bn. Gross profit FY2024 5,381.3 / 7,877.2 - 1 = -31.7%. Gross margin FY2015 2,259.3 / 3,435.1 = 65.8%; FY2016 2,227.2 / 3,421.4 = 65.1%; reported gross margin range FY2015-FY2025 57.1% (FY2024) to 68.3% (FY2018); Q3 FY2026 adjusted less reported 72.5 - 67.3 = 5.2 points. Acquisition-related expenses Q3 FY2026 209.2 (cost of sales) + 188.6 (operating expenses) = 397.8; nine months FY2026 619.4 + 565.1 = 1,184.5. People: revenue per employee FY2021 7,318.3 / 24,700 = about $296,000; FY2022 12,014.0 / 24,450 = $491,000; FY2024 9,427.2 / 24,000 = $393,000; FY2025 11,019.7 / 24,500 = $450,000; engineers 13,000 / 24,500 = 53% (FY2025), 11,000 / 24,700 = 45% (FY2021); engineers added 13,000 - 11,000 = 2,000. R&D as a share of revenue: FY2015 637.5 / 3,435.1 = 18.6%; FY2016 653.8 / 3,421.4 = 19.1%; FY2017 968.1 / 5,246.4 = 18.5%; FY2018 1,165.0 / 6,224.7 = 18.7%; FY2019 1,130.3 / 5,991.1 = 18.9%; FY2020 1,050.5 / 5,603.1 = 18.7%; FY2021 1,296.1 / 7,318.3 = 17.7%; FY2022 1,700.5 / 12,014.0 = 14.2%; FY2023 1,660.2 / 12,305.5 = 13.5%; FY2024 1,487.9 / 9,427.2 = 15.8%; FY2025 1,766.0 / 11,019.7 = 16.0%; Q3 FY2026 533.5 / 4,021.9 = 13.3%; R&D FY2024 1,487.9 / 1,700.5 - 1 = -12.5%. End markets: FY2024 over FY2023 Industrial 4,290.3 / 6,565.4 - 1 = -34.7%; Communications 1,091.4 / 1,591.6 - 1 = -31.4%; Automotive 2,837.5 / 2,904.0 - 1 = -2.3%; Consumer 1,207.9 / 1,244.6 - 1 = -3.0%. FY2025 over FY2024 Industrial 4,929.4 / 4,290.3 - 1 = +14.9%; Automotive 3,277.9 / 2,837.5 - 1 = +15.5%; Communications 1,377.9 / 1,091.4 - 1 = +26.2%; Consumer 1,434.6 / 1,207.9 - 1 = +18.8%. FY2017 to FY2025: Industrial 4,929.4 / 2,324.7 = 2.12 times, 9.9% a year; Automotive 3,277.9 / 758.1 = 4.3 times, 20.1% a year; Communications 1,377.9 / 908.6 = 1.52 times, 5.3% a year; Consumer 1,434.6 / 1,255.0 = 1.14 times, 1.7% a year. Consumer share 1,255.0 / 5,246.4 = 23.9% (FY2017), 933.8 / 6,224.7 = 15.0%, 752.3 / 5,991.1 = 12.6%, 624.9 / 5,603.1 = 11.2%, 1,519.9 / 12,014.0 = 12.7%, 1,244.6 / 12,305.5 = 10.1%, 1,434.6 / 11,019.7 = 13.0% (FY2025), Q3 FY2026 397.2 / 4,021.9 = 9.9%. Automotive share 3,277.9 / 11,019.7 = 29.7% (FY2025), Q3 FY2025 857.1 / 2,880.3 = 29.8%, Q3 FY2026 998.2 / 4,021.9 = 24.8%. Communications share Q3 FY2025 354.8 / 2,880.3 = 12.3%, Q3 FY2026 654.5 / 4,021.9 = 16.3%. Industrial plus Communications (4,929.4 + 1,377.9) / 11,019.7 = 57.2% (FY2025); Q3 FY2026 (1,971.9 + 654.5 = 2,626.4) / 4,021.9 = 65.3%. Trailing twelve months to August 2026 (Q4 FY2025 + Q1 + Q2 + Q3 FY2026): Industrial 1,426.5 + 1,489.3 + 1,799.4 + 1,971.9 = 6,687.1; Automotive 852.2 + 794.4 + 871.6 + 998.2 = 3,516.4; Communications 389.8 + 476.8 + 554.7 + 654.5 = 2,075.8; Consumer 407.5 + 399.8 + 397.8 + 397.2 = 1,602.3. Distributor revenue Q3 FY2026 2,327.1 / 1,592.4 - 1 = +46.1%. Geography: China share of revenue 898.6 / 5,246.4 = 17.1% (FY2017); 1,215.9 / 6,224.7 = 19.5%; 1,316.3 / 5,991.1 = 22.0%; 1,348.0 / 5,603.1 = 24.1%; 1,614.4 / 7,318.3 = 22.1%; 2,563.5 / 12,014.0 = 21.3%; 2,229.6 / 12,305.5 = 18.1%; 2,128.8 / 9,427.2 = 22.6%; 2,858.3 / 11,019.7 = 25.9% (FY2025); China growth 2,858.3 / 2,128.8 - 1 = +34.3%; United States growth 3,238.1 / 2,840.4 - 1 = +14.0%; China over United States 2,858.3 / 3,238.1 = 88%; United States share 3,238.1 / 11,019.7 = 29.4% (FY2025), 4,165.3 / 12,305.5 = 33.8% (FY2023). Customers: distributors at 10% or more FY2024 24% + 12% + 12% = 48%; FY2025 24% + 13% = 37% (a second distributor below 10%). Acquisitions and balance sheet: Linear price 15.8bn / FY2016 revenue 3.42bn = 4.6 times; goodwill FY2017 12,217.5 / FY2016 1,679.1 = 7.3 times; goodwill 1 August 2026 27,988.7 / FY2015 1,636.5 = 17.1 times; Maxim goodwill added 26,918.5 - 12,278.4 = 14,640.1, about $14.6bn; Linear plus Maxim 15.8 + 28.0 = 43.8, about $44bn; goodwill and intangibles (26,945.2 + 8,013.8) / 47,992.7 = 72.8% (1 November 2025); (27,988.7 + 7,468.2 = 35,456.9) / 48,424.4 = 73.2% (1 August 2026); other assets 47,992.7 - 26,945.2 - 8,013.8 = 13,033.7; market value over equity 191.61bn / 33.55bn = 5.7 times; over goodwill 191.61 / 27.99 = 6.8 times; amortisation fall FY2026 to FY2030 1,537.5 - 404.2 = 1,133.3; Empower plus Alif 1.5 + 1.35 + 0.2 = 3.05bn; Empower 1.5 / total assets 48.4 = 3%. Cash: free cash flow = operating cash flow less capital expenditure: FY2015 907.8 - 154.0 = 753.8 (21.9% of revenue); FY2016 1,291.3 - 127.4 = 1,163.9 (34.0%); FY2017 1,154.4 - 204.1 = 950.3 (18.1%); FY2018 2,442.4 - 254.9 = 2,187.5 (35.1%); FY2019 2,253.1 - 275.4 = 1,977.7 (33.0%); FY2020 2,008.5 - 165.7 = 1,842.8 (32.9%); FY2021 2,735.1 - 343.7 = 2,391.4 (32.7%); FY2022 4,475.4 - 699.3 = 3,776.1 (31.4%); FY2023 4,817.6 - 1,261.5 = 3,556.1 (28.9%); FY2024 3,852.5 - 730.5 = 3,122.0 (33.1%); FY2025 4,278.6 / 11,019.7 = 38.8%; TTM August 2026 4,937.5 / 13,881.5 = 36%. Capital expenditure as a share of revenue: FY2015 4.5%, FY2016 3.7%, FY2017 3.9%, FY2018 4.1%, FY2019 4.6%, FY2020 3.0%, FY2021 4.7%, FY2022 699.3 / 12,014.0 = 5.8%, FY2023 1,261.5 / 12,305.5 = 10.3%, FY2024 730.5 / 9,427.2 = 7.7%, FY2025 533.6 / 11,019.7 = 4.8%, TTM 607.8 / 13,881.5 = 4.4%; FY2025 over FY2023 533.6 / 1,261.5 = 42%. Cash returned over free cash flow: FY2021 (1,109.3 dividends + 2,605.1 buybacks) / 2,391.4 = 155%; FY2022 (1,544.6 + 2,577.0) / 3,776.1 = 109%; FY2023 (1,679.1 + 2,964.0) / 3,556.1 = 131%; FY2024 (1,795.5 + 615.6) / 3,122.0 = 77%; FY2025 (1,924.4 + 2,164.6) / 4,278.6 = 96%; TTM 5,170 / 4,937.5 = 105%. Buybacks FY2024 615.6 / FY2023 2,964.0 = 21%, a fall of 79%; FY2021-FY2025 2,605.1 + 2,577.0 + 2,964.0 + 615.6 + 2,164.6 = 10,926.3, about $11bn. Dividends per share over diluted EPS: FY2015 1.57 / 2.20 = 71%; FY2018 1.89 / 4.00 = 47%; FY2020 2.40 / 3.28 = 73%; FY2022 2.97 / 5.25 = 57%; FY2023 3.34 / 6.55 = 51%; FY2024 3.62 / 3.28 = 110%; FY2025 3.89 / 4.56 = 85%. Dividend per share growth (3.89 / 1.57) ^ (1/10) - 1 = 9.5% a year. Shares outstanding 484,565,465 / 496,296,854 - 1 = -2.4%; 484,565,465 / 489,654,097 - 1 = -1.0%. Debt: net debt 1 November 2025 = long-term debt 8,145.1 + commercial paper 446.6 - cash 2,499.4 - short-term investments 1,152.9 = 4,939.4; 1 August 2026 = 6,771.6 + 1,344.9 + 1,005.1 - 2,165.9 - 159.1 = 6,796.6; net debt over trailing free cash flow 6,796.6 / 4,937.5 = 1.4 times; cash and short-term investments 2,499.4 + 1,152.9 = 3,652.3 (FY2025 end) and 2,165.9 + 159.1 = 2,324.9 (1 August 2026); commercial paper 1,005.1 / 446.6 = 2.25 times. Working capital: receivables 2,389.6 / 1,436.1 - 1 = +66.4%; inventories 1,931.5 / 1,656.3 - 1 = +16.6%. Earnings and valuation: trailing net income to August 2026 = FY2025 2,267.3 - nine months FY2025 1,479.6 + nine months FY2026 3,347.3 = 4,135.0; market value 191.61bn / 4,135.0 = 46.3 times; FY2026 EPS build reported 6.83 + 3.14 = 9.97, adjusted 8.99 + 3.86 = 12.85; Q4 adjusted EPS guide low end 3.86 - 0.15 = 3.71. Year-end market value over fiscal-year net income: 17.26bn / 696.9 = 24.8 (FY2015); 32.82bn / 805.4 = 40.8 (FY2017); 31.77bn / 1,507.0 = 21.1 (FY2018); 54.58bn / 1,220.8 = 44.7 (FY2020); 92.34bn / 1,390.4 = 66.4 (FY2021); 83.54bn / 2,748.6 = 30.4 (FY2022); 98.54bn / 3,314.6 = 29.7 (FY2023); 105.44bn / 1,635.3 = 64.5 (FY2024); 132.79bn / 2,267.3 = 58.6 (FY2025). Additional: Q3 FY2025 shares of revenue Industrial 1,293.0 / 2,880.3 = 44.9%, Consumer 375.4 / 2,880.3 = 13.0%; Q3 FY2026 Industrial 1,971.9 / 4,021.9 = 49.0%; Industrial share Q1 FY2025 1,080.7 / 2,423.2 = 44.6%; Industrial Q3 FY2026 over Q1 FY2025 1,971.9 / 1,080.7 = 1.82 times, about 82% higher. Consumer growth Q1 FY2026 399.8 / 314.7 - 1 = +27%; Q2 FY2026 397.8 / 323.1 - 1 = +23%. Return on equity FY2025 2,267.3 / average (35,176.3 + 33,815.8) / 2 = 6.6%; FY2024 1,635.3 / average (35,565.1 + 35,176.3) / 2 = 4.6%. Customer relationships net of amortisation 10,335.9 - 5,311.2 = 5,024.7. Dividends paid 1,924.4 / 491.1 = 3.9 times. Regions FY2025 against FY2023: Japan 989.9 / 1,397.1 - 1 = -29.1%; Europe 2,285.6 / 3,001.9 - 1 = -23.9%; China 2,858.3 / 2,229.6 - 1 = +28.2%; rest of Asia 1,485.3 against 1,423.0; United States 3,238.1 against 4,165.3. Share price 395.43 / 445.91 - 1 = -11.3% from the 52-week high; 445.91 / 223.47 = 2.0 times; price-to-sales end FY2022 83.54bn / 12,014.0 = 7.0; trailing Communications 2,075.8 against FY2022 1,855.3. Competitors: Texas Instruments 2025 free cash flow 2,938 / revenue 17,682 = 16.6%; ADI 38.8% - 16.6% = 22.2 points; ADI revenue 11,019.7 / TI 17,682 = 62%; capital expenditure 4,550 / 533.6 = 8.5 times - end markets, channel and geography. — FY2015-Q3 FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Analog Devices Forms 10-K, 10-Q and results releases, SEC XBRL, and the Texas Instruments 2025 Form 10-K; each operand is stated in the source line.
  14. ReportedIt grew 18.8% that year, and 6% in the third quarter of fiscal 2026, the slowest of the four end markets.
    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 ↗
  15. ReportedConsumer revenue was about $397.2 million in the latest quarter, almost exactly what it was in the two before.
    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 ↗
  16. ReportedConsumer revenue was about $397.2 million in the latest quarter, almost exactly what it was in the two before.
    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 ↗
  17. ReportedConsumer revenue was about $397.2 million in the latest quarter, almost exactly what it was in the two before.
    Analog Devices first-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market. — Q1 FY2026 · publ. 18 February 2026 · source ↗
Sources
Generated September 29, 2026