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Analog Devices — Aug 19, 2026 release

Fiscal 2026 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000006281-26-000072
Open on SEC.gov ↗
Showing in the filing
Revenue - Adjusted
“$4.3 Billion (+/- $100 Million)”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 10
Revenue for Q4 FY2026
“$4.3 billion, +/- $100 million”
Reported operating margin for Q4 FY2026
“approximately 42.6%, +/-150 bps”
Adjusted operating margin for Q4 FY2026
“approximately 52.0%, +/-100 bps”
Reported EPS for Q4 FY2026
“$3.14, +/-$0.15”
Adjusted EPS for Q4 FY2026
“$3.86, +/-$0.15”
Quarterly cash dividend
“$1.10 per outstanding share of common stock”
Revenue - Adjusted for FY2026
“$4.3 Billion (+/- $100 Million)”
Revenue - Reported for FY2026
“$4.3 Billion (+/- $100 Million)”
Nonoperating expense - Reported for FY2026
“~$80 Million”
Tax rate (Reported) for FY2026
“12% - 14%”
Exhibit 99.1 · full document
Exhibit 99.1 Analog Devices Reports Record Fiscal Third Quarter 2026 Financial Results • Revenue of $4.02 billion, with year-over-year growth led by Data Center and Industrial • Operating cash flow of $5.5 billion and free cash flow of $4.9 billion on a trailing twelve-month basis or 40% and 36% of revenue, respectively • Returned $1.7 billion to shareholders via dividends and share repurchases in the third quarter WILMINGTON, Mass.--August 19, 2026 --Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2026, which ended August 1, 2026. “ADI delivered a strong third quarter, exceeding the midpoint of our revenue, margin, and earnings outlook as we capitalized on broad-based demand,” said Vincent Roche, CEO and Chair. “We continue to extend our leadership through a powerful combination of innovation, deep customer collaboration, and manufacturing agility. Our investments in these foundational areas, combined with the trust we have built over decades, provide a unique advantage to create, deliver, and capture value in the AI era – for customers and investors alike.” “Demand continued to strengthen across our product portfolio and regions throughout the third quarter, which is reflected in our record fourth quarter outlook” said Richard Puccio, CFO. “We believe our balance of disciplined execution and targeted growth investments will enable us to finish the year strongly and carry that momentum into fiscal 2027.” Performance for the Third Quarter of Fiscal 2026 Results Summary (1) (in millions, except per-share amounts and percentages) Three Months Ended Aug. 1, 2026 Aug. 2, 2025 Change Revenue $ 4,022  $ 2,880  40  % Gross margin $ 2,708  $ 1,790  51  % Gross margin percentage 67.3  % 62.1  % 520 bps Operating income $ 1,613  $ 818  97  % Operating margin 40.1  % 28.4  % 1,170 bps Diluted earnings per share $ 2.74  $ 1.04  163  % Adjusted Results (2) Adjusted gross margin $ 2,917  $ 1,995  46  % Adjusted gross margin percentage 72.5  % 69.2  % 330 bps Adjusted operating income $ 2,010  $ 1,215  65  % Adjusted operating margin 50.0  % 42.2  % 780 bps Adjusted diluted earnings per share $ 3.45  $ 2.05  68  % Three Months Ended Trailing Twelve Months Cash Generation Aug. 1, 2026 Aug. 1, 2026 Net cash provided by operating activities $ 1,604  $ 5,545  % of revenue 40  % 40  % Capital expenditures $ (146) $ (608) Free cash flow (2) $ 1,458  $ 4,937  % of revenue 36  % 36  % Three Months Ended Trailing Twelve Months Cash Return Aug. 1, 2026 Aug. 1, 2026 Dividend paid $ (535) $ (2,043) Stock repurchases (1,157) (3,127) Total cash returned $ (1,692) $ (5,170) (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. (2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the “Non-GAAP Financial Information” section for additional information. Outlook for the Fourth Quarter of Fiscal Year 2026 For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 42.6%, +/-150 bps, and adjusted operating margin of approximately 52.0%, +/-100 bps. We are planning for reported EPS to be $3.14, +/-$0.15, and adjusted EPS to be $3.86, +/-$0.15. Our fourth quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our fourth quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements. The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information. Dividend Payment The ADI Board of Directors has declared a quarterly cash dividend of $1.10 per outstanding share of common stock. The dividend will be paid on September 15, 2026 to all shareholders of record at the close of business on September 1, 2026. Conference Call Scheduled for Today, Wednesday, August 19, 2026 at 10:00 am ET ADI will host a conference call to discuss our third quarter fiscal 2026 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com. Non-GAAP Financial Information This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations. The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage. Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses 1 , which are described further below . Adjusted gross margin percentage represents adjusted gross margin divided by revenue. Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses 1 , acquisition related transaction costs 2 , and special charges, net 3 , which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue. Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses 1 , acquisition related transaction costs 2 , and special charges, net 3 , which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses 1 , which is described further below. Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses 1 , acquisition related transaction costs 2 , and s pecial charges, net 3 , which are described further below. Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items 4 , which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses 1 , acquisition related transaction costs 2 , special charges, net 3 , and tax related items 4 , which are described further below. Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue. 1 Acquisition Related Expenses : Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance. 2 Acquisition Related Transaction Costs: Costs directly related to the acquisition of Empower Semiconductor, Inc., including legal, accounting and other professional fees as well as integration- related costs. We exclude these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance. 3 Special Charges, Net : Expenses, net, incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future. 4 Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results. About Analog Devices, Inc. Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, AI, and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. With revenue of more than $11 billion in FY25, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and X. Forward-Looking Statements This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; markets, market position, addressable markets, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; benefits related to our hybrid manufacturing model; benefits related to acquisitions; statements related to seasonality; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; recently announced and future tariffs and other trade restrictions; changes in export classifications, import and export regulations or duties and tariffs; changes in demand for semiconductor products; performance of independent distributors; manufacturing delays, product and raw materials availability and supply chain disruptions; products may be diverted from our authorized distribution channels; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; our future liquidity, capital needs and capital expenditures; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances. Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners. ANALOG DEVICES, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three Months Ended Nine Months Ended Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025 Revenue $ 4,021,899  $ 2,880,348  $ 10,805,627  $ 7,943,590  Cost of sales 1,314,355  1,090,600  3,613,309  3,111,929  Gross margin 2,707,544  1,789,748  7,192,318  4,831,661  Operating expenses:    Research and development 533,480  454,251  1,510,203  1,298,980     Selling, marketing, general and administrative 397,326  325,706  1,105,389  913,171     Amortization of intangibles 187,985  187,415  563,285  562,245     Special charges, net (24,216) 4,348  23,766  69,980  Total operating expenses 1,094,575  971,720  3,202,643  2,844,376  Operating income 1,612,969  818,028  3,989,675  1,987,285  Nonoperating expense (income):    Interest expense 88,728  79,592  262,692  229,559     Interest income (25,377) (27,083) (86,199) (72,295)    Other, net 3,749  2,110  (3,386) 5,108  Total nonoperating expense (income) 67,100  54,619  173,107  162,372  Income before income taxes 1,545,869  763,409  3,816,568  1,824,913  Provision for income taxes 205,779  244,891  469,302  345,309  Net income $ 1,340,090  $ 518,518  $ 3,347,266  $ 1,479,604  Shares used to compute earnings per common share - basic 486,021  494,390  487,500  495,560  Shares used to compute earnings per common share - diluted 488,837  496,726  490,317  497,865  Basic earnings per common share $ 2.76  $ 1.05  $ 6.87  $ 2.99  Diluted earnings per common share $ 2.74  $ 1.04  $ 6.83  $ 2.97  ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) Aug. 1, 2026 Nov. 1, 2025 ASSETS Current Assets Cash and cash equivalents $ 2,165,870  $ 2,499,406  Short-term investments 159,064  1,152,915  Accounts receivable 2,389,577  1,436,075  Inventories 1,931,496  1,656,323  Prepaid expenses and other current assets 426,523  363,342  Total current assets 7,072,530  7,108,061  Non-current Assets Net property, plant and equipment 3,351,981  3,315,696  Goodwill 27,988,737  26,945,180  Intangible assets, net 7,468,220  8,013,815  Deferred tax assets 1,689,972  1,867,102  Other assets 852,977  742,858  Total non-current assets 41,351,887  40,884,651  TOTAL ASSETS $ 48,424,417  $ 47,992,712  LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Accounts payable $ 682,167  $ 543,760  Income taxes payable 461,804  610,370  Debt, current 1,344,855  —  Commercial paper notes 1,005,104  446,639  Accrued liabilities 2,162,324  1,645,032  Total current liabilities 5,656,254  3,245,801  Non-current Liabilities Long-term debt 6,771,624  8,145,066  Deferred income taxes 1,837,959  2,163,281  Income taxes payable 90,723  100,963  Other non-current liabilities 516,960  521,846  Total non-current liabilities 9,217,266  10,931,156  Shareholders’ Equity Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding —  —  Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 484,565,465 shares outstanding (489,654,097 on November 1, 2025) 80,762  81,611  Capital in excess of par value 21,288,447  23,349,185  Retained earnings 12,330,779  10,539,541  Accumulated other comprehensive loss (149,091) (154,582) Total shareholders’ equity 33,550,897  33,815,755  TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 48,424,417  $ 47,992,712  ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months Ended Nine Months Ended Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025 Cash flows from operating activities:   Net income $ 1,340,090  $ 518,518  $ 3,347,266  $ 1,479,604    Adjustments to reconcile net income to net cash provided by operations:        Depreciation 104,455  102,542  315,298  301,323         Amortization of intangibles 389,765  384,750  1,160,358  1,202,179         Stock-based compensation expense 96,255  84,703  263,651  235,108         Deferred income taxes (161,011) 52,052  (281,941) (97,318)        Other (24,104) (5,699) (19,377) (1,496)        Changes in operating assets and liabilities (141,491) 28,239  (940,740) (8,008)    Total adjustments 263,869  646,587  497,249  1,631,788  Net cash provided by operating activities 1,603,959  1,165,105  3,844,515  3,111,392  Cash flows from investing activities:   Purchases of short-term available-for-sale investments —  (1,150,240) —  (1,150,240)   Maturities of short-term available-for-sale investments 842,840  —  990,657  372,778    Additions to property, plant and equipment, net (145,662) (79,153) (392,677) (318,399)   Proceeds from sale of property, plant and equipment, net —  —  —  58,892    Proceeds from sale of a subsidiary, net 96,592  —  96,592  —    Payments for acquisitions, net of cash acquired (1,500,174) —  (1,536,049) (45,652)   Other (8,543) (715) (32,425) (13,595) Net cash used for investing activities (714,947) (1,230,108) (873,902) (1,096,216) Cash flows from financing activities:   Proceeds from debt —  1,490,785  —  1,490,785    Debt repayments —  —  —  (399,998)   Proceeds from commercial paper notes 5,906,409  2,551,168  13,061,198  6,867,508    Payments of commercial paper notes (5,451,502) (2,551,223) (12,502,732) (6,866,581)   Repurchase of common stock (1,157,008) (1,075,152) (2,446,409) (1,484,166)   Dividend payments to shareholders (535,309) (490,161) (1,556,028) (1,437,521)   Proceeds from employee stock plans 61,684  42,767  121,171  104,329    Other 15,668  41,775  18,651  40,317  Net cash (used for) provided by financing activities (1,160,058) 9,959  (3,304,149) (1,685,327) Net (decrease) increase in cash and cash equivalents (271,046) (55,044) (333,536) 329,849  Cash and cash equivalents at beginning of period 2,436,916  2,376,235  2,499,406  1,991,342  Cash and cash equivalents at end of period $ 2,165,870  $ 2,321,191  $ 2,165,870  $ 2,321,191  ANALOG DEVICES, INC. REVENUE TRENDS BY END MARKET (Unaudited) (In thousands) The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. The assignment of products to end markets may change over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market. Three Months Ended August 1, 2026 August 2, 2025 Revenue % of Revenue 1 Y/Y% Revenue % of Revenue 1 Industrial $ 1,971,926  49% 53% $ 1,292,988  45% Automotive 998,227  25% 16% 857,146  30% Communications 654,515  16% 84% 354,768  12% Consumer 397,231  10% 6% 375,446  13% Total revenue $ 4,021,899   100% 40% $ 2,880,348   100% Nine Months Ended August 1, 2026 August 2, 2025 Revenue % of Revenue 1 Y/Y% Revenue % of Revenue 1 Industrial $ 5,269,825  49% 50% $ 3,512,896  44% Automotive 2,685,246  25% 9% 2,454,845  31% Communications 1,659,553  15% 72% 965,036  12% Consumer 1,191,003  11% 18% 1,010,813  13% Total revenue $ 10,805,627   100% 36% $ 7,943,590   100% 1) The sum of the individual percentages may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (Unaudited) (In thousands, except per share amounts) Three Months Ended Nine Months Ended Aug. 1, 2026 Aug. 2, 2025 Aug. 1, 2026 Aug. 2, 2025 Gross margin $ 2,707,544  $ 1,789,748  $ 7,192,318  $ 4,831,661    Gross margin percentage 67.3  % 62.1  % 66.6  % 60.8  %       Acquisition related expenses 209,192  204,756  619,404  662,865  Adjusted gross margin $ 2,916,736  $ 1,994,504  $ 7,811,722  $ 5,494,526    Adjusted gross margin percentage 72.5  % 69.2  % 72.3  % 69.2  % Operating expenses $ 1,094,575  $ 971,720  $ 3,202,643  $ 2,844,376    Percent of revenue 27.2  % 33.7  % 29.6  % 35.8  %       Acquisition related expenses (188,594) (188,015) (565,089) (564,045)       Acquisition related transaction costs (23,391) —  (23,391) —        Special charges, net 24,216  (4,348) (23,766) (69,980) Adjusted operating expenses $ 906,806  $ 779,357  $ 2,590,397  $ 2,210,351    Adjusted operating expenses percentage 22.5  % 27.1  % 24.0  % 27.8  % Operating income $ 1,612,969  $ 818,028  $ 3,989,675  $ 1,987,285    Operating margin 40.1  % 28.4  % 36.9  % 25.0  %       Acquisition related expenses 397,786  392,771  1,184,493  1,226,910        Acquisition related transaction costs 23,391  —  23,391  —        Special charges, net (24,216) 4,348  23,766  69,980  Adjusted operating income $ 2,009,930  $ 1,215,147  $ 5,221,325  $ 3,284,175    Adjusted operating margin 50.0  % 42.2  % 48.3  % 41.3  % Nonoperating expense (income) $ 67,100  $ 54,619  $ 173,107  $ 162,372        Acquisition related expenses 2,150  2,150  6,450  6,450  Adjusted nonoperating expense (income) $ 69,250  $ 56,769  $ 179,557  $ 168,822  Income before income taxes $ 1,545,869  $ 763,409  $ 3,816,568  $ 1,824,913       Acquisition related expenses 395,636  390,621  1,178,043  1,220,460       Acquisition related transaction costs 23,391  —  23,391  —       Special charges, net (24,216) 4,348  23,766  69,980  Adjusted income before income taxes $ 1,940,680  $ 1,158,378  $ 5,041,768  $ 3,115,353  Provision for income taxes $ 205,779  $ 244,891  $ 469,302  $ 345,309  Effective income tax rate 13.3  % 32.1  % 12.3  % 18.9  %      Tax related items 48,270  (106,855) 162,938  15,780  Adjusted provision for income taxes $ 254,049  $ 138,036  $ 632,240  $ 361,089  Adjusted tax rate 13.1  % 11.9  % 12.5  % 11.6  % Diluted EPS $ 2.74  $ 1.04  $ 6.83  $ 2.97        Acquisition related expenses 0.81  0.79  2.40  2.45        Acquisition related transaction costs 0.05  —  0.05  —        Special charges, net (0.05) 0.01  0.05  0.14        Tax related items (0.10) 0.22  (0.33) (0.03) Adjusted diluted EPS* $ 3.45  $ 2.05  $ 8.99  $ 5.53  * The sum of the individual per share amounts may not equal the total due to rounding. ANALOG DEVICES, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW (Unaudited) (In thousands) Trailing Twelve Months Three Months Ended Aug. 1, 2026 Aug. 1, 2026 May 2, 2026 Jan. 31, 2026 Nov. 1, 2025 Revenue $ 13,881,544  $ 4,021,899  $ 3,623,465  $ 3,160,063  $ 3,076,117  Net cash provided by operating activities $ 5,545,325  $ 1,603,959  $ 872,041  $ 1,368,515  $ 1,700,810  % of Revenue 40  % 40  % 24  % 43  % 55  % Capital expenditures $ (607,830) $ (145,662) $ (137,702) $ (109,313) $ (215,153) Free cash flow $ 4,937,495  $ 1,458,297  $ 734,339  $ 1,259,202  $ 1,485,657  % of Revenue 36  % 36  % 20  % 40  % 48  % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS (Unaudited) Three Months Ending October 31, 2026 Reported Adjusted Revenue $4.3 Billion $4.3 Billion (+/- $100 Million) (+/- $100 Million) Operating margin 42.6% 52.0% (1) (+/-150 bps) (+/-100 bps) Nonoperating expense ~$80 Million ~$80 Million Tax rate 12% - 14% 12% - 14% (2) Earnings per share $3.14 $3.86 (3) (+/- $0.15) (+/- $0.15) (1) Includes $405 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $53 million of tax effects associated with the adjustment for acquisition related expenses noted above. (3) Includes $0.72 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact: Jeff Ambrosi Senior Director, Investor Relations Analog Devices, Inc. 781-461-3282 investor.relations@analog.com
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.