Analog Devices

Analog Devices (ADI) makes analog, mixed-signal, power and digital signal processing chips. These chips measure and convert real-world signals, such as temperature, pressure, sound, light and motion, and they manage power in electronic systems. In Q3 fiscal 2026, Industrial was 49% of revenue, Automotive 25%, Communications 16% and Consumer 10%. Communications includes chips for data center equipment.

ADI makes part of its chips in its own factories and uses outside foundries for the rest. Revenue was $11.0 billion in fiscal 2025 and $10.8 billion in the first nine months of fiscal 2026. Its fiscal year ends near October 31, and it is based in Wilmington, Massachusetts.

The market doubts that ADI's fast growth can last, because much of it looks like a cycle upturn. Revenue rose 40% to $4.02 billion in Q3 fiscal 2026, Communications revenue rose 84% and the adjusted operating margin reached 50.0%. Investors fear that part of this growth comes from a chip cycle upturn, and that revenue and margins fall back when industrial and automotive demand slows. ADI also borrowed more: it sold $3.0 billion of new notes in September 2026, and it agreed to buy Alif Semiconductor for $1.35 billion in cash.

For the gap to close, three things must be true. Revenue must reach the Q4 fiscal 2026 outlook of $4.3 billion, plus or minus $100 million, with an adjusted operating margin near 52%, and fiscal 2027 must start with growth. Bookings in Industrial, Automotive and Communications must stay strong, which shows end demand and not only restocking. Free cash flow, $4.9 billion for the 12 months to August 1, 2026, must keep pace with revenue so that ADI can pay its dividend, buy back shares and lower debt.

The Q4 fiscal 2026 report on November 24, 2026 is the next test, and the Q1 fiscal 2027 report in February 2027 is the one after it. If these checks pass, the gap can close over the next four to six quarters. The main reason it may not close is a turn in the chip cycle, which can cut revenue and margins quickly.

1. Nov 24, 2026Pending

   Q4 fiscal 2026 results and Q1 fiscal 2027 outlookRevenue at or above the guided $4.3 billion, plus or minus $100 million, an adjusted operating margin near 52% and a Q1 fiscal 2027 outlook for growth pass; revenue below the range or an outlook for lower revenue fail.
2. Dec 2026 · est.Pending

   Alif Semiconductor purchase closesThe purchase closes before the end of calendar 2026, as ADI expects, pass; a delay into 2027 or a regulatory block fail.

Every passed and failed checkpoint across all picks

• October 22, 2026ADI said that it will report Q4 fiscal 2026 results on Tuesday, November 24, 2026.
• September 17, 2026ADI sold $3.0 billion of senior notes: $500 million of 5.100% notes due 2029, $500 million of 5.350% notes due 2031, $1.0 billion of 5.600% notes due 2033 and $1.0 billion of 5.750% notes due 2036.
• September 9, 2026ADI agreed to buy Alif Semiconductor, a maker of AI microcontrollers and fusion processors for edge devices, for $1.35 billion in cash, plus up to $200 million of contingent payments. ADI expects the deal to close before the end of calendar 2026.

Last earnings

August 19, 2026 (8-K on sec.gov)

Next earnings

November 24, 2026, as the company confirmed.

• 8-KNew material agreementFiled September 17, 2026 · Read it on sec.gov
• 8-KInvestor disclosureFiled September 9, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Aug 1, 2026Filed August 19, 2026 · adi-20260801
• 8-KEarnings releaseFiled August 19, 2026 · adi-20260819
• 8-KOther company newsFiled July 29, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled July 2, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended May 2, 2026Filed May 20, 2026 · adi-20260502
• 8-KEarnings releaseFiled May 20, 2026 · adi-20260520
• 8-KInvestor disclosureFiled May 19, 2026 · adi-20260519
• 8-KChange of directors or officers and Shareholder vote resultsFiled March 12, 2026 · adi-20260311

Every filing on SEC EDGAR (CIK 6281)

• Chip demand moves in cycles. Revenue rose 40% in Q3 fiscal 2026, and ADI also built its own inventory to support the higher demand. If customers order less in a downturn, revenue and margins can fall quickly.
• Automotive was 25% of revenue in Q3 fiscal 2026 and grew only 16%. Weak car production or electric vehicle demand can slow this market.
• ADI sells to customers in China. Export controls, tariffs or more competition from Chinese analog chip makers can lower sales and margins.
• ADI found unauthorized access to some systems in June 2026. Its operations were not interrupted, but a cybersecurity incident can cause costs, legal claims or a loss of customer trust.

ADI funds itself with senior notes and commercial paper. Debt principal was $9.22 billion at August 1, 2026: $1.0 billion of commercial paper and $8.22 billion of notes due from December 2026 to April 2054. Read more

Dividend yield

1.1% (last 12 months, at today’s price of $394.66)

Paid per share

$4.29 in the last 12 months (4 payments)

Current annual rate

$4.40 ($1.10 × 4 a year)

Payout ratio

85% of the last fiscal year’s earnings (the year that ended November 1, 2025)

Latest ex-dividend date

September 1, 2026, $1.10 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 9.8% a year. Over the last 10 years, the dividend grew by about 10.0% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.