Common-Size Income Statement
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Analog Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 10-K (reporting date: 2025-11-01), 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-Q (reporting date: 2025-02-01), 10-K (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-Q (reporting date: 2024-02-03), 10-K (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-K (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-K (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-30), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-Q (reporting date: 2020-02-01).
The financial performance over the observed period is characterized by a significant recovery in profitability following a sharp downturn in late 2021. While the company maintained strong margins for the majority of the timeline, a period of high volatility influenced both operating and net income. By the final reporting periods, profitability metrics reached their highest levels in the dataset, suggesting improved operational efficiency and cost management.
- Gross Margin Trends
- Gross margins were historically stable, generally ranging between 60% and 69%. However, a substantial contraction occurred in October 2021, where the margin fell to 47.95%, followed by 52.23% in January 2022. This represents the most significant margin compression in the dataset. Subsequent quarters show a consistent recovery, with the margin returning to 67.33% by May 2026.
- Operating Expense Analysis
- A steady reduction in research and development (R&D) expenditure relative to revenue is observed, declining from 19.72% in February 2020 to 14.06% by May 2026. Selling, general, and administrative (SG&A) expenses remained relatively stable, typically fluctuating between 10% and 12%. Additionally, the amortization of intangibles as a percentage of revenue showed a gradual downward trend, decreasing from 8.23% to 5.19% over the period.
- Operating Income Volatility
- Operating income mirrored the fluctuations of the gross margin, hitting a critical low of 4.23% in October 2021. Following this trough, operating margins entered a period of sustained growth, climbing from 13.59% in January 2022 to a peak of 38.08% in May 2026, indicating a significant expansion in operating leverage.
- Non-Operating Items and Interest
- Interest expenses as a percentage of revenue decreased from 3.74% in early 2020 to 2.42% by May 2026. Conversely, interest income saw a gradual increase, peaking at 1.14% during 2023 and 2024 before settling at 0.79%. A one-time loss on the extinguishment of debt occurred in October 2021, contributing to the sharp decline in income before taxes during that quarter.
- Net Income Performance
- Net income margins exhibited high variance, dropping to 3.24% in October 2021. The subsequent recovery was robust, with net income as a percentage of revenue climbing steadily from 10.43% in January 2022 to 32.46% by May 2026. This upward trajectory suggests that the company successfully mitigated the factors that caused the 2021 margin compression while optimizing its cost structure.