Common-Size Income Statement
Quarterly Data
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Analog Devices Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Analog Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-08-01), 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 analyzed period is characterized by significant volatility in gross margins and operating income, followed by a sustained trend of margin expansion and operational efficiency improvements toward the end of the period.
- Gross Margin Trends
- Gross margins exhibited a cyclical pattern with two distinct periods of contraction. An initial stability in the 64% to 69% range was interrupted in late 2021, where margins dropped sharply to a low of 47.95% before recovering. A second contraction occurred between mid-2023 and early 2024, with margins dipping to 54.66%. However, a consistent recovery trend is observed from May 2024 onward, with gross margins returning to 67.32% by August 2026.
- Operating Expense Management
- A general downward trend in operating expenses as a percentage of revenue is evident. Research and development costs decreased from a peak of 19.72% in early 2020 to 13.26% by August 2026. Selling, general, and administrative expenses remained relatively stable, fluctuating between 9% and 15%, though they trended lower toward the end of the period. Amortization of intangibles also showed a steady decline, falling from approximately 8% to 4.67% of revenue.
- Operating Income and Profitability
- Operating income margins mirrored the volatility of the gross margins. A significant trough occurred in October 2021, where operating income fell to 4.23% of revenue. Following this, margins recovered to a peak of 34.80% in January 2023 before another decline in 2024. The final phases of the period show a strong upward trajectory, with operating income reaching a high of 40.10% by August 2026, driven by both gross margin recovery and reduced operating expense ratios.
- Non-Operating Items and Net Income
- Non-operating expenses were impacted by a one-time loss on the extinguishment of debt in October 2021, totaling 9.20% of revenue. Interest expenses as a percentage of revenue generally trended downward from 3.74% to 2.21%. Conversely, interest income saw a gradual increase, peaking above 1% of revenue in 2024 and 2025. Net income margins reflects these combined pressures and recoveries, ending the period at 33.32%, a substantial increase from the mid-period lows.