Name: Analog Devices Inc. (NASDAQ:ADI) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Analog Devices Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Aug 1, 2026	May 2, 2026	Jan 31, 2026	Nov 1, 2025	Aug 2, 2025	May 3, 2025	Feb 1, 2025	Nov 2, 2024	Aug 3, 2024	May 4, 2024	Feb 3, 2024	Oct 28, 2023	Jul 29, 2023	Apr 29, 2023	Jan 28, 2023	Oct 29, 2022	Jul 30, 2022	Apr 30, 2022	Jan 29, 2022	Oct 30, 2021	Jul 31, 2021	May 1, 2021	Jan 30, 2021	Oct 31, 2020	Aug 1, 2020	May 2, 2020	Feb 1, 2020
Revenue	4,021,899)	3,623,465)	3,160,263)	3,076,117)	2,880,348)	2,640,068)	2,423,174)	2,443,205)	2,312,209)	2,159,039)	2,512,704)	2,716,484)	3,076,495)	3,262,930)	3,249,630)	3,247,716)	3,109,880)	2,972,064)	2,684,293)	2,339,568)	1,758,853)	1,661,407)	1,558,458)	1,526,295)	1,456,136)	1,317,060)	1,303,565)
Cost of sales	(1,314,355)	(1,183,667)	(1,115,287)	(1,134,300)	(1,090,600)	(1,028,458)	(992,871)	(1,027,077)	(1,000,970)	(979,004)	(1,038,763)	(1,069,768)	(1,114,880)	(1,118,384)	(1,125,289)	(1,104,901)	(1,066,738)	(1,027,544)	(1,282,296)	(1,217,748)	(537,669)	(524,770)	(513,087)	(503,211)	(483,558)	(470,386)	(455,423)
Gross margin	2,707,544)	2,439,798)	2,044,976)	1,941,817)	1,789,748)	1,611,610)	1,430,303)	1,416,128)	1,311,239)	1,180,035)	1,473,941)	1,646,716)	1,961,615)	2,144,546)	2,124,341)	2,142,815)	2,043,142)	1,944,520)	1,401,997)	1,121,820)	1,221,184)	1,136,637)	1,045,371)	1,023,084)	972,578)	846,674)	848,142)
Research and development	(533,480)	(509,323)	(467,400)	(467,021)	(454,251)	(441,837)	(402,892)	(378,903)	(362,671)	(354,862)	(391,427)	(406,594)	(423,751)	(415,754)	(414,095)	(421,008)	(431,829)	(420,901)	(426,780)	(399,121)	(306,617)	(302,238)	(288,150)	(280,239)	(260,794)	(252,413)	(257,073)
Selling, marketing, general and administrative	(397,326)	(362,810)	(345,253)	(342,168)	(325,706)	(302,669)	(284,796)	(277,220)	(257,213)	(244,129)	(290,078)	(288,936)	(334,113)	(324,251)	(326,284)	(336,560)	(326,942)	(305,308)	(297,365)	(317,455)	(206,076)	(206,612)	(185,275)	(165,115)	(153,753)	(141,775)	(199,280)
Amortization of intangibles	(187,985)	(187,985)	(187,315)	(187,417)	(187,415)	(187,415)	(187,415)	(187,754)	(187,754)	(188,944)	(190,332)	(202,736)	(250,719)	(253,021)	(253,142)	(252,865)	(252,864)	(253,476)	(253,367)	(213,594)	(107,783)	(107,786)	(107,648)	(108,007)	(107,077)	(107,146)	(107,225)
Special charges, net	24,216)	—)	(47,982)	—)	(4,348)	(1,745)	(63,887)	(2,859)	(12,282)	(5,977)	(16,140)	(114,035)	(23,539)	(23,136)	—)	(29,906)	(138,201)	(46,674)	(59,728)	(92,645)	8,938)	(311)	(438)	(8,051)	(31,830)	(1,320)	(11,136)
Operating expenses	(1,094,575)	(1,060,118)	(1,047,950)	(996,606)	(971,720)	(933,666)	(938,990)	(846,736)	(819,920)	(793,912)	(887,977)	(1,012,301)	(1,032,122)	(1,016,162)	(993,521)	(1,040,339)	(1,149,836)	(1,026,359)	(1,037,240)	(1,022,815)	(611,538)	(616,947)	(581,511)	(561,412)	(553,454)	(502,654)	(574,714)
Operating income	1,612,969)	1,379,680)	997,026)	945,211)	818,028)	677,944)	491,313)	569,392)	491,319)	386,123)	585,964)	634,415)	929,493)	1,128,384)	1,130,820)	1,102,476)	893,306)	918,161)	364,757)	99,005)	609,646)	519,690)	463,860)	461,672)	419,124)	344,020)	273,428)
Interest expense	(88,728)	(87,619)	(86,345)	(88,157)	(79,592)	(74,703)	(75,264)	(82,804)	(85,179)	(77,103)	(77,141)	(71,590)	(69,346)	(63,252)	(60,453)	(47,707)	(51,189)	(49,548)	(51,964)	(54,621)	(44,659)	(43,066)	(42,479)	(48,593)	(45,914)	(49,985)	(48,813)
Loss on extinguishment of debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(215,150)	—)	—)	—)	—)	—)	—)	—)
Interest income	25,377)	28,565)	32,257)	32,971)	27,083)	21,725)	23,487)	27,947)	26,432)	15,269)	9,169)	9,089)	8,794)	12,575)	10,829)	4,328)	1,797)	563)	218)	421)	300)	290)	209)	527)	504)	1,334)	1,940)
Other, net	(3,749)	4,202)	2,933)	(2,826)	(2,110)	962)	(3,960)	1,793)	(9,581)	314)	(4,574)	(128)	5,880)	10,216)	(7,723)	(11,085)	4,023)	10,069)	10,544)	14,178)	6,991)	(929)	15,028)	3,704)	(685)	(308)	(338)
Nonoperating income (expense)	(67,100)	(54,852)	(51,155)	(58,012)	(54,619)	(52,016)	(55,737)	(53,064)	(68,328)	(61,520)	(72,546)	(62,629)	(54,672)	(40,461)	(57,347)	(54,464)	(45,369)	(38,916)	(41,202)	(255,172)	(37,368)	(43,705)	(27,242)	(44,362)	(46,095)	(48,959)	(47,211)
Income before income taxes	1,545,869)	1,324,828)	945,871)	887,199)	763,409)	625,928)	435,576)	516,328)	422,991)	324,603)	513,418)	571,786)	874,821)	1,087,923)	1,073,473)	1,048,012)	847,937)	879,245)	323,555)	(156,167)	572,278)	475,985)	436,618)	417,310)	373,029)	295,061)	226,217)
(Provision for) benefit from income taxes	(205,779)	(148,478)	(115,045)	(99,461)	(244,891)	(56,158)	(44,260)	(38,256)	(30,759)	(22,361)	(50,691)	(73,356)	2,198)	(110,267)	(111,999)	(111,786)	(98,952)	(95,972)	(43,478)	231,854)	(68,967)	(53,080)	(48,099)	(30,784)	(10,364)	(27,365)	(22,343)
Net income	1,340,090)	1,176,350)	830,826)	787,738)	518,518)	569,770)	391,316)	478,072)	392,232)	302,242)	462,727)	498,430)	877,019)	977,656)	961,474)	936,226)	748,985)	783,273)	280,077)	75,687)	503,311)	422,905)	388,519)	386,526)	362,665)	267,696)	203,874)

The financial performance over the analyzed period is characterized by a significant expansion in scale, followed by a mid-term cyclical contraction and a subsequent strong recovery. Revenue grew steadily from February 2020, peaking in late 2022 before experiencing a decline that bottomed in May 2024. A robust upward trajectory followed this trough, with revenue reaching its highest levels by August 2026.

Revenue and Gross Profitability: Revenue increased from 1.3 billion USD in early 2020 to a peak of 3.2 billion USD in late 2022. A subsequent downturn saw revenue fall to 2.1 billion USD by May 2024, representing a significant cyclical correction. However, a recovery phase emerged thereafter, culminating in a peak of 4.0 billion USD by August 2026. Gross margins generally tracked with revenue trends, though a notable compression occurred during the 2024 trough, followed by a sharp expansion to 2.7 billion USD by the end of the period.
Operating Expense Trends: Research and development expenses exhibited a long-term upward trend, rising from 257 million USD in February 2020 to 533 million USD by August 2026, indicating a consistent commitment to product innovation regardless of short-term revenue fluctuations. Selling, marketing, general and administrative expenses followed a similar trajectory, increasing from approximately 199 million USD in early 2020 to 397 million USD by August 2026. Amortization of intangibles showed a step-increase in late 2021, shifting from a baseline of approximately 107 million USD to over 250 million USD, before stabilizing around 187 million USD from 2023 onwards.
Operating Income and Efficiency: Operating income demonstrated significant volatility. After a period of growth, a sharp decline was observed in October 2021, where income dropped to 99 million USD despite increasing revenue, driven by a spike in the cost of sales. Profitability recovered strongly in 2022, with operating income exceeding 1.1 billion USD. Following a dip during the 2023-2024 period, operating income surged to 1.6 billion USD by August 2026, reflecting improved operating leverage as revenue scaled.
Non-Operating Items and Net Income: Interest expenses trended upward over the period, rising from 48 million USD to 88 million USD. This was partially offset by a substantial increase in interest income, which grew from under 2 million USD in 2020 to over 25 million USD by 2026. A significant non-recurring loss of 215 million USD occurred in October 2021 due to the extinguishment of debt. Net income reflected the broader volatility of the business cycle, with a notable low in October 2021 and a peak of 1.3 billion USD in August 2026, driven by the combination of record revenues and disciplined expense management.

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Analog Devices Inc. (NASDAQ:ADI)

Income StatementQuarterly Data

Income Statement
Quarterly Data