Analog Devices Inc. (NASDAQ:ADI)

The revenue experienced some fluctuations over the reviewed periods. It initially declined from early 2019 through early 2020 but subsequently showed a general upward trend, peaking notably in early 2022 before displaying some volatility and a slight decline again in the later quarters through mid-2025.

Cost of sales followed a somewhat similar pattern, decreasing until early 2020, then fluctuating considerably, with sharp increases particularly visible around late 2021 and early 2022. Despite these fluctuations, cost of sales generally remained high in absolute terms throughout the period.

Gross margin mirrored the revenue trends with decreases until early 2020 followed by a marked increase through early 2022. After this peak, gross margin saw variability but generally trended lower toward early 2024 before recovering again toward mid-2025.

Research and development expenses steadily decreased from 2019 until mid-2021, then increased significantly in late 2021, remaining elevated through 2025 with some fluctuations, indicating a sustained investment in innovation and product development.

Selling, marketing, general, and administrative expenses exhibited a decline through mid-2021, followed by increased spending toward late 2021, maintaining a higher level of expenses thereafter with periodic variations. This suggests strategic adjustments in operational spending aligned with business needs.

The amortization of intangibles remained relatively stable with a slight decline over time, reflecting the systematic amortization of previously acquired intangible assets without significant changes in intangible asset base.

Special charges were irregular, with occasional significant negative impacts, particularly around late 2021 and early 2022, suggesting one-time or non-recurring expenses that affected profitability in certain quarters.

Operating expenses in total displayed a general downward trend until mid-2021, followed by a substantial increase in late 2021 and fluctuations thereafter. This increase coincided with rises in both research and development and selling, general, and administrative expenses, showing a higher overall cost structure in recent periods.

Operating income showed a decline until early 2020 but rebounded strongly afterward, particularly in 2021 and early 2022, then experienced volatility with periods of decline and recovery through 2025. The operating income variations correspond closely with revenue and operating expense trends.

Interest expense was fairly constant with a slight increasing trend in recent periods, indicating consistent debt-related costs. No new loss on extinguishment of debt is reported beyond a one-time large loss recorded in late 2021.

Interest income remained relatively low and stable initially, with a significant increase starting in early 2022, indicating higher returns on interest-bearing assets or investments during this time.

Nonoperating income (expense) consistently reflected an expense, with some notable spikes in losses, particularly in late 2021, likely related to one-time charges that impacted net income adversely during those periods.

Income before income taxes followed the operating income trend closely, with a substantial negative impact in late 2021, likely tied to the extraordinary loss recorded at that time. Subsequently, income before taxes rebounded and showed an overall increasing trend through 2025.

Provision for income taxes fluctuated significantly, showing both positive and negative values, especially in late 2021 where a large tax benefit was recognized, indicating tax adjustments or credits that temporarily altered the tax expense profile.

Net income displayed a pattern consistent with income before taxes but was notably volatile in late 2021 due to the large tax benefit partially offsetting net losses from operational and nonoperational activities. Following this period, net income trended upward and remained relatively strong into 2025 despite some variability.