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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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Analog Devices Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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), 10-K (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-02).
- Revenue Trend
- Revenue showed moderate fluctuations from early 2019 through early 2021, with values generally rising from approximately 1.5 billion to over 2.3 billion US dollars. From 2021 to early 2023, revenue increased steadily, peaking above 3.2 billion in early 2023. However, a decline was observed between early 2023 and late 2023, dropping to about 2.7 billion, before a modest recovery occurred in mid-2024 to nearly 2.6 billion.
- Cost of Sales and Gross Margin
- Cost of sales closely tracked revenue changes but occasionally exhibited substantial jumps, notably in late 2021 and 2022, with costs rising sharply to over 1.2 billion US dollars. Gross margin generally followed revenue trends, increasing significantly from 2020 to 2023, reaching over 2.1 billion US dollars by early 2023. A notable dip in gross margin occurred in late 2023, consistent with the revenue decline, followed by a recovery in subsequent periods to over 1.6 billion US dollars.
- Operating Expenses
- Operating expenses, which include research and development (R&D), selling, marketing, general and administrative (SMGA), amortization of intangibles, and special charges, exhibited variability but overall remained substantial relative to revenue and gross margin. R&D expenses generally increased over time, rising from around 287 million US dollars in early 2019 to above 400 million US dollars by mid-2025. SMGA expenses showed a similar pattern, rising sharply around late 2021, with values occasionally exceeding 300 million US dollars, and showed some reduction in 2024. Amortization of intangibles remained relatively stable at approximately 100 to 250 million US dollars. Special charges were irregular, with occasional large negative spikes, especially in late 2021 and 2022, indicating significant one-time expenses impacting operating expenses.
- Operating Income
- Operating income reflected a mixed pattern, with modest increases through 2020, followed by substantial volatility in late 2021 when it dropped sharply to about 99 million US dollars, likely due to elevated operating expenses and special charges. From 2022 onward, operating income rebounded strongly, peaking over 1.1 billion US dollars in early 2023, before declining again in late 2023 and early 2024, consistent with the dip in revenue and gross margin. The recovery observed in the latest periods suggests some stabilization in operating profitability.
- Interest and Nonoperating Income/Expense
- Interest expense showed a gradual increase over time, rising from approximately 58 million to above 77 million US dollars by late 2023, then slightly decreasing toward mid-2025. A significant one-time loss on extinguishment of debt occurred in late 2021 amounting to over 215 million US dollars, impacting net financial results. Interest income increased moderately, especially from late 2022 onward, reaching over 27 million US dollars, suggesting more favorable financial income. Other nonoperating items and net expenses fluctuated without a clear trend but contributed to negative nonoperating income overall.
- Net Income and Tax Provision
- Net income trends largely mirrored operating income but were affected by notable volatility in income taxes and nonoperating items. After a sharp decline in net income in late 2021 due to operating challenges and special charges, net income recovered strongly to over 960 million US dollars in early 2023. Subsequent declines occurred through late 2023, followed by a moderate rebound in 2024. Provision for income taxes showed considerable fluctuations, including a large positive adjustment in late 2021 that temporarily boosted net income. The tax provision reverted to typical negative values afterward, indicating consistent tax expenses relative to pretax income.
- Summary of Financial Performance
- The company experienced a period of growth in revenue and profitability from 2019 through early 2023, interrupted by spikes in operating expenses and one-time charges in late 2021. Profitability metrics, including gross margin and operating income, peaked in early 2023 but declined in later periods alongside revenue decreases. The company's investments in R&D and selling expenses increased over time, supporting growth but contributing to elevated operating costs. Financial expenses have risen gradually, with one significant debt-related loss affecting the financial results. Overall, the company's financial performance demonstrates resilience with periods of volatility driven by nonrecurring items and changing market conditions.