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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio 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-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).
- Revenue Trends
- Revenue demonstrated a general upward trajectory from early 2020 through early 2023, increasing from approximately $1.3 billion to over $3.2 billion. However, a notable decline began in early 2023, with revenue decreasing to about $2.7 billion by late 2023 and further fluctuating but remaining below prior peaks through 2025.
- Cost of Sales and Gross Margin
- Cost of sales increased steadily alongside revenue until early 2023, with a marked spike in late 2021, followed by volatility thereafter. Gross margin growth mirrored revenue increases up to early 2023, peaking around $2.1 billion, but declined substantially in late 2023 and into 2024, reflecting margin compression. By 2025, gross margin showed recovery signs but did not reclaim prior highs.
- Research and Development Expenses
- Research and development (R&D) expenses rose moderately through 2022, peaking around $450 million, before showing a slight downward trend in 2023 and remaining relatively stable into 2025, indicating sustained investment in innovation despite revenue fluctuations.
- Selling, Marketing, General and Administrative Expenses (SG&A)
- SG&A expenses trended upward from early 2020 to 2022, with a pronounced increase in late 2021, followed by a decline in late 2023. After dipping in early 2024, expenditures rose again toward late 2025, suggesting periods of cost control alternating with increased spending.
- Amortization of Intangibles
- Amortization costs remained relatively stable, around $187 million to $253 million, with a notable decrease starting in late 2022, indicating fewer intangible assets being amortized or changes in asset valuation.
- Special Charges, Net
- Special charges exhibited significant variability, including major charges around late 2021 and early 2023, negatively impacting operating expenses during those periods. The irregularity suggests episodic non-recurring expenses affecting profitability.
- Operating Expenses and Income
- Operating expenses largely paralleled the trends seen in R&D, SG&A, and special charges, peaking around 2021-2022, then moderating somewhat in subsequent years. Operating income showed strong growth through early 2023, peaking significantly but declined sharply thereafter, reflecting cost pressures and revenue declines, before partially recovering by 2025.
- Interest and Nonoperating Income
- Interest expense remained relatively steady, fluctuating between $42 million and $88 million, while interest income increased notably from 2021 onwards, indicating improved cash or investment positions. Nonoperating income or expense consistently resulted in net losses, with the highest losses around late 2021, negatively impacting overall income.
- Income Before Income Taxes and Tax Provisions
- Income before taxes grew steadily through early 2023, peaking strongly but plummeted sharply in late 2021 due to significant special charges and nonoperating losses. Tax provisions exhibited high variance, sometimes benefiting from tax credits or reductions, as seen by negative provisions in late 2021 and early 2023, contributing to fluctuations in net income.
- Net Income
- Net income aligned with income before taxes and tax provisions, showing solid growth through early 2023, peaking near $977 million, then dropping sharply in late 2023 and early 2024. The results recovered somewhat toward 2025, although net income remained volatile, emphasizing challenges from cost fluctuations and one-time charges.