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. 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., consolidated income statement (quarterly data)
US$ in thousands
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 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.