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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Analog Devices Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
Revenue exhibits a cyclical trajectory characterized by an initial expansion phase, a subsequent contraction, and a recent period of acceleration. From early 2020, revenue grew steadily from approximately 1.3 billion USD per quarter, peaking at 3.25 billion USD by January 2023. A downturn followed, with revenue declining to a trough of 2.16 billion USD by May 2024. Since that period, a consistent recovery has been observed, with revenue reaching a peak of 3.62 billion USD by May 2026.
- Gross Profitability and Margin Trends
- Gross margin performance generally mirrored revenue trends but showed significant expansion in early 2022, where gross profit reached 1.94 billion USD. Despite the revenue contraction between 2023 and 2024, gross margins remained resilient relative to historical norms before surging to a period high of 2.44 billion USD in May 2026, indicating improved pricing power or cost efficiencies during the recovery phase.
- Operating Expense Analysis
- Research and development (R&D) expenses demonstrate a long-term upward trend, increasing from 257 million USD in February 2020 to 509 million USD by May 2026, reflecting a sustained commitment to product innovation. Selling, general, and administrative (SG&A) expenses followed a similar growth pattern, though they remained more volatile. A notable structural shift occurred in October 2021, where amortization of intangibles doubled from approximately 107 million USD to 213 million USD, suggesting the integration of a significant acquisition.
- Operating Income and Volatility
- Operating income experienced significant volatility, particularly in October 2021, when it dropped to 99 million USD due to a surge in amortization and special charges. However, the company achieved strong operational performance in late 2022 and early 2023, with quarterly operating income exceeding 1.1 billion USD. The most recent data indicates a sharp increase in operational efficiency, with operating income reaching 1.38 billion USD by May 2026.
- Net Income and Non-Operating Impacts
- Net income was heavily influenced by non-recurring items and tax provisions. A significant outlier occurred in October 2021, where a loss on the extinguishment of debt totaling 215 million USD substantially suppressed net income to 75.7 million USD. Interest income has grown considerably over the analysis period, rising from under 2 million USD per quarter to over 32 million USD by late 2025. Net income has seen a strong recovery in the most recent quarters, culminating in 1.18 billion USD in May 2026.
The financial profile indicates a transition from a high-growth phase into a period of correction, followed by a robust recovery. The scaling of operating expenses, particularly R&D and amortization, suggests a larger organizational footprint than in 2020. The most recent quarters demonstrate a strong alignment between revenue growth and bottom-line expansion, resulting in record net income levels.