Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Analog Devices Inc., consolidated cash flow statement

US$ in thousands

12 months ended:	Nov 1, 2025	Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020
Net income	2,267,342)	1,635,273)	3,314,579)	2,748,561)	1,390,422)	1,220,761)
Depreciation	406,801)	362,771)	334,704)	283,338)	231,275)	233,775)
Amortization of intangibles	1,592,044)	1,741,545)	1,958,399)	2,014,161)	843,359)	577,148)
Cost of goods sold for inventory acquired	—)	—)	—)	271,396)	331,083)	—)
Stock-based compensation expense	321,560)	262,710)	299,823)	323,487)	243,611)	149,518)
Non-cash contribution to charitable foundation	—)	—)	—)	—)	—)	40,000)
Loss on extinguishment of debt	—)	—)	—)	—)	215,150)	—)
Non-cash impairment charge	—)	—)	—)	91,953)	—)	—)
Deferred income taxes	(246,645)	(367,563)	(452,946)	(326,755)	(406,922)	(113,948)
Other	(9,909)	23,050)	8,665)	(47,074)	(4,854)	(252,189)
Accounts receivable	(90,960)	133,402)	330,728)	(343,908)	(114,504)	(101,626)
Inventories	(208,636)	191,170)	(242,299)	(470,725)	(65,114)	1,760)
Prepaid expenses and other current assets	9,107)	(53,004)	4,543)	(64,584)	(59,117)	(3,666)
Accounts payable and accrued liabilities	657,305)	(133,758)	(499,316)	171,772)	208,444)	103,104)
Income taxes payable, current	94,303)	91,648)	(263,716)	(91,852)	(6,797)	29,441)
Other assets	6,664)	(34,521)	(25,819)	(14,441)	(21,690)	—)
Other liabilities	13,226)	(194)	50,289)	(69,927)	(49,277)	124,409)
Change in operating assets and liabilities	481,009)	194,743)	(645,590)	(883,665)	(108,055)	153,422)
Adjustments to reconcile net income to net cash provided by operations	2,544,860)	2,217,256)	1,503,055)	1,726,841)	1,344,647)	787,726)
Net cash provided by operating activities	4,812,202)	3,852,529)	4,817,634)	4,475,402)	2,735,069)	2,008,487)
Purchases of short-term available-for-sale investments	(1,150,240)	(438,901)	—)	—)	—)	—)
Maturities of short-term available-for-sale investments	372,778)	69,279)	—)	—)	—)	—)
Additions to property, plant and equipment, net	(533,552)	(730,463)	(1,261,463)	(699,308)	(343,676)	(165,692)
Proceeds from sale of property, plant and equipment, net	58,892)	—)	—)	—)	—)	—)
Payments for acquisitions, net of cash acquired	(45,652)	—)	—)	—)	—)	—)
Cash received from acquisition of Maxim, net of cash paid	—)	—)	—)	—)	2,450,550)	—)
Other	(23,747)	(4,773)	(4,922)	41,940)	36,651)	(14,831)
Net cash (used for) provided by investing activities	(1,321,521)	(1,104,858)	(1,266,385)	(657,368)	2,143,525)	(180,523)
Proceeds from debt	1,490,785)	1,087,856)	—)	296,130)	3,939,640)	395,646)
Early termination of debt	—)	—)	(65,688)	(519,116)	(3,591,982)	—)
Debt repayments	(399,998)	(499,966)	—)	—)	—)	(750,000)
Payments on revolver	—)	—)	—)	(400,000)	(400,000)	(350,000)
Proceeds from revolver	—)	—)	—)	400,000)	400,000)	350,000)
Proceeds from commercial paper notes	9,462,691)	10,184,439)	5,287,124)	—)	—)	—)
Payments of commercial paper notes	(9,563,790)	(10,183,925)	(4,739,900)	—)	—)	—)
Payment on derivative instrument	—)	—)	—)	—)	(153,161)	—)
Prepayment for stock repurchases	—)	—)	—)	—)	(500,000)	—)
Dividend payments to shareholders	(1,924,413)	(1,795,459)	(1,679,106)	(1,544,552)	(1,109,344)	(886,155)
Repurchase of common stock	(2,164,638)	(615,590)	(2,963,955)	(2,577,015)	(2,605,144)	(244,487)
Proceeds from employee stock plans	108,913)	121,215)	118,608)	33,887)	63,105)	68,403)
Other	7,833)	(12,960)	(20,843)	19,946)	(2,778)	(4,015)
Net cash used for financing activities	(2,982,617)	(1,714,390)	(4,063,760)	(4,290,720)	(3,959,664)	(1,420,608)
Effect of exchange rate changes on cash	—)	—)	—)	(34,706)	3,174)	182)
Net increase (decrease) in cash and cash equivalents	508,064)	1,033,281)	(512,511)	(507,392)	922,104)	407,538)
Cash and cash equivalents at beginning of year	1,991,342)	958,061)	1,470,572)	1,977,964)	1,055,860)	648,322)
Cash and cash equivalents at end of year	2,499,406)	1,991,342)	958,061)	1,470,572)	1,977,964)	1,055,860)

Based on: 10-K (reporting date: 2025-11-01), 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31).

Net Income: Net income showed an overall upward trend from 2020 through 2023, increasing significantly from approximately $1.22 billion to $3.31 billion. However, a sharp decline occurred in 2024 to about $1.64 billion, followed by a recovery to $2.27 billion in 2025.
Depreciation and Amortization: Depreciation steadily increased over the period, rising from about $234 million to $407 million, indicating ongoing investment in long-term assets. Amortization of intangibles fluctuated, peaking notably in 2022 at over $2 billion before gradually decreasing to around $1.59 billion by 2025, suggesting significant intangible asset write-downs earlier followed by reduced amortization expenses.
Cost of Goods Sold for Inventory Acquired: Data was limited, but values indicated moderate fluctuations between 2021 and 2022 with a decline from $331 million to $271 million.
Stock-based Compensation Expense: Stock-based compensation rose steadily from $149 million in 2020 to a peak near $324 million in 2022, then slightly decreased and fluctuated to approximately $322 million by 2025, reflecting growing equity-based employee incentives over time.
Deferred Income Taxes: Deferred income taxes remained negative throughout, with fluctuations showing largest negatives in 2021 and 2023 near -$453 million and gradually decreasing in magnitude to about -$246 million by 2025, implying shifts in tax timing differences and potential tax planning effects.
Working Capital Changes: Changes in accounts receivable, inventories, prepaid expenses, accounts payable, and other liabilities showed marked volatility. For example, accounts receivable changed from negative adjustments in early years to positive fluctuations in 2023 and 2024, suggesting changing credit sales and collections policies. Inventories showed large swings, including a major negative adjustment in 2022 and a positive swing in 2024, possibly reflecting supply chain management challenges and inventory alignment.
Operating Cash Flow: Net cash provided by operating activities generally trended upward from approximately $2 billion in 2020 to nearly $4.8 billion in 2023, despite a drop in 2024 to about $3.85 billion, then rebounded to around $4.81 billion in 2025. This reflects strong core operating performance and improving cash generation capacity.
Investing Activities: Investing cash flows were highly variable, with a significant inflow in 2021 exceeding $2.1 billion, largely due to acquisitions and asset disposals. Other years showed consistent cash outflows, especially in capital expenditures rising from $166 million in 2020 to $1.26 billion in 2023, before decreasing in subsequent years, demonstrating heavy investment in property, plant, and equipment, followed by a moderation.
Financing Activities: Financing cash flows were predominantly negative, reflecting substantial debt repayments, early terminations, and large dividend payments increasing from $886 million in 2020 to nearly $1.92 billion in 2025. Stock repurchases were significant, peaking at over $2.9 billion in 2023 before fluctuating. Proceeds from commercial paper notes surged starting 2023, indicating increased short-term debt financing. Overall, financing reflected active capital structure management and shareholder return focus.
Cash and Cash Equivalents: Cash levels increased from $648 million at the end of 2019 to $1.99 billion by late 2024, with a further increase to $2.5 billion by late 2025. Despite interim decreases in 2022 and 2023, cash reserves showed strong growth over the full period, supported by operating cash inflow and financing transactions.

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Analog Devices Inc. (NASDAQ:ADI)

Cash Flow Statement