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.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Return on Assets (ROA) since 2005
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Analog Devices Inc., consolidated cash flow statement
US$ in thousands
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.