Cash Flow Statement
Quarterly Data
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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Analog Devices Inc. pages available for free this week:
- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
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Analog Devices Inc., consolidated cash flow 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).
Operating cash flow demonstrates a general upward trajectory over the observed period, characterized by significant volatility in net income but a consistent ability to generate substantial liquidity. Net income exhibited a notable peak in late 2022 and early 2023, followed by a contraction in 2024, before rising sharply to a peak of 1.34 billion by August 2026. This growth in profitability is supported by strong net cash provided by operating activities, which reached a high of 1.7 billion in November 2024.
- Operating Cash Flow and Non-Cash Adjustments
- A significant structural shift in non-cash expenses occurred around October 2021, where amortization of intangibles rose from approximately 145 million to over 400 million per quarter, stabilizing near 500 million for several subsequent periods. This increase suggests the integration of substantial intangible assets. Depreciation expenses remained relatively stable between 60 million and 105 million throughout the period. Working capital fluctuations were prominent, with significant negative adjustments in May 2026 reaching 807 million, offsetting strong net income during that quarter.
- Investing Activities and Capital Expenditure
- Investing activities were dominated by a massive cash influx in October 2021 due to the acquisition of Maxim, which contributed 2.45 billion. Capital expenditures for property, plant, and equipment showed a progressive increase from 2020 levels of approximately 55 million per quarter to a peak of 476 million in October 2023, before normalizing to between 100 million and 150 million in 2026. A substantial outflow of 1.5 billion for acquisitions was recorded in August 2026, indicating a renewed phase of strategic investment.
- Financing Activities and Capital Structure
- The financing strategy is characterized by aggressive shareholder returns and the active use of short-term debt instruments. Dividend payments grew steadily from approximately 200 million per quarter in 2020 to 535 million by August 2026. Common stock repurchases were highly volatile and aggressive, including a 2.1 billion outlay in October 2021 and several other instances exceeding 1 billion. To fund these activities and acquisitions, the company relied heavily on commercial paper, with quarterly proceeds frequently exceeding 2 to 5 billion, matched by corresponding repayments.
- Liquidity and Net Cash Position
- The net increase or decrease in cash and cash equivalents fluctuates significantly, reflecting the timing of large-scale acquisition payments and debt cycles. While operating cash flows provide a strong foundation, the net cash position is frequently impacted by the scale of stock repurchases and the volatility of financing activities, such as the 1.16 billion net outflow for financing in August 2026.