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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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Analog Devices Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-05-02), 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 operational cash flow profile exhibits a general trajectory of growth and resilience, characterized by a significant expansion in cash generation capabilities from 2020 through 2026. Net income shows a volatile but overall upward trend, peaking in early 2023 and reaching its highest recorded level in May 2026 at approximately 1.176 billion USD. Net cash provided by operating activities consistently exceeds net income, driven largely by substantial non-cash charges including depreciation, amortization of intangibles, and stock-based compensation.
- Operating Cash Flow Dynamics
- A strong correlation exists between net income and operating cash flow, although the latter is significantly bolstered by amortization of intangibles. Following a major acquisition in late 2021, amortization expenses surged from roughly 145 million USD per quarter to over 500 million USD, indicating a substantial increase in the company's intangible asset base. Operating cash flow reached a peak of 1.7 billion USD in November 2025, reflecting high efficiency in converting earnings to cash despite fluctuations in working capital.
- Investing Activity and Capital Expenditure
- Investment patterns reveal a strategic shift toward increased capacity. Additions to property, plant, and equipment scaled from approximately 55 million USD in early 2020 to a peak of 476 million USD in October 2023. The investing section was heavily impacted by the Maxim acquisition in October 2021, which resulted in a massive one-time cash inflow of 2.45 billion USD (net of cash paid). Subsequent years show a mix of strategic acquisitions and fluctuations in short-term available-for-sale investments, particularly in 2024 and 2025.
- Financing and Shareholder Returns
- The company maintains a consistent policy of returning capital to shareholders. Dividend payments have grown steadily from approximately 200 million USD per quarter in 2020 to over 536 million USD by May 2026. Stock repurchases have been aggressive and intermittent, with a notable spike of 2.09 billion USD in October 2021. Financing is heavily reliant on a revolving cycle of commercial paper notes, with quarterly proceeds and payments often exceeding 2 billion USD, indicating an active management of short-term liquidity.
- Liquidity and Cash Position
- The net increase or decrease in cash exhibits significant quarterly volatility, largely due to the timing of debt repayments, stock buybacks, and investment movements. Despite these fluctuations, the ability to generate operating cash flows provides a sufficient cushion for the company's capital expenditure requirements and shareholder distributions.