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Company research10 May 2024
The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Analog Devices
Analog Devices (ADI) investor relations material
Analog Devices U.S. All Stars Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.U.S. All Stars Conference summary22 Sep, 2026
Business performance and growth outlook
Achieved seven consecutive quarters of accelerating year-over-year growth, with 41% year-over-year growth anticipated for the current quarter.
Growth is now broad-based across all end markets and geographies, with industrial, ATE, Aerospace & Defense, and data center segments leading.
Design win pipeline has grown by double digits in recent years, with 2026 tracking above 2025 levels, especially in data center and Aerospace & Defense.
Confident in sustaining double-digit growth into 2027, supported by strong bookings, backlog, and design wins.
Mass market/broad market business, about 15% of industrial, is above corporate gross margin average and is recovering.
End market and segment dynamics
Aerospace & Defense business nearly doubled to a $2 billion annualized run rate, with expectations for double-digit growth over the next decade.
ATE business at a $1 billion annualized run rate, benefiting from increased tester complexity driven by AI/data center infrastructure build-out.
Energy infrastructure/systems business at a $500 million run rate, leveraging battery management and signal chain expertise for data center and grid applications.
Data center segment at a $2 billion run rate, split evenly between power and optical, with power expected to outpace optical in future growth.
Automotive segment continues to outgrow unit sales by 15% over five years due to share and content gains in automated driving and immersive cabin systems.
Inventory, supply chain, and pricing
Inventory levels are being consciously increased, but rapid sell-through keeps channel inventories below target; no broad customer inventory replenishment yet.
Visibility into future bookings has improved, aiding supply planning and wafer starts.
Two price increases implemented in 2026 to offset persistent inflation, with the latest applied broadly across all customers.
No further price increases planned unless input costs rise materially; pricing actions are for cost recovery, not margin expansion.
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Latest events from Analog Devices
- $12.306B revenue and $3.556B free cash flow alongside capacity and sustainability targets.ADI
Q4 2023 - Record revenue and margins driven by broad-based demand and strong growth outlook.ADIQ3 2026
- Growth in data center, automotive, and industrial markets drives record performance and expansion.ADIBank of America 2026 Global Technology Conference
- Record revenue and margin expansion driven by Industrial and Communications growth, with Empower deal boosting outlook.ADIQ2 2026
- Industry-leading innovation and financial strength drive growth across diversified end markets.ADICorporate presentation
- Above-seasonal growth led by ATE, data center, and auto, with strong R&D and synergy execution.ADIMorgan Stanley Technology, Media & Telecom Conference 2026
- Q1 revenue up 30% year-over-year, with record margins and $1B returned to shareholders.ADIQ1 2026
- Board opposes lowering special meeting threshold, citing recent reforms and governance best practices.ADIProxy Filing
- Board elections, executive pay, auditor ratification, and equity plan up for March 2026 vote.ADIProxy Filing
Next Analog Devices earnings date
Q4 202624 Nov, 2026
Analog Devices
Next Analog Devices earnings date
Q4 202624 Nov, 2026
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Frequently asked questions
Interpreting Analog Signals
Analog Devices, sometimes referred to simply as Analog or ADI, is an American semiconductor company operating globally. Its headquarters are located in Wilmington, Massachusetts, and Analog Devices shares trade on the Nasdaq. The company designs and manufactures integrated circuits, software, and various systems that use analog, digital signals, and mixed-signal processing. They produce and sell data converter products that relay analog signals into digital data, and vice versa.
History
Analog Devices was founded by Ray Stata and Matthew Lorber in 1965. The two MIT graduates released their first product in the same year (a module used in measurement equipment). The company had its IPO in 1969 and quickly grew as it expanded its product portfolio. Since 1967, the company has published Analog Dialogue, a publication containing industry news and discussion. Today, it's published monthly on the web and in quarterly print editions and is the longest-running in-house publication in the entire industry.
The products
As previously mentioned, Analog Devices develops and manufactures various signal-processing semiconductors used in electronic equipment. Its products are used to convert and translate things such as light, temperature, motion, and similar things into digital signals. The company's products are incredibly widespread, and most people own and interact with several things in their day-to-day that contain several components supplied by Analog Devices.
Analog Devices operate in an incredibly competitive environment. When looking at the company’s peers, one finds names such as Micron Technology, Intel, Texas Instruments, and other semiconductor companies among the competition.
A Truly Global Reach
Analog Devices has around 100,000 customers in a wide range of industries, ranging from everything from communications and consumer electronics to military and automotive. The headquarters are in the US, but Analog Devices also has regional headquarters set up in Asia and Europe. The company also runs testing sites in both the US and Ireland.