10-Q · May 20, 2026
Analog Devices, Inc. reported strong Q2 2026 results with revenue of $3.62 billion and diluted EPS of $2.40, both above expectations. The company also provided upbeat guidance for Q3 2026, projecting revenue between…
Earnings analysis · 10-Q
ADI earnings analysis
Filed August 19, 2026 · Our reading of the company's report
The latest report
The provided 10-Q excerpt contains limited current-period financial information, so current-quarter revenue, margins, EPS, cash flow, balance-sheet changes, and segment results cannot be verified from the filing text…
Read full summary
The provided 10-Q excerpt contains limited current-period financial information, so current-quarter revenue, margins, EPS, cash flow, balance-sheet changes, and segment results cannot be verified from the filing text supplied. The available quarterly history shows strong momentum through Q2 FY2026, including $3.62 billion of revenue and 38.1% operating margin, while the company continued significant repurchases. The principal incremental filing risk is cybersecurity: the June 2026 incident involved file exfiltration, remains under investigation, and could lead to operational, regulatory, legal, and reputational costs.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Strong prior-quarter operating momentum
The prior quarter reported revenue of $3.62 billion, gross margin of 67.3%, operating margin of 38.1%, and diluted EPS of $2.40, continuing the improving trend shown in the supplied quarterly history.
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Continued substantial share repurchases
The company repurchased 2,866,964 shares under its public program during the quarter and had approximately $7,355,375,064 remaining authorization as of August 1, 2026.
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Controls assessed as effective
Management concluded that disclosure controls were effective at the reasonable assurance level as of August 1, 2026, and reported no changes during the quarter that materially affected internal control over financial reporting.
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No material market-risk change
The filing states there were no material changes during the nine months ended August 1, 2026 to the market-risk disclosures in the fiscal 2025 Form 10-K.
What to watch
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June 2026 cyber incident remains unresolved
The company added a material cybersecurity risk disclosure covering the June 2026 incident, in which files were exfiltrated from certain affected systems. Although operations were not interrupted and management does not currently believe the incident is reasonably likely to materially affect the business, the investigation remains ongoing.
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Elevated recurring cyber exposure
Management states that the company and its third-party providers and strategic partners are expected to continue experiencing cybersecurity attacks and incidents in the future, with potential litigation, regulatory action, customer loss, remediation costs, and reputational damage.
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AI and regulatory cyber risks
The filing identifies artificial intelligence as an additional cybersecurity vulnerability, including unauthorized use or misuse of AI tools, malicious code in AI-generated code, and AI-enabled attacks; it also notes that SEC materiality determinations must be disclosed within 4 business days once determined.
Management's outlook
The provided 10-Q excerpt does not provide new quantitative guidance. The prior 8-K disclosed Q3 FY2026 revenue guidance of $3.9 billion-$4.0 billion and EPS guidance of $2.45-$2.75; no change is stated in the excerpt.
Earlier filings 4
10-Q · February 18, 2026
Analog Devices reported a strong fiscal Q1 with revenue up 30% year-over-year to $3,160,263 (amounts in the filing are in thousands), gross margin expanding 570 basis points to 64.7%, and diluted EPS rising to $1.69.…
10-K · November 25, 2025
Analog Devices emphasizes a strategy to win at the "Intelligent Edge" via R&D, customer-centric solutions, targeted acquisitions and software/AI platform expansion (e.g., CodeFusion Studio 2.0, Power Studio). The…
10-Q · February 19, 2025
Analog Devices reported first-quarter revenue of $2,423,174,000 (down 4% y/y) and GAAP diluted EPS of $0.78 (down 16% y/y). Gross margin expanded to 59.0% (up 30 bps) while operating income was approximately…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.