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Analog Devices (ADI) FY2022 results: revenue $12.0 billion, up 64.2% on the year

Analog Devices Inc. (ADI) reported revenue of $12.0 billion for fiscal 2022, the year ended 29 October 2022, up 64.2% on the year before. Net income was $2.7 billion, up 97.7%, and diluted earnings per share $5.25. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2022.

Revenue
$12.0 billion
+64.2% on the year
FY2015FY2022
Operating margin
27.3%
23.1% a year earlier
FY2015FY2022
Net income
$2.7 billion
+97.7% on the year
FY2015FY2022
Diluted EPS
$5.25
+51.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue12,0147,3185,603+64.2%
Cost of revenue4,4812,7931,913+60.4%
Gross profit7,5324,5253,690+66.5%
Gross margin62.7%61.8%65.9%
Research and development1,7011,2961,051+31.2%
Selling, general and administrative1,266915660+38.3%
Operating income3,2791,6921,498+93.8%
Operating margin27.3%23.1%26.7%
Interest expense200185193+8.4%
Pre-tax income3,0991,3291,312+133.2%
Income tax350-61.790.9
Effective tax rate11.3%-4.6%6.9%
Net income2,7491,3901,221+97.7%
Net margin22.9%19.0%21.8%
Diluted EPS$5.25$3.46$3.28+51.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow4,4752,7352,008+63.6%
Capital expenditure699344166+103.5%
Free cash flow3,7762,3911,843+57.9%
Free cash flow margin31.4%32.7%32.9%
Cash from investing-6572,144-181
Cash from financing-4,291-3,960-1,421
Depreciation and amortisation2,2971,075811+113.8%
Share-based compensation323244150+32.8%
Buybacks2,5772,605244-1.1%
Dividends paid1,5451,109886+39.2%
Dividend per share$2.97$2.69$2.40+10.4%
Diluted shares, weighted523m401m372m+30.4%
Shares outstanding at period end509m525m369m-3.1%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity36,46537,99311,998-4.0%
Debt6,5776,7775,145-3.0%
Operating lease liabilities337296288+14.0%
Other liabilities6,9237,2574,037-4.6%
Total liabilities and equity50,30252,32221,469-3.9%
Fixed assets2,4011,9791,121+21.3%
Goodwill26,91326,91812,278-0.0%
Intangible assets13,26515,2673,650-13.1%
Investments12212886.7-4.4%
Cash and equivalents1,4711,9781,056-25.7%
Receivables1,8001,459738+23.4%
Inventory1,4001,201608+16.6%
Other assets2,9293,3921,931-13.6%
Total assets50,30252,32221,469-3.9%

10-K for the year ended 29 October 2022, filed 22 November 2022: the filing.