Analog Devices Inc. Q4 FY2023 results: revenue $2.7 billion, down 16.4% on the year

Analog Devices Inc. (ADI) reported revenue of $2.7 billion for Q4 FY2023, the quarter ended 28 October 2023, down 16.4% on the same quarter a year earlier. Net income was $498 million, down 46.8% on the year, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2023.

Revenue$2.7 billiondown 16.4%

Net income$498 milliondown 46.8%

Diluted EPS$1.01

QuarterQ4 FY2023ended 28 October 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,716	n/a	n/a	n/a
Cost of revenue	1,070	n/a	n/a	n/a
Gross profit	1,647	n/a	n/a	n/a
Gross margin	60.6%	n/a	n/a
Research and development	407	n/a	n/a	n/a
Selling, general and administrative	289	n/a	n/a	n/a
Operating income	634	n/a	n/a	n/a
Operating margin	23.4%	n/a	n/a
Interest expense	71.6	n/a	n/a	n/a
Pre-tax income	572	n/a	n/a	n/a
Income tax	73.4	n/a	n/a	n/a
Effective tax rate	12.8%	n/a	n/a
Net income	498	n/a	n/a	n/a
Net margin	18.3%	n/a	n/a
Diluted EPS	$1.01	n/a	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,187	n/a	n/a	n/a
Capital expenditure	476	n/a	n/a	n/a
Free cash flow	711	n/a	n/a	n/a
Free cash flow margin	26.2%	n/a	n/a
Depreciation and amortisation	536	n/a	n/a	n/a
Share-based compensation	72.7	n/a	n/a	n/a
Buybacks	470	n/a	n/a	n/a
Dividends paid	428	n/a	n/a	n/a
Diluted shares, weighted	506m	n/a	n/a	n/a
Shares outstanding at period end	496m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Total assets	48,794	n/a	n/a	n/a
Cash and equivalents	958	n/a	n/a	n/a
Receivables	1,470	n/a	n/a	n/a
Inventory	1,642	n/a	n/a	n/a
Goodwill	26,913	n/a	n/a	n/a
Long-term debt	5,902	n/a	n/a	n/a
Operating lease liabilities	360	n/a	n/a	n/a
Shareholders' equity	35,565	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,716	2,513	2,159	2,312	2,443	2,423	2,640	2,880	3,076	3,160	3,623	4,022
Cost of revenue	1,070	1,039	979	1,001	1,027	993	1,028	1,091	1,134	1,115	1,184	1,314
Gross profit	1,647	1,474	1,180	1,311	1,416	1,430	1,612	1,790	1,942	2,045	2,440	2,708
Gross margin	61%	59%	55%	57%	58%	59%	61%	62%	63%	65%	67%	67%
R&D	407	391	355	363	379	403	442	454	467	467	509	533
SG&A	289	290	244	257	277	285	303	326	342	345	363	397
Operating income	634	586	386	491	569	491	678	818	945	997	1,380	1,613
Operating margin	23%	23%	18%	21%	23%	20%	26%	28%	31%	32%	38%	40%
Interest expense	71.6	77.1	77.1	85.2	82.8	75.3	74.7	79.6	88.2	86.3	87.6	88.7
Pre-tax income	572	513	325	423	516	436	626	763	887	946	1,325	1,546
Tax rate	13%	10%	7%	7%	7%	10%	9%	32%	11%	12%	11%	13%
Net income	498	463	302	392	478	391	570	519	788	831	1,176	1,340
Net margin	18%	18%	14%	17%	20%	16%	22%	18%	26%	26%	32%	33%
Diluted EPS	$1.01	$0.93	$0.61	$0.79	$0.95	$0.78	$1.14	$1.04	$1.60	$1.69	$2.40	$2.74
Operating cash flow	1,187	1,139	808	855	1,051	1,127	819	1,165	1,701	1,369	872	1,604
Capital expenditure	476	223	188	154	165	149	90.3	79.2	215	109	138	146
Free cash flow	711	916	620	701	885	978	729	1,086	1,486	1,259	734	1,458
Buybacks	470	180	222	118	94.9	160	249	1,075	680	516	773	1,157
Dividends paid	428	426	456	456	457	456	491	490	487	484	536	535
Shares outstanding	496m	496m	496m	496m	496m	496m	496m	492m	490m	488m	487m	485m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 28 October 2023, filed 21 November 2023, accession 0000006281-23-000203: the filing on EDGAR. All of Analog Devices Inc.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install