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Analog Devices (ADI) FY2023 results: revenue $12.3 billion, up 2.4% on the year

Analog Devices Inc. (ADI) reported revenue of $12.3 billion for fiscal 2023, the year ended 28 October 2023, up 2.4% on the year before. Net income was $3.3 billion, up 20.6%, and diluted earnings per share $6.55. The figures are the company's own, from the 10-K it filed with the SEC on 21 November 2023.

Revenue
$12.3 billion
+2.4% on the year
FY2016FY2023
Operating margin
31.1%
27.3% a year earlier
FY2016FY2023
Net income
$3.3 billion
+20.6% on the year
FY2016FY2023
Diluted EPS
$6.55
+24.8% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue12,30612,0147,318+2.4%
Cost of revenue4,4284,4812,793-1.2%
Gross profit7,8777,5324,525+4.6%
Gross margin64.0%62.7%61.8%
Research and development1,6601,7011,296-2.4%
Selling, general and administrative1,2741,266915+0.6%
Operating income3,8233,2791,692+16.6%
Operating margin31.1%27.3%23.1%
Interest expense265200185+32.1%
Pre-tax income3,6083,0991,329+16.4%
Income tax293350-61.7-16.2%
Effective tax rate8.1%11.3%-4.6%
Net income3,3152,7491,390+20.6%
Net margin26.9%22.9%19.0%
Diluted EPS$6.55$5.25$3.46+24.8%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow4,8184,4752,735+7.6%
Capital expenditure1,261699344+80.4%
Free cash flow3,5563,7762,391-5.8%
Free cash flow margin28.9%31.4%32.7%
Cash from investing-1,266-6572,144
Cash from financing-4,064-4,291-3,960
Depreciation and amortisation2,2932,2971,075-0.2%
Share-based compensation300323244-7.3%
Buybacks2,9642,5772,605+15.0%
Dividends paid1,6791,5451,109+8.7%
Dividend per share$3.34$2.97$2.69+12.5%
Diluted shares, weighted506m523m401m-3.3%
Shares outstanding at period end496m509m525m-2.6%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity35,56536,46537,993-2.5%
Debt6,9496,5776,777+5.7%
Operating lease liabilities360337296+6.9%
Other liabilities5,9206,9237,257-14.5%
Total liabilities and equity48,79450,30252,322-3.0%
Fixed assets3,2192,4011,979+34.1%
Goodwill26,91326,91326,9180.0%
Intangible assets11,31213,26515,267-14.7%
Investments0.0122128
Cash and equivalents9581,4711,978-34.9%
Receivables1,4701,8001,459-18.4%
Inventory1,6421,4001,201+17.3%
Other assets3,2802,9293,392+12.0%
Total assets48,79450,30252,322-3.0%

10-K for the year ended 28 October 2023, filed 21 November 2023: the filing.