Analog Devices Inc. Q2 FY2024 results: revenue $2.2 billion, down 33.8% on the year

Analog Devices Inc. (ADI) reported revenue of $2.2 billion for Q2 FY2024, the quarter ended 4 May 2024, down 33.8% on the same quarter a year earlier. Net income was $302 million, down 69.1% on the year, and diluted earnings per share $0.61. The figures are the company's own, from the 10-Q it filed with the SEC on 22 May 2024.

Revenue$2.2 billiondown 33.8%

Net income$302 milliondown 69.1%

Diluted EPS$0.61

QuarterQ2 FY2024ended 4 May 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	2,159	2,513	n/a	n/a
Cost of revenue	979	1,039	n/a	n/a
Gross profit	1,180	1,474	n/a	n/a
Gross margin	54.7%	58.7%	n/a
Research and development	355	391	n/a	n/a
Selling, general and administrative	244	290	n/a	n/a
Operating income	386	586	n/a	n/a
Operating margin	17.9%	23.3%	n/a
Interest expense	77.1	77.1	n/a	n/a
Pre-tax income	325	513	n/a	n/a
Income tax	22.4	50.7	n/a	n/a
Effective tax rate	6.9%	9.9%	n/a
Net income	302	463	n/a	n/a
Net margin	14.0%	18.4%	n/a
Diluted EPS	$0.61	$0.93	n/a	n/a

$ million except per share. 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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	808	1,139	n/a	n/a
Capital expenditure	188	223	n/a	n/a
Free cash flow	620	916	n/a	n/a
Free cash flow margin	28.7%	36.4%	n/a
Depreciation and amortisation	528	525	n/a	n/a
Share-based compensation	58.4	69.8	n/a	n/a
Buybacks	222	180	n/a	n/a
Dividends paid	456	426	n/a	n/a
Dividend per share	$0.92	$0.86	n/a	n/a
Diluted shares, weighted	499m	499m	n/a	n/a
Shares outstanding at period end	496m	496m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Total assets	48,862	48,388	n/a	n/a
Cash and equivalents	1,940	1,304	n/a	n/a
Receivables	1,005	1,197	n/a	n/a
Inventory	1,479	1,553	n/a	n/a
Goodwill	26,910	26,913	n/a	n/a
Long-term debt	6,612	5,947	n/a	n/a
Shareholders' equity	35,249	35,548	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-Q for the period ended 4 May 2024, filed 22 May 2024, accession 0000006281-24-000132: the filing on EDGAR. All of Analog Devices Inc.'s filings: EDGAR company page.

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