Analog Devices (ADI) FY2025 results: revenue $11.0 billion, up 16.9% on the year

Analog Devices designs, manufactures, tests and markets integrated circuits, software and subsystems built on high-performance analog, mixed analog-and-digital, and digital processing technologies. The portfolio runs across data converters, amplifiers, power management, radio frequency integrated circuits, edge processors and other sensors. The company was incorporated in Massachusetts in 1965 and is headquartered in Wilmington, Massachusetts, with a team of approximately 13,000 engineers. Its fiscal year is the 52-week or 53-week period ending on the Saturday closest to the last day in October.

What the chips do

Analog integrated circuits monitor, condition, amplify or transform the continuous analog signals that come from physical properties such as temperature, pressure, weight, light, sound or motion, bridging the physical world to electronic systems, and they also provide voltage regulation and power control. The portfolio holds both general-purpose products used across a broad range of customers and application-specific products aimed at a particular market, and the filing makes the case for the general-purpose half plainly: a customer using a readily available high-performance standard part gets to market faster, and given the cost of developing a custom circuit, a standard part is often the cheaper answer for low to medium volume work.

Where a customer does need something specific, the company starts from its existing core technologies and adapts them, which it says it can often do quickly because the platform already exists. There are more than 75,000 stock keeping units, and the filing notes the analog circuits typically have long product life cycles, with many individual parts carrying several hundred end customers.

The product categories are analog and mixed analog-and-digital, where data converters translate real-world analog signals into digital data and back again and are described as the largest and most diverse product family; power management and reference, covering power conversion, driver monitoring, sequencing and energy management for automotive, communications, industrial and high-end consumer markets; and amplifiers along with radio frequency and microwave circuits, covering precision, instrumentation, high-speed, intermediate frequency, broadband and other amplifiers.

The end markets

By share of fiscal 2025 revenue, industrial was 45%, automotive 30%, consumer 13% and communications 13%. In fiscal 2024 the split was industrial 46%, automotive 30%, consumer 13% and communications 12%, and in fiscal 2023 industrial 53%, automotive 24%, consumer 10% and communications 13%.

How it is made

A monolithic integrated circuit is made in a sequence of steps: wafer fabrication, wafer testing, dicing the wafer into individual chips, assembling the chips into packages and electrically testing the finished packaged device. The raw materials are silicon wafers, processing chemicals including liquefied gases, precious metals, laminates, and the ceramic and plastic used for packaging. The processes are primarily bipolar and complementary metal-oxide semiconductor, with specialised processes for devices such as MEMS, iCoupler isolators and various sensors.

Internal production sits in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland. More than half of annual wafer requirements are sourced from third-party foundries, including Taiwan Semiconductor Manufacturing Company, with the remainder made internally. There is an assembly, wafer sort and testing facility in Penang, Malaysia.

How it is sold

Products are sold globally through a direct sales force, third-party distributors, independent sales representatives and the company's own website, with direct sales offices, sales representatives or distributors in approximately 50 countries. A staff of field application engineers helps customers design the parts into their own products, alongside web-based selection and design tools.

Distributors typically hold inventory of the products and some also sell competing products, including parts for which Analog Devices is an alternate source. Sales to distributors are made under agreements allowing certain of them price adjustment credits and the right to return qualifying products for credit, to clear slow-moving, discontinued or obsolete stock, limited to a percentage of the prior quarter's shipments to that distributor, and certain distributors may return unsold product if the relationship is terminated. The company typically does not have long-term sales contracts with its customers.

From Analog Devices' annual report on Form 10-K for the year ended 1 November 2025. The filing

Written from the 10-K filed 25 November 2025: read the full 10-K.