Analog Devices (ADI) Q2 FY2026 earnings: revenue $3.6 billion, up 37.2% on the year

Analog Devices Inc. (ADI) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 2 May 2026, up 37.2% on the same quarter a year earlier. Net income was $1.2 billion, up 106.5% on the year, and diluted earnings per share $2.40. The figures are the company's own, from the 10-Q it filed with the SEC on 20 May 2026.

Revenue

$3.6 billion

+37.2% on the year · +14.7% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

38.1%

25.7% a year earlier

Q3 FY2024Q2 FY2026

Net income

$1.2 billion

+106.5% on the year · +41.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.40

+110.5% on the year · +42.0% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised.

Record bookings across B2B markets: Management reported record bookings in Q2 across Industrial, Automotive, and Communications B2B markets.
Industrial led with 56% year-over-year growth: Industrial revenue reached $1.799B, up 56% year-over-year, representing 50% of total revenue and largest segment.
Communications surged 79% year-over-year: Communications revenue of $554.7M grew 79% year-over-year, up from $310.6M, comprising 15% of total.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,623	3,160	2,640	+14.7%	+37.2%
Cost of revenue	1,184	1,115	1,028	+6.1%	+15.1%
Gross profit	2,440	2,045	1,612	+19.3%	+51.4%
Gross margin	67.3%	64.7%	61.0%
Research and development	509	467	442	+9.0%	+15.3%
Selling, general and administrative	363	345	303	+5.1%	+19.9%
Operating income	1,380	997	678	+38.4%	+103.5%
Operating margin	38.1%	31.5%	25.7%
Interest expense	87.6	86.3	74.7	+1.5%	+17.3%
Pre-tax income	1,325	946	626	+40.1%	+111.7%
Income tax	148	115	56.2	+29.1%	+164.4%
Effective tax rate	11.2%	12.2%	9.0%
Net income	1,176	831	570	+41.6%	+106.5%
Net margin	32.5%	26.3%	21.6%
Diluted EPS	$2.40	$1.69	$1.14	+42.0%	+110.5%

$ 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

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	872	1,369	819	-36.3%	+6.4%
Capital expenditure	138	109	90.3	+26.0%	+52.5%
Free cash flow	734	1,259	729	-41.7%	+0.7%
Free cash flow margin	20.3%	39.8%	27.6%
Cash from investing	-51.9	-107	328
Cash from financing	-1,289	-855	-1,121
Depreciation and amortisation	491	491	501	+0.1%	-1.9%
Share-based compensation	81.7	85.7	72.8	-4.6%	+12.2%
Buybacks	773	516	249	+49.6%	+210.8%
Dividends paid	536	484	491	+10.8%	+9.3%
Dividend per share	$1.10	$0.99	$0.99	+11.1%	+11.1%
Diluted shares, weighted	490m	492m	498m	-0.2%	-1.6%
Shares outstanding at period end	487m	488m	496m	-0.2%	-1.8%

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

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	33,742	33,787	35,011	-0.1%	-3.6%
Debt	8,685	8,682	7,197	+0.0%	+20.7%
Other liabilities	5,522	5,522	5,137	+0.0%	+7.5%
Total liabilities and equity	47,949	47,991	47,344	-0.1%	+1.3%
Fixed assets	3,292	3,249	3,336	+1.3%	-1.3%
Goodwill	26,973	26,945	26,945	+0.1%	+0.1%
Intangible assets	7,255	7,629	8,787	-4.9%	-17.4%
Investments	1,002	1,143	0.0	-12.3%
Cash and equivalents	2,437	2,906	2,376	-16.1%	+2.6%
Receivables	2,052	1,360	1,382	+50.8%	+48.4%
Inventory	1,848	1,767	1,525	+4.6%	+21.2%
Other assets	3,089	2,992	2,992	+3.2%	+3.2%
Total assets	47,949	47,991	47,344	-0.1%	+1.3%

Questions

What was Analog Devices' revenue in Q2 FY2026?

Analog Devices (ADI) reported revenue of $3.6 billion for Q2 FY2026, the quarter ended 2 May 2026, up 37.2% on the same quarter a year earlier.

How much did Analog Devices earn in Q2 FY2026?

Net income for Q2 FY2026 was $1.2 billion, up 106.5% on the year, and diluted earnings per share $2.40.

When did Analog Devices report Q2 FY2026 results?

Analog Devices filed its 10-Q for the quarter ended 2 May 2026 with the SEC on 20 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	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	2,340	2,684	2,972	3,110	3,248	3,250	3,263	3,076	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	1,218	1,282	1,028	1,067	1,105	1,125	1,118	1,115	1,070	1,039	979	1,001	1,027	993	1,028	1,091	1,134	1,115	1,184	1,314
Gross profit	1,122	1,402	1,945	2,043	2,143	2,124	2,145	1,962	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	48%	52%	65%	66%	66%	65%	66%	64%	61%	59%	55%	57%	58%	59%	61%	62%	63%	65%	67%	67%
R&D	399	427	421	432	421	414	416	424	407	391	355	363	379	403	442	454	467	467	509	533
SG&A	317	297	305	327	337	326	324	334	289	290	244	257	277	285	303	326	342	345	363	397
Operating income	99.0	365	918	893	1,102	1,131	1,128	929	634	586	386	491	569	491	678	818	945	997	1,380	1,613
Operating margin	4%	14%	31%	29%	34%	35%	35%	30%	23%	23%	18%	21%	23%	20%	26%	28%	31%	32%	38%	40%
Interest expense	54.6	52.0	49.5	51.2	47.7	60.5	63.3	69.3	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	-156	324	879	848	1,048	1,073	1,088	875	572	513	325	423	516	436	626	763	887	946	1,325	1,546
Tax rate	n/a	13%	11%	12%	11%	10%	10%	-0%	13%	10%	7%	7%	7%	10%	9%	32%	11%	12%	11%	13%
Net income	75.7	280	783	749	936	961	978	877	498	463	302	392	478	391	570	519	788	831	1,176	1,340
Net margin	3%	10%	26%	24%	29%	30%	30%	29%	18%	18%	14%	17%	20%	16%	22%	18%	26%	26%	32%	33%
Diluted EPS	n/a	$0.53	$1.49	$1.44	$1.82	$1.88	$1.92	$1.74	$1.00	$0.93	$0.61	$0.79	$0.96	$0.78	$1.14	$1.04	$1.60	$1.69	$2.40	$2.74
Operating cash flow	941	856	1,222	1,248	1,149	1,406	1,082	1,142	1,187	1,139	808	855	1,051	1,127	819	1,165	1,701	1,369	872	1,604
Capital expenditure	131	111	119	165	305	176	284	325	476	223	188	154	165	149	90.3	79.2	215	109	138	146
Free cash flow	810	745	1,103	1,083	845	1,230	797	818	711	916	620	701	885	978	729	1,086	1,486	1,259	734	1,458
Buybacks	2,096	76.0	777	906	818	655	1,153	687	470	180	222	118	94.9	160	249	1,075	680	516	773	1,157
Dividends paid	371	363	398	394	390	385	435	430	428	426	456	456	457	456	491	490	487	484	536	535
Shares outstanding	525m	523m	520m	514m	509m	506m	501m	498m	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	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. 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.

10-Q for the period ended 2 May 2026, filed 20 May 2026: the filing.