Analog Devices forecasts $3.1B Q1 revenue as industrial and communications lead FY26 growth

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• Data center business grew about 50% in FY2025 and ATE business grew at 40%

  80% confidence

• Wireless communications bottomed during the year with expectations for recovery

  80% confidence

• Consumer expected to be seasonally down low double digits in Q1 2026

  80% confidence

• Continue to see some risk in auto around tariff and some of the macro environment

  80% confidence

• Analog Devices achieved continued growth in revenue and earnings per share, both of which finished above the midpoint of outlook

  80% confidence

• Individual end market margins versus average has not changed in any meaningful way

  80% confidence

• Data center business in FY25 grew about 50% and ATE business grew at 40% last year

  80% confidence

• Fiscal 2025 gross margin was 69.3% and operating margin was 41.9%

  80% confidence

• Consumer is expected to be seasonally down low double digits in Q1 2026

  80% confidence

• Data center in '25 grew about 50% and the ATE business grew at 40% last year

  80% confidence

• Industrial expected to be up mid-single digits above seasonal

  80% confidence

• Q1 gross margin is expected to be flattish due to seasonal shutdowns offset by higher industrial mix

  80% confidence

• Maxim revenue synergies clearly accelerated in FY2025 and are in the hundreds of millions against $1 billion target by 2027

  80% confidence

• ADI is realizing stronger value capture as reflected in the increase in average selling prices, particularly in new products where ASPs significantly exceed those of legacy offerings

  80% confidence

• Q1 gross margin expected to be flattish due to seasonal shutdowns offset by higher industrial mix

  80% confidence

• Earnings per share growth of more than 20% in fiscal '25 was achieved

  80% confidence

• FY26 growth expected due to expanding design pipeline, industry transitions to HBM4, and expected double-digit growth in hyperscaler CapEx

  80% confidence

• Automotive expected to be down mid-single digits below seasonal in Q1 2026

  80% confidence

• ADI is realizing stronger value capture with increasing average selling prices, particularly in new products where ASPs significantly exceed legacy offerings

  80% confidence

• Revenue for fiscal 2025 came in at just over $11 billion, up 17% from fiscal 2024, with double-digit growth across all end markets

  80% confidence

• Industrial and communications will lead growth in FY2026

  80% confidence

• Q1 2026 industrial expected up mid-single digits above seasonal, automotive down mid-single digits below seasonal, communications up 10% above seasonal, and consumer seasonally down low double digits

  80% confidence

• Q1 2026 adjusted EPS expected to be $2.29 plus or minus $0.10

  80% confidence

• Auto has been our strongest market. Near term, the market has been more resilient than we and many have predicted

  80% confidence

• Fiscal 2025 earnings per share of $7.79 increased 22% versus fiscal 2024

  80% confidence

• Q1 2026 revenue guidance is $3.1 billion, plus or minus $100 million, with operating margin at midpoint of 43.5%, tax rate of 12% to 14%, and adjusted EPS of $2.29, plus or minus $0.10

  80% confidence

• ADI achieved continued growth in revenue and earnings per share in Q4 FY2025, both finishing above the midpoint of outlook

  80% confidence

• Power management for ADI is still an opportunity with a much bigger growth story

  80% confidence

• Aerospace and defense expected double-digit growth in FY26 and business has capacity to more than double by end of decade

  80% confidence

• Industrial segment growth in FY26 anticipated due to expanding design pipeline, industry transitions to HBM4, and expected double-digit growth in hyperscaler CapEx

  80% confidence