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

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

  80% confidence

• Communications is expected to be up 10% above seasonal in Q1 2026

  80% confidence

• ADI achieved earnings per share growth of more than 20% in fiscal 2025

  80% confidence

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

  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

• Consumer expected to be seasonally down low double digits

  80% confidence

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

  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

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

  80% confidence

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

  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

• Broad-based growth is expected in FY26 led by industrial and communications, supported by cyclical and idiosyncratic tailwinds

  80% confidence

• New Acoustics platform enables ADI to triple the value generated over legacy designs

  80% confidence

• ADI generated record free cash flow of more than $4 billion

  80% confidence

• Auto has been strongest market, and near term the market has been more resilient than predicted, but some upside may have been tariff and policy related; ADI remains cautious due to uncertainty

  80% confidence

• Wireless communications bottomed during the year with expectations for recovery

  80% confidence

• Communications expected to be up 10% above seasonal in Q1 2026

  80% confidence

• Broad-based growth expected in FY2026 led by industrial and communications, supported by cyclical and idiosyncratic tailwinds

  80% confidence

• Continued growth in revenue and earnings per share, both of which finished above the midpoint of outlook

  80% confidence

• Q1 2026 revenue expected to be $3.1 billion plus or minus $100 million

  80% confidence

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

  80% confidence

• Lead times are -- most of our products have lead times sub-13 weeks... I don't think we've necessarily seen an improvement in visibility over the last 2 years

  80% confidence

• Analog Devices achieved continued growth in revenue and earnings per share in Q4 2025, both finishing above the midpoint of outlook

  80% confidence

• Maxim revenue synergies clearly accelerated in FY25 and are in the hundreds of millions against the $1 billion target by 2027

  80% confidence

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

  80% confidence

• Expectation is that in FY26, industrial and communications will lead the charge

  80% confidence

• Automotive has been the strongest market but near term the market has been more resilient than predicted, though some upside may have been tariff and policy related

  80% confidence

• Lead times for most products are sub-13 weeks and visibility has not necessarily improved over the last 2 years

  80% confidence

• Q1 outlook reflects seventh straight quarter of above seasonal growth

  80% confidence

• Record free cash flow of more than $4 billion was generated in fiscal 2025

  80% confidence