ADIMEDIUM SIGNALOPPORTUNITY10-K

ADI delivered strong financial performance with revenue growing 21.4% to $6.2B and operating income expanding meaningfully by 44.3% to $2.9B.

The company demonstrated robust operational leverage as revenue growth translated into substantially higher profitability, indicating effective cost management and strong demand for ADI's analog and mixed-signal solutions. The improved financial performance, combined with language emphasizing their positioning to capitalize on "long-term growth opportunities" rather than just "secular growth," suggests management confidence in sustained momentum across their key markets.

Comparing 2025-11-25 vs 2024-11-26View on EDGAR →
FINANCIAL ANALYSIS

ADI posted solid across-the-board growth with revenue increasing 21.4% to $6.2B and gross profit expanding 25.9% to $6.8B, demonstrating strong pricing power and operational efficiency. Operating income grew substantially to $2.9B while net income reached $2.3B, both reflecting meaningful margin expansion. The company maintained healthy cash generation with operating cash flow up 24.9% to $4.8B and notably reduced capital expenditures by 27%, suggesting disciplined capital allocation while still investing 18.7% more in R&D to drive future growth.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+44.3%
$2.0B→$2.9B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+38.7%
$1.6B→$2.3B

Net income grew 38.7% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+32.1%
$200.4M→$264.6M

Interest expense surged 32.1% — significant debt increase or rising rates materially impacting earnings.

Current Assets
Balance Sheet
+29.6%
$5.5B→$7.1B

Current assets grew 29.6% — improving short-term liquidity or inventory/receivables build.

Capital Expenditure
Cash Flow
-27%
$730.5M→$533.6M

Capex reduced 27% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Gross Profit
P&L
+25.9%
$5.4B→$6.8B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Cash & Equivalents
Balance Sheet
+25.5%
$2.0B→$2.5B

Cash grew 25.5% — improving liquidity position supports investment and shareholder returns.

Operating Cash Flow
Cash Flow
+24.9%
$3.9B→$4.8B

Operating cash flow grew 24.9% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+21.4%
$5.1B→$6.2B

Revenue growing 21.4% — solid top-line momentum, watch margins for quality of growth.

R&D Expense
P&L
+18.7%
$1.5B→$1.8B

R&D investment increased 18.7% — signals commitment to future product development, though near-term margin impact.

LANGUAGE CHANGES
NEW — 2025-11-25
PRIOR — 2024-11-26
ADDED
As of November 1, 2025, there were 489,654,097 shares of Common Stock, $0.16 2/3 par value per share, outstanding.
Exhibits and Financial Statement Schedules 84 Schedule II - Va luation and Qualifying Accounts 90 Item 16.
These technological trends drive new generations of applications that expand the demand for Analog Devices high-performance analog, mixed-signal, power and RF ICs.
We have positioned our business to capitalize on these long-term growth opportunities and to deliver innovative solutions across industries.
Central to our strategy is our focus on solving challenges that our customers face across the most impactful application areas.
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REMOVED
As of November 2, 2024, there were 496,296,854 shares of Common Stock, $0.16 2/3 par value per share, outstanding.
Exhibits and Financial Statement Schedules 86 Schedule II - Va luation and Qualifying Accounts 93 Item 16.
These technological trends are driving a continuous evolution of new generations of applications that are increasing the demand for Analog Devices high-performance analog, mixed-signal, power and RF ICs.
We have positioned our business to capitalize on the secular growth opportunities across our markets and to deliver innovative solutions.
Central to our strategy is our focus on challenges that our customers have across the most impactful application areas.
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