Analog Devices (ADI) 10-K Summary — Year Ended Nov 2, 2024
Analog Devices, Inc. reported a decline in revenue for the fiscal year ended November 2, 2024, compared to the prior year. Operating cash flow remained strong relative to revenue, and the company maintained significant liquidity.
Key takeaway
Year ended Nov 2, 2024 · FY2025 10-K
Analog Devices, Inc. reported a decline in revenue for the fiscal year ended November 2, 2024, compared to the prior year. Operating cash flow remained strong relative to revenue, and the company maintained significant liquidity.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$9.4B
Revenue reported for the fiscal year.
Operating income
$2B
Income from operations reported for the year.
Net income
$1.6B
Net income reported for the year.
Operating cash flow
$3.9B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Oct 30, 2021 | $7.3B | n/a |
| Oct 29, 2022 | $12B | +64.2% |
| Oct 28, 2023 | $12.3B | +2.4% |
| Nov 2, 2024 | $9.4B | -23.4% |
Business overview
Analog Devices is a semiconductor company. The filing describes its business in Item 1, which is referenced but not fully quoted, and indicates the company operates in global markets with exposure to various industries. The filing also notes forward-looking statements about growth and demand trends.
Financial performance
Revenue decreased from the prior fiscal year, with a trend showing a drop of approximately one-quarter compared to the previous year. Operating income and net income were reported at levels lower than revenue, and operating cash flow as a percentage of revenue was notably high.
Material risks
The filing identifies risk factors in Item 1A, which are referenced but not detailed. These include potential impacts from business, economic, political, legal, and regulatory conditions, as well as changes in semiconductor demand and supply chain disruptions. The company also notes reliance on key personnel and uncertainties in forward-looking projections.
Liquidity and capital
As of the filing date, the company held substantial cash, cash equivalents, and short-term investments, with a portion held outside the United States. Management expects internally generated cash and available financing to support operations, capital expenditures, research and development, and dividends for at least the next year.
What to watch
Monitor whether revenue trends stabilize or continue to decline in the next fiscal year, given the significant drop reported this period.