Analog Devices (ADI) 10-K Summary — Year Ended Nov 1, 2025
Analog Devices reported a revenue increase in the most recent fiscal year, reversing a prior decline, and improved operating cash flow. The company maintains strong liquidity and expects to fund operations and investments from internal cash flow and financing.
Key takeaway
Year ended Nov 1, 2025 · FY2025 10-K
Analog Devices reported a revenue increase in the most recent fiscal year, reversing a prior decline, and improved operating cash flow. The company maintains strong liquidity and expects to fund operations and investments from internal cash flow and financing.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11B
Revenue reported for the fiscal year.
Operating income
$2.9B
Income from operations reported for the year.
Net income
$2.3B
Net income reported for the year.
Operating cash flow
$4.8B
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 29, 2022 | $12B | +64.2% |
| Oct 28, 2023 | $12.3B | +2.4% |
| Nov 2, 2024 | $9.4B | -23.4% |
| Nov 1, 2025 | $11B | +16.9% |
Business overview
Analog Devices is a semiconductor company that designs and manufactures analog, mixed-signal, and digital signal processing integrated circuits. The company serves a broad range of industries including industrial, automotive, communications, and healthcare.
Financial performance
For the fiscal year ended November 2025, the company reported an increase in revenue compared to the prior year, following a decline in the previous period. Operating cash flow also improved, and the company maintained a strong operating cash flow as a percentage of revenue.
Material risks
The filing includes forward-looking statements that are subject to risks and uncertainties, but the provided excerpt does not detail specific risk factors. The company references typical industry risks such as changes in demand and supply chain disruptions.
Liquidity and capital
The company's primary liquidity source is cash and short-term investments, with a significant portion held in the United States. Management believes existing liquidity and expected cash from operations will be sufficient to fund operations, capital expenditures, research and development, and dividends.
What to watch
Monitor whether the revenue growth trend continues in the next fiscal year.