Analog Devices Reports Record Fiscal Third Quarter 2026 Financial Results
Analog Devices reported record fiscal third-quarter 2026 revenue of $4.02 billion, with year-over-year growth led by Data Center and Industrial, while trailing-twelve-month operating cash flow reached $5.5 billion and free cash flow $4.9 billion. The print strengthens the cyclical recovery setup for ADI.
Fiscal third-quarter revenue was $4.02 billion, with Data Center and Industrial leading year-over-year growth. On a trailing-twelve-month basis, operating cash flow was $5.5 billion and free cash flow was $4.9 billion, equal to 40% and 36% of revenue, respectively. Analog Devices returned $1.7 billion to shareholders through dividends and other capital returns.
Fiscal-year results show $11.0 billion of revenue, up 16.9% year over year, with 61.5% gross margins and 20.6% net margins. The mechanism is a combination of demand recovery in Data Center and Industrial and the conversion of revenue into substantial cash generation.
Key questions ahead include the pace of Data Center and Industrial demand and whether the record quarter broadens across the portfolio.
Analog Devices (ADI) reported record fiscal third-quarter 2026 revenue of $4.02 billion and trailing-twelve-month free cash flow of $4.9 billion.
The operating setup improves because growth is coming from Data Center and Industrial while trailing-twelve-month free cash flow reached $4.9 billion, or 36% of revenue. The company already shows 16.9% year-over-year revenue growth and 61.5% gross margins, supporting the cyclical recovery thesis.
The trade breaks if forward guidance fails to confirm the Data Center and Industrial growth drivers or if the reported revenue does not translate into stronger earnings momentum.
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Record $4.02 billion revenue, 16.9% year-over-year revenue growth, and $4.9 billion of trailing-twelve-month free cash flow provide a concrete recovery and cash-return foundation.
Forward visibility remains uncertain, with questions about whether the record quarter establishes the next leg of growth across the full portfolio.
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