Revenue of $2.64 billion, with double-digit year-over-year growth across all end marketsOperating cash flow of $3.9 billion and free cash flow of $3.3 billion on a trailing twelve-month basis or 39% and 34% of revenue, respectivelyReturned $0.7 billion to shareholders via dividends and repurchases during the second quarter
WILMINGTON, Mass., May 22, 2025 /PRNewswire/ — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal second quarter 2025, which ended May 3, 2025.
“ADI delivered second quarter revenue and earnings per share above the high end of guidance,” said Vincent Roche, CEO and Chair. “Against a backdrop of global trade volatility, our performance reflects the ongoing cyclical recovery, and the strength and resiliency of our business model. Our unwavering commitment to innovation and customer success, enables ADI to continue extending our leadership at the increasingly AI-driven Intelligent Edge, delivering exceptional value for shareholders over both the near- and long-terms.”
CFO Richard Puccio added, “Second quarter bookings accelerated across all end markets and all regions, resulting in continued sequential backlog growth. The improving demand signals we saw throughout our fiscal Q2, support our outlook for continued growth in Q3, and reinforce our view that we are in a cyclical upturn.”
Performance for the Second Quarter of Fiscal 2025
Results Summary(1)
(in millions, except per-share amounts and percentages)
Three Months Ended
May 3, 2025
May 4, 2024
Change
Revenue
$ 2,640
$ 2,159
22 %
Gross margin
$ 1,612
$ 1,180
37 %
Gross margin percentage
61.0 %
54.7 %
630 bps
Operating income
$ 678
$ 386
76 %
Operating margin
25.7 %
17.9 %
780 bps
Diluted earnings per share
$ 1.14
$ 0.61
87 %
Adjusted Results(2)
Adjusted gross margin
$ 1,832
$ 1,440
27 %
Adjusted gross margin percentage
69.4 %
66.7 %
270 bps
Adjusted operating income
$ 1,088
$ 842
29 %
Adjusted operating margin
41.2 %
39.0 %
220 bps
Adjusted diluted earnings per share
$ 1.85
$ 1.40
32 %
Three Months Ended
Trailing Twelve Months
Cash Generation
May 3, 2025
May 3, 2025
Net cash provided by operating activities
$ 819
$ 3,852
% of revenue
31 %
39 %
Capital expenditures
$ (90)
$ (559)
Free cash flow(2)
$ 729
$ 3,294
% of revenue
28 %
34 %
Three Months Ended
Trailing Twelve Months
Cash Return
May 3, 2025
May 3, 2025
Dividend paid
$ (491)
$ (1,861)
Stock repurchases
(249)
(622)
Total cash returned
$ (740)
$ (2,482)
(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.
(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the “Non-GAAP Financial Information” section for additional information.
Outlook for the Third Quarter of Fiscal Year 2025
For the third quarter of fiscal 2025, we are forecasting revenue of $2.75 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 27.2%, +/-150 bps, and adjusted operating margin of approximately 41.5%, +/-100 bps. We are planning for reported EPS to be $1.23, +/-$0.10, and adjusted EPS to be $1.92, +/-$0.10.
Our third quarter fiscal 2025 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release. The statements about our third quarter fiscal 2025 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.
The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the “Non-GAAP Financial Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on June 18, 2025 to all shareholders of record at the close of business on June 4, 2025.
Conference Call Scheduled for Today, Thursday, May 22, 2025 at 10:00 am ET
ADI will host a conference call to discuss our second quarter fiscal 2025 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.
Non-GAAP Financial Information
This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.
Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as primary performance measurements when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company’s ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations.
The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.
Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.
Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.
Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.
Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.
Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below.
Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.
Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, special charges, net2, and tax related items3, which are described further below.
Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.
1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.
2Special Charges, Net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.
3Tax Related Items: Income tax effect of the non-GAAP items discussed above. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.
About Analog Devices, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).
Forward-Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our hybrid manufacturing strategy; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflict, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S. government, or U.S. Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; diversion of products from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.
ANALOG DEVICES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Six Months Ended
May 3, 2025
May 4, 2024
May 3, 2025
May 4, 2024
Revenue
$ 2,640,068
$ 2,159,039
$ 5,063,242
$ 4,671,743
Cost of sales
1,028,458
979,004
2,021,329
2,017,767
Gross margin
1,611,610
1,180,035
3,041,913
2,653,976
Operating expenses:
Research and development
441,837
354,862
844,729
746,289
Selling, marketing, general and administrative
302,669
244,129
587,465
534,207
Amortization of intangibles
187,415
188,944
374,830
379,276
Special charges, net
1,745
5,977
65,632
22,117
Total operating expenses
933,666
793,912
1,872,656
1,681,889
Operating income
677,944
386,123
1,169,257
972,087
Nonoperating expense (income):
Interest expense
74,703
77,103
149,967
154,244
Interest income
(21,725)
(15,269)
(45,212)
(24,438)
Other, net
(962)
(314)
2,998
4,260
Total nonoperating expense (income)
52,016
61,520
107,753
134,066
Income before income taxes
625,928
324,603
1,061,504
838,021
Provision for income taxes
56,158
22,361
100,418
73,052
Net income
$ 569,770
$ 302,242
$ 961,086
$ 764,969
Shares used to compute earnings per common share – basic
496,173
496,130
496,145
495,947
Shares used to compute earnings per common share – diluted
498,201
498,533
498,434
498,637
Basic earnings per common share
$ 1.15
$ 0.61
$ 1.94
$ 1.54
Diluted earnings per common share
$ 1.14
$ 0.61
$ 1.93
$ 1.53
ANALOG DEVICES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)
May 3, 2025
Nov. 2, 2024
ASSETS
Current Assets
Cash and cash equivalents
$ 2,376,235
$ 1,991,342
Short-term investments
—
371,822
Accounts receivable
1,382,365
1,336,331
Inventories
1,524,897
1,447,687
Prepaid expenses and other current assets
305,040
337,472
Total current assets
5,588,537
5,484,654
Non-current Assets
Net property, plant and equipment
3,336,128
3,415,550
Goodwill
26,945,180
26,909,775
Intangible assets, net
8,787,380
9,585,464
Deferred tax assets
1,985,591
2,083,752
Other assets
701,671
749,082
Total non-current assets
41,755,950
42,743,623
TOTAL ASSETS
$ 47,344,487
$ 48,228,277
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable
$ 429,405
$ 487,457
Income taxes payable
358,949
447,379
Debt, current
—
399,636
Commercial paper notes
548,720
547,738
Accrued liabilities
1,353,568
1,106,070
Total current liabilities
2,690,642
2,988,280
Non-current Liabilities
Long-term debt
6,648,417
6,634,313
Deferred income taxes
2,379,575
2,624,392
Income taxes payable
96,354
260,486
Other non-current liabilities
518,879
544,489
Total non-current liabilities
9,643,225
10,063,680
Shareholders’ Equity
Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding
—
—
Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 496,248,196 shares
outstanding (496,296,854 on November 2, 2024)
82,710
82,718
Capital in excess of par value
24,885,204
25,082,243
Retained earnings
10,210,338
10,196,612
Accumulated other comprehensive loss
(167,632)
(185,256)
Total shareholders’ equity
35,010,620
35,176,317
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 47,344,487
$ 48,228,277
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
May 3, 2025
May 4, 2024
May 3, 2025
May 4, 2024
Cash flows from operating activities:
Net income
$ 569,770
$ 302,242
$ 961,086
$ 764,969
Adjustments to reconcile net income to net cash provided by operations:
Depreciation
100,334
88,824
198,781
173,172
Amortization of intangibles
400,273
439,473
817,429
880,376
Stock-based compensation expense
72,831
58,396
150,405
128,211
Deferred income taxes
(89,916)
(62,199)
(149,370)
(164,348)
Other
5,002
8,687
4,203
13,370
Changes in operating assets and liabilities
(238,816)
(27,570)
(36,247)
150,935
Total adjustments
249,708
505,611
985,201
1,181,716
Net cash provided by operating activities
819,478
807,853
1,946,287
1,946,685
Cash flows from investing activities:
Purchases of short-term available-for-sale investments
—
(424,117)
—
(424,117)
Maturities of short-term available-for-sale investments
372,778
—
372,778
—
Additions to property, plant and equipment, net
(90,268)
(188,189)
(239,246)
(411,167)
Proceeds from sale of property, plant and equipment, net
58,892
—
58,892
—
Payments for acquisitions, net of cash acquired
—
—
(45,652)
—
Other
(13,209)
10,229
(12,880)
14,106
Net cash provided by (used for) investing activities
328,193
(602,077)
133,892
(821,178)
Cash flows from financing activities:
Proceeds from debt
—
1,087,856
—
1,087,856
Debt repayments
(399,998)
—
(399,998)
—
Proceeds from commercial paper notes
2,347,064
2,603,907
4,316,340
5,383,401
Payments of commercial paper notes
(2,346,747)
(2,600,116)
(4,315,358)
(5,382,390)
Repurchase of common stock
(248,646)
(222,381)
(409,014)
(402,732)
Dividend payments to shareholders
(491,022)
(456,142)
(947,360)
(882,218)
Proceeds from employee stock plans
19,815
14,517
61,562
64,336
Other
(1,896)
2,718
(1,458)
(12,126)
Net cash (used for) provided by financing activities
(1,121,430)
430,359
(1,695,286)
(143,873)
Net increase in cash and cash equivalents
26,241
636,135
384,893
981,634
Cash and cash equivalents at beginning of period
2,349,994
1,303,560
1,991,342
958,061
Cash and cash equivalents at end of period
$ 2,376,235
$ 1,939,695
$ 2,376,235
$ 1,939,695
ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)
The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the “ship to” customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each end market.
Three Months Ended
May 3, 2025
May 4, 2024
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$ 1,157,747
44 %
17 %
$ 991,446
46 %
Automotive
849,505
32 %
24 %
684,102
32 %
Consumer
317,756
12 %
30 %
244,947
11 %
Communications
315,060
12 %
32 %
238,544
11 %
Total revenue
$ 2,640,068
100 %
22 %
$ 2,159,039
100 %
Six Months Ended
May 3, 2025
May 4, 2024
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$ 2,229,837
44 %
2 %
$ 2,181,828
47 %
Automotive
1,584,534
31 %
11 %
1,433,586
31 %
Consumer
634,667
13 %
23 %
514,063
11 %
Communications
614,204
12 %
13 %
542,266
12 %
Total revenue
$ 5,063,242
100 %
8 %
$ 4,671,743
100 %
1) The sum of the individual percentages may not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
Six Months Ended
May 3, 2025
May 4, 2024
May 3, 2025
May 4, 2024
Gross margin
$ 1,611,610
$ 1,180,035
$ 3,041,913
$ 2,653,976
Gross margin percentage
61.0 %
54.7 %
60.1 %
56.8 %
Acquisition related expenses
220,277
259,641
458,109
519,525
Adjusted gross margin
$ 1,831,887
$ 1,439,676
$ 3,500,022
$ 3,173,501
Adjusted gross margin percentage
69.4 %
66.7 %
69.1 %
67.9 %
Operating expenses
$ 933,666
$ 793,912
$ 1,872,656
$ 1,681,889
Percent of revenue
35.4 %
36.8 %
37.0 %
36.0 %
Acquisition related expenses
(188,015)
(190,200)
(376,030)
(382,622)
Special charges, net
(1,745)
(5,977)
(65,632)
(22,117)
Adjusted operating expenses
$ 743,906
$ 597,735
$ 1,430,994
$ 1,277,150
Adjusted operating expenses percentage
28.2 %
27.7 %
28.3 %
27.3 %
Operating income
$ 677,944
$ 386,123
$ 1,169,257
$ 972,087
Operating margin
25.7 %
17.9 %
23.1 %
20.8 %
Acquisition related expenses
408,292
449,841
834,139
902,147
Special charges, net
1,745
5,977
65,632
22,117
Adjusted operating income
$ 1,087,981
$ 841,941
$ 2,069,028
$ 1,896,351
Adjusted operating margin
41.2 %
39.0 %
40.9 %
40.6 %
Nonoperating expense (income)
$ 52,016
$ 61,520
$ 107,753
$ 134,066
Acquisition related expenses
2,150
2,150
4,300
4,300
Adjusted nonoperating expense (income)
$ 54,166
$ 63,670
$ 112,053
$ 138,366
Income before income taxes
$ 625,928
$ 324,603
$ 1,061,504
$ 838,021
Acquisition related expenses
406,142
447,691
829,839
897,847
Special charges, net
1,745
5,977
65,632
22,117
Adjusted income before income taxes
$ 1,033,815
$ 778,271
$ 1,956,975
$ 1,757,985
Provision for income taxes
$ 56,158
$ 22,361
$ 100,418
$ 73,052
Effective income tax rate
9.0 %
6.9 %
9.5 %
8.7 %
Tax related items
57,573
59,929
122,635
124,959
Adjusted provision for income taxes
$ 113,731
$ 82,290
$ 223,053
$ 198,011
Adjusted tax rate
11.0 %
10.6 %
11.4 %
11.3 %
Diluted EPS
$ 1.14
$ 0.61
$ 1.93
$ 1.53
Acquisition related expenses
0.82
0.90
1.66
1.80
Special charges, net
—
0.01
0.13
0.04
Tax related items
(0.12)
(0.12)
(0.25)
(0.25)
Adjusted diluted EPS*
$ 1.85
$ 1.40
$ 3.48
$ 3.13
* The sum of the individual per share amounts may not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited)
(In thousands)
Trailing
Twelve
Months
Three Months Ended
May 3, 2025
May 3, 2025
Feb. 1, 2025
Nov. 2, 2024
Aug. 3, 2024
Revenue
$ 9,818,656
$ 2,640,068
$ 2,423,174
$ 2,443,205
$ 2,312,209
Net cash provided by operating activities
$ 3,852,131
$ 819,478
$ 1,126,809
$ 1,050,817
$ 855,027
% of Revenue
39 %
31 %
47 %
43 %
37 %
Capital expenditures
$ (558,542)
$ (90,268)
$ (148,978)
$ (165,410)
$ (153,886)
Free cash flow
$ 3,293,589
$ 729,210
$ 977,831
$ 885,407
$ 701,141
% of Revenue
34 %
28 %
40 %
36 %
30 %
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending August 2, 2025
Reported
Adjusted
Revenue
$2.75 Billion
$2.75 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
27.2 %
41.5 %(1)
(+/-150 bps)
(+/-100 bps)
Nonoperating expenses
~ $55 Million
~ $55 Million
Tax rate
11% – 13%
11% – 13% (2)
Earnings per share
$1.23
$1.92 (3)
(+/- $0.10)
(+/- $0.10)
(1)
Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.
(2)
Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above.
(3)
Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.
For more information, please contact:
Jeff Ambrosi
781-461-3282
Senior Director, Investor Relations
investor.relations@analog.com
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SOURCE Analog Devices, Inc.
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