Analog Devices forecasts $3.1B Q1 revenue as industrial and communications lead FY26 growth
View original at seekingalpha.comAnalog Devices forecasts $3.1B Q1 revenue as industrial and communications lead FY26 growth Earnings Call Insights: Analog Devices (ADI) Q4 2025 MANAGEMENT VIEW * CEO Vincent Roche reported "continued growth in revenue and earnings per share, both of which finished above the midpoint of our outlook," noting that all en…
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Communications is expected to be up 10% above seasonal in Q1 2026
80% confidenceEarnings per share growth of more than 20% in fiscal '25 was achieved
80% confidenceFY26 growth expected due to expanding design pipeline, industry transitions to HBM4, and expected double-digit growth in hyperscaler CapEx
80% confidencePower management for ADI is still an opportunity with a much bigger growth story
80% confidenceAnalog Devices generated record free cash flow of more than $4 billion in FY2025
80% confidenceAll end markets increased by double digits in fiscal 2025
80% confidenceQ1 2026 industrial expected up mid-single digits above seasonal, automotive down mid-single digits below seasonal, communications up 10% above seasonal, and consumer seasonally down low double digits
80% confidenceQ1 outlook reflects seventh straight quarter of above seasonal growth
80% confidenceQ1 2026 adjusted EPS expected to be $2.29 plus or minus $0.10
80% confidenceSome automotive upside may have been tariff and policy related, remaining cautious due to uncertainty
80% confidenceQ1 outlook is up slightly quarter-over-quarter, reflecting seventh straight quarter of above seasonal growth
80% confidenceQ1 gross margin expected to be flattish due to seasonal shutdowns offset by higher industrial mix
80% confidenceADI did not get to 70% gross margin as planned as the mix component wasn't as strong as expected, citing auto mix
80% confidenceADI is realizing stronger value capture through increase in average selling prices, particularly in new products where ASPs significantly exceed legacy offerings
80% confidenceNew Acoustics platform enables ADI to triple the value generated over legacy designs
80% confidenceEarnings per share of $7.79 increased 22% versus fiscal 2024
80% confidenceIndividual end market margins versus average has not changed in any meaningful way
80% confidenceADI generated record free cash flow of more than $4 billion
80% confidenceAuto has been strongest market, and near term the market has been more resilient than predicted, but some upside may have been tariff and policy related; ADI remains cautious due to uncertainty
80% confidenceWireless communications bottomed during the year with expectations for recovery
80% confidenceIn FY26, industrial expected up mid-single digits above seasonal, automotive down mid-single digits below seasonal, communications up 10% above seasonal, and consumer seasonally down low double digits
80% confidenceQ1 2026 operating margin expected at midpoint of 43.5%
80% confidenceAll end markets increased by double digits in fiscal 2025
80% confidenceWireless communications bottomed during the year with expectations for recovery
80% confidenceExpectation is that in FY26, industrial and communications will lead the charge
80% confidenceBroad-based growth expected in FY2026 led by industrial and communications, supported by cyclical and idiosyncratic tailwinds
80% confidenceADI did not reach 70% gross margin as planned because mix component wasn't as strong as expected, citing auto mix
80% confidenceContinued growth in revenue and earnings per share, both of which finished above the midpoint of outlook
80% confidenceQ1 2026 revenue expected to be $3.1 billion plus or minus $100 million
80% confidenceMaxim revenue synergies clearly accelerated in FY25 and are in the hundreds of millions against the $1 billion target by 2027
80% confidence