ADI F2Q26: First Look

Research evidence excerpt

ADI F2Q26: First Look

Semiconductors

ANALOG DEVICES, INC. (ADI) May 20, 2026

ADI F2Q26: First Look Rating:

OutperformADI posted a strong report and guidance, with AprQ modestly above expectations, Price:

and guided JulQ up 8% q/q, 8% above the street and above typical seasonality. $414.31

OM was guided to be flat at 49% despite a 50 bps q/q headwind from a Price Target:

$415previously discussed one-time distributor price adjustment that occurred in AprQ.

% Upside:

Important topics for the call will include an update on previously discussed 0.2%

price increases, bookings commentary and details from the Empower acquisition

announced yesterday. Conference call at 10am ET. Source: FactSet, Wolfe Research

Priced as of 05/19/26

F2Q results modestly above expectations. ADI reported AprQ revenue of $3.62bn

(+15% q/q, +37% y/y), ~3% above Street $3.51bn. Upside in the quarter was driven

by the Comms (+22% q/q vs +HSD% guide), Auto (+8% q/q vs flat/down guide),

and Consumer (flat q/q vs -MSD% guide) segments, while Industrial was inline with

expectations (+20% q/q). GM of 73% (+180bps q/q, +360bps y/y) was 120bps above

Chris Caso

Street 71.8%, while opex increased 7% q/q, driving OM of 49.0% (+350 bps q/q, ccaso@wolferesearch.com

+780bps y/y), and above Street 47.9%. ADI reported non-GAAP EPS of $3.09, $0.21 (646) 582-9360

View Chris’s Researchabove Street $2.88. View ADI Model

Strong F3Q outlook. ADI indicated that it saw growing demand in F2Q, with record View Comp Table

bookings in Industrial, Automotive, and Comms. ADI guided JulQ revenue to $3.9bn at Liz Pate

the midpoint (+8% q/q, 35% y/y), ~8% above Street $3.61bn, and better than typical lpate@wolferesearch.com (646) 582-9362

+5% q/q JulQ seasonality. At the midpoint of guidance, OM is expected to be 49%