Analog Devices: F2Q26 (Apr) Preview: Another beat brewing

研报英文原文证据摘录

Analog Devices: F2Q26 (Apr) Preview: Another beat brewing

Deutsche Bank

Research

Rating Company Date

Hold Analog Devices 13 May 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (USD) 419.65

ADI.OQ ADI US NMS ADI

Price target 330.00

TMT

422.73 -

Semiconductors 52-week range 210.47

F2Q26 (Apr) Preview: Another beat

Valuation & Risks brewing

Ross Seymore

ADI is due to release its F2Q26 results on Wednesday, May 20th at 7am ET, with

Research Analyst

a call to follow at 10am ET. +1-415-617-3268

Heading into ADI's F2Q26 earnings we expect another solid quarter, with revs of DJ Sebastian

Research Associate

~$3.56b (~2% above the midpoint of guidance matching ADI’s typical beat), driven

+1-415-262-2007

by both growing cyclical demand as well as secular AI exposure. Strength in the

Industrial segment is particularly notable, where we forecast +23% q/q growth in

F2Q on the back of five straight quarters of above-seasonal growth thanks to broad-

based demand improvement bolstered by ADI-specific drivers in ATE and Aero &

Defense (DBe > 1/3 of segment). We see Communications also contributing to the

upside with +13% q/q growth, driven by AI-related DC demand and a cyclical

recovery in wireless. This strength is expected to be partially offset by a ~flat q/q

performance in Automotive, which is still working through the unwind of tariff and

macro-related pull-ins from last year. Looking to F3Q, we see revs growing q/q once

more (albeit moderating at +2% q/q as co faces ~2ppt q/q headwind from pre-

payments in F2Q), with a potentially conservative sequential decline in the

Industrial segment offsetting growth from ADI's remaining segments. On the GM

front, we expect ADI to report GMs of ~72.4%, up ~120bps q/q, driven by favorable