Apr-26Q: Beat/Raise, Inflecting Trendline?

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Apr-26Q: Beat/Raise, Inflecting Trendline?

Technology | Semiconductors and Semiconductor Equipment

May 20, 2026

Analog Devices, Inc. Mark Lipacis Affan Ahmed 214-459-4007 212-653-9072

ADI | $397.25 Mark.Lipacis@evercoreisi.com Affan.Ahmed@evercoreisi.com

Outperform | Target Price/Base Case: $474.00 (from

$387.00)

Earnings Report

Company Statistics

We Remain Buyers of ADI, as we believe that AI is causing ADI’s

52-Week Range $206.00 - $435.72 long-term revenue trendline to inflect to 7.5% or even higher, from its

Market Capitalization (B) $202

Enterprise Value (B) $207 historical 5%. ADI’s Datacenter business (10% of revs) grew by 90%

Dividend Yield 1.1% YY and we expect continued high growth. Apr-26Q EPS of $3.09

Net Cash/Share $(9.49) (+67% YY, +26% QQ), was above the high end of guide, with revs a

Shares Outstanding (M) 488 record $3.6B (+37% YY, +15% QQ). Fundamentals: 1) strength across

every end market and JulQ guided above seasonal in Industrial, Auto

and Comms, 2) Data Center inflection as ADI's optical and power

Earnings Summary portfolios scale and pending Empower acq adds content 3) Industrial

2025 2026E strength broadening beyond ATE and A&D into automation, ETM,

energy and healthcare 4) strong capital return profile, increasing Revenue (M) Q1 $2,640 $3,623A

Q2 $2,880 $3,931 FCF/Shr and a 100% FCF return policy. We raise our PT to $474 (32x

Q3 $3,076 $4,058 our 2028 EPS discounted back 2yr) and reiterate our O/P rating.

Q4 $3,160 $3,935

CY $11,757 $15,547 Data Center Revs +90% YY. DC now >10% of revs and grew >90%

Cons Revenue (M) Q1 $2,640 $3,513A YY, w/ optical and power portfolios growing at similar rates and both

Q2 $2,880 $3,611 contributing meaningfully to the inflection. Mgmt expects Comms to be