ADI - Quick Take - CQ1 (April) beat; CQ2 (June) guidance well above consensus; Announces acquisition of Empower Semi

研报英文原文证据摘录

ADI - Quick Take - CQ1 (April) beat; CQ2 (June) guidance well above consensus; Announces acquisition of Empower Semi

Truist Securities

Equity Research Report May 20, 2026

TMT: Semiconductors Analog Devices, Inc. (ADI)

ADI - Quick Take - CQ1 (April) beat; CQ2 (June) guidance well William Stein, CFA

212-319-3808 above consensus; Announces acquisition of Empower Semi

William.Stein@truist.com

Elliott Smith, CFA CQ1 (April) beat on automotive & margins:

212-303-4150 • Sales beat. ADI delivered CQ1 sales of $3,623m, 3.1% above consensus of $3,513m.

Elliott.Smith@truist.com ○ADI's biggest & most important end market - Industrial -approximated consensus

○Automotive beat consensus by ~10%

Aidan Wilson ○Communications beat consensus by ~6% 212-319-3429

Aidan.Wilson@truist.com ○Consumer beat consensus by ~3%

• GPM beat. GPM of 73.0% beat consensus by 120bps

• OPM beat. OPM of 49.0% beat consensus by 110bps

Current Price (May 19, $414.31 • EPS beat. EPS was $3.09, 20c above consensus. 2026)

• Inventory decreased. Inventory days were 170d at the end of CQ1. This represents a

Stock Rating HOLD ~5-day decrease q/q, better than ADI's typical Q1 seasonal performance of a 5d increase.

Unchanged • Cash flow metrics mixed. FCF of $734m in CQ1 was well below (unguided) consensus

Price Target $364.00 of ~$1,243m, owing primarily to a shortfall in OCF. However, the company repurchased ~$773m of stock during the quarter, above the consensus expectations of ~$650m. Unchanged

• ADI announces acquisition in AI/DC power management. On 5/18. ADI announced

the acquisition of Empower Semiconductor (private) for $1.5B in an all-cash transaction

expected to close in 2H26. We believe the acquisition will expand ADI's high-density

5 Page Document power portfolio for AI applications.