Analog Devices forecasts $3.1B Q1 revenue as industrial and communications lead FY26 growth

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• Did not reach 70% gross margin as planned because mix component wasn't as strong as expected, citing auto mix

  80% confidence

• All end markets increased by double digits in fiscal 2025

  80% confidence

• Wireless communications bottomed during the year with expectations for recovery

  80% confidence

• Wireless communications bottomed during the year with expectations for recovery

  80% confidence

• Q1 gross margin expected to be flattish due to seasonal shutdowns offset by higher industrial mix

  80% confidence

• Auto has been the strongest market but near term market has been more resilient than predicted; some upside may have been tariff and policy related; ADI remains cautious due to uncertainty

  80% confidence

• ADI did not reach 70% gross margin as planned because mix component wasn't as strong as expected, citing auto mix

  80% confidence

• Automotive is expected to be down mid-single digits below seasonal in Q1 2026

  80% confidence

• Lead times are -- most of our products have lead times sub-13 weeks... I don't think we've necessarily seen an improvement in visibility over the last 2 years

  80% confidence

• Aerospace and defense is expected to see double-digit growth in FY26 and the business has the capacity by the end of the decade to more than double

  80% confidence

• Lead times for most products are sub-13 weeks and visibility has not necessarily improved over the last 2 years

  80% confidence

• Broad-based growth expected in FY26 led by industrial and communications, supported by cyclical and idiosyncratic tailwinds

  80% confidence

• Power management for ADI is still an opportunity with a much, much bigger growth story

  80% confidence

• Maxim revenue synergies clearly accelerated in FY25 and are in the hundreds of millions against $1 billion target by 2027

  80% confidence

• Broad-based growth in '26 led by industrial and communications, supported by cyclical and idiosyncratic tailwinds

  80% confidence

• Q1 gross margin expected to be flattish due to seasonal shutdowns offset by higher industrial mix

  80% confidence

• ADI did not reach the 70% gross margin target as planned because the mix component was not as strong as expected, citing auto mix

  80% confidence

• Communications expected to be up 10% above seasonal

  80% confidence

• Aerospace and defense expected to grow double-digit in FY26 and business has capacity by end of decade to more than double

  80% confidence

• Q1 outlook is up slightly quarter-over-quarter, reflects seventh straight quarter of above seasonal growth

  80% confidence

• Aerospace and defense expected to have double-digit growth in FY26 and business has the capacity by the end of the decade to more than double

  80% confidence

• New Acoustics platform is enabling ADI to triple the value generated over legacy designs

  80% confidence

• Consumer expected to be seasonally down low double digits in Q1 2026

  80% confidence

• Continue to see some risk in auto around tariff and some of the macro environment

  80% confidence

• Fiscal 2025 gross margin was 69.3% and operating margin was 41.9%

  80% confidence

• Lead times for most products are sub-13 weeks and visibility has not improved over the last 2 years

  80% confidence

• ADI is realizing stronger value capture as reflected in increase in average selling prices, particularly in new products where ASPs significantly exceed legacy offerings

  80% confidence

• We continue to see some risk there around tariff and some of the macro environment

  80% confidence

• Individual end market margins versus average have not changed in any meaningful way

  80% confidence

• Industrial expected to be up mid-single digits above seasonal

  80% confidence