Executive Summary
Analogue Devices Inc reported robust Q3 2025 results, with revenue of USD 2.880 billion, up 24.6% year over year and 9.1% quarter over quarter. Gross margin remained a highâquality 62.1%, supporting an operating income of USD 818.0 million and a net income of USD 518.5 million (EPS USD 1.05). The company delivered strong cash generation, with operating cash flow of USD 1.165 billion and free cash flow of USD 1.086 billion (TTM). Management continued to return capital, evidenced by USD 1.075 billion of stock repurchases and USD 490 million in dividends. The trailing twelve months EBITDA stood around USD 4.68 billion, yielding a net debt to EBITDA proxy of approximately 1.36x, underscoring a healthy but levered balance sheet that funds ongoing R&D and capital returns. While the quarter reflects meaningful operating leverage and favorable mix, the company operates in a cyclical and highly competitive sector, where demand sensitivity to macro conditions remains a key risk. Absent explicit forward guidance in the dataset, the outlook centers on continued endâmarket strength in automotive, industrial, and communications, alongside ongoing margin discipline and capital allocation that supports shareholder value.
Key Performance Indicators
Key Insights
Revenue: USD 2.880B in Q3 2025, up 24.57% YoY and 9.10% QoQ. Gross Profit: USD 1.789B; Gross Margin: 62.14% (YoY +36.49%, QoQ +11.05%). Operating Income: USD 818.0M; Operating Margin: 28.40% (YoY +66.50%, QoQ +20.66%). Net Income: USD 518.5M; Net Margin: 18.00% (YoY +32.20%, QoQ -9.00%). EPS: USD 1.05 (Diluted USD 1.04); YoY +32.91%, QoQ -8.70%. EBITDA: USD 1.330B; EBITDA margin 46.18%. Cash Flow: Operating Cash Flow USD 1.165B; Capex USD 79.15M; Free Cash Flow USD 1.086B (TTM). Balance Sheet: C...
Financial Highlights
Revenue: USD 2.880B in Q3 2025, up 24.57% YoY and 9.10% QoQ. Gross Profit: USD 1.789B; Gross Margin: 62.14% (YoY +36.49%, QoQ +11.05%). Operating Income: USD 818.0M; Operating Margin: 28.40% (YoY +66.50%, QoQ +20.66%). Net Income: USD 518.5M; Net Margin: 18.00% (YoY +32.20%, QoQ -9.00%). EPS: USD 1.05 (Diluted USD 1.04); YoY +32.91%, QoQ -8.70%. EBITDA: USD 1.330B; EBITDA margin 46.18%. Cash Flow: Operating Cash Flow USD 1.165B; Capex USD 79.15M; Free Cash Flow USD 1.086B (TTM). Balance Sheet: Cash & equivalents USD 2.321B; Cash & ShortâTerm Investments USD 3.469B; Total Debt USD 8.689B; Net Debt USD 6.367B; Net Debt to EBITDA ~1.36x (TTM). Shareholder Returns: Dividends USD 490.161M; Share Repurchases USD 1.075B. Key Ratios: EBITDARatio 46.18%, Operating Cash Flow Margin ~40.4%, Net Debt to EBITDA indicates solid leverage given cash generation.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.88B |
24.57% |
9.10% |
| Gross Profit |
1.79B |
36.49% |
11.05% |
| Operating Income |
818.03M |
66.50% |
20.66% |
| Net Income |
518.52M |
32.20% |
-9.00% |
| EPS |
1.05 |
32.91% |
-8.70% |
Management Commentary
No earningsâcall transcript quotes were provided in the data. Consequently, there are no management quotes to summarize by theme. Note: In absence of transcript content, insights are drawn solely from the disclosed financials and disclosed metrics for QQ3 2025.
Forward Guidance
No explicit forward guidance was included in the provided data. Qualitatively, a constructive operating performance and strong cash generation suggest the potential for continued revenue momentum driven by Analog Devicesâ highâmargin analog/mixedâsignal portfolio in automotive, industrial, and communications. Investors should monitor: (1) endâmarket demand signals in automotive electrification and industrial automation, (2) product mix shifts toward highâmargin data converters, power management, RF and sensing technologies, (3) pricing power versus component shortages or competitive dynamics, and (4) capital allocation pacing (rate of buybacks, dividends, and any further acquisitions) and its impact on leverage.