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14:00
Aug 19 ◎

ADI FY2026 Q3 Watch

Analog Devices, Inc. (ADI) FY2026 Q3 Earnings Call

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Vincent Roche

Management expresses strong confidence in future growth, driven by AI infrastructure and defense spending, and sees a 'brisk growth year in 2027' with data center and energy SAM more than doubling by 2030.

"I think in summary, we believe we're very, very well positioned as a company. But I think the things that are under our control, I think we're executing well on."

ADI WATCH

Vincent Roche

ADI's grid-to-chip strategy means its data center revenue is now heavily tied to the build-out of power infrastructure, not just compute. Management notes a 1% efficiency gain (97% to 98%) reduces heat loss by 50%, making power delivery a major competitive battleground. — The focus on energy efficiency and power delivery highlights the importance of companies providing thermal management and power infrastructure for data centers.

"the 1% difference between 97% and 98% efficiency may not sound like very much, But a 97% conversion efficiency loses roughly 50% more energy through heat than a 98% solution."

VRT WATCH PWR WATCH

Richard Puccio

ADI is building strategic 'die bank' inventory ahead of demand, but its own channel weeks have fallen below its 6-7 week target, indicating demand is outpacing supply. This is a leading indicator for potential pricing power and supply tightness in analog components. — Signals a potential industry-wide analog supply shortage, giving pricing power to suppliers like ADI and its competitor TI.

"We increased inventory $83 million sequentially as we continued to build strategic die bank to support accelerating demand. We exited fiscal Q3 with record balance sheet inventory and increased inventory at our distributors. Despite the"

TXN WATCH

HIGH

14:00
May 20 ◎

ADI FY2026 Q2 Watch

Analog Devices, Inc. (ADI) FY2026 Q2 Earnings Call

ADI MRVL AVGO AMD TSM ▾

Richard Puccio

Management guided strong sequential and year-over-year growth for the next quarter, driven by broad-based strength across all end markets, particularly industrial and AI-related applications.

"Revenue is expected to be 3.9 billion plus or minus 100 million. Operating margin at the midpoint is expected to be 49% plus or minus 100 basis points."

ADI WATCH

Richard Puccio

ADI's data center business grew over 90% year-over-year, driven equally by optical and power portfolios, and is now 75% of communications revenue, making it the fastest-growing segment. — Indicates accelerating AI infrastructure buildout, with strong demand spilling into analog and power management chips needed for data center compute and networking.

"Data Center, which now accounts for more than 75% of our communications revenue, was up more than 90% year over year, driven by both our optical and power portfolios."

MRVL WATCH AVGO WATCH AMD WATCH

Richard Puccio

ADI sees margin upside limited near-term because factories are running at high utilization; further revenue growth will likely require more external outsourcing, which could cap gross margin around 73%. — Suggests foundry partners will see increasing demand from ADI as internal capacity is maxed, potentially tightening supply at mature nodes.

"we don't see a ton of future upside on gross margin from utilization given where we're running the factories today"

TSM WATCH UMC WATCH

HIGH

15:00
Feb 18 ◎

ADI FY2026 Q1 Watch

Analog Devices, Inc. (ADI) FY2026 Q1 Earnings Call

ADI ▾

Vincent Roche

ADI's guidance is sharply above normal seasonality, with broad-based industrial and communications strength, and management sees customers ordering at consumption with no restocking yet, supporting a durable upcycle.

"Looking ahead, a strong second quarter outlook and improving demand signals reinforce our belief that fiscal 26 has the potential to be a banner year for ADI, barring unforeseen material changes in the macroeconomic and geopolitical"

ADI WATCH

HIGH

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