Analog Devices, Inc.
Analog Devices, Inc. Q2 FY26 Results — Earnings Call Analysis
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
What the Q2 FY26 call signalled
3 of 4 strong
The short version
- Automotive growth expected in mid- to high single digits sequentially for Q3, with confidence in full-year 2026 growth driven by content gains, especially in ADAS and infotainment systems. - Q3 outlook: Revenue expected at $3.9 billion ± $100 million; operating margin around 49% ± 100 bps; adjusted EPS expected at $3.30 ± $0.15 (Page 4).
From Analog Devices, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.
Revenue & Sales Performance
- Automotive growth expected in mid- to high single digits sequentially for Q3, with confidence in full-year 2026 growth driven by content gains, especially in ADAS and infotainment systems.
- Battery Management System (BMS) revenue grew double digits year-over-year for the first time in 2 years, with strong optimism driven by EV penetration in Europe and China.
- Data Center communications revenue grew over 90% year-over-year, expected to remain the fastest growing segment with momentum in both optical and power portfolios.
- Industrial segment exhibiting robust growth, up 20% sequentially and 56% year-over-year, poised for continued strong growth driven by automation, energy, and healthcare sectors.
- Pricing actions anticipated to add a couple of points to growth rate in 2026.
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Profitability & Margins
See what Analog Devices, Inc. said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Fiscal ’26 CapEx is expected to be within the long-term model of 4% to 6% of revenue.
- The company continues normal refresh in CapEx management to increase efficiency and build additional internal capacity as needed.
- ADI has more than doubled its internal capacity compared to pre-COVID times.
- Strategic investments include the planned acquisition of Empower Semiconductor to augment the power technology portfolio with integrated voltage regulator (IVR) technology and silicon capacitors.
- Empower acquisition will enhance vertical power delivery solutions and expand the total addressable market in the AI accelerator space.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Analog Devices reported record bookings and a positive book-to-bill ratio in Q2.
- Demand book is increasing steadily with strong order momentum, particularly in industrial, AI applications, and automotive.
- The company sees constructive demand signals in its order book and backlog.
- Despite some supply chain concerns in certain areas, overall capacity and lead times are in good shape, supporting growing demand.
- Management highlighted having flexibility and resiliency in the supply chain to handle an increase in order volume.
- The automotive segment experienced a material pickup in China, contributing to Q2 upside.
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Frequently Asked Questions
What were Analog Devices, Inc. Q2 FY26 results?
- Automotive growth expected in mid- to high single digits sequentially for Q3, with confidence in full-year 2026 growth driven by content gains, especially in ADAS and infotainment systems. - Q3 outlook: Revenue expected at $3.9 billion ± $100 million; operating margin around 49% ± 100 bps; adjusted EPS expected at $3.30 ± $0.15 (Page 4).
What is Analog Devices, Inc. share price analysis?
Analog Devices, Inc. currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 62.5 with a market cap of $204,094. Investors should review the full earnings analysis for detailed insights.
Is Analog Devices, Inc. planning capital expenditure?
- Fiscal ’26 CapEx is expected to be within the long-term model of 4% to 6% of revenue.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.